Document:

Exhibit 10.1

 

SIMON PROPERTY GROUP, INC.

GOVERNANCE PRINCIPLES

 

PREAMBLE

 

The Board of Directors (“Board”) of Simon Property Group, Inc., a Delaware corporation (the “Company”) is elected by stockholders to oversee the management and affairs of the Company. The Board of Directors shall govern the affairs of the Company making business judgments and decisions on an informed basis in what they reasonably believe to be in the best interests of the Company and its constituencies, including its stockholders, employees, tenants and customers.

 

GOVERNANCE PRINCIPLES

 

A.                                    ROLE OF THE BOARD

 

1.                                      Functions of the Board.  The Board’s functions will include the oversight of the Company’s plans and prospects, assessing major risks facing the Company and reviewing options for their mitigation, reviewing, approving and monitoring fundamental business strategies, major corporate actions and any proposed transactions with insiders, assisting in charting the Company’s future growth, reviewing and discussing reports by management concerning the Company’s performance, evaluating annually the effectiveness of the Board, and providing counsel and oversight on the selection, evaluation, development and compensation of the Company’s Chief Executive Officer and other key members of senior management.

 

2.                                      Meetings.  The Board will have no fewer than four (4) scheduled meetings each year. It is the duty of the Board members to use reasonable efforts to attend all scheduled Board and committee meetings, as well as the annual meeting of stockholders.

 

3.                                   Conduct of Board and the Company.  The Company has established a Code of Business Conduct and Ethics (the “Code”) which serves as a guideline to ethical decision-making. The Company will ensure that all Directors, officers and employees are furnished with a copy of the Code and that they acknowledge that they have received and reviewed the Code and agree to abide by its terms. Directors and those holding the office of Senior Vice President and higher in the Company will be required to certify their compliance with the Code annually. Any waiver of the Code for Directors or executive officers of the Company (“Executive Officer”) may only be made by the Board or a Board committee and will be disclosed to the Company’s stockholders. The Company shall make each certification or filing required by any applicable governmental agency or stock exchange with respect to the subject matter of these Governance Principles.

 

B.                                    SELECTION AND COMPOSITION OF THE BOARD

 

1.                                      Board Size. The size of the Board shall be determined from time-to-time by a majority of the members of the Board in accordance with the Company’s Charter and By-laws.

 

2.                                      Board Independence. At least a majority of the Board of Directors shall be independent at all times.  “Independence” will be determined in accordance with the corporate governance requirements of the New York Stock Exchange (“NYSE”) listing standards, and other applicable laws, rules and regulations regarding director independence in effect from time-to-time.

 

The Nominating and Governance Committee will annually review all commercial and charitable relationships between the Company and the Directors and present its findings and recommendations to the Board which will make a final determination regarding the independence of the Directors.  For relationships not covered by the standards described above, the determination of whether a Director would be independent or not shall be made by the Directors who satisfy those standards.

 

3.                                      Board Membership Qualifications and Selection. The Governance and Nominating Committee shall be comprised of Independent Directors and shall be responsible for identifying, screening and recommending Directors for nomination by the Board for election as members of the Board. Candidates for election as members of the Board should possess high personal and professional ethics, integrity and values and be committed to representing the long-term interests of the Company’s stockholders and otherwise fulfilling the responsibilities of the Directors as described in these Governance Principles. While Directors are not prohibited from serving simultaneously on multiple company boards, if any Director simultaneously serves on more than four (4) boards of public companies, inclusive of the Company’s Board, then the Board or the Governance and Nominating Committee shall determine that such simultaneous service does not impair the ability of such Director to serve the Company.  Directors should advise the Chairperson of the Governance

 

 

and Nominating Committee and the Chief Executive Officer before accepting membership on other boards of directors so that the Governance and Nominating Committee may determine that service on another board does not adversely impact the independence of the Director or otherwise impair their ability to serve the Company.  The Company will strive to have a Board representing diverse experiences and backgrounds, as well as areas that are relevant to the Company’s business activities. Directors should be committed to devoting the time and effort necessary to be responsible and productive members of the Board.  This includes developing knowledge about the Company’s business operations and doing the work necessary to participate actively in Board and committee meetings.  Members of the Governance and Nominating Committee are responsible for screening Director candidates, but may solicit advice from the Company’s Chief Executive Officer and other members of the Board. Any invitation to join the Board will be extended by the chairperson of the Governance and Nominating Committee and/or the Company’s Chief Executive Officer.

 

4.                                    Selection of Directors. Vacancies on the Board of Directors shall be filled in accordance with the Company’s Charter and By-Laws. The Governance and Nominating Committee will be responsible for recommending to the Board candidates for election as Directors who meet the foregoing criteria and as set forth in the Governance and Nominating Committee Charter. A stockholder who wishes to recommend a Director candidate for consideration by the Governance and Nominating Committee should send such recommendation to the Secretary of the Company, 225 West Washington Street, Indianapolis, Indiana 46204, who will forward it to the Committee. Any such recommendation should include a description of the candidate’s qualifications for board service, the candidate’s written consent to be considered for nomination and to serve if nominated and elected, and addresses and telephone numbers for contacting the stockholder and the candidate for more information. A stockholder who wishes to nominate an individual as a Director candidate at the annual meeting of stockholders, rather than recommend the individual to the Governance and Nominating Committee as a nominee, must comply with the advance notice and information requirements regarding a proposed nominee which are set forth in the Company’s By-Laws.

 

5.                                 Voting for Directors.

 

i.                                          In an uncontested election, any nominee for Director who does not receive a majority of votes cast “for” his or her election shall promptly tender his or her resignation to the Chair of the Governance and Nominating Committee following certification of the stockholder vote. The Governance and Nominating Committee shall promptly consider the resignation and recommend to the Board whether to accept the tendered resignation or reject it. In considering whether to accept or reject the tendered resignation, the Governance and Nominating Committee shall consider the stated reasons, if any, why stockholders did not cast votes “for” the election of such Director, the length of service and qualifications of the Director whose resignation has been tendered, the Director’s contributions to the Company, the Company’s Governance Principles and such other information and factors as members of the Governance and Nominating Committee shall determine are relevant.

 

ii.                                       The Board will act on the Governance and Nominating Committee’s recommendation no later than 90 days following the date of the stockholders’ meeting where the election occurred, or the date set forth in any applicable requirement of the Securities and Exchange Commission (“SEC”) or the NYSE, whichever is earlier. In considering the Governance and Nominating Committee’s recommendation, the Board will analyze the factors considered by the Governance and Nominating Committee and such additional information and factors the Board believes to be relevant. Following the Board’s decision on the Governance and Nominating Committee’s recommendation, the Company will promptly disclose the Board’s decision whether to accept the resignation as tendered (providing a full explanation of the process by which the decision was reached and, if applicable, the reasons for rejecting the tendered resignation) in a press release, a filing with the SEC or other broadly disseminated means of communication.

 

iii.                                    Any Director who tenders his or her resignation pursuant to this provision shall not participate in the Governance and Nominating Committee recommendation or Board action regarding whether or not to accept the tendered resignation. However, if each member of the Governance and Nominating Committee fails to receive a majority of “for” votes at the same election, then the Independent Directors who did receive a majority of “for” votes shall appoint a committee amongst themselves to consider the tendered resignations and recommend to the Board whether to accept or reject them.

 

These voting guidelines shall be summarized or included annually in the Company’s proxy statement.

 

6.                                      Director Term Limits and Mandatory Retirement Age.  To impose either term limits or a Director mandatory retirement age may deprive the Board of the contributions of Directors who have developed expertise and insights into the Company and its needs over a period of time. Accordingly, the Board will not mandate term limits on Director service nor will it establish a mandatory retirement age for Directors. It is expected, however, that Directors will not automatically be renominated annually, but will instead be subject to an evaluation process described below on an annual basis to ensure that Board performance is assessed on a continuing basis.

 

 

7.                                      Change in Director Responsibilities.  Any Director who changes their primary job responsibility, occupation or business association held at the time of the most recent election to the Board shall offer to write a letter of resignation to the Board for its consideration. The Board of Directors, within its sole discretion and after considering the recommendation of the Governance and Nominating Committee, shall determine whether or not any such change has any impact on the Director’s ability to serve effectively on the Board and whether the resignation should be accepted.

 

8.                                      Selection of Chairman; Lead Independent Director.  The Board selects the Director (or Directors) to serve as Chairman of the Board. The Board believes that it is in the best interests of the Company and its stockholders for the Board to determine which Director is best qualified to serve as Chairman.  Accordingly, the Board does not have a policy as to whether the Chairman should be an Independent Director or a Director who is also a member of management. Instead, the Board selects the Company’s Chairman in the manner that it determines to be in the best interests of the Company’s stockholders, and the Nominating Committee evaluates and makes recommendations to the Board concerning the Board’s leadership structure, including whether the offices of Chairman and Chief Executive Officer should be held by the same person.  Furthermore, when the Chairman is a member of Company management, the Independent Directors will also elect, annually, an Independent Director to act as the Lead Independent Director of the Board.  The Independent Directors shall reconsider the selection of the Lead Independent Director from time-to-time and may, on the recommendation of the Governance and Nominating Committee, elect a different Director to serve as Lead Independent Director.

 

The Lead Independent Director performs the duties specified in these Governance Principles and such other duties as are assigned from time to time by the Independent Directors of the Board.  Under these Governance Principles, in addition to the matters addressed elsewhere herein, the Lead Independent Director is empowered to:

 

(a)         preside at all meetings of the Board at which the Chairman is not present, including executive sessions of the Independent Directors;

 

(b)         serve as a liaison between the Chairman and the Independent Directors, including by facilitating communication and sharing of views between the Independent Directors and the Chairman;

 

(c)          approve meeting schedules for the Board to assure there is sufficient time for discussion of all agenda items and coordinate with the Chairman with respect to developing such schedules;

 

(d)         approve meeting agendas for the Board and coordinate with the Chairman with respect to developing such agendas;

 

(e)          approve materials sent to the Board and advise on such information;

 

(f)           call meetings of the Independent Directors;

 

(g)          if requested by major stockholders, ensure that he or she is available for consultation and direct communication; and

 

(h)         retain outside advisors and consultants to report directly to the Board on Board-wide issues.

 

The name of the current Lead Independent Director shall be posted on the Investor page of the Company’s website, www.simon.com.

 

C.                                    BOARD CONFIDENTIALITY POLICY

 

Many of the discussions that the Board and its committees conduct involve trade secrets, the Company’s business strategy and material non-public information.  Disclosure of the subjects of Board or committee discussion or information related to those discussions, even if inadvertent, could cause competitive harm to the Company and violate applicable federal and state securities laws.  Moreover, any breach of confidentiality by a Director would undermine the mutual trust and respect needed for effective Board and committee operations and limit the full and frank discussion among members.  Accordingly, every Director is expected to maintain the confidentiality of the discussions they have as Board or committee members as well as any Confidential Information provided to them in such capacities, not just material non-public information.

 

For purposes of these Governance Principles, “Confidential Information” is all non-public information entrusted to or obtained by a Director by reason of his or her position as a Director of the Company.  It includes, but is not limited to, non-public information that might be of use to competitors or harmful to the Company or its customers if disclosed, such as:

 

 

·                                          non-public information about the Company’s financial condition, prospects or plans, its marketing and sales programs and leasing information, as well as information relating to mergers and acquisitions, stock splits and divestitures;

 

·                                          non-public information concerning possible transactions with other companies or information about the Company’s customers which the Company is under an obligation to maintain as confidential; and

 

·                                          non-public information about discussions and deliberations relating to business issues and decisions, between and among employees, officers and Directors.

 

In addition, Directors may not disclose any Confidential Information to any other party, including principals or employees of any business entity which employs the Director or which has sponsored the Director’s election to the Board, or misuse it in any other fashion, including benefiting themselves or other persons.  The only exceptions to this policy of strict confidentiality are instances in which disclosure has been approved in advance and in writing by the Board or the Chairman and Chief Executive Officer, or is required by law.

 

To the extent that the Board intends to speak publicly on any matters, the spokespersons for the Board are the Chairman of the Board and any other person expressly authorized by the Board to speak on its behalf.

 

D.                                    BOARD COMMITTEES AND AGENDAS

 

1.                                      Committees of the Board. The Board has established three standing committees consisting of a Governance and Nominating Committee, an Audit Committee, and a Compensation Committee. Each committee of the Board has a Charter which is available on the Company’s website and will be mailed to stockholders upon written request. Audit Committee members shall not simultaneously serve on the audit committees of more than two (2) other public companies. The chairpersons of each committee shall report committee actions and any recommendations to the Board after committee meetings.

 

2.                                      Independence Standards. All members of the Audit, Compensation, and Governance and Nominating Committees shall satisfy the independence standards which are described in Section B.2. above. Members of the Audit Committee and Compensation Committee must also satisfy additional independence requirements of the NYSE or the rules of the SEC that impose additional requirements for independence.

 

3.                                      Board Agendas, Materials and Meeting Schedules. The Chairman of the Board and Chief Executive Officer will propose an agenda and meeting schedule for each Board meeting in coordination with the Lead Independent Director. The Lead Independent Director will approve the agenda and the meeting schedule to ensure that sufficient time is allowed for discussion of all agenda items and provide input to the Chairman and Chief Executive Officer in that regard.  The Lead Independent Director will also advise on the materials sent to the Board, including the scope, quality and timeliness of such materials, and approve final meeting materials.  Wherever possible, written materials will be prepared and submitted to each Board member as soon as practicable in advance of the meeting which cover all of the material topics to be discussed at such meeting. Supplemental written materials discussing any meeting topics may also be distributed at a meeting. Directors are urged to make suggestions for agenda items or additional pre-meeting materials to the Chairman and Chief Executive Officer or the Lead Independent Director. The failure to include an item of business in a meeting agenda will not preclude a Director from asking the Board to consider any matter of Company business at a meeting.

 

4.                                      Committee Agendas. The chairperson of each committee, working with Company management, will propose an agenda for each committee meeting, and whenever possible, written materials will be prepared and submitted to each committee member as soon as practicable in advance of the meeting which cover all material topics to be discussed at such meeting. Supplemental materials discussing any meeting topics may also be distributed at a meeting. The failure to include an item of business in a meeting agenda will not preclude a committee member from asking the committee members to consider any matter of committee business at a committee meeting.

 

E.                                    BOARD COMPENSATION

 

No Director who is an employee of the Company or any affiliate shall be entitled to compensation as a Director or as a member of a Board committee. The Governance and Nominating Committee has been delegated the responsibility for recommending to the Board the compensation payable for non-employee Directors of the Company. Compensation structure for the Directors consists of two components, one being a cash component and the other represented by restricted stock of the Company. Further, the Board has established stock ownership guidelines for its non-employee Directors. Each Director is required to own not less than 3,000 fully vested shares of common stock of the Company no later than two (2) years after he or she is initially elected to the Board, and not less than 5,000 fully vested shares of common stock of the Company no later than three (3) years after he or she is initially elected to the Board. Any Director who is prohibited by law or by applicable regulation of his or her

 

 

employer from having an ownership interest in securities of the Company shall be exempt from this requirement. Once a Director is no longer subject to such a prohibition, he or she shall be required to comply with these stock ownership guidelines no later than the end of the ensuing two (2) year and three (3) year periods. Stock options and unvested restricted stock will not be included in the computation of Director stock ownership for the purpose of these Governance Principles. The compensation payable to our non-employee Directors will be reviewed periodically by the Governance and Nominating Committee to ensure that our non-employee Directors are fairly compensated for the work they are required to perform on behalf of the Company and to ensure that at least a portion of their compensation aligns the interests of Directors with those of our stockholders. In addition, members of the Board will be reimbursed for their travel and other expenses incurred in connection with the performance of their duties in accordance with a policy established from time-to-time for such purpose.

 

F.                                     BOARD AND COMMITTEE EVALUATION

 

1.                                  Board Evaluation.  The Governance and Nominating Committee will oversee an annual performance evaluation of the Board and an assessment of the independence of each Director in accordance with the criteria established in these Principles. The evaluation will also address the Board’s governance policies and practices, including the robustness and effectiveness of the Lead Independent Director structure during such periods when the Chairman of the Board is not an Independent Director.  The Governance and Nominating Committee will report to the full Board as to its conclusions and recommendations which will also be disclosed in the proxy statement provided to stockholders in connection with each annual meeting.

 

2.                                      Committee Evaluation.  Each committee of the Board will conduct an annual review of its performance. The chairperson of each committee shall report to the full Board as to such committee’s conclusions and recommendations.

 

G.                                   ANNUAL REVIEW OF COMPENSATION OF COMPANY OFFICERS

 

1.                                      Compensation of Chief Executive Officer.  The Compensation Committee shall annually approve the goals and objectives for compensating the Company’s Chief Executive Officer and will annually evaluate the Chief Executive Officer’s performance in light of these goals before setting the salary, bonus and other incentive and equity compensation of the Chief Executive Officer.

 

2.                                      Compensation of Executive Officers.  The Compensation Committee shall also annually approve the compensation structure of the Company’s executive officers, including any incentive stock component of that compensation, in an effort to align their interests with those of the Company stockholders.

 

3.                                      Review of Chairman of the Board.  If the Chairman of the Board is not an Independent Director, then the Compensation Committee, under the leadership of the Lead Independent Director, will annually conduct an evaluation of the performance of the Chairman which will be communicated to the Independent Directors, as well as the Chairman.

 

 

H.                                   SUCCESSION PLANNING

 

The Board, working with the Chief Executive Officer and other members of the Company’s senior management, shall assure that a succession plan is in place for key members of the Company’s senior management. In particular, the Board will adopt and periodically review planning for succession for the Company’s Chief Executive Officer in the event of his or her death, disability, removal, resignation or other event creating a vacancy in that office, and in any such event, the Board shall be responsible for selecting a successor Chief Executive Officer and determining the appropriate leadership structure for the Board in connection with any such succession.

 

I.                                        INDEPENDENT DIRECTOR SESSIONS

 

The Independent Directors meet in executive sessions, chaired by the Lead Independent Director, on a regularly scheduled basis, in addition to ad hoc sessions when appropriate. Following each executive session, the Lead Independent Director will discuss, to the extent appropriate, such sessions with the Chairman of the Board (during such periods when the Chairman is not an Independent Director) and/or the chairpersons of relevant Board committees to provide follow-up feedback, and action steps, if any, on matters discussed by the Independent Directors in executive session.

 

J.                                      ACCESS TO SENIOR MANAGEMENT

 

The Board encourages the Chief Executive Officer to invite members of Company management to attend Board meetings from time-to-time to provide insight into items being discussed by the Board that involve the manager or make presentations to the Board on matters which involve the manager.

 

K.                                   BOARD INTERACTIONS WITH THIRD PERSONS

 

The Board believes that management speaks for the Company. Individual Board members may from time-to-time informally communicate with various constituencies that are involved with the Company such as the press, investors and customers. However, it is expected that any such communication will be made with the advance knowledge and concurrence of management.

 

L.                                    BOARD INTERACTIONS WITH INTERESTED PARTIES

 

The Board has implemented a process whereby stockholders of the Company and other interested parties may send communications to the Board’s attention. Any stockholder or other interested party desiring to communicate with the Board, or one or more specific members thereof, should communicate in writing addressed to Simon Property Group, Inc., Board of Directors, c/o Secretary, 225 West Washington Street, Indianapolis, Indiana 46204. The Secretary of the Company has been instructed by the Board to promptly forward all such communications to the specified addressees thereof.

 

 

M.                                 ACCESS TO INDEPENDENT ADVISORS

 

The Board and its Committees shall have the right at any time to retain independent outside financial, legal or other advisors, the cost of which shall be borne by the Company.

 

N.                                    ORIENTATION OF DIRECTORS

 

The Board believes that an orientation and training process should be developed and made available to new members of the Board. Orientation of a new Director should be coordinated with either the Chief Administrative Officer or the General Counsel of the Company and is to be tailored to the requirements of the individual. Any briefing sessions for the new Board member should be designed to assist in discharging his or her duties.

 

O.                                   CONTINUING EDUCATION

 

All Directors are encouraged to participate periodically, and at Company expense, in a Director continuing education program.

 

P.                                     PERIODIC REVIEW AND PUBLICATION

 

The Governance and Nominating Committee will review these Governance Principles annually and make recommendations to the Board for any revisions or supplements to the same, taking into account any changes in legislative and regulatory requirements as well as evolving best practices for boards of directors. In addition, these Governance Principles shall be posted on the Company’s website and shall otherwise be communicated in such a way as to comply with all applicable laws, rules and regulations.Exhibit 4.31

 

Framework Agreement for Purchase and Sale of 1st underground floor of Building A of Hongqiao International Technology Square

 

This Framework Agreement dated this 25th day of September, 2013 is made by and between the following parties (the “Parties”) in Changning District, Shanghai:

 

Party A: Shanghai Hongqiao Linkong Technology Development Co., Ltd.

Legal Representative: Wang Jia

Address: Room 305, Block 2, 999 Jinzhong Road, Changning District, Shanghai

 

Party B: Ctrip Computer Technology (Shanghai) Co., Ltd.

Legal Representative: Fan Min

Address: 99 Fuquan Road, Changning District, Shanghai

 

Regarding Party A’s transfer and Party B’s acquisition of the underground parking space of Building A of Hongqiao International Technology Square (the address stated in the Real Estate Register is 1st underground floor of Building 1, No.999 Jinzhong Road), through friendly negotiations, the Parties hereby agree to enter into this Framework Agreement as follows.

 

Article 1 Ownership of the Property

 

Party A obtained the Shanghai Real Estate Title Certificate with serial number “HFDCZ (2012) No.005514” on June 26th, 2012 (see Appendix I for details). The Shanghai Real Estate Title Certificate states as follows: Party A legally owns the property located at the 1st underground floor of Building 1, No. 999, Jinzhong Road. The area of parking space on the 1st underground floor is 5,906.8 sqm consisting of 146 parking spaces, of which 4,140.39 sqm is for civil defense parking and 1,766.41 sqm is general parking space.

 

Article 2 Lawsuits and Judicial Seizures

 

Party A (as defendant) is involved in two lawsuits. See Appendix II for details. There are no property preservation measures taken on the 1st underground floor of Building 1, No. 999 of Jinzhong Road under these two cases.

 

Article 3 Lease

 

As of the date of this Agreement, Party A has entered into several lease agreements with several tenants regarding part of the parking spaces on the 1st underground floor. Please see details of lease agreements of the parking spaces in Appendix III hereto.

 

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Article 4 Purchase and Sale of Real Estate

 

4.1.Party A agrees to transfer and Party B agrees to acquire the underground parking spaces, Building 1 of Hongqiao International Technology Square at 999 Jinzhong Road, Changning District, Shanghai (including the general and civil defense parking space, hereinafter referred to as the “Subject Property”). The floor area of the Subject Property is 5,906.8 sqm.

 

4.2.The title transfer registration procedures for the Subject Property shall be gone through with relevant governing authorities. Party A and Party B hereby conclude this Framework Agreement for the purchase and sale of the Subject Property. Both Parties will sign the formal purchase and sale contract or other agreement and deal with the title transfer registration procedures according to the relevant regulations on real estate transfers when the Subject Property is suitable for title transfer registration.

 

Article 5 Price

 

The Parties agree that the purchase price of the Subject Property shall be RMB8,800,000 (Renminbi eight hundred and eighty thousand yuan), equal to RMB60,274 for each parking space.

 

Article 6 Payment Terms

 

6.1.Within 3 working days after this Agreement, Party B shall pay 40% of the total purchase price, i.e. RMB3,520,000 (Renminbi three million five hundred and twenty thousand yuan) to Party A as the 1st installment of the purchase price.

 

6.2.Within 3 working days after both parties submit application for registration of title transfer (or change of owner) to Changning District Real Estate Trading Center or other relevant authorities and obtaining relevant document receipt (or relevant authorities accepts the application for change of owner), Party B shall pay 40% of the total purchase price, i.e. RMB 3,520,000 (RMB three million five hundred and twenty thousand yuan) to Party A.

 

6.3.Within 3 working days after obtaining the Subject Property certificate (or completion of change of owner by relevant authorities), Party B shall pay the remaining 20% of total purchase price, i.e. RMB 1,760,000 (RMB one million seven hundred and sixty thousand yuan) to Party A.

 

Article 7 Delivery

 

7.1.Delivery of parking spaces without lease. Within 3 working days after this Agreement and Party A’s receipt of 1st installment from Party B, the parking spaces without lease shall be delivered to Party B. The specific date to deliver the parking spaces is subject to Party B’s discretion, which shall not be later than the completion date of title transfer registration for the Subject Property (or completion of change of owner, transfer of rights). Party A and Party B shall sign a Parking Spaces Delivery Confirmation Letter.

 

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7.2.Delivery of parking spaces with lease. At the first day of the succeeding month after Party B’s receipt of the Real Estate Title Certificate of the Subject Property and settlement of purchase price, Party A shall deliver the parking spaces with lease to Party B. the rent on such parking spaces shall be collected by Party B from the delivery thereof. And within 30 days after delivery, Party A shall assist Party B in handling the assignment and settlement of any security deposit for such parking spaces (if any), and Party B shall be liable for refunding security deposit upon expiry of relevant lease thereafter.

 

Article 8 Relevant formalities

 

Party A undertakes to actively apply for title transfer registration for the Subject Property (or change the owner into Party B) with relevant authorities, and Party B undertakes to cooperate with Party A to carry out such work. The Parties agree that, the transfer procedures of the Subject Property involve various units or authorities (including without limitation to real estate trading center, survey department, civil defense department, airport management agency, owners of Building C of Hongqiao International Technology Square), and if the Parties fail to meet applicable conditions for the title transfer registration or change of owner with their best effort, then Party A shall agree that Party B may select any of the following options. Under which circumstance, any option made by Party B shall not be deemed as violation of relevant agreement, undertakings and warranties under this Agreement.

 

(1)    Party B pays off the balance of total purchase price, and Party B transfers the rights to possess, dispose and use the Subject Property to Party B, permanently.

(2)    Party B leases the parking spaces of the Subject Property from Party A at RMB 500 per month per parking space; Party A shall refund payment made by Party B less applicable rent, and pay interest at twice the corresponding loan interest rate over the refundable amount from the day of payment made by Party B to the Party B’s receipt of refunded amount.

(3)    Party B terminates this Agreement and returns any parking spaces already delivered. Under such circumstance, Party A shall refund any payment made by Party B less applicable rent within 7 working days after receipt of written termination notice from Party B, and pay interest to Party B at twice the corresponding loan interest rate over the refundable amount from the day of payment made by Party B to the Party B’s receipt of refunded amount.

 

Article 9 Execution of Purchase and Sale Contract

 

9.1.The Parties acknowledge that the contents of the formal purchase and sale contract or other agreement to be signed shall be compliant with this Agreement. Party B’s right to use the Subject Property under this Agreement shall remain unchanged. Neither Party may refuse to sign the formal purchase and sale contract for reason that the Parties fail to agree on the terms and conditions thereof.

 

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9.2.The Parties shall sign the formal purchase and sale contract or other agreement within 30 days after the Subject Property meets relevant conditions for transfer registration. Party A shall assist Party B in handling the title transfer registration (or change of owner) for the Subject Property.

 

Article 10 Property Management

 

Users of relevant parking spaces shall be liable for their parking management fee in Hongqiao International Technology Square. Party B agrees to pay parking management fees to Party A at RMB 100 yuan per month for each parking space used by Party B from the month of delivery of parking spaces without lease to the month which Party B becomes the owner of the Subject Property and pays off the balance of total purchase price.

 

Article 11 Warranty

 

11.1.                                             Party A warrants that information about the Subject Property as well as the relevant contracts and materials made available to Party B prior to execution of this Agreement are authentic and free of concealment or deception.

 

11.2.                                             Party A warrants that as of the date of this Agreement, the Subject Property is not subject to any lawsuits or judicial seizures, except for those listed in the appendix hereto. Party A warrants that if the Subject Property becomes subject to any lawsuit, judicial seizure or administrative seizure after the date of this Agreement, it will notify Party B promptly and submit relevant legal documents to Party B for keeping after making a photocopy thereof.

 

11.3.                                             Party A warrants that as of the date of this Agreement, the Subject Property is not subject to any mortgage or other encumbrances. Party A warrants that it will not establish any encumbrance on the Subject Property after the date of this Agreement, unless otherwise agreed by Party B in writing in advance.

 

Article 12 Taxes

 

The Parties shall be liable for their respective taxes arising from the purchase and sale of the Subject Property hereunder in accordance with law, unless otherwise agreed in this Agreement.

 

Article 13 Breach of Contract

 

13.1.                                             Breach of contract by Party A

 

13.1.1.           In case Party A violates this Agreement by failing to promptly deliver the Subject Property, or in case Party A violates Article 9.2 by failing to promptly sign formal purchase and sale contract or other agreement of the Subject Property with Party B, for each day of delay, Party A shall pay 0.05% of the paid purchase price as liquidated damages to Party B (any delay which is not attributable to Party A such as reject or refusal to cooperate by relevant authorities shall not be deemed as breach of Party A). If the delay lasts for over 60 days, Party B may terminate this Agreement by giving a written notice to Party A. Party A shall refund the purchase price and interest paid by Party B within the time limit prescribed in the written notice. In addition, Party A shall pay RMB1,500,000 as liquidated damages to Party B.

 

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13.1.2.           In case Party A violates this Agreement by concealing any information (information made available by Party A to Party B has been included in the terms of this Agreement), or in case Party A refuses to transfer the Subject Property to Party B, or in case Party A refuses to sign formal purchase and sale contract or other agreement with Party B, or in case Party A refuses to assist Party B to make title transfer registration(change of owner) for the Subject Property (unless Changning District Real Estate Trading Center or other authority rejects the transfer of the Subject Property from Party A to Party B, i.e., refuses to accept the application for title transfer registration for the Subject Property), making it impossible or difficult for Party B to obtain the Real Estate Title Certificate of the Subject Property, Party B may select to require Party A to continue performance of this Agreement or terminate this Agreement by giving a written notice to Party A. If Party B selects to terminate this Agreement, Party A shall refund the purchase price paid by Party B within the time limit prescribed in the written notice. In addition, Party A shall pay RMB1,500,000 as liquidated damages to Party B. If Party B selects to require Party A to continue performance of this Agreement, Party A shall be liable for any and all losses caused to Party B due to its delay in discharging the obligations above.

 

13.1.3.           If any loss is caused to the non-defaulting Party due to the defaulting Party’s breach of contract, the defaulting Party shall be liable for the loss actually suffered by the non-defaulting Party.

 

13.2.                                             Breach of contract by Party B

 

13.2.1.           In case Party B violates this Agreement by failing to promptly pay any installment of the purchase price, for each day of delay, Party B shall pay 0.05% of the outstanding purchase price as liquidated damages to Party A. If the delay lasts for over 60 days, Party A may terminate this Agreement by giving a written notice to Party B, and Party B shall pay RMB1,500,000 as liquidated damages to Party A. If there is any balance after deducting such liquidated damages from the purchase price paid by Party B, the balance shall be refunded to Party B upon Party B’s redelivery of the Subject Property.

 

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13.2.2.           In case Party B violates this Agreement by refusing to purchase the Subject Property from Party A or refusing to sign formal purchase and sale contract with Party A, Party A may select to require Party B to continue performance of this Agreement or terminate this Agreement by giving a written notice to Party B. If Party A selects to terminate this Agreement, Party B shall pay RMB1,500,000 as liquidated damages to Party A. If there is any balance after deducting such liquidated damages from the purchase price paid by Party B, the balance shall be refunded to Party B upon Party B’s redelivery of the Subject Property. If Party A selects to require Party B to continue performance of this Agreement, Party B shall be liable for any and all losses caused to Party A due to its delay in discharging the obligations above.

 

Article 14 Miscellaneous

 

14.1.                                             The Parties have obtained internal approvals according to their respective articles of association and have been authorized to sign this Agreement. This agreement will not be held invalid due to any internal approval in violation with articles of association or other relevant regulations. The Parties agree that Party B may designate any affiliated company to execute formal property purchase agreement on behalf of Party B, and if so any payment made by Party B shall be deemed as performance of the affiliated company designated by Party B.

 

14.2.                                             Confidentiality Obligations

 

14.2.1.           The Parties hereby agree that unless otherwise required by law, none of the Parties may disclose any content of this Agreement (including the information included in this Agreement or known in the course of execution and performance of this Agreement, such as information about lawsuits of Party A) to any third party.

 

14.2.2.           “Third party” in the preceding paragraph shall exclude consultants and other personnel retained by the Parties for execution and performance of this Agreement. However, the Parties shall procure that the consultants will comply with the confidentiality obligations under this Article 14. Violation of confidentiality obligations by any consultant will be deemed as violation of confidentiality obligations by the Party retaining such consultant.

 

14.3.                                             All disputes arising from performance of this Agreement shall first be settled by the Parties through friendly consultation. If the consultation fails, the dispute shall be rendered before the court at the place where the Subject Property is located.

 

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14.4.                                             This Agreement shall take effect after the Parties affix a seal hereunto.

 

14.5.                                             This Agreement shall be executed in four originals, with Party A and Party B holding 2 originals respectively.

 

14.6.                                             The Appendix hereto shall form an integral part of this Agreement.

 

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(No text below)

 

Party A: Shanghai Hongqiao Linkong Technology Development Co., Ltd. (seal)

 

Legal representative:

 

Party B: Ctrip Computer Technology (Shanghai) Co., Ltd. (seal)

 

Legal representative:

 

25 September 2013

 

Appendix I. Shanghai Real Estate Title Certificate of the Subject Property

Appendix II. Details of lawsuits involving Party A

Appendix III. Details of lease of parking spaces

 

8

 

Framework Agreement for Purchase and Sale

Building B of Hongqiao International Technology Square

 

This Framework Agreement dated this 25th day of September, 2013 is made by and between the following parties (the “Parties”) in Changning District, Shanghai:

 

Party A: Shanghai Huanji Digital Technology Co., Ltd.

Legal Representative: Wang Jia,

Address:  Room 103, Building 4, 999 Jinzhong Road, Changning District, Shanghai

 

Party B: Ctrip Computer Technology (Shanghai) Co., Ltd.

Legal Representative: Fan Min

Address:  99 Fuquan Road, Changning District, Shanghai

 

Regarding Party A’s transfer and Party B’s acquisition of Building B of Hongqiao International Technology Square (the address stated in the Real Estate Register is Building 2 No. 999 Jinzhong Road), through friendly negotiations, the Parties hereby agree to enter into this Framework Agreement as follows.

 

Article 1 Ownership of Property

 

Party A obtained the Shanghai Real Estate Title Certificate with serial number “HFDCZ (2011) No.003262” on March 11th, 2011 (see Appendix I for details). The Shanghai Real Estate Title Certificate states as follows: the property located at Building 2, No. 999, Jinzhong Road is legally owned by Party A. The property is for education and technology research purpose, with 8,369 sqm of land area, and total floor area of 28,564.15 sqm, of which 6,539.34 sqm is underground building area. It is hereby disclosed by Party A to Party B that the original Real Estate Title Certificate is lost and Party A will apply for new certificate in accordance with Article 11.2 contained herein.

 

Article 2 Mortgage of Property

 

On 30 July 2009, Party A signed a loan contract (no.: 1600209411706) and a mortgage contract (no.: 16002094081706) with Shanghai Rural Commercial Bank Changning Branch (hereinafter referred to as “SRCB Changning Branch”), under which Party A borrowed a loan in amount of RMB72,000,000 from SRCB Changning Branch. The term of the loan is to 12 June 2015. Party A mortgaged the land use right to 4/6 Lot, 324 Community of Xinjing Town and the construction in progress thereon (which has changed to the 2 buildings located at No. 999, Jinzhong Road after obtaining of Real Estate Title Certificate) to SRCB Changning Branch as the security for the loan. Party A has repaid RMB24,000,000. The remaining principal loan amount is RMB48,000,000.

 

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Article 3 Lawsuits and Judicial Seizures

 

Party A (as defendant) is involved in three lawsuits. See Appendix II for details hereto, of which is case with serial number (2012) Chang Min Er (Shang) Chu 999, the plaintiff in the lawsuit applied for preservation to seize such property in the amount of RMB98,784,602.83.

 

Article 4 Lease of Property

 

As of the date of this Agreement, Party A has entered into lease contracts of several units in Hongqiao International Technology Square and parking spaces lease contracts with several tenants. See Appendix III and IV for details of lease contracts hereto.

 

Any units without lease as of this Agreement shall not be available for lease by Party A, unless otherwise notified by Party A to Party B as set forth in the Appendix hereto.

 

Article 5 Purchase and Sale of Real Estate

 

5.1. Party A agrees to transfer and Party B agrees to acquire Building B of Hongqiao International Technology Square at 999 Jinzhong Road, Changning District, Shanghai (including the above-ground building and underground building, hereinafter referred to as the “Subject Property”). The floor area of the Subject Property is 28,564.15 sqm.

 

5.2. In consideration of mortgage and judicial seizures over the Subject Property, Party A and Party B hereby conclude this Framework Agreement for the purchase and sale of the Subject Property. The Parties shall sign Shanghai House Purchase and Sale Contract in the form designated by the Real Estate Trading Center according to the relevant regulations on real estate transfers and deal with the title transfer registration procedures when the Subject Property is available for registration after Party A lift the mortgage and judicial seizures over the Subject Property.

 

Article 6 Price

 

The Parties agree that, Party B shall pay the price for the Subject Property at RMB 25,450 per sqm multiplying the total above-ground building area at 22,024.81 sqm, in the total contract price at RMB560,531,414.5 (RMB five hundred and sixty million five hundred and thirty-one thousand four hundred and fourteen yuan fifty cents), with the underground building area (namely 176 parking spaces) assigned to Party B free of charge.

 

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Article 7 Payment Terms

 

7.1. Within 3 working days after this Agreement, Party B shall pay RMB30,000,000 (Renminbi thirty million yuan) to Party A as the security deposit.

 

7.2. Within 15 working days after this Agreement, Party B shall pay RMB 82,106,282.9 (RMB eighty-two million one hundred and six thousand two hundred and eighty-two yuan ninety cents) to Party A, making the payment up to 20% of the total purchase price.

 

7.3. Within 20 working days after this Agreement, Party B shall pay RMB 148,000,000 (RMB one hundred and forty-eight million yuan) to Party A for lifting the mortgage and judicial seizures on the Subject Property, of which (1) RMB100,000,000 shall be used by Party A to provide security deposit to the People’s Court of Changning for the release of the Subject Property from judicial seizures. If Party A lift such judicial seizures by any other means, then such amount of payment shall be available for party A’s disposal; (2) RMB48,000,000 shall be used by Party A to repay the loan to release the Subject Property from the mortgage created for Changning Branch.

 

7.4. After the execution of the Shanghai House Purchase and Sale Contract in the form designated by the Real Estate Trading Center, Party A shall apply with relevant tax authority for vat settlement regarding the transaction hereunder. Within 3 working days after Party A’s receipt of tax verification form issued by tax authority, Party B shall make payment to Party A in the amount of the sum of all taxes payable indicated in such form, to set off any payables by Party B to Party A.

 

7.5. Within 3 working days after the Parties apply for title transfer registration with Changning District Real Estate Trading Center and upon Party B’s receipt of relevant receipt of application, Party B shall pay 50% of the outstanding purchase price to Party A.

 

7.6. Within 3 working days after obtaining the Real Estate Title Certificate of the Subject Property, Party B shall pay the remaining of total purchase price to Party A.

 

Article 8 Delivery

 

8.1. Delivery of floors without lease. Within 7 working days after this Agreement takes effect and upon receipt of security deposit at RMB30,000,000 from Party B, the 1st, 2nd, 8th and 9th floor of the Subject Property shall be delivered to Party B. The 3rd floor of the Subject Property shall be delivered to Party B before December 31st 2013, subject to specific  date of delivery selected by Party A. The parties shall execute delivery confirmation for the floors delivered. Party B may engage decoration work and move in those floors delivered.

 

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8.2. Delivery of floors with lease. Upon Party B’s receipt of the Real Estate Title Certificate of the Subject Property and settlement of all purchase price, Party A shall deliver all floors with lease to Party B on the first day of succeeding month, namely the 4th, 5th, 6th and 7th floor of the Subject Property.

 

From the delivery of those floors, the rent (including parking fee etc.) of the floors shall be collected by Party B. In the  meantime, within 30 days after delivery, Party A shall cooperate with Party B for the transfer and settlement of relevant security deposit (twice of relevant monthly rent) paid by the tenants, and Party B shall be responsible for the refundment of security deposit upon expiry of the lease of those tenants. All rights and obligations of the lessor under relevant lease agreements after the transfer and settlement of security deposit shall be transferred to Party B.

 

8.3. Delivery of the underground parking spaces. Upon Party B’s receipt of the Real Estate Title Certificate of the Subject Property and settlement of all purchase price, Party A shall deliver the underground parking spaces to Party B on the first day of succeeding month. However, Party A agrees to provide 20 underground parking spaces to Party B before Party B obtains the Real Estate Title Certificate, free of rent (but Party B shall pay management fee for each parking space used at RMB100 per month), and the parking spaces shall be delivered to Party B at the delivery of the floors without lease.

 

8.4. Party B agrees to lease the unit 510 of the Subject Property (including 3 underground parking spaces, No. B028, B029 and B030) to Party A till June 30th 2015 or the expiry of all other lease on the 5th floor of the Subject Property (which is earlier), free of rent with relevant management fee and utility expenses during the lease term borne by Party A. If Party B needs the entire 5th floor, it may terminate the lease of the unit 510 by three month prior notice to Party A, without any breaching liabilities or compensation therefor.

 

Article 9 Decoration

 

9.1. Party A agrees that Party B may decorate the Subject Property upon delivery of the floors without lease. Party A undertakes to cooperate in settling issues relating to decoration and use of the Subject Property.

 

9.2. Party B shall comply with the decoration specifications set by Party A and the property management company (Jones Lang LaSalle), and shall not destroy or affect the structures, facades, public areas, utilities, etc. of the building in the course of decoration. The specific decoration formalities and settlement of decoration management and garbage disposal expense shall be settled by Party B with the property management company (Jones Lang LaSalle) directly with Party A’s assistance.

 

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Article 10 Time Limit for Lifting the Seizures and Mortgage

 

10.1.                     Party A undertakes to lift all judicial seizures existing as of the date of this Agreement over the Subject Property on or before 31 March 2014.

 

10.2.                     Party A undertakes to lift the mortgage on the Subject Property on or before 31 March 2014.

 

Article 11 Execution of Purchase and Sale Contract

 

11.1.                     The Parties acknowledge that the contents of the Shanghai House Purchase and Sale Contract to be signed shall be compliant with this Agreement (such purchase and sale contract shall only indicate the total purchase price, without referring above-ground buildings and underground buildings). Party B’s right to use the Subject Property under this Agreement shall remain unchanged. Neither Party may refuse to sign the Shanghai House Purchase and Sale Contract for reason that the Parties fail to agree on the terms and conditions thereof.

 

11.2.                     Party A shall apply with Changning District Real Estate Trading Center for reissuing of a Real Estate Title Certificate within 30 days after lifting of all judicial seizures and mortgage on the Subject Property. The Parties shall sign the Shanghai House Purchase and Sale Contract within 15 days after completion of reissuing of the Real Estate Title Certificate. Party A shall assist Party B in handling the title transfer registration for the Subject Property, and apply for a Real Estate Title Certificate stating that Party B is the owner of the Subject Property.

 

Article 12 Property Management

 

Party B agrees to bear management fee for any floors actually used by it from the delivery of relevant floors of the Subject Property. The management fee for above-ground buildings is subject to those set forth for the 3rd -8th floor of Building A of Hongqiao International Technology Sequare by and between Party B and the property management company (Jones Lang LaSalle), which shall be paid by Party B directly to the property management company.

 

Article 13 Warranty

 

13.1.                     Party A warrants that information about the Subject Property as well as the relevant contracts and materials made available to Party B prior to execution of this Agreement are authentic and free of concealment or deception.

 

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13.2.                     Party A warrants that as of the date of this Agreement, the Subject Property is not subject to any lawsuits or judicial seizures, except for those listed in the appendix hereto. Party A warrants that if the Subject Property becomes subject to any lawsuit, judicial seizure or administrative seizure after the date of this Agreement, it will notify Party B promptly and submit relevant legal documents to Party B for keeping after making a photocopy thereof.

 

13.3.                     Party A warrants that as of the date of this Agreement, the Subject Property is not subject to any mortgage or other encumbrances except for those set out in Article 2. Party A warrants that it will not establish any encumbrance on the Subject Property after the date of this Agreement, unless otherwise agreed by Party B in writing in advance.

 

13.4.                     Party A warrants that, Party B may designate name for the Subject Property and it will cooperate with Party B on relevant approval procedures thereof, with relevant expenses borne by Party B.

 

Article 14 Taxes

 

The Parties shall be liable for their respective taxes arising from the purchase and sale of the Subject Property hereunder in accordance with law, unless otherwise agreed in this Agreement.

 

Article 15 Breach of Contract

 

15.1.                     Breach of contract by Party A

 

15.1.1. In case Party A violates this Agreement by failing to promptly deliver the Subject Property, or in case Party A violates Article 10.1 by failing to promptly lift the judicial seizures over the Subject Property, or in case Party A violates Article 10.2 by failing to promptly lift the mortgage on the Subject Property, or in case Party A violates Article 11.2 by failing to promptly sign the Shanghai House Purchase and Sale Contract with Party B, for each day of delay, Party A shall pay 0.03% of the paid purchase price as liquidated damages to Party B (any delay which is not attributable to Party A such as reject or refusal to cooperate by relevant authorities shall not be deemed as breach of Party A). If the delay lasts for over 60 days, Party B may terminate this Agreement by giving a written notice to Party A. Party A shall refund the purchase price paid by Party B and indemnify the decoration costs incurred by Party B within the time limit prescribed in the written notice. In addition, Party A shall pay RMB50,000,000 as liquidated damages to Party B.

 

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15.1.2. In case Party A violates this Agreement by concealing any information (information made available by Party A to Party B has been included in the terms of this Agreement), or in case Party A refuses to transfer the Subject Property to Party B, or in case Party A refuses to sign the Shanghai House Purchase and Sale Contract with Party B, or in case Party A refuses to assist Party B to make title transfer registration for the Subject Property (unless Changning District Real Estate Trading Center or other authority rejects the transfer of the Subject Property from Party A to Party B, i.e., refuses to accept the application for title transfer registration for the Subject Property), making it impossible or difficult for Party B to obtain the Real Estate Title Certificate of the Subject Property, Party B may select to require Party A to continue performance of this Agreement or terminate this Agreement by giving a written notice to Party A. If Party B selects to terminate this Agreement, Party A shall refund the purchase price paid by Party B and indemnify the decoration costs incurred by Party B within the time limit prescribed in the written notice. In addition, Party A shall pay RMB50,000,000 as liquidated damages to Party B. If Party B selects to require Party A to continue performance of this Agreement, Party A shall be liable for any and all losses caused to Party B due to its delay in discharging the obligations above.

 

15.1.3. If any loss is caused to the non-defaulting Party due to the defaulting Party’s breach of contract, the defaulting Party shall be liable for the loss actually suffered by the non-defaulting Party.

 

15.2.                     Breach of contract by Party B

 

15.2.1. In case Party B violates this Agreement by failing to promptly pay any installment of the purchase price, for each day of delay, Party B shall pay 0.03% of the outstanding purchase price as liquidated damages to Party A. If the delay lasts for over 60 days, Party A may terminate this Agreement by giving a written notice to Party B, and Party B shall pay RMB50,000,000 as liquidated damages to Party A. If there is any balance after deducting such liquidated damages from the purchase price paid by Party B, the balance shall be refunded to Party B upon Party B’s redelivery of the Subject Property.

 

15.2.2. In case Party B violates this Agreement by refusing to purchase the Subject Property from Party A or refusing to sign the Shanghai House Purchase and Sale Contract with Party A, Party A may select to require Party B to continue performance of this Agreement or terminate this Agreement by giving a written notice to Party B. If Party A selects to terminate this Agreement, Party B shall pay RMB50,000,000 as liquidated damages to Party A. If there is any balance after deducting such liquidated damages from the purchase price paid by Party B, the balance shall be refunded to Party B upon Party B’s redelivery of the Subject Property. If Party A selects to require Party B to continue performance of this Agreement, Party B shall be liable for any and all losses caused to Party A due to its delay in discharging the obligations above.

 

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Article 16 Miscellaneous

 

16.1.                     The Parties have obtained internal approvals according to their respective articles of association and have been authorized to sign this Agreement. This agreement will not be held invalid due to any internal approval in violation with articles of association or other relevant regulations. The Parties agree that Party B may designate any affiliated company to execute formal property purchase agreement on behalf of Party B, and if so any payment made by Party B shall be deemed as performance of the affiliated company designated by Party B.

 

16.2.                     Confidentiality Obligations

 

16.2.1. The Parties hereby agree that unless otherwise required by law, none of the Parties may disclose any content of this Agreement (including the information included in this Agreement or known in the course of execution and performance of this Agreement, such as information about lawsuits of Party A) to any third party.

 

16.2.2. “Third party” in the preceding paragraph shall exclude consultants and other personnel retained by the Parties for execution and performance of this Agreement. However, the Parties shall procure that the consultants will comply with the confidentiality obligations under this Article 16. Violation of confidentiality obligations by any consultant will be deemed as violation of confidentiality obligations by the Party retaining such consultant.

 

16.3.                     All disputes arising from performance of this Agreement shall first be settled by the Parties through friendly consultation. If the consultation fails, the dispute shall be rendered before the court at the place where the Subject Property is located.

 

16.4.                     This Agreement shall take effect after the Parties affix a seal hereunto.

 

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16.5.                     This Agreement shall be executed in four originals, with Party A and Party B holding 2 originals respectively.

 

16.6.                     The Appendix hereto shall form an integral part of this Agreement.

 

9

 

(No text below)

 

Party A: Shanghai Huanji Digital Technology Co., Ltd. (seal)

 

Legal representative:

 

Party B: Ctrip Computer Technology (Shanghai) Co., Ltd. (seal)

 

Legal representative:

 

25 September 2013

 

Appendix I. Shanghai Real Estate Title Certificate of the Subject Property

Appendix II. Details of lawsuits involving Party A

Appendix III. Details of lease of the Subject Property

Appendix IV. Details of lease of parking spaces of the Subject Property

 

10

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