Document:

Exhibit 10.28

 

AMENDED AND RESTATED SOFTWARE LICENSE AND SUPPORT SERVICES AGREEMENT

 

This Amended and Restated Software License and Support Services Agreement (the “Agreement”) is made and entered into on March 7, 2014 , by and between SINA.com Technology (China) Co. Ltd.(新浪网技术(中国)有限公司), a limited liability company organized under the laws of the People’s Republic of China (hereinafter “Licensor”) and Shanghai SINA Leju Information Technology Co. Ltd. (上海新浪乐居信息科技有限公司), a limited liability company organized under the laws of the People’s Republic of China (“Licensee” and together with Licensor, the “Parties” and each a “Party”) and is made effective as of the Effective Date (defined below).

 

RECITALS

 

WHEREAS, Licensor owns certain software as more particularly described below that are related to the Business which it desires to license to Licensee and Licensee desires to obtain a license from Licensor to such software to use in connection with its operation of the Business on the terms and conditions set forth herein; and

 

WHEREAS, (i) Licensor and Licensee entered into that certain Software License Agreement dated May 8, 2008 (the “Original Agreement”); (ii) Licensor and Licensee terminated the Original Agreement as of October 21, 2009; (iii) Licensor and Licensee entered into that certain Software License and Support Agreement dated October 21, 2009 (the “Prior Agreement”); and (iv) Licensor and Licensee desire to amend and restate the Prior Agreement on the terms set forth herein.

 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreement of the Parties and the faithful performance thereof, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

ARTICLE I 
  DEFINITIONS

 

As used herein, the following terms shall have the meanings ascribed to them below.

 

“Action” has the meaning set forth in Section 7.1.

 

“Affiliate” means, when used with respect to any specified Person, a Person that directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. For the purposes of this definition, “control” (including the terms “controlled by” and “under common control with”) with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of

 

 

the affairs or management of a Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract, credit arrangement or otherwise.

 

“Agency Agreement” means that certain Amended and Restated Advertising Inventory Sale Agency Agreement by and between SINA Corporation and China Online Housing Technology Corporation, dated as of the date hereof.

 

“Authorized Users” means any officers, employees, authorized sublicensees, consultants or contractors of Licensee.

 

“Big Four International Accounting Firms” means Deloitte Touche Tohmatsu, Ernst & Young, KPMG, and PricewaterhouseCoopers.

 

“Business” means an online real estate media platform in the PRC that (i) provides information and updates related to real estate, home furnishing and construction in the PRC and provides real estate, home furnishing and construction advertising services, and (ii) operates a business-to-business and business-to-consumer Internet platform targeting participants in the PRC real estate industry, in each case, as currently conducted or contemplated to be conducted on the websites owned or operated by Licensee or any of Licensee’s Affiliates in the PRC.

 

“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.

 

“Change of Control” means an event that results in (a) E-House (China) Holdings Limited  (and its controlled Affiliates) failing to control more than fifty percent (50%) of the voting rights of Leju; or (b) SINA Corporation (and its controlled Affiliates) failing to control more than ten percent (10%) of the voting rights of E-House (China) Holdings Limited.

 

“Claimant” has the meaning set forth in Section 9.12.

 

“Commission” has the meaning set forth in Section 9.12.

 

“Competitor” means any Person whose business includes an online portal.

 

“Confidential Information” has the meaning set forth in Section 8.1.

 

“Current Software Products” means the web blog, mailbox, pod cast, iAsk, text messaging, wireless application protocol products that are provided to end users by Licensor free of any fees and any other Software products that are provided to end users by Licensor free of any fees, in each case in the form provided to end users, as of the Effective Date or thereafter during the Term.

 

“Defects” has the meaning set forth in Section 4.1. 

 

“Dispute” has the meaning set forth in Section 9.12.

 

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“Documentation” means user documentation, technical manuals and other documentation, whether in electronic, on-line or hard copy format.

 

“Effective Date” means the date hereof, i.e., March 7, 2014.

 

“Governmental Authority” means any federal, national, supranational, state, provincial, local or other government, governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

 

“Improvements” has the meaning set forth in Section 2.4.

 

“Infrastructure” means all infrastructure necessary to (i) operate the Licensee Websites and (ii) facilitate Licensee’s use of the Licensed Software including all physical hardware containing, used in conjunction with and/or relating to the Licensed Software.

 

“Initial Term” has the meaning set forth in Section 5.1.

 

“IPO” means the initial public offering in the United States, and listing on a stock exchange located in the United States, of securities of Leju.

 

“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).

 

“Leju” means Leju Holdings Limited, a company organized under the laws of Cayman Islands.

 

“Leju Entity” means each controlled Affiliate of Leju.

 

“Licensed Software” means (i) the proprietary Software used for internet content, advertising publishing and other functionality as identified on Exhibit A attached hereto; (ii) Current Software Products and the interfaces owned by Licensor and necessary to facilitate Licensee’s use of Current Software Products; (iii) Licensor Databases; (iv) Licensor Improvements; and (v) related Documentation and hardware, in each case to the extent such items (other than Licensor Improvements) exist and have been delivered to Licensee under the Original Agreement.

 

“Licensee Improvements” has the meaning set forth in Section 

 

4.2. “Licensee Parties” has the meaning set forth in Section 7.1.

 

“Licensee Websites” means each website that is set forth in Exhibit A to the Amended and Restated Domain Name and Content License Agreement between Beijing SINA Internet Information Service Co., Ltd. and Beijing Yisheng Leju Information Services Co., Ltd. dated the date hereof.

 

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“Licensor Databases” means the databases and compilations maintained by Licensor, including data and collections of data relating to email information, user information, advertising customer information and advertising monitoring.

 

“Licensor Improvements” has the meaning set forth in Section 

 

2.4. “Licensor Parties” has the meaning set forth in Section 7.2.

 

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“Object Code” means computer program code that is readable and useable by machines, but not generally readable by humans without reverse assembly, reverse compiling or reverse engineering.

 

“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.

 

“PRC” or “Territory” means the People’s Republic of China, excluding Hong Kong, Macau and Taiwan.

 

“Recipient” has the meaning set forth in Section 8.2. “Respondent” has the meaning set forth in Section 9.12. 

 

“Rules” has the meaning set forth in Section 9.12.

 

“Service Levels” means the service levels (e.g., with respect to uptime, response times, etc.) to be agreed by the Parties within sixty (60) days after the Effective Date, which Service Levels shall in no event be less than the Service Levels Licensor provides to itself in connection with its own operations.

 

“Software” means computer programs in Object Code form, including any software implementations of algorithms, models and methodologies, data, databases, compilations and other electronic data files.

 

“Support Services” has the meaning set forth in Section 2.8. 

 

“Term” has the meaning set forth in Section 5.1.

 

“Transition Period” has the meaning set forth in Section 2.9. 

 

“Upgrades” has the meaning set forth in Section 2.5.

 

ARTICLE II

GRANT OF LICENSE

 

2.1. Grant of License. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, and Licensee hereby accepts from Licensor, a limited, nonexclusive, non-transferable (except as set forth in Section 9.7) and non-sublicensable (except as expressly set forth in this Section 2.1) license to use, operate, modify, reproduce, distribute, perform, display and create derivative works of the Licensed Software in connection with the Business during the Term. The foregoing license shall be sublicensable, without prior written

 

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consent of Licensor, to any Leju Entity solely for the purpose of operating the Business in the Territory during the Term. Except as provided in Section 2.7 and Section 2.10, Licensee’s use of the Licensed Software under the terms of this Agreement shall be free of any fees. Licensee shall be responsible for the compliance of the terms and conditions of this Agreement by all of its sublicensees. Without limiting the foregoing, in the event any sublicensee undertakes any action (or inaction) that would be deemed a breach of this Agreement had Licensee taken such action (or inaction), such action (or inaction) shall be deemed a breach by Licensee under this Agreement.

 

2.2. Reservation of Rights. All rights in and to the Licensed Software not expressly granted herein are hereby reserved exclusively by Licensor.

 

2.3. Current Software Products. Notwithstanding anything in this Agreement to the contrary, Current Software Products shall not include any present or future products that are provided to end users for a fee, including fee-based mailboxes and games. If Licensee desires to obtain the rights to use fee-based products, both Parties shall use good faith efforts to negotiate commercially reasonable terms and conditions governing Licensee’s use of such fee-based products, which terms and conditions shall be at least as favorable to Licensee as the most favorable terms and conditions agreed by Licensor with an unaffiliated third party with respect to such products, taking into account all of the terms and conditions of the agreement as a whole.

 

2.4. Improvements. Licensee acknowledges that Licensor is under no obligation to create any improvements, modifications, translations, updates, upgrades or other derivative works to the Licensed Software (collectively, “Improvements”). In the event that Licensor creates any Improvements during the Term and makes such Improvements available to others for use or testing (the “Licensor Improvements”), Licensor shall also offer Licensee access to such Licensor Improvements on the same terms and conditions and in the same timeframe as being offered to others, free of any fees except as set forth in Section 2.7 or 2.10.

 

2.5.                            Infrastructure.

 

(a)                                 Licensor shall provide to Licensee all Infrastructure that is provided to Licensee as of the Effective Date, free of any fees except as set forth in Section 2.10.

 

(b)                                 In the event that Licensor implements during the Term any improvements, modifications, translations or upgrades to the Infrastructure (“Upgrades”), it shall provide (or otherwise make available) such Upgrades to Licensee no later than it implements such Upgrades in connection with its own operations, free of any fees except as set forth in Section 2.10.

 

2.6. Licensee Requests for Infrastructure or Upgrades. Licensee may, from time to time, request new Infrastructure or Upgrades from Licensor that are for use in connection with Licensee’s operation of the Business but that are not used by Licensor in connection with its business. The Parties shall, using reasonable best efforts and in a timely manner, discuss the terms and conditions on which Licensor can provide the requested Infrastructure or Upgrades to Licensee. If, despite such reasonable best efforts, the Parties cannot agree on the terms and conditions for the provision of such Infrastructure or Upgrades, then Licensor shall have no obligation to provide such Infrastructure or Upgrades to Licensee.

 

2.7. Fees. In the event E-House Research and Training Institute becomes entitled to charge, invoice, or otherwise receive from, Licensee any royalties, fees or other

 

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remuneration for use of the E-House Licensed Data and Information pursuant to amendments to the Master Transaction Agreement or through other means, Licensor and Licensee shall use good faith efforts to amend this Agreement such that Licensor becomes entitled to charge, invoice, or otherwise receive fees from Licensee to use and operate the Licensed Software, such fees to be agreed upon by the Parties, provided that (i) such fees shall be commercially reasonable and (ii) such fees shall not exceed the fees charged by Licensor to unaffiliated third parties for use of the Licensed Software, taking into account any consideration received by Licensor from such third party (including, but not limited to, discounted services offerings from the third party).

 

2.8.                            Support Services. During the Term, Licensor shall continue to provide all support services to Licensee and, upon Licensee’s request, any Leju Entity, that Licensor provided to Licensee and/or any Leju Entity as of the Effective Date, including the maintenance, technical support and hardware support as described in more detail below (collectively, “Support Services”). Subject to Section 2.10, all Support Services shall be provided free of any fees. Licensor shall provide Support Services in accordance with the Service Levels.

 

(a)                                 Routine Maintenance. Licensor shall be responsible for the routine maintenance of Licensed Software. Licensor shall undertake the foregoing obligation in a commercially reasonable manner and in a manner designed to minimize interruption to the Business. To the extent any scheduled maintenance of the Licensed Software would cause a material interruption to the operation of the Business of Licensee, Licensor shall inform Licensee at least thirty (30) days prior to such maintenance and shall complete such maintenance as promptly as practicable.

 

(b)                                 Technical Support. Licensor shall provide Licensee with such technical support as may be required in connection with the Business from time to time including, but not limited to, performance of the following:

 

i.                                          project management services, including responding to user requests and handling user applications;

 

ii.                                       providing technical consultation to users, including user operations training and addressing operations questions;

 

iii.                                    providing users with information regarding application processing, and active and prompt communications in the event of any unexpected circumstances;

 

iv.                                   providing contact details in order to respond to user emergencies and to provide practical solutions based on the specific circumstances; and

 

v.                                      accepting and addressing user complaints and communicate investigative findings back to user.

 

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(c)                                  Infrastructure Support. Licensor shall provide support services for (i) the Infrastructure; and (ii) any Upgrades or functional replacements of any the Infrastructure implemented by Licensor during the Term. Such Infrastructure support services shall include, but not be limited to, the following:

 

i.                                          maximizing the uptime of any servers;

 

ii.                                       making upgrades to such Infrastructure as is necessary for the Business to remain current and consistent with the general standards for technology used in connection with Licensor’s other businesses;

 

iii.                                    implementing in a timely manner all upgrades and modifications to such Infrastructure provided by any third party vendor of such Infrastructure, as applicable; and

 

iv.                                   ensuring that such Infrastructure is of sufficient capacity to process the data, information and products of the Business.

 

(d)                                 Development Services. Licensee may, from time to time, request custom Software development services from Licensor. The Parties shall, using reasonable best efforts and in a timely manner, discuss the terms and conditions on which Licensor can provide the requested development services to Licensee. If, despite such reasonable best efforts, the Parties cannot agree on the terms and conditions under which Licensor provides such Software development services, then Licensor shall have no obligation to provide such Software development services.

 

2.9. Licensor’s Equity Holding. Notwithstanding anything in this Agreement to the contrary, if Licensor’s and its Affiliates’ aggregate equity interest in E-House (China) Holdings Limited falls below twenty percent (20%) of the issued and outstanding ordinary shares of E-House (China) Holdings Limited, Licensor shall so notify Licensee. During the ninety (90) day period after Licensee’s receipt of such notice (“Transition Period”), Licensee may either (i) terminate its rights to use Licensor Databases and to receive the Support Services as well as Licensee’s rights under Sections 2.4, 2.5(b), 2.6 and 2.8, effective as of the last day of the Transition Period, and Licensor shall cooperate with Licensee during the Transition Period to transition the provision of the Support Services to Licensee or a third party designated by Licensee or (ii) if Licensee wishes to continue using the Licensor Databases and/or the Support Services, both Parties shall use good faith efforts to negotiate the fees payable to Licensor in connection with Licensee’s continued use of the Licensor Databases and/or the Support Services, provided that such fees shall be commercially reasonable and shall be at least as favorable to Licensee as the fees for which Licensor provides the Licensor Databases and the Support Services, as applicable, to unaffiliated third parties, taking into account any consideration received by Licensor from such third party (including, but not limited to, discounted services offerings from the third party). If, despite such good faith efforts, the Parties cannot agree on such fees during the Transition Period, then Licensee’s rights to use Licensor Databases and to receive the Support Services, as well as Licensee’s rights under Sections 2.4, 2.5(b), 2.6 and 2.8 are terminated, effective as of the last day of the Transition Period.

 

 

2.10. Incremental Fees.

 

(a)                                 To the extent that there are any reasonable, incremental costs for use of the Licensed Software or the Infrastructure, or provision of the Support Services, due to a change in the Business needs, Licensee shall reimburse Licensor for all such costs. For example, if Licensor, prior to the Effective Date, employs ten (10) full time employees dedicated to providing the Support Services and, as a result of a change in the Business, must hire an additional full time employee to provide such Support Services, Licensee shall reimburse Licensor for the costs related to such full time employee, provided that, if such full time employee also engages in work on behalf of Licensor or its Affiliates, Licensee shall reimburse Licensor on a pro rata basis only for the time spent by such full time employee in providing the Support Services to Licensee. Licensor shall provide Licensee with an invoice detailing any and all such costs and such invoice shall be paid in accordance with the terms of the invoice or such other payment terms as may be agreed to by the Parties.

 

(b)                                 No more than once every year, Licensee may have an independent certified public accountant from one of the Big Four International Accounting Firms conduct an audit of the relevant portions of Licensor’s books of account solely to verify the costs invoiced to Licensee under this Agreement. For purposes of such audit, Licensor shall provide access to Licensor’s books of account, during business hours, to such accountant, provided Licensor shall have no less than ten (10) Business Days’ prior notice of such audit. Such accountant shall be subject to a confidentiality agreement with Licensor but the accountant shall be permitted to disclose the results of the audit to Licensee. If any such audit should disclose any overpayment of costs, Licensor shall promptly reimburse Licensee such overpaid amount. If any such audit should disclose an underpayment of costs, Licensor may issue an invoice to Licensee for the underpaid amount and Licensee shall pay such invoice in accordance with the reasonable invoice terms or such other terms as may be agreed to by the Parties. Licensee shall be responsible for the costs of any such audits; provided, however, if (i) the audit results in an overpayment by Licensee of more than ten percent (10%) of the total amounts paid by Licensee to Licensor for the relevant audit period and (ii) such overpaid amount is greater than one million RMB Yuan (¥1,000,000), Licensor shall bear the cost of such audit.

 

2.11. Territory Restrictions. Licensee shall not host or cause the Licensed Software to be hosted outside the Territory.

 

2.12. Delivery or Access. In the event that Licensee identifies any Licensed Software which it does not possess or have access to as of the Effective Date, Licensee shall notify Licensor and Licensor shall promptly deliver (or provide access) to Licensee such Licensed Software.

 

ARTICLE III

LICENSEE’S OBLIGATIONS

 

3.1. Proper Use. Licensee covenants that the Licensed Software shall be used only in a manner consistent with the provisions of this Agreement. Without Licensor’s prior written consent, Licensee shall not transfer (except as permitted pursuant to Section 9.7) or create a security interest upon the Licensed Software or this Agreement.

 

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3.2. Proprietary Legends. Licensee shall not remove or obscure any trademark, copyright notice or other proprietary or restrictive notice or legend contained or included in any or all of the Licensed Software provided by Licensor, and Licensee shall reproduce and copy all such notices and legends on all permissible copies made hereunder, including such copies as may be necessary for archival or backup purposes.

 

3.3.                            Identification. Except as required pursuant to Section 3.2, Licensee shall not, nor authorize any other Person to, advertise or otherwise identify Licensor as the developer or source of the Licensed Software.

 

3.4.            Restrictions on Licensee’s Use.

 

(a)                                      Except as expressly authorized herein, Licensee shall not (a) copy, reverse engineer, decompile, reverse compile, reverse assemble or disassemble all or any portion of the Licensed Software; (b) allow access to the Licensed Software by any user or third party other than the Authorized Users; or (c) provide, disclose, divulge or make available to, or permit use of the Licensed Software by any third party.

 

(b)                                      If Licensee desires to migrate operation of the Licensee Websites, including the Licensed Software, to Infrastructure owned or controlled by Licensee or a third party designated by Licensee, Licensor shall use commercially reasonable efforts to cooperate with Licensee in such efforts.

 

(c)                                       Licensee shall not implement any Licensee Improvements, plug-ins or other applications that adversely impact the Licensed Software, Infrastructure, or their performance, including, but not limited to, (i) destabilizing or corrupting the Licensed Software or Infrastructure, (ii) slowing down performance of the Licensed Software or access to any of Licensor’s websites, or (iii) affecting the integrity of the Licensor Databases or the data maintained in the Licensor Databases. In the event any such Licensee Improvements, plug-ins or other applications are implemented by Licensee, Licensee shall promptly remove or disable the offending Software upon notice from Licensor of the adverse impact. Without limiting the foregoing, Licensee shall notify Licensor of any Licensee Improvements, plug-ins or other applications that may adversely impact the Licensed Software, Infrastructure, or their performance prior to implementation so that Licensee and Licensor may work together in good faith to determine any potential impact of such Software and/or workarounds.

 

ARTICLE IV 
  OWNERSHIP

 

4.1. Licensor Ownership. Licensee acknowledges that, as between Licensor and Licensee, Licensor is the owner of all right, title and interest, including intellectual property rights, in, to and under the Licensed Software, regardless of any technical, programming or financial assistance or cooperation provided to Licensor by or on behalf of Licensee to facilitate the operation and maintenance of the Licensed Software or the correction of any system or design errors, bugs or defects thereto (“Defects”). Licensee shall, upon the reasonable request by, and at the cost of, Licensor, take further actions and execute additional documents to establish and perfect Licensor’s ownership rights in, to and under the Licensed Software.  Licensee shall not contest, challenge or otherwise make any claim or take any action adverse to Licensor’s ownership of or interest in the Licensed Software and any Improvements.

 

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4.2. Licensee Ownership. Licensor acknowledges that, as between Licensor and Licensee, Licensee is the owner of all right, title and interest, including intellectual property rights, in, to and under any and all Improvements to the Licensed Software created by or on behalf of Licensee (including by Licensor pursuant to Section 2.8) (collectively, “Licensee Improvements”), regardless of any technical, programming or financial assistance or cooperation provided to Licensee by or on behalf of Licensor to facilitate the operation and maintenance of the Licensee Improvements or the correction of any Defects thereto but subject, in all respects, to Licensor’s rights in the Licensed Software. Licensor hereby assigns all right, title and interest, including all intellectual property rights that Licensor may have or acquire in and to the Licensee Improvements to Licensee. Licensor shall, upon the reasonable request by, and at the cost of, Licensee, take further actions and execute additional documents to establish and perfect Licensee’s ownership rights in, to and under the Licensee Improvements.

 

4.3.                            Licensor Improvements. Licensee hereby assigns all right, title and interest, including all intellectual property rights that Licensee may have or acquire in and to the Licensor Improvements to Licensor. Licensee shall, upon the reasonable request by, and at the cost of, Licensor, take further actions and execute additional documents to establish and perfect Licensor’s ownership rights in, to and under the Licensor Improvements.

 

ARTICLE V

TERM AND TERMINATION

 

5.1.                            Term. The initial term of this Agreement (the “Initial Term”) shall commence on the Effective Date and shall continue for a period of ten (10) years thereafter. Beginning twelve (12) months prior to the expiration of the Initial Term, the Parties shall use good faith efforts to negotiate an extension of the term of this Agreement (the Initial Term together with any applicable extension, the “Term”).

 

5.2.                       Termination for Bankruptcy. Either Party may immediately terminate this Agreement in the event that the other Party (a) becomes insolvent or unable to pay its debts as they mature; (b) makes an assignment for the benefit of its creditors; (c) seeks relief, or if proceedings are commenced against such other Party or on its behalf, under any bankruptcy, insolvency or debtors’ relief law and such proceedings have not been vacated or set aside within seven (7) days from the date of commencement thereof.

 

5.3.                            Termination for Breach.

 

(a)                                 By Licensor. Licensor may terminate this Agreement at any time in the event that the Licensee is in material default or breach of any provision of this Agreement, and, if such default or breach is capable of cure, such default or breach continues uncured for a period of thirty (30) days after receipt of written notice thereof; provided, however, that in the event that the Licensee has in good faith commenced cure within such thirty (30) day period, but cannot practically complete such cure within such thirty (30) day period, the Parties shall negotiate a reasonable additional time to cure.

 

(b)                            By Licensee. Licensee may terminate this Agreement at any time in the event that the Licensor is in material default or breach of any provision of this Agreement, and, if such default or breach is capable of cure, such default or breach continues uncured for a period of thirty (30) days after receipt of written notice thereof; provided, however, that in the event that

 

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the Licensor has in good faith commenced cure within such thirty (30) day period, but cannot practically complete such cure within such thirty (30) day period, the Parties shall negotiate a reasonable additional time to cure.

 

5.4. Termination for a Change of Control.  Licensor may terminate this Agreement by providing prior written notice to Licensee upon the occurrence of a Change of Control.

 

5.5. Termination in the Event of Termination of Agency Agreement. In the event that the Agency Agreement is terminated pursuant to Section 9.02(c)(iii) or 9.02(d)(i) thereof, this Agreement shall automatically be terminated as of the effective date of the termination of the Agency Agreement and shall thereafter be of no further force or effect except as set forth in Section 5.7.

 

5.6. Effect of Termination. Upon termination (but not expiration) of this Agreement for any reason, Licensee shall be entitled to use the Licensed Software for a limited period of time, not to exceed ninety (90) days, during which it shall diligently work to transition to another solution. Upon expiration of this Agreement or of such 90-day period, as applicable, Licensee shall immediately discontinue all use of and access to the Licensed Software, including any archival and maintenance copies, and at Licensor’s request, destroy or promptly return all portions of the Licensed Software to Licensor and certify that such action was taken.

 

5.7.                            Survival. The duties and obligations of the Parties under Articles IV, V, VII, VIII and IX and Section 6.3 of this Agreement shall survive any termination or expiration of this Agreement.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

6.1.                            Representations and Warranties.

 

(a)                                 By Each Party. Each of Licensee and Licensor represents and warrants to the other Party that: (a) it is a corporation duly incorporated, validly existing and in good standing under the applicable Law; (b) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within its corporate powers; (c) it has taken necessary steps to obtain authority and all necessary consents and approvals of any other third party and Governmental Authority to execute and perform this Agreement; (d) this Agreement has been duly executed and delivered by it and constitutes its valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other laws affecting the rights of creditors’ generally or by general principals of equity; and (e) the execution, delivery and performance of this Agreement will not conflict with or result in any breach of its charter or certificate of incorporation, bylaws, or other governing document, or any instrument, obligation, or contract to which it or its properties is bound.

 

(b)                            By Licensor. Licensor represents and warrants that:

 

i.                                          It has the right to grant the licenses granted to Licensee hereunder;

 

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ii.                                       The Licensed Software, the Infrastructure and the Support Services together constitute all of the Software, Infrastructure and Support Services provided by Licensor to Licensee as of the effective date of the Prior Agreement; and

 

iii.                                    The rights granted hereunder in connection with the Licensed Software and Infrastructure are substantially similar to the rights that were provided to Licensee in respect of the Licensed Software and Infrastructure prior to the effective date of the Prior Agreement.

 

6.2. No Other Warranties. In no event shall Licensor be liable to Licensee for any failure of the Licensed Software if any component of the Licensed Software has been (i) installed or operated by Licensee in a manner inconsistent with the provisions of this Agreement or modified by a Person other than Licensor (including Licensee) without the written approval of Licensor; (ii) damaged by negligence or misuse by other than Licensor or by fire, casualty, or other external causes; or (iii) subjected to unusual physical or electrical stress.

 

6.3. Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES AND UNDERTAKINGS SET FORTH IN THIS AGREEMENT OR THE SHARE PURCHASE AGREEMENT, THE LICENSED SOFTWARE IS LICENSED “AS IS,” AND LICENSOR DISCLAIMS ALL WARRANTIES RESPECTING THE LICENSED SOFTWARE PROVIDED UNDER THIS AGREEMENT, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, VALIDITY, NONINFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE OR ANY WARRANTIES THAT MAY BE OTHERWISE IMPLIED FROM ANY COURSE OF DEALING OR COURSE OF PERFORMANCE OR USAGE. EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN THE SHARE PURCHASE AGREEMENT, LICENSEE ASSUMES THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE LICENSED SOFTWARE AND ANY RESULTS DERIVED THEREFROM.

 

ARTICLE VII

INDEMNIFICATION

 

7.1. Indemnification by Licensor. Licensor shall defend, indemnify and hold harmless Licensee and its Affiliates, and their respective officers, directors, employees, agents, shareholders, successors and assigns, (collectively, the “Licensee Parties”) from and against any claim, suit, demand or action (“Action”), and any and all direct losses suffered or incurred by Licensee in connection with any third party claims (a) arising out of or resulting from any breach by Licensor of any provision of this Agreement, or (b) that Licensee’s use of the Licensed Software infringes on any intellectual property rights of such third party, provided, however, that Licensee’s use is consistent with the terms of this Agreement and that the Action is not caused by the use of the Licensed Software or any component thereof in combination with any other system, equipment or Software where but for such use, the Action for infringement would not lie. Licensor’s obligation to indemnify Licensee shall be conditioned on (a) Licensee’s provision to Licensor of prompt notice of such an Action (except where any delay does not materially prejudice Licensor); (b) Licensee’s reasonable cooperation with Licensor in the defense and settlement of such an Action at Licensor’s cost; and (c) Licensor having exclusive control of the defense, settlement and/or compromise of such an Action (provided that Licensor may not settle

 

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any Action in a manner that adversely affects Licensee without Licensee’s prior written consent, not to be unreasonably withheld or delayed).

 

7.2. Indemnification by Licensee. Licensee shall defend, indemnify and hold harmless Licensor and its Affiliates, and their respective officers, directors, employees, agents, shareholders, successors and assigns, (collectively, the “Licensor Parties”) from and against any Action, and any and all direct losses suffered or incurred by Licensor in connection with any third party claims arising out of or resulting from any breach by Licensee of any provision of this Agreement. Licensee’s obligation to indemnify Licensor shall be conditioned on (a) Licensor’s provision to Licensee of prompt notice of such an Action (except where any delay does not materially prejudice Licensee); (b) Licensor’s reasonable cooperation with Licensee in the defense and settlement of such an Action at Licensee’s cost; and (c) Licensee having exclusive control of the defense, settlement and/or compromise of such an Action (provided that Licensee may not settle any Action in a manner that adversely affects Licensor without Licensor’s prior written consent, not to be unreasonably withheld or delayed).

 

7.3.                            Infringement. Licensor shall have the exclusive right, but not the obligation, with respect to the Licensed Software to prosecute claims of infringement, misappropriation or similar claims that stem from the activities of a third party. In the event that Licensor elects to bring any action, Licensee shall reasonably assist Licensor at Licensor’s cost in such action if so requested, and shall lend its name to such action if requested by Licensor or required by applicable Law. No settlement of any such action which materially restricts the scope of, or materially and adversely affects the enforceability of, any intellectual property rights in the Licensed Software may be entered into by Licensor without the prior written consent of Licensee, which consent shall not unreasonably withheld or delayed. All costs and expenses incurred in an action brought by Licensor shall be borne by Licensor and all recoveries in such an action shall be for the benefit of Licensor.

 

7.4. Compliance with Laws. Licensee shall not use the Licensed Software in contravention of any applicable Law.

 

ARTICLE VIII

CONFIDENTIALITY

 

8.1. Licensed Software. (a) Licensee acknowledges that the Licensed Software is Confidential Information of Licensor. For purposes of this Agreement, “Confidential Information” shall mean information, documents and other tangible things, provided by either Party to the other, in whatever form, relating to such Party’s business and marketing, including such Party’s financial information, personal information, customer lists, product plans and marketing plans, whether alone or in its compiled form and whether marked as confidential or not, and, for the avoidance of doubt, Licensed Software shall be deemed to be Confidential Information of Licensor.

 

8.2. Confidential Information. In connection with this Agreement, either Party (the “Recipient”) may obtain certain Confidential Information of the other Party. The Recipient shall maintain in confidence all Confidential Information and shall not disclose such Confidential Information to any third party without the express written consent of the other Party except to those of its employees, subcontractors, consultants, representatives and agents as are necessary in

 

14

 

connection with activities as contemplated by this Agreement. In maintaining the confidentiality of Confidential Information, the Recipient shall exercise the same degree of care that it exercises with its own confidential information, and in no event less than a reasonable degree of care. The Recipient shall ensure that each of its employees, subcontractors, consultants, representatives and agents holds in confidence and makes no use of the Confidential Information for any purpose other than those permitted under this Agreement or otherwise required by applicable Law. Upon request by the other Party, the Recipient shall return, destroy or otherwise handle as instructed by the other Party, any documents or software containing such Confidential Information, and shall not continue to use such Confidential Information.

 

8.3.                       Exceptions. The obligation of confidentiality contained in Section 8.2 shall not apply to the extent that (i) the Recipient is required to disclose information by order or regulation of a Governmental Authority or a court of competent jurisdiction; provided, however, that, to the extent permitted by applicable Law, the Recipient shall not make any such disclosure without first notifying the other Party and allowing the other Party a reasonable opportunity to seek injunctive relief from (or a protective order with respect to) the obligation to make such disclosure; or (ii) the Recipient can demonstrate that (a) the disclosed information was at the time of such disclosure to the Recipient already in (or thereafter enters) the public domain other than as a result of actions of the Recipient, its directors, officers, employees or agents in violation hereof, (b) the disclosed information was rightfully known to the Recipient prior to the date of disclosure (other than pursuant to disclosure by the other Party pursuant to other agreements in effect between the Parties), or (c) the disclosed information was received by the Recipient on an unrestricted basis from a source unrelated to any Party and not under a duty of confidentiality to the other Party.

 

ARTICLE IX

GENERAL PROVISIONS

 

9.1.                       Taxes. Each Party shall be responsible for taxes that should be borne by it in accordance with applicable Law. If any Party pays any taxes that should have been borne by the other Party in accordance with Law, such other Party shall reimburse such Party within seven (7) days after its receipt of documentation evidencing such tax payment so incurred by such Party.

 

9.2.                       Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be borne by the party incurring such costs and expenses, whether or not the Closing shall have occurred.

 

9.3. 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

 

15

 

the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 9.3):

 

if to Licensor:

 

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: Head of Legal Department (Gu Haiyan)

 

if to Licensee:

 

Shanghai SINA Leju Information Technology Co. Ltd.

c/o Leju Holdings Limited

15/F Floor, Shoudong International Plaza, No. 5 Building, Guangqu Home

Dongcheng District, Beijing 100022

People’s Republic of China

+86 10 5895 1000

Attention:  Chief Executive Officer

 

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.

 

9.4. Public Announcements. Neither party to this Agreement shall make, or cause to be made, any press release or public announcement in respect of this Agreement or the transactions contemplated by this Agreement or otherwise communicate with any news media without the prior written consent of the other party unless otherwise required by Law or applicable stock exchange regulation, and the parties to this Agreement shall cooperate as to the timing and contents of any such press release, public announcement or communication.

 

9.5.                                 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 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.

 

9.6. Entire Agreement. This Agreement constitutes the entire agreement of the Parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, with respect to the subject matter hereof and thereto (including the Original Agreement and the Prior Agreement).

 

9.7. Assignment. This Agreement and any rights or authority granted hereunder shall not be assigned or transferred by either Party, including by operation of law, merger or otherwise, without the express written consent of the other Party, provided that Licensor may assign this Agreement without consent to any of its Affiliates and Licensee may assign this Agreement without consent to an Affiliate that is controlled by Licensee.

 

9.8. Amendment. This Agreement may not be amended or modified except (a) by an instrument in writing signed by, or on behalf of, both Parties or (b) by a waiver in accordance with Section 9.9.

 

9.9. Waiver. Either Party may (a) extend the time for the performance of any of the obligations or other acts of the other Party, (b) waive any inaccuracies in the representations and warranties of the other Party contained herein or in any document delivered by the other party pursuant hereto or (c) waive compliance with any of the agreements of the other 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 representation, warranty, agreement, condition or obligation granted pursuant to this Section 9.9 or otherwise in accordance with this Agreement shall be construed as

 

17

 

a waiver of any prior or subsequent breach of such representation, warranty, agreement, condition or obligation or any other representation, warranty, agreement, condition or obligation. The failure of either party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such rights.

 

9.10. No Third Party Beneficiaries. Except for the provisions of Article VII relating to indemnified parties, this Agreement shall be binding upon and inure solely to the benefit of the Parties and their respective successors and permitted assigns, and each Leju Entity, and nothing herein, express or implied (including the provisions of Article VII relating to indemnified parties), is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason of this Agreement.

 

9.11. 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 People’s Republic of China (without regard to its conflicts of laws rules that would mandate the application of the laws of another jurisdiction).

 

9.12. Dispute Resolution. (a) Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof (each, a “Dispute”), shall to the extent possible be settled through friendly consultation among the Parties hereto. The claiming Party (the “Claimant”) shall promptly notify the other Party (the “Respondent”) in a dated written notice that a Dispute has arisen and describe the nature of the Dispute. Any Dispute which remains unresolved within sixty (60) days after the date of such written notice shall be submitted to the China International Economic and Trade Arbitration Commission (the “Commission”) to be finally settled by arbitration in Beijing, PRC in accordance with the Commission’s then effective rules (the “Rules”) and this Section 9.12. The language of the arbitration shall be Mandarin Chinese.

 

(b)                                 The arbitration tribunal shall consist of three (3) arbitrators. The Claimant shall appoint one (1) arbitrator, the Respondent shall appoint one (1) arbitrator, and the two (2) arbitrators so appointed shall appoint a third arbitrator. If the Claimant and the Respondent fail to appoint one (1) arbitrator, or the two (2) arbitrators appointed fail to appoint the third arbitrator within the time periods set by the then effective Rules, the relevant appointment shall be made promptly by the Commission.

 

(c)                                  Any award of the arbitration tribunal established pursuant to this Section 9.12 shall be final and binding upon the Parties, and enforceable in any court of competent jurisdiction. The Parties shall use their best efforts to effect the prompt execution of any such award and shall render whatever assistance as may be necessary to this end. The prevailing Party (as determined by the arbitrators) shall be entitled to reimbursement of its costs and expenses, including reasonable attorney’s fees, incurred in connection with the arbitration and any judicial enforcement, unless the arbitrators determine that it would be manifestly unfair to honor this agreement of the Parties and determine a different allocation of costs.

 

18

 

(d) The foregoing provisions in this Section 9.12 shall not preclude any Party from seeking interim or conservatory remedies, including injunctive relief, from any court having jurisdiction to grant such relief.

 

9.13. No Presumption. The Parties acknowledge that each has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any applicable Law that would require interpretation of any claimed ambiguities in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel.

 

9.14. Specific Performance. The parties hereto acknowledge and agree that irreparable damage would occur if any of the provisions of this Agreement are not performed in accordance with their specific terms and that any breach of this Agreement could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other right or remedy to which a party hereto may be entitled, at law or in equity, it shall be entitled to enforce any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any of the provisions of this Agreement, without posting any bond or other undertaking.

 

9.15. Force Majeure. Neither Party shall be liable for failure to perform any of its obligations under this Agreement during any period in which such Party cannot perform due to hacker attack, fire, flood or other natural disaster, war, embargo, riot or the intervention of any Governmental Authority, provided, however, that the Party so delayed immediately notifies the other Party of such delay. In no event shall such nonperformance by Licensee be excused due to any such event for longer than ninety (90) days.

 

9.16. 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.

 

9.17. Termination of Original Agreement. Each Party agrees that the Original Agreement is hereby terminated as of the effective date of the Prior Agreement and shall be of no further force or effect and, for the avoidance of doubt, no provisions of the Original Agreement survive such termination.

 

[SIGNATURES ON NEXT PAGE]

 

19

 

IN WITNESS WHEREOF, each Party hereto has caused this Agreement to be executed by its duly authorized representatives on the date first set forth above.

 

 

	
 
    	
/s/   SINA.com Technology (China) Co. Ltd.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Shanghai   SINA Leju Information Technology Co. Ltd.
    

 

20

 

EXHIBIT A

 

LICENSED SOFTWARE

 

Advertising Publishing 

 

Content Publishing

 

Sales Management

 

Procurement Reimbursement 

 

Financial management Flow 

 

statistics

 

Monitoring and Censoring

 

21Exhibit 10.29

 

MASTER TRANSACTION AGREEMENT

 

 

MASTER TRANSACTION AGREEMENT

 

BETWEEN

 

E-HOUSE (CHINA) HOLDINGS LIMITED

 

and

 

LEJU HOLDINGS LIMITED

 

Dated as of March 10, 2014

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 1.
    	
 
    	
DEFINITIONS
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
1.1
    	
Defined Terms
    	
 
    	
2
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 2.
    	
 
    	
DOCUMENTS AND ITEMS TO BE DELIVERED PRIOR TO F-1 FILING
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
2.1
    	
Documents to be delivered by E-House
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
2.2
    	
Documents to be delivered by Leju
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 3.
    	
 
    	
THE IPO AND ACTIONS PENDING THE IPO
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
3.1
    	
Transactions prior to the IPO
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
3.2
    	
Cooperation
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 4.
    	
 
    	
COVENANTS AND OTHER MATTERS
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.1
    	
Other Agreements and Instruments
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.2
    	
Further Instruments
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.3
    	
Agreement for Exchange of Information
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.4
    	
Auditors and Audits; Financial Statements;   Accounting Matters
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.5
    	
Confidentiality
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.6
    	
Privileged Matters
    	
 
    	
18
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.7
    	
Future Litigation and Other Proceedings
    	
 
    	
21
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.8
    	
Mail and other Communications
    	
 
    	
21
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.9
    	
Certain Services to be Provided by E-House Research   and Training Institute
    	
 
    	
21
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.10
    	
Other Inter-Company Services Agreements
    	
 
    	
22
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
4.11
    	
Payment of Expenses
    	
 
    	
22
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 5.
    	
 
    	
MUTUAL RELEASES; INDEMNIFICATION
    	
 
    	
23
    

 

 

	
 
    	
 
    	
5.1
    	
Release of Claims
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
5.2
    	
Indemnification by Leju
    	
 
    	
23
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
5.3
    	
Indemnification by E-House
    	
 
    	
25
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
5.4
    	
Procedures for Defense, Settlement and Indemnification   of the Third Party Claims
    	
 
    	
26
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
5.5
    	
Additional Matters
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
5.6
    	
Survival of Indemnities
    	
 
    	
27
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 6.
    	
 
    	
DISPUTE RESOLUTION
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
6.1
    	
Dispute Resolution
    	
 
    	
28
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 7.
    	
 
    	
MISCELLANEOUS
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.1
    	
Consent of E-House
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.2
    	
Limitation of Liability
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.3
    	
Entire Agreement
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.4
    	
Governing Law and Jurisdiction
    	
 
    	
29
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.5
    	
Termination; Amendment
    	
 
    	
30
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.6
    	
Notices
    	
 
    	
30
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.7
    	
Counterparts
    	
 
    	
31
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.8
    	
Binding Effect; Assignment
    	
 
    	
31
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.9
    	
Severability
    	
 
    	
31
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.10
    	
Failure or Indulgence not Waiver; Remedies   Cumulative
    	
 
    	
31
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.11
    	
Authority
    	
 
    	
31
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.12
    	
Interpretation
    	
 
    	
31
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.13
    	
Conflicting Agreements
    	
 
    	
32
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.14
    	
Third Party Beneficiaries
    	
 
    	
32
    

 

 

MASTER TRANSACTION AGREEMENT

 

This Master Transaction Agreement is dated as of March 10, 2014, by and between E-House (China) Holdings Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“E-House”), and Leju Holdings Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Leju”) (each of E-House and Leju a “Party” and, together, the “Parties”).

 

Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in Article I hereof.

 

R E C I T A L S

 

WHEREAS, E-House is the registered and beneficial owner of all of the issued and outstanding Ordinary Shares of Leju;

 

WHEREAS, E-House has been engaged in the Leju Business through Leju and/or Leju’s subsidiaries and VIEs, as more fully described in a draft Registration Statement on Form F-1 confidentially submitted for review and comment by the SEC under the Securities Act (as so submitted and as amended from time to time prior to the Live Filing Date, the “Draft IPO Registration Statement”) to be filed publicly with the SEC via its EDGAR system (the date of such public filing, the “Live Filing Date”) following the substantial completion of such review and comment and as financial market conditions permit (as so filed, and as amended thereafter from time to time, the “IPO Registration Statement”);

 

WHEREAS, prior to the date hereof, all the then existing assets and liabilities in connection with the Leju Business have already been transferred to or assumed by Leju and/or its subsidiaries and VIEs;

 

WHEREAS, the Parties currently contemplate that Leju will make an initial public offering (“IPO”) pursuant to the IPO Registration Statement;

 

WHEREAS, the Parties intend in this Agreement, including the Exhibits and Schedules hereto, to set forth and memorialize the principal arrangements between E-House and Leju regarding the relationship of the Parties from and after the filing of the IPO Registration Statement and the consummation of the IPO; and

 

NOW, THEREFORE, in consideration of the mutual agreements, covenants and provisions contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

 

 

ARTICLE 1. DEFINITIONS.

 

1.1                               Defined Terms.  The following capitalized terms have the meanings given to them in this Section 1.1:

 

“Action” means any demand, action, suit, countersuit, claim, counterclaim, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal.

 

“ADSs” has the meaning set forth in Section 3.1(c) of this Agreement.

 

“Agreement” means this Master Transaction Agreement, together with the Schedules and Exhibits hereto, as the same may be amended from time to time in accordance with the provisions hereof.

 

“Confidential Business Information” has the meaning set forth in Section 4.5(b)(iii) of this Agreement.

 

“Confidential Information” has the meaning set forth in Section 4.5(b)(i) of this Agreement.

 

“Confidential Technical Information” has the meaning set forth in Section 4.5(b)(ii) of this Agreement.

 

“Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument or other commitment that is binding on any Person or any part of its property under applicable law.

 

“Control Ending Date” means the earlier of (i) the first date upon which members of the E-House Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of Leju and (ii) the first date upon which E-House, collectively with the other members of the E-House Group, ceases to be the largest beneficial owner of the then outstanding voting securities of Leju (for purposes of this clause (ii), without considering holdings of institutional investors that have acquired Leju securities in the ordinary course of their business and not with a purpose nor with the effect of changing or influencing the control of Leju).

 

“Customized Services” has the meaning set forth in Section 4.9(a) of this Agreement.

 

“Direct Costs” has the meaning set forth in Section 4.10 of this Agreement.

 

“Dispute” has the meaning set forth in Section 6.1(a) of this Agreement.

 

“Dispute Resolution Commencement Date” has the meaning set forth in Section 6.1(a) of this Agreement.

 

2

 

“Draft IPO Registration Statement” has the meaning set forth in the recitals to this Agreement.

 

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

 

“E-House’s Auditors” has the meaning set forth in Section 4.4 (a)(i) of this Agreement.

 

“E-House Business” means any business that is conducted by E-House and its subsidiaries and VIEs and described in its periodic filings with the SEC, other than the Leju Business.

 

“E-House Group” means E-House and its subsidiaries and VIEs, other than Leju and its subsidiaries and VIEs.

 

“E-House Indemnitees” means E-House and its subsidiaries and VIEs (excluding Leju and its subsidiaries and VIEs) and each of their respective directors, officers and employees.

 

“E-House Liabilities” means (without duplication) the following Liabilities:

 

(i)                                     all Liabilities, whether arising before, on or after the Live Filing Date, that relate to, arise or result from the operation of the E-House Business, other than Leju Liabilities; and

 

(ii)                                  Liabilities of E-House and its subsidiaries and VIEs under this Agreement or any of the Inter-Company Agreements.

 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Governmental Authority” shall mean any national, state or local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority.

 

“Indemnifying Party” means any party which may be obligated to provide indemnification to an Indemnitee pursuant to Section 5.2 or Section 5.3 hereof or any other section of this Agreement or any Inter-Company Agreement.

 

“Indemnitee” means any party which may be entitled to indemnification from an Indemnifying Party pursuant to Section 5 hereof or any other section of this Agreement or any Inter-Company Agreement.

 

“Indirect Costs” has the meaning set forth in Section 4.10 of this Agreement.

 

“Information” means information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium,

 

3

 

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.

 

“Inter-Company Agreements” means the Offshore Transitional Services Agreement, the Onshore Transitional Services Agreement and the Non-Competition Agreement.

 

“IPO” has the meaning set forth in the recitals to this Agreement.

 

“IPO Registration Statement” has the meaning set forth in the recitals to this Agreement.

 

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

 

“Leju’s Auditors” has the meaning set forth in Section 4.4(a)(i) of this Agreement.

 

“Leju Balance Sheet” means Leju’s unaudited consolidated balance sheet as of the end of the most recently completed fiscal quarter prior to the Live Filing Date.

 

“Leju Business” means the provision of real estate e-commerce, online advertising and listing services as currently conducted or contemplated to be conducted by the Leju Group anywhere in the world, as more completely described in the IPO Registration Statement.

 

“Leju Indemnitees” means Leju and its subsidiaries and VIEs and each of their respective directors, officers and employees.

 

“Leju Liabilities” means (without duplication) the following Liabilities:

 

(iii)                               all Liabilities reflected in the Leju Balance Sheet;

 

(iv)                              all Liabilities of E-House or its subsidiaries and VIEs that arise after the date of the Leju Balance Sheet that would be reflected in a Leju balance sheet as of the date of such Liabilities, if such balance sheet was prepared using the same principles and accounting policies under which the Leju Balance Sheet was prepared;

 

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(v)                                 all Liabilities that should have been reflected in the Leju Balance Sheet but are not reflected in the Leju Balance Sheet due to mistake or unintentional omission;

 

(vi)                              all Liabilities, whether arising before, on or after the Live Filing Date, that relate to, arise or result from: (1) the operation of the Leju Business or (2) the operation of any business conducted by Leju and its subsidiaries and VIEs at any time after the Live Filing Date; and

 

(vii)                           Liabilities of Leju and its subsidiaries and VIEs under this  Agreement or any of the Inter-Company Agreements.

 

“Liabilities” means all debts, liabilities, guarantees, assurances, commitments and obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including, without limitation, whether arising out of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by U.S. GAAP to be reflected in financial statements or disclosed in the notes thereto.

 

“Live Filing Date” has the meaning set forth in the recitals to this Agreement.

 

“Loss” and “Losses” mean any and all damages, losses, deficiencies, Liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs and expenses (including, without limitation, the costs and expenses of any and all Actions and demands, assessments, judgments, settlements and compromises relating thereto and the reasonable costs and expenses of attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder), but excluding punitive damages (other than punitive damages awarded to any third party against an indemnified party).

 

“Non-Competition Agreement” has the meaning set forth in Section 2.1 of this Agreement.

 

“Offshore Transitional Services Agreement” has the meaning set forth in Section 2.1 of this Agreement.

 

“Onshore Transitional Services Agreement” has the meaning set forth in Section 2.1 of this Agreement.

 

“Ordinary Shares” means the shares of Leju, par value $0.001 per share (including shares represented by ADSs and held of record by the depositary bank for the ADSs).

 

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

 

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“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

 

“Privileges” has the meaning set forth in Section 4.6(a) of this Agreement.

 

“Privileged Information” has the meaning set forth in Section 4.6(a) of this Agreement.

 

“Regular Services” has the meaning set forth in Section 4.9(a) of this Agreement.

 

“Rule 10A-3(b)(2)” means Rule 10A-3(b)(2) (or any successor rule to similar effect)  promulgated under the Exchange Act.

 

“SEC” means the U.S. Securities and Exchange Commission.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Third Party Claim” has the meaning set forth in Section 5.4(a) of this Agreement.

 

“Underwriters” has the meaning set forth in Section 3.1(a) of this Agreement.

 

“Underwriting Agreement” has the meaning set forth in Section 3.1(a) of this Agreement.

 

“U.S. GAAP” means generally accepted accounting principles in the United States as in effect from time to time.

 

“VIE” of any Person means any entity that controls, is controlled by, or is under common control with such Person and is deemed to be a variable interest entity consolidated with such Person for purposes of U.S. GAAP. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise.

 

ARTICLE 2. DOCUMENTS AND
 ITEMS TO BE DELIVERED PRIOR TO F-1 FILING.

 

2.1                               Documents to be delivered by E-House.  E-House has delivered and its subsidiaries have delivered, as appropriate, or E-House will deliver, or will cause its subsidiaries to deliver, as appropriate, prior to the Live Filing Date, to Leju: (a) a duly executed Offshore Transitional Services Agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Offshore Transitional Services Agreement”); (b) a duly executed Onshore Transitional Services Agreement, substantially in 

 

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the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Offshore Transitional Services Agreement”); (b) a duly executed Onshore Transitional Services Agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Onshore Transitional Services Agreement”); (c) a duly executed Non-Competition Agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Non-Competition Agreement”); and (d) such other agreements, documents or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes hereof. For purposes of this Agreement, Leju and its subsidiaries and VIEs will not be considered subsidiaries and VIEs of E-House.

 

2.2                               Documents to be delivered by Leju.  Leju has delivered and its subsidiaries and VIEs have delivered, as appropriate, or Leju will deliver, or will cause its subsidiaries and VIEs to deliver, as appropriate, prior to the Live Filing Date, to E-House or its subsidiaries, as appropriate: (a) in each case where Leju or any of its subsidiaries or VIEs is a party to any agreement or instrument referred to in Section 2.1, a duly executed counterpart  of such agreement or instrument; and (b) such other agreements, documents or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes hereof.

 

ARTICLE 3. THE IPO AND ACTIONS PENDING THE IPO.

 

3.1                               Transactions prior to the IPO.  Subject to the occurrence of the events described in this Article III, the Parties intend to consummate the IPO and to take, or cause to be taken, the actions specified in this Section 3.1.

 

(a)                                 Registration Statement. Leju has submitted or plans to submit on a confidential basis for review by the SEC the Draft IPO Registration Statement, and intends to submit such amendments or supplements thereto as may be requested by the SEC staff in connection with such review and agreed to by Leju, and subsequently to file with the SEC the IPO Registration Statement and make such amendments and supplements thereto as may be necessary or desirable in order to cause the same to comply with the Securities Act and other applicable law, to become and remain effective under the Securities Act, or as may be requested by the representatives of the underwriters for the IPO (the “Underwriters”), including, without limitation, filing such amendments or supplements to the IPO Registration Statement as may be required by the underwriting agreement to be entered into among Leju and the Underwriters (the “Underwriting Agreement”) following the effectiveness of the IPO Registration Statement under the Securities Act.

 

(b)                                 Underwriting Agreement. Following the effectiveness of the IPO Registration Statement, Leju will enter into the Underwriting Agreement, which shall in form and substance be satisfactory to Leju, as determined by its board of directors or authorized designees, as appropriate, and Leju shall comply with its obligations thereunder.

 

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(c)                                  NASDAQ Global Market or NYSE Listing. Leju plans to prepare, file and have approved an application for listing on the NASDAQ Global Market or the New York Stock Exchange of the American depositary shares, representing Ordinary Shares, to be offered and sold in the IPO (the “ADSs”).

 

3.2                               Cooperation.  E-House and Leju shall each consult with, and cooperate in all respects with, the other in connection with the marketing, including any roadshow presentations, and pricing of the ADSs and shall take any and all actions as may be reasonably necessary or desirable to consummate the IPO as contemplated by the IPO Registration Statement and the Underwriting Agreement.

 

ARTICLE 4. COVENANTS AND OTHER MATTERS.

 

4.1                               Other Agreements and Instruments.  Each of the Parties agrees to execute or cause to be executed by the appropriate parties and deliver, as appropriate, such other agreements, instruments and other documents as may be necessary or desirable in order to effect the purposes of this Agreement and the Inter-Company Agreements.

 

4.2                               Further Instruments.  (a)  To the extent it has not been done prior to the date hereof, E-House will execute and deliver, and will cause its subsidiaries to execute and deliver, to Leju and/or its subsidiaries and VIEs, as the case may be, such instruments of transfer, conveyance, assignment, substitution and confirmation, and will take such action as may be reasonably necessary or desirable in order to transfer, convey and assign to Leju and/or its subsidiaries and VIEs and confirm Leju’s and/or its subsidiaries’ and VIEs’ title to all assets, rights, interests and other things of value used in or necessary for the conduct and operation of the Leju Business on or prior to the Live Filing Date or to be transferred or licensed to Leju and/or its subsidiaries and VIEs pursuant to this Agreement or any document referred to herein, to put Leju and its subsidiaries and VIEs in actual possession and operating control thereof and to permit Leju and its subsidiaries and VIEs to exercise all rights with respect thereto (including, without limitation, rights under Contracts and other arrangements as to which the consent of any third party to the transfer thereof have not previously been obtained) relating to the Leju Business; provided, however, that in the absence of such execution and delivery by E-House and/or its subsidiaries, such execution and delivery shall be deemed for all purposes to have occurred subject only to Leju’s obligation to pay to E-House or its applicable subsidiary an amount equal to the book value thereof to the extent not previously so paid.

 

(b)                                 E-House will execute and deliver, and will cause its appropriate subsidiaries to execute and deliver, to Leju and/or its subsidiaries and VIEs, as the case may be, all instruments, assumptions, novations, undertakings, substitutions or other documents and take such other action as may be reasonably necessary or desirable in order to have E-House and/or its

 

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subsidiaries, as the case may be, fully and unconditionally assume and discharge the E-House Liabilities; provided, however, that in the absence of such execution and delivery by E-House and/or such appropriate subsidiaries, such execution and delivery shall be deemed for all purposes to have occurred.

 

(c)                                  Leju will, and will cause its appropriate subsidiaries and VIEs to, execute and deliver to E-House and its subsidiaries all instruments, assumptions, novations, undertakings, substitutions or other documents and take such other action as may be reasonably necessary or desirable in order to have Leju and/or its subsidiaries and VIEs, as the case may be, fully and unconditionally assume and discharge the Leju Liabilities; provided, however, that in the absence of such execution and delivery by Leju and/or such  appropriate subsidiaries and VIEs, such execution and delivery shall be deemed for all purposes to have occurred.

 

(d)                                 Except as hereinabove provided, neither E-House, Leju, nor their respective subsidiaries and VIEs shall be obligated, in connection with the foregoing matters set forth in this Section, to expend money other than reasonable out-of-pocket expenses, attorneys’ fees and recording or similar fees, unless reimbursed by the other relevant Party. Furthermore, each Party, at the request of the other Party hereto, shall execute and deliver such other instruments and do and perform such other acts and things as may be necessary or desirable for effecting completely the consummation of the transactions contemplated hereby.

 

4.3                               Agreement for Exchange of Information.  (a)  Generally. Each of the Parties agrees to provide, or cause to be provided, to the other Party, at any time, promptly after written request therefor, all reports and other Information regularly provided by one Party to the other Party prior to the Live Filing Date and any Information in the possession or under the control of such Party to the extent reasonably requested by the requesting Party (i) to comply with reporting, disclosure, filing or other requirements imposed on the requesting Party (including under applicable securities laws) by a Governmental Authority having jurisdiction over the requesting Party, (ii) for use in any other judicial, regulatory, administrative or other proceeding or in order to satisfy audit, accounting, claims, regulatory, litigation or other similar requirements, (iii) to comply with its obligations under this Agreement or any Inter-Company Agreement or (iv) at any time after the Live Filing Date to the extent such Information and cooperation are necessary to comply with such reporting, filing and disclosure obligations, for the preparation of financial statements or completing an audit, and as reasonably necessary to conduct the ongoing businesses of E-House or Leju, as the case may be. Each of the Parties agrees to make their respective personnel available to discuss the Information exchanged pursuant to this Section 4.3. In the event that any Party determines that any such provision of Information or other actions

 

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contemplated by this Section 4.3 could be commercially detrimental, violate any law or agreement, or waive any attorney-client privilege, the Parties shall take all reasonable measures to permit the compliance with such obligations in a manner that avoids any such harm or consequence

 

(b)                                 Internal Accounting Controls; Financial Information. After the Live Filing Date, (i) each Party shall maintain in effect at its own cost and expense adequate systems and controls for its business to the extent necessary to enable the other Party to satisfy its reporting, tax return, accounting, audit and other obligations, and (ii) each Party shall provide, or cause to be provided, to the other Party and its subsidiaries and VIEs in such form as such requesting Party shall request, at no charge to the requesting Party, all financial and other data and information as the requesting Party determines necessary or advisable in  order to prepare its financial statements and reports or filings with any Governmental Authority.

 

(c)                                  Ownership of Information. Any Information owned by a Party that is provided to a requesting Party pursuant to this Section 4.3 shall be deemed to remain the property of the providing Party. Unless specifically set forth herein, nothing contained in this Agreement shall be construed as granting or conferring rights of license or otherwise in any such Information.

 

(d)                                 Record Retention. To facilitate the possible exchange of Information pursuant to this Section 4.3 and other provisions of this Agreement, each Party agrees to use its reasonable best efforts for a period of ten (10) years to retain all Information in its respective possession or control substantially in accordance with its respective record retention policies and/or practices as in effect on the Live Filing Date, and for such longer period as may be required by any Governmental Authority, any litigation matter, any applicable law or any Inter-Company Agreement. However, at any time after such ten (10)-year period each Party may amend its respective record retention policies at such Party’s discretion; provided, however, that the amending Party must give thirty (30) days prior written notice of such change in the policy to the other Party. No Party will destroy, or permit any of its subsidiaries or VIEs to destroy, any Information that exists on the Live Filing Date (other than Information that is permitted to be destroyed under the current respective record retention policies of each Party) and that falls under the categories listed in Section 4.3(a), without first notifying the other Party of the proposed destruction and giving the other Party the opportunity to take possession or make copies of such Information prior to such destruction.

 

(e)                                  Limitation of Liability. Each Party will use its reasonable best efforts to ensure that Information provided to the other Party hereunder is accurate and complete; provided, however, that no Party shall have any liability to the other Party if any Information exchanged or provided pursuant to this

 

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Section 4.3 is found to be inaccurate, in the absence of gross negligence, bad faith, or willful misconduct by the Party providing the Information. No Party shall have any liability to the other Party if any Information is destroyed or lost after the relevant Party has complied with the provisions of Section 4.3(d).

 

(f)                                   Other Agreements Providing For Exchange of Information. The rights and obligations granted under this Section 4.3 are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange or confidential treatment of Information set forth in this Agreement and any Inter-Company Agreement.

 

(g)                                  Production of Witnesses; Records; Cooperation. For a period of five (5) years after the Control Ending Date, and except in the case of a legal or other proceeding by one Party against the other Party, each Party shall use its reasonable best efforts to make available to the other Party, upon written  request, the former, current and future directors, officers, employees, other personnel and agents of such Party as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such individual (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any legal, administrative or other proceeding in which the requesting Party may from time to time be involved, regardless of whether such legal, administrative or other proceeding is a matter with respect to which indemnification may be sought hereunder. The requesting Party shall bear all costs and expenses in connection therewith.

 

4.4                               Auditors and Audits; Financial Statements; Accounting Matters.  Each Party agrees that:

 

(a)                                 Selection of Auditors.

 

(i)                                     Until the first E-House fiscal year end occurring after the Control Ending Date, Leju shall use its reasonable best efforts to select the independent registered public accounting firm used by E-House (“E-House’s Auditors” and, for the avoidance of doubt, should E-House at any time change the independent registered public accounting firm serving as its auditors, “E-House’s Auditors” shall thereafter mean the new firm serving as E-House’s auditors) to serve as its auditors (“Leju’s Auditors”) for purposes of providing an opinion on its consolidated financial statements; provided, however, that Leju’s Auditors may be different from E-House’s Auditors if necessary to comply with applicable laws regarding auditor independence and qualifications (provided, however, that Leju shall not take any actions, and shall use its reasonable best efforts to cause its directors, officers

 

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and employees not to take any actions, that could reasonably be expected to require Leju to engage auditors other than E-House’s Auditors). After the Live Filing Date, the foregoing shall not be construed so as to unlawfully limit any responsibility of the audit committee of Leju’s board of directors, pursuant to SEC Rule 10A-3(b)(2) and rules of the NASDAQ Global Market or the New York Stock Exchange, as applicable, to appoint, compensate, retain and oversee the work of the registered public accounting firm Leju engages.

 

(ii)                                  Until the first E-House fiscal year end occurring after the Control Ending Date, Leju shall provide to E-House as much prior notice as reasonably practical of any change in Leju’s Auditors for purposes of providing an opinion on its consolidated financial statements.

 

(b)                                 Date of Auditors’ Opinion and Quarterly Reviews. Until the first E-House fiscal year end occurring after the Control Ending Date, and thereafter  to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, Leju shall use its reasonable best efforts to enable Leju’s Auditors to complete their audit such that they will date their opinion on Leju’s audited annual financial statements on the same date that E-House’s Auditors date their opinion on E-House’s audited annual financial statements, and to enable E-House to meet its timetable for the printing, filing and public dissemination of E-House’s annual financial statements. Until the first E-House fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, Leju shall use its reasonable best efforts to enable Leju’s Auditors to complete their annual audit and quarterly review procedures such that they will provide clearance on such Party’s annual and quarterly financial statements on the same date that E-House’s Auditors provide clearance on E-House’s annual and quarterly financial statements.

 

(c)                                  Annual and Quarterly Financial Statements. Until the Control Ending Date, Leju shall not change its fiscal year and, until the first E-House fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, shall provide to E-House on a timely basis all Information that E-House reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of E-House’s annual and quarterly financial statements. Without limiting the generality of the foregoing, Leju will provide all required financial Information with respect to Leju and its subsidiaries and VIEs to Leju’s Auditors in a sufficient and reasonable time and in sufficient detail to permit Leju’s Auditors to take all steps and perform all procedures necessary to provide sufficient assistance to E-House’s

 

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Auditors with respect to financial Information to be included or contained in E-House’s annual and quarterly financial statements. Similarly, E-House shall provide to Leju on a timely basis all financial Information that Leju reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of Leju’s annual and quarterly financial statements. Without limiting the generality of the foregoing, E-House will provide all required financial Information with respect to E-House and its subsidiaries and VIEs to E-House’s Auditors in a sufficient and reasonable time and in sufficient detail to permit E-House’s Auditors to take all steps and perform all procedures necessary to provide sufficient assistance to Leju’s Auditors with respect to Information to be included or contained in Leju’s annual and quarterly financial statements.

 

(d)                                 Certifications and Attestations.

 

(i)                                     Until the first E-House fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the timely filing by E-House of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods,  Leju shall cause its principal executive officer and principal financial officer to provide to E-House on a timely basis and as reasonably requested by E-House (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002 to be filed with such annual and quarterly reports, (B) any certificates or other written Information which such principal executive officer or principal financial officer received as support for the certificates provided to E-House and (C) a reasonable opportunity to discuss with such principal financial officer and other appropriate officers and employees of Leju any issues reasonably related to the foregoing.

 

(ii)                                  To the extent necessary for the timely filing by Leju of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods, E-House shall cause its appropriate officers and employees to provide to Leju on a timely basis and as reasonably requested by such Party (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002 to be filed with such annual and quarterly reports, (B) any certificates or other Information which such appropriate officers and employees received as support for the certificates provided to Leju and (C) a reasonable opportunity to discuss with such appropriate officers and employees any issues reasonably related to the foregoing.

 

(e)                                  Compliance With Laws, Policies and Regulations. Until the Control

 

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Ending Date, Leju shall comply with all financial accounting and reporting rules, policies and directives of E-House, to the extent such rules, policies and directives have been previously communicated to Leju, and fulfill all timing and reporting requirements, applicable to E-House subsidiaries and VIEs that are consolidated with E-House for financial statement purposes. Without limiting the foregoing, Leju shall comply with all financial accounting and reporting rules and policies, and fulfill all timing and reporting requirements, under applicable federal securities laws and the rules of the NASDAQ Global Market or the New York Stock Exchange, as applicable. Leju shall not be deemed to be in breach of its obligations set forth in this provision to the extent that it is unable to comply with such obligations as a result of the actions or inactions of E-House.

 

(f)                                   Identity of Personnel Performing the Annual Audit and Quarterly Reviews. Until the Control Ending Date, and thereafter to the extent such information and cooperation is necessary for the preparation of financial statements or completing a financial statements audit, Leju shall authorize Leju’s Auditors to make available to E-House’s Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of Leju and work papers related to the annual audits and quarterly reviews of Leju, in all cases within a reasonable time prior to Leju’s Auditors’ opinion date, so  that E-House’s Auditors are able to perform the procedures they consider necessary to take responsibility for the work of Leju’s Auditors as it relates to E-House’s Auditors’ report on E-House’s financial statements, all within sufficient time to enable E-House to meet its timetable for the printing, filing and public dissemination of E-House’s annual and quarterly financial statements. Similarly, E-House shall authorize E-House’s Auditors to make available to Leju’s Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of E-House and work papers related to the annual audits and quarterly reviews of E-House, in all cases within a reasonable time prior to E-House’s Auditors’ opinion date, so that Leju’s Auditors are able to perform the procedures they consider necessary to take responsibility for the work of E-House’s Auditors as it relates to Leju’s Auditors’ report on Leju’s financial statements, all within sufficient time to enable Leju to meet its timetable for the printing, filing and public dissemination of Leju’s annual and quarterly financial statements.

 

(g)                                  Access to Books and Records. Until the Control Ending Date, and thereafter to the extent such information and cooperation is necessary for the preparation of financial statements or completing a financial statements audit, all governmental audits are complete and the applicable statute of limitations for tax matters has expired, Leju shall provide E-House’s internal auditors, counsel and other designated representatives of E-House access during normal business hours to (i) the premises of Leju and its subsidiaries and VIEs and all Information (and duplicating rights) within the knowledge, possession or

 

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control of Leju and its subsidiaries and VIEs and (ii) the officers and employees of Leju and its subsidiaries and VIEs, so that E-House may conduct reasonable audits relating to the financial statements provided by Leju pursuant hereto as well as to the internal accounting controls and operations of Leju. Similarly, E-House shall provide Leju’s internal auditors, counsel and other designated representatives of Leju access during normal business hours to (x) the premises of E-House and its subsidiaries and VIEs and all Information (and duplicating rights with respect thereto) within the knowledge, possession or control of E-House and its subsidiaries and VIEs and (y) the officers and employees of E-House and its subsidiaries and VIEs, so that Leju may conduct reasonable audits relating to the financial statements provided by E-House pursuant hereto as well as to the internal accounting controls and operations of E-House and its subsidiaries and VIEs.

 

(h)                                 Notice of Change in Accounting Principles. Until the Control Ending Date, and thereafter if a change in accounting principles by a Party would affect the historical financial statements of the other Party, no such Party shall make or adopt any significant changes in its accounting estimates or accounting principles from those in effect on the Live Filing Date without first consulting with the other Party, and if requested by the other Party, such other Party’s independent registered public accounting firm with respect thereto. E-House shall give Leju as much prior notice as reasonably practical of any  proposed determination of, or any significant changes in, its accounting estimates or accounting principles from those in effect on the Live Filing Date. E-House will consult with Leju and, if requested by Leju, Leju’s independent registered public accounting firm with respect thereto. Leju shall give E-House as much prior notice as reasonably practical of any proposed determination of, or any significant changes in, its accounting estimates or accounting principles from those in effect on the Live Filing Date. Leju will consult with E-House and, if requested by E-House, E-House’s independent registered public accounting firm with respect thereto.

 

(i)                                     Conflict With Third-Party Agreements. Nothing in Section 4.3 or this Section 4.4 shall require a Party to violate any agreement with any third party regarding the confidentiality of confidential and proprietary Information relating to that third party or its business; provided, however, that in the event that a Party is required under Section 4.3 or this Section 4.4 to disclose any such Information, such Party shall use its reasonable best efforts to seek to obtain such third party’s consent to the disclosure of such Information.

 

4.5                               Confidentiality.  (a)  Each of the Parties shall hold and shall cause each of their respective subsidiaries and VIEs to hold, and shall each cause their respective officers, employees, agents, consultants and advisors and those of their respective subsidiaries and VIEs to hold, in strict confidence and not to disclose or release without the prior written consent of the other Party, any and

 

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all Confidential Information concerning such other Party and its respective subsidiaries and VIEs; provided, that each of the Parties may disclose, or may permit disclosure of, Confidential Information (i) to their respective subsidiaries and VIEs, auditors, attorneys, financial advisors, bankers and other appropriate consultants and advisors who have a need to know such information and, in each case, are informed of their obligation to hold such information confidential to the same extent as is applicable to the Parties hereto and in respect of whose failure to comply with such obligations, Leju or E-House, as the case may be, will be responsible, (ii) if the Parties or any of their respective subsidiaries or VIEs are compelled to disclose any such Confidential Information by judicial or administrative process or (iii) if the Parties reasonably determine in good faith that such disclosure is required by other requirements of law. Notwithstanding the foregoing, in the event that any demand or request for disclosure of Confidential Information is made in connection with any judicial or administrative process, or a Party determines in good faith that disclosure is otherwise required by law, such Party shall promptly notify the other Party of the existence of such request, demand, or conclusion, and shall provide such other Party a reasonable opportunity to seek an appropriate protective order or other remedy, which the notifying Party will cooperate in obtaining. In the event that an appropriate protective order or other remedy is not obtained, the Party whose Confidential Information is required to be disclosed shall or shall cause the notifying Party to furnish, or cause to be furnished, only that portion of the Confidential  Information that is required to be disclosed and shall use its reasonable best efforts to obtain reasonable assurances that confidential treatment will be accorded to such Information.

 

(b)                                 As used in this Section 4.5:

 

(i)                                     “Confidential Information” shall mean Confidential Business Information and Confidential Technical Information concerning one Party which, prior to, on or following the Live Filing Date, has been disclosed by such Party or its subsidiaries or VIEs, that (1) is in written, recorded, graphical or other tangible form and is marked “Proprietary,” “Confidential” or “Trade Secret,” or where it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, (2) is in oral form and identified by the disclosing Party as “Proprietary”, “Confidential” or “Trade Secret” at the time of oral disclosure, including pursuant to the access provisions of Section 4.3 or Section 4.4 hereof or any other provision of this Agreement or where it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, or (3) in the case of such Information disclosed on or prior to the date hereof, either such Information is identified by the owning Party to the other relevant Party as Confidential Business Information or

 

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Confidential Technical Information, orally or in writing on or prior to the Live Filing Date, or it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, and includes any modifications or derivatives prepared by the receiving Party that contain or are based upon any Confidential Information obtained from the disclosing Party, including any analysis, reports, or summaries of the Confidential Information. Confidential Information may also include Information disclosed to a disclosing Party by third parties. Confidential Information shall not, however, include any information which (A) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing Party; (B) becomes publicly known and made generally available after disclosure by the disclosing Party to the receiving Party through no action or inaction of the receiving Party; (C) is obtained by the receiving Party from a third party without a breach of such third party’s obligations of confidentiality; or (D) is on or after the Live Filing Date independently developed by the receiving Party without use of or reference to the disclosing Party’s Confidential Information.

 

(ii)                                  “Confidential Technical Information” shall mean all proprietary scientific, engineering, mathematical or design information, data and material of the disclosing Party including, without limitation, (a) specifications, ideas, concepts, models, and strategies for products or services, (b) quality assurance policies, procedures and  specifications, (c) source code and object code, (d) training materials and information, and (e) all other know-how, methodology, processes, procedures, techniques and trade secrets related to product or service design, development, manufacture, implementation, use, support and maintenance.

 

(iii)                               “Confidential Business Information” shall mean all proprietary information, data or material of the disclosing Party other than Confidential Technical Information, including, but not limited to (a) proprietary earnings reports and forecasts, (b) proprietary macro-economic reports and forecasts, (c) proprietary business plans, (d) proprietary general market evaluations and surveys, (e) proprietary financing and credit-related information, and (f) customer information.

 

(c)                                  Nothing in this Agreement shall restrict (i) the disclosing Party from using, disclosing, or disseminating its own Confidential Information in any way, or (ii) reassignment of the receiving Party’s employees. Moreover, nothing in the Agreement supersedes any restriction imposed by third parties on their Confidential Information, and there is no obligation on the disclosing Party to conform third party agreements to the terms of this Agreement except

 

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as expressly set forth therein.

 

(d)                                 Notwithstanding anything to the contrary set forth herein, (i) a Party and its subsidiaries and VIEs shall be deemed to have satisfied their obligations hereunder with respect to Confidential Information if they exercise the same degree of care (but no less than a reasonable degree of care) as they take to preserve confidentiality for their own similar Information and (ii) confidentiality obligations provided for in any agreement between a Party or any of its subsidiaries or VIEs and any employee of such Party or any of its subsidiaries or VIEs shall remain in full force and effect.

 

(e)                                  Confidential Information of a Party and its subsidiaries and VIEs in the possession of and used by the other Party as of the Live Filing Date may continue to be used by such Party in possession of the Confidential Information in and only in the operation of the E-House Business, in the case of E-House and its subsidiaries and VIEs, or the Leju Business, in the case of Leju and its subsidiaries and VIEs, and may be used only so long as the Confidential Information is maintained in confidence and not disclosed in violation of Section 4.5(a). Such continued right to use Confidential Information may not be transferred, including by merger, consolidation, reorganization, operation of law, or otherwise, to any third party unless such third party (A) purchases all or substantially all of the business or business line and assets in one transaction or in a series of related transactions for which or in which the relevant Confidential Information is used or employed and (B) expressly agrees in writing to be bound by the provisions of this Section 4.5. In the event that such right to use is transferred in accordance with the preceding sentence, the transferring Party shall not disclose the source of  the relevant Confidential Information.

 

4.6                               Privileged Matters.  (a)  The Parties agree that their respective rights and obligations to maintain, preserve, assert or waive any or all privileges belonging to each such Party or its subsidiaries or VIEs including but not limited to the attorney-client and work product privileges (collectively, “Privileges”), shall be governed by the provisions of this Section 4.6. With respect to Privileged Information (as defined below) of E-House, E-House shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and Leju shall take no action (nor permit any of its subsidiaries or VIEs to take action) without the prior written consent of E-House that could result in any waiver of any Privilege that could be asserted by E-House or any of its subsidiaries or VIEs under applicable law and this Agreement. With respect to Privileged Information of Leju, Leju shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and E-House shall take no action (nor permit any of its subsidiaries or VIEs to take action) without the prior written consent of Leju that could

 

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result in any waiver of any Privilege that could be asserted by Leju or any of its subsidiaries or VIEs under applicable law and this Agreement.

 

(b)                                 The rights and obligations created by this Section 4.6 shall apply to all Information as to which the Parties or their respective subsidiaries or VIEs would be entitled to assert or has asserted a Privilege (“Privileged Information”). Privileged Information of E-House includes but is not limited to (i) any and all Information regarding the business of E-House and its subsidiaries and VIEs (other than Information regarding the Leju Business), whether or not it is in the possession of Leju or any of its subsidiaries and VIEs; (ii) all communications subject to a Privilege between counsel for E-House (including in-house counsel) and any individual who, at the time of the communication, was an employee of E-House, regardless of whether such employee is or becomes an employee of Leju or any of its subsidiaries and VIEs and (iii) all Information generated, received or arising after the Live Filing Date that refers or relates to Privileged Information of E-House generated, received or arising prior to the Live Filing Date. Privileged Information of Leju includes but is not limited to (x) any and all Information regarding the Leju Business, whether or not it is in the possession of E-House or any of its subsidiaries and VIEs; (y) all communications subject to a Privilege occurring after the Live Filing Date between counsel for Leju (including in-house counsel and former in-house counsel who are or were employees of E-House) and any person who, at the time of the communication, was an employee of Leju, regardless of whether such employee was, is or becomes an employee of E-House or any of its subsidiaries or VIEs and (z) all Information generated, received or arising after the Live Filing Date that refers or relates to Privileged Information of Leju generated, received or arising prior to the Live Filing Date.

 

(c)                                  Upon receipt by a Party or its subsidiaries or VIEs of any subpoena,  discovery or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other Party or its subsidiaries or VIEs, or if a Party or any of its subsidiaries or VIEs obtains knowledge that any of its current or former employees has received any subpoena, discovery or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other Party or its subsidiaries or VIEs, such Party shall promptly notify that other Party of the existence of the request and shall provide that other Party a reasonable opportunity to review the Information and to assert any rights such other Party may have under this Section 4.6 or otherwise to prevent the production or disclosure of Privileged Information. E-House or its subsidiaries or VIEs, or Leju or its subsidiaries and VIEs, as the case may be, will not produce or disclose to any third party any of the other Party’s Privileged Information under this Section 4.6 unless (a) such other Party has provided its express written consent to such production or disclosure or (b) a court of

 

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competent jurisdiction has entered an order not subject to interlocutory appeal or review finding that the Information is not entitled to protection from disclosure under any applicable privilege, doctrine or rule.

 

(d)                                 E-House’s transfer of books and records pertaining to the Leju Business and other Information pertaining to Leju, if any, E-House’s agreement to permit Leju to obtain Information existing prior to the Live Filing Date, Leju’s transfer of books and records and other Information pertaining to E-House, if any, and Leju’s agreement to permit E-House to obtain Information existing prior to the Live Filing Date are made in reliance on E-House’s and Leju’s respective agreements, as set forth in Section 4.5 and this Section 4.6, to maintain the confidentiality of such Information and to take the steps provided herein for the preservation of all Privileges that may belong to or be asserted by E-House, or Leju, as the case may be. The access to Information, witnesses and individuals being granted pursuant to Section 4.3 and Section 4.4 and the disclosure to one Party of Privileged Information relating to the other Party’s businesses pursuant to this Agreement shall not be asserted by E-House or Leju to constitute, or otherwise be deemed, a waiver of any Privilege that has been or may be asserted under this Section 4.6 or otherwise. Nothing in this Agreement shall operate to reduce, minimize or condition the rights granted to, or the obligations imposed upon, E-House and Leju by this Section 4.6.

 

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4.7                               Future Litigation and Other Proceedings.  In the event that Leju (or any of its subsidiaries or VIEs or any of its or their respective officers or directors) or E-House (or any of its subsidiaries or VIEs or any of its or their respective officers or directors) at any time after the date hereof initiates or becomes subject to any litigation or other proceedings before any Governmental Authority or arbitration panel with respect to which the Parties have no prior agreements (as to indemnification or otherwise), the Party (and its subsidiaries and VIEs and its and their respective officers and directors) that has not initiated and is not subject to such litigation or other proceedings shall comply, at the litigant Party’s expense, with any reasonable requests by the litigant Party for assistance in connection with such litigation or other proceedings (including by way of provision of Information and making available of employees as witnesses). In the event that Leju (or any of its subsidiaries or VIEs or any of its or their respective officers or directors) and E-House (or any of its subsidiaries or VIEs or any of its or their respective officers or directors), or any combination thereof, at any time after the date hereof initiate or become subject to any litigation or other proceedings before any Governmental Authority or arbitration panel with respect to which the litigant Parties have no prior agreements (as to indemnification or otherwise), each litigant Party (and its officers and directors) shall, at their own expense, coordinate their strategies and actions with respect to such litigation or other proceedings to the extent such coordination would not be detrimental to their respective interests and shall comply, at the expense of the requesting Party, with any reasonable requests of such Party for assistance in connection therewith (including by way of provision of information and making available of employees as witnesses).

 

4.8                               Mail and other Communications.  Each of E-House and Leju may receive mail, facsimiles, packages and other communications properly belonging to the other. Accordingly, each Party authorizes each of the other Party to receive and open all mail, telegrams, packages and other communications received by it and not unambiguously intended for the other Party or any of the other Party’ officers or directors, and to retain the same to the extent that they relate to the business of the receiving Party or, to the extent that they do not relate to the business of the receiving Party, the receiving Party shall promptly deliver such mail, telegrams, packages or other communications, including, without limitation, notices of any liens or encumbrances on any asset transferred to Leju or its subsidiaries or VIEs in connection with the separation from E-House, if any, (or, in case the same relate to both businesses, copies thereof) to the other Party as provided for in Section 7.6 hereof. The provisions of this Section 4.8 are not intended to, and shall not, be deemed to constitute (a) an authorization by either E-House or Leju to permit the other to accept service of process on its behalf and no Party is or shall be deemed to be the agent of the other Party for service of process purposes or (b) a waiver of any Privilege with respect to Privileged Information contained in such mail, telegrams, packages or other communications.

 

4.9                               Certain Services to be Provided by E-House Research and Training Institute.

 

(a)                                 Services.  Until the Control Ending Date, E-House Research and Training Institute, or another member of the E-House Group performing similar functions, shall provide Leju and its subsidiaries and VIEs with

 

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(i) regular macro-economic and real estate industry research and information services, including without limitation monthly general research reports in  respect of China’s real estate industry, monthly special research reports in respect of certain specific aspects of China’s real estate industry, and regular training seminars (the “Regular Services”), and (ii) customized real estate industry research and information services from time to time based on the specific requests of Leju or any of its subsidiaries and VIEs (the “Customized Services”).

 

(b)                                 Service Fee.  The Regular Services and the Customized Services shall be provided free of charge.

 

(c)                                  Intellectual Property Rights.  E-House Research and Training Institute reserves all intellectual property rights in respect of the services it provides under this Section 4.9. Leju and its subsidiaries and affiliates may use the work products produced by E-House Research and Training Institute for the operation of their business, including without limitation the operation of Leju’s proprietary real estate information database and analysis system, and may, for the purpose of the operation of their business, authorize third parties to use such work products.

 

4.10                        Other Inter-Company Services Agreements.  To the extent not covered under the Inter-Company Agreements, E-House and its subsidiaries and VIEs, on the one hand, and Leju and its subsidiaries and VIEs, on the other, may enter into interim services agreements from time to time covering the provision of various interim services, if any, including financial, accounting, legal, and other services by E-House (and its subsidiaries and VIEs) to Leju (and its subsidiaries and VIEs) or, in certain circumstances, vice versa. Such services will generally be provided for a fee equal to the actual Direct Costs and Indirect Costs of providing such services plus an additional amount as agreed to by the Parties, subject to other consideration’s being agreed to by the Parties. “Direct Costs” shall include compensation and travel expenses attributable to employees, temporary workers, and contractors directly engaged in performing the services as well as materials and supplies consumed in performing the services. “Indirect Costs” shall include occupancy, IT supervision and other overhead burden of the department incurring the direct costs of providing the service. Payment for any such services will be due within thirty (30) days after E-House renders an invoice for such services.

 

4.11                        Payment of Expenses.  Except as otherwise provided in this Agreement, the Inter-Company Agreements or any other agreement between the Parties relating to the IPO, (i) all costs and expenses of the Parties in connection with the IPO (including costs associated with drafting this Agreement, the Inter-Company Agreements and the documents relating to the formation of Leju and its subsidiaries and VIEs) shall be paid by Leju and (ii) all costs and expenses of the Parties in connection with any matter not relating to the IPO shall be paid by the Party which incurs such cost or expense. Notwithstanding the foregoing, Leju and E-

 

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House shall each be responsible for their own internal fees, costs and expenses (e.g., salaries of personnel) incurred in connection with the IPO.

 

ARTICLE 5. MUTUAL RELEASES; INDEMNIFICATION.

 

5.1                               Release of Claims.

 

(a)                                 Leju Release. Except as provided in Section 5.1(c), Leju, for itself and as agent for each of its subsidiaries and VIEs, does hereby assume, and does hereby remise, release and forever discharge the E-House Indemnitees from, any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract or agreement, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Live Filing Date, including in connection with the transactions and all other activities to implement the IPO.

 

(b)                                 E-House Release. Except as provided in Section 5.1(c), E-House, for itself and as agent for each of its subsidiaries and VIEs, does hereby remise, release and forever discharge the Leju Indemnitees from any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract or agreement, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Live Filing Date, including in connection with the transactions and all other activities to implement the IPO.

 

(c)                                  No Impairment. Nothing contained in Section 5.1(a) or Section 5.1(b) shall limit or otherwise affect any Party’s rights or obligations pursuant to or contemplated by this Agreement or any Inter-Company Agreement, in each case in accordance with its terms, including, without limitation, any obligations relating to indemnification, including indemnification pursuant to Section 5.2 and Section 5.3 of this Agreement.

 

5.2                               Indemnification by Leju.Except as otherwise provided in this Agreement, Leju shall, for itself and as agent for each of its subsidiaries and VIEs, indemnify, defend (or, where applicable, pay the defense costs for) and hold harmless the E-House Indemnitees from and against, and shall reimburse the E-House Indemnitees with respect to, any and all Losses that any third party seeks to impose upon the E-House Indemnitees, or which are imposed upon the E-House Indemnitees, and that relate to, arise or result from, whether prior to, on or following the Live Filing Date, any of the following items (without duplication):

 

(a)                                 any Leju Liability;

 

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(b)                                 any breach by Leju or any of its subsidiaries and VIEs of this Agreement or any of the Inter-Company Agreements; and

 

(c)                                  any Liabilities relating to, arising out of or resulting from any untrue  statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement (other than information provided in writing by E-House or any of its subsidiaries or VIEs to Leju specifically for inclusion in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement), (ii) contained in any public filings made by Leju with the SEC following the Live Filing Date or (iii) provided in writing by Leju or its subsidiaries or VIEs to E-House specifically for inclusion in E-House’s annual or quarterly reports following the Live Filing Date to the extent (A) such information pertains to (x) Leju or its subsidiaries or VIEs or (y) the Leju Business or (B) E-House has provided prior written notice to Leju that such information will be included in one or more annual or quarterly reports, specifying how such information will be presented, and the information is included in such annual or quarterly reports; provided that this sub-clause (B) shall not apply to the extent that any such Liability arises out of or results from, or in connection with, any action or inaction of E-House or any of its subsidiaries or VIEs, including as a result of any misstatement or omission of any information by E-House or its subsidiaries or VIEs to Leju.

 

In the event that Leju or any of its subsidiaries or VIEs makes a payment to the E-House Indemnitees hereunder, and any of the E-House Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from E-House or its subsidiaries or VIEs), E-House will promptly repay (or will procure an E-House Indemnitee to promptly repay) Leju (or its subsidiary or VIE that has made the payment) the amount by which the payment made by Leju (or its subsidiary or VIE that has made the payment) exceeds the actual cost of the associated indemnified Liability.

 

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5.3                               Indemnification by E-House.  Except as otherwise provided in this Agreement, E-House shall, for itself and as agent for each of its subsidiaries and VIEs, indemnify, defend (or, where applicable, pay the defense costs for) and hold harmless the Leju Indemnitees from and against, and shall reimburse each such Leju Indemnitee with respect to, any and all Losses that any third party seeks to impose upon the Leju Indemnitees or which are imposed upon the Leju Indemnitees to the extent relating to, arising from or resulting from, whether prior to, on or following the Live Filing Date, any of the following items (without duplication):

 

(a)                                 any Liability of E-House or its subsidiaries or VIEs and all Liabilities arising out of the operation or conduct of the E-House Business (in each case excluding the Leju Liabilities);

 

(b)                                 any breach by E-House or any member of the E-House Group of this  Agreement or any of the Inter-Company Agreements; and

 

(c)                                  any Liabilities relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement and provided in writing by E-House or any of its subsidiaries or VIEs to Leju specifically for inclusion in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement), (ii) contained in any public filings made by E-House with the SEC following the Live Filing Date or (iii) provided in writing by E-House or its subsidiaries or VIEs to Leju specifically for inclusion in Leju’s annual or quarterly reports following the Live Filing Date to the extent (A) such information pertains to (x) E-House or any of its subsidiaries or VIEs or (y) the E-House Business or (B) Leju has provided prior written notice to E-House that such information will be included in one or more annual or quarterly reports, specifying how such information will be presented, and the information is included in such annual or quarterly reports; provided that this sub-clause (B) shall not apply to the extent that any such Liability arises out of or results from, or in connection with, any action or inaction of Leju or any of its subsidiaries or VIEs, including as a result of any misstatement or omission of any information by Leju or any of its subsidiaries or VIEs to E-House.

 

In the event that E-House or any of its subsidiaries or VIEs makes a payment to the Leju Indemnitees hereunder, and any of the Leju Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from Leju or its subsidiaries or VIEs), Leju will promptly repay (or

 

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will procure a Leju Indemnitee to promptly repay) E-House (or its subsidiary or VIE that has made the payment) the amount by which the payment made by E-House (or its subsidiary or VIE that has made the payment) exceeds the actual cost of the indemnified Liability.

 

5.4                               Procedures for Defense, Settlement and Indemnification of the Third Party Claims.

 

(a)                                 Notice of Claims. If an Indemnitee shall receive notice or otherwise learn of the assertion by a Person (including any Governmental Authority) other than E-House, Leju and their subsidiaries and VIEs of any claim or of the commencement by any such Person of any Action (collectively, a “Third Party Claim”) with respect to which an Indemnifying Party may be obligated to provide indemnification, E-House or Leju, as applicable, will ensure that such Indemnitee shall give such Indemnifying Party written notice thereof within thirty (30) days after becoming aware of such Third Party Claim. Any  such notice shall describe the Third Party Claim in reasonable detail. Notwithstanding the foregoing, the delay or failure of any Indemnitee or other Person to give notice as provided in this Section 5.4 shall not relieve the related Indemnifying Party of its obligations under this Article V, except to the extent that such Indemnifying Party is actually and substantially prejudiced by such delay or failure to give notice.

 

(b)                                 Defense by Indemnifying Party. An Indemnifying Party shall be entitled to participate in the defense of any Third Party Claim and, to the extent that it wishes, at its cost, risk and expense, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee, unless the Indemnifying Party is also a party to such proceeding and the Indemnitee determines in good faith that joint representation would be materially prejudicial to the Indemnitee’s defense. After timely notice from the Indemnifying Party to the Indemnitee of such election to so assume the defense thereof, the Indemnifying Party shall not be liable to the Indemnitee for any legal expenses of other counsel or any other expenses subsequently incurred by the Indemnitee in connection with the defense thereof. The Indemnitee agrees to cooperate in all reasonable respects with the Indemnifying Party and its counsel in the defense against any Third Party Claim. The Indemnifying Party shall be entitled to compromise or settle any Third Party Claim as to which it is providing indemnification, provided that any compromise or settlement shall be made only with the written consent of the Indemnitee, such consent not to be unreasonably withheld.

 

(c)                                  Defense by Indemnitee. If an Indemnifying Party fails to assume the defense of a Third Party Claim within thirty (30) days after receipt of notice of such claim, the Indemnitee will, upon delivering notice to such effect to the Indemnifying Party, have the right to undertake the defense, compromise or

 

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settlement of such Third Party Claim on behalf of and for the account of the Indemnifying Party subject to the limitations as set forth in this Section 5.4; provided, however, that such Third Party Claim shall not be compromised or settled without the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld. If the Indemnitee assumes the defense of any Third Party Claim, it shall keep the Indemnifying Party reasonably informed of the progress of any such defense, compromise or settlement. The Indemnifying Party shall reimburse all such costs and expenses of the Indemnitee in the event it is ultimately determined that the Indemnifying Party is obligated to indemnify the Indemnitee with respect to such Third Party Claim. In no event shall an Indemnifying Party be liable for any settlement effected without its consent, which consent shall not be unreasonably withheld.

 

5.5                               Additional Matters.

 

(a)                                 Cooperation in Defense and Settlement. With respect to any Third Party Claim that implicates both Leju and E-House in a material way due to the allocation of Liabilities, responsibilities for management of defense and  related indemnities set forth in this Agreement or any of the Inter-Company Agreements, the Parties agree to cooperate fully and maintain a joint defense (in a manner that will preserve the attorney-client privilege, joint defense or other privilege with respect thereto) so as to minimize such Liabilities and defense costs associated therewith. Any Party that is not responsible for managing the defense of such Third Party Claims shall, upon reasonable request, be consulted with respect to significant matters relating thereto and may, if necessary or helpful, engage counsel to assist in the defense of such claims.

 

(b)                                 Subrogation. In the event of payment by or on behalf of any Indemnifying Party to or on behalf of any Indemnitee in connection with any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee, in whole or in part based upon whether the Indemnifying Party has paid all or only part of the Indemnitee’s Liability, as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other person. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim.

 

5.6                               Survival of Indemnities.  The rights and obligations of the Parties under this Article V shall survive the sale or other transfer by any Party of any of its assets or businesses or the assignment by it of any Liabilities or the acquisition of control of such Party (by sale of capital stock or other equity interests, merger, consolidation or otherwise).

 

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ARTICLE 6. DISPUTE RESOLUTION.

 

6.1                               Dispute Resolution.

 

(a)                                 Any dispute, controversy or claim arising out of or relating to this Agreement, Offshore Transitional Service Agreement, or Non-Competition Agreement, or the breach, termination or validity thereof (“Dispute”) which arises between the Parties shall first be negotiated between appropriate senior executives of each Party who shall have the authority to resolve the matter. Such executives shall meet to attempt in good faith to negotiate a resolution of the Dispute prior to pursuing other available remedies, within ten (10) days of receipt by a Party of written notice of a Dispute, which date of receipt shall be referred to herein as the “Dispute Resolution Commencement Date.” Discussions and correspondence relating to trying to resolve such Dispute shall be treated as Confidential Information and Privileged Information of each of E-House and Leju developed for the purpose of settlement and shall be exempt from discovery or production and shall not be admissible in any subsequent proceeding between the Parties.

 

(b)                                 If the senior executives are unable to resolve the Dispute within 60  days from the Dispute Resolution Commencement Date, then, the Dispute will be submitted to the boards of directors of E-House and Leju. Representatives of each board of directors shall meet as soon as practicable to attempt in good faith to negotiate a resolution of the Dispute.

 

(c)                                  If the representatives of the two boards of directors are unable to resolve the Dispute within one hundred and twenty (120) days from the Dispute Resolution Commencement Date, on the request of any Party, the Dispute will be mediated by a mediator appointed pursuant to the mediation rules of the American Arbitration Association. Both Parties will share the administrative costs of the mediation and the mediator’s fees and expenses equally, and each Party shall bear all of its other costs and expenses related to the mediation, including but not limited to attorney’s fees, witness fees, and travel expenses. The mediation shall take place in Shanghai, China or in whatever alternative forum on which the Parties may agree.

 

(d)                                 If the Parties cannot resolve any Dispute through mediation within forty five (45) days after the appointment of the mediator (or the earlier withdrawal thereof), each Party shall be entitled to seek relief in a court of competent jurisdiction.

 

Unless otherwise agreed in writing, the Parties will continue to provide service and honor all other commitments under this Agreement and each Inter-Company Agreement during the course of dispute resolution pursuant to the

 

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provisions of this Section 6.1 with respect to all matters not subject to such dispute, controversy or claim.

 

ARTICLE 7. MISCELLANEOUS.

 

7.1                               Consent of E-House.

 

(a)                                 Any consent of E-House pursuant to this Agreement or any of the Inter-Company Agreements shall not be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer, Chief Operating Officer or Chief Financial Officer of E-House (or such other person that the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer or board of directors of E-House has specifically authorized in writing to give such consent).

 

(b)                                 Any consent of Leju pursuant to this Agreement or any of the Inter-Company Agreements shall not be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of Leju (or such other person that the Chief Executive Officer, Chief Financial Officer or board of directors of Leju has specifically authorized in writing to give such consent).

 

7.2                               Limitation of Liability.  IN NO EVENT SHALL E-HOUSE OR ANY MEMBER OF THE E-HOUSE GROUP OR LEJU OR ANY OF ITS SUBSIDIARIES OR VIES BE LIABLE TO THE OTHER PARTY, OR ITS AFFILIATED COMPANIES FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN THIS AGREEMENT OR IN ANY INTER-COMPANY AGREEMENT.

 

7.3                               Entire Agreement.  This Agreement, the Inter-Company Agreements and the Exhibits and Schedules referenced or attached hereto and thereto constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof and thereof.

 

7.4                               Governing Law and Jurisdiction.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, U.S.A. Subject to Section 6.1, each of the Parties hereby submits unconditionally to the jurisdiction of, and agrees that venue shall lie exclusively in, the federal and state courts located in the City of New York for purposes of the resolution of any disputes arising under this Agreement.

 

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7.5                               Termination; Amendment.This Agreement may be terminated or amended by mutual consent of the Parties, evidenced by an instrument in writing signed on behalf of each of the Parties. In the event of termination pursuant to this Section 7.5, no Party shall have any liability of any kind to the other Party. This Agreement shall terminate on the date that is five (5) years after the first date upon which members of the E-House Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of Leju; provided, however, that the provisions of Section 4.7 shall survive for a period of seven (7) years after the termination of this Agreement and the provisions of Section 4.5, Article V, Article VI and Article VII shall survive indefinitely after the termination of this Agreement.

 

7.6                               Notices.  Notices, offers, requests or other communications required or permitted to be given by a Party pursuant to the terms of this Agreement shall be given in writing to the other Party to the following addresses:

 

if to E-House:

 

Qiushi Building, 11/F

383 Guangyan Road, Zhabei District

Shanghai 200072

People’s Republic of China

Attention: Li-Lan Cheng

Facsimile: + 86 (21) 6133 0707

Email: chenglilan@ehousechina.com

 

if to Leju:

 

15/F Floor, Shoudong International Plaza, No. 5 Building, Guangqu Home

Dongcheng District, Beijing 100022

People’s Republic of China

Attention: Geoffrey Yinyu He

Facsimile: + 86 (10) 8722 4920

Email: yinyu@leju.com

 

or to such other address, facsimile number or email address as the Party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination shall be sent by hand delivery or recognized overnight courier. All other notices may also be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight courier; and upon receipt if mailed.

 

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7.7                               Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.

 

7.8                               Binding Effect; Assignment.  This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. This Agreement may be enforced separately by each Party’s subsidiaries and VIEs. No Party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such assignment shall be void; provided, however, each Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form.

 

7.9                               Severability.  If any term or other provision of this Agreement or the Exhibits or Schedules attached hereto is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. 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 to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.

 

7.10                        Failure or Indulgence not Waiver; Remedies Cumulative.  No failure or delay on the part of any Party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Exhibits or Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

7.11                        Authority.  Each of the Parties hereto represents to the others that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles.

 

7.12                        Interpretation.  The headings contained in this Agreement, in any Exhibit or Schedule hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any

 

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capitalized term used in any Exhibit or Schedule but not otherwise defined therein, has the meaning assigned to such term in this Agreement.  . For all purposes of this Agreement: (i) all references in this Agreement to designated “Sections”, “Schedules”, “Exhibits” and other subdivisions are to the designated Sections, Schedules, Exhibits and other subdivisions of the body of this Agreement unless otherwise indicated; (ii) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; (iii) “or” is not exclusive; (iv) “including” and “includes” will be deemed to be followed by “but not limited to” and “but is not limited to”, respectively; (v) any definition of, or reference to, any law, agreement, instrument or other document herein will be construed as referring to such law, agreement, instrument or other document as from time to time amended, supplemented or otherwise modified; and (vi) any definition of, or reference to, any statute will be construed as referring also to any rules and regulations promulgated thereunder.

 

7.13                        Conflicting Agreements.  None of the provisions of this Agreement is intended to supersede any provision in any Inter-Company Agreement or any other agreement with respect to the respective subject matters thereof. In the event of conflict between this Agreement and any Inter-Company Agreement or other agreement executed in connection herewith, the provisions of such other agreement shall prevail.

 

7.14                        Third Party Beneficiaries.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party, including any creditor of any Person. No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any Liability (or otherwise)  against either Party hereto.

 

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WHEREFORE, the Parties have signed this Master Transaction Agreement effective as of the date first set forth above.

 

	
 
    	
/s/ E-House   (China) Holdings Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Leju Holdings   Limited

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