Document:

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                                                                    EXHIBIT 10.2

                            INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (the "Agreement") is entered into as of
__________, 200__ by and between Xinhua Finance Media Limited, a Cayman Islands
company (the "Company") and the undersigned, a director and/or an officer of the
Company ("Indemnitee").

                                    RECITALS

     1. The Company recognizes that highly competent persons are becoming more
reluctant to serve corporations as directors or in other capacities unless they
are provided with adequate protection through insurance or adequate
indemnification against risks of claims and actions against them arising out of
their services to the corporation.

     2. The Board of Directors of the Company (the "Board") has determined that
the inability to attract and retain highly competent persons to serve the
Company is detrimental to the best interests of the Company and its shareholders
and that it is reasonable and necessary for the Company to provide adequate
protection to such persons against risks of claims and actions against them
arising out of their services to the corporation.

     3. The Company is willing to indemnify Indemnitee to the fullest extent
permitted by applicable law, and Indemnitee is willing to serve and continue to
serve the Company on the condition that he be so indemnified.

                                    AGREEMENT

     In consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

A.   DEFINITIONS

     The following terms shall have the meanings defined below:

     Expenses shall include damages, judgments, fines, penalties, settlements
and costs, attorneys' fees and disbursements and costs of attachment or similar
bond, investigations, and any expenses paid or incurred in connection with
investigating, defending, being a witness in, participating in (including on
appeal), or preparing for any of the foregoing in, any Proceeding.

     Indemnifiable Event means any event or occurrence that takes place either
before or after the execution of this Agreement, related to the fact that
Indemnitee is or was a director or an officer of the Company or any of its
subsidiaries, or is or was serving at the request of the Company as a director
or officer of another corporation, partnership, joint venture or other entity,
or related to anything done or not done by Indemnitee in any such capacity.

     Participant means a person who is a party to, or witness or participant
(including on appeal) in, a Proceeding.

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     Proceeding means any threatened, pending, or completed action, suit or
proceeding, or any inquiry, hearing or investigation, whether civil, criminal,
administrative, investigative or other, in which Indemnitee may be or may have
been involved as a party or otherwise by reason of an Indemnifiable Event,
including, without limitation, any threatened, pending, or completed action,
suit or proceeding by or in the right of the Company.

B.   AGREEMENT TO INDEMNIFY

     1. General Agreement. In the event Indemnitee was, is, or becomes a
Participant in, or is threatened to be made a Participant in, a Proceeding, the
Company shall indemnify the Indemnitee from and against any and all Expenses
which Indemnitee incurs or becomes obligated to incur in connection with such
Proceeding, to the fullest extent permitted by applicable law.

     2. Indemnification of Expenses of Successful Party. Notwithstanding any
other provision of this Agreement, to the extent that Indemnitee has been
successful on the merits in defense of any Proceeding or in defense of any
claim, issue or matter in such Proceeding, Indemnitee shall be indemnified
against all Expenses incurred in connection with such Proceeding or such claim,
issue or matter, as the case may be, offset by the amount of cash, if any,
received by the Indemnitee resulting from his/her success therein.

     3. Partial Indemnification. If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for a portion of Expenses,
but not for the total amount of Expenses, the Company shall indemnify the
Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

     4. Exclusions. Notwithstanding anything in this Agreement to the contrary,
Indemnitee shall not be entitled to indemnification under this Agreement:

     (a) to the extent that payment is actually made to Indemnitee under a
valid, enforceable and collectible insurance policy;

     (b) to the extent that Indemnitee is indemnified and actually paid other
than pursuant to this Agreement;

     (c) in connection with a judicial action by or in the right of the Company,
in respect of any claim, issue or matter as to which the Indemnitee shall have
been adjudicated by final judgment in a court of law to be liable for gross
negligence or misconduct in the performance of his duty to the Company unless
and only to the extent that any court in which such action was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, the Indemnitee is fairly and
reasonably entitled to indemnity for such Expenses as such court shall deem
proper;

     (d) in connection with any Proceeding initiated by Indemnitee against the
Company, any director or officer of the Company or any other party, and not by
way of defense, unless (i) the Company has joined in or the Reviewing Party (as
hereinafter defined) has consented to the initiation of such Proceeding; or (ii)
the Proceeding is one to enforce indemnification rights under this Agreement or
any applicable law;

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     (e) for a disgorgement of profits made from the purchase and sale by the
Indemnitee of securities pursuant to Section 16(b) of the Exchange Act or
similar provisions of any applicable U.S. state statutory law or common law;

     (f) brought about by the dishonesty or fraud of the Indemnitee seeking
payment hereunder; provided, however, that the Indemnitee shall be protected
under this Agreement as to any claims upon which suit may be brought against him
by reason of any alleged dishonesty on his part, unless a judgment or other
final adjudication thereof adverse to the Indemnitee establishes that he
committed (i) acts of active and deliberate dishonesty, (ii) with actual
dishonest purpose and intent, and (iii) which acts were material to the cause of
action so adjudicated;

     (g) for any judgment, fine or penalty which the Company is prohibited by
applicable law from paying as indemnity;

     (h) arising out of Indemnitee's personal tax matter; or

     (i) arising out of Indemnitee's breach of an employment agreement with the
Company (if any) or any other agreement with the Company or any of its
subsidiaries.

     5. No Employment Rights. Nothing in this Agreement is intended to create in
Indemnitee any right to continued employment with the Company.

     6. Contribution. If the indemnification provided in this Agreement is
unavailable and may not be paid to Indemnitee for any reason other than those
set forth in Section 4, then the Company shall contribute to the amount of
Expenses paid in settlement actually and reasonably incurred and paid or payable
by Indemnitee in such proportion as is appropriate to reflect (i) the relative
benefits received by the Company on the one hand and by the Indemnitee on the
other hand from the transaction from which such Proceeding arose, and (ii) the
relative fault of the Company on the one hand and of the Indemnitee on the other
hand in connection with the events which resulted in such Expenses, as well as
any other relevant equitable considerations. The relative fault of the Company
on the one hand and of the Indemnitee on the other hand shall be determined by
reference to, among other things, the parties' relative intent, knowledge,
access to information and opportunity to correct or prevent the circumstances
resulting in such Expenses, judgments, fines or settlement amounts. The Company
agrees that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by pro rata allocation or any other method of
allocation which does not take account of the foregoing equitable
considerations.

C.   INDEMNIFICATION PROCESS

     1. Notice and Cooperation By Indemnitee. Indemnitee shall, as a condition
precedent to his right to be indemnified under this Agreement, give the Company
notice in writing as soon as practicable of any claim made against Indemnitee
for which indemnification will or could be sought under this Agreement. Notice
to the Company shall be given in accordance with Section F.7 below. In addition,
Indemnitee shall give the Company such information and cooperation as the
Company may reasonably request.

     2. Indemnification Payment.

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     (a) Advancement of Expenses. Indemnitee may submit a written request with
reasonable particulars to the Company requesting that the Company advance to
Indemnitee all Expenses that may be reasonably incurred by Indemnitee in
connection with a Proceeding. The Company shall, within ten (10) business days
of receiving such a written request by Indemnitee, advance all requested
Expenses to Indemnitee. Any excess of the advanced Expenses over the actual
Expenses will be repaid to the Company.

     (b) Reimbursement of Expenses. To the extent Indemnitee has not requested
any advanced payment of Expenses from the Company, Indemnitee shall be entitled
to receive reimbursement for the Expenses incurred in connection with a
Proceeding from the Company as soon as practicable after Indemnitee makes a
written request to the Company for reimbursement.

     (c) Determination by the Reviewing Party. Notwithstanding anything
foregoing to the contrary, in the event the Reviewing Party informs the Company
that Indemnitee is not entitled to indemnification in connection with a
Proceeding under this Agreement or applicable law, the Company shall be entitled
to be reimbursed by Indemnitee for all the Expenses previously advanced or
otherwise paid to Indemnitee in connection with such Proceeding; provided,
however, that Indemnitee may bring a suit to enforce his indemnification right
in accordance with Section C.3 below.

     3. Suit to Enforce Rights. Regardless of any action by the Reviewing Party,
if Indemnitee has not received full indemnification within 30 days after making
a written demand in accordance with Section C.2 above, Indemnitee shall have the
right to enforce its indemnification rights under this Agreement by commencing
litigation in any court of competent jurisdiction seeking a determination by the
court or challenging any determination by the Reviewing Party or any breach in
any aspect of this Agreement. Any determination by the Reviewing Party not
challenged by Indemnitee and any judgment entered by the court shall be binding
on the Company and Indemnitee.

     4. Assumption of Defense. In the event the Company is obligated under this
Agreement to advance or bear any Expenses for any Proceeding against Indemnitee,
the Company shall be entitled to assume the defense of such Proceeding, with
counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of
its election to do so. After delivery of such notice, approval of such counsel
by Indemnitee and the retention of such counsel by the Company, the Company will
not be liable to Indemnitee under this Agreement for any fees of counsel
subsequently incurred by Indemnitee with respect to the same Proceeding, unless
(i) the employment of counsel by Indemnitee has been previously authorized by
the Company, (ii) Indemnitee shall have reasonably concluded, based on written
advice of counsel, that there may be a conflict of interest of such counsel
retained by the Company between the Company and Indemnitee in the conduct of any
such defense, or (iii) the Company ceases or terminates the employment of such
counsel with respect to the defense of such Proceeding, in any of which events
the fees and expenses of Indemnitee's counsel shall be at the expense of the
Company. At all times, Indemnitee shall have the right to employ counsel in any
Proceeding at Indemnitee's expense.

     5. Defense to Indemnification, Burden of Proof and Presumptions. It shall
be a defense to any action brought by Indemnitee against the Company to enforce
this Agreement that it is not permissible under this Agreement or applicable law
for the Company to indemnify the Indemnitee for the amount claimed. In
connection with any such action or any

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determination by the Reviewing Party or otherwise as to whether Indemnitee is
entitled to be indemnified under this Agreement, the burden of proving such a
defense or determination shall be on the Company. Neither the failure of the
Reviewing Party or the Company to have made a determination prior to the
commencement of such action by Indemnitee that indemnification is proper under
the circumstances because Indemnitee has met the standard of conduct set forth
in applicable law, nor an actual determination by the Reviewing Party or the
Company that Indemnitee had not met such applicable standard of conduct shall be
a defense to the action or create a presumption that Indemnitee has not met the
applicable standard of conduct.

     6. No Settlement Without Consent. Neither party to this Agreement shall
settle any Proceeding in any manner that would impose any damage, loss, penalty
or limitation on Indemnitee without the other party's written consent. Neither
the Company nor Indemnitee shall unreasonably withhold its consent to any
proposed settlement.

     7. Company Participation. Subject to Section B.6, the Company shall not be
liable to indemnify the Indemnitee under this Agreement with regard to any
judicial action if the Company was not given a reasonable and timely
opportunity, at its expense, to participate in the defense, conduct and/or
settlement of such action.

     8. Reviewing Party.

          (a) For purposes of this Agreement, the Reviewing Party with respect
to each indemnification request of Indemnitee shall be (A) the Board of
Directors by a majority vote of a quorum consisting of Disinterested Directors
(as hereinafter defined), or (B) if a quorum of the Board of Directors
consisting of Disinterested Directors is not obtainable or, even if obtainable,
said Disinterested Directors so direct, Independent Counsel in a written opinion
to the Board of Directors, a copy of which shall be delivered to Indemnitee;
and, if it is determined that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee's entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance
request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and
reasonably necessary to such determination. Any Independent Counsel or member of
the Board of Directors shall act reasonably and in good faith in making a
determination under this Agreement of the Indemnitee's entitlement to
indemnification. Any reasonable costs or expenses (including reasonable
attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with
the person, persons or entity making such determination shall be borne by the
Company (irrespective of the determination as to Indemnitee's entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold
Indemnitee harmless therefrom to the extent as aforesaid. "Disinterested
Director" means a director of the Company who is not and was not a party to the
Proceeding in respect of which indemnification is sought by Indemnitee.

          (b) If the determination of entitlement to indemnification is to be
made by Independent Counsel, the Independent Counsel shall be selected as
provided in this Section 8(b). The Independent Counsel shall be selected by
Indemnitee (unless Indemnitee shall request that such selection be made by the
Board of Directors, in which event the Board of Directors by a majority vote of
a quorum consisting of Disinterested Directors shall

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select), and Indemnitee shall give written notice to the Company advising it of
the identity of the Independent Counsel so selected. In either event, Indemnitee
or the Company, as the case may be, may, within 10 days after such written
notice of selection shall have been given, deliver to the Company or to
Indemnitee, as the case may be, a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of "Independent
Counsel" as defined in Section 8(d) of this Agreement, and the objection shall
set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent
Counsel. If a written objection is made and substantiated, the Independent
Counsel selected may not serve as Independent Counsel unless and until such
objection is withdrawn or a court has determined that such objection is without
merit. If the determination of entitlement to indemnification is to be made by
Independent Counsel, but within 20 days after submission by Indemnitee of a
written request for indemnification, no Independent Counsel shall have been
selected and not objected to, then the Board of Directors by a majority vote
shall select the Independent Counsel. The Company shall pay any and all
reasonable fees and expenses of Independent Counsel incurred by such Independent
Counsel in connection with acting under this Agreement, and the Company shall
pay all reasonable fees and expenses incident to the procedures of this Section
8(b), regardless of the manner in which such Independent Counsel was selected or
appointed.

          (c) In making a determination with respect to entitlement to
indemnification hereunder, the Reviewing Party shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a
request for indemnification in accordance with this Agreement, and the Company
shall have the burden of proof to overcome that presumption in connection with
the making by any person, persons or entity of any determination contrary to
that presumption. The termination of any Proceeding or of any claim, issue or
matter therein, by judgment, order, settlement (with or without court approval),
conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that his conduct was unlawful. For purposes of any determination of good
faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's
action is based on the records or books of account of the Company and any other
corporation, partnership, joint venture or other entity of which Indemnitee is
or was serving at the written request of the Company as a director, officer,
employee, agent or fiduciary, including financial statements, or on information
supplied to Indemnitee by the officers and directors of the Company or such
other corporation, partnership, joint venture or other entity in the course of
their duties, or on the advice of legal counsel for the Company or such other
corporation, partnership, joint venture or other entity or on information or
records given or reports made to the Company or such other corporation,
partnership, joint venture or other entity by an independent certified public
accountant or by an appraiser or other expert selected with reasonable care by
the Company or such other corporation, partnership, joint venture or other
entity. In addition, the knowledge and/or actions, or failure to act, of any
director, officer, agent or employee of the Company or such other corporation,
partnership, joint venture or other entity shall not be imputed to Indemnitee
for purposes of determining the right to indemnification under this Agreement.
The provisions of this Section 8(c) shall not be deemed to be exclusive or to
limit in any way the other circumstances in which the

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Indemnitee may be deemed to have met the applicable standard of conduct set
forth in this Agreement.

          (d) "Independent Counsel" means a law firm, or a member of a law firm,
that is experienced in matters of corporation law and neither presently is, nor
in the past five (5) years has been, retained to represent (i) the Company or
Indemnitee in any matter material to either such party (other than with respect
to matters concerning the Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party
to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term "Independent Counsel" shall not include
any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee's rights under this
Agreement. The Company agrees to pay the reasonable fees of the Independent
Counsel referred to above.

D.   DIRECTOR AND OFFICER LIABILITY INSURANCE

     1. Good Faith Determination. The Company shall from time to time make the
good faith determination whether or not it is practicable for the Company to
obtain and maintain a policy or policies of insurance with reputable insurance
companies providing the officers and directors of the Company with coverage for
losses incurred in connection with their services to the Company or to ensure
the Company's performance of its indemnification obligations under this
Agreement.

     2. Coverage of Indemnitee. To the extent the Company maintains an insurance
policy or policies providing directors' and officers' liability insurance,
Indemnitee shall be covered by such policy or policies, in accordance with its
or their terms, to the maximum extent of the coverage available for any of the
Company's directors or officers.

     3. No Obligation. Notwithstanding the foregoing, the Company shall have no
obligation to obtain or maintain any director and officer insurance policy if
the Company determines in good faith that such insurance is not reasonably
available in the case that (i) premium costs for such insurance are
disproportionate to the amount of coverage provided, (ii) the coverage provided
by such insurance is limited by exclusions so as to provide an insufficient
benefit, or (iii) Indemnitee is covered by similar insurance maintained by a
parent or subsidiary of the Company.

E.   NON-EXCLUSIVITY; FEDERAL PREEMPTION; TERM

     1. Non-Exclusivity. The indemnification provided by this Agreement shall
not be deemed exclusive of any rights to which Indemnitee may be entitled under
the Company's Memorandum and Articles of Association, applicable law or any
written agreement between Indemnitee and the Company (including its subsidiaries
and affiliates). The indemnification provided under this Agreement shall
continue to be available to Indemnitee for any action taken or not taken while
serving in an indemnified capacity even though he may have ceased to serve in
any such capacity at the time of any Proceeding.

     2. Federal Preemption. Notwithstanding the foregoing, both the Company and
Indemnitee acknowledge that in certain instances, U.S. federal law or public
policy may override applicable law and prohibit the Company from indemnifying
its directors and

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officers under this Agreement or otherwise. Such instances include, but are not
limited to, the U.S. Securities and Exchange Commission's prohibition on
indemnification for liabilities arising under certain U.S. federal securities
laws. Indemnitee understands and acknowledges that the Company has undertaken or
may be required in the future to undertake with the SEC to submit the question
of indemnification to a court in certain circumstances for a determination of
the Company's right under public policy to indemnify Indemnitee.

     3. Duration of Agreement. All agreements and obligations of the Company
contained herein shall continue during the period Indemnitee is an officer
and/or a director of the Company (or is or was serving at the request of the
Company as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise) and shall continue
thereafter so long as Indemnitee shall be subject to any Proceeding by reason of
his former or current capacity at the Company or any other enterprise at the
Company's request, whether or not he is acting or serving in any such capacity
at the time any Expense is incurred for which indemnification can be provided
under this Agreement. This Agreement shall continue in effect regardless of
whether Indemnitee continues to serve as an officer and/or a director of the
Company or any other enterprise at the Company's request.

F.   MISCELLANEOUS

     1. Amendment of this Agreement. No supplement, modification, or amendment
of this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall operate as a
waiver of any other provisions (whether or not similar), nor shall such waiver
constitute a continuing waiver. Except as specifically provided in this
Agreement, no failure to exercise or any delay in exercising any right or remedy
shall constitute a waiver.

     2. Subrogation. In the event of payment to Indemnitee by the Company under
this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers
required and shall do everything that may be necessary to secure such rights,
including the execution of such documents necessary to enable the Company to
bring suit to enforce such rights.

     3. Assignment; Binding Effect. Neither this Agreement nor any of the rights
or obligations hereunder may be assigned by either party hereto without the
prior written consent of the other party; except that the Company may, without
such consent, assign all such rights and obligations to a successor in interest
to the Company which assumes all obligations of the Company under this
Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon
and inure to the benefit of and be enforceable by and against the parties hereto
and the Company's successors (including any direct or indirect successor by
purchase, merger, consolidation, or otherwise to all or substantially all of the
business and/or assets of the Company) and assigns, as well as Indemnitee's
spouses, heirs, and personal and legal representatives.

     4. Severability and Construction. Nothing in this Agreement is intended to
require or shall be construed as requiring the Company to do or fail to do any
act in violation of applicable law. The Company's inability, pursuant to a court
order, to perform its obligations under this Agreement shall not constitute a
breach of this Agreement. In addition, if any portion of this Agreement shall be
held by a court of competent jurisdiction to be

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invalid, void, or otherwise unenforceable, the remaining provisions shall remain
enforceable to the fullest extent permitted by applicable law. The parties
hereto acknowledge that they each have opportunities to have their respective
counsels review this Agreement. Accordingly, this Agreement shall be deemed to
be the product of both of the parties hereto, and no ambiguity shall be
construed in favor of or against either of the parties hereto.

     5. Counterparts. This Agreement may be executed in two counterparts, both
of which taken together shall constitute one instrument.

     6. Governing Law. This agreement and all acts and transactions pursuant
hereto and the rights and obligations of the parties hereto shall be governed,
construed and interpreted in accordance with the laws of the State of New York,
U.S.A., without giving effect to conflicts of law provisions thereof.

     7. Notices. All notices, demands, and other communications required or
permitted under this Agreement shall be made in writing and shall be deemed to
have been duly given if delivered by hand, against receipt, or mailed, postage
prepaid, certified or registered mail, return receipt requested, and addressed
to the Company at:

          Xinhua Finance Media Limited
          Room 3905-3909, Tower 1
          Grand Gateway
          1 Hongqiao Lu
          Shanghai 215562
          People's Republic of China

          Attention: [_______________]

          and to Indemnitee at his or her address last known to the Company.

     8. Entire Agreement. This Agreement constitutes the entire agreement and
supersedes all prior agreements and understandings, both written and oral,
between the parties with respect to the subject matter hereof.

                            (Signature page follows)

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IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date
first written above.

COMPANY

Xinhua Finance Media Limited

-------------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

INDEMNITEE

-------------------------------------
Name:
      -------------------------------<PAGE>

                                                                    EXHIBIT 10.3

                          XINHUA FINANCE MEDIA LIMITED

                                       AND

                     [____________________________________]

                                   ----------

                           EXECUTIVE SERVICE AGREEMENT

                                   ----------

<PAGE>

DATE: ___________________,

PARTIES:-

(1)  XINHUA FINANCE MEDIA LIMITED, a company incorporated in the Cayman Islands
     with its registered office at Codan Trust Company (Cayman) Limited, Century
     Yard, Cricket Square, Hutchins Drive, PO Box 2681 GT, George Town, Grand
     Cayman, Cayman Islands, British West Indies (the "Company");

and

(2)  [________________________].

(the "Executive").

RECITALS:

The Company has agreed to employ the Executive and the Executive has agreed to
serve the Company as [POSITION] on the following terms and conditions.

TERMS AGREED:

1.   DEFINITIONS AND INTERPRETATION

1.1  In this Agreement where the context so admits the following words and
     expressions shall have the following meanings:

<TABLE>
<S>                    <C>
"ASSOCIATED COMPANY"   means in relation to the Company, any subsidiary or
                       holding company of the Company, any subsidiary of such
                       holding company, and any company in which the Company or
                       any such holding company holds or controls directly or
                       indirectly not less than 20% of the issued share capital;

"BOARD"                means the board of directors of the Company from time to
                       time;

"US$"                  means the lawful currency of the United States of
                       America;

"HONG KONG"            means the Hong Kong Special Administrative Region of the
                       People's Republic of China.
</TABLE>

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1.2  Terms defined in Section 2 of the Companies Ordinance shall in this
     Agreement have the meanings ascribed to them in that section.

1.3  All references in this Agreement and the Schedule attached hereto to the
     Company or any Associated Companies shall include their successors in title
     or assigns.

1.4  References herein to Clauses and the Schedules are references to the
     clauses and the schedules of this Agreement which shall be deemed to form
     part of this Agreement. The headings in this Agreement are inserted for
     convenience of reference only and do not affect the interpretation hereof.

2.   EMPLOYMENT

     The Company shall employ the Executive and the Executive shall serve the
     Company as [POSITION] on and subject to the terms and conditions specified
     herein.

3.   COMMENCEMENT

3.1  The Executive agrees that he/she will commence in the employ of the Company
     on [DATE].

3.2  The first three (3) months of the Executive's employment shall be
     considered a probationary period and shall be terminable in accordance with
     Clause 12 below.

4.   DUTIES

4.1  Subject to Clause 6.1 below, the Executive shall be employed in the
     position of [POSITION] in which capacity he/she shall devote all his/her
     time, attention and skill to his/her duties hereunder, and shall at all
     times act in the interests of the Company and its Associated Companies, and
     shall faithfully and diligently perform such duties and exercise such
     powers consistent therewith as may from time to time be assigned to or
     vested in him/her by the Chief Executive Officer ("CEO") of the Company.
     The Executive agrees to refer all business opportunities falling within the
     scope of the Company's operations to the CEO of the Company.

4.2  The Company reserves the right to assign to the Executive duties of a
     different nature either additional to or instead of those referred to in
     Clause 4.1 above.

4.3  The Executive shall obey the reasonable and lawful orders of the CEO of the
     Company, given by or with the authority of the Board, and shall comply with
     all the Company's rules, regulations, policies and procedures from time to
     time in force, including without limitation the provisions of the Staff
     Handbook (as amended from time to time).

4.4  The Executive may be required in pursuance of his/her duties to perform
     services not only for the Company but also for any Associated Company and,
     without further remuneration (except as otherwise agreed), to accept any
     such office or position in

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     any Associated Company which is consistent with his/her position with the
     Company, as the CEO of the Company may from time to time reasonably
     require.

4.5  The Executive will keep the CEO of the Company promptly and fully informed
     (in writing if so requested) of his/her conduct of the business or affairs
     of the Company and any Associated Company and provide such explanations as
     the CEO of the Company may require in connection therewith.

5.   PLACE OF WORK/SECONDMENT

5.1  The Executive's place of work shall be SHANGHAI, CHINA, or any such place
     as both parties shall from time to time agree mutually. In the performance
     of his/her duties hereunder, the Executive may be required to travel both
     throughout and outside Asia.

5.2  The Executive acknowledges and agrees the Company may from time to time
     transfer or second his/her services to any Associated Company as part of
     any reorganization or otherwise and either permanently or temporarily.

6.   EXCLUSIVITY OF SERVICE/CONFLICTS

6.1  During the period of the Executive's employment hereunder the Executive
     shall devote such of his/her time and attention to his/her duties hereunder
     as is required to fulfill those duties and he/she shall not (without the
     prior written consent of the CEO of the Company, which consent shall not be
     unreasonably withheld) directly or indirectly either on his/her own account
     or on behalf of any other person, company, business entity or other
     organization:

     6.1.1 (i) engage in, or (ii) be concerned with, or (iii) provide services
          to, (whether as an employee, officer, director, agent, partner,
          consultant or otherwise) any other business; or

     6.1.2 accept any other engagement or public office;

     PROVIDED THAT the Executive may hold securities in a company which is
     quoted on any recognized Stock Exchange or in a private company provided
     that the CEO of the Company has given his/her written consent (which
     consent shall not be unreasonably withheld); and

6.2  Subject to any written regulations issued by the Company which are
     applicable to him/her, neither the Executive nor any member of his/her
     family, nor any company or business entity in which he/she or they are
     interested, shall be entitled to receive or obtain directly or indirectly
     any discount, rebate, commission or other benefit in respect of any
     business transacted (whether or not by the Executive) by or on behalf of
     the Company or any Associated Company, and if the Executive, any member of
     his/her family or any company or business entity in which he/she or they
     is/are interested, shall directly or indirectly obtain any such discount,
     rebate, commission or other benefit the Executive shall forthwith account
     to the Company or the applicable Associated Company for the amount received
     or value of the benefit so obtained.

                                        3

<PAGE>

6.3  The Executive confirms that he/she has disclosed fully to the Company all
     circumstances in respect of which there is, or there might be, a conflict
     of interest between the Company or any Associated Company, and the
     Executive or any member of his/her family, and he/she agrees to disclose
     fully to the Company any such circumstances which may arise during the
     Employment.

7.   REMUNERATION

     The remuneration of the Executive shall be:

     (a)  a monthly salary of US$[___________] (pre-tax) payable in arrears
          such salary to include any sum receivable as director's fees or other
          remuneration from any Associated Company. This salary will be reviewed
          by the Compensation Committee of the Company each year at the time of
          the annual salary reviews for senior executives without any
          undertaking by the Company that the Executive's salary shall be
          automatically increased.

     (b)  a discretionary New Year Bonus (pro-rata according to the length of
          services in a year) subject to such conditions as the Compensation
          Committee of the Company may in its absolute discretion decide.

     (c)  a discretionary bonus of such amounts (if any) at such times and
          subject to such conditions as the Compensation Committee of the
          Company may in its absolute discretion decide. The Executive will not
          be eligible to be considered for such a bonus if he/she has left the
          employment of the Company or is serving out any notice given to
          him/her by the Company to terminate his/her employment at the date
          when the Company's annual bonuses are declared.

8.   OTHER BENEFITS

8.1  In addition to the foregoing remuneration and benefits, the Executive shall
     also be entitled to the following, subject to determination by the
     Compensation Committee of the Company as to the appropriate level of cost
     of each item:

     (a)  the provision of medical, dental, and travel insurance under such
          insurance scheme as the Compensation Committee may decide from time to
          time at the expense of the Company for the benefit of the Executive,
          his/her spouse and dependant children under the age of 18;

     (b)  participation in any share option scheme which may be adopted by the
          Company, subject to the terms and conditions of such scheme from time
          to time in place;

8.2  Details of the scheme(s) referred to in Clauses 8.1(a) and (b) above can be
     obtained from the HR Department. The Company reserves the right to
     terminate or substitute

                                        4

<PAGE>

     other scheme(s) for such scheme(s) or amend the scale of benefits of such
     scheme(s) including the level of benefits. If any scheme provider
     (including but not limited to any insurance company) refuses for any reason
     (whether based on its own interpretation of the terms of the insurance
     policy or otherwise) to provide any benefits to the Executive, the Company
     shall not be liable to provide any such benefits itself or any compensation
     in lieu thereof.

9.   EXPENSES

     The Company shall reimburse the Executive (against receipts or other
     satisfactory evidence) for all reasonable expenses properly incurred in the
     course of his/her employment hereunder or in promoting or otherwise in
     connection with the business of the Company subject to the Company's rules
     and policies relating to expenses.

10.  DEDUCTIONS

     The Company shall, to the extent permitted by Chapter 57 s.32 of the
     Employment Ordinance of the Laws of Hong Kong, be entitled to deduct from
     the Executive's remuneration hereunder any monies due from him/her to the
     Company or any Associated Company including, but not limited to, any
     outstanding loans, advances, the cost of repairing any damage to or loss of
     the Company's property caused by him/her (and of recovering the same) and
     any other monies owed by him/her to the Company or any Associated Company.

11.  LEAVE

11.1 The Executive shall be entitled to [________] working days' annual leave
     (in addition to statutory holidays of CHINA) with full pay for completion
     of each year of service with the Company, which leave shall be taken at
     such time or times as may be agreed with the CEO.

11.2 Unused annual leave may not be carried forward without the approval of CEO
     of the Company or such other person assigned by the Company from time to
     time. Failure to take holiday entitlement in the appropriate holiday year
     will lead to forfeiture of any accrued holiday not taken without any right
     to payment in lieu thereof.

12.  TERMINATION

12.1 During the probationary period, the Executive's employment may be
     terminated by either party on not less than ONE MONTH'S written notice or
     payment of salary in lieu thereof. Your employment after probation may be
     terminated by either party by giving the other party [________] month's
     written notice (the "notice period") or payment in lieu of salary for the
     notice period in lieu of notice.

12.2 If at any time during the term of his/her employment hereunder the
     Executive shall:

                                        5

<PAGE>

     12.2.1 be guilty of fraud or other gross misconduct, or gross incompetence
          or habitual neglect of duty, or commit any other serious breach of
          this Agreement; or

     12.2.2 be convicted of any criminal offence involving his/her integrity or
          honesty; or

     12.2.3 refuse to carry out any reasonable lawful order given to him/her by
          the CEO in the course of his/her employment or fail diligently to
          attend to his/her duties hereunder; or

     12.2.4 be guilty of continuing unsatisfactory conduct or poor performance
          of his/her duties, after having received a written warning from the
          Company relating to the same; or

     12.2.5 resign as a director of the Company or any Associated Company
          (without the CEO's written consent); or

     12.2.6 be or become prohibited by law from being a director; or

     12.2.7 directly or indirectly advise or participate or act in concert
          (within the meaning of the Hong Kong Codes on Take-Overs and Mergers
          and Share Repurchases) with any person who makes or is considering
          making any offer for the issued share capital of the Company; or

     12.2.8 be in breach of any of the provisions of the Compensation Share
          Agreement;

     the Company may terminate the Executive's employment hereunder forthwith
     without any notice or payment in lieu of notice and upon such termination
     the Executive shall not be entitled to any payment whatsoever (other than
     in respect of unpaid salary and unused annual leave actually accrued) or to
     claim any compensation or damages in respect of such termination.

12.3 Forthwith upon the termination of the employment of the Executive
     hereunder, and/or at any other time if the Company shall so request, the
     Executive shall deliver to the Company all documents (including
     correspondence, lists of customers, notes, memoranda, plans, drawings and
     other documents of whatsoever nature), models or samples made or compiled
     by or delivered to the Executive during his/her employment hereunder and
     concerning the business, finances or affairs of any Associated Company. For
     the avoidance of doubt it is hereby declared that the property in all such
     documents as aforesaid shall at all times be vested in the relevant
     Associated Company.

12.4 The Executive acknowledges that the Company may, during all or any part of
     any period of notice whether given by the Company or the Executive to
     terminate the Executive's employment under this Agreement require the
     Executive not to attend work and/or not to undertake all or any of his/her
     duties and/or exclude him/her from any premises of the Company, provided
     that for the avoidance of doubt during such period the Executive shall
     continue to receive salary and other contractual benefits provided by this
     Agreement.

                                        6

<PAGE>

12.5 The Executive agrees that he/she will not at any time after the termination
     of the Employment represent him/herself as still having any connection with
     the Company or any Associated Company, save as a former employee for the
     purpose of communicating with prospective employers or complying with any
     applicable statutory requirements.

13.  DIRECTORSHIPS

13.1 The Executive shall forthwith resign in writing from all directorships,
     trusteeships and other offices he/she may hold from time to time with the
     Company or any Associated Company without compensation for loss of office
     in the event of:-

     13.1.1 the termination of his/her employment; or

     13.1.2 either the Company or the Executive serving on the other notice of
          termination of his/her employment.

13.2 In the event of the Executive failing to comply with his/her obligations
     under Clause 13.1 above, he/she hereby irrevocably and unconditionally
     authorizes the Company to appoint some person in his/her name and on
     his/her behalf to sign or execute any documents and/or do all things
     necessary or requisite to give effect to such resignations as referred to
     in Clause 13.1 above.

14.  REASONABLENESS OF RESTRICTIONS

     The Executive recognizes that, whilst performing his/her duties for the
     Company, he/she will have access to and come into contact with trade
     secrets and confidential information belonging to the Company or to
     Associated Companies and will obtain personal knowledge of and influence
     over its or their customers and/or employees. The Executive therefore
     agrees that the restrictions contained or referred to in Clauses 15 and 16
     and Schedule 1 are reasonable and necessary to protect the legitimate
     business interests of the Company and the Associated Companies both during
     and after the termination of his/her employment.

15.  CONFIDENTIALITY

15.1 The Executive shall neither during the Employment (except in the proper
     performance of his/her duties) nor at any time (without limit) after the
     termination thereof, directly or indirectly

     15.1.1 use for his/her own purposes or those of any other person, company,
          business entity or other organization whatsoever; or

     15.1.2 disclose to any person, company, business entity or other
          organization whatsoever; any trade secrets or confidential information
          relating or belonging to the Company or any Associated Company
          including but not limited to any such information relating to
          customers, customer lists or

                                        7

<PAGE>

          requirements, price lists or pricing structures, sales and marketing
          information, business plans or dealings, employees or officers, source
          codes and computer systems, software, financial information and plans,
          designs, formulae, prototypes, product lines, services, research
          activities, any document marked 'Confidential' (or with a similar
          expression), or any information which the Executive has been told is
          confidential or which he/she might reasonably expect the Company would
          regard as confidential, or any information which has been given to the
          Company or any Associated Company in confidence by customers,
          suppliers or other persons.

15.2 The Executive shall not at any time during the continuance of his/her
     employment with the Company make any notes or memoranda relating to any
     matter within the scope of the Company's business, dealings or affairs
     otherwise than for the benefit of the Company or any Associated Company.

15.3 The obligations contained in Clause 15.1 shall cease to apply to any
     information or knowledge which may subsequently come into the public domain
     after the termination of employment other than by way of unauthorized
     disclosure.

15.4 The Executive shall not make or communicate any statement (whether written
     or oral) to any representative of the press, television, radio, or other
     media and shall not write any article for the press or otherwise for
     publication on any matter relating to the business of the Company or any
     Associated Company without obtaining the prior written approval of the CEO
     of the Company. Moreover, the Executive shall give at least seven (7) days'
     prior notice of any event in which the Executive will be named and which
     will be publicized or have any impact on the Company.

16.  COPYRIGHT, INVENTIONS AND PATENTS

16.1 The Executive will promptly disclose to the Company and to no one else all
     copyright works or designs originated, conceived, written or made by
     him/her alone or with others (except only those works originated,
     conceived, written or made by him/her wholly outside his/her normal working
     hours and which are wholly unconnected with his/her employment).

16.2 All records, documents, papers (including copies and summaries thereof) and
     other copyright protected works made or acquired by him/her in the course
     of his/her employment shall, together with all the worldwide copyright and
     design rights in all such works, be and at all times remain the absolute
     property of the Company.

16.3 The Executive hereby irrevocably and unconditionally waives in favour of
     the Company all rights granted by the Copyright, Designs and Patents Act
     1988 (as amended in connection with his authorship of any copyright works
     in the course of his employment with the Company, including without
     limitation any moral rights and any right to claim an additional payment
     with respect to use or exploitation of those works.

                                        8

<PAGE>

16.4 The Executives agree that (i) his/her wages are full compensation for
     his/her services and all present and future uses of copyright works made by
     him/her in the course of his/her employment; and (ii) the Executive will
     not make any claims against the company or any Associated Company with
     respect to those copyright works.

16.5 If, at any time during the Executive's employment under this Agreement,
     he/she (whether alone or with any other person or persons) shall make any
     invention which relates either directly or indirectly to the business of
     the Company or any Associated Company, he/she will promptly disclose to the
     Company and no-one else full details, including drawings and models, of
     such invention so that the Company may determine, whether or not it is a
     Company Invention.

16.6 If the Executive makes any inventions that do not belong to the Company
     under the Patents Ordinance 1997, he agrees that he will forthwith
     exclusively license or assign (as determined by the Company) to the Company
     his rights in relation to such inventions and will deliver to the Company
     all documents and other materials relating to them. The Company will pay to
     the Executive such compensation for the license or assignment as the
     Company will determine in its absolute discretion, subject to the Patents
     Ordinance.

16.7 The Executive will, at the request and expense of the Company both during
     and after the termination of his/her employment under this Agreement, do
     all things necessary or desirable to perfect the rights of the Company
     under this Clause 16.

17.  POST-TERMINATION OBLIGATIONS

17.1 The Executive agrees that he/she will observe the post-termination
     obligations set out in Schedule 1.

17.2 The Executive agrees that in the event of receiving from any person,
     company, business entity or other organization an offer of employment
     either during the continuance of this Agreement or during the continuance
     in force of any of the restrictions set out in Schedule 1 annexed hereto,
     he/she will forthwith provide to such person, company, business entity or
     other organization making such an offer of employment a full and accurate
     copy of this Agreement signed by the parties hereto.

18.  COMPANY POLICIES

18.1 The Company is an equal opportunity employer and does not permit
     discrimination or harassment on the ground of sex, pregnancy, marital or
     family status or disability. The Company's Equal Opportunities Policy and
     Harassment Policy are detailed in the Staff Handbook.

18.2 The Company complies with its statutory obligations regarding the personal
     data of its employees. The Company's Privacy Policy is detailed in the
     Staff Handbook.

18.3 The Executive agrees to comply with the Company's Internet and Computer
     Policy. The Company's Internet and Computer Policy are detailed in the
     Staff Handbook.

                                        9

<PAGE>

19.  WARRANTY

     The Executive represents and warrants that he/she is not prevented by any
     agreement, arrangement, contract, understanding, court order or otherwise,
     which in any way directly or indirectly restricts or prohibits him/her from
     fully performing the duties of his/her employment hereunder, or any of
     them, in accordance with the terms and conditions of this Agreement.

20.  NOTICES

20.1 Each notice, demand or other communication given or made under this
     Agreement shall be in writing and delivered or sent to the relevant party
     at its address or fax number set out below (or such other address or fax
     number as the addressee has by five days' prior written notice specified to
     the other party):

     To the Company:   Xinhua Finance Media Limited
                       Attention: Ms. Fredy Bush
                       Address: 3905-09 1 Grand Gateway, 1 Hong Qiao Lu,
                                shanghai PRC, 200030
                       Fax number: +86 (21) 6448 4955

     To the Executive:
                       Attention: __________________________
                       Address: ________________________________________________
                                ________________________________________________

20.2 Any notice, demand or other communication so addressed to the relevant
     party shall be deemed to have been delivered (a) if given or made by
     letter, when actually delivered to the relevant address; and (b) if given
     or made by fax, when dispatched subject to receipt of machine-printed
     confirmation of error-free dispatch.

20.3 Any notice to be given hereunder may be delivered (a) in the case of the
     Company by first class post addressed to its Registered Office for the time
     being and (b) in the case of the Executive, either to him/her personally or
     by first class post to his/her last known address.

21.  MISCELLANEOUS

21.1 The various provisions and sub-provisions of this Agreement and the
     Schedule are severable and if any provision or sub-provision is held to be
     unenforceable by any court of competent jurisdiction then such
     unenforceability shall not affect the enforceability of the remaining
     provisions or sub-provisions in this Agreement or the Schedule.

21.2 The benefit of each agreement and obligation of the Executive under Clause
     15 and Schedule 1 may be assigned to and enforced by all successors and
     assigns for the time being of the Company and each Associated Company and
     such agreements and obligations shall operate and remain binding
     notwithstanding the termination of this Agreement.

                                       10

<PAGE>

21.3 This Agreement cancels and is in substitution for all previous letters of
     engagement, agreements and arrangements (whether oral or in writing)
     relating to the subject-matter hereof between the Company and the Executive
     all of which shall be deemed to have been terminated by mutual consent.
     This Agreement constitutes the entire terms and conditions of the
     Executive's employment and no waiver or modification thereof shall be valid
     unless in writing, signed by the parties and only to the extent therein set
     forth.

21.4 No failure or delay by the Company in exercising any right, power or remedy
     under this Agreement shall operate as a waiver thereof, nor shall any
     single or partial exercise of the same preclude any further exercise
     thereof or the exercise of any other right, power or remedy. Without
     limiting the foregoing, no waiver by the Company of any breach by the
     Executive of any provision in this Agreement shall be deemed to be a waiver
     of any subsequent breach of that or any other provision in this Agreement.

21.5 This Agreement shall be governed by and construed in accordance with Hong
     Kong law and the parties hereby irrevocably submit to the non-exclusive
     jurisdiction of the Hong Kong courts.

                                       11

<PAGE>

SIGNED by the parties on the date first above written.

For and on behalf of
XINHUA FINANCE MEDIA LIMITED

-------------------------------------
Fredy Bush, Chief Executive Officer

in the presence of:

-------------------------------------

SIGNED AND DELIVERED
AS A DEED by

-------------------------------------
[                                   ]
 -----------------------------------

in the presence of:

-------------------------------------

<PAGE>

                                   SCHEDULE 1

                          POST-TERMINATION RESTRICTIONS

1.   NON-COMPETITION

     The Executive hereby agrees that he/she shall not (without the written
     consent of the CEO of the Company) for the Relevant Period within the
     Prohibited Area and whether on his/her own behalf or in conjunction with or
     on behalf of any other person, firm, company or other organization, (and
     whether as an employee, director, principal, agent, consultant or in any
     other capacity whatsoever,) in competition with the Company, directly or
     indirectly (i) be employed or engaged in, or (ii) perform services in
     respect of, or (iii) be otherwise concerned with:-

1.1  the research into, development, manufacture, supply or marketing of any
     product which is of the same or similar type to any product researched, or
     developed, or manufactured, or supplied, or marketed by the Company during
     the 12 months immediately preceding the Termination Date;

1.2  the development or provision of any services (including but not limited to
     technical and product support, or consultancy or customer services) which
     are of the same or similar type to any services provided by the Company
     during the 12 months immediately preceding the Termination Date;

     PROVIDED ALWAYS that the provisions of this paragraph 1 shall apply only in
     respect of products or services with which the Executive was either
     personally concerned or for which he/she was responsible whilst employed by
     the Company during the 12 months immediately preceding the Termination
     Date.

2.   NON-SOLICITATION OF CUSTOMERS

     The Executive hereby agrees that he/she shall not for the Relevant Period
     whether on his/her own behalf or in conjunction with or on behalf of any
     person, company, business entity or other organization (and whether as an
     employee, director, principal, agent, consultant or in any other capacity
     whatsoever), directly or indirectly (i) solicit or, (ii) assist in
     soliciting, or (iii) accept, or (iv) facilitate the acceptance of, or (v)
     deal with, in competition with the Company, the custom or business of any
     Customer or Prospective Customer:-

2.1  with whom the Executive has had material contact or dealings on behalf of
     the Company during the 12 months immediately preceding the Termination
     Date; or

2.2  for whom the Executive was, in a client management capacity on behalf of
     the Company, directly responsible during the 12 months immediately
     preceding the Termination Date.

                                        1

<PAGE>

3.   NON-SOLICITATION OF EMPLOYEES

     The Executive hereby agrees that he/she will not for the Relevant Period
     either on his/her own behalf or in conjunction with or on behalf of any
     other person, company, business entity, or other organization (and whether
     as an employee, principal, agent, consultant or in any other capacity
     whatsoever), directly or indirectly:-

3.1  (i) induce, or (ii) solicit, or (iii) entice or (iv) procure, any person
     who is a Company Employee to leave the Company's or any Associated
     Company's employment (as applicable) where that person is a Company
     Employee on the Termination Date;

3.2  be personally involved to a material extent in (i) accepting into
     employment or (ii) otherwise engaging or using the services of, any person
     who is a Company Employee on the Termination Date.

4.   INTERFERENCE WITH SUPPLIERS

     The Executive hereby agrees that he/she shall not (i) for the Relevant
     Period, and (ii) in relation to any contract or arrangement which the
     Company has with any Supplier for the exclusive supply of goods or services
     to the Company and/or to its Associated Companies, for the duration of such
     contract or arrangement, whether on his/her own behalf or in conjunction
     with or on behalf of any person, company, business entity or other
     organization, (and whether as an employee, director, agent, principal,
     consultant or in any other capacity whatsoever), directly or indirectly:

4.1  interfere with the supply of goods or services to the Company from any
     Supplier;

4.2  induce any Supplier of goods or services to the Company to cease or decline
     to supply such goods or services in the future.

5.   ASSOCIATED COMPANIES

5.1  The provisions of paragraphs 5.2 and 5.3 below shall only apply in respect
     of those Associated Companies (i) to whom the Executive gave his/her
     services, or (ii) for whom he/she was responsible, or (iii) with whom
     he/she was otherwise concerned, in the 12 months immediately preceding the
     Termination Date.

5.2  Paragraphs 1, 2, 3, 4 and 6 in this Schedule 1 shall apply as though
     references to the "Associated Company" were substituted for references to
     the "Company". The obligations undertaken by the Executive pursuant to this
     Schedule shall, with respect to each Associated Company, constitute a
     separate and distinct covenant and the invalidity or unenforceability of
     any such covenant shall not affect the validity or enforceability of the
     covenants in favour of the Company or any other Associated Company.

5.3  In relation to each Associated Company referred to in paragraphs 5.1 and
     5.2 above, the Company contracts as trustee and agent for the benefit of
     each such Associated Company. The Executive agrees that, if required to do
     so by the Company, he/she will enter into covenants in the same terms as
     those set out in paragraphs 1, 2, 3, 4 and 6 hereof directly with all or
     any of such Associated Companies, mutatis mutandis. If the Executive fails,
     within 7 days of receiving such a request from the Company, to sign

                                        2

<PAGE>

     the necessary documents to give effect to the foregoing, the Company shall
     be entitled, and is hereby irrevocably and unconditionally authorised by
     the Executive, to execute all such documents as are required to give effect
     to the foregoing, on his/her behalf.

6.   DEFINITIONS

     For the purposes of this Schedule, the following words and expressions
     shall have the meanings set out below:

6.1  "Associated Company", "Board", and "Company" shall have the meanings set
     out in the Agreement attached hereto, and shall include their successors in
     title and assigns (as applicable).

6.2  "Company Employee" means any person who was employed by (i) the Company or
     (ii) any Associated Company, for at least 3 months prior to and on the
     Termination Date and

     6.2.1 with whom the Executive had material contact or dealings in
          performing his/her duties of his/her employment; or

     6.2.2 who had material contact with customers or suppliers of the Company
          in performing his/her duties of employment with the Company or any
          Associated Company (as applicable); or

     6.2.3 who had access to confidential information during his/her employment
          with the Company or any Associated Company (as applicable).

6.3  "Customer" shall mean any person, firm, company or other organisation
     whatsoever to whom the Company has supplied goods or services.

6.4  "Prohibited Area" means:

     6.4.1 Hong Kong Special Administrative Region; and the People's Republic of
          China

     6.4.2 any other country in the world where, on the Termination Date, the
          Company develops, sells, supplies, manufactures or researches its
          products or services or where the Company is intending within 3 months
          following the Termination Date to develop, sell, supply or manufacture
          its products or services and in respect of which the Executive has
          been responsible (whether alone or jointly with others), concerned or
          active on behalf of the Company during any part of the 12 months
          immediately preceding the Termination Date.

6.5  "Prospective Customer" shall mean any person, firm, company or other
     organisation with whom the Company has had any negotiations or material
     discussions regarding the possible supply of goods or services by the
     Company.

6.6  The "Relevant Period" shall mean the lesser of:-

     6.6.1 the 12 months immediately following the Termination Date;

                                        3

<PAGE>

     6.6.2 the period specified in Clause 6.6.1 above less the number of days on
          which the Executive has been required by the Company (pursuant to
          Clause 12.5) both not to attend at work and not to perform any duties
          of employment.

6.7  "Supplier" means any person, company, business entity or other organisation
     whatsoever who:

     6.7.1 has supplied goods or services to the Company during any part of the
          12 months immediately preceding the Termination Date; or

     6.7.2 has agreed prior to the Termination Date to supply goods or services
          to the Company to commence at any time in the 12 months following the
          Termination Date; or

     6.7.3 as at the Termination Date, supplies goods or services to the Company
          under an exclusive contract or arrangement between that Supplier and
          the Company.

6.8  "Termination Date" shall mean the date upon which the Executive's
     employment with the Company terminates.

                                        4

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