Document:

<PAGE>
                                                                    Exhibit 4.28

                             SUPPLEMENTAL AGREEMENT

                                    STEPMIND

AMONG THE UNDERSIGNED:

-        MR. ANDRE JOLIVET,

         a French national, born on July 4, 1962, in Quimper, France, residing
         at 47 rue Henri Tariel, 92130 Issy les Moulineaux, France,

-        MR. ALAIN JOLIVET,

         a French national, born on April 14, 1949, in Plogastel Saint-Germain,
         France, residing at 1 rue du General Gouraud, 92190 Meudon, France,

                        (hereinafter collectively referred to as the "FOUNDERS")

-        REMOTE REWARD SAS,

         a French societe par actions simplifiee with a share capital of EUR
         90,481,410, with its registered office at 4 ter rue de l'Ouest, 92100
         Boulogne, registered in the Commercial Registry under the number
         433458304 RCS Nanterre, represented by Mr. Andre Jolivet, in his
         capacity as President,

                                                  (hereinafter "REMOTE REWARD"),

         AND

-        AGF INNOVATION 3, AGF INNOVATION 4, AGF INNOVATION 5, fonds communs de
         placement dans l'innovation,

         each represented by its managing company, AGF PRIVATE EQUITY, a French
         societe par actions a directoire et conseil de surveillance with a
         share capital of Euros 1,000,000, with its registered office at 11, rue
         Scribe, BP 293, 75425 Paris Cedex 09, registered in the Commercial
         Registry under the number 414 735 175 RCS Paris, duly empowered to so
         represent each such entity, itself represented by Mr. Guillaume
         Lautour, duly empowered for the purpose hereof,

                                                         (hereinafter "AGF PE"),

-        MIGHTY WEALTH GROUP LIMITED,

         an international business company incorporated in the British Virgin
         Islands, with a share capital of USD 50,000, with its registered office
         at Palm Grove House, P.O. Box 438, Road Town, Tortola, BVI, registered
         under the number 565041, represented by Mr. Tony Cheung, in his
         capacity as Director,

                                                           (hereinafter "MWGL"),

<PAGE>

-        NAM TAI ELECTRONICS INC.

         a company incorporated in the British Virgin Islands, under
         registration number 3805, with its registered office at McW. Todman &
         Co., McNamara Chambers, P.O. Box 3342, Road Town, Tortola, British
         Virgin Islands, represented by Mr. KOO Ming Kown, in his capacity as
         director and chief financial officer,

                                                        (hereinafter "NAM TAI"),

         (AGF PE, MWGL and Nam Tai are hereinafter collectively referred to as
                             the "INVESTORS" and individually as an "INVESTOR"),

(The Founders, Remote Reward and the Investors being hereinafter collectively
referred to as the "PARTIES" and individually as a "PARTY").

RECITALS:

   1.    STEPMIND is a French societe anonyme, with a registered capital of
         Euros 34,709,907.90, having its registered office at 4 ter, rue de
         l'Ouest, 92100 Boulogne, registered with the Registry of Commerce and
         Companies under number 432 237 949 RCS Nanterre (hereinafter the
         "COMPANY"). The Company was incorporated on June 19, 2000.

   2.    The Parties entered into an Investment Agreement, a Shareholders'
         Agreement and a Representations and Warranties Agreement, all of which
         were executed on November 28, December 9 and December 10, 2003 (the
         "AGREEMENTs"). In view of certain commercial and technical developments
         of the Company as of the date hereof, the parties wish to modify the
         terms of the Investment contemplated by the Agreements.

Now, therefore, the parties hereto agree as follows:

   1.    Definitions.

         Capitalized terms used but not defined herein shall have the meaning
         ascribed thereto in the Agreements.

   2.    Binding Effect of this Agreement.

         In the interest of time, the Parties have set forth herein certain
         modifications to the Agreements which are fully binding on the Parties.
         It is the intention of the Parties to more formally set forth such
         modifications in amendments to the Agreements; provided, however, that
         pending the implementation of such amendments, the terms hereof shall
         be and shall remain binding on the Parties and shall prevail over any
         terms inconsistent therewith set forth in the Agreements.

<PAGE>

3.       Tranche 1.

         The Parties agree that there shall be no modifications to the First
         Capital Increase, except for the modifications to the terms of the
         Warrants described in paragraph 6 below.

4.       Shareholder Loan.

         Remote Reward commits to loan to the Company on first demand of the
         Company, pursuant to a decision of the Board of Directors of the
         Company, at any time between May 1, 2004 and July 31, 2004, an amount
         not to exceed Euros 5 million. Such Shareholder Loan shall bear
         interest at an annual rate of EURIBOR plus 1% and shall be reimbursable
         by the Company pursuant to a decision of the Board of Directors of the
         Company at any time on or before December 31, 2005. Such Shareholder
         Loan shall be reimbursable, at the option of the Board of Directors of
         the Company, in cash or, if the Company shall not have repaid such
         Shareholder Loan on or before April 30, 2006, Remote Reward may require
         reimbursement of such Shareholder Loan in ordinary shares of the
         Company, based on a valuation of the Company as agreed by the Parties,
         or, failing such agreement on or before May 15, 2006, pursuant to the
         expert evaluation procedure set forth in Section 8.1 of the
         Shareholders Agreement. The provisions of paragraphs 5 - 7 of Section
         8.1 of the Shareholders Agreement shall otherwise be applicable to such
         Shareholder Loan.

5.       Second Capital Increase.

         Article 8 of the Investment Agreement shall be modified to provide that
         the Investors shall subscribe for the ABSA Shares 2 only if, as of July
         30, 2004, the WLAN solution meets all of the following technical
         criteria:

         (i)      the Balsa 1 chip area is less than 30 mm2,

         (ii)     the tape-out procedure for the Balsa 1 chip has been
                  commenced,

         (iii)    the Alice W2 chipset substantially meets the specifications
                  therefore set forth in the updated reference data sheet
                  released by the Company during the second quarter of 2004,

         (iv)     performance of the physical layer (modem) is compliant with
                  IEEE 802.a/b/g standards,

         (v)      the Salsa "alpha" critical CISF reaction times are achieved,

         (vi)     the Salsa "alpha" RAM code plus data total footprint is not
                  more than 256 Kilo Octets, and

         (vii)    the Salsa 1 chip is compliant with the full set of security
                  features implemented on a large majority of access points that
                  can be found in the market.

         In the event such technical conditions are satisfied, then the number
         of the ABSA Shares 2 shall be such that, for an aggregate investment of
         Euros 15 million, the total

<PAGE>

         number of ABSA Shares 1 and ABSA Shares 2 represent, on a Fully Diluted
         Basis, 40% of the share capital of the Company.

         In the event such technical conditions are not satisfied, then the
         Investors shall be entitled to exercise the Warrants 2004 and Remote
         Reward and Andre Jolivet undertake in addition to transfer to the
         Investors, on or before September 1, 2004, for an aggregate price of
         Euro 1.00, such number of Shares such that, for an aggregate investment
         of Euros 7.5 million, the total number of ABSA Shares 1, ABSA Shares 3
         and such shares transferred by Remote Reward and Andre Jolivet
         represent, on a Fully Diluted Basis, 40% of the share capital of the
         Company. Notwithstanding the foregoing, it is the intention of the
         Parties that the Shares so transferred have the same rights as Class B
         Shares, and Remote Reward and Andre Jolivet therefore agree, in the
         event of a liquidation of the Company or issuance of new Shares at
         conditions permitting exercise of the Warrants, to take all actions
         (including transfers of additional Shares or portion of liquidation
         proceeds) to permit the Investors to be in the same position as if the
         Shares transferred pursuant to this paragraph were Class B Shares.

6.       Warrants.

         The Parties shall take all corporate actions to modify the exercise
         conditions of the Warrants in order to reflect the modification of the
         definition of the "P" resulting from the modification of the average
         subscription price of the Investment as a consequence of the previous
         paragraph.

7.       Additional Capital Increase.

         The Board of Directors of the Company shall meet to decide whether an
         additional capital increase in an amount up to Euros 5 million shall be
         implemented on or before October 1, 2004. Such capital increase shall
         occur only if the ABSA 2 Shares are subscribed for. The Founders commit
         to subscribe for 60% of such capital increase and the Investors commit
         to subscribe for 40% of such capital increase (provided, that, in the
         event any Investor other than Nam Tai does not wish to subscribe to
         such capital increase, Nam Tai shall subscribe for such Investor's pro
         rata portion of such capital increase). The price of such capital
         increase shall be equal to the weighted average subscription price of
         the ABSA Shares 1 and ABSA Shares 2. The shares issued pursuant to such
         capital increase shall be ABSA Shares, each consisting of one Class B
         Share and one Warrant.

<PAGE>

8.       Other Modifications.

         The Parties shall take all actions to implement the foregoing
         modifications to the terms of the Investment and to duly amend the
         Agreements and the Annexes thereto, including, without limitation, (i)
         modification of the instruction letter to HSBC Private Bank, dated
         December 11, 2003, to extend the date before which the Second Capital
         Increase must be completed and otherwise to adjust such instructions to
         reflect the foregoing; (ii) contractual provisions to provide the
         Investors with a liquidation preference as if the liquidation
         preference for the Class B Shares set forth in Section 2.5 of the
         Investment Agreement were modified to reflect the modification in the
         share subscription prices provided above, (iii) modification of Section
         4.1 of the Shareholders Agreement to permit the transfers by Remote
         Reward and Andre Jolivet to the Investors provided herein, (iv)
         modification of Article 6 of the Shareholders Agreement to reflect a
         Valuation of the Company of Euros 25 million (instead of Euros
         29,966,670 million), in the event the ABSA Shares 2 are subscribed for,
         or Euros 12.5 million (instead of Euros 14,983,335) in the event the
         ABSA Shares 2 are not subscribed for, (v) modification of Section 4.6
         of the Shareholders Agreement to provide that the drag-along right is
         triggered in respect of a sale approved by 70% of the shareholders
         (instead of 75%).

9.       Miscellaneous.

         The provisions of the Investment Agreement set forth in Articles 13 -
         21 of the Investment Agreement shall apply mutatis mutandis to this
         Agreement as if set forth herein.

         IN WITNESS WHEREOF,

Executed in eight (8) original counterparts, in Boulogne, France, this 2nd day
of January, 2004

/s/ Alain Jolivet                              /s/ Andre Jolivet
------------------------------                 ------------------------------
Alain Jolivet                                  Andre Jolivet
Date: November 28, 2003                        Date: November 28, 2003
Place: Paris                                   Place: Paris

REMOTE REWARD                                  AGF INNOVATION 3

By: /s/ Andre Jolivet                          By: AGF Private Equity
   ---------------------------
Name: Andre Jolivet                            By: /s/ Guillaume Lautour
Date: November 28, 2003                           ---------------------------
Place: Paris                                   Name: Guillaume Lautour
                                               Date: November 28, 2003
                                               Place: Paris
AGF INNOVATION 4

By: AGF Private Equity                         AGF INNOVATION 5

By: /s/ Guillaume Lautour                      By: AGF Private Equity
   ---------------------------
Name: Guillaume Lautour                        By: /s/ Guillaume Lautour
Date: November 28, 2003                           ---------------------------
Place: Paris                                   Name: Guillaume Lautour
                                               Date: November 28, 2003
                                               Place: Paris
Mighty Wealth Group Limited

By: /s/ Cheung Tze Tung                        Nam Tai Electronics, Inc.
   ---------------------------
Name: Cheung Tze Tung                          By: /s/ Joseph Li
Date: December 10, 2003                           ---------------------------
Place: Hong-Kong                               Name: Joseph Li
                                               Date: December 9, 2003
                                               Place: Hong-Kong
STEPMIND S.A.

By: /s/ Alain Jolivet
   ---------------------------
Name: Alain Jolivet
Date: November 28, 2003
Place: Paris<PAGE>
                                                                    EXHIBIT 4.29

THIS AGREEMENT is made the      day of      2004.

BETWEEN

(1)      NAM TAI GROUP MANAGEMENT LIMITED (chinese translation) (business
         registration number 31660819) whose registered office is situate at
         15th Floor, China Merchants Tower, Shun Tak Centre, Nos. 168-200
         Connaught Road Central, Hong Kong ("the Vendor"); and

(2)      FRONTIER PROFIT INC. a company incorporated under the laws of the
         British Virgin Islands whose registered office is situate at East Asia
         Chambers, P.O. Box 901, Road Town, Tortola, British Virgin Islands
         ("the Purchaser").

1. The Vendor sells and the Purchaser purchases the land described in the First
Schedule hereto ("the Property") held from the Government under the Government
Lease referred to in the First Schedule hereto ("the Government Lease")
absolutely and if the Vendor's interest in the Property is an equitable interest
for the entitlement to the grant of a government lease pursuant to the
Government Lease absolutely.

2. The purchase price is the sum set out in Part I of the Second Schedule hereto
("the Purchase Price") which shall be paid and satisfied by the Purchaser in
manner set out in Part II of the Second Schedule hereto. The Purchase Price or
any part thereof shall be paid by way of cashier's orders and/or solicitors'
cheques.

3. Completion shall take place at the offices of the Vendor's Solicitors at 60l,
Prince's Building, Chater Road, Central, Hong Kong, on or before the date set
out in Part III of the Second Schedule hereto.

4. Vacant possession of the Property shall be given to the Purchaser on the date
of completion.

5. Time shall in every respect be of the essence of this Agreement.

6. The Vendor shall assign the Property as beneficial owner.

7. The Property is sold subject to and with the benefit of the matters described
in the Third Schedule hereto.

8. The Purchaser hereby declares and confirms that the Purchaser has inspected
the Property and he is purchasing the Property in its present physical state and
condition. The Property is and will be sold on an "as is" basis and in the
physical state and condition as it stands. No warranties or representations of
any kind are made or given by the Vendor or anybody on his behalf on any of the
following matters, namely:-

         (a)      The physical state and condition, quality or fitness of the
                  fittings and finishes or the installations incorporated in the
                  Property or in the building of which the Property forms part
                  ("the Building");

                                     - 1 -
<PAGE>

         (b)      The physical state and condition or permitted use of the
                  Property or of the Building;

         (c)      The area of the Property;

         (d)      The composition of the Property or of the Building or the
                  nature or manner of their construction;

         (e)      The fitness of the Property for development or the
                  redevelopment potential of the Property; and

         (f)      The construction of the Property in accordance with the
                  Approved Plan of the Property.

9. The parties hereto hereby declare that they fully understand and acknowledge
that no date other than the date of this Agreement (which date will be completed
in the Questionnaire Form I.R.S.D. 26 for stamping purpose of this Agreement
and/or the Assignment made pursuant to this Agreement [as the case may be]) may
be claimed as the relevant date for valuation of the Property once this
Agreement and/or the Assignment made pursuant to this Agreement has/have been
submitted for stamping.

10.      (a)      Each party shall pay his own solicitors' costs of and
                  incidental to the preparation, approval and completion of this
                  Agreement and the Assignment made pursuant to this Agreement
                  Provided however that if the Purchaser shall sub-sell the
                  Property or any part or parts thereof to any sub-purchaser(s)
                  at a price or for a total price higher than the Purchase Price
                  mentioned herein or if the Purchaser shall require the Vendor
                  to execute more than one assignment in respect of the Property
                  on completion, then the additional costs (if any) charged by
                  the Vendor's Solicitors for approving such assignment or
                  assignments shall be borne by the Purchaser.

         (b)      All land registration fees and stamp duty payable in
                  connection with this sale and purchase (including but not
                  limited to the land registration fees and stamp duty payable
                  on the agreement for sale (if any) referred to in the Fifth
                  Schedule hereto and this Agreement and its counter-part and
                  the Assignment made pursuant to this Agreement) shall be borne
                  by the Purchaser who shall indemnify and keep the Vendor
                  indemnified against any loss or damage suffered by the Vendor
                  resulting from any delay or default in payment of the said
                  stamp duty. It is hereby agreed that this Clause shall survive
                  notwithstanding completion.

         (c)      The Purchaser hereby expressly agrees and undertakes to
                  deliver to the Vendor or his solicitors a certified true copy
                  of this Agreement, duly stamped or duly endorsed for deferred
                  payment of stamp duty, before completion upon request.

         (d)      It is hereby expressly acknowledged and agreed by the parties
                  hereto that if the Purchaser shall sub-sell the Property to
                  any sub-purchaser(s) at a price higher than the Purchase Price
                  mentioned herein, the Vendor's Solicitors shall charge, in
                  addition to the legal costs for approving an assignment at the
                  consideration equivalent to the Purchase Price mentioned
                  herein, such further legal costs (which the Purchaser hereby
                  agrees to reimburse the Vendor) computed as follows:-

                  (i)      for the first sub-sale of the Property by the
                           Purchaser, a sum of HK$1,000.00 or a sum equivalent
                           to the difference between (i) the

                                     - 2 -
<PAGE>

                           legal costs for approving an assignment of leasehold
                           property at the consideration equivalent to the
                           Purchase Price mentioned herein computed pursuant to
                           Part I in the First Schedule to the Solicitors
                           (General) Costs Rules ("the Rules") of the Legal
                           Practitioners Ordinance Cap.159 of the Laws of Hong
                           Kong and (ii) the legal costs for approving an
                           assignment of leasehold property at the consideration
                           equivalent to the purchase price under the said first
                           sub-sale of the Property computed pursuant to Part I
                           in the First Schedule to the Rules, whichever is the
                           greater; and

                  (ii)     for each further sub-sale (if any) of the Property, a
                           sum of HK$1,000.00.

11. There are incorporated into this Agreement as if they were herein written
the conditions respectively on the part of the Vendor and the Purchaser set out
in Part A of the Second Schedule to the Conveyancing and Property Ordinance,
Cap.219 of the Laws of Hong Kong unless they are inconsistent with the
provisions herein in which event the provisions herein shall prevail save for
Conditions 1, 2, 7 and 10 thereof which shall be omitted.

12.      (a)      Where the Government Lease was granted on a date less than 15
                  years before the date hereof, the Vendor shall only prove and
                  give to the Purchaser title to the Property commencing with
                  the Government Lease and extending for the period since the
                  grant of the Government Lease. In any other case, the Vendor
                  shall only prove and give to the Purchaser title to the
                  Property with the Government Lease and documents of title
                  extending not less than 15 years before the date hereof
                  commencing with an assignment, a mortgage by assignment or a
                  legal charge, each dealing with the whole estate and interest
                  in the Property.

         (b)      Any requisition or objection in respect of the title shall be
                  delivered in writing to the Vendor's solicitors not later than
                  seven (7) business days and within business hours from the
                  date of delivery of the title deeds in respect of the Property
                  to the Purchaser's Solicitors and any further requisition or
                  objection arising upon any reply to a former requisition shall
                  be delivered in writing to the Vendor's solicitors not later
                  than seven (7) business days and within business hours from
                  the date of delivery of such reply by the Vendor's solicitors
                  to the Purchaser's solicitors, otherwise the same shall be
                  deemed waived.

13. Completion of the sale and purchase shall take place at the offices of the
Vendor's solicitors at or before 5:00 p.m. (if it shall take place on a day
between Monday and Friday) and at or before 12:30 p.m. (if it shall take place
on a Saturday) on the date set out in Part III of the Second Schedule hereto at
the latest.

14.      (a)      The Vendor declares that he has no actual knowledge and
                  received no notice under the Lands Resumption Ordinance
                  (Cap.124) or the Mass Transit Railway (Land Resumption and
                  Related Provisions) Ordinance (Cap.276) or any form of notice
                  of a similar nature under any other Ordinances the

                                     - 3 -
<PAGE>

                  implementation of which would materially and adversely affect
                  the occupation or enjoyment of the Property.

         (b)      The Vendor gives no warranty and has no actual knowledge
                  whatsoever whether the Property is included in or affected by
                  any lay-out plans (draft or approved) or any other plans
                  prepared under the Town Planning Ordinance (Cap.131).

         (c)      The Purchaser shall be solely responsible for making his own
                  inquiry and investigation in respect of the matters aforesaid
                  in sub-clauses (a) and (b) of this Clause and of any
                  provisions or redevelopment restrictions affecting the
                  Property or the occupation, value, user or enjoyment thereof
                  under any of the Ordinances. The Vendor shall not be liable
                  for any loss or damage which the Purchaser may incur or suffer
                  as a result of the Property becoming affected or being made
                  subject to the provisions of the said Ordinances and the
                  Purchaser shall take the Property at his own risks and shall
                  complete the purchase of the Property notwithstanding that the
                  Property has or shall have become so affected or has been or
                  shall have been made subject to the provisions of the said
                  Ordinances or any of them.

15.      (a)      The rents and profit shall be received and all outgoings shall
                  be discharged by the Vendor up to but exclusive of the actual
                  day of completion and as from and inclusive of that day all
                  outgoings shall be discharged by the Purchaser. All such
                  rents, profits and outgoings shall, if necessary, be
                  apportioned between the Vendor and the Purchaser and paid on
                  completion.

         (b)      The Purchaser shall on completion pay to the Vendor the
                  management fee deposit, public water deposit, public utility
                  deposit, public electricity deposit, the sinking fund or funds
                  of a like nature paid or contributed by the Vendor in respect
                  of the Property and all such other deposits (save and except
                  private water meter deposit, private electricity meter deposit
                  and private gas meter deposit in respect of the Property)
                  which the Vendor has paid in respect of the Property and which
                  are found to be transferable and subsisting.

16. The Purchaser has been advised that it would be difficult for the Vendor to
transfer the insurance policy (if any) on the Property or the benefit thereof to
the Purchaser and hence no such transfer will be made. Immediately after the
signing of this Agreement, the Property shall as between the Vendor and the
Purchaser be at the Purchaser's risk. The Purchaser is advised to take out
proper insurance coverage on the Property for his own protection and benefit.

17. The Vendor and the Purchaser agree and authorise their respective solicitors
to complete the transaction on the basis of cross undertakings in the form from
time to time recommended by the Law Society of Hong Kong with such variations
thereto as they may agree.

18. The Vendor hereby warrants that no order or decision in any manner or form
has been or is deemed to have been made by the Lands Tribunal or the District
Court or any Court of Record in Hong Kong during the period of two years
immediately preceding the date hereof

                                     - 4 -
<PAGE>

under or pursuant to Section 53(2)(b) or (c) or Section 119E(1)(b) or (c) of the
Landlord and Tenant (Consolidation) Ordinance (Cap.7) for possession of the
Property or any part thereof.

19. Notwithstanding anything to the contrary, it is hereby expressly agreed and
declared by the parties hereto that if the Purchaser shall request from the
Vendor any certified copies of title deeds or documents in respect of the
Property which the Vendor has an obligation hereunder to provide to the
Purchaser, the Purchaser shall, notwithstanding the fact that any of such
certified copies shall not have been provided to the Purchaser prior to
completion, complete the purchase of the Property in accordance with the terms
herein contained Provided that the Vendor or the Vendor's solicitors shall give
an undertaking to the Purchaser or the Purchaser's solicitors to provide such
certified copies to the Purchaser's solicitors.

20. The Vendor and the Purchaser hereby agree that the terms or conditions or
matters, if any, set out in the Fourth Schedule hereto shall apply to this
Agreement and shall be deemed to be incorporated herein.

21. This Agreement sets out the full agreement between the parties hereto and
supersedes any other commitments, agreements, warranties or understandings,
written or verbal, that the parties hereto may have had with respect to the
subject matter of this Agreement. Without prejudice to the generality of the
foregoing and the warranties made or given in this Agreement, no warranties or
representations express or implied of any kind other than those set out herein
(if any) are or have been made or given by the Vendor or by anybody on his
behalf and if any such warranties or representations express or implied has been
made, the same is withdrawn or deemed to have been withdrawn immediately before
the signing of this Agreement.

22. Each party hereto hereby warrants and represents to and undertakes with the
other that the name, address and the number of identification document/Business
Registration number (as the case may be) of such party as specified on page 1 of
this Agreement and the information specified in the Fifth Schedule to this
Agreement are in all respects accurate to the best knowledge of such party and
such party undertakes to fully indemnify the other against all loss damage costs
claim demand action and proceedings incurred or suffered by or made or taken
against the other party as a result of any breach of the aforesaid warranty
representation and/or undertaking. It is hereby agreed that this Clause shall
survive notwithstanding completion.

23.      (a)      If the Purchaser shall fail to complete the purchase of the
                  Property in accordance with the terms and conditions of this
                  Agreement:-

                  (i)      all sums paid by the Purchaser up to 10% of the
                           Purchase Price by way of deposit shall be forfeited
                           to the Vendor, and the balance of the deposit and
                           other part payment of the Purchase Price paid
                           hereunder (if any) shall be retained and held by the
                           Vendor free of any interest to the Purchaser as
                           security for the damages recoverable by the Vendor
                           against the Purchaser as a result of the Purchaser's
                           breach of this Agreement, such money retained may, at
                           the option of the Vendor, be used to set off against
                           any or all losses, expenses, deficiency in price and
                           other damages suffered by the Vendor; and

                                     - 5 -
<PAGE>

                  (ii)     the Vendor may determine this Agreement without the
                           need to tender an assignment to the Purchaser.

         (b)      Upon determination of this Agreement, the Vendor may resell
                  the Property either by public auction or private contract or
                  in such other manner as the Vendor may in his discretion deem
                  fit and subject to such stipulations as the Vendor may think
                  fit and any increase in price on a resale shall belong to the
                  Vendor. On a resale, any deficiency in price shall be made
                  good and all expenses attending such resale or attempted
                  resale shall be borne by the Purchaser and such deficiency and
                  expenses shall be recoverable by the Vendor.

         (c)      On the exercise of the Vendor's right to determine this
                  Agreement as aforesaid the Vendor shall have the right, if
                  this Agreement shall have been registered at the Land Registry
                  or the relevant New Territories Land Registry, to register at
                  the Land Registry or the relevant New Territories Land
                  Registry an instrument signed by the Vendor alone evidencing
                  determination of the sale of the Property as aforesaid.

         (d)      This Clause shall not preclude or be deemed to preclude the
                  Vendor from taking other steps or remedies to enforce the
                  Vendor's rights under this Agreement or otherwise.

24. Notwithstanding any provision to the contrary herein, on the exercise of the
Vendor's right to determine and/or rescind and/or annul this Agreement/this
sale, the Vendor shall have the right, if this Agreement shall have been
registered at the Land Registry or the relevant New Territories Land Registry,
to register at the Land Registry or the relevant New Territories Land Registry
an instrument signed by the Vendor alone evidencing such determination and/or
rescission and/or annulment of the sale of the Property and/or to vacate the
registration of this Agreement and on the signing of the said instrument by the
Vendor and/or such vacation, the Purchaser shall be deemed to have been divested
of any interest in the Property under this Agreement. Upon registration of such
an instrument in the Land Registry or the relevant New Territories Land Registry
and/or such vacation, a tenant, purchaser, mortgagee or any other person dealing
with the Vendor shall not be bound to see or enquire whether the Vendor was
entitled to determine or rescind or annul this Agreement and so far as regards
the safety and protection of such tenant, purchaser or mortgagee or any other
person this Agreement shall be deemed to have been duly terminated rescinded
and/or annulled and the remedy (if any) of the Purchaser shall be against the
Vendor in damages only.

25. Where two or more persons are comprised in the expressions "the Vendor"
and/or "the Purchaser" the agreements herein contained shall be deemed to be
made by such persons jointly and severally.

26. In this Agreement, unless the contrary intention appears:-

         (a)      the expressions specified below shall have the following
                  meanings attributed to them:-

                  (i)      "business day" - a day on which licensed banks are
                           open for normal banking business in Hong Kong;

                                     - 6 -
<PAGE>

                  (ii)     "business hours" - 9:00 a.m. to 5:00 p.m. on a week
                           day other than Saturday and 9:00 a.m. to 1:00 p.m. on
                           Saturday.

                  (iii)    "Hong Kong" - the Hong Kong Special Administrative
                           Region of the People's Republic of China.

         (b)      If any of the date or dates stipulated herein for payment or
                  for completion shall fall on a day which is not a business day
                  or shall fall on a day when typhoon signal No.8 or above or
                  black rainstorm signal is hoisted in Hong Kong at any time
                  during business hours, such date or dates for payment or
                  completion (as the case may be) shall automatically be
                  postponed to the next business day.

                                     - 7 -
<PAGE>

                                 FIRST SCHEDULE

1.       The Property -

         (a)      Lot number, sections, undivided shares, description and
                  address etc.: ALL THAT the estate right title benefit and
                  interest of and in ALL THOS 259 equal undivided 279,977th
                  parts or shares of and in ALL THAT piece or parcel of ground
                  registered in the Land Registry as THE REMAINING PORTION OF
                  INLAND LOT NO.8882 And of and in the messuages erections and
                  buildings thereon now known as "THE LEIGHTON HILL (chinese
                  translation)" ("the Development") TOGETHER with the sole and
                  exclusive right and privilege to hold use occupy and enjoy ALL
                  THOSE FLAT A on the 22ND FLOOR (which for the avoidance of
                  doubt includes the A/C Platform thereof) of TOWER 2 and CAR
                  PARKING SPACE NO.A86 on the 1ST FLOOR of the Development as
                  shown and coloured Pink on the Floor Plan(s) annexed to an
                  Assignment registered in the Land Registry by Memorial No.
                  8796003 ("the said Assignment").

         (b)      Exceptions and reservations, etc.:
                  Except and reserved as in the Government Lease hereinafter
                  described and the said Assignment are respectively excepted
                  and reserved.

         (c)      Easements and other appurtenant rights, if any: Subject to all
                  subsisting rights rights of way as are described in the said
                  Assignment.

2.       The Government Lease -

         An Agreement and Conditions of Sale deposited and registered in the
         Land Registry as Conditions of Sale No.12519. The particulars of the
         said Conditions of Sale are as follows:-

         (a)      Date:
                  the 14th day of May 1998.

         (b)      Parties:
                  Harsco Limited of the one part and the Chief Executive on
                  behalf of the Government of the Hong Kong Special
                  Administrative Region of the other part.

         (c)      Term:
                  For a term of 50 years commencing from the 14th day of May
                  1998.

         (d)      Lot No:
                  Inland Lot No.8882.

                                     - 8 -
<PAGE>

         (e)      Modification/Variation:
                  As varied or modified by two several Modification Letters
                  registered in the Land Registry by Memorial Nos. 8158886 and
                  8220664 respectively.

                                 SECOND SCHEDULE

                             Part I (Purchase Price)

Purchase Price for the Property:
HONG KONG DOLLARS FOURTEEN MILLION ONLY (HK$14,000,000.00).

                           Part II (Manner of Payment)

(a)      HK$1,400,000.00 to the Vendor as a deposit and on account of the
         Purchase Price to be paid on or before signing of this Agreement.

(b)      HK$12,600,000.00 being the balance of Purchase Price to be paid to the
         Vendor on completion.

                                    Part III

Date of Completion: the    day of          2004

                                 THIRD SCHEDULE

A Deed of Mutual Covenant incorporating Management Agreement registered in the
Land Registry by Memorial No. 8789714 and the Lease of the Communications
Network Area (as defined therein).

                                 FOURTH SCHEDULE

1. The Vendor declares that he has no actual knowledge of and received no notice
or order from the Building Authority or under the Buildings Ordinance (Cap. 123)
and that he has no actual knowledge whatsoever whether there is any unauthorised
structure or alteration in or affecting the Property. The Purchaser hereby
expressly agrees that the Purchaser shall

                                     - 9 -
<PAGE>

be solely responsible for making his own inquiry and investigation and that if
no requisition or objection in respect of unauthorised structure or alteration
in or affecting the Property (if any) shall be delivered in writing to the
Vendor's Solicitors within ten (10) days from the date hereof (in which respect
time shall be of the essence), the Purchaser shall be deemed to have waived his
right to raise any requisition or objection in respect of any such unauthorised
structure or alteration and shall complete the purchase of the Property
notwithstanding any unauthorised structure or alteration (if any) in or
affecting the Property.

2.       (a)      Without prejudice and in addition to the Vendor's rights of
                  rescission and all other rights remedies claims and action
                  which the Vendor may have, if the Purchaser shall fail to
                  complete the purchase of the Property at or before the time
                  set out in Clause 13 of this Agreement on the date set out in
                  Part III of the Second Schedule to this Agreement, the
                  Purchaser shall (subject to sub-clause (b) of this Clause) pay
                  to the Vendor on completion in addition to the balance of
                  Purchase Price interest on the same at the rate of 3% per
                  annum above the prime lending rate quoted by The Hongkong and
                  Shanghai Banking Corporation Limited as at the date set out in
                  Part III of the Second Schedule to this Agreement from such
                  date up to and inclusive of the date on which the purchase
                  shall actually be completed.

         (b)      The Purchaser shall not be liable to pay interest under
                  sub-clause (a) of this Clause to the extent that the delay in
                  completion is attributable to the default of the Vendor.

                                 FIFTH SCHEDULE

1. The parties hereto declare that this Agreement is not superseded by any
agreement for sale (as defined in the Stamp Duty Ordinance Cap. 117 of the Laws
of Hong Kong) made between the same parties hereto on the same terms hereof (as
defined in the said Stamp Duty Ordinance).

2. The parties hereto hereby declare that to the best of their knowledge, no
consideration (save and except the Purchase Price herein mentioned) has been
paid or given, or has been agreed to be paid or given, to any person for or in
connection with this Agreement or any conveyance on sale pursuant to this
Agreement (excluding legal expenses).

3. The Property comprises a residential property within the meaning of section
29A(1) of the Stamp Duty Ordinance Cap. 117 of the Laws of Hong Kong.

                                     - 10 -
<PAGE>

SIGNED  by                                  )
                                            )
                                            )
                                            )
                                            )
for and on behalf of the Vendor in          )
                                            )
the presence of/whose signature(s)          ) For and on behalf of
                                            ) NAM TAI GROUP MANAGEMENT LIMITED
is/are verified by :-                       )

                                              /s/ Ivan Chui Kam Wai
                                              ----------------------------------
                                              Authorized Signature 20HA

                           Solicitor, Hong Kong SAR
                           Messrs. Wilkinson & Grist,
                           Solicitors and Notaries, Hong Kong SAR

         RECEIVED on or before              )
                                            )
the day and year first above written of     )
                                            )
and from the Purchaser the above-           )
                                            )
mentioned deposit in the sum of             ) For and on behalf of
                                            ) NAM TAI GROUP MANAGEMENT LIMITED
HK$1,400,000.00.                            )

                                              /s/ Ivan Chui Kam Wai
                                              ----------------------------------
                                              Authorized Signature 20HA

                                       -----------------------------------------
                                                      the Vendor

                                     - 11 -

<PAGE>

SIGNED  by                                  )
                                            )
                                            )
                                            )
                                            )
for and on behalf of the Purchaser          ) For and on behalf of
                                            ) FRONTIER PROFIT INC.
in the presence of:-                        )

                                              /s/ T. Murekami
                                              ----------------------------------
                                              Authorized Signature

                    Solicitor, Hong Kong SAR

                                     - 12 -

<PAGE>

                    DATED  the     day of               2004.

                        NAM TAI GROUP MANAGEMENT LIMITED

                                       and

                              FRONTIER PROFIT INC.

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

                         AGREEMENT FOR SALE AND PURCHASE

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

                REGISTERED in the Land Registry by Memorial No.

                on:-

                                              p. Land Registrar.

                                WILKINSON & GRIST
                             SOLICITORS AND NOTARIES
                                  HONG KONG SAR
                                HC/ml/N416-1V101

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00062-of-00352.parquet"}]]