Document:

Exhibit 10.14

 

Voting Right Entrustment Agreement

 

of Yifeng Lianhe (Beijing) Technology Co., Ltd.

 

by and among

 

Fenghuang On-line (Beijing) Information Technology Co., Ltd. ,

 

Yifeng Lianhe (Beijing) Technology Co., Ltd.,

 

Yansheng He

 

and

 

Yinxia Liu

 

December 31, 2009

 

 

Voting Right Entrustment Agreement

 

This Voting Right Entrustment Agreement (the “Agreement”) is entered into by the following parties on December 31, 2009 in Beijing, the People’s Republic of China (“China”):

 

(1)                Fenghuang On-line (Beijing) Information Technology Co., Ltd. (“Fenghuang On-line”)

Registered Address: Floor 5 Information Building, No. 12 Zhongguancun South Street, Haidian District, Beijing, China

Legal Representative: Liu Shuang

 

(2)              Yifeng Lianhe (Beijing) Technology Co., Ltd. (“Yifeng Lianhe”)

Registered Address: Fusheng Building Tower 2 Floor 16, No.4 Hui Xin Dong Jie, Chaoyang District, Beijing 100029 China

Legal Representative: Yansheng He

 

(3)              Yansheng He

ID No.:

 

(4)              Yinxia Liu

ID No.:

 

Yansheng He and Yinxia Liu are referred to hereinafter individually as a “Shareholder” and collectively as “Shareholders”.

 

Each of the foregoing parties is referred to hereinafter individually as a “Party” and collectively as “Parties”.

 

WHEREAS:

 

1.                   Shareholders are all the existing shareholders of Yifeng Lianhe and hold all the equity interest therein; and

 

2.                   Shareholders intend to entrust the voting rights Shareholders enjoy as shareholders of Yifeng Lianhe to certain individuals designated by Fenghuang On-line and Fenghuang On-line intends to designate such individuals to be so entrusted.

 

NOW, THEREFORE, the Parties have agreed as follows upon friendly consultation:

 

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ARTICLE ONE     VOTING RIGHT ENTRUST

 

1.1                                         Each Shareholder hereby irrevocably undertakes to sign a power of attorney upon the execution of this Agreement, whereby a certain individual (“Trustee”) then designated by Fenghuang On-line will be empowered to exercise the following rights such Shareholder enjoys as shareholder of Yifeng Lianhe (“Entrusted Rights”):

 

(i)                                             attend the shareholders meeting of Yifeng Lianhe as the proxy of such Shareholder;

 

(ii)                                          vote on behalf of such Shareholder on all matters requiring discussion and resolution by shareholders meeting(including but not limited to the appointment and election of directors, general manager and other senior executives of Yifeng Lianhe);

 

(iii)                                       propose that an interim shareholders meeting be convened;

 

(iv)                                      exercise Shareholder’s voting right provided by law; and

 

(v)                                         exercise any other Shareholder’s voting right provided by the Articles of Association of Yifeng Lianhe, as amended.

 

1.2                                         As a precondition to the abovementioned empowerment and entrustment, a Trustee shall be a PRC citizen and the abovementioned empowerment and entrustment shall be accepted by Fenghuang On-line. Upon and only upon a written notice from Fenghuang On-line to Shareholders regarding the removal of any Trustee, Shareholders shall immediately appoint such other PRC citizen as designated by Fenghuang On-line then to exercise such Entrusted Rights.  A new power of attorney, once made, shall replace the original one immediately. In addition, Shareholders may not withdraw the entrustment and empowerment made to Trustee.

 

1.3                                         To the extent authorized hereunder, Trustee shall perform its fiduciary obligations with care and diligence in accordance with law and Shareholders shall acknowledge and be responsible for any and all legal consequences arising out of Trustee’s exercise of such Entrusted Rights.

 

1.4                                         Shareholders hereby acknowledge that Trustee may exercise its Entrusted Rights without seeking Shareholders’ opinion in advance, except to the extent required by the PRC law; provided, however, that Trustee shall advise Shareholders promptly of any resolution or any proposal for an interim

 

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shareholders meeting once the same is made.

 

1.5                                         Shareholders hereby acknowledge that Trustee shall have the right to appoint any entity or individual to exercise Trustee’s Entrusted Rights under Section 1.1 without Shareholders’ consent.

 

ARTICLE TWO    RIGHT TO KNOW

 

For the purpose of the Entrusted Rights hereunder, Trustee shall have full right to know all information regarding Yifeng Lianhe’s operation, business, clients, finance, and employees as well as full access to the relevant documentations of Yifeng Lianhe, including but not limited to any and all accounts, statements, contracts and internal communications in respect of finance, business and operation, all minutes of the board, and all other documents, and Yifeng Lianhe shall give full support thereto.

 

ARTICLE THREE EXERCISE OF THE ENTRUSTED RIGHTS

 

3.1                                         Shareholders will provide Trustee with full assistance required by Trustee in its exercise of the Entrusted Rights, including signing in a timely manner the resolutions of the shareholders meeting or other relevant legal documents made by Trustee (so as, by way of example, to submit the documents required by the regulatory bodies in their examination and approval, registration or filing procedures).

 

3.2                                         If, at any time during the term hereof, the grant or exercise of the Entrusted Rights hereunder is rendered impossible by any cause (other than Shareholder’s or Yifeng Lianhe’s breach of this Agreement), the Parties hereto shall immediately replace the invalid provision(s) with one(s) that is closest in meaning to the invalid provision(s) and, where necessary, execute any supplementary agreement to amend or readjust the terms and conditions hereof, so as to ensure the realization of the purposes hereof.

 

ARTICLE FOUR   DISCLAIMER; INDEMNIFICATION

 

4.1                                         All Parties acknowledge that if the Entrusted Rights hereunder is exercised by any entity/individual appointed by Fenghuang On-line, it shall not be required to be liable or make any compensation, economic or otherwise, to any third party on account of such appointment.

 

4.2                                         Yifeng Lianhe and Shareholders agree that they shall indemnify and hold harmless Trustee against all losses that Trustee sustained or may sustain by reason of its exercise of the Entrusted Rights, including but not limited to any and all losses arising out of any lawsuit, recovery, arbitration or claim brought forth by any third party or any administrative investigation or

 

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penalty, unless such losses are caused by Trustee’s willful misconduct or gross negligence.

 

ARTICLE FIVE     REPRESENTATIONS AND WARRANTIES

 

5.1                                         Shareholders hereby represent and warrant severally and jointly that

 

5.1.1                        each of them is a PRC citizen with full capacity, has full and independent legal status and capacity, and may act as an independent litigation subject;

 

5.1.2                        each of them has full power and authorization to sign and deliver this Agreement as well as all other documents to be signed by each in connection with the transaction anticipated herein and to consummate such transaction;

 

5.1.3                        this Agreement is duly and appropriately signed and delivered by each of them and constitutes their legal, valid and binding obligations, enforceable in accordance with its terms; and

 

5.1.4                        each of them is a legal shareholder on record of Ting Ying Jiu Zhou at the time this Agreement becomes effective; there is no any other third party right over the Entrusted Rights other than that provided for in this Agreement, the Equity Pledge Agreement by and between Shareholders and Trustees and the Exclusive Equity Option Agreement by and among Shareholders, Yifeng Lianhe and Trustees; and subject to this Agreement, the Entrusted Rights may be fully exercised by Trustees in accordance with the articles of association of Yifeng Lianhe then in effect.

 

5.2                                         Fenghuang On-line and Yifeng Lianhe each represents and warrants that

 

5.2.1                        it is a limited liability company duly registered and validly existing under the PRC laws, with independent legal person status; it has the complete and independent legal status and capacity required to sign, deliver and perform this Agreement and to act as an independent litigation subject; and

 

5.2.2                        it has full internal corporate power and authorization to sign and deliver this Agreement as well as all other documents to be signed by it in connection with the transaction anticipated herein and the full power and authorization to consummate such transaction.

 

5.3                                         Yifeng Lianhe further represents and warrants that each Shareholder is a

 

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legal shareholder on record of Ting Ying Jiu Zhou at the time this Agreement becomes effective and that subject to this Agreement, the Entrusted Rights may be fully exercised by Trustees in accordance with the articles of association of Yifeng Lianhe then in effect.

 

ARTICLE SIX       TERM

 

6.1                                         This Agreement shall become effective on the date on which it is duly signed by the Parties and shall continue being effective unless terminated in advance or extended as agreed to by the Parties in writing, or unless earlier terminated pursuant to Section 8.1 hereof.

 

6.2                                         If either Shareholder transfers all its equity interest in Yifeng Lianhe upon prior consent of Fenghuang On-line, such Shareholder shall no longer be a Party hereto and the obligations and warrants of the other Parties hereunder shall not be adversely affected thereby.

 

ARTICLE SEVEN     NOTICE

 

7.1                                         Any and all notices, requests, instructions or other communications required to be made hereof or made pursuant to this Agreement by one Party to the other hereunder shall be made in writing.

 

7.2                                         The foregoing notice or other communication shall be deemed duly given upon its delivery by fax or telex or personal delivery or five (5) days following its delivery by mail.

 

ARTICLE EIGHT      LIABILITIES FOR BREACHING

 

8.1                                         All Parties agree and acknowledge that a substantial breach of any covenant or failure to substantially perform any obligation hereunder by any Party (the “Default Party”) shall constitute a breach of this Agreement (“Breach”), and the non-default Party or Parties (the “Non-default Party”) shall have the right to demand rectification or remedy by the Default Party within a reasonable period of time. If the Default Party fails to rectify the Breach or to take remedial measures within such reasonable period of time or ten (10) days following the Non-default Party’s written notice and demand for rectification thereof, then, in the case of any Breach by Shareholders or Yifeng Lianhe, the Non-default Party may, at its own discretion, (i) terminate this Agreement and demand indemnification by the Default Party for all damages, or (ii) require the Default Party to continue performing its obligations hereunder and indemnify the Non-default Party for all its damages; or in the case of any Breach by Fenghuang On-line, the Non-default Party may require the Default Party to continue performing its obligations hereunder and indemnify the

 

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Non-default Party for all its damages.

 

8.2                                         All Parties agree and acknowledge that under no circumstances may Shareholders or Yifeng Lianhe terminate this Agreement on any ground, unless otherwise provided for by law or this Agreement.

 

8.3                                         Notwithstanding any other provisions herein, the provisions of this Article Eight shall survive the suspension or termination of this Agreement.

 

ARTICLE NINE    MISCELLANEOUS

 

9.1                                         This Agreement is made in Chinese in four (4) original copies, with each Party hereto holding one (1) copy.

 

9.2                                         The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be governed by the laws of the People’s Republic of China.

 

9.3                                         Any dispute arising out of or in connection with this Agreement shall be resolved by the Parties through negotiation. In the event that the Parties cannot reach an agreement within thirty (30) days following the occurrence of such dispute, the dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration in accordance with the arbitration rules of such Commission then in effect. The arbitration shall be conducted in Beijing and the arbitral award shall be final and binding upon the Parties.

 

9.4                                         The rights, power and remedies provided for each Party herein shall not exclude any other rights, power or remedies to which such Party is entitled under law, regulations, and other provisions herein, and the exercise by one Party of its right, power, or remedies shall not hinder its exercise of any other right, power, or remedies.

 

9.5                                         Failure to exercise or delay in exercising any right, power, or remedies under this Agreement or law (collectively, the “Rights”) shall not be deemed a waiver of such Rights, and waiver of any single or partial exercise of the Rights shall not exclude the exercise of the Rights in any other manner or the exercise of any other Rights.

 

9.6                                         Headings herein are inserted for ease of reference only. In no event may such headings be used to interpret or affect the interpretation of the provisions herein.

 

9.7                                        All provisions herein are separable and independent of any other provisions.

 

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If one or more provisions hereof are held invalid, illegal or unenforceable at any time, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be adversely affected thereby.

 

9.8                                         Amendment or addition to this Agreement shall be made in writing and may not become effective unless and until duly executed by the Parties.

 

9.9                                         No Party may assign its rights and/or obligations under this Agreement without the prior written consent of the other Party or Parties.

 

9.10                                   This Agreement shall be binding upon the legal assigns of any Party.

 

[Remainder of the page left blank intentionally]

 

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[signature page]

 

IN WITNESS HEREOF, the Parties have signed this Voting Right Entrustment Agreement as of the date and in the place first written above.

 

Fenghuang On-line (Beijing) Information Technology Co., Ltd. (seal)

 

	
By:
    	
/s/ Yansheng He
    	
 
    	
 

	
Name:
    	
Yansheng He
    	
 
    	
 

	
 
	
Title:
    	
 
    	
 
    
							

 

 

Yifeng Lianhe (Beijing) Technology Co., Ltd. (“seal”)

 

	
By:
    	
/s/ Ming Chen
    	
 
    	
 

	
Name:
    	
Ming Chen
    	
 
    	
 

	
 
	
Title:
    	
 
    	
 
    
							

 

 

	
Yansheng He
    	
 
    	
 

	
 
    	
 
    	
 

	
By:
    	
/s/ Yansheng He
    	
 
    	
 

	
 
    	
 
    	
 
    	
 

	
 
    	
 
    	
 

	
 
	
Yinxia Liu
    	
 
    
	
 
	
 
    	
 
    
	
By:
    	
/s/ Yinxia Liu
    	
 
    	
 

						

 

9Exhibit 10.15

 

Agreement Between Phoenix Satellite TV and Phoenix New Media Regarding Cooperation in the Fields of Content, Branding, Promotion and Technology

 

Phoenix Satellite TV (“PSTV”) and Phoenix New Media (“PNM”) have entered into the following agreement in respect of cooperation in the fields of branding, content, promotion and technology to further promote the sound and rapid development of PNM, enhance the use and management of PSTV’s brand and program content resources on the Internet and in mobile business, safeguard the interest and commercial value of the entire PSTV Group, achieve maximum returns from the non-cash support provided by the PSTV Group to PNM in branding, content and promotion, attain the full realization of PNM’s value in the capital market, and maximize the interest of the PSTV Group and each shareholder of the PSTV Group.

 

Definition

 

“Party A”: Phoenix Satellite Television Holdings Limited

 

“Party B”: Phoenix Online (Beijing) Information Technology Co., Ltd. (“Phoenix Online”)

 

“Brand and Program Content Resources”: brands for which Party A and Phoenix Satellite Television Company Limited and/or Phoenix Satellite Television Trademark Limited (collectively, “Party A Subsidiaries”) own exclusive domain names, Party A’s trademarks as agreed to in writing by Party A Subsidiaries and Party B from time to time, and the video, audio, text and graphic program content as well as the Phoenix Weekly text and graphic materials for which Party A owns copyrights in the Internet, Mobile Communication and Derivative Businesses (as defined below).

 

“Internet, Mobile Communication and Derivative Businesses”: Internet, mobile communication and derivative businesses (which derivative business includes but is not limited to text, graphics, videos, audio, blogs, forums, short messages, multimedia messages, polyphonic ringtone, WAP, IVR, IVVR, streaming media, websites, games, etc. used in Internet and mobile communication) transmitted through various information networks based on IP communication technology and mobile communication technological standards, including but not limited to Internet, fixed communication network, mobile communication network, IP communication network, IPTV network (other than the IPTV-based program contracts set forth in Subsection 1 (b) hereof) and mobile network, excluding video tapes (film tapes and disks), BtoB, Intranets of educational institutions and libraries, entertainment programs broadcasted on planes, and broadcasts or receptions made through the following media forms: free TV broadcast, satellite TV broadcast, wire TV broadcast, MMDS, SMATV, DTH, and Direct broadcast satellite).

 

“China”: Mainland China, excluding Hong Kong and Macao.

 

1.     Party A will grant, and will cause Party A Subsidiaries to grant, to Party B an 

 

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exclusive right to manage the operation of Party A’s Brand and Program Content Resources in the Internet, Mobile Communication and Derivative Businesses. No unit (department) within Party A and/or Party A Subsidiaries may negotiate or cooperate with any entity or individual other than Party B in connection with the foregoing business without Party B’s consent (which consent shall not be withheld or delayed unreasonably), except in cases in which:

 

(a)      Party A sells TV-based programs in areas outside of China and must bundle or provide free of charge rights to its direct, on demand or mobile telecom broadcastings on the same purchaser’s IP network;

 

(b)      Party A enters into IPTV-based program contracts for sales in territories other than China and Taiwan, as Party B is notified by Party A from time to time; or

 

(c)      the BtoB website www.phoenixtv-distrubution.com is used by a program distributor who was retained and used by Party A prior to the execution of this Agreement.

 

2.     Pursuant to Section 1 above, Party A will provide, and will cause Party A Subsidiaries to provide, to Party B the Brand and Program Content Resources to which Party A and/or Party A Subsidiaries own copyrights.  Party A will cause and designate either Phoenix Satellite Television Trademark Limited or Phoenix Satellite Television Company Limited to enter into license agreements with Phoenix Online, Beijing Tianying Jiuzhou Network Technology Co., Ltd. (“Tianying Jiuzhou”) and/or Yifeng Lianhe (Beijing) Technology Co., Ltd. (“Yifeng Lianhe”) with respect to the use of specific trademarks, domain names and program content, and will issue authorization documents separately in connection with license agreement(s) or sales agreement(s) among Phoenix Online, Tianting Jiuzhou and/or Yifeng Lianhe and third parties that have been pre-approved by Party A.

 

3.     Party A will grant, and will cause Party A Subsidiaries to grant to Party B an exclusive right to sublicense, sell and cooperate with third parties in connection with Party A’s Brand and Program Content Resources in the Internet, Mobile Communication and Derivative Businesses and retain the benefit thereof.

 

4.     Party A will provide promotional services on its TV platform for Party B’s brand and products, including through Party A’s rolling banners, anchor persons’ speech and acknowledgements for program sponsors, etc.; provided, however, that any specific arrangement thereof shall not be effective prior to both Parties entering into a separate agreement in writing between the Parties.

 

5.     Party B will provide Party A with full support in terms of Internet and wireless content, technology, product and marketing. In line with increases in Party B’s users and users’ visits to Party B’s websites, Party B will continue to invest more resources and personnel in the areas of hardware equipment, technology development, platform maintenance, bandwidth resources, maintenance of Party A’s content, and promotion of Party A’s brand, so as to ensure Party B’s support of Party A.

 

6.     Party B will provide Party A with graphics and text of audiovisual content, users’ 

 

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feedback network surveys, blogs, forums, short messages, multimedia messages, original visual program content and materials for which Party B has copyrights.

 

7.     Party B will provide Party A with comprehensive promotional services for Party A’s Brand and Program Content Resources on its Internet and mobile platforms so as to promote the recognition of Party A’s brand, the good reputation associated therewith and the loyalty thereto among the white-collar and young consumers.

 

8.     Party B grants to Party A an exclusive right of TV-network advertisement bundle sales, and Party B agrees to pay to Party A an agency fee in respect of such bundle sales right.  Such bundle sales right will become effective if specific terms are set forth in a separate agreement in writing between the Parties.

 

9.     Party A and Party B agree to actively cooperate in brand promotion and marketing, through interaction between TV station and internet or mobile phone network.

 

10.   Subject to the cooperative arrangements set forth in Sections 1 through 7 and Section 9 above, and based on each Party’s contributions thereto and returns therefrom, Party B shall pay a service fee to Party A pursuant to Exhibit 1 hereto during the term hereof. In addition, Party B shall keep and maintain true, exact, and complete records and accounts of its monthly sales in a manner designated by Party A and present such records and accounts to Party A at such time or times as determined by Party A.

 

11.   This Agreement shall have a term of 5 years commencing on the date hereof, which term may be extended if this Agreement is renewed with necessary amendments agreed upon by the Parties through amicable negotiation.

 

12.   If, during the term hereof, Party B’s equity structure changes materially, reducing Party A’s equity interest in Party B to 50% or less of the total number of shares actually issued, Party A may propose amendment(s) to this Agreement; provided, however, that the annual service fee following such amendment shall not be more than 500% of the original annual service fee.

 

13.   If, during the term hereof, Party B’s equity structure changes materially, reducing Party A’s equity interest in Party B to 35% or less of the total number of shares actually issued, Party A may terminate this Agreement immediately and renegotiate or revise this Agreement with Party B.

 

14.   Party B agrees and warrants that:

 

(i)       Party B may use Party A’s Brand and Program Content Resources solely in accordance with law, such use will not subject Party A to any claim, legal action or proceeding, and Party B will indemnify Party A for all expenses, losses, harm and costs incurred by Party A as a result of Party B’s use of the Brand and Program Content Resources;

 

(ii)      without Party A’s consent, Party B will not assign or transfer any of its rights and obligations hereunder to any third party; and

 

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(iii)     Party B will make all necessary filings and registrations with relevant authorities as required by Party A and applicable laws and will be responsible for all relevant fees and expenses arising therefrom.

 

15.   Prior to Party B’s exercise of any right hereunder, including the right to perform, display, play and show Party A’s Brand and Program Content Resources or any portion thereof, Party B shall be obligated to obtain in advance all relevant licenses, approvals and permits required for such exercise in the relevant territory, including paying royalties to music royalty groups, if applicable, as well as all other relevant fees in connection therewith, and Party A will not be responsible for any and all liabilities arising therefrom.  In the event of any breach of this Section 15 by Party B, Party B shall be responsible for all liabilities arising therefrom and shall hold Party A harmless from all harm and losses.

 

16.   Both Parties agree that all amounts payable by Party B to Party A hereunder shall be net of all taxes, levies and other charges, which taxes, levies and other charges shall be borne by Party B.

 

17.   Governing Law and Dispute Resolution: The execution, validity, interpretation, performance and dispute resolution of this Agreement shall be governed by PRC law. Any dispute, conflict or claim arising out of or in connection with this Agreement or the performance hereof shall be resolved by the Parties through amicable negotiation, which negotiation shall commence immediately upon notice by one Party to the other of the nature of such dispute, conflict or claim. In the event that such dispute is not resolved within thirty (30) business days following such notice, either Party may, upon the expiration of such 30-day notice period, submit such dispute to arbitration by the Hong Kong International Arbitration Centre in accordance with the arbitration rules of such centre then in effect. The arbitration shall be conducted in Hong Kong in English and the arbitral award shall be binding upon both Parties. During the resolution (including the arbitration) of the dispute, the Parties shall continue to perform other portions of this Agreement unaffected by such dispute.

 

[Remainder of this page intentionally left blank]

 

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Party A: Phoenix Satellite Television Holdings Limited (seal)

 

 

	
By:
    	
/s/ Jiyan Wang
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Jiyan Wang
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
November 24, 2009
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party B: Phoenix Online (Beijing)   Information Technology Co., Ltd.
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    

 

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Party A: Phoenix Satellite Television Holdings Limited
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party B: Phoenix Online (Beijing)   Information Technology Co., Ltd. (seal)
    
	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Shuang Liu
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
Shuang Liu
    	
 
    
	
 
    	
 
    	
 
    
	
Title:
    	
Authorized Representative
    	
 
    
	
 
    	
 
    	
 
    
	
Date:
    	
November 24, 2009
    	
 
    

 

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EXHIBIT 1

 

The service fee payable by Party B to Party A is as follows:

 

(1)   50% of the after-tax gross income from sales by Party B of PSTV’s video content to enterprises and institutions; commencing in 2010, Party B shall provide statements of such gross income within 30 days upon the end of each quarter, and pay such 50% within 45 days upon the end of each quarter; and

 

(2)   the service fee payable hereunder shall be RMB1.6 million for the initial year and 125% of the service fee of the immediately preceding year for the 2nd year onwards until the expiration of this Agreement; Party B shall prepay 50% of the service fee for the initial year, i.e, RMB0.8 million, prior to December 25, 2009, and 50% of the service fee for the then current year every six months during the term hereof.

 

“Tax” in Section (1) above includes income tax, business tax and surcharges.

 

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