Document:

Exhibit 4.48

 

Execution Copy

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement (this “Agreement”) is made as of September 6, 2016 by and between:

 

(1)                              Ctrip.com International, Ltd., a company incorporated in the Cayman Islands (the “Company”); and

 

(2)                              Baidu Holdings Limited (the “Purchaser”),  a company incorporated in the Cayman Islands. The Purchaser and the Company are sometimes each referred to herein as a “Party,” and collectively as the “Parties.”

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, the Company has filed a registration statement on Form F-3 (File No. 333-208399, the “Registration Statement”) with the United States Securities and Exchange Commission (the “SEC”), including a related prospectus dated December 9, 2015, allowing for delayed offerings pursuant to Rule 415 of the General Rules and Regulations under the  U.S. Securities Act of 1933, as amended  (the “Securities Act”) by the Company of American Depositary Shares (“ADSs”) representing ordinary shares of the Company (“Ordinary Shares”) and the Company proposes to offer certain amount of ADSs as specified in the preliminary prospectus supplement, dated September 6, 2016 (such offering, the “Offering”);

 

WHEREAS,  the Purchaser wishes to invest in the Company by acquiring Ordinary Shares in the Company in a private transaction with the Company exempt from registration pursuant to Regulation S of the Securities Act (the “Regulation S”);

 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the Parties hereto agree as follows:

 

ARTICLE I
  
 PURCHASE AND SALE

 

Section 1.1                        Issuance, Sale and Purchase of Ordinary Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined below), the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, subject to and concurrent with the Offering, at a price per Ordinary Share equal to the Offer Price (as defined below), that certain number (as such number is determined pursuant to Section 1.2 below) of Ordinary Shares (the “Purchased Shares”), free and clear of all liens or encumbrances (except for restrictions arising under the Securities Act or created by virtue of this Agreement). The “Offer Price” means the price per ADS set forth on the cover of the Company’s prospectus supplement in connection with the Offering (the “Final Prospectus”) divided by the number of Ordinary Shares represented by one ADS. All such sales shall be made (i) on the same terms as the ADSs being offered in the Offering and (ii) in reliance upon Regulation S.

 

Section 1.2                        Closing.

 

 

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(a)                               Closing. Subject to Section 1.3, the closing (the “Closing”) of the sale and purchase of the Purchased Shares pursuant to Section 1.1 shall take place concurrently with the closing of the Offering at the same offices for the closing of the Offering or at such other place as the Company and the Purchaser may mutually agree. The total number of the Ordinary Shares that the Purchaser shall purchase as Purchased Shares at the Closing shall be equal to the aggregate purchase price of US$100 million (the “Purchase Price”) divided by the Offer Price; provided, however, that (i) no fractional shares of Ordinary Shares will be issued as Purchased Shares, (ii) any fractions shall be rounded down to the nearest whole number of Ordinary Shares, and (iii) the Purchase Price will be reduced by the value of any such fractional share (as calculated on the basis of the Offer Price). The date and time of the Closing are referred to herein as the “Closing Date.”

 

(b)                              Payment and Delivery. At the Closing, the Purchaser shall pay and deliver the total consideration equal to the Purchase Price to the Company in U.S. dollars by wire transfer, or by such other method mutually agreeable to the Company and the Purchaser, of immediately available funds to such bank account designated in writing by the Company, and the Company shall deliver one or more duly executed share certificates in original form, registered in the name of the Purchaser, together with a certified true copy of the register of members of the Company, evidencing the Purchased Shares being issued and sold to the Purchaser.

 

(c)                               Restrictive Legend. Each certificate representing the Purchased Shares shall be endorsed with the following legend:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR (2) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES LAWS. ANY ATTEMPT TO TRANSFER, SELL, PLEDGE OR HYPOTHECATE THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS SHALL BE VOID.

 

Section 1.3                        Closing Conditions.

 

(a)                               Conditions to Purchaser’s Obligations to Effect the Closing. The obligation of the Purchaser to purchase and pay for the Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived in writing by the Purchaser in its sole discretion:

 

(i)                                  All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares shall have been completed.

 

(ii)                              The representations and warranties of the Company to the Purchaser contained in Section 2.1 of this Agreement shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Company shall have performed and complied in all material respects with all, and not be in breach or default in any material respects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date.

 

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(iii)                          No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement with respect to the Purchaser, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Purchaser.

 

(iv)                          The Offering shall have been, or shall concurrently with the Closing, be completed.

 

(v)                              The ADSs shall have been listed on the Nasdaq Global Select Market, subject to official notice of issuance if applicable.

 

(vi)                          The underwriting agreement relating to the Offering shall have been entered into and have become effective.

 

(b)                              Conditions to Company’s Obligations to Effect the Closing. The obligation of the Company to issue and sell the Purchased Shares to the Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Company in its sole discretion:

 

(i)                                  All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares shall have been completed.

 

(ii)                              The representations and warranties of the Purchaser contained in Section 2.2 of this Agreement shall have been true and correct on the date of this Agreement and true and correct in all material respects on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects with all, and not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date.

 

(iii)                          No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of the transactions contemplated by this Agreement with respect to the Company, or imposes any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Company; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise make illegal the consummation of the transactions contemplated by this Agreement with respect to the Company, or

 

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imposes any damages or penalties in connection with the transactions contemplated by this Agreement with respect to the Company.

 

ARTICLE II
  
 REPRESENTATIONS AND WARRANTIES

 

Section 2.1                        Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser, as of the date hereof and as of the Closing Date, as follows:

 

(a)                               Due Formation. The Company is a company duly incorporated as an exempted company with limited liability, validly existing and in good standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted.

 

(b)                              Authority. The Company has full power and authority to enter into, execute and deliver this Agreement and each agreement, certificate, document and instrument to be executed and delivered by the Company pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and the performance by the Company of its obligations hereunder have been duly authorized by all requisite actions on its part.

 

(c)                               Valid Agreement. This Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(d)                             Capitalization.

 

(i)                                  As of the date hereof, the authorized share capital of the Company is US$1,750,000 divided into 175,000,000 ordinary shares of a nominal or par value of US$0.01 each and as of July 31, 2016, the number of issued and outstanding Ordinary Shares is 58,301,850 (excluding 587,363 Ordinary Shares that the Company reserved for issuance upon the exercise of all the outstanding options). All issued and outstanding Ordinary Shares are validly issued, fully paid and non-assessable.

 

(ii)                              All outstanding shares of capital stock of the Company and all outstanding shares of capital stock of each of the Company’s subsidiaries and consolidated affiliates (each a “Subsidiary” and collectively “Subsidiaries”) have been issued and granted in compliance with (x) all applicable Securities Laws and other applicable laws and (y) all requirements set forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights. “Securities Laws” means the Securities Act, the Securities Exchange Act of 1934, as amended, the listing rules of, or any listing agreement with The Nasdaq Global Select Market and any other applicable law regulating securities or takeover matters.

 

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(iii)                          The rights of the Ordinary Shares to be issued to the Purchaser as Purchased Shares shall be as stated in the Second Amended and Restated Memorandum and Articles of Association of the Company set out in Exhibit 99.2 the Company’s report on Form 6-K furnished to the Securities and Exchange Commission on December 23, 2015.

 

(e)                               Due Issuance of the Purchased Shares. The Purchased Shares have been duly authorized and, when issued and delivered to and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption, third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act or created by virtue of this Agreement and upon delivery and entry into the register of members of the Company will transfer to the Purchaser good and valid title to the Purchased Shares.

 

(f)                                Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any provision of the organizational documents of the Company or its Subsidiaries or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or to which any of the Company’s or its Subsidiaries’ assets are subject. There is no action, suit or proceeding, pending or threatened against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby.

 

(g)                              Consents and Approvals. Neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date.

 

(h)                              Compliance with Laws. The business of the Company or its Subsidiaries is not being conducted in violation of any law or government order applicable to the Company except for violations which do not and would not have a Material Adverse Effect. As used herein, “Material Adverse Effect” shall mean any event, fact, circumstance or occurrence that, individually or in the aggregate with any other events, facts, circumstances or occurrences, results in or would reasonably be expected to result in a material adverse change in or a material adverse effect on any of (i) the financial condition, assets, liabilities, results of operations, business, or operations of the Company or its Subsidiaries taken as a whole, or (ii) the ability of the Company to consummate the transactions contemplated by this Agreement and to timely perform its material obligations under the Agreement.

 

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(i)                                  SEC Filings. Prior to the Closing, the Registration Statement, as supplemented or amended, shall have been declared effective by the SEC. The Registration Statement, including the prospectus therein, conforms and will conform in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder and does not, as of the date hereof, and will not, as of the applicable effective date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

 

(j)                                  Events Subsequent to Most Recent Fiscal Period. Since June 30, 2016 until the date hereof and to the Closing Date, there have not been any events that, to the Company’s knowledge, will have a Material Adverse Effect.

 

(k)                              Litigation. There are no actions by or against the Company or its Subsidiaries or affecting the business or any of the assets of the Company or its Subsidiaries pending before any governmental authority, or, to the Company’s knowledge, threatened to be brought by or before any governmental authority, that would have a Material Adverse Effect.

 

Section 2.2                        Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as of the date hereof and as of the Closing Date, as follows:

 

(a)                               Due Formation. The Purchaser is duly formed, validly existing and in good standing in the jurisdiction of its organization. The Purchaser has all requisite power and authority to carry on its business as it is currently being conducted.

 

(b)                              Authority. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement, certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and the performance by the Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part.

 

(c)                               Valid Agreement. This Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by law relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(d)                             Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any provision of the organizational documents of the Purchaser or violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Purchaser is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument, or other arrangement to which the Purchaser is a party or by which the Purchaser is bound or to which any of the Purchaser’s assets are subject. There is no action, suit or proceeding, pending or

 

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threatened against the Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the transactions contemplated hereby.

 

(e)                               Consents and Approvals. Neither the execution and delivery by the Purchaser of this Agreement, nor the consummation by the Purchaser of any of the transactions contemplated hereby, nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to, any governmental or public body or authority or any third party, except such as have been or will have been obtained, made or given on or prior to the Closing Date.

 

(f)                                Status and Investment Intent.

 

(i)                                  Experience. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchased Shares. The Purchaser is capable of bearing the economic risks of such investment, including a complete loss of its investment.

 

(ii)                              Purchase Entirely for Own Account. The Purchaser is acquiring the Purchased Shares for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. The Purchaser does not have any direct or indirect arrangement or understanding with any other person to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other applicable state securities law.

 

(iii)                          Solicitation. The Purchaser (x) was not identified or contacted through the marketing of the Offering and (y) did not contact the Company as a result of any general solicitation.

 

(iv)                          Restricted Securities. The Purchaser acknowledges that the Purchased Shares are “restricted securities” that have not been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges that, absent an effective registration under the Securities Act, the Purchased Shares may only be offered, sold or otherwise transferred (x) to the Company, (y) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z) pursuant to an exemption from registration under the Securities Act.

 

(v)                              Information. The Purchaser has been furnished access to all materials and information the Purchaser has requested relating to the Company and its Subsidiaries and other due diligence documents in order to evaluate the transactions contemplated by this Agreement. The Purchaser has consulted with its own advisers to the extent it deemed appropriate as to the financial, tax, legal and related matters concerning an investment in the Purchased Shares and on that basis believes that an investment in the Purchased Shares is suitable and appropriate for it.

 

(vi)                          Not U.S. Person. The Purchaser is not a “U.S. person” as defined in Rule 902 of Regulation S.

 

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(vii)                      Exempt Transaction. The Purchaser has been advised and acknowledges that in issuing the Purchased Shares to the Purchaser pursuant hereto, the Company is relying upon the exemption from registration provided by Regulation S. The Purchaser is acquiring the Purchased Shares in an offshore transaction in reliance upon the exemption from registration provided by Regulation S.

 

(viii)                  FINRA. The Purchaser does not, directly or indirectly, own more than five percent of the outstanding common stock (or other voting securities) of any member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) or a holding company for a FINRA member, and is not otherwise a “restricted person” for the purposes of FINRA Rule 5130.

 

ARTICLE III
  
 COVENANTS

 

Section 3.1                        Lock-up. The Purchaser agrees that it will not, during the period commencing on the date hereof and ending six months after the Closing Date, offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of any of the Purchased Shares on the open market. The Purchaser further understands that the provisions of this Section 3.1 shall be binding upon the Purchaser’s successors and assigns, as applicable.

 

Section 3.2                        Further Assurances. From the date of this Agreement until the Closing Date, the Parties shall use their reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby.

 

ARTICLE IV
  
 INDEMNIFICATION

 

Section 4.1                        Indemnification. Each of the Company and the Purchaser (an “Indemnifying Party”) shall indemnify and hold each other and their directors, officers and agents (collectively, the “Indemnified Party”) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and liabilities of any kind or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and any taxes or levies that may be payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”) resulting from or arising out of: (i) the breach of any representation or warranty of such Indemnifying Party contained in this Agreement or in any schedule or exhibit hereto; or (ii) the violation or nonperformance, partial or total, of any covenant or agreement of such Indemnifying Party contained in this Agreement for reasons other than gross negligence or willful misconduct of such Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and third-party payments received by the Indemnified Party with respect to such Losses, if any.

 

Section 4.2                        Third Party Claims.

 

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(a)                               If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a “Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this Article IV, then the Indemnified Party shall promptly (i) notify the Indemnifying Party thereof in writing within thirty (30) days of receipt of notice of such claim and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement.

 

(b)                              Upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party shall have the right to assume the defense of any Third Party Claim by notifying the Indemnified Party in writing within (30) days of receipt of the Claim Notice that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the Indemnifying Party, the Indemnifying Party shall have the right to fully control and settle the proceeding, provided that any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnified Party.

 

(c)                               If requested by the Indemnifying Party, the Indemnified Party shall, at the sole cost and expense of the Indemnifying Party, cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the Indemnifying Party pursuant to Section 4.2(b).

 

(d)                             In the event of a Third Party Claim for which the Indemnifying Party elects not to assume the defense or fails to make such an election within the 30 days of the Claim Notice, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party; provided that any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed.

 

Section 4.3                        Other Claims. In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder which does not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail the nature of the claim, the Indemnified Party’s best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement. If the Indemnifying Party does not notify the Indemnified Party within thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim.

 

Section 4.4                        Cap. Notwithstanding the foregoing, the Indemnifying Party shall have no liability (for indemnification or otherwise) with respect to any Losses in excess of the Purchase Price.

 

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ARTICLE V
  
 MISCELLANEOUS

 

Section 5.1                        Survival of the Representations and Warranties. All representations and warranties made by any Party shall survive for two years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to any claims thereunder which have been asserted in writing pursuant to Section 4.1 against the Party making such representations and warranties on or prior to such second anniversary.

 

Section 5.2                        Governing Law; Arbitration. This Agreement shall be governed and interpreted in accordance with the laws of the State of New York. Any dispute arising out of or relating to this Agreement including any question regarding its existence, validity or termination (“Dispute”) shall be referred to and finally resolved by arbitration at the Hong Kong International Arbitration Centre in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules then in force. There shall be three arbitrators. Each Party has the right to appoint one arbitrator and the third arbitrator shall be appointed by the Hong Kong International Arbitration Centre.

 

The language to be used in the arbitration proceedings shall be English. Each of the Parties irrevocably waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, immunity to post-award attachment or otherwise) in any arbitration proceedings and/or enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby.

 

Section 5.3                        Amendment. This Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto.

 

Section 5.4                        Binding Effect. This Agreement shall inure to the benefit of, and be binding upon, each of the Company and the Purchaser and their respective heirs, successors and permitted assigns and legal representatives.

 

Section 5.5                        Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Party, except that the Purchaser may assign all or any part of its rights and obligations hereunder to any affiliate of the Purchaser without the consent of the Company, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such obligations. Any purported assignment in violation of the foregoing sentence shall be null and void.

 

Section 5.6                        Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent if sent by telecopier, tested telex or prepaid telegram, on the next business day following delivery to Federal Express properly addressed or on the day of attempted delivery by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid, and properly addressed as follows:

 

If to the Purchaser, at:                                     No. 10 Shangdi 10th Street
 Haidian District, Beijing

 

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People’s Republic of China
 Attention:  Tony Yip, Vice President
 Facsimile:  +86 10 5992 0061

 

If to the Company, at:                                     Ctrip.com International, Ltd.
 99 Fu Quan Road
 Shanghai 200335
 People’s Republic of China
 Tel: +86 21 3406-4880
 Fax: +86 21 5251-0000
 Attention: Chief Financial Officer

 

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

 

Skadden, Arps, Slate, Meagher & Flom
 42/F, Edinburgh Tower, The Landmark
 15 Queen’s Road Central
 Hong Kong
 Attention:  Z. Julie Gao, Esq./Haiping Li, Esq.
 Facsimile:  +852 3740 4727/+852 3910 4835

 

Any Party may change its address for purposes of this Section 5.6 by giving the other Parties hereto written notice of the new address in the manner set forth above.

 

Section 5.7                        Entire Agreement. This Agreement constitute the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered hereby are merged and superseded by this Agreement.

 

Section 5.8                        Severability. If any provisions of this Agreement shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby.

 

Section 5.9                        Fees and Expenses. Except as otherwise provided in this Agreement, the Company and the Purchaser will bear their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses of attorneys, accountants, consultants and financial advisors..

 

Section 5.10                Confidentiality. Each Party shall keep in confidence, and shall not use (except for the purposes of the transactions contemplated hereby) or disclose, any non-public information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions contemplated hereby. Each Party shall ensure that its affiliates, representatives and agents keep in confidence, and do not use (except for the purposes of the transactions contemplated hereby) or disclose, any such non-public information. In the event that a Party, or any of its affiliates, representatives and agents, is required by law, regulation or judgment of a competent jurisdiction or requested by any governmental or regulatory agency of a competent jurisdiction (including, without limitation, any stock exchange or self-

 

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regulatory organization) to disclose any such non-public information, it shall, to the extent legally permissible, notify the other Party as promptly as practicable under the circumstances so that the other Party may seek a protective order or other appropriate remedy. In the event that no such protective order or other remedy is obtained, the disclosing Party shall furnish only that portion of the non-public information that is legally required.

 

Section 5.11                Specific Performance. The Parties agree that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity.

 

Section 5.12                Termination. In the event that the Closing shall not have occurred by September 30, 2016, this Agreement shall be terminated unless the Parties mutually agree to renegotiate; except for the provisions of Sections 5.10, which shall survive any termination under this Section 5.12.

 

Section 5.13                Purchaser Description.

 

(a)                               The Company shall afford the Purchaser a reasonable opportunity to review and comment on any description of the Purchaser and/or the transactions contemplated by this Agreement with respect to Purchaser that is to be included in the Final Prospectus.

 

(b)                              The Purchaser hereby consents and undertakes at the request of the Company, it will promptly provide a description of its organization and business activities to the Company (such information together with the relevant information disclosed in the documents or reports furnished or filed by the Purchaser with the SEC and included in the Registration Statement and the prospectus therein, the “Purchaser Description”), and hereby represents that the Purchaser Description will be true and accurate in all material respects and will not be misleading in any material respect, as may be reasonably required by the Company for the purpose of satisfying the disclosure obligations in connection with the Registration Statement and the prospectus therein under applicable laws, regulations and listing rules. The Purchaser also consents to the inclusion of the Purchaser Description, the Purchaser’s name and the matters relating to the Purchaser’s subscription of the Purchased Shares in the Registration Statement and the prospectus therein, and in press releases and other marketing materials for the Offering (subject to the Purchaser’s reasonable opportunity to review and comment on such press release and marketing materials as applicable). Additionally, the Purchaser hereby consents to the filing of this Agreement as an exhibit to the Registration Statement.

 

(c)                               The Purchaser acknowledges that the Company will rely upon the truth and accuracy of the Purchaser Description, and the Purchaser agrees to notify the Company promptly in writing if any of the content contained therein ceases to be accurate and complete or becomes misleading.

 

Section 5.14                Headings. The headings of the various articles and sections of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated.

 

Section 5.15                Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may be executed in one or more counterparts, each of

 

12

 

Execution Copy

 

which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

13

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year first above written.

 

 

	
 
    	
Ctrip.com International, Ltd.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Xiaofan Wang
    
	
 
    	
Name:  Xiaofan Wang
    
	
 
    	
Title:  Chief Financial Offier
    

 

 

[Signature Page to Subscription Agreement]

 

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year first above written.

 

	
 
    	
PURCHASER
    
	
 
    	
Baidu   Holdings Limited
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Robin Li
    
	
 
    	
Name:  Robin Li
    
	
 
    	
Title:  Authorized Signatory
    

 

 

[Signature Page to Subscription Agreement]Exhibit 4.49

 

DATED 23 NOVEMBER 2016

 

 

 

 

 

 

 

 

(1) THE SELLERS

 

(2) CTRIP.COM INTERNATIONAL, LTD.

 

 

 

 

 

 

 

 

 

 

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
AGREEMENT
    	
 
    
	
 
    	
for the sale   and purchase of shares in the capital of Skyscanner Holdings Limited
    	
 
    
	
 
    	
 
    	
 
    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONTENTS

 

	
Clause
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1
    	
DEFINITIONS AND INTERPRETATION
    	
1
    
	
 
    	
 
    	
 
    
	
2
    	
SALE AND PURCHASE
    	
14
    
	
 
    	
 
    	
 
    
	
3
    	
EXCHANGE
    	
14
    
	
 
    	
 
    	
 
    
	
4
    	
CONDITIONS
    	
15
    
	
 
    	
 
    	
 
    
	
5
    	
CONSIDERATION
    	
16
    
	
 
    	
 
    	
 
    
	
6
    	
INTERIM PERIOD
    	
18
    
	
 
    	
 
    	
 
    
	
7
    	
COMPLETION
    	
20
    
	
 
    	
 
    	
 
    
	
8
    	
RESTRICTIVE COVENANTS
    	
21
    
	
 
    	
 
    	
 
    
	
9
    	
SHAREHOLDER CONSENTS
    	
22
    
	
 
    	
 
    	
 
    
	
10
    	
SELLERS’ WARRANTIES AND UNDERTAKINGS
    	
23
    
	
 
    	
 
    	
 
    
	
11
    	
LIMITATIONS ON SELLERS’ LIABILITY
    	
26
    
	
 
    	
 
    	
 
    
	
12
    	
BUYER’S WARRANTIES AND UNDERTAKINGS
    	
26
    
	
 
    	
 
    	
 
    
	
13
    	
SELLERS’ REPRESENTATIVES
    	
28
    
	
 
    	
 
    	
 
    
	
14
    	
CONFIDENTIALITY AND ANNOUNCEMENTS
    	
29
    
	
 
    	
 
    	
 
    
	
15
    	
COSTS
    	
30
    
	
 
    	
 
    	
 
    
	
16
    	
SET OFF
    	
30
    
	
 
    	
 
    	
 
    
	
17
    	
NOTICES
    	
31
    
	
 
    	
 
    	
 
    
	
18
    	
POWER OF ATTORNEY
    	
32
    
	
 
    	
 
    	
 
    
	
19
    	
TERMINATION RIGHTS
    	
33
    
	
 
    	
 
    	
 
    
	
20
    	
FURTHER ASSURANCE
    	
33
    
	
 
    	
 
    	
 
    
	
21
    	
ENTIRE AGREEMENT
    	
33
    
	
 
    	
 
    	
 
    
	
22
    	
INVALIDITY
    	
34
    
	
 
    	
 
    	
 
    
	
23
    	
EFFECT OF COMPLETION
    	
34
    
	
 
    	
 
    	
 
    
	
24
    	
VARIATION AND WAIVER
    	
34
    
	
 
    	
 
    	
 
    
	
25
    	
ASSIGNMENT
    	
34
    
	
 
    	
 
    	
 
    
	
26
    	
CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
    	
35
    
	
 
    	
 
    	
 
    
	
27
    	
COUNTERPARTS
    	
35
    
	
 
    	
 
    	
 
    
	
27
    	
COUNTERPARTS
    	
35
    

 

 

	
29
    	
LAW AND JURISDICTION
    	
35
    
	
 
    	
 
    	
 
    
	
30
    	
SERVICE OF PROCESS
    	
35
    
	
 
    	
 
    	
 
    
	
SCHEDULE 1 - THE SELLERS
    	
37
    
	
 
    	
 
    	
 
    
	
 
    	
PART 1 - MANAGEMENT SELLERS
    	
37
    
	
 
    	
 
    	
 
    
	
 
    	
PART 2 - INSTITUTIONAL AND OTHER NON MANAGEMENT   SELLERS
    	
43
    
	
 
    	
 
    	
 
    
	
SCHEDULE 2 - EXCHANGE
    	
49
    
	
 
    	
 
    	
 
    
	
 
    	
PART 1 - EXCHANGE OBLIGATIONS OF THE SELLERS
    	
49
    
	
 
    	
 
    	
 
    
	
 
    	
PART 2 - EXCHANGE OBLIGATIONS OF THE BUYER
    	
50
    
	
 
    	
 
    	
 
    
	
SCHEDULE 3 - SELLERS’ WARRANTIES
    	
51
    
	
 
    	
 
    	
 
    
	
SCHEDULE 4 - COMPLETION   ARRANGEMENTS
    	
54
    
	
 
    	
 
    	
 
    
	
 
    	
PART 1 - COMPLETION OBLIGATIONS OF THE SELLERS
    	
54
    
	
 
    	
 
    	
 
    
	
 
    	
PART 2 - COMPLETION OBLIGATIONS OF THE BUYER
    	
56
    
	
 
    	
 
    	
 
    
	
SCHEDULE 5 - RESTRICTED   TRANSACTIONS
    	
57
    
	
 
    	
 
    
	
SCHEDULE 6 - LOCK IN AGREEMENT
    	
59
    
	
 
    	
 
    
	
SCHEDULE 7 - CONDUCT OF BUYER
    	
60
    
	
 
    	
 
    
	
SCHEDULE 8 - FORMER EMPLOYEES
    	
61
    

 

 

THIS AGREEMENT is made on 23 November 2016

 

BETWEEN:

 

(1)        The persons whose names and addresses are set out in column 1 of Part 1 of Schedule 1 and column 1 of Part 2 of Schedule 1 under exception of Pulau Dinawan Investments Limited (such persons the “Sellers”, provided always that in the event that Pulau Dinawan Investments Limited and/or Yahoo Japan Corporation adheres to and becomes a party to this Agreement as referred to in Clause 4.1.9, the term “Sellers” shall be deemed to include Pulau Dinawan Investments Limited and/or Yahoo Japan Corporation (as appropriate) with effect from the date of such adherence);

 

(2)        CTRIP.COM INTERNATIONAL, LTD., a company incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands (registered number 97668), whose registered office is at the offices of Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the “Buyer”),

 

(each a “Party” and together the “Parties”); and

 

(3)        CALUM PATERSON c/o SEP III, 17 Blythswood Square, Glasgow G2 4AD (the “SEP Director”) executing this Agreement solely for the purposes of Clause 9.2.

 

INTRODUCTION

 

(A)        The Company was incorporated on 16 September 2011 under the 2006 Act and is a private company limited by shares.

 

(B)        The Sellers are the registered holders and beneficial owners of the number of the Shares shown opposite their respective names in column 2 of Part 1 of Schedule 1 and column 2 of Part 2 of Schedule 1.

 

(C)        Certain of the Sellers also have options to subscribe for shares in the capital of the Company as shown opposite their respective names in column 3 of Part 1 of Schedule 1 and column 3 of Part 2 of Schedule 1.

 

(D)        This Agreement sets out the terms and conditions on which the Buyer has agreed to buy and the Sellers have agreed to sell, or procure the sale of, the Sale Shares with a view to the Buyer acquiring day to day control of the affairs of the Company (the “Transaction”), including that Completion of the Transaction is to be conditional upon the acquisition by the Buyer of all or substantially all of the Company’s issued or to be issued share capital by way, inter alia, of this Agreement, the Former Employee SPAs and the offers to be made pursuant to the Offer Documents.

 

IT IS AGREED as follows:

 

1.          DEFINITIONS AND INTERPRETATION

 

1.1        In this Agreement:

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
“2006 Act”
    	
 
    	
means the Companies   Act 2006
    
	
 
    	
 
    	
 
    
	
“A Ordinary   Shares”
    	
 
    	
means an A ordinary   share of £1.00 each in the capital of the Company and each being an “A Ordinary Share”
    
	
 
    	
 
    	
 
    
	
“Additional   Performance Bonus Arrangements”
    	
 
    	
means arrangements   relating to an incentivisation scheme to be put in place in order to reward   and incentivise employees of the Group in respect of the period following   Completion subject to achievement of performance conditions in respect of the   Group
    
	
 
    	
 
    	
 
    
	
“ADS   Conversion 
    	
 
    	
has the meaning given   in Clause 12.6
    

 

1

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
Procedure”
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
“Affiliate”
    	
 
    	
means in relation to   any body corporate (whether or not registered in the United Kingdom), any   holding company, parent undertaking, subsidiary or subsidiary undertaking of   such body corporate, or any subsidiary or subsidiary undertaking of such   holding company or parent undertaking of such body corporate, in each case   for the time being
    
	
 
    	
 
    	
 
    
	
“Agent”
    	
 
    	
has the meaning given   in Clause 30.1
    
	
 
    	
 
    	
 
    
	
“Agreed   Form”
    	
 
    	
means the form agreed   between and initialled for the purposes of identification by or on behalf of   the Sellers and the Buyer
    
	
 
    	
 
    	
 
    
	
“Agreement”
    	
 
    	
means this deed for   the sale and purchase of shares in the capital of Skyscanner Holdings   Limited, executed between the Parties hereto, as amended, supplemented,   assigned or novated from time to time, in accordance with its terms;
    
	
 
    	
 
    	
 
    
	
“Anti-corruption   Laws”
    	
 
    	
means any law of any   jurisdiction in which any member of the Buyer Group carries on business which   prohibits Corruption by or on behalf of, or at the instigation of, or in any   way affecting, the Group, including without limitation, the Bribery Act 2010,   the Foreign Corrupt Practices Act 1977 and The Organisation for Economic   co-operation and Development Convention on Combating Bribery of Foreign   Public Officials in International Business Transactions;
    
	
 
    	
 
    	
 
    
	
“Attorney”
    	
 
    	
has the meaning given   in Clause 18.1
    
	
 
    	
 
    	
 
    
	
“Business”
    	
 
    	
means the business of   online airline travel meta search carried on by the Company and its   Subsidiaries
    
	
 
    	
 
    	
 
    
	
“Business   Day”
    	
 
    	
means any day (other   than a Saturday, Sunday or public holiday in England, Scotland and the   People’s Republic of China) on which clearing banks in the City of London,   Edinburgh and Shanghai are open for the transaction of normal sterling   banking business
    
	
 
    	
 
    	
 
    
	
“Buyer   Group”
    	
 
    	
means the Buyer, any   holding company of the Buyer and any subsidiary of the Buyer or such holding   company (including, for these purposes and with effect from Completion, the   Company and every Group Company) from time to time and references to “any member of the Buyer Group” shall be construed   accordingly
    
	
 
    	
 
    	
 
    
	
“Buyer   Shares”
    	
 
    	
means ordinary shares   in the Buyer of US$0.01 each
    
	
 
    	
 
    	
 
    
	
“Buyer’s   Warranties”
    	
 
    	
means the warranties   set out in Clause 12;
    
	
 
    	
 
    	
 
    
	
“C Shares”
    	
 
    	
means the C1 Shares,   the C2 Shares, the C3 Shares, the C4 Shares, the C6 Shares, the C7 Shares,   the C8 Shares, the C9 Shares and the C10 Shares
    
	
 
    	
 
    	
 
    
	
“C1 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C2 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C3 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C4 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    

 

2

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
“C5 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C6 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C7 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C8 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C9 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“C10 Shares”
    	
 
    	
has the meaning given   in the Current Articles
    
	
 
    	
 
    	
 
    
	
“Cash   Consideration”
    	
 
    	
has the meaning given   in Clause 5.1.1
    
	
 
    	
 
    	
 
    
	
“Cash   Equivalent Arrangements”
    	
 
    	
means the   arrangements put in place between the Company and each of the Cash Equivalent   Participants providing for the award of a cash amount to the Cash Equivalent   Participants in lieu of an award of an aggregate of: (i) 779 Ordinary   Shares; (ii) 5,905 C5 Shares; (iii) 8,141 C10 Shares; (iv) and   6,855 SIP Shares
    
	
 
    	
 
    	
 
    
	
“Cash   Equivalent Participants” and each being a “Cash   Equivalent Participant”
    	
 
    	
means Wu Shan, Xiao   Fuqian, Zhou Liping, Zhuang Jie, Liu Yinsheng, Zhong Zehua, Chen Keming, Cui Hongqiang,   Guo Yanhai, Li Jianqiang, Li Jinhui, Qin Yuepeng, Wang Shaozhen, Wei   Xiaoqing, Andrzej Sniezyk, Song (Simon) Goa, Chong (Milton) Miao, Yang   Chengbin, Li Sai, Ren Qunying, Wu Hao, Wen Yuan Yuan, Hu Aitzu, Kang Lei, Liu   Jinzhi, Yao Lu, Niu Ran, Lulu Yao, Nellie Niu, Dabo Zhang, Cynthia Zhang,   Huifeng Huang, Elsa Wu, Nina Wang, Fang Wan, Zhou Yiqing (Wiki Zhou), Gu   Guoqing, Peng Zhigui, Feng Wei, Li Weiwei, Zhou Yan, Jack Chen, Devin Wang,   Vic Li, Bella Wen, Xue Guo, Victor Wu, Jack Zou, Vaughn Li, Leo Zhou, Will   Zhang, Steven Jia Wei Pang, Alan Qin, Peter Peng, Bruce Li, Xia Wen, Vivian   Li, Xuejun Chen, Steam Cui, Michael Chen and Fuller Feng
    
	
 
    	
 
    	
 
    
	
“Company”
    	
 
    	
means Skyscanner   Holdings Limited a company incorporated in England and Wales (registered number 07777261),   whose registered office is at Suite 7-001 1 Fore Street, London EC2Y 5EJ
    
	
 
    	
 
    	
 
    
	
“Company   Shares”
    	
 
    	
means shares in the   capital of the Company
    
	
 
    	
 
    	
 
    
	
“Completion”
    	
 
    	
means completion of   the sale and purchase of the Sale Shares in accordance with this Agreement
    
	
 
    	
 
    	
 
    
	
“Completion   Date”
    	
 
    	
means:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
the date which is the   fifth Business Day after the date on which the last of the Conditions to be   satisfied or waived is satisfied or waived; or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
such later date as   the Sellers’ Representatives and the Buyer agree in writing
    
	
 
    	
 
    	
 
    
	
“Conditions”
    	
 
    	
has the meaning given   to it in Clause 4.1
    
	
 
    	
 
    	
 
    
	
“Confidential   Information”
    	
 
    	
means all information   used in or otherwise relating to any Group Company, its business, customers,   financial or other affairs and all information received or obtained as a   result of entering into or performing this Agreement, including information   relating to the Buyer or its Connected Persons, the existence of this   Agreement, the provisions of this Agreement, the negotiations and subject 
    

 

3

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
matter of this   Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
“Connected   Persons”
    	
 
    	
means in relation to   a Seller who is an individual:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
that Seller’s spouse or civil partner, parents and   siblings (including step-siblings and half-siblings) and direct descendants   of such individual and their respective spouses or civil partners (together,   the “Connected Person’s Family”);
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
a company or any other undertaking of which that Seller or   a member of that Seller’s Connected Person’s Family is from time to time a   director or with which that Seller or a member of that Seller’s Connected   Person’s Family is otherwise associated, and the subsidiaries or a subsidiary   undertaking from time to time of such a company or undertaking, any holding   company or parent undertaking from time to time of such a company or   undertaking and every other company or undertaking which, from time to time,   is a subsidiary or subsidiary undertaking of the same ultimate holding   company or parent undertaking as such a company or undertaking;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
any trust established by or for the benefit of that   individual or a member of that individual’s Connected Person’s Family;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(d)
    	
any partnership or undertaking (other than any Group   Company) of which that Seller or a member of that Seller’s Connected Person’s   Family has a direct or indirect economic interest; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(e)
    	
any nominee, trustee or agent or any other person, in each   case, acting on behalf of any person referred to in this definition;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
in relation to a Party which is a corporate entity:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
directors, employees, officers and agents (together the “Corporate Entity Connected Individuals”) of the relevant   Seller;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
subject to the exclusions in paragraph (c) below, any   holding company, parent undertaking, subsidiary or subsidiary undertaking;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
as set out in section 1122 of the CTA 2010 but excluding:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
(i)
    	
all portfolio companies of the relevant Seller;
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
(ii)
    	
all portfolio companies of entities advised or managed by   the same investment advisor or manager as the relevant Seller or advised or   managed by Affiliates of said investment advisor or manager;
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
(iii)
    	
all limited partners of the relevant Seller and their   Affiliates; or
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
(iv)
    	
all underlying investors or limited partners of the
    

 

4

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
relevant Seller and   their Affiliates as well as all underlying investors of entities advised or   managed by the same investment advisor or manager as the relevant Seller or   advised or managed by Affiliates of said investment advisor or manager,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
save that no Seller   shall be deemed to be connected with another Seller (or any of that other   Seller’s Connected Persons) or any Group Company by reason of being party to   any existing Company Share arrangements in respect of the Group or a director   or other officer of any Group Company or by reason of being members or   shareholders in any Group Company;
    
	
 
    	
 
    	
 
    
	
“Consideration”
    	
 
    	
has the meaning given   in Clause 5.1
    
	
 
    	
 
    	
 
    
	
“Consideration   Shares”
    	
 
    	
has the meaning given   in Clause 5.1.2
    
	
 
    	
 
    	
 
    
	
“Consideration   Shares Value”
    	
 
    	
means, in respect of   any Relevant Claim which is to be satisfied by the repurchase by the Company   of Consideration Shares pursuant to Clause 11.4, the value of a Consideration   Share calculated with reference to the VWAP of a Consideration Share as at   the date falling two Business Days prior to the Payment Date in respect of   such Relevant Claim
    
	
 
    	
 
    	
 
    
	
“Corruption”
    	
 
    	
means the bribery or   corruption of public officials, extortion, fraud, unlawful deception,   criminal collusion, unlawful cartels, unlawful abuse of power, embezzlement,   unlawful trading in influence, money-laundering or any similar criminal or   prohibited activity
    
	
 
    	
 
    	
 
    
	
“CTA 2010”
    	
 
    	
means the Corporation   Tax Act 2010
    
	
 
    	
 
    	
 
    
	
“Current   Articles”
    	
 
    	
means the articles of   the association adopted by the Company on 27 November 2015
    
	
 
    	
 
    	
 
    
	
“D Share”
    	
 
    	
means a D share of   0.01 pence in the capital of the Company
    
	
 
    	
 
    	
 
    
	
“Data Room”
    	
 
    	
means the “Project   Sirius” online data room hosted by Merrill DataSite   (https://datasite.merrillcorp.com), a copy of the contents of which are on a   memory stick provided to the Parties on or prior to the date of this   Agreement
    
	
 
    	
 
    	
 
    
	
“Deferred   Share”
    	
 
    	
means a deferred   share of 0.01 pence each in the capital of the Company, having the rights,   and being subject to the restrictions, set out in the New Articles
    
	
 
    	
 
    	
 
    
	
“Disclosure   Letter”
    	
 
    	
means the letter from   the Management Sellers to the Buyer entered into on the date of this   Agreement (but prior to the execution and delivery of this Agreement) in   relation to the Management Warranties in the Agreed Form
    
	
 
    	
 
    	
 
    
	
“Edinburgh   Digital Buy Back Agreements”
    	
 
    	
means the share buy   back agreements to be entered into between the Company and each of Ross   McNairn and Edward Taylor in Agreed Form
    
	
 
    	
 
    	
 
    
	
“Edinburgh   Digital SPA”
    	
 
    	
means the share   purchase agreements in Agreed Form to be entered into between the Buyer   and each of Ross McNairn and Edward Taylor with respect to the acquisition of   certain Company Shares
    

 

5

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
“Employment   Contract Amendment”
    	
 
    	
has the meaning given   in Clause 8.5
    
	
 
    	
 
    	
 
    
	
“Encumbrance”
    	
 
    	
means any   encumbrance, lien, pledge, charge (fixed or floating), mortgage, third party   claim, debenture, option, right of pre-emption, right to acquire, assignment   by way of security, trust arrangement for the purpose of providing security   or other security interests of any kind, including retention arrangements or   other encumbrances of any nature whatsoever and any agreement to create any   of the foregoing
    
	
 
    	
 
    	
 
    
	
“Exchange   Act”
    	
 
    	
means the U.S.   Securities Exchange Act of 1934
    
	
 
    	
 
    	
 
    
	
“FCA”
    	
 
    	
means the UK   Financial Conduct Authority or any successor UK regulatory bodies or if the   relevant matter relates to the functions of only one such successor body, the   reference shall be interpreted to refer to that body alone
    
	
 
    	
 
    	
 
    
	
“First   Instalment Amount”
    	
 
    	
means the first   instalment amount set opposite Bryan Dove’s name in column 5 of Part 1   of Schedule 1
    
	
 
    	
 
    	
 
    
	
“Forms of   Acceptance”
    	
 
    	
has the meaning given   in Clause 6.5
    
	
 
    	
 
    	
 
    
	
“Former   Employee SPAs”
    	
 
    	
means each of the   share purchase agreements in Agreed Form
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
to be entered into   between the Buyer, Zedra Trust Company (Guernsey) Limited and certain of the   Former Employees on or prior to Completion (in each case with the Company   signing as attorney for the Former Employees) hereof with respect to the   acquisition of the shares in the capital of the Company in respect of which   the Former Employees are beneficially entitled;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
to be entered into   between the Buyer and certain of the Former Employees;
    
	
 
    	
 
    	
 
    
	
“Former   Employees”
    	
 
    	
means those   individuals listed in column 2 of Schedule 8
    
	
 
    	
 
    	
 
    
	
“FSMA”
    	
 
    	
means the Financial   Services and Markets Act 2000 (together with the rules and regulations   implemented pursuant thereto);
    
	
 
    	
 
    	
 
    
	
“Full Title   Guarantee”
    	
 
    	
means the benefit of   the implied covenants set out in Part 1 of the Law of Property   (Miscellaneous Provisions) Act 1994 when a disposition is expressed to be   made with full title guarantee
    
	
 
    	
 
    	
 
    
	
“Fully   Diluted Share Capital”
    	
 
    	
means the share   capital of the Company upon exercise (or conversion) in full of all   outstanding options, convertible securities or instruments or other rights to   acquire Company Shares or any other existing or future classes of share   capital of the Company, as applicable, regardless of whether any such   options, convertible securities or instruments or other rights are then   vested or exercisable or convertible in accordance with their terms
    
	
 
    	
 
    	
 
    
	
“Group”
    	
 
    	
means the Company and   the Subsidiaries (and references to “Group Company”   and “member of the Group” shall be   construed accordingly)
    
	
 
    	
 
    	
 
    
	
“GW Side   Letter”
    	
 
    	
means the side letter   agreement in Agreed Form to be entered into on or around Completion   between Gareth John Williams and the 
    

 

6

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Buyer
    
	
 
    	
 
    	
 
    
	
“GW Share   Option Agreement”
    	
 
    	
means the share   option agreement in Agreed Form to be entered into on or around   Completion between Gareth John Williams and the Company
    
	
 
    	
 
    	
 
    
	
“GW   Subscription Agreement”
    	
 
    	
means the   subscription agreement in Agreed Form to be entered into on or around   Completion between Gareth John Williams and the Company in relation to, inter   alia, the subscription by Gareth John Williams for certain shares in the   capital of the Company
    
	
 
    	
 
    	
 
    
	
“HMRC”
    	
 
    	
means Her Majesty’s   Revenue & Customs
    
	
 
    	
 
    	
 
    
	
“Incentive   Arrangements Agreement”
    	
 
    	
means an agreement to   be entered into on the date hereof in the Agreed Form between   (1) the Buyer and (2) the Company recording the agreement of the   Buyer and the Company in respect of matters relating to the Retention Cash   Bonus Arrangements, the Additional Performance Bonus Arrangements, the   Skyscanner Option Plan and the Cash Equivalent Arrangements
    
	
 
    	
 
    	
 
    
	
“Institutional   and Other Non Management Sellers”
    	
 
    	
means those Sellers   whose names and addresses are set out in column 1 of Part 2 of Schedule 1   (for the avoidance of doubt excluding Pulau Dinawan Investments Limited and   Yahoo Japan Corporation unless and until Pulau Dinawan Investments Limited   and/or Yahoo Japan Corporation (as appropriate) adheres to and becomes a   party to this Agreement as referred to in Clauses 4.1.9 and 4.1.10)
    
	
 
    	
 
    	
 
    
	
“Intellectual   Property Rights”
    	
 
    	
has the meaning given   to this term in the Warranty Deed
    
	
 
    	
 
    	
 
    
	
“Interim   Period”
    	
 
    	
means the period   commencing immediately following exchange of this Agreement and ending on Completion
    
	
 
    	
 
    	
 
    
	
“Loan Note   Instrument”
    	
 
    	
means an instrument   in the Agreed Form to be executed by the Buyer at Completion   constituting a sufficient number of unsecured zero coupon loan notes of the   Buyer to be issued in satisfaction of the Buyer’s obligations under Clause   5.1.3
    
	
 
    	
 
    	
 
    
	
“Loan Notes”
    	
 
    	
means the loan notes   constituted by the Loan Note Instrument
    
	
 
    	
 
    	
 
    
	
“Lock-up   Period”
    	
 
    	
has the meaning given   in Clause 12.6
    
	
 
    	
 
    	
 
    
	
“Long Stop   Date”
    	
 
    	
means 23   February 2017, or such later date as the Sellers’ Representatives and   the Buyer may agree in writing
    
	
 
    	
 
    	
 
    
	
“LSE”
    	
 
    	
means London Stock   Exchange plc
    
	
 
    	
 
    	
 
    
	
“Management   Sellers”
    	
 
    	
means those Sellers   whose names and addresses are set out in column 1 of Part 1 of   Schedule 1
    
	
 
    	
 
    	
 
    
	
“Management   Warranties”
    	
 
    	
means the warranties   set out in the Warranty Deed
    
	
 
    	
 
    	
 
    
	
“Material   Contracts”
    	
 
    	
means the material   contracts contained or listed in sub-folders 5.1.3 and 5.1.7 of the Data Room
    
	
 
    	
 
    	
 
    
	
“Material   Subsidiary”
    	
 
    	
has the meaning given   to this term in the Warranty Deed
    
	
 
    	
 
    	
 
    
	
“Minority   Offer Document”
    	
 
    	
means the Agreed   Form offer document setting out the Buyer’s offer to purchase the   Company Shares held and to be held (upon 
    

 

7

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
exercise of all options   or other rights to acquire shares) by such Minority Shareholders to be sent   to Minority Shareholders on or around the date hereof
    
	
 
    	
 
    	
 
    
	
“Minority   Sellers”
    	
 
    	
means all Minority   Shareholders, SIP Participants, SIP Equivalent Participants and Former Employees
    
	
 
    	
 
    	
 
    
	
“Minority   Shareholders”
    	
 
    	
means any person   (other than the Sellers, the SIP Participants, the SIP Equivalent   Participants and the Former Employees) who holds Company Shares or will hold   such shares upon exercise (or conversion) in full of all options, convertible   securities or instruments or other rights to acquire Company Shares or any   other existing or future classes of share capital of the Company, as   applicable, regardless of whether any such options, convertible securities or   instruments or other rights are then vested or exercisable or convertible in   accordance with their terms
    
	
 
    	
 
    	
 
    
	
“Nasdaq”
    	
 
    	
means the Nasdaq   stock market
    
	
 
    	
 
    	
 
    
	
“New   Articles”
    	
 
    	
means the articles of   association in Agreed Form to be adopted by the Company pursuant to the Shareholder   Resolutions
    
	
 
    	
 
    	
 
    
	
“Offers”
    	
 
    	
has the meaning given   in Clause 6.5
    
	
 
    	
 
    	
 
    
	
“Offer   Documents”
    	
 
    	
has the meaning given   in Clause 6.5
    
	
 
    	
 
    	
 
    
	
“Offer   Recipients”
    	
 
    	
has the meaning given   in Clause 6.5
    
	
 
    	
 
    	
 
    
	
“Option   Exercise Amount”
    	
 
    	
means in respect of   each relevant Management Seller the amount shown opposite that relevant   Management Seller’s name in column 8 of Part 1 of Schedule 1 and in   respect of Julian Pancholi means the amount shown opposite Julian Pancholi’s   name in column 8 of Part 2 of Schedule 1
    
	
 
    	
 
    	
 
    
	
“Ordinary   Shares”
    	
 
    	
means an ordinary   share of £1.00 each in the capital of the Company and each being an “Ordinary Share”
    
	
 
    	
 
    	
 
    
	
“PAYE   Reimbursement Amount”
    	
 
    	
means in respect of   each relevant Management Seller the amount shown opposite that relevant Management   Seller’s name in column 9 of Part 1 of Schedule 1 and in respect of   Julian Pancholi means the amount shown opposite Julian Pancholi’s name in   column 9 of Part 2 of Schedule 1
    
	
 
    	
 
    	
 
    
	
“Payment   Date”
    	
 
    	
means, save as   otherwise provided in this Agreement, the date on which a payment is to be   made under this Agreement
    
	
 
    	
 
    	
 
    
	
“Permitted   Nominee”
    	
 
    	
means a subsidiary or   a subsidiary undertaking of the Buyer which is, directly or indirectly,   wholly owned by the Buyer
    
	
 
    	
 
    	
 
    
	
“Press   Announcement”
    	
 
    	
the press announcement   in the Agreed Form
    
	
 
    	
 
    	
 
    
	
“Recognised   Investment Exchange”
    	
 
    	
has the meaning given   to it in section 285 of FSMA
    
	
 
    	
 
    	
 
    
	
“Relevant   Claim”
    	
 
    	
means, subject always   to Clause 11, any claim made by the Buyer for breach of any of the Sellers’   Warranties
    
	
 
    	
 
    	
 
    
	
“Relevant   Date”
    	
 
    	
has the meaning given   in Clause 8.5
    

 

8

 

	
 
    	
 
    	
 
    	
 
    	
 
    
	
“Repurchase   Notice”
    	
 
    	
has the meaning given   in Clause 11.4
    
	
 
    	
 
    	
 
    
	
“Retention   Cash Bonus Arrangements”
    	
 
    	
means arrangements in   the Agreed Form relating to a retention cash bonus arrangement to be put   in place in order to encourage retention of employees of the Group in respect   of the period of 18 months following Completion
    
	
 
    	
 
    	
 
    
	
“Sale   Shares”
    	
 
    	
means the number and class   of Shares which will be sold to the Buyer and are shown opposite the   respective Sellers names in column 4 of Part 1 of Schedule 1 and   column 4 of Part 2 of Schedule 1
    
	
 
    	
 
    	
 
    
	
“SEC”
    	
 
    	
means the US   Securities and Exchange Commission
    
	
 
    	
 
    	
 
    
	
“Second   Disclosure Letter”
    	
 
    	
has the meaning given   to this term in the Warranty Deed
    
	
 
    	
 
    	
 
    
	
“Second   Instalment Amount”
    	
 
    	
means the second   instalment amount set opposite Bryan Dove’s name in column 5 of Part 1   of Schedule 1
    
	
 
    	
 
    	
 
    
	
“Securities   Act”
    	
 
    	
means the US   Securities Act of 1933 as amended
    
	
 
    	
 
    	
 
    
	
“Sellers’   Representatives”
    	
 
    	
means Calum Paterson   and Carolyn Jameson
    
	
 
    	
 
    	
 
    
	
“Sellers’   Warranties”
    	
 
    	
means:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
in the case of the   Institutional and Other Non Management Sellers, the warranties set out in   paragraphs 1, 2 and 3 of Schedule 3
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
in the case of the   Management Sellers, the warranties set out in Schedule 3
    
	
 
    	
 
    	
 
    	
 
    
	
“Senior   Employee”
    	
 
    	
means any employee of   a Group Company entitled to an annual salary in excess of £100,000
    
	
 
    	
 
    	
 
    
	
“Service   Documents”
    	
 
    	
any claim form, notice,   order, judgment or other court document issued by the courts of England and   Wales, or any other document relating to or in connection with proceedings in   the courts of England and Wales
    
	
 
    	
 
    	
 
    
	
“Shareholder   Resolutions”
    	
 
    	
means resolutions of   the holders of the ordinary shares of £1 each and the holders of the A   ordinary shares of £1 each in the capital of the Company, as applicable,   approving the re-designation of the entire issued share capital of the   Company to ordinary shares of 0.01 pence each and Deferred Shares, adopting   the New Articles, granting authority to the directors of the Company to allot   shares pursuant to the GW Subscription Agreement and the Skyscanner Option   Plan and disapplying statutory pre-emption rights in respect of the shares to   be issued pursuant to the GW Subscription Agreement and the Skyscanner Option   Plan in each case with effect immediately following Completion, in Agreed   Form
    
	
 
    	
 
    	
 
    
	
“Share   Consideration Seller”
    	
 
    	
means a Seller   receiving Buyer Shares pursuant to this Agreement
    
	
 
    	
 
    	
 
    
	
“Shareholder   Rights”
    	
 
    	
means, in respect of   a Seller, the exercise of any voting or consent rights it holds as a   shareholder of the Company and the giving of directions to any directors   nominated by it to the board of directors of the Company (subject to their   fiduciary duties)
    

 

9

 

	
“Shareholders’   Agreement”
    	
 
    	
means the   shareholders’ agreement between the Sellers in relation to the Company dated   2 December 2015
    
	
 
    	
 
    	
 
    
	
“Shares”
    	
 
    	
means the number and   class of Shares held by the Sellers and as shown opposite the respective   Sellers names in column 2 of Part 1 of Schedule 1 and column 2 of   Part 2 of Schedule 1
    
	
 
    	
 
    	
 
    
	
“SIP”
    	
 
    	
means the Skyscanner   Holdings Limited Share Incentive Plan
    
	
 
    	
 
    	
 
    
	
“SIP   Equivalent Arrangements”
    	
 
    	
means the share   incentive plans made available to the SIP Equivalent Participants which   permit the SIP Equivalent Participants to (i) subscribe for SIP Shares   and (ii) be allotted matching SIP Shares for nil consideration
    
	
 
    	
 
    	
 
    
	
“SIP   Equivalent Participants”
    	
 
    	
means those employees   based outside of the United Kingdom who participate in the SIP Equivalent   Arrangements
    
	
 
    	
 
    	
 
    
	
“SIP   Participant Offer Document”
    	
 
    	
means the offer   document to be sent to Yorkshire Building Society (as trustee of the SIP),   Zedra Trust Company (Guernsey) Limited (as nominee for certain of the SIP   Equivalent Participants), SIP Participants and SIP Equivalent Participants on   or round the date hereof in the Agreed Form
    
	
 
    	
 
    	
 
    
	
“SIP   Participants”
    	
 
    	
means those employees   who participate in the SIP
    
	
 
    	
 
    	
 
    
	
“SIP Share”
    	
 
    	
means a SIP share of   £0.01 each in the capital of the Company and being fully paid up and   non-redeemable and having the rights, and being subject to the restrictions,   set out in the Articles of Association
    
	
 
    	
 
    	
 
    
	
“Skyscanner   Option Plan”
    	
 
    	
means the Skyscanner   share plan (being a share option plan) in the Agreed Form to be adopted   by the Company with effect from Completion
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
“Subsidiaries”
    	
 
    	
means:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
Skyscanner Limited   (incorporated in England & Wales with registered number 04217916)   which is 100% owned by the Company;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
Skyscanner Inc.   (incorporated in Delaware, United States which is 100% owned by Skyscanner   Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
Experienceon Ventures   Sociedad Limitada (incorporated in Spain with registered number CIF:   B-64797285) which is 100% owned by Skyscanner Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(d)
    	
Reacher Investments   Limited (incorporated in Hong Kong with registered number 1368375) which is   100% owned by Skyscanner Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(e)
    	
Youbibi Technology   (Shenzhen) Limited / 游比比科技(深圳) 有限公司 (incorporated in PRC   with registered number 440301503371434) which is 100% owned by Reacher   Investments Limited (“Youbibi”);
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(f)
    	
Beijing Skyscanner   Technology Co. Limited / 北京天巡思凯科技有限公司 (incorporated in PRC   with registered number 110000450218813) which is 100% owned by 
    

 

10

 

	
 
    	
 
    	
 
    	
Skyscanner Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(g)
    	
Distinction Software   Development Services Limited (incorporated in England & Wales with   registered number 7813634) which is 100% owned by Distinction Informatikai   Szolgáltató Korlátolt Felelősségű Társaság;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(h)
    	
Skyscanner Private   Limited (incorporated in Singapore with registered number 201317279D) which   is 100% owned by Skyscanner Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
Distinction   Informatikai Szolgáltató Korlátolt Felelősségű Társaság   (incorporated in Hungary with registered number 01-09-946648) which is 100%   owned by Skyscanner Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(j)
    	
Skyscanner (Bulgaria)   EOOD /   „Скайскенер   (България)”   ЕООД (incorporated in Bulgaria with registered number   UIC: 203195810) which is 100% owned by Skyscanner Limited;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(k)
    	
Edinburgh Digital   Limited (incorporated in Scotland with registered number SC457315) which is   100% owned by Skyscanner Limited; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(l)
    	
Skyscanner Japan K.K   (incorporated in Japan with registered number 0100-01-167044) which is 51%   owned by Skyscanner Limited (49% owned by Yahoo Corporation Japan)
    
	
 
    	
 
    	
 
    	
 
    
	
“Tax” or “Taxation”
    	
 
    	
means all   governmental, state, community, municipal or regional taxes, levies, imposts,   duties, charges, deductions or withholdings in the nature of taxes arising in   any part of the world including, without limitation:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a) 
    	
capital gains tax,   corporation tax, customs and excise duties, income tax (including PAYE),   inheritance tax, national insurance or social security contributions, stamp   duty, stamp duty land tax, stamp duty reserve tax, capital duty, transfer   taxes, VAT, air passenger duty, air passenger charge, fuel surcharge, airport   taxes, ticket or travel taxes, emission charges, anti-dumping duty,   environmental taxes, insurance premium tax, landfill tax, climate change   levy, aggregates levy, soft drinks industry levy, withholdings and deductions   in respect of tax, duties of customs and excise, all taxes on gross and net   income, profits or gains, receipts, sales, use, occupation, franchise, added   value, personal property or net worth and any amount due as if it were an   amount of or in the nature of Tax; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b
    	
all interest,   penalties, costs, surcharges and fines relating to any of the above or to a   failure to make any return or supply any information in connection with any   of the above
    
	
 
    	
 
    	
 
    	
 
    
	
“Third   Party”
    	
 
    	
has the meaning given to it in Clause 26.1
    
	
 
    	
 
    	
 
    
	
“Transaction”
    	
 
    	
has the meaning given to it in Recital   (D) 
    

 

11

 

	
“Transaction   Documents”
    	
 
    	
means this Agreement,   the Warranty Deed, the Disclosure Letter, the Second Disclosure Letter, the   Minority Offer Document, the SIP Participant Offer Document, the Former   Employee SPAs, the Loan Note Instrument, the Edinburgh Digital SPA, the   Edinburgh Digital Buy Back Agreements, the GW Subscription Agreement, the   Youbibi Variation and Call Option Letters, any other documents in the Agreed   Form and any other document required to be entered into pursuant to this   Agreement
    
	
 
    	
 
    	
 
    
	
“Transaction   Solicitors Bank Account”
    	
 
    	
means the following   bank account:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Bank:
    	
Royal Bank of Scotland
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Accounts Name:
    	
Pinsent Masons LLP Client Account
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Account Number:
    	
64210923
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Sort Code:
    	
15-80-00
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Swift Code:
    	
RBOSGB2L
    
	
 
    	
 
    	
 
    
	
“Transaction   Solicitors”
    	
 
    	
means Pinsent Masons   LLP of 30 Crown Place, Earl Street London EC2A 4ES
    
	
 
    	
 
    	
 
    
	
“UKLA”
    	
 
    	
means the United   Kingdom Listing Authority or any other competent authority for the time being   for the purposes of Part VI of the FSMA
    
	
 
    	
 
    	
 
    
	
“VAT”
    	
 
    	
means (a) in   relation to any jurisdiction within the European Union, the value added tax   provided for in Directive 2006/112/EC and charged under the provisions of any   national legislation implementing that directive or Directive 77/388/EEC   together with legislation supplemental thereto; and (b) in relation to   any other jurisdiction, the equivalent Tax (if any) in that jurisdiction
    
	
 
    	
 
    	
 
    
	
“VWAP”
    	
 
    	
means, as of any   date, the daily dollar volume-weighted average price for such security as   reported by Bloomberg, LP through its “Historical Price Table Screen (HP)”   with Market: Weighted Ave function selected, or, if no dollar volume-weighted   average price is reported for such security, then the average of the highest   closing bid price and the lowest closing ask price of any of the market   makers for such security
    
	
 
    	
 
    	
 
    
	
“Warranty   Deed”
    	
 
    	
means the management   warranty deed dated the date hereof between the Management Sellers and the   Buyer
    
	
 
    	
 
    	
 
    
	
“Youbibi   Variation and Call Option Letters”
    	
 
    	
means the variation   and call option letters to be entered into among the Company, the Buyer and   each of Steven Pang, Lincoln Tso and Wiki Zhou to vary the terms of those   individuals’ conditional subscription agreements with the Company and, in   respect of Steven Pang and Lincoln Tso, grant a call option in favour of the   Buyer in Agreed Form.
    

 

	
1.2
    	
In this Agreement, a   reference to:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
1.2.1
    	
a   Clause or Schedule is a reference to a clause of and schedule to this   Agreement;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
1.2.2
    	
a   statutory provision includes a reference to that provision as modified,   replaced, amended and/or re-enacted from time to time (before or after the   date of this Agreement), any statute, statutory provision or subordinate   legislation which it amends or re-enacts 
    

 

12

 

	
 
    	
 
    	
and   any prior or subsequent subordinate legislation made under it, except to the   extent that any such modification, replacement, amendment or re-enactment   would increase or extend the liability of any of the Sellers under this   Agreement;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.3
    	
Company   Shares to be held (upon exercise of all options or other rights to acquire   shares) is a reference to Company Shares to be held upon exercise (or   conversion) in full of all outstanding options, convertible securities or   instruments or other rights to acquire Company Shares or any other existing   or future classes of share capital of the Company, as applicable, regardless   of whether any such options, convertible securities or instruments or other   rights are then vested or exercisable or convertible in accordance with their   terms;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.4
    	
a   document being signed or executed by a person includes a reference to such   document being signed or executed on behalf of that person;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.5
    	
“costs” includes a reference to costs, charges and expenses   and references to “costs” and /   or “expenses” incurred by a person shall   not include any amount in respect of VAT comprised in such costs or expenses   for which either that person or, if relevant, any other member of the group   to which that person belongs for VAT purposes is entitled to recover (whether   by credit or repayment) such VAT;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.6
    	
a   “person” includes a reference to an   individual, partnership, unincorporated association, body corporate,   government, state or agency of a state, local or municipal authority or   government body or any joint venture wherever incorporated or situated (in   each case whether or not having a separate legal personality) and includes a   reference to that person’s legal personal representatives and successors;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.7
    	
“subsidiary”, “holding company”   or “body corporate” has the respective   meaning set out in sections 1159 and 1173 of the 2006 Act;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.8
    	
“company” shall be construed so as to include any company,   corporation or other body corporate wherever and however incorporated or   established;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.9
    	
“undertaking” has the meaning set out in section 1161 of   the 2006 Act and “subsidiary undertaking”   or “parent undertaking” has the respective   meaning set out in section 1162 of the 2006 Act;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.10
    	
a   “group undertaking” has the meaning   set out in section 1161 of the 2006 Act;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.11
    	
“associate” is a reference to a person connected with   another within the meaning of section 448 of CTA 2010;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.12
    	
something   being “in writing” or “written”   shall include a reference to that thing being produced by any legible and   non-transitory substitute for writing (excluding in electronic form) as   defined in section 1168 of the 2006 Act;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.13
    	
a   time of day is a reference to London time (i.e. GMT) prevailing on the   relevant day;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.14
    	
a   “day” (including within the phrase “Business Day”) shall mean a period of 24 hours running   from midnight to midnight;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.15
    	
if   a period of time is specified as from a given day, or from the day of an act   or event, it shall be calculated exclusive of that day and if a period of   time is expressed to be within a period beginning and ending on two given   days, it shall be exclusive of the day at the beginning of such period and   inclusive of the day at the end of such period;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.16
    	
any   other document referred to in this Agreement is a reference to that other   document as amended, varied, novated or supplemented (other than in breach of   the provisions of this Agreement) at any time;
    

 

13

 

	
 
    	
1.2.17
    	
any   English legal term for any action, remedy, method of judicial proceeding,   legal document, legal status, court, official or any legal concept or thing   shall in respect of any jurisdiction other than England be treated as a   reference to any analogous term in that jurisdiction;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.18
    	
any   gender includes a reference to the other genders;
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.19
    	
the   singular shall include the plural and vice versa; and
    
	
 
    	
 
    	
 
    
	
 
    	
1.2.20
    	
words,   expressions or abbreviations detailed in the Schedules shall have the same   meaning in this Agreement except where otherwise provided.
    
	
 
    	
 
    	
 
    	
 
    
	
1.3
    	
The   Schedules form part of this Agreement and shall be interpreted and construed   as though they were set out in this Agreement.
    
	
 
    	
 
    	
 
    	
 
    
	
1.4
    	
The   headings to Clauses, Schedules and paragraphs of the Schedules are for   convenience only and shall not affect the interpretation or construction of   this Agreement.
    
	
 
    	
 
    	
 
    	
 
    
	
1.5
    	
General   words shall not be given a restrictive meaning by reason of the fact that   they are followed by particular examples intended to be embraced by the   general words.
    
	
 
    	
 
    
	
1.6
    	
Any   agreement, warranty, representation, indemnity, covenant or undertaking on   the part of two or more persons shall, except where the contrary is stated,   be deemed to be given or made by such persons severally and the liability of   each such person in respect of any breach of any such agreement, warranty,   representation, indemnity, covenant or undertaking shall extend only to any   loss or damage arising from his own breach (if any).
    
	
 
    	
 
    
	
2.
    	
SALE AND PURCHASE
    
	
 
    	
 
    
	
2.1
    	
Subject   only to satisfaction (or waiver) of the Conditions, the Buyer agrees to buy,   or procure the purchase of, the Sale Shares and each Seller agrees to sell   (or procure the sale by the registered owner (as the case may be)) free from   any Encumbrance with Full Title Guarantee, the whole of the legal and   beneficial interest in the number of Sale Shares set out opposite his, her or   its name in column 4 of the relevant tables in Schedule 1 with effect   from and including the Completion Date, together with all rights attached or   accruing to them as at the Completion Date.
    
	
 
    	
 
    
	
2.2
    	
Each   Seller irrevocably and unconditionally waives all rights over, or in   connection with, any of the Sale Shares including any right of pre-emption or   other restriction on transfer in respect of the Sale Shares or any of them   conferred on that Seller under the Current Articles, the Shareholders’ Agreement   or otherwise.
    
	
 
    	
 
    
	
2.3
    	
The   Sellers and the Buyer shall not be obliged to complete the sale and purchase   of any of the Sale Shares unless the sale and purchase of all the Sale Shares   is completed simultaneously in accordance with this Agreement, but completion   of the sale and purchase of some of the Sale Shares by a Party will not   affect the rights of the other Party(ies) with respect to the sale or   purchase, as applicable, of the others.
    
	
 
    	
 
    
	
2.4
    	
Each   Seller covenants and undertakes to the other Sellers that it will comply with   its obligations pursuant to Clause 2.1 and Schedule 4.
    
	
 
    	
 
    
	
2.5
    	
Each   Seller undertakes to approve and execute the Shareholder Resolutions   applicable to him/it immediately prior to Completion.
    
	
 
    	
 
    
	
3.
    	
EXCHANGE
    
	
 
    	
 
    
	
3.1
    	
Exchange   shall take place on the date of this Agreement immediately after:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
3.1.1
    	
the   Sellers have satisfied the obligations set out in Part 1 of   Schedule 2; and
    
	
 
    	
 
    	
 
    
	
 
    	
3.1.2
    	
the   Buyer has satisfied the obligations set out in Part 2 of   Schedule 2.
    

 

14

 

	
4.
    	
CONDITIONS
    
	
 
    	
 
    	
 
    	
 
    
	
4.1
    	
Completion   is subject to and conditional upon the satisfaction of (or waiver by the   Buyer acting in its absolute discretion):
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
4.1.1
    	
subject   to Clause 4.2, there having been delivered to the Buyer prior to the   Completion Date acceptances by all Minority Shareholders of the offer made by   the Buyer pursuant to the Minority Offer Document, representing all of the   Company Shares in respect of which that offer is made;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.2
    	
subject   to Clause 4.2, there having been delivered to the Buyer prior to the   Completion Date Former Employee SPAs executed by all Former Employees in   relation to the sale to the Buyer (or a Permitted Nominee) of all of the   Company Shares held or to be held (upon exercise of all options or other   rights to acquire shares (if any)) by the Former Employees;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.3
    	
subject   to Clause 4.2, there having been delivered to the Buyer prior to the   Completion Date acceptances by all SIP Participants (or by any such person   who is the registered holder of the relevant SIP Shares (if different)) of   the offer made by the Buyer pursuant to the SIP Participant Offer Document,   representing all of the Company Shares held or to be held by the SIP Participants   in respect of which that offer is made;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.4
    	
subject   to Clause 4.2, there having been delivered to the Buyer prior to the   Completion Date acceptances by all SIP Equivalent Participants (or by any   such person who is the registered holder of the relevant SIP Shares (if   different)) of the offer made by the Buyer pursuant to the SIP Participant   Offer Document, representing all of the Company Shares held or to be held by   the SIP Equivalent Participants in respect of which that offer is made;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.5
    	
the   Shareholders Resolution being adopted, such resolutions to become effective   immediately following Completion;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.6
    	
there   having been no material breach by any Seller of:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
any Sellers’   Warranty; or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
any undertaking set   out in Clause 6.3 of this Agreement, which breach has or is reasonably likely   to have a material adverse effect on a Material Subsidiary or on the Group   (taken as a whole);
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
4.1.7
    	
the   Buyer having been provided with a copy of the instrument terminating the   Shareholders’ Agreement, validly executed by all parties thereto;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.8
    	
the   Buyer having been provided with a copy of the consents in the Agreed   Form necessary for the acquisition by the Buyer (or a Permitted Nominee)   of all Company Shares to be transferred pursuant to the Transaction Documents   to constitute a Permitted Transfer in accordance with Article 16.4 of   the Current Articles;
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.9
    	
the   Buyer having been provided with a deed of adherence (in a form satisfactory   to the Buyer, acting reasonably) to this Agreement duly executed by Pulau   Dinawan Investments Limited; and
    
	
 
    	
 
    	
 
    
	
 
    	
4.1.10
    	
the   Buyer having been provided with a deed of adherence (in a form satisfactory   to the Buyer, acting reasonably) to this Agreement duly executed by Yahoo   Japan Corporation,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(the   conditions set out at Clauses 4.1.1 to 4.1.10 being the “Conditions”).
    
	
 
    	
 
    	
 
    	
 
    
	
4.2
    	
The   Parties agree that:
    

 

15

 

	
 
    	
4.2.1
    	
in   the event that any of the Conditions set out in Clauses 4.1.1 to 4.1.4 has   not been satisfied prior to the Long Stop Date; and
    
	
 
    	
 
    	
 
    
	
 
    	
4.2.2
    	
the   Buyer has been provided with executed documentation in form and substance   satisfactory to the Buyer (acting reasonably) evidencing that fewer than 25   Minority Sellers which collectively hold or will hold (upon exercise of all   options or other rights to acquire shares) Company Shares representing in   aggregate less than 0.5% of the Fully Diluted Share Capital have not signed   Former Employee SPAs, have not accepted the offer made by the Buyer pursuant   to the Minority Offer Document or the SIP Participant Offer Document (as   applicable),
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
the   Buyer shall waive the Conditions set out in Clauses 4.1.1 to 4.1.4 which have   not been satisfied and the Management Sellers shall use best endeavours to   procure: (i) the execution of Former Employees SPAs by all Former   Employees; (ii) the acceptance of the offer made by the Buyer pursuant   to the Minority Offer Document by all Minority Shareholders; and   (iii) the acquisition by the Buyer (or a Permitted Nominee) of all of   the Company Shares referred to in Clauses 4.1.3 and 4.1.4, in each case as   soon as practicable following Completion. The Parties further agree that the   Management Sellers’ obligation to use best endeavours set out in this Clause   4.2 shall include, without limitation, an obligation for the Management   Sellers to contact the relevant Minority Sellers in writing (which shall   include by e-mail), to provide information on the Transaction (including the   unanimous and unconditional recommendation set out in Clause 6.2.1(b)) and   request execution of the documents necessary to satisfy the relevant   Condition but, for the avoidance of doubt, the obligation to use best   endeavours shall not include any obligation on the Management Sellers to   offer or make or procure that there is offered or made any financial   inducement or payment to any such Minority Seller.
    
	
 
    	
 
    	
 
    	
 
    
	
4.3
    	
Without   prejudice to Clause 4.2, the Management Sellers shall use all reasonable endeavours   to ensure that the Conditions are satisfied as soon as reasonably practicable   and, in any event, not later than the Long Stop Date.
    
	
 
    	
 
    
	
4.4
    	
Without   prejudice to the generality of the obligations set out in Clause 4.3, the   Sellers’ Representatives shall procure that the Company’s advisers consult   with the Buyer’s advisers regularly with respect to progress made towards   fulfilment of the Conditions.
    
	
 
    	
 
    
	
4.5
    	
The   Sellers’ Representatives shall give notice to the Buyer as soon as   practicable upon satisfaction of a Condition and in any event within one   Business Day of becoming aware of the satisfaction of that Condition.
    
	
 
    	
 
    
	
4.6
    	
If   the Conditions have not been satisfied (or waived) on or before 5.00   p.m. on the Long Stop Date (or by such later date as may be agreed in   writing between the Sellers’ Representatives (on behalf of all the Sellers)   and the Buyer) then without prejudice to any accrued rights or obligations of   the Parties arising in respect of any provisions of this Agreement the Buyer   shall be entitled to terminate or rescind this Agreement, in which case the   provisions of Clause 19 shall apply. For the avoidance of doubt, to the   extent that the Buyer is actually aware of a material breach of the Sellers’   Warranties or of a material breach of the undertakings given by the Sellers   in Clause 6.3, the Buyer shall not be entitled to waive the condition   specified in Clause 4.1.6 and thereby proceed to Completion and subsequently   bring a claim for damages against the relevant Seller who is in breach of   that Sellers’ Warranties or his/its undertakings given by that Seller in   Clause 6.3. For the purposes of this Clause 4.6, the awareness of the Buyer   shall be limited to the actual (and not implied, imputed or constructive)   personal knowledge of Cindy Wang, Xiaolu Zhu, James Jianzhang Liang and Jane   Jie Sun immediately prior to Completion, having made no further enquiries   whatsoever.
    
	
 
    	
 
    
	
4.7
    	
In   accordance with Clause 4.6, the Sellers’ Representatives and the Buyer may   defer the Long Stop Date and the Parties agree that such deferral may take   place more than once.
    
	
 
    	
 
    
	
5.
    	
CONSIDERATION
    
	
 
    	
 
    
	
5.1
    	
Subject   to Clause 5.2, the consideration (“Consideration”)   for the sale of the Sale Shares shall comprise:
    

 

16

 

	
 
    	
5.1.1
    	
the   sum of £989,566,095.76 (the “Cash Consideration”);
    
	
 
    	
 
    	
 
    
	
 
    	
5.1.2
    	
7,776,943   new Buyer Shares (the “Consideration Shares”);   and
    
	
 
    	
 
    	
 
    
	
 
    	
5.1.3
    	
the   issue of £5,509,259.60 principal amount of Loan Notes.
    
	
 
    	
 
    	
 
    	
 
    
	
5.2
    	
In   relation to the Consideration:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
5.2.1
    	
the   Parties acknowledge and agree that the amounts of Cash Consideration,   Consideration Shares and Loan Notes set out in Clause 5.1 have been agreed on   the assumption that all of the SIP Participants who are invited to make a   Top-Up Contribution (as defined in and described in paragraph 4 of   Part II of the SIP Participant Offer Document) elect to make such Top-Up   Contributions in full. In the event that all of the SIP Participants who are   invited to make Top-Up Contributions do not elect to make such Top-Up   Contributions in full, the Parties agree that the amount of Consideration   which would otherwise have been payable to them (on completion of the   transactions contemplated in the Transaction Documents) will be reallocated amongst   all other shareholders of the Company as determined by the Management Sellers   in accordance with the order of priority set out in article 5 of the Current   Articles and consequently the amount of Consideration payable to the Sellers   under this Agreement and the amount of the consideration payable to the other   shareholders of the Company pursuant to the other Transaction Documents will   increase accordingly;
    
	
 
    	
 
    	
 
    
	
 
    	
5.2.2
    	
the   Management Sellers shall cause the Company to provide an updated copy of   Schedule 1 to the Buyer within 3 Business Days of 27 November 2016,   being the date as set out in paragraph 4 of Part II of the SIP   Participant Offer Document by which a SIP Participant must elect to make a   Top-Up Contribution; and
    
	
 
    	
 
    	
 
    
	
 
    	
5.2.3
    	
in   the event that the consideration payable to the shareholders of the Company   is reallocated as described in Clause 5.2.1, the references in this Agreement   to the amounts of Cash Consideration, Consideration Shares and the principal   amount of Loan Notes (including with respect to the waiver and the discharge   set out in Clause 5.6) will be deemed to be references to the amounts of Cash   Consideration, Consideration Shares and the principal amount of Loan Notes as   increased pursuant to such reallocation and as set out in the updated copy of   Schedule 1 to be provided in accordance with Clause 5.2.2.
    
	
 
    	
 
    	
 
    	
 
    
	
5.3
    	
Subject   to the terms of this Agreement, at Completion, the Buyer shall
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
5.3.1
    	
pay   an amount equal to the Cash Consideration less the Second Instalment Amount   to the Transaction Solicitors Bank Account;
    
	
 
    	
 
    	
 
    
	
 
    	
5.3.2
    	
issue   to the Sellers the Consideration Shares in the respective numbers set out in   column 6 of Part 1 of Schedule 1 and column 6 of Part 2 of   Schedule 1; and
    
	
 
    	
 
    	
 
    
	
 
    	
5.3.3
    	
issue   the principal amount of Loan Notes to each of the relevant Management Sellers   set opposite his/its name in column 7 of Part 1 of Schedule 1,   deliver to the relevant Management Sellers duly executed certificates for the   Loan Notes so issued and enter the names of the relevant Management Sellers   in the Buyer’s register of debentures as the holders of the Loan Notes.
    
	
 
    	
 
    	
 
    	
 
    
	
5.4
    	
The   Buyer agrees that the settlement of the Cash Consideration due to Bryan Dove   set opposite his name in column 5 of Part 1 of Schedule 1 will be   paid to him by the Buyer in two instalments as follows:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
5.4.1
    	
the   First Instalment Amount will be paid by the Buyer to the Transaction   Solicitors Bank Account on Completion; and
    

 

17

 

	
 
    	
5.4.2
    	
the   Second Instalment Amount will be paid by the Buyer to the Transaction   Solicitors Bank Account or such other account as is notified by the Sellers’   Representatives to the Buyer by way of electronic transfer on the third   anniversary of Completion.
    
	
 
    	
 
    	
 
    	
 
    
	
5.5
    	
The   Sellers irrevocably undertake to the Buyer to be bound by the provisions   contained in Schedule 6 (Lock In Agreement).
    
	
 
    	
 
    
	
5.6
    	
The   Parties acknowledge that the Consideration shall be allocated among the   Sellers according to the arrangements and order agreed solely between the   Sellers and the Company as set out in Parts 1 and 2 of Schedule 1. Each   Seller hereby irrevocably and unconditionally: (i) waives any right   he/it may have to bring any claims against the Buyer in relation to the   apportionment of the Consideration among the Sellers; and (ii) agrees   that payment of the Cash Consideration to the Transaction Solicitors Bank   Account shall constitute a full and unconditional discharge of the Buyer’s   obligations under Clause 5.3.1.
    
	
 
    	
 
    
	
6.
    	
INTERIM PERIOD
    
	
 
    	
 
    
	
6.1
    	
The   Management Sellers shall, and the Institutional and Other Non Management   Sellers shall exercise their Shareholders Rights to, subject to all   applicable legal and regulatory requirements, procure that the affairs of the   Company and the Subsidiaries during the Interim Period are conducted only in   the ordinary and usual course of its business as carried on in the six month   period prior to the date of this Agreement.
    
	
 
    	
 
    
	
6.2
    	
The   Sellers shall exercise their Shareholders Rights to, subject to all applicable   legal and regulatory requirements and to the extent that they are able to by   the exercise of those Shareholder Rights:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
6.2.1
    	
procure   that the Company’s board of directors:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
unanimously and   unconditionally approves the Transaction and any action contemplated in, or   necessary to comply with, the terms of this Agreement;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
unanimously and   unconditionally recommends to Minority Shareholders, SIP Participants and SIP   Equivalent Participants to accept the offer set out in the Minority Offer   Document and the SIP Participant Offer Document;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
addresses Minority   Shareholders, SIP Participants and SIP Equivalent Participants by a letter in   the Agreed Form, informing them of its unanimous and unconditional   recommendation to accept the offer set out in the Minority Offer Document and   the SIP Participant Offer Document and providing the reasons for such   recommendation; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(d)
    	
ensures that the   letters referred to in paragraph (c) above be included in the Minority Offer   Document and the SIP Participant Offer Document; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
6.2.2
    	
procure   that neither the Company nor any of the Subsidiaries shall during the Interim   Period without the prior written consent of the Buyer take any decision or   action in relation to any of the matters referred to in Schedule 5.
    
	
 
    	
 
    	
 
    	
 
    
	
6.3
    	
An   Institutional and Other Non Management Seller shall not approve any proposed   action of a Management Seller, of which it has prior notice, which would   breach, or be inconsistent with, either Clause 6.1 or Clause 6.2, and it is   reasonably apparent that it would do so, and each Institutional and Other Non   Management Seller shall exercise its respective Shareholder Rights to procure   that during the Interim Period:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
6.3.1
    	
the   affairs of the Company and the Subsidiaries are conducted only in the   ordinary and usual course of its business as carried on in the six month   period prior to the date of this Agreement; and
    

 

18

 

 

	
 
    	
6.3.2
    	
neither   the Company nor any of the Subsidiaries shall during the Interim Period   without the prior written consent of the Buyer take any decision or action in   relation to any of the matters referred to in Schedule 5.
    
	
 
    	
 
    	
 
    
	
6.4
    	
Nothing   in this Clause 6 shall limit, restrict or prevent the Management Sellers in   the period prior to Completion from undertaking any of the following in   connection with the Group:
    
	
 
    	
 
    	
 
    
	
 
    	
6.4.1
    	
any act   or thing that the Buyer has given its prior consent to in writing;
    
	
 
    	
 
    	
 
    
	
 
    	
6.4.2
    	
any act   required by any competent governmental or regulatory organisation;
    
	
 
    	
 
    	
 
    
	
 
    	
6.4.3
    	
taking   any actions contemplated in, or necessary to comply with, the terms of this   Agreement or any of the Transaction Documents;
    
	
 
    	
 
    	
 
    
	
 
    	
6.4.4
    	
complying   with any pre-existing contractual obligations of the Company and Group   Companies entered into on or before the date of this Agreement; or
    
	
 
    	
 
    	
 
    
	
 
    	
6.4.5
    	
any   action:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
reasonably   taken pursuant to an obligation imposed by any material governmental   authority permit, consent or licence required by the Group for the operation   of the Business;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
to the   extent that it is required to comply with applicable laws or regulations; or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
reasonably   taken in an emergency or disaster situation with the intention of minimising   any adverse effect thereof (and of which the Buyer will be notified promptly   thereafter) only for so long as such emergency or disaster situation   continues.
    
	
 
    	
 
    	
 
    	
 
    
	
6.5
    	
The   Management Sellers shall cause the Company to act as receiving agent in   connection with the offers (the “Offers”) to   be made by the Buyer to the Minority Shareholders, the SIP Participants and   the SIP Equivalent Participants (the “Offer Recipients”)   pursuant to the Minority Offer Document and the SIP Participant Offer   Document (collectively, the “Offer Documents”)   and to perform in particular the following:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
6.5.1
    	
send   the relevant Offer Document and form of acceptance in Agreed Form (“Forms of Acceptance”) to each Offer Recipient as soon as   reasonably practicable following exchange of this Agreement;
    
	
 
    	
 
    	
 
    
	
 
    	
6.5.2
    	
receive   Forms of Acceptance and any documents of title in accordance with the terms   of the relevant Offer;
    
	
 
    	
 
    	
 
    
	
 
    	
6.5.3
    	
in the event   any Form of Acceptance has been improperly completed or executed, or any   document required to accompany such Form of Acceptance not being in   order (as required by the instructions set out in the Form of   Acceptance), or if some other irregularity in connection with any such forms   exists, to endeavour to cause such action to be taken as is necessary to   correct such irregularity (for the avoidance of doubt, determination of all   questions as to the validity, form, eligibility (including timeliness of receipt)   and acceptance of any shares tendered or delivered shall be determined by the   Buyer);
    
	
 
    	
 
    	
 
    
	
 
    	
6.5.4
    	
report   by 5.00 pm London time each Business Day to the Buyer the details of the   Forms of Acceptance received, indicating the number of Company Shares (and   the percentage they represent of the Fully Diluted Share Capital) for which   Forms of Acceptance have been received and the amount of cash and Loan Notes   due to such accepting Offer Recipients;
    
	
 
    	
 
    	
 
    
	
 
    	
6.5.5
    	
upon   receipt of funds from the Buyer (to be provided by the Buyer in accordance   with Clause 5.3.1), dispatch cash payments to Offer Recipients by transfer of   cash to the
    

 

19

 

	
 
    	
 
    	
relevant   Offer Recipient’s bank account and send Loan Note certificates (to be   provided by the Buyer in accordance with Clause 5.3.3) to the Offer   Recipients (save to the extent that the relevant Offer Recipients have agreed   that the originals of such Loan Note certificates shall be retained centrally   on their behalf by the Company Secretary of the Company), in each case,   pursuant to the relevant Offers and Forms of Acceptance; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
6.5.6
    	
generally   take such other reasonable action in connection with the administration of   the Offers as the Buyer may from time to time request.
    
	
 
    	
 
    	
 
    	
 
    
	
7.
    	
COMPLETION
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
7.1
    	
Subject   to the satisfaction of the Conditions on or prior to the Long Stop Date,   Completion will take place five Business Days after the last of the   Conditions is satisfied or waived in accordance with this Agreement, or at   such other time and/or venue as may be agreed in writing between the Sellers’   Representatives and the Buyer.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
7.2
    	
On   Completion:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.2.1
    	
the   Sellers shall perform (or cause to be performed) their respective obligations   in Part 1 of Schedule 4; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.2.2
    	
the   Buyer shall perform (or cause to be performed) its obligations in Part 2   of Schedule 4.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
7.3
    	
If   Completion does not occur on or before 17:00 on the Completion Date as a   result of the Buyer on the one hand or a Seller on the other hand failing to   fully discharge any of their respective obligations under Schedule 4   (the “Defaulting Party”), then the other   party (being the Sellers’ Representatives where the Buyer is the Defaulting   Party) (the “Non-Defaulting Party”) may (in addition to and   without prejudice to all other rights or remedies available to it, including   the right to claim damages from that Seller who is in default) by written   notice to the Defaulting Party served on such date:-
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.3.1
    	
without prejudice to Clause 4.6, waive such   failure to fully discharge such obligation and proceed to Completion so far   as practicable;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.3.2
    	
postpone Completion to such date as the   Non-Defaulting Party specifies, being not more than 10 Business Days after   the Completion Date, in which event the provisions of this Agreement apply as   if the later date is the Completion Date (save for this Clause 7.3.2 that   shall only apply once); or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.3.3
    	
in the   case of a material breach, terminate this Agreement in which event the   provisions of Clause 19 shall apply,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
provided   that, the Sellers shall not be able to exercise the options set out in   Clauses 7.3.2 and 7.3.3 if the Buyer has issued the Consideration Shares and   share certificates in respect thereof to be delivered to the Sellers in   accordance with the terms of this Agreement, has issued the Loan Notes and   certificates in respect thereof to be delivered to the Management Sellers in   accordance with the terms of this Agreement and the Transaction Solicitors   have received an amount equal to the Cash Consideration in the Transaction   Solicitors Bank Account in cleared funds.
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
7.4
    	
Each   relevant Management Seller and Julian Pancholi hereby agrees and irrevocably   instructs the Transaction Solicitors at Completion to deduct from the Cash   Consideration payable to the relevant Management Seller or Julian Pancholi,   prior to any payment to any of the Management Sellers and Julian Pancholi:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.4.1
    	
an   amount equal to the aggregate of the Option Exercise Amounts for the relevant   Management Sellers and Julian Pancholi; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
7.4.2
    	
an   amount equal to the aggregate of the PAYE Reimbursement Amounts for the   relevant Management Sellers and Julian Pancholi,
    

 

20

 

	
 
    	
and   transfer the amounts referred to at Clauses 7.4.1 and 7.4.2 to the Company   (and not to the Management Sellers and Julian Pancholi) by telegraphic   transfer. The relevant Management Sellers for the purposes of this Clause 7.4   are those Management Sellers opposite whose name a figure is inserted in   columns 8 and 9 of Part 1 of Schedule 1.
    
	
 
    	
 
    	
 
    	
 
    
	
8.
    	
RESTRICTIVE COVENANTS
    
	
 
    	
 
    	
 
    	
 
    
	
8.1
    	
Each   Management Seller covenants with the Buyer for itself and as trustee for each   Group Company that he or she shall not, and shall procure that none of his or   her Connected Persons shall directly or indirectly:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
8.1.1
    	
for a   period of three years from Completion be concerned in any travel metasearch   business which is competitive with the Business, or any part of it, provided   that this restriction shall not apply to the extent that (other than Gareth   Williams) a Management Seller or any of his or her Connected Persons is,   after termination of the relevant Management Seller’s employment or service   agreement with the Group, concerned with a part of any of the following   businesses provided that he/she/it is not concerned or otherwise involved in   any manner whatsoever with any part of such businesses relating to travel   metasearch, online travel search/agency or any other activities which would   compete with the business of the Group as conducted at the relevant time:   Amazon, Google, Microsoft, Verizon, Yahoo and Facebook; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
8.1.2
    	
for an unlimited   period make use of any Intellectual Property Rights owned by a Group Company   at Completion.
    
	
 
    	
 
    	
 
    	
 
    
	
8.2
    	
For   the purpose of Clause 8.1, a Management Seller will be concerned in a   business if he or she owns, manages, controls, carries it on as a principal   or agent or if he or she has any direct or indirect financial interest as a   shareholder in or lender or consultant to any person who carries on the   business. However, nothing contained in this Agreement shall preclude or   restrict a Management Seller from holding, as a passive investor and together   with the holdings of all Connected Persons in such company, not more than   three per cent. of the issued share capital of any company whose shares are   publicly traded or listed.
    
	
 
    	
 
    
	
8.3
    	
Each   Seller covenants with the Buyer for   itself and as trustee for each Group Company that it shall not, and shall   procure that none of its Connected Persons shall directly or indirectly for a   period of three years from Completion, induce or attempt to induce any   director, officer (other than a director or officer resigning at Completion),   or Senior Employee of a Group Company to leave the employment of that Group   Company or enter into any employment or services agreement with the Seller or   a Connected Person of that Seller (otherwise than (i) in response to a   bona fide advertisement in whatever form of media or (ii) in   circumstances where the applicable director, officer or Senior Employee has   approached that Seller of his or her own accord, in each case where there has   been no previous contact directly or indirectly in relation to the possible   entry into such an agreement between the Seller (or any of its Connected   Persons) and the individual concerned).
    
	
 
    	
 
    
	
8.4
    	
Each Management Seller   acknowledges that in his or her capacity as a key employee of the Group, he   or she has had and will have access to trade secrets, confidential   information, business connections and the workforce of the Company and the   Group Companies and that in order to protect their legitimate business   interests it is reasonable for him or her to extend the post termination   restrictive covenants in his or her employment or service contract as set out   in Clause 8.5.
    
	
 
    	
 
    
	
8.5
    	
Each Management Seller   undertakes, prior to Completion, to execute an amendment to his or her employment or   service contract with the relevant Group Company (the “Employment   Contract Amendment”), such amendment to be conditional upon   Completion and to become effective with effect from the Completion Date, to:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
8.5.1
    	
undertake,   not to, directly or indirectly for a period of one year from termination of   his or her employment or service agreement, or the date on which the   Management Seller is placed on garden leave if earlier (the “Relevant Date”), be engaged or concerned in any
    

 

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capacity   in any travel metasearch, online travel search/agency or any other business   which would compete with the business of the Group as conducted at the time   of termination of such employment or service agreement and in which the   Management Seller has been involved in each case in the period of 12 months   prior to the Relevant Date.  Such provision shall replace any   non-compete provision in such Management Seller’s employment or service   contract, if any; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
8.5.2
    	
amend   the duration of any other post termination restrictions in the Management   Seller’s employment or service contract relating to the solicitation of or   dealing with customers or prospective customers, or the solicitation or   hiring of employees, to 12 months from the Relevant Date.
    
	
 
    	
 
    	
 
    	
 
    
	
8.6
    	
Each   Management Seller accepts his or her portion of the Consideration and benefit   under the Incentive Arrangements Agreement as consideration for his or her   Employment Contract Amendment and acknowledges that payment or other benefit   pursuant to this Agreement and the Incentive Arrangements Agreement shall be   subject to execution of the Employment Contract Amendment.
    
	
 
    	
 
    
	
8.7
    	
The   Parties hereby acknowledge and agree that:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
8.7.1
    	
each   of the restrictions in each   paragraph or sub-Clause or Clause above shall be enforceable independently of   each of the others and its validity shall not be affected if any of the   others is invalid;
    
	
 
    	
 
    	
 
    
	
 
    	
8.7.2
    	
if,   at the time of enforcement of Clauses 8.1, 8.3 or 8.5, a court of competent   jurisdiction shall hold that the duration, scope or area restrictions stated   therein are unreasonable under the circumstances then existing, the Parties shall use all reasonable endeavours   to replace such restrictions with valid and enforceable substitute   restrictions which carry out, as closely as possible, the intentions of the   Parties under this Agreement.
    
	
 
    	
 
    	
 
    
	
8.8
    	
Each   Seller acknowledges that the above provisions of this Clause are no more   extensive than is reasonable to protect the Buyer as the purchaser of the   Sale Shares.
    
	
 
    	
 
    
	
9.
    	
SHAREHOLDER CONSENTS
    
	
 
    	
 
    
	
9.1
    	
SEP III   hereby irrevocably and unconditionally consents under the Shareholders’   Agreement (including, without limitation, under clause 6.1(a), clause   6.2(a) and paragraphs (b), (c), (g), (t), (x) and (z) of part   1 of schedule 3 to the Shareholders’ Agreement) to the entry into of this   Agreement and the Transaction Documents and effecting the transactions   contemplated by this Agreement and the Transaction Documents.
    
	
 
    	
 
    
	
9.2
    	
The SEP   Director hereby irrevocably and unconditionally consents under the   Shareholders’ Agreement (including, without limitation, under clause 6.1(b),   clause 6.2(b) and paragraph (l) of part 2 of schedule 3 to the   Shareholders’ Agreement) to the entry into of this Agreement and the   Transaction Documents and effecting the transactions contemplated by this   Agreement and the Transaction Documents.
    
	
 
    	
 
    
	
9.3
    	
Each of   Bonamy Charles Grimes, Barry James Smith, Gareth John Williams, Juliet   Grimes, Julian Pancholi and Nitro Ventures Limited (being the “Founders” as   defined in the Shareholders’ Agreement) hereby irrevocably and   unconditionally consents under the Shareholders’ Agreement (including,   without limitation, under clause 8.1, clause 8.2 and paragraphs (b) and   (c) of schedule 5 to the Shareholders’ Agreement) to the entry into of   this Agreement and the Transaction Documents and effecting the transactions   contemplated by this Agreement and the Transaction Documents.
    
	
 
    	
 
    
	
9.4
    	
Each of   SC US GF V Holdings Limited, Sequoia Capital Global Growth Fund, LP and   Sequoia Capital Global Growth Principals Fund, LP (being “SEQ” as defined in   the Shareholders’ Agreement) hereby irrevocably and unconditionally consents   under the Shareholders’ Agreement (including, without limitation, under   clause 7.1, clause 7.3, paragraph (a) of part 1 of schedule 7 to the   Shareholders’ Agreement and paragraphs (a), (b), (c) and (f) of   part 2 of schedule 7 to the
    

 

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Shareholders’   Agreement) to the entry into of this Agreement and the Transaction Documents   and effecting the transactions contemplated by this Agreement and the   Transaction Documents.
    
	
 
    	
 
    	
 
    	
 
    
	
9.5
    	
Each of   SEP III, SC US GF V Holdings Limited, Sequoia Capital Global Growth Fund, LP   and Sequoia Capital Global Growth Principals Fund, LP, comprising an “A   Ordinary Shareholder Majority” as defined in the Current Articles, hereby   irrevocably and unconditionally consents under article 16.4(b) of the   Current Articles to the transfer of all of the Company Shares to be   transferred pursuant to the Transaction Documents.
    
	
 
    	
 
    
	
10.
    	
SELLERS’ WARRANTIES AND UNDERTAKINGS
    
	
 
    	
 
    
	
10.1
    	
Subject   to Clauses 10.11 and 10.12, as at the date of this Agreement:
    
	
 
    	
 
    
	
 
    	
10.1.1
    	
each   Seller severally warrants to the Buyer in respect of himself only in the   terms of paragraphs 1.1.1, 1.1.3, 1.1.4, 2 and 3 of Schedule 3;
    
	
 
    	
 
    	
 
    
	
 
    	
10.1.2
    	
each   Management Seller also severally warrants to the Buyer in respect of himself   only in the terms of paragraph 4 of Schedule 3,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
and   each warranty is given by reference to the facts and circumstances existing   at the date of this Agreement.
    
	
 
    	
 
    	
 
    	
 
    
	
10.2
    	
At   Completion:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
10.2.1
    	
each   Seller severally warrants to the Buyer in respect of himself only in the terms   of paragraphs 1.1.2, 1.1.3, 1.1.4, 2 and 3 of Schedule 3;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
10.2.2
    	
each   Management Seller also severally warrants to the Buyer in respect of himself   only in the terms of paragraph 4 of Schedule 3,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
and   each warranty is given by reference to the facts and circumstances existing   on the Completion Date.
    
	
 
    	
 
    
	
10.3
    	
Notwithstanding   any other provision of this Agreement, the Sellers’ Warranties are subject to   the provisions of Clause 11.
    
	
 
    	
 
    
	
10.4
    	
Each of   the Sellers’ Warranties shall be interpreted as separate and independent so   that the Buyer shall have a separate claim and right of action in respect of   every breach of each Sellers’ Warranty.
    
	
 
    	
 
    
	
10.5
    	
Subject   to Clause 10.6, no Seller makes any representation or gives any warranty or undertaking   to the Buyer save only as and to the extent expressly set out in this   Agreement or (in the case of the Management Sellers only) the Warranty Deed.   The Buyer shall not have any remedy in respect of any misrepresentation or   untrue statement (whether made carelessly or not) made by any Seller unless   and to the extent that a claim lies for breach of the Sellers’ Warranties or,   in respect of the Management Sellers only, the Management Warranties.
    
	
 
    	
 
    
	
10.6
    	
Clause 10.5   shall not exclude the liability of a Seller in respect of that Seller’s fraud   or fraudulent misrepresentation.
    
	
 
    	
 
    
	
10.7
    	
Subject   to Clause 4, the Buyer shall have no right to rescind or terminate this   Agreement whether before or after Completion by reason of a breach of any of   the Sellers’ Warranties or the Management Warranties.
    
	
 
    	
 
    
	
10.8
    	
Save   with respect to information set out in the Sellers’ Warranties and the   Management Warranties, no information supplied by or on behalf of any Group   Company to the Buyer or its advisers in connection with the business and   affairs of any Group Company constitutes a representation, warranty or   undertaking as to its accuracy to the Buyer by any Group Company and the   Buyer waives each and every claim which it may have against any Group   Company, or their respective directors, officers, members or employees in   respect of such information.
    

 

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10.9
    	
Each   Seller waives any claims which he/it may have in respect of any   misrepresentation, inaccuracy, opinion, or information made or communicated (orally   or in writing) to them by any Group Company or by any officer, employee or   agent of a Group Company for the purpose of assisting the Sellers to give any   warranty, undertaking, covenant or statement in this Agreement or any other   Transaction Document.
    
	
 
    	
 
    	
 
    	
 
    
	
10.10
    	
Each Share Consideration   Seller undertakes to the Buyer that:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
10.10.1
    	
he/it   understands that the Buyer Shares may be “restricted securities” within the   meaning of Rule 144 under the Securities Act, and agrees that for so   long as such securities are restricted securities (as so defined), they may   not be deposited into any unrestricted depositary facility established or   maintained by any depositary bank;
    
	
 
    	
 
    	
 
    
	
 
    	
10.10.2
    	
if   he/it is a person to whom Buyer Shares are distributed, offered and sold   outside of the United States he/it is subscribing for the Buyer Shares in an   “offshore transaction” meeting the requirements of Regulation S under the   Securities Act (“Regulation S”);
    
	
 
    	
 
    	
 
    
	
 
    	
10.10.3
    	
if   he/it is a person to whom Buyer Shares are distributed, offered or sold   inside the United States he/it further represents and agrees on his/its own   behalf on and on behalf of any investor accounts for which he/it is   subscribing for or purchasing Buyer Shares that:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
he/it   is a “qualified institutional buyer” (“QIB”) within   the meaning of Rule 144A under the Securities Act (“Rule 144A”).   Further, if he/it is acquiring the Buyer Shares as a fiduciary or agent for   one or more investor accounts: (a) each such account is for the benefit   of a QIB; (b) he/it has sole investment discretion with respect to each   account; and (c) he/it has full power and authority to make the   representations, warranties, agreements and acknowledgements in this   Agreement on behalf of each such account; He/it and any such account for   which he/it is acting as fiduciary or agent is acquiring the Buyer Shares for   investment purposes and not with a view to any resale, transfer or   distribution of any such Buyer Shares;
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
he/it   understands that there may be certain consequences under United States and   other tax laws resulting from an investment in the Buyer Shares and he/it   made such investigation and have consulted his/its own independent advisers   or otherwise have satisfied himself/itself concerning, without limitation,   the effects of United States federal, state and local income tax laws and   foreign tax laws and the US Employee Retirement and Income Security Act of   1974, as amended, and the Securities Act; and
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(c)
    	
he/it   has not become aware of, and is not making, any investment decision with   respect to the Buyer Shares as a result of, any “general solicitation or   general advertising” (within the meaning of Rule 502 of Regulation D   under the Securities Act) or “directed selling efforts” (as defined in Regulation   S);
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
10.10.4
    	
he/it   understands that the Buyer Shares are being offered in the United States or   any state or other jurisdiction thereof in a transaction not involving any   public offering within the meaning of the Securities Act, that the Buyer   Shares have not been and will not be registered under the Securities Act or   the securities laws of any state or other jurisdiction of the United States;   and he/it agrees that subject to the 12-month lock-up restrictions set   out in Schedule 6 of this Agreement, (A) if in the future he/it decides to   offer, resell, pledge or otherwise transfer any of the Buyer Shares, such   Buyer Shares may be offered, resold, pledged or otherwise transferred only in   compliance with the Securities Act and other applicable laws   (1) pursuant to an effective Registration Statement; (2) to a   transferee that is outside the United States that is purchasing the Buyer   Shares in an offshore transaction (as defined in Regulation S) in compliance   with the provisions of Rule 903 or Rule 904 of Regulation S;   (3) to a QIB pursuant to an exemption from registration under the   Securities Act, (4) pursuant to the exemption from   registration provided by Rule 144, or (5) upon delivery of all other certifications,   opinions and other documents that the Buyer may reasonably require, and in   each case in accordance with
    

 

24

 

	
 
    	
 
    	
the   Securities Act and any applicable securities law of any state of the United   States and any other jurisdiction, and (B) he/it will notify any   subsequent purchaser of the Buyer Shares of the re-sale restrictions referred   to in (A) above;
    
	
 
    	
 
    	
 
    
	
 
    	
10.10.5
    	
he/it   understands and agrees that, although offers and sales of the Buyer Shares   may be made in the United States to QIBs, they are not being made pursuant to   Rule 144A, and the Buyer is not obligated to take any action to make the   Buyer Shares eligible for resale pursuant to Rule 144A;
    
	
 
    	
 
    	
 
    
	
 
    	
10.10.6
    	
he/it   acknowledges that any Buyer Shares in certificated form will bear the legend   set out below:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
THIS SECURITY HAS NOT   BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED   (THE “SECURITIES ACT”), ANY STATE SECURITIES LAWS IN THE UNITED STATES OR THE   SECURITIES LAWS OF ANY OTHER JURISDICTION AND HAVE BEEN INITIALLY PLACED   PURSUANT TO EXEMPTION FROM THE SECURITIES ACT AND SUCH OTHER LAWS AND   MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT AS   PERMITTED BY THIS LEGEND. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS   SECURITY, REPRESENTS, ACKNOWLEDGES AND AGREES THAT IT WILL NOT REOFFER,   RESELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY EXCEPT   (A) (1) IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE   LAWS (1) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT; (2) TO A   TRANSFEREE THAT IS OUTSIDE THE UNITED STATES AND THAT IS PURCHASING THIS   SECURITY IN AN OFFSHORE TRANSACTION COMPLYING WITH THE PROVISIONS OF RULE 903   OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) TO A   “QUALIFIED INSTITUTIONAL BUYER” PURSUANT TO AN EXEMPTION FROM REGISTRATION   UNDER THE SECURITIES ACT (4) PURSUANT TO THE EXEMPTION FROM REGISTRATION   PROVIDED BY RULE 144, OR (5) UPON DELIVERY OF ALL OTHER CERTIFICATIONS,   OPINIONS AND OTHER DOCUMENTS THAT THE COMPANY MAY REASONABLY REQUIRE,   (B) IN ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES   LAW OF ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTION AND   (C) IN COMPLIANCE WITH THE 12-MONTH LOCK-UP RESTRICTIONS UNDER THE   AGREEMENT FOR THE SALE AND PURCHASE OF SHARES IN THE CAPITAL OF SKYSCANNER HOLDINGS   LIMITED DATED 23 NOVEMBER, 2016.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
THIS SECURITY IS NOT   TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE RESTRICTIONS DESCRIBED HEREIN.   EACH TRANSFEROR OF THIS SECURITY AGREES TO PROVIDE NOTICE OF THE TRANSFER   RESTRICTIONS SET FORTH HEREIN TO THE TRANSFEREE.
    
	
 
    	
 
    	
 
    
	
10.11
    	
Notwithstanding any other   provision of this Agreement, in the event that Pulau Dinawan Investments   Limited adheres to this Agreement following the date of this Agreement, the   Parties agree that:
    
	
 
    	
 
    	
 
    
	
 
    	
10.11.1
    	
any   obligations or undertakings assumed or warranties granted by Pulau Dinawan   Investments Limited; and
    
	
 
    	
 
    	
 
    
	
 
    	
10.11.2
    	
any   rights owed by any other Party to Pulau Dinawan Investments Limited,
    
	
 
    	
 
    	
 
    
	
 
    	
in each case, under this   Agreement, will take effect from the date that Pulau Dinawan Investments   Limited adheres to this Agreement (rather than with effect from the date of   this Agreement) and that any reference to “exchange” or “date of this   Agreement” or similar expression shall, in relation to Pulau Dinawan   Investments Limited, mean the date on which Pulau Dinawan Investments Limited   adheres to and becomes a party to this Agreement.
    
	
 
    	
 
    	
 
    
	
10.12
    	
Notwithstanding any other   provision of this Agreement, in the event that Yahoo Japan Corporation   adheres to this Agreement following the date of this Agreement, the Parties   agree that:
    

 

25

 

	
 
    	
10.12.1
    	
any   obligations or undertakings assumed or warranties granted by Yahoo Japan   Corporation; and
    
	
 
    	
 
    	
 
    
	
 
    	
10.12.2
    	
any   rights owed by any other Party to Yahoo Japan Corporation,
    
	
 
    	
 
    	
 
    
	
 
    	
in each case, under this Agreement, will take   effect from the date that Yahoo Japan Corporation adheres to this Agreement   (rather than with effect from the date of this Agreement) and that any   reference to “exchange” or “date of this Agreement” or similar expression   shall, in relation to Yahoo Japan Corporation, mean the date on which Yahoo   Japan Corporation adheres to and becomes a party to this Agreement.
    
	
 
    	
 
    	
 
    
	
11.
    	
LIMITATIONS ON SELLERS’ LIABILITY
    
	
 
    	
 
    
	
11.1
    	
The   total aggregate amount of the liability of each Seller (including all   reasonable legal and other professional fees and expenses properly incurred   by the Sellers) in respect of all Relevant Claims, shall not exceed the   Consideration received by that Seller pursuant to this Agreement.
    
	
 
    	
 
    
	
11.2
    	
No   Seller shall have any liability for a Relevant Claim unless he or it receives   from the Buyer written notice of the Relevant Claim (specifying in such   detail as is reasonably available to the Buyer the matter giving rise to the   Relevant Claim, the nature of the Relevant Claim and the amount claimed)   within a period of thirty-six (36) months after Completion.
    
	
 
    	
 
    
	
11.3
    	
Each   Seller shall disclose to the Buyer anything which is or may constitute a   breach of or be inconsistent with any of the Sellers’ Warranties if they were   to be repeated at any time after the date of this Agreement or of which any   Seller may become aware after the date of this Agreement.
    
	
 
    	
 
    
	
11.4
    	
Each   Seller shall be entitled to elect to satisfy a Relevant Claim (i) in   cash or (ii) by cancelling the relevant number of Loan Notes then   outstanding and delivering the relevant loan note certificate in respect   thereof to the Buyer or (iii) if and to the extent lawful and permitted   under the Companies Law of the Cayman Islands, by selling (for no   consideration other than the deemed satisfaction of the Relevant Claim) to   the Buyer such number of Consideration Shares as is determined by dividing   the amount of the Relevant Claim by the Consideration Shares Value, provided   that the Seller shall notify the Buyer in writing of its intention to satisfy   a Relevant Claim by selling Consideration Shares to the Buyer (the “Repurchase Notice”) and the Buyer, acting reasonably,   shall determine whether the proposed sale of Consideration Shares, and the   repurchase thereof by the Buyer, is lawful. The Buyer shall respond to a   Seller electing to satisfy a Relevant Claim by selling Consideration Shares   to the Buyer within five Business Days of receipt of a Repurchase Notice.
    
	
 
    	
 
    
	
12.
    	
BUYER’S WARRANTIES AND UNDERTAKINGS
    
	
 
    	
 
    
	
12.1
    	
The   Buyer warrants to each of the Sellers as of the date of this Agreement that:
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.1
    	
it is   an exempted company validly existing under the laws of the Cayman Islands;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.2
    	
it has   power to enter into and perform this Agreement and all the documents in the   Agreed Form to be executed by it and this Agreement constitutes, and   each such Agreed Form document when executed will constitute, binding   obligations of the Buyer in accordance with its terms;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.3
    	
the   execution and delivery of this Agreement and any of the Agreed   Form documents to be executed by the Buyer and the performance of and   compliance with its terms and provisions will not conflict with or result in   a breach of, or constitute a default under, any agreement or arrangement to   which the Buyer is a party or by which the Buyer is bound or of any court   order or judgment that applies to or binds the Buyer or any of its property;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.4
    	
no   consent, action, approval or authorisation of, and no registration,   declaration, notification or filing with or to, any court or governmental or   administrative authority is required to be obtained, or made, by the Buyer to   authorise the execution or performance of this Agreement by the Buyer;
    

 

26

 

	
 
    	
12.1.5
    	
the   Buyer has available (subject only to Completion) the necessary cash resources   to meet its payment obligations under this Agreement and each of the other Transaction   Documents;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.6
    	
the   Buyer is purchasing the Sale Shares for itself beneficially and not wholly or   partly as agent for any other person;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.7
    	
there   is no agreement, arrangement or understanding (whether or not of a legally binding   nature) for the Sale Shares (or any interest in the Sale Shares) or all or   any part of the business or undertaking of the Company or any of the   Subsidiaries to be sold, transferred or otherwise disposed to, or held for   the benefit of any person other than the Buyer or a Permitted Nominee;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.8
    	
save as   set out in Clause 5.5 and Schedule 6 of this Agreement, the   Consideration Shares being delivered by the Buyer to the Sellers hereunder   are and shall be duly authorized and validly issued, fully paid,   nonassessable and shall be owned of record and beneficially by the Sellers   free of all Encumbrances. The Consideration Shares will be issued in   compliance with all applicable securities laws and other applicable laws and   without contravention of any other person’s rights therein or with respect   thereto. Subject to restrictions provided hereunder or under applicable law,   the Sellers will receive good and marketable title to the Consideration   Shares;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.9
    	
the   Buyer has filed with and furnished to the SEC all reports, schedules, forms,   certifications, prospectuses and registration, proxy and other statements   required to be filed with or furnished to the SEC since January 1, 2015   (collectively, the “Buyer Reports”).   As of their respective effective dates (in the case of the Buyer Reports that   are registration statements filed pursuant to the requirements of applicable   securities laws) and as of their respective SEC filing dates (in the case of   all other Buyer Reports), and, if amended, as of the date of the last such   amendment, the Buyer Reports complied in all material respects with the   requirements of the securities laws applicable to such Buyer Reports, and   none of the Buyer Reports as of such respective dates and, if amended, as of   the date of the last such amendment, contained any untrue statement of a   material fact or omitted to state a material fact required to be stated   therein or necessary in order to make the statements therein, in light of the   circumstances under which they were made, not misleading. As of the date of   this Agreement, there are not outstanding or unresolved comments received   from the SEC or its staff with respect to the Buyer Reports which would be   material in the context of the Buyer’s obligations pursuant to the Transaction   Documents.
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.10
    	
the   authorized share capital of the Buyer consists of 175,000,000 ordinary   shares, par value US$0.01 each, of which 66,699,411.25 are issued and   outstanding;
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.11
    	
in the   period of three years ending on the date of this agreement, the Buyer, its   directors and officers, and in the case of Anti-corruption Laws only (so far   as the Buyer is aware) agents and employees for whose actions the Buyer may   be liable (past and present), in the course of their respective duties, have complied   in all material respects with all applicable laws and regulations, including   Anti-corruption Laws, of the United States, the People’s Republic of China,   the Cayman Islands or any foreign jurisdiction in which the Buyer Group   carries on business; and
    
	
 
    	
 
    	
 
    
	
 
    	
12.1.12
    	
each   member of the Buyer Group maintains policies and procedures required to   ensure compliance with applicable Anti-corruption Laws.
    
	
 
    	
 
    	
 
    
	
12.2
    	
The   Buyer’s Warranties shall be deemed to be repeated immediately before   Completion by reference to the facts and circumstances then existing as if   references in those warranties to the date of this Agreement were references   to the Completion Date.
    
	
 
    	
 
    
	
12.3
    	
The   Buyer’s Warranties are separate and independent and are not limited or   restricted by reference to or inference from the terms of any other provision   of this Agreement.
    

 

27

 

	
12.4
    	
The   Sellers shall have no right to rescind or terminate this Agreement whether   before or after Completion by reason of a breach of any of the Buyer’s   Warranties.
    
	
 
    	
 
    
	
12.5
    	
Upon   any claim being made by a third party (for the avoidance of doubt, excluding   the Buyer or any member of the Buyer Group) against any Seller after   Completion relating to the affairs of any Group Company on or prior to   Completion, the Buyer shall (or, as appropriate, shall procure that each   relevant Group Company or other person concerned shall), subject to the Buyer   being fully reimbursed by the relevant Seller for all out-of-pocket costs and   expenses properly incurred by the Buyer or the Group Company, provide such   information and assistance which such Seller may reasonably require to enable   such Seller to deal with such third party claim, save where the Buyer (acting   reasonably) considers that such provision of information and assistance   (i) would cause undue disruption to the business and operations of any   member of the Buyer Group; (ii) would prejudice legal privilege in any   such documents; or (iii) would or might reasonably be expected to   prejudice (other than in an immaterial respect) the legitimate interests of   any member of the Buyer Group).
    
	
 
    	
 
    
	
12.6
    	
During the period of 12 months from Completion   (the “Lock-up Period”), the Buyer shall be   subject to the reporting requirements of, and shall have filed all required   reports as applicable under, Section 13 or 15(d) of the Exchange   Act. The Parties shall cooperate and the Buyer shall use all reasonable   endeavours to ensure that the restrictive legend under Clause 10.10.6 of this   Agreement on the Consideration Shares will be removed and the Buyer   deliverable pursuant to the Buyer’s standard ADS conversion procedures for   non-affiliates (the “ADS Conversion Procedure”)   will be delivered to the depositary so that, upon each Seller’s delivery of   the Seller deliverables pursuant to the ADS Conversion Procedure, the   corresponding Consideration Shares can be converted into freely tradeable   American depositary shares of the Buyer by the relevant Seller effective as   of the expiration of the Lock-up Period, or as soon thereafter as such   restrictions may be removed under applicable securities laws. The Buyer shall   pay, or cause the waiver of, the depositary’s fees for delivery of such   American depositary shares of the Buyer in connection with the conversion of   the Consideration Shares.
    
	
 
    	
 
    
	
13.
    	
SELLERS’ REPRESENTATIVES
    
	
 
    	
 
    
	
13.1
    	
Each   Seller irrevocably and unconditionally agrees that from the date of this   Agreement, the Sellers’ Representatives shall be irrevocably   appointed and authorised to act on behalf of that Seller vis-à-vis the Buyer   (and its permitted assignees and successors) and carry out the Sellers’ Representatives’ duties contained in   this Agreement and for such other purposes as may be agreed in   writing between the Parties.
    
	
 
    	
 
    
	
13.2
    	
The   Sellers shall procure that the Buyer shall be promptly notified in writing at   least ten Business Days prior to any replacement of a Sellers’   Representative.
    
	
 
    	
 
    
	
13.3
    	
The   Sellers’ Representatives may take any and all actions, and make any   decisions, required or permitted to be taken by the Sellers’ Representatives   under this Agreement, including the power to:
    
	
 
    	
 
    	
 
    
	
 
    	
13.3.1
    	
receive   notices, documents and information on behalf of any of the Sellers under any Transaction   Document;
    
	
 
    	
 
    	
 
    
	
 
    	
13.3.2
    	
provide   comments on any documents relating to the Transaction (other than a   Transaction Document), and any subsequent revision and amendments thereto and   to confirm the status of such documents as being in Agreed Form; and
    
	
 
    	
 
    	
 
    
	
 
    	
13.3.3
    	
take   all actions necessary in the judgement of the Sellers’ Representatives for   the accomplishment of the foregoing.
    
	
 
    	
 
    	
 
    
	
13.4
    	
The Sellers expressly agree:
    
	
 
    	
 
    	
 
    
	
 
    	
13.4.1
    	
that   the Sellers’ Representatives shall act in their sole discretion with respect   to the taking of any action required of the Sellers’ Representatives pursuant   to the terms of this Agreement;
    

 

28

 

	
 
    	
13.4.2
    	
that   the Sellers shall be irrevocably and unconditionally bound by the actions   taken by the Sellers’ Representatives pursuant to Clause   13.3, irrespective of any failure by the Sellers’ Representatives to comply   with any procedure which is (or may in the future be) put in place to govern   the representation of the Sellers by the Sellers’ Representatives;
    
	
 
    	
 
    	
 
    
	
 
    	
13.4.3
    	
not to   bring any action or claim against the Sellers’ Representatives in connection   with their appointment as Sellers’ Representatives and/or in relation to any   action with the Sellers’ Representatives have taken or omitted to take in the   past or may in the future take or omit to take in their capacity as Sellers’   Representatives, except in the case of fraud or dishonesty; and
    
	
 
    	
 
    	
 
    
	
 
    	
13.4.4
    	
to   indemnify and keep indemnified the Sellers’ Representatives from all losses,   costs, damages, expenses (including professional fees) and any other   liabilities that may be incurred by them as a result of the performance of   their duties, functions and role as the Sellers’ Representatives under this   Agreement, provided that the Sellers’ Representatives shall not be entitled   to indemnification in respect of any matter where their actions or inactions   are fraudulent,
    
	
 
    	
 
    	
 
    
	
 
    	
it   being expressly agreed by the Sellers that any alleged breach of the   provisions of this Clause 13.4 or any other provision or understanding   (whether written or not and whether approved by all Sellers or not) relating   to the representation of the Sellers by the Sellers’   Representatives shall have no impact on the authority and appointment of a Sellers’   Representative under this Agreement and (unless replaced in accordance with   the terms of this Agreement), the Sellers’ Representatives shall continue to   bind all the Sellers by taking any of the actions set out in this Clause 13.
    
	
 
    	
 
    	
 
    
	
13.5
    	
The   Sellers and the Buyer agree that the Sellers’ Representatives shall have no   liability whatsoever to the Parties in relation to the exercise of powers and   authorities included in this Clause 13 save in the case of   fraud or fraudulent misrepresentation.
    
	
 
    	
 
    
	
14.
    	
CONFIDENTIALITY AND ANNOUNCEMENTS
    
	
 
    	
 
    
	
14.1
    	
Each of   the Sellers severally undertake to the Buyer that he, she or it will not at   any time after Completion make use of, disclose or cause unauthorised   disclosure to any person of any Confidential Information unless:
    
	
 
    	
 
    	
 
    
	
 
    	
14.1.1
    	
authorised   by the Buyer in writing;
    
	
 
    	
 
    	
 
    
	
 
    	
14.1.2
    	
in the   case of a Management Seller, in accordance with the normal course of   employment with the Group;
    
	
 
    	
 
    	
 
    
	
 
    	
14.1.3
    	
the   information has come into the public domain through no fault of that Seller   or any of its Connected Persons;
    
	
 
    	
 
    	
 
    
	
 
    	
14.1.4
    	
otherwise   required by law or any competent governmental or regulatory organisation;
    
	
 
    	
 
    	
 
    
	
 
    	
14.1.5
    	
disclosed   on a strictly confidential basis to a professional advisers for the purpose   of advising the Sellers; or
    
	
 
    	
 
    	
 
    
	
 
    	
14.1.6
    	
the   Institutional and Other Non Management Sellers are required to disclose such   information to their existing or potential investors and existing or   potential limited partners PROVIDED that such investors and limited partners   are subject to the same confidentiality undertakings as the relevant   Institutional and Other Non Management Seller under this Agreement.
    
	
 
    	
 
    	
 
    
	
14.2
    	
The Sellers’ Representatives and the Buyer agree   the Press Announcement to be released on the date of this Agreement. The   Sellers and the Buyer agree that each Seller and the Buyer shall be entitled   to make or send out a press or any other public announcement in respect of the sale and purchase of the Group   without the text of such announcement receiving the prior written approval
    

 

29

 

	
 
    	
of the   Buyer or the Sellers’ Representatives (as applicable) only to the extent that   such announcement contains information set out in the Press Announcement.
    
	
 
    	
 
    	
 
    
	
14.3
    	
The   Sellers and the Buyer agree that the prior written consent of the other   Parties shall not be required in respect of any public announcement,   communication or circular:
    
	
 
    	
 
    	
 
    
	
 
    	
14.3.1
    	
to a   professional adviser in connection with advice relating to the interpretation   of this Agreement or proceedings relating to the enforcement of the terms of   this Agreement;
    
	
 
    	
 
    	
 
    
	
 
    	
14.3.2
    	
required   to be made by virtue of the regulations of the FCA and any successor bodies,   the UKLA, the LSE or the Panel on Takeovers and Mergers, the SEC or the   European Commission or Nasdaq;
    
	
 
    	
 
    	
 
    
	
 
    	
14.3.3
    	
required   to be disclosed by law or the relevant accounting rules and standards in   any annual reports and/or corporate documents prepared in the ordinary course   of its business;
    
	
 
    	
 
    	
 
    
	
 
    	
14.3.4
    	
by the   Institutional and Other Non Management Sellers to investors or potential   investors in their funds and existing or potential limited partners   (including the internal rate of return and money multiple on their   investments in the Group), provided that such information is restricted only   to information of a nature ordinarily and usually provided by the   Institutional and Other Non Management Sellers to investors or potential   investors and existing or potential limited partners in their funds and   disclosure takes place in accordance with Clause 14.1.6; or
    
	
 
    	
 
    	
 
    
	
 
    	
14.3.5
    	
by the   Institutional and Other Non Management Sellers in respect of the realisation   of their investment in the Company provided that such announcements contain   information disclosed in the Press Announcement and the amount of the return   to the Institutional and Other Non Management Sellers,
    
	
 
    	
 
    	
 
    
	
 
    	
provided   that any public announcement, communication or circular pursuant to   sub-Clauses 14.3.1 and 14.3.3 shall be permitted only to the extent required   and, to the extent   permitted by applicable law, after consultation with the Buyer (in the case   of intended disclosure by a Seller) or the Sellers’ Representatives (in the   case of intended disclosure by the Buyer) and the Party intending to disclose   the Confidential Information shall take into account, and to the extent   possible, not take any action in contravention of, the reasonable comments or   requests of such other Party.
    
	
 
    	
 
    	
 
    
	
15.
    	
COSTS
    
	
 
    	
 
    
	
15.1
    	
Subject   always to Clause 15.2, each party to this Agreement will bear its own costs   and expenses relating to the negotiation, preparation, execution and   implementation of this Agreement.
    
	
 
    	
 
    
	
15.2
    	
The   Parties acknowledge and agree that the Company shall bear the reasonable   costs and expenses of the professional advisers disclosed to the Buyer in   writing prior to the date of this Agreement, engaged in relation to the   Transaction Documents and all matters contemplated thereto.
    
	
 
    	
 
    
	
15.3
    	
For the   avoidance of doubt, the Buyer will pay any stamp duty in relation to the   transfer of the Sale Shares (and any other shares transferred pursuant to the   Transaction Documents).
    
	
 
    	
 
    
	
16.
    	
SET OFF AND PAYMENTS
    
	
 
    	
 
    
	
16.1
    	
All   payments made under this Agreement, or any of the documents referred to in   it, shall be made free and clear from any set-off, counterclaim or other   withholding or deduction of any nature whatsoever except where any such   set-off, counterclaim, withholding or deduction is required by law.
    
	
 
    	
 
    
	
16.2
    	
If any   Party is required by law to make a deduction or withholding from any payment   made pursuant to this Agreement (other than any payment to the Sellers of any   part of the consideration for the Sale Shares) or if any payment made   pursuant to this Agreement (other than a payment to
    

 

30

 

	
 
    	
the   Seller of any part of the consideration for the Sale Shares) is subject to   Tax in the hands of the payee (ignoring for these purposes the availability   of any relief, loss, allowance, credit, exemption, deduction or set off, or   any right to repayment of Tax), the paying Party shall be obliged to pay such   sum as will, after the making of such withholding or deduction or after such   Tax, leave the recipient Party of the payment with the same amount as it   would have received had no deduction or withholding been made or had the   payment not been subject to Tax.
    
	
 
    	
 
    
	
16.3
    	
Unless   otherwise expressly stated in this Agreement, all payments to be made under   this Agreement shall be made in immediately available funds sterling by   electronic transfer on the due date for payment to such account as the   receiving Party directs by notice to the paying Party.
    
	
 
    	
 
    
	
17.
    	
NOTICES
    
	
 
    	
 
    
	
17.1
    	
Any   notice or other communication given in connection with this Agreement will be   in writing and will be delivered personally or sent by pre-paid first class   post (or air mail if overseas), in the case of the Sellers to the recipient’s   address set out in Schedule 1 or, in the case of the Buyer, to the   Buyer’s address set out in Clause 17.3 and, in the case of the Sellers’   Representatives, to the address set out in Clause 17.4 or to any other   address which the recipient has notified in writing to the sender received   not less than seven (7) Business Days before the notice was despatched.
    
	
 
    	
 
    
	
17.2
    	
A   notice or other communication is deemed given:
    
	
 
    	
 
    
	
 
    	
17.2.1
    	
if   delivered personally, upon delivery at the address provided for in Clause   17.1; or
    
	
 
    	
 
    	
 
    
	
 
    	
17.2.2
    	
if sent   by pre-paid first class post (other than air mail), on the second Business   Day after posting it; or
    
	
 
    	
 
    	
 
    
	
 
    	
17.2.3
    	
if sent   by air mail, on the sixth Business Day after posting it,
    
	
 
    	
 
    	
 
    
	
 
    	
provided   that, if it is delivered personally on a day which is not a Business Day or   after 4.00 p.m. (in the place of delivery) on a Business Day, it   will instead be deemed to have been given or made on the next Business Day.
    
	
 
    	
 
    	
 
    
	
17.3
    	
The address for the Buyer   referred to in Clause 17.1 is:
    
	
 
    	
 
    	
 
    
	
 
    	
  To:
    	
Ctrip.com International, Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
  Address:
    	
968 Jin Zhong Road, Shanghai 200335,   People’s Republic of China
    
	
 
    	
 
    	
 
    
	
 
    	
  For the attention of:
    	
Xiaofan Wang, Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
With a copy (which shall   not constitute, or be essential for valid, notice) to:
    
	
 
    	
 
    	
 
    
	
 
    	
  To:
    	
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
    
	
 
    	
 
    	
 
    
	
 
    	
  Address:
    	
40 Bank Street, London E14 5DS, United Kingdom
    
	
 
    	
 
    	
 
    
	
 
    	
  For the attention of:
    	
John Adebiyi
    
	
 
    	
 
    	
 
    
	
17.4
    	
The address for the Sellers’ Representatives   referred to in Clause 17.1 is:
    
	
 
    	
 
    	
 
    
	
 
    	
  To:
    	
Calum Paterson and Carolyn Jameson
    
	
 
    	
 
    	
 
    
	
 
    	
  Address:
    	
Skyscanner Holdings Limited at Quartermile   One, 15 Lauriston Place, Edinburgh EH3 9EN
    
				

 

31

 

	
 
    	
  For the attention of:
    	
Calum Paterson and Carolyn Jameson
    
	
 
    	
 
    	
 
    
	
 
    	
With a copy (which shall   not constitute, or be essential for valid, notice) to:
    
	
 
    	
 
    	
 
    
	
 
    	
  To:
    	
Pinsent Masons LLP
    
	
 
    	
 
    	
 
    
	
 
    	
  Address:
    	
Third Floor, Quay 2, 139 Fountainbridge,   Edinburgh, United Kingdom
    
	
 
    	
 
    	
 
    
	
 
    	
  For the attention of:
    	
Alan Diamond and Rosalie Chadwick
    
	
 
    	
 
    	
 
    
	
17.5
    	
The   provisions of this Clause 17 will not apply, in the case of service of court   documents, to the extent that such provisions are inconsistent with the Civil   Procedure Rules.
    
	
 
    	
 
    
	
18.
    	
POWER OF ATTORNEY
    
	
 
    	
 
    
	
18.1
    	
With   effect on and from Completion, each of the Sellers irrevocably appoints the   Buyer or a Permitted Nominee nominated by the Buyer (the “Attorney”) as its true and lawful attorney with authority   on his/her/its behalf and in his/her/its name for the purpose of exercising   any rights, privileges or duties attaching to the Sale Shares previously held   by that Seller and for such purpose to do all such acts and things and to   execute all such deeds and other documents as the Attorney shall, in its   absolute discretion, consider necessary or desirable, including but not   limited to receiving notices of and attending and voting at all meetings of   the members of the Company and voting on and passing any shareholder   resolution.
    
	
 
    	
 
    
	
18.2
    	
Each of   the Sellers irrevocably undertakes to the Buyer that, for as long as   he/she/it remains the registered holder of any Sale Shares after Completion   held by him/her/it prior to Completion, the Seller shall:
    
	
 
    	
 
    
	
 
    	
18.2.1
    	
hold   such Sale Shares registered in his/her/its name and any dividends and other   moneys or assets paid or distributed in respect of it which are referable to   any period following Completion and all rights arising out of or in   connection with it from Completion in trust for the Attorney;
    
	
 
    	
 
    	
 
    
	
 
    	
18.2.2
    	
not   exercise any of the rights, powers and privileges attaching to the Sale   Shares or otherwise which are capable of being exercised by the registered   holder of the Sale Shares without the prior express written consent of the   Attorney; and
    
	
 
    	
 
    	
 
    
	
 
    	
18.2.3
    	
act   promptly in accordance with the Attorney’s instructions in relation to any   rights exercisable or anything received by the Seller in the Seller’s   capacity as registered holder of the Sale Shares.
    
	
 
    	
 
    	
 
    
	
18.3
    	
Each of   the Sellers undertakes to ratify and confirm everything the Attorney shall   lawfully do or cause to be done in pursuance of the power of attorney granted   by that Seller pursuant to Clause 18.1.
    
	
 
    	
 
    
	
18.4
    	
Each of   the Sellers hereby declares that the power of attorney granted by that Seller   pursuant to Clause 18.1 shall be irrevocable but shall expire upon the   earlier of:
    
	
 
    	
 
    	
 
    
	
 
    	
18.4.1
    	
the   registration of the Attorney as the holder of the Sale Shares previously held   by that Seller in the register of members of the Company; and
    
	
 
    	
 
    	
 
    
	
 
    	
18.4.2
    	
with   respect to:
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(a)
    	
the   Management Sellers, two months following the date of Completion and,
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(b)
    	
the   Institutional and Other Non Management Sellers, 30 days following the date of   Completion, subject to HMRC stamping the stock transfer forms with respect to   the Sale Shares on a timely basis or, in the event of a delay in stamping by   HMRC (and provided the Buyer has submitted the stock transfer forms for
    
					

 

32

 

	
 
    	
 
    	
 
    	
stamping promptly after   Completion), the Business Day following the date on which such stamping takes   place.
    
	
 
    	
 
    	
 
    	
 
    
	
18.5
    	
Each   Seller declares that a person who deals with the Attorney in good faith may   accept a written statement signed by the Attorney to the effect that the   power of attorney granted by that Seller pursuant to Clause 18.1 has not been   revoked as conclusive evidence of that fact. No person or corporation having   dealings with the Attorney under the power of attorney granted by that Seller   pursuant to Clause 18.1 shall be under any obligation to make any enquiries   as to whether the power to act hereunder has arisen and all lawful acts   hereunder shall be valid and binding upon such Seller.
    
	
 
    	
 
    
	
19.
    	
TERMINATION RIGHTS
    
	
 
    	
 
    
	
19.1
    	
If this Agreement terminates pursuant to Clauses   4.6 and 7.3 the rights and obligations of the Buyer and Sellers shall cease   immediately on termination save for:
    
	
 
    	
 
    
	
 
    	
19.1.1
    	
each   Party’s accrued rights and obligations at the date of termination; and
    
	
 
    	
 
    	
 
    
	
 
    	
19.1.2
    	
the   provisions of Clauses 1 (Definitions and   Interpretation), 13 (Sellers’ Representatives),   15 (Costs), 17 (Notices),   21 (Entire Agreement), 22 (Invalidity), 24 (Variation and Waiver),   25 (Assignment), 26 (Contracts   (Rights of Third Parties) Act 1999), 27 (Counterparts),   29 (Law and Jurisdiction) and 30 (Service Process) which shall remain in full force and   effect.
    
	
 
    	
 
    
	
19.2
    	
Save as   set out in Clauses 4.6 and 7.3, neither the Sellers nor the Buyer shall have   any right (whether under the common law or otherwise, save as a result of   fraud) before, on or after Completion, to rescind or terminate or fail to   perform this Agreement and shall not be entitled to treat the Sellers or the   Buyer as having repudiated this Agreement.
    
	
 
    	
 
    
	
20.
    	
FURTHER ASSURANCE
    
	
 
    	
 
    
	
 
    	
Each Party shall, and   shall use all reasonable endeavours to, and to procure that any necessary   third party shall, promptly execute and deliver such documents and perform   such acts as the other Party/ies may reasonably require for the purpose of   giving full effect to this Agreement and any other Transaction Document.
    
	
 
    	
 
    
	
21.
    	
ENTIRE AGREEMENT
    
	
 
    	
 
    
	
21.1
    	
This   Agreement and the other Transaction Documents constitutes the entire   agreement between the Parties and supersede and extinguish all previous   discussions, correspondence, negotiations, drafts, agreements, promises,   assurances, warranties, representations, arrangements and understandings   between them, whether written or oral, relating to its subject matter.
    
	
 
    	
 
    
	
21.2
    	
Each   Party acknowledges that in entering into this Agreement, it does not rely on,   and shall have no remedies in respect of, any statement, representation,   assurance or warranty (whether made innocently or negligently) that is not   set out in this Agreement or any of the other Transaction Documents.
    
	
 
    	
 
    
	
21.3
    	
Nothing   in this Clause 21 shall limit or exclude any liability for fraud or   fraudulent misrepresentation.
    

 

33

 

	
22.
    	
INVALIDITY
    
	
 
    	
 
    
	
 
    	
If any provision of this   Agreement is held to be unenforceable or illegal, in whole or in part, such   provision or part shall to that extent be deemed not to form part of this   Agreement but the validity and enforceability of the remainder of this   Agreement shall remain unaffected and the Parties shall use all reasonable   endeavours to replace such a provision with a valid and enforceable   substitute provision which carries out, as closely as possible, the   intentions of the Parties under this Agreement.
    
	
 
    	
 
    
	
23.
    	
EFFECT OF COMPLETION
    
	
 
    	
 
    
	
 
    	
This Agreement (and in   particular the Sellers’ Warranties) in so far as any of its provisions remain   to be, or are capable of being, performed or observed, shall remain in full   force and effect after Completion.
    
	
 
    	
 
    
	
24.
    	
VARIATION AND WAIVER
    
	
 
    	
 
    
	
24.1
    	
No   variation of this Agreement shall be effective unless it is in writing   (which, for this purpose, does not include email) and signed by or on behalf   of each of the Parties. The expression “variation” shall, in each case,   include any variation, supplement, deletion or replacement however effected.
    
	
 
    	
 
    
	
24.2
    	
The   failure by the Buyer or the Sellers to exercise or delay in exercising any   right or remedy under this Agreement shall not constitute a waiver of the   right or remedy or a waiver of any other rights or remedies the Buyer or the   Sellers (as applicable) may otherwise have and no single or partial exercise   of any right or remedy under this Agreement shall prevent any further   exercise of the right or remedy or the exercise of any other right or remedy.
    
	
 
    	
 
    
	
24.3
    	
Any   waiver or any right or default hereunder shall be effective only in the   instance given and will not operate as or imply a waiver of any other or   similar right, claim or default on any subsequent occasion. No waiver of this   Agreement or of any provision hereof will be effective unless it is in   writing and signed by the Party against whom such waiver is sought to be   enforced.
    
	
 
    	
 
    
	
25.
    	
ASSIGNMENT
    
	
 
    	
 
    
	
25.1
    	
Except   as provided in Clause 25.2, no Party may transfer, declare a trust of the   benefit of or in any other way alienate any of its rights under this   Agreement whether in whole or in part without the prior written consent of   the other Parties. Any purported assignment in contravention of this Clause   25 shall be void.
    
	
 
    	
 
    
	
25.2
    	
The   Buyer may at any time and on more than one occasion assign (and create any   Encumbrance over) its rights (but not its obligations) whether in full or in   part under this Agreement or any other Transaction Document to:
    
	
 
    	
 
    
	
 
    	
25.2.1
    	
any   member of the Buyer Group (provided that if such assignee ceases to be a   member of the Buyer Group, such assignee shall re-assign such rights under   this Agreement (whether assigned to it in full or in part) back to the Buyer   immediately prior to such cessation); or
    
	
 
    	
 
    	
 
    
	
 
    	
25.2.2
    	
its   financial institutions, lenders or banks as security for any financing or   refinancing or other banking, financing or related facilities in respect of   or in connection with any transactions contemplated by this Agreement or the   other Transaction Document and such rights may further be assigned to any   other financial institution by way of security for the borrowings made under   such agreement or to any person entitled to enforce any such security,
    
	
 
    	
 
    
	
 
    	
provided that each   Seller’s liability to any such assignee in respect of any rights assigned   pursuant to this Clause 25.2 shall not be greater than if such assignment had   never occurred.
    
	
 
    	
 
    
	
25.3
    	
Within   five Business Days after any assignment in accordance with Clause 25.2, the   Buyer shall give written notice of the assignment to the Sellers’   Representative, such notice to contain details
    

 

34

 

	
 
    	
of the   assignment or Encumbrance reasonably available to the Buyer, including   (without limitation) the identity of the assignee.
    
	
 
    	
 
    
	
26.
    	
CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999
    
	
 
    	
 
    
	
26.1
    	
Subject   to Clause 26.2, a person who is not a party to this Agreement (a “Third Party”) shall have no rights under the Contracts   (Rights of Third Parties) Act 1999 to rely upon or enforce any term of   this Agreement provided that this does not affect any right or remedy of the   Third Party which exists or is available apart from that Act. No party may   declare itself as a trustee of the rights under this Agreement for the   benefit of any Third Party save as expressly provided in this Agreement.
    
	
 
    	
 
    
	
26.2
    	
The   Company shall be entitled to enforce the provisions of Clauses 9.1 to 9.5 and   the Transaction Solicitors shall be entitled to enforce the provisions of   Clause 7.4.
    
	
 
    	
 
    
	
26.3
    	
Notwithstanding   the provisions of Clause 26.2 or any benefits conferred by this   Agreement on any Third Party by virtue of the Contracts (Rights of Third   Parties) Act 1999, the Parties may amend, vary, waive, terminate or rescind   this Agreement at any time and in any way without the consent of any Third   Party.
    
	
 
    	
 
    
	
27.
    	
COUNTERPARTS
    
	
 
    	
 
    
	
 
    	
This Agreement may be   executed in any number of counterparts and by the Parties to it on separate   counterparts, each of which when executed and delivered will be an original,   but all the counterparts will together constitute one and the same agreement.
    
	
 
    	
 
    
	
28.
    	
RIGHTS CUMULATIVE WITH THOSE AT LAW
    
	
 
    	
 
    
	
 
    	
The powers,   rights and remedies of the Parties under this Agreement are in addition to   and not exclusive of any other powers, rights or remedies provided by law.
    
	
 
    	
 
    
	
29.
    	
LAW AND JURISDICTION
    
	
 
    	
 
    
	
29.1
    	
This   Agreement and any dispute or claim arising out of or in connection with it or   its subject matter or formation (including non-contractual disputes and   claims) are governed by, and shall be construed in accordance with, English   law.
    
	
 
    	
 
    
	
29.2
    	
The   Parties hereby submit to the exclusive jurisdiction of the High Court of   England and Wales in relation to any matter, dispute or claim arising out of   or in connection with this Agreement, its implementation or effect or in   relation to its existence or validity (including non-contractual disputes or   claims).
    
	
 
    	
 
    
	
30.
    	
SERVICE OF PROCESS
    
	
 
    	
 
    
	
30.1
    	
In   relation to this Agreement:
    
	
 
    	
 
    
	
 
    	
30.1.1
    	
the   Buyer appoints Travelfusion Limited of Unit 3.01, The Wenlock Building, 50-52   Wharf Road, London N1 7EU, United Kingdom;
    
	
 
    	
 
    	
 
    
	
 
    	
30.1.2
    	
subject   to Pulau Dinawan Investments Limited adhering to this Agreement, Pulau   Dinawan Investments Limited appoints Khazanah Europe Investment Limited, of   Level 22, 32 London Bridge Street, London SE1 9SG;
    
	
 
    	
 
    	
 
    
	
 
    	
30.1.3
    	
Islay   Sky SARL hereby appoints Vitruvian Worldwide Limited of 105 Wigmore Street,   London W1U1QY;
    
	
 
    	
 
    	
 
    
	
 
    	
30.1.4
    	
Sequoia   Capital Global Growth Fund LP, Sequoia Capital Global Growth Principals Fund   LP and SC US GF V Holdings Ltd each hereby appoint Skyscanner Holdings   Limited of Suite 7-001, 1 Fore Street, London EC2Y 5EJ; and
    

 

35

 

	
 
    	
30.1.5
    	
subject   to Yahoo Japan Corporation adhering to this Agreement, Yahoo Japan   Corporation hereby appoints Skyscanner Holdings Limited of Suite 7-001,   1 Fore Street, London EC2Y 5EJ,
    
	
 
    	
 
    	
 
    
	
 
    	
(each such   appointee or any replacement agent appointed pursuant to Clause 30.2, the “Agent”) to be its agent for the receipt of service of Service Documents. Each   Party agrees that any Service Documents may be effectively served on it in   connection with any proceedings in England and Wales by service on its Agent   effected in any manner permitted at that time by the Civil Procedure Rules of   England and Wales, save that the Parties agree that service shall not be   permitted by e-mail.
    
	
 
    	
 
    	
 
    
	
30.2
    	
If an   Agent at any time ceases for any reason to act as such for a Party, the   appointing Party shall appoint a replacement Agent having an address for service   in England or Wales and shall promptly notify the other Parties of the name   and address of the replacement Agent. Failing such appointment and   notification, any other Party shall be entitled, by notice to that appointing   Party, to appoint a replacement Agent to act on its behalf. The provisions of   this Clause 30 applying to service on an Agent apply equally to service on a   replacement Agent.
    
	
 
    	
 
    
	
30.3
    	
A copy   of any Service Document served on an Agent shall also be sent directly to the   appointing Party in accordance with the provisions of Clause 17 (Notices) above. Failure or delay in so doing shall not   prejudice the effectiveness of the service of the Service Document.
    

 

EXECUTED AS A DEED by or on behalf of the Parties on the date which first appears on this Deed.

 

36

 

SCHEDULE 1

 

THE SELLERS

 

PART 1

 

MANAGEMENT SELLERS

 

	
(1)

Name and
    address of
    registered
    and
    beneficial
    owner
     	
(2)

Number of shares
    and Class of
    Shareholding (at
    exchange, prior to
    exercise of any
    share options and
    excluding SIP
    Shares)
     	
(3)

Number of
    share
    options
    held (and
    which are
    to be
    exercised
    between
    exchange
    and
    completion)
     	
(4)

Number
    and Class
    of Sale
    Shares
     	
(5)

Cash
    Consideration
     	
(6)

Number of
    Consideration
    Shares
     	
(7)

Number of
    Loan Notes
     	
(8)

Option
    Exercise
    Amount
     	
(9)

PAYE
    Reimbursement
    Amount
     
	
Gareth John Williams

28 Inverleith Place, Edinburgh EH3 5QB
    	
 

944,601 Ordinary   Shares

 

42,500 C2 Shares

 

13,000 C4 Shares

 

2,898 C8 Shares

 

11,625 C10 Shares 
    	
 

option in respect   of 75,877 Ordinary Shares (EMI tranche 7)

 

 
    	
1,020,478 Ordinary Shares

 

42,500 C2 Shares

 

13,000 C4 Shares

 

2,898 C8 Shares

 

11,625 C10 Shares
    	
£114,994,187.90
    	
1,068,866
    	
N/A
    	
£350,551.74
    	
N/A
    

 

37

 

	
(1)

Name and
    address of
    registered
    and
    beneficial
    owner
     	
(2)

Number of shares
    and Class of
    Shareholding (at
    exchange, prior to
    exercise of any
    share options and
    excluding SIP
    Shares)
     	
(3)

Number of
    share
    options
    held (and
    which are
    to be
    exercised
    between
    exchange
    and
    completion)
     	
(4)

Number
    and Class
    of Sale
    Shares
     	
(5)

Cash
    Consideration
     	
(6)

Number of
    Consideration
    Shares
     	
(7)

Number of
    Loan Notes
     	
(8)

Option
    Exercise
    Amount
     	
(9)

PAYE
    Reimbursement
    Amount
     
	
Gareth John Williams, Thomas Edward Williams and   Lisa Jane Williams as trustees of the Gareth Williams Family Trust

c/o Morton Fraser, Quartermile Two, 2 Lister   Square, Edinburgh EH3 9GL

 
    	
342,570 Ordinary   Shares
    	
N/A
    	
342,570 Ordinary   Shares
    	
£24,886,417.90
    	
693,955
    	
N/A
    	
N/A
    	
N/A
    

 

38

 

	
(1)

Name and
    address of
    registered
    and
    beneficial
    owner
     	
(2)

Number of shares
    and Class of
    Shareholding (at
    exchange, prior to
    exercise of any
    share options and
    excluding SIP
    Shares)
     	
(3)

Number of
    share
    options
    held (and
    which are
    to be
    exercised
    between
    exchange
    and
    completion)
     	
(4)

Number
    and Class
    of Sale
    Shares
     	
(5)

Cash
    Consideration
     	
(6)

Number of
    Consideration
    Shares
     	
(7)

Number of
    Loan Notes
     	
(8)

Option
    Exercise
    Amount
     	
(9)

PAYE
    Reimbursement
    Amount
     
	
Mark Logan

Flat 2, 2 Park Circus Place, Glasgow G3 6AN
    	
12,750 C2 Shares

8,500 C4 Shares

15,000 C8 Shares

11,625 C10 Shares
    	
option in respect   of 78,378 Ordinary Shares (EMI tranche 7)
    	
78,378 Ordinary   Shares

12,750 C2 Shares

8,500 C4 Shares

15,000 C8 Shares

11,625 C10 Shares

 
    	
£9,180,013.09
    	
55,809
    	
£3,321,003.58
    	
£362,106.36
    	
N/A
    
	
Bryan Dove

15a Shepherd Market, London W1J 7PH
    	
43,877 C8 Shares

8,715 C10 Shares

 
    	
N/A
    	
43,877 C8 Shares

8,715 C10 Shares
    	
First instalment   amount - £2,072,299.18

Second instalment   amount - £ £749,745.78

 
    	
12,598
    	
N/A
    	
N/A
    	
N/A
    

 

39

 

	
(1)

Name and
    address of
    registered
    and
    beneficial
    owner
     	
(2)

Number of shares
    and Class of
    Shareholding (at
    exchange, prior to
    exercise of any
    share options and
    excluding SIP
    Shares)
     	
(3)

Number of
    share
    options
    held (and
    which are
    to be
    exercised
    between
    exchange
    and
    completion)
     	
(4)

Number
    and Class
    of Sale
    Shares
     	
(5)

Cash
    Consideration
     	
(6)

Number of
    Consideration
    Shares
     	
(7)

Number of
    Loan Notes
     	
(8)

Option
    Exercise
    Amount
     	
(9)

PAYE
    Reimbursement
    Amount
     
	
Stuart Middleton

11 Perth Road, Milnathort, Near Kinross KY13 9XU
    	
1,000 C2 Shares

310 C4 Shares

1,202 C8 Shares

5,736 C10 Shares

 
    	
option in respect   of 3,236 Ordinary Shares (EMI tranche 6)

option in respect   of 7,125 Ordinary Shares (EMI tranche 7)
    	
10,361 Ordinary   Shares

1,000 C2 Shares

310 C4 Shares

1,202 C8 Shares

5,736 C10 Shares

 
    	
£1,194,303.97
    	
7,260
    	
£432,072.76
    	
£39,907.26
    	
N/A
    

 

40

 

	
(1)

Name and
    address of
    registered
    and
    beneficial
    owner
     	
(2)

Number of shares
    and Class of
    Shareholding (at
    exchange, prior to
    exercise of any
    share options and
    excluding SIP
    Shares)
     	
(3)

Number of
    share
    options
    held (and
    which are
    to be
    exercised
    between
    exchange
    and
    completion)
     	
(4)

Number
    and Class
    of Sale
    Shares
     	
(5)

Cash
    Consideration
     	
(6)

Number of
    Consideration
    Shares
     	
(7)

Number of
    Loan Notes
     	
(8)

Option
    Exercise
    Amount
     	
(9)

PAYE
    Reimbursement
    Amount
     
	
Carolyn Jameson

27 Dean Street, Edinburgh EH4 1LN
    	
1,275 C1 Shares

1,766 C4 Shares

6,500 C8 Shares

11,625 C10 Shares
    	
option over 8,615   Ordinary Shares (unapproved option)
    	
8,615 Ordinary   Shares

1,275 C1 Shares

1,766 C4 Shares

6,500 C8 Shares

11,625 C10 Shares

 
    	
£1,506,803.96
    	
9,161
    	
£544,673.84
    	
£1.00
    	
£586,869.78
    
	
Ruth Chandler

7 Tranter Road, Aberlady EH32 0UE
    	
772 C4 Shares

3,975 C8 Shares

5,000 C10 Shares
    	
option over 3,968   Ordinary Shares (unapproved option)
    	
3,968 Ordinary   Shares

772 C4 Shares

3,975 C8 Shares

5,000 C10 Shares

 
    	
£681,594.39
    	
4,146
    	
£246,290.74
    	
£1.00
    	
£270,307.77
    

 

41

 

	
(1)

Name and
    address of
    registered
    and
    beneficial
    owner
     	
(2)

Number of shares
    and Class of
    Shareholding (at
    exchange, prior to
    exercise of any
    share options and
    excluding SIP
    Shares)
     	
(3)

Number of
    share
    options
    held (and
    which are
    to be
    exercised
    between
    exchange
    and
    completion)
     	
(4)

Number
    and Class
    of Sale
    Shares
     	
(5)

Cash
    Consideration
     	
(6)

Number of
    Consideration
    Shares
     	
(7)

Number of
    Loan Notes
     	
(8)

Option
    Exercise
    Amount
     	
(9)

PAYE
    Reimbursement
    Amount
     
	
Colin McLellan

39 Cooper Avenue, Carluke ML8 5US
    	
1,385 C4 Shares

1,563 C8 Shares

5,736 C10 Shares
    	
option over 3,668   Ordinary Shares (unapproved option)
    	
3,668 Ordinary   Shares

1,385 C4 Shares

1,563 C8 Shares

5,736 C10 Shares

 
    	
£596,686.49
    	
3,633
    	
£215,515.29
    	
£1.00
    	
£249,871.23
    

 

42

 

PART 2

 

INSTITUTIONAL AND OTHER NON MANAGEMENT SELLERS

 

	
(1)
   Name and address of
   registered and
   beneficial owner
    	
(2)
   Number and Class
   of Shareholding 
    	
(3)
   Number of
   share
   options
   held
    	
(4)
   Number and
   Class of Sale
   Shares
    	
(5)
   Cash
   Consideration
    	
(6)
   Number of
   Consideration
   Shares
    	
(7)
   Number
   of Loan
   Notes
    	
(8)
   Option
   Exercise
   Amount
    	
(9)
   PAYE
   Reimbursement
   Amount
    
	
SEP III

17 Blythswood   Square, Glasgow G2 4AD

 
    	
3,230,605 A   Ordinary Shares
    	
N/A
    	
3,230,605 A   Ordinary Shares
    	
£441,898,508.99
    	
863,854
    	
N/A
    	
N/A
    	
N/A
    
	
Sequoia Capital   Global Growth Fund LP

3000 Sand Hill   Road, 4-250 Menlo Park, CA 94025, USA

 
    	
322,964 A Ordinary   Shares
    	
N/A
    	
322,964 A Ordinary   Shares
    	
N/A
    	
1,308,478
    	
N/A
    	
N/A
    	
N/A
    
	
Sequoia Capital Global   Growth Principals Fund LP

3000 Sand Hill   Road, 4-250 Menlo Park, CA 94025, USA

 
    	
9,372 A Ordinary   Shares
    	
N/A
    	
9,372 A Ordinary   Shares
    	
N/A
    	
37,970
    	
N/A
    	
N/A
    	
N/A
    

 

43

 

	
(1)
   Name and address of
   registered and
   beneficial owner
    	
(2)
   Number and Class
   of Shareholding 
    	
(3)
   Number of
   share
   options
   held
    	
(4)
   Number and
   Class of Sale
   Shares
    	
(5)
   Cash
   Consideration
    	
(6)
   Number of
   Consideration
   Shares
    	
(7)
   Number
   of Loan
   Notes
    	
(8)
   Option
   Exercise
   Amount
    	
(9)
   PAYE
   Reimbursement
   Amount
    
	
SC US GF V Holdings   Ltd

Codan Trust Company   (Cayman) Limited, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman   Islands

 
    	
664,673 A Ordinary   Shares
    	
N/A
    	
664,673 A Ordinary   Shares
    	
N/A
    	
2,692,901
    	
N/A
    	
N/A
    	
N/A
    
	
Scottish Mortgage   Investment Trust PLC (acting through Baillie Gifford & Co, its   agent) Calton

Square, 1 Greenside   Row, Edinburgh EH1 3AN

 
    	
96,013 Ordinary   Shares
    	
N/A
    	
96,013 Ordinary   Shares
    	
£13,949,964.34
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    
	
Edinburgh Worldwide   Investment Trust PLC (acting through Baillie Gifford & Co, its   agent)

Calton Square, 1   Greenside Row, Edinburgh EH1 3AN

 
    	
19,594 Ordinary   Shares
    	
N/A
    	
19,594 Ordinary   Shares
    	
£2,846,860.33
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    

 

44

 

	
(1)
   Name and address of
   registered and
   beneficial owner
    	
(2)
   Number and Class
   of Shareholding 
    	
(3)
   Number of
   share
   options
   held
    	
(4)
   Number and
   Class of Sale
   Shares
    	
(5)
   Cash
   Consideration
    	
(6)
   Number of
   Consideration
   Shares
    	
(7)
   Number
   of Loan
   Notes
    	
(8)
   Option
   Exercise
   Amount
    	
(9)
   PAYE
   Reimbursement
   Amount
    
	
Vanguard Variable   Insurance Funds (acting through Baillie Gifford Overseas Limited, its agent)

Calton Square, 1   Greenside Row, Edinburgh EH1 3AN

 
    	
41,148 Ordinary   Shares
    	
N/A
    	
41,148 Ordinary   Shares
    	
£5,978,493.88
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    
	
Vanguard World Fund   (acting through Baillie Gifford Overseas Limited, its agent)

Calton Square, 1   Greenside Row, Edinburgh EH1 3AN

 
    	
366,415 Ordinary   Shares
    	
N/A
    	
366,415 Ordinary   Shares
    	
£53,237,334.35
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    
	
Islay Sky SARL

7 A Rue Robert Stumper,   L-2557, Luxembourg

 
    	
243,979 Ordinary   Shares
    	
N/A
    	
243,979 Ordinary   Shares
    	
£17,724,226.40
    	
494,238
    	
N/A
    	
N/A
    	
N/A
    
	
SR   Consulting & Design Limited

Leigh Saxton Green   LLP, Mutual House, 70 Conduit Street, London, England, W1S 2GF

 
    	
950 Ordinary Shares
    	
N/A
    	
950 Ordinary Shares
    	
£69,013.92
    	
1,924
    	
N/A
    	
N/A
    	
N/A
    

 

45

 

	
(1)
   Name and address of
   registered and
   beneficial owner
    	
(2)
   Number and Class
   of Shareholding 
    	
(3)
   Number of
   share
   options
   held
    	
(4)
   Number and
   Class of Sale
   Shares
    	
(5)
   Cash
   Consideration
    	
(6)
   Number of
   Consideration
   Shares
    	
(7)
   Number
   of Loan
   Notes
    	
(8)
   Option
   Exercise
   Amount
    	
(9)
   PAYE
   Reimbursement
   Amount
    
	
Yahoo Japan   Corporation

Midtown Tower   9-7-1, Akasaka, Minato-ku, Tokyo, 107-6211, Japan

 
    	
98,265 Ordinary   Shares
    	
N/A
    	
98,265 Ordinary   Shares
    	
£14,277,162.94
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    
	
Artemis Strategic   Assets Fund (as beneficial owner) and Chase Nominees Limited (A/C Artemis)   (as registered owner)

Cassini House, 57   St James’s Street, London SW1A 1LD

 
    	
48,985 Ordinary   Shares
    	
N/A
    	
48,985 Ordinary   Shares
    	
£7,117,150.84
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    
	
Pulau Dinawan   Investments Limited

Brumby Centre, Lot   42, Jalan Muhibbah, 87000 Labuan F.T., Malaysia

(c/o Khazanah Nasional   Berhad, Petronas Twin Towers, Level 33, Tower 2, 50088 Kuala Lumpur, Wilayah   Persekutuan, Malaysia)

 
    	
342,901 Ordinary   Shares
    	
N/A
    	
342,901 Ordinary   Shares
    	
£49,820,927.60
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    

 

46

 

	
(1)
   Name and address of
   registered and
   beneficial owner
    	
(2)
   Number and Class
   of Shareholding 
    	
(3)
   Number of
   share
   options
   held
    	
(4)
   Number and
   Class of Sale
   Shares
    	
(5)
   Cash
   Consideration
    	
(6)
   Number of
   Consideration
   Shares
    	
(7)
   Number
   of Loan
   Notes
    	
(8)
   Option
   Exercise
   Amount
    	
(9)
   PAYE
   Reimbursement
   Amount
    
	
Bonamy Charles   Grimes

Redhouse, Grove   Road, Brockdish, Norfolk IP21 4JP

 
    	
299,450 Ordinary   Shares
    	
option over 12,492   Ordinary Shares
    	
311,942 Ordinary   Shares
    	
£45,322,818.53
    	
N/A
    	
N/A
    	
£57,713.04
    	
£822,758.18
    
	
Juliet Grimes

Redhouse, Grove   Road, Brockdish, Norfolk IP21 4JP

 
    	
552,567 Ordinary   Shares
    	
N/A
    	
552,567 Ordinary   Shares
    	
£80,283,815.16
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    
	
Mr Bonamy Charles   Grimes and Mrs Juliet Grimes as trustees of the Grimes Family Trust

Redhouse, Grove   Road, Brockdish, Norfolk IP21 4JP

 
    	
60,207 Ordinary   Shares
    	
N/A
    	
60,207 Ordinary   Shares
    	
N/A
    	
243,927
    	
N/A
    	
N/A
    	
N/A
    
	
Barry James Smith

7 Longcroft Avenue,   Harpenden, Hertfordshire AL5 2RB

 
    	
312,535 Ordinary   Shares
    	
N/A
    	
312,535 Ordinary   Shares
    	
£45,408,976.96
    	
N/A
    	
N/A
    	
N/A
    	
N/A
    

 

47

 

	
(1)
   Name and address of
   registered and
   beneficial owner
    	
(2)
   Number and Class
   of Shareholding 
    	
(3)
   Number of
   share
   options
   held
    	
(4)
   Number and
   Class of Sale
   Shares
    	
(5)
   Cash
   Consideration
    	
(6)
   Number of
   Consideration
   Shares
    	
(7)
   Number
   of Loan
   Notes
    	
(8)
   Option
   Exercise
   Amount
    	
(9)
   PAYE
   Reimbursement
   Amount
    
	
Mr Barry James   Smith and Mrs Joanne Smith as trustees of the Smith Family Trust

7 Longcroft Avenue,   Harpenden, Hertfordshire AL5 2RB

 
    	
22,085 Ordinary   Shares
    	
N/A
    	
22,085 Ordinary   Shares
    	
N/A
    	
89,477
    	
N/A
    	
N/A
    	
N/A
    
	
Julian Pancholi

7 Westmoreland   Road, London SW13 9RZ
    	
27,028 Ordinary   Shares  100 C4 Shares
    	
option over 8,766   Ordinary Shares (unapproved option)

 
    	
35,794 Ordinary   Shares  100 C4 Shares
    	
£5,208,476.64
    	
N/A
    	
N/A
    	
£40,498.92
    	
£577,026.99
    
	
Nitro Ventures   Limited

54 Claredon Road,   Watford, Hertfordshire WD17 1DU

 
    	
223,253 Ordinary   Shares
    	
N/A
    	
223,253 Ordinary   Shares
    	
£27,360,603.09
    	
141,554
    	
N/A
    	
N/A
    	
N/A
    
	
Ray Nolan

49 Abington,   Malahide, County Dublin, Ireland

 
    	
168,580 Ordinary   Shares
    	
N/A
    	
168,580 Ordinary   Shares
    	
£22,876,877.98
    	
45,077
    	
N/A
    	
N/A
    	
N/A
    
	
Lara Bayley

Crownerland Farm,   Muiravonside, Linlithgow EH49 6LN

 
    	
7,904 Ordinary   Shares
    	
N/A
    	
7,904 Ordinary   Shares
    	
£1,072,548.89
    	
2,115
    	
N/A
    	
N/A
    	
N/A
    

 

48

 

SCHEDULE 2

 

EXCHANGE

 

PART 1

 

EXCHANGE OBLIGATIONS OF THE SELLERS

 

 

1.            At exchange:

 

1.1          each Seller shall deliver to the Buyer a copy of this Agreement duly executed by him or it;

 

1.2          the Management Sellers shall deliver to the Buyer:

 

1.2.1         a copy of the Warranty Deed signed by each of the Management Sellers;

 

1.2.2         a copy of the Disclosure Letter signed by each of the Management Sellers; and

 

1.2.3         a memory stick containing the Data Room.

 

1.3          the Sellers shall deliver as evidence of the authority of any person signing any Transaction Document a copy of the duly executed power of attorney (in Agreed Form to the extent not executed prior to the date of this Agreement or otherwise in a form reasonably satisfactory to the Buyer) or other evidence of authority, reasonably satisfactory to the Buyer, under which any Transaction Document has been or is to be executed by any Seller;

 

1.4          any Seller that is a corporate entity shall deliver, in respect of itself, a copy of a board resolution or minutes of a meeting duly convened of that Seller, or other evidence of authority, reasonably satisfactory to the Buyer, authorising the execution of and performance by that Seller of its obligations under this Agreement, each other Transaction Document to which such Seller is expressed to be a party and each of the documents in the Agreed Form to which such Seller is expressed to be a party;

 

1.5          the Management Sellers shall procure that the Company shall issue to employees of the Group letters in the Agreed Form setting out the terms of, and each employee’s conditional award under, the Retention Cash Bonus Arrangements, which letters will also refer to the Additional Performance Bonus Arrangements (but, for the avoidance of doubt, shall not specify the amount of any employee’s conditional award thereunder).

 

49

 

PART 2

 

EXCHANGE OBLIGATIONS OF THE BUYER

 

 

1.            At exchange, the Buyer shall:

 

1.1          deliver to the Sellers:

 

1.1.1       a copy of a resolution or minutes of a meeting duly convened by the Buyer’s board of directors (or an authorised committee of such board) authorising execution of this Agreement and the other Transaction Documents to which the Buyer is expressed to be a party;

 

1.1.2       a counterpart of this Agreement duly executed by the Buyer;

 

1.1.3       a counterpart of the Disclosure Letter signed by the Buyer;

 

1.1.4       a counterpart of the Incentive Arrangements Agreement;

 

1.1.5       a counterpart of the Warranty Deed signed by the Buyer;

 

1.2          procure, to the extent it is able to do, (in conjunction with the Company) that the SIP Participant Offer Document and related communication to the SIP Participants and the SIP Equivalent Participants are issued to the intended recipients thereof;

 

1.3          procure, to the extent it is able to do, (in conjunction with the Company) that the Minority Offer Document is issued to the Minority Shareholders and that the personalised forms of acceptance relating thereto are made available to the Minority Shareholders;

 

50

 

SCHEDULE 3

 

SELLERS’ WARRANTIES

 

1.           TITLE

 

1.1         Each of the Sellers warrants to the Buyer that:

 

1.1.1       it is the sole legal and beneficial owner of the Shares set out next to its name in column 2 of Part 1 of Schedule 1 and column 2 of Part 2 of Schedule 1 (and in the case of Artemis Strategic Assets Fund that it is the beneficial owner and that Chase Nominees is the registered owner of such Shares); and

 

1.1.2       it is the sole legal and beneficial owner of the Sale Shares set out next to its name in column 4 of Part 1 of Schedule 1 and column 4 of Part 2 of Schedule 1 (and in the case of Artemis Strategic Assets Fund that it is the beneficial owner and that Chase Nominees is the registered owner of such Sale Shares); and

 

1.1.3       it is entitled to sell and transfer the full legal and beneficial ownership of such Sale Shares with Full Title Guarantee on the terms set out in this Agreement; and

 

1.1.4       such Sale Shares are free from any Encumbrances (save only in respect of the provisions relating to transfer of Company Shares as set out in the Current Articles).

 

2.           CAPACITY

 

2.1         Each of the Sellers warrants in respect of himself or itself only that:

 

2.1.1       in the case of a Seller which is not an individual seller, the Seller is validly incorporated, in existence and duly registered, as applicable;

 

2.1.2       the Seller has the requisite capacity and authority to enter into and perform this Agreement and to execute, deliver and perform any obligations it may have under each Transaction Document to be delivered by the Seller;

 

2.1.3       this Agreement and each other Transaction Document to be entered into by it constitutes (or will when executed constitute) valid and binding obligations on him or it in accordance with its terms;

 

2.1.4       no consent, approval, authorisation or order of any court or governmental, regulatory or other authority which has not been obtained or made at the date of this Agreement is required by him or it where failure to obtain such consent, approval, authorisation or order would materially and adversely affect his or its ability to enter into and perform his or its obligations under this Agreement and each other Transaction Document to be entered into by it and the transactions contemplated thereby;

 

2.1.5       the execution and delivery of, and the performance by each Seller of its obligations under, this Agreement and each Transaction Document to be entered into by that Seller will not:

 

(a)           in the case of a Seller which is not an individual Seller, result in a breach of any provision of the constitutional documents of such Seller, if applicable;

 

(b)           result in a breach of, or constitute a default under, any material contract or other material instrument by which such Seller is bound; or

 

(c)           result in a breach of any applicable statute, law, rule, regulation, order, judgment or decree of any court, governmental agency or regulatory authority by which such Seller is bound.

 

51

 

3.            INSOLVENCY

 

3.1          In relation to the Seller, if that Seller is an individual:

 

3.1.1       no statutory demand has been issued against him or her nor are there are any reasonable grounds for believing that he or she is unable to pay any debts within the meaning of section 268 of the Insolvency Act 1986 as amended;

 

3.1.2       no petition has been presented and no order made for his or her bankruptcy or for the appointment of a receiver over any of his or her assets;

 

3.1.3       no Encumbrance has been enforced and no distress, execution or other process has been levied, on or over any of the Shares or any assets held by him or her;

 

3.1.4       no proposal has been made in respect of an individual voluntary arrangement of him or her, pursuant to the Insolvency Act 1986 as amended; and

 

3.1.5       no event analogous to any of the above has occurred in any other jurisdiction.

 

3.2          In relation to the Seller, if that Seller is a body corporate:

 

3.2.1       no resolution has been passed (and no meeting has been convened, and no written resolution has been circulated with a view to any resolution), no petition has been presented and no order has been made, for the purpose of its winding up and no application or order has been made for a provisional liquidator to be appointed;

 

3.2.2       no notice of intention to appoint an administrator has been filed, no application for the appointment of an administrator has been made and no other steps in relation to the appointment of an administrator have been taken nor has any administrator been appointed;

 

3.2.3       no procedure has been commenced, by the Registrar of Companies or any other person, with a view to striking off under section 1000 of the 2006 Act;

 

3.2.4       no administrative receiver, receiver, administrator, liquidator or provisional liquidator or similar officer has been appointed and no Encumbrance has been enforced;

 

3.2.5       no floating charge has crystallised and no holder of a floating charge has taken any steps to enforce such security;

 

3.2.6       it has not stopped paying its creditors, is not insolvent, and is not unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986;

 

3.2.7       there is no unsatisfied judgment or order of any court or tribunal, or award of any arbitrator, outstanding against it;

 

3.2.8       no distress, attachment, execution or other process has been levied against any of its assets;

 

3.2.9       no meeting of its creditors, or any class of them, has been held or summoned and no proposal has been made for a moratorium, composition or arrangement in relation to any of its debts, or for a voluntary arrangement under Part 1 of the Insolvency Act 1986; and

 

3.2.10     no event or step analogous to any of the above has occurred in any jurisdiction.

 

4.            ADDITIONAL MANAGEMENT SELLERS’ WARRANTIES

 

4.1          Each of the Management Sellers warrants that:

 

52

 

4.1.1       each director of a Subsidiary (other than Skyscanner Limited can be removed following Completion and replaced with a person nominated by the Buyer (which satisfied the relevant applicable law requirements for directors) without any material cost or liability for any member of the Group and the Buyer Group; and

 

4.1.2       all obligations owed by any Group Company in connection with the Company’s acquisition of Skyscanner Limited (including any obligation to make payments as deferred consideration or pursuant to any loan note instruments) have been satisfied, repaid, settled, redeemed or cancelled (as the case may be) in full.

 

53

 

SCHEDULE 4

 

COMPLETION ARRANGEMENTS

 

PART 1

 

COMPLETION OBLIGATIONS OF THE SELLERS

 

At Completion:

 

1.            each Seller shall deliver or procure to be delivered to the Buyer:

 

1.1          duly executed stock transfer forms in favour of the Buyer (or a Permitted Nominee) in respect of the Sale Shares to be sold by that Seller together with the certificate(s) for those Shares or a lost share certificate indemnity in the Agreed Form in relation thereto;

 

1.2          a copy of any power of attorney under which this Agreement, or any of the transfers or other documents referred to in paragraph 1.1 of Part 1 of this Schedule 4, is executed by that Seller, in the Agreed Form;

 

1.3          a deed duly executed by that Seller relating to the termination in full of the Shareholders Agreement with effect from Completion;

 

1.4          a copy of the Shareholder Resolutions signed by that Seller;

 

2.            each of the Management Sellers shall use all reasonable endeavours to procure that duly executed copies of the Former Employee SPAs signed by each of the Former Employees are delivered to the Buyer;

 

3.            each Management Seller shall deliver a copy of the Second Disclosure Letter signed by that Management Seller to the Buyer;

 

4.            each Management Seller shall deliver a copy of the Employment Contract Amendment signed by that Management Seller;

 

5.            the Management Sellers shall procure that they and Other Non Management Sellers who will acquire Loan Notes as part of their consideration under the Transaction Documents deliver signed joint tax elections with the Group Company which is that Seller’s employer under section 431(1) of Chapter 2 of Part 7, Income Tax (Earnings and Pensions) Act 2003 in respect of the Loan Notes in the Agreed Form;

 

6.            the Management Sellers shall procure and the Institutional and Other Non Management Sellers shall exercise their Shareholder Rights to procure (in so far as the Institutional and Other Non Management Sellers are able to procure by the exercise of those Shareholder Rights) that each of the Company and Skyscanner Limited holds a meeting of its board of directors to, amongst others, accept the resignation letters of Barry Smith, Julian Pancholi, Calum Paterson, Sir Michael Moritz and Mark Logan and appoint the persons as notified by the Buyer to the Sellers’ Representatives in writing prior to the Completion Date as new directors of the Company and Skyscanner Limited (as applicable) with effect on and from Completion and deliver the minutes of such meetings to the Buyer;

 

7.            the Management Sellers, Barry Smith, Julian Pancholi, SEP III, Sequoia Capital Growth Fund LP, Sequoia Capital Growth Principals Fund LP and SC US GF V Holdings Ltd shall deliver or procure to be delivered to the Buyer (in the case of paragraph 5 of Part 1 of this Schedule 4, delivery shall be to the Company’s registered office): letters of resignation in the Agreed Form from Barry Smith, Julian Pancholi, Calum Paterson, Sir Michael Moritz and Mark Logan;

 

54

 

8.            the Management Sellers shall procure that duly executed copies of the Edinburgh Digital SPA signed by Ross McNairn and Edward Taylor are delivered to the Buyer;

 

9.            the Management Sellers shall procure that (i) duly executed copies of the Edinburgh Digital Buy Back Agreements signed by all parties thereto, (ii) duly executed stock transfer forms in respect thereof and (iii) a copy of the shareholder resolution approving the buy backs of Company Shares pursuant to the Edinburgh Digital Buy Back Agreements are delivered to the Buyer; and

 

10.          the Management Sellers shall procure that duly executed copies of the Youbibi Variation and Call Option Letters signed by the Company and each of Steven Pang, Lincoln Tso and Wiki Zhou are delivered to the Buyer.

 

55

 

PART 2

 

COMPLETION OBLIGATIONS OF THE BUYER

 

At Completion the Buyer shall:

 

1.            arrange for the telegraphic transfer of the Cash Consideration less the Second Instalment Amount and the Third Instalment Amount to the Transaction Solicitors Bank Account (receipt of which shall discharge the Buyer from its obligations to pay such amount to the Sellers fully, unconditionally and irrevocably);

 

2.            deliver to the Transaction Solicitors an extract of the updated register of members of the Buyer post-allotment of the Consideration Shares and share certificates representing the Consideration Shares

 

3.            deliver to the Transaction Solicitors a copy of a board resolution of the Buyer authorising the execution and performance by the Buyer of its obligations under this Agreement and each of the Transaction Documents to which the Buyer is a party;

 

4.            deliver duly executed counterpart of each of the Former Employee SPAs signed by the Buyer to the Sellers;

 

5.            deliver a counterpart of the Second Disclosure Letter signed by the Buyer to the Sellers’ Representatives;

 

6.            deliver a duly executed copy of the Loan Note Instrument and duly executed certificates for the Loan Notes so issued to the Sellers’ Representatives and enter the names of the relevant Management Sellers in the Buyer’s register of debentures as the holders of the Loan Notes;

 

7.            deliver a duly executed counterpart of the Edinburgh Digital SPA signed by the Buyer to the Sellers’ Representatives;

 

8.            deliver duly executed counterparts of the Youbibi Variation and Call Option Letters signed by the Buyer to the Sellers’ Representatives; and

 

9.            deliver a duly executed counterpart of the GW Side Letter (it being acknowledged by the Buyer that on or around Completion the Company will enter into the GW Subscription Agreement and the GW Share Option Agreement).

 

56

 

SCHEDULE 5

 

RESTRICTED TRANSACTIONS

 

1.            Acquire, dispose of or create any Encumbrance in respect of any part of its assets other than in the ordinary course of business carried out consistent with past practice;

 

2.            incur any expenditure on capital account exceeding £100,000 (exclusive of VAT) in the case of any single item or £500,000 (exclusive of VAT) in aggregate;

 

3.            create or raise any debt or borrow any money;

 

4.            grant, issue or redeem any mortgage, charge, debenture or other security or give any guarantee or indemnity other than in the ordinary course of business;

 

5.            make any change in the terms and conditions of employment of any of the directors or Senior Employees of the Group Companies, including but not limited to remuneration, or the terms on which they are entitled to pension or other benefits or make payments of bonuses or other discretionary amounts to any directors or employees of any of the Group Companies;

 

6.            appoint any new director or employ or terminate the employment of any Senior Employee other than for cause as set out in their respective employment agreements or in circumstances justifying summary dismissal;

 

7.            fail to comply with the terms of, and perform its obligations under all Material Contracts, save to the extent that a failure to comply with the terms or to perform the obligations would be immaterial to the relevant Group Company;

 

8.            amend, or terminate any Material Contract;

 

9.            create, allot, issue, redeem or grant any option or right to subscribe for any share capital or loan capital, or agree to do so, or repay, redeem, reduce or repurchase any share capital or loan capital or agree to do so;

 

10.          declare, make or pay any dividend or other distribution to shareholders or agree to do so other than any distribution of assets between members of the Group;

 

11.          enter into any contracts, transactions, or commitments outside the ordinary course of business consistent with past practice;

 

12.          save for any resolutions required to give effect and implement the matters contemplated in the Transaction Documents, pass any resolution of any Group Company (including for the purpose of creating, issuing, purchasing or redeeming any class of share or loan capital) or amend any of their constitutional documents, including but not limited to the articles of association and equivalent documentation in the other jurisdictions in which a Group Company is incorporated;

 

13.          save pursuant to the Transaction Documents, introduce any new share incentive, share option, profit sharing, bonus, or other incentive scheme or vary in any way the terms of any such scheme currently operated by any member of the Group, including, without limitation, any variation to performance targets, objectives, quanta of payment or any variation to the identities of participants;

 

14.          enter into or settle any litigation;

 

15.          permit any of its insurances to lapse or knowingly do anything which would make any policy of insurance void or avoidable or fail to notify any material insurance claim of which such member of the Group has become aware, in accordance with the provisions of the relevant policy or settle any such claim materially below the amount claimed;

 

57

 

16.          fail to pay any renewal fees for any Intellectual Property, save to the extent that such a failure to pay renewal fees would be immaterial to the Business or the relevant Group Company;

 

17.          save pursuant to the Transaction Documents, enter into any arrangement with any Seller or any of its Connected Persons;

 

18.          change the residence for Tax purposes of any Group Company;

 

19.          wilfully or knowingly do or permit to be done anything which would cause any material breach of any of Management Warranties when repeated immediately before the time of Completion; or

 

20.          agree, conditionally or otherwise, to do any of the foregoing.

 

58

 

SCHEDULE 6

 

LOCK IN AGREEMENT

 

Each Seller who receives Consideration Shares pursuant to this Agreement hereby undertakes to the Buyer that during the Lock-up Period it will not sell, contract to sell, transfer, dispose of, grant any option over or otherwise create, or permit the creation of, an Encumbrance over any of his/its Consideration Shares or any interest in his/its Consideration Shares (or enter into any agreement or arrangement with equivalent economic effect), directly or indirectly, which for the purposes of this Schedule 6 shall include any other securities for the time being representing or derived from the Consideration Shares (whether by way of consolidation, sub-division, capitalisation, rights issue or otherwise) except:

 

(a)           with the prior written consent of the Buyer (which consent shall be at Buyer’s sole discretion);

 

(b)           pursuant to a tender or takeover offer of shares of the Buyer;

 

(c)           pursuant to any scheme of arrangement in respect of the Buyer under section 86 of the Companies Law of the Cayman Islands;

 

(d)           pursuant to any insolvency or reconstruction-related proceeding;

 

(e)           pursuant to an offer by the Buyer to purchase its own shares if such offer is made to all Buyer shareholders and constitutes an on-market buy back in which any shareholder of the Buyer may participate, excluding any Buyer’s existing and future share repurchase plans administered in accordance with Rules 10b5-1 and/or 10b-18 of the Exchange Act;

 

(f)            in connection with any reorganisation in relation to the Buyer which results in a new holding company of the Buyer but only to the extent required to effect such reorganisation;

 

(g)           in accordance with any order made by a court of competent jurisdiction or as required by law, regulation or competent authority to which the relevant Seller is subject;

 

(h)           in the case of a relevant Seller which is an individual by way of gift to such Seller’s immediate family (meaning his or her spouse, civil partner, sibling, parent, adult child or grandchild) or family trust controlled by the Seller, for estate planning purposes, provided that in each case such donee enters into an undertaking in writing agreeing to be bound by the restrictions set out in this Schedule 6;

 

(i)            in satisfaction of a Relevant Claim in accordance with Clause 11.4; or

 

(j)            by way of transfer not for value to a Seller’s Connected Person, subject to an obligation for the transferring Seller to cause Consideration Shares to be transferred back to it/him prior to a transferee ceasing to be a Connected Person.

 

59

 

SCHEDULE 7

 

CONDUCT OF BUYER

 

The Buyer acknowledges the interests of, inter alia, the Management Sellers in the Forward Incentive Arrangements and, in particular, in the achievement of the Financial Performance Conditions.  Accordingly, the Buyer undertakes to the Management Sellers that it will:

 

(a)        act in good faith towards the Management Sellers in relation to Forward Incentive Arrangements and the achievement of the Financial Performance Conditions; and

 

(b)        not wilfully and in bad faith take or refrain from taking any material actions or decisions in relation to the Group (including amending or varying in any material respect or terminating the Incentive Arrangements Agreement save for amendments permitted under clause 9.3 of that agreement) which are intended to impede or prevent the achievement of the Financial Performance Conditions or the ability of the Management Sellers to earn rewards under the Forward Incentive Arrangements.

 

“Financial Performance Conditions” means the performance conditions set out in clauses 4.3 and 4.4 of the Incentive Arrangements Agreement.

 

“Forward Incentive Arrangements” means awards under the Retention Cash Bonus Arrangements, the Additional Performance Bonus Arrangements and the Skyscanner Option Plan.

 

60

 

SCHEDULE 8

 

FORMER EMPLOYEES

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Catharine Wilson
    	
10,717 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Ian Murray
    	
340 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Eliana Gomez
    	
459 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Joanna Turban
    	
5,477 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Mike Perrin
    	
1,967 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Nigel Davis
    	
38 D Shares
    

 

61

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Nader Khrosvani
    	
6 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Louise McCloy
    	
298 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Jo Sim
    	
12 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Kavitha Gnanamurthy
    	
353 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Maria Paulsen
    	
322 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Yoshi Haruyama
    	
281 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Hyunim Kim
    	
382 D Shares
    

 

62

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Dominik Arciszewski
    	
1,114 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
David Laing
    	
644 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Mateus Rocha
    	
365 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Lincoln Tso
    	
136 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Gregor Urquhart
    	
1,601 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Iain Elder
    	
1,286 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Craig Syme
    	
5 D Shares
    

 

63

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Andreas Granstroem
    	
30 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Ravish Doctor
    	
14 D Shares
    
	
Sergio Antonio Berna Ninerola

Calle Balmes 434

7A

Barcelona

8022

Spain
    	
Sergio Antonio Berna Ninerola
    	
44,535 C3 Shares

703 D Shares

 
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
James Teideman
    	
537 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Agnieszka Cieslak
    	
723 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Linda Hoebe
    	
499 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Alex Ionita
    	
29 D Shares
    

 

64

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Ira Noviani
    	
686 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Pierre-Alain Guillou
    	
5 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Chris Roy
    	
40 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Lukasz Sulkowski
    	
7 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Plamen Alexsandrov
    	
143 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Marco Amico
    	
43 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Frank Skivington
    	
61,557 D Shares
    

 

65

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Alastair Haan
    	
59,450 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Fabio Venni
    	
35 D Shares
    
	
Zedra Trust Company (Guernsey) Limited

Floor 2

Le Marchant House

Le Truchot

St Peter Port

Guernsey, GY1 1GR

 
    	
Areerat Pobpabhia
    	
21 D Shares
    
	
Carlos Gonzales Cadenas

Flat 35

11 Simpson Loan

Edinburgh

EH3 9GR

United Kingdom

 
    	
Carlos Gonzales Cadenas
    	
20,759 D Shares
    
	
Margaret Rice-Jones

Longacres

Wellingtonia Avenue

Crowthorne

Berks

RG45 6AF

United Kingdom

 
    	
Margaret Rice-Jones
    	
2,800 C4 Shares

1,000 C8 Shares

250 C10 Shares

 
    
	
Zsolt Weiszbart

Normafa ut 19

1121 Budapest

Hungary

 
    	
Zsolt Weiszbart
    	
3,735 Ordinary Shares
    
	
Andrew Sleigh

4 London Street

Edinburgh

EH3 6NA

United Kingdom
    	
Andrew Sleigh
    	
Right to subscribe for:

1,688 C1 Shares

1,781 C2 Shares

1,234 C4 Shares

376 C8 Shares

 
    
	
David Boyte

Laan van Nieuw Oosteinde 175,

Voorburg,

2274 GA,

Netherlands

 
    	
David Boyte
    	
Option over 375 Ordinary Shares
    

 

66

 

	
(1)
     Name and address of registered
    owner/ person holding option/
    right to subscribe
     	
(2)
     Name of beneficial owner
     	
(3)
    Number and Class of Sale
    Shares
     
	
Grzegorz Janas

3/7 West Montgomery Place Edinburgh

EH7 5EZ

United Kingdom

 
    	
Grzegorz Janas
    	
Option over 1,500 Ordinary Shares
    

 

67

 

	
EXECUTED by the Parties as a deed
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED as a deed but not   delivered until the date hereof by GARETH WILLIAMS
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Gareth   Williams
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Catherine   Loughran
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Catherine   Loughran
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
43/9   Deanhaugh Street
    	
 
    	
 
    
	
 
    	
Edinburgh   EH4 1LR
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Solicitor
    	
 
    	
 
    

 

68

 

	
SIGNED as a deed but not   delivered until the date hereof by MARK LOGAN
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Mark   Logan
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Carolyn   Jameson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Carolyn   Jameson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
27   Dean St. 
    	
 
    	
 
    
	
 
    	
Edinburgh   EH4 1LN

 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Solicitor
    	
 
    	
 
    

 

69

 

	
SIGNED as a deed but not   delivered until the date hereof by CAROLYN JAMESON
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Carolyn   Jameson
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
EH16   5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

70

 

	
SIGNED as a deed but not   delivered until the date hereof by BRYAN DOVE
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Bryan   Dove
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/   Carolyn Jameson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Carolyn   Jameson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
27   Dean St. 
    	
 
    	
 
    
	
 
    	
Edinburgh   EH4 1LN

 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Solicitor
    	
 
    	
 
    

 

71

 

	
SIGNED as a deed but not   delivered until the date hereof by STUART MIDDLETON
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Stuart   Middleton
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
David   Hodgkinson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ David   Hodgkinson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
David   Hodgkinson
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
Lindisfarne
    	
 
    	
 
    
	
 
    	
Old   Perth Road
    	
 
    	
 
    
	
 
    	
Milnathort
    	
 
    	
 
    
	
 
    	
KY13 9YA
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Chartered   Surveyor
    	
 
    	
 
    

 

72

 

	
SIGNED as a deed but not   delivered until the date hereof by RUTH CHANDLER
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Ruth   M. Chandler
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh   EH16 5JT

 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

73

 

	
SIGNED as a deed but not   delivered until the date hereof by COLIN MCLELLAN
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Colin   Mclellan
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh   EH16 5JT

 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

74

 

	
SIGNED   as a deed but not delivered until the date hereof for and on behalf of
    SCOTTISH EQUITY PARTNERS LLP
    acting as manager of SEP III
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/   Lorna Foy
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Lorna   Foy
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
17   Blythswood Square
    	
 
    	
 
    
	
 
    	
Glasgow
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Chartered   Accountant
    	
 
    	
 
    

 

75

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of
    SC US GF V HOLDINGS, LTD.
    	
 
    
	
 
    	
 
    
	
Acting   by:
    	
SEQUOIA   CAPITAL U.S. GROWTH FUND V, L.P.
    	
 
    	
 
    
	
 
    	
SEQUOIA   CAPITAL USGF PRINCIPALS FUND V, L.P.
    	
 
    	
 
    
	
 
    	
both   Cayman Islands exempted limited partnerships, its Members
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
SCGF V   MANAGEMENT, L.P.,
    	
 
    	
 
    
	
 
    	
a   Cayman Islands exempted limited partnership, their General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
SC GF   V TT, LTD.,
    	
 
    	
 
    
	
 
    	
a Cayman   Islands exempted company, its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
being a person who, in accordance with the laws of the   territory in which the General Partner is incorporated is acting under the   authority of that company
    
					

 

 

	
/s/ Jim   Goetz
    	
 
    	
 
    
	
Authorised   Signatory
    	
 
    	
 
    
	
Name: 
    	
Jim   Goetz
    	
 
    	
 
    
	
Title:
    	
Director
    	
 
    	
 
    

 

76

 

	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of
    SEQUOIA CAPITAL GLOBAL GROWTH FUND, LP
    	
 
    
	
 
    	
 
    
	
Acting   by:
    	
SCGGF Management, LP
    	
 
    	
 
    
	
 
    	
A Cayman Islands exempted limited partnership
    	
 
    	
 
    
	
 
    	
Its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
SCGGF (TTGP), Ltd.
    	
 
    	
 
    
	
 
    	
A Cayman Islands limited liability company
    	
 
    	
 
    
	
 
    	
Its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
being a person who, in accordance with the laws   of the territory in which the General Partner is incorporated is acting under   the authority of that company
    
					

 

 

	
/s/ Jim   Goetz
    	
 
    	
 
    
	
Authorised   Signatory
    	
 
    	
 
    
	
Name: 
    	
Jim   Goetz
    	
 
    	
 
    
	
Title:
    	
Managing   Director
    	
 
    	
 
    

 

77

 

	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of
    SEQUOIA CAPITAL GLOBAL GROWTH PRINCIPALS FUND,   LP
    	
 
    
	
 
    	
 
    
	
Acting   by:
    	
SCGGF Management, LP
    	
 
    	
 
    
	
 
    	
A Cayman Islands exempted limited partnership
    	
 
    	
 
    
	
 
    	
Its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
SCGGF (TTGP), Ltd.
    	
 
    	
 
    
	
 
    	
A Cayman Islands limited liability company
    	
 
    	
 
    
	
 
    	
Its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acting   by:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
being a person who, in   accordance with the laws of the territory in which the General Partner is   incorporated is acting under the authority of that company
    
					

 

 

	
/s/   Jim Goetz
    	
 
    	
 
    
	
Authorised   Signatory
    	
 
    	
 
    
	
Name: 
    	
Jim   Goetz
    	
 
    	
 
    
	
Title:
    	
Managing   Director
    	
 
    	
 
    

 

78

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of

SCOTTISH MORTGAGE INVESTMENT TRUST PLC

acting through its agent Baillie Gifford & Co
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Partner
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ C.D.   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Christopher   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
Baillie   Gifford & Co., 
   Calton Square, 
   1 Greenside Row, 
   Edinburgh EH1 3AN
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Counsel
    	
 
    	
 
    
						

 

79

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of

EDINBURGH   WORLDWIDE INVESTMENT TRUST PLC

acting through its agent Baillie Gifford & Co
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Partner
    	
 
    
	
 
    	
 
    	
 
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ C.D.   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Christopher   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
Baillie   Gifford & Co., 
   Calton Square, 
   1 Greenside Row, 
   Edinburgh EH1 3AN
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Counsel
    	
 
    	
 
    
						

 

80

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of

VANGUARD   VARIABLE INSURANCE FUNDS, on behalf of its series of shares known as the International   Portfolio

acting through its agent Baillie Gifford Overseas Limited
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Director
    	
 
    
	
 
    	
 
    	
 
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ C.D.   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Christopher   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
Baillie   Gifford & Co., 
   Calton Square, 
   1 Greenside Row, 
   Edinburgh EH1 3AN
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Counsel
    	
 
    	
 
    
						

 

81

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of

VANGUARD   WORLD FUND, on behalf of its series of shares known as the Vanguard   International Growth Fund

acting through its agent Baillie Gifford Overseas Limited
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Director
    	
 
    
	
 
    	
 
    	
 
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ C.D.   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Christopher   Smith
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
Baillie   Gifford & Co., 
   Calton Square, 
   1 Greenside Row, 
   Edinburgh EH1 3AN
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Counsel
    	
 
    	
 
    
						

 

82

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of
    ISLAY SKY SARL
    represented by Goiel Secretary, B Manager
    and authorised   signatory
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    	
 
    	
 
    
	

    	
 
    	
 
    

 

83

 

	

    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of:
    	
Thomas   Holroyd
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Thomas   Holroyd
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Thomas   Holroyd
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
105   Wigmore Street
    	
 
    	
 
    
	
 
    	
London
    	
 
    	
 
    
	
 
    	
W1U   1QY
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Accountant
    	
 
    	
 
    

 

84

 

	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of

ARTEMIS INVESTMENT MANAGEMENT   LLP as Investment Adviser for and on behalf of ARTEMIS STRATEGIC ASSETS FUND

(as beneficial owner)
    	
 
    	
)
   )  /s/ D. M. Cooper                                                               

)
    
	
 
    	
 
    	
 
    
	
Douglas Cooper,
    	
 
    	
Member
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Michael   Denis Breen
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Michael   Denis Breen
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
42   Melville Street
    	
 
    	
 
    
	
 
    	
Edinburgh
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Solicitor
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
and
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of

CHASE NOMINEES LIMITED (as registered owner)
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Director
    	
51773
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
 
    	
 
    	
 
    
						

 

85

 

	
SIGNED as a deed but not   delivered until the date hereof for and on behalf of

NITRO VENTURES LIMITED 
    	
 
    	
)
    	

    
	
 
    	
)

)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
in the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh,   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

86

 

	
SIGNED as a deed but not   delivered until the date hereof by CALUM PATERSON
    	
 
    	
)
    	
 

/s/ Calum Paterson                                                               
    
	
 
    	
)

)
    
	
in the presence of:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Lorna   Foy
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Lorna   Foy
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
17   Blythswood Square
    	
 
    	
 
    
	
 
    	
Glasgow
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Chartered   Accountant
    	
 
    	
 
    

 

87

 

	
SIGNED as a deed but not   delivered until the date hereof by BONAMY CHARLES GRIMES

 

in the presence of:
    	
 
    	
)

)

)
    	
 

/s/ Bonamy Charles Grimes                                                  
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh,   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

88

 

	
SIGNED as a deed but not   delivered until the date hereof by JULIET GRIMES

 

in the presence of:
    	
 
    	
)

)

)
    	
 

/s/ Juliet Grimes                                                                     
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh,   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

89

 

	
SIGNED as a deed but not   delivered until the date hereof by BARRY JAMES SMITH

 

in the presence of:
    	
 
    	
)

)

)
    	
 

/s/ Barry James Smith                                                          
    
	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signature of witness:
    	
/s/ Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh,   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

90

 

	
SIGNED as a deed but not delivered until the date   hereof by JULIAN PANCHOLI
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Julian   Pancholi
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/   Flaviana Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

91

 

	
SIGNED as a deed but not delivered until the date   hereof by RAY NOLAN
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Ray   Nolan
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/   Flaviana Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

92

 

	
SIGNED as a deed but not delivered until the date   hereof by LARA BAYLEY
    	
 
    	
)
    
	
 
    	
)
    	
/s/ Lara   Bayley
    
	
 
    	
 
    	
)
    
	
in the   presence of:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Lorna   Foy
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Lorna   Foy
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
17   Blythswood Square
    	
 
    	
 
    
	
 
    	
Glasgow   
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Chartered   Accountant
    	
 
    	
 
    

 

93

 

	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of

THE   GARETH WILLIAMS FAMILY TRUST

 

in the   presence of:
    	
 
    	
)

)

)
    	
 

    
	
 
    
	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/ Catherine   Loughran
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Catherine   Loughran
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
43/9   Deanhaugh Street
    	
 
    	
 
    
	
 
    	
Edinburgh   EH4 1LR
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Solicitor
    	
 
    	
 
    

 

94

 

	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of

THE   GRIMES FAMILY TRUST

 

in the   presence of:
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/   Flaviana Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

95

 

	
SIGNED as a deed but not delivered until the date   hereof for and on behalf of

THE   SMITH FAMILY TRUST

 

in the   presence of:
    	
 
    	
)

)

)
    	

    
	
 
    
	
 
    
	
 
    	
 
    	
 
    
	
Signature   of witness:
    	
/s/   Flaviana Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Name   of witness:
    	
Flaviana   Preston
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Address   of witness:
    	
275/5   Dalkeith Road
    	
 
    	
 
    
	
 
    	
Edinburgh   EH16 5JT
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Occupation   of witness:
    	
Legal   Executive
    	
 
    	
 
    

 

96

 

	
SIGNED as a deed but not delivered until the date   hereof by

CTRIP.COM   INTERNATIONAL, LTD.

acting by its duly   authorised signatory
    	
 
    	
)

)

)
    	
 
    
	
 
    
	
 
    
	
 
    	
 
    	
 
    	
/s/ Cindy   Xiaofan Wang
    

 

97

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00269-of-00352.parquet"}]]