Document:

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                                                                    EXHIBIT 10.5

                        FORM OF INVESTOR RIGHTS AGREEMENT

      This Investor Rights Agreement (this "Agreement") is made as of June 5,
2000, among 51job, Inc. (fka 51net.com Cayman Islands Inc.), a Cayman Islands
corporation (the "Company"), each of the investors that executes a counterpart
of the Investor Signature Page hereto (each Investor, individually, the
"Investor" and collectively, the "Investors"), and each of the founders that
executes a counterpart of the Founder Signature Page hereto (individually, the
"Founder" and collectively, the "Founders").

                                   Background

      The Company and each Investor intend to enter into a Series A Preference
Stock Purchase Agreement (the "Stock Purchase Agreement") pursuant to which the
Investors will purchase 100% of the authorized shares of the Company's Series A
Preference Stock (such shares purchased under the Stock Purchase Agreement, the
"Series A Shares").

      NOW THEREFORE, the parties agree as follows:

SECTION 1: COVENANTS.

      1.1   FINANCIAL REPORTING; INSPECTIONS.

            (a)   So long as the Investor holds at least 25% of the Series A
Shares, the Company shall deliver to the Investor: (i) annual, audited and
consolidated financial statements, no later than 120 days after the end of the
Company's fiscal or calendar year, as applicable; (ii) the Company's annual
budget and business plan, within 30 days of completion thereof; (iii) quarterly,
unaudited financial statements, no later than 45 days after the end of the
Company's first, second and third calendar quarters; and (iv) monthly,
management-prepared reports, in a format to be agreed to between the Company and
the Investors, no later than 30 days after the end of each month.

            (b)   So long as the Investor holds at least 25% of the Series A
Shares, the Company shall permit the Investor to visit and inspect any of the
properties of the Company, including its books of account and other records (and
make copies thereof) and to discuss its affairs, finances and accounts with the
Company's officers and its independent public accountants, all at such
reasonable times and as often as the Investor may reasonably request.

      1.2   CONFIDENTIAL INFORMATION.

            (a)   "Confidential Information" means any information, technical
data, or know-how, including research, products, software, services,
development, inventions, processes, designs, drawings, engineering, marketing,
or finances, disclosed by any party hereto (for purposes of this Section, the
"disclosor") to any other party hereto and all transferees of shares in the
Company from any such party (for purposes of this Section, the "recipient"),
directly or indirectly, in writing, orally, or by drawings or inspection of
parts or equipment. "Confidential Information" does not include information,
technical data, or know-how that: (i) is in the recipient's possession at the
time of disclosure to it, as shown by its files and records immediately before
the time of disclosure; (ii) is part of public knowledge (not as a result of any
action or inaction of the recipient) before or after it has been disclosed to
the recipient; or (iii) is approved for release by the disclosor's written
authorization.

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            (b)   Prohibition on Use of Confidential Information. The recipient
shall refrain from using Confidential Information for its own use or for any
purpose except to evaluate its equity investment in the Company. The recipient
shall not disclose Confidential Information to any third parties. The recipient
shall treat Confidential Information in a manner consistent with the treatment
of its own proprietary information and shall protect the confidentiality of, and
use reasonable best efforts to prevent disclosure of, the Confidential
Information to prevent it from falling into the public domain or the possession
of unauthorized persons. Each transferee of the recipient who receives
Confidential Information shall agree to be bound by these provisions.

            (c)   Exceptions. The provisions of this Section shall not apply:
(i) to the extent that the recipient is required to disclose Confidential
Information under any law, statute or regulation, or any order of any court or
other governmental authority; or (ii) to the disclosure of Confidential
Information to the recipient's counsel, accountants, or other professional
advisors.

            (d)   Injunctive Relief. The parties acknowledge that it will be
impossible to measure in money the damage to the disclosor caused by any failure
to comply with the covenants set forth in this Section, that each such covenant
is material, and that in the event of any such failure the disclosor will not
have an adequate remedy at law or in damages. Therefore, the recipient consents
to the issuance of an injunction or the enforcement of other equitable remedies
against it, without bond or other security, to compel performance of all of the
terms of this Section, and waive the defense of the availability of relief in
damages.

SECTION 2: RESTRICTIONS ON TRANSFER; REGISTRATION RIGHTS

      2.1   RESTRICTIONS ON TRANSFERABILITY. The Series A Shares and the
Conversion Stock (as defined below) shall not be sold, assigned, transferred or
pledged except upon the conditions specified in this Section 2, which conditions
are intended to ensure compliance with the provisions of the Securities Act. All
holders of Restricted Securities shall cause any proposed purchaser, assignee,
transferee or pledgee of any such shares held by it to agree to take and hold
such securities subject to the provisions and upon the conditions specified in
this Section 2.

      2.2   DEFINITIONS. As used in this Agreement, the following terms shall
have the following respective meanings:

            (a)   "Commission" means the Securities and Exchange Commission or
any other federal agency at the time administering the Securities Act.

            (b)   "Conversion Stock" means the Ordinary Shares issued or
issuable pursuant to conversion of the Series A Shares.

            (c)   "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

            (d)   "Founders Shares" means any Ordinary Shares held by any
Founder.

            (e)   "Holder" means the Investor or Founder holding Registrable
Securities, and any other person holding Registrable Securities to whom
registration rights under this Section 2 have been transferred in accordance
with Section 2.13 hereof.

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            (f)   "Initiating Holders" mean (i) with respect to Section 2.5
hereof (demand registration), the holders of at least 30% of the Registrable
Securities; and (ii) with respect to Section 2.7 hereof (S-3 registration), the
holders of at least 20% of the Registrable Securities.

            (g)   "Registrable Securities" mean: (i) the Conversion Stock and
any Ordinary Shares of the Company issued or issuable in respect of the
Conversion Stock upon any stock split, stock dividend, recapitalization, or
similar event, or any Ordinary Shares otherwise issuable with respect to the
Conversion Stock, and (ii) the Founders Shares and any Ordinary Shares issued in
respect of the Founders Shares upon any stock split, stock dividend,
recapitalization or similar event, or any Ordinary Shares otherwise issued or
issuable with respect to the Founders Shares. Shares of Ordinary Shares or other
securities shall only be treated as Registrable Securities if and so long as
they have not been sold to or through a broker or dealer or underwriter in a
public distribution or a public securities transaction, or sold or are available
for sale in a single sale in the opinion of counsel for the Company in a
transaction exempt from the registration and prospectus delivery requirements of
the Securities Act (other than a sale under Rule 144(k) promulgated under the
Securities Act) so that all transfer restrictions and restrictive legends with
respect thereto are removed upon the consummation of such sale.

            (h)   "Register," "registered" and "registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

            (i)   "Registration Expenses" mean all expenses, except as otherwise
stated below, incurred by the Company in complying with this Section 2,
including all registration, qualification and filing fees, printing expenses,
escrow fees, fees and disbursements of counsel for the Company, blue sky fees
and expenses, the expense of any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the
Company which shall be paid in any event by the Company) and the reasonable fees
and disbursements of one special counsel for Holders (not to exceed $35,000).

            (j)   "Restricted Securities" mean the securities of the Company
required to bear the legend set forth in Section 2.3 hereof.

            (k)   "Securities Act" means the Securities Act of 1933, as amended,
any similar federal statute and the rules and regulations of the Commission
thereunder, or the securities laws of such other jurisdiction as may be
applicable, all as the same shall be in effect at the time.

            (l)   "Selling Expenses" mean all underwriting discounts, selling
commissions and stock transfer taxes applicable to the securities registered by
the Holders and, except as set forth above, all reasonable fees and
disbursements of counsel for such Holders.

      2.3   RESTRICTIVE LEGENDS. Each certificate representing (i) Series A
Shares, (ii) the Conversion Stock and (iii) any other securities issued in
respect of the Series A Shares or the Conversion Stock upon any stock split,
stock dividend, recapitalization, merger, consolidation or similar event, shall
(unless otherwise permitted by the provisions of Section 2.4 below) be stamped
or otherwise imprinted with a legend in the following form, and such other
legends required by the Company:

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      "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED ("ACT") OR OTHER APPLICABLE SECURITIES LAWS.
SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS (A) A REGISTRATION STATEMENT IS IN
EFFECT AS TO SUCH TRANSFER OR (B) PURSUANT TO RULE 144 OR OTHER APPLICABLE
SECURITIES LAWS, OR (C) IN THE OPINION OF THE COMPANY, REGISTRATION IS
UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT OR SUCH OTHER
APPLICABLE SECURITIES LAWS."

      "THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO CERTAIN RESTRICTIONS
UPON TRANSFER AND MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF
CERTAIN DOCUMENTS, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL OFFICE OF THE
COMPANY."

      All holders of Restricted Securities consent to the Company making a
notation on its records and giving instructions to any transfer agent of the
Series A Shares or the Ordinary Shares in order to implement the restrictions on
transfer established in this Section 2.

      2.4   NOTICE OF PROPOSED TRANSFERS. The holder of each certificate
representing Restricted Securities by acceptance thereof agrees to comply in all
respects with the provisions of this Section 2.4. Prior to any proposed sale,
assignment, transfer or pledge of any Restricted Securities (other than (i) a
transfer not involving a change in beneficial ownership, (ii) in transactions
involving the distribution without consideration of Restricted Securities by the
holder to any of its partners, or retired partners, or to the estate of any of
its partners or retired partners, or (iii) in transactions in compliance with
Rule 144), unless there is in effect a registration statement under the
Securities Act covering the proposed transfer, the holder thereof shall give
written notice to the Company of such holder's intention to effect such
transfer, sale, assignment or pledge. Each such notice shall describe the manner
and circumstances of the proposed transfer, sale, assignment or pledge in
sufficient detail, and shall be accompanied, at such holder's expense by either
(i) an unqualified written opinion of legal counsel who shall be, and whose
legal opinion shall be, reasonably satisfactory to the Company addressed to the
Company, to the effect that the proposed transfer of the Restricted Securities
may be effected without registration under the Securities Act, or (ii) a "no
action" letter from the Commission to the effect that the transfer of such
securities without registration will not result in a recommendation by the staff
of the Commission that action be taken with respect thereto, whereupon the
holder of such Restricted Securities shall be entitled to transfer such
Restricted Securities in accordance with the terms of the notice delivered by
the holder to the Company. Each certificate evidencing the Restricted Securities
transferred as above provided shall bear, except if such transfer is made
pursuant to Rule 144, the appropriate restrictive legend set forth in Section
2.3 above, except that such certificate shall not bear such restrictive legend
if, in the opinion of counsel for such holder and the Company, such legend is
not required in order to establish compliance with any provision of the
Securities Act.

      2.5   REQUESTED REGISTRATION.

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            (a)   Request for Registration. In case the Company shall receive
from Initiating Holders on an aggregated basis, a written request that the
Company effect any registration, qualification or compliance with respect to
Registrable Securities and the anticipated aggregate offering price, net of
underwriting discounts and commissions would exceed $7,500,000, the Company
will:

                  (i)   promptly give written notice of the proposed
registration, qualification or compliance to all other Holders, if any; and

                  (ii)  as soon as practicable, use its best efforts to effect
such registration, qualification or compliance (including, without limitation,
appropriate qualification under applicable blue sky or other state securities
laws and appropriate compliance with applicable regulations issued under the
Securities Act and any other governmental requirements or regulations) as may be
so requested and as would permit or facilitate the sale and distribution of all
or such portion of such Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any other
Holder joining in such request as are specified in a written request received by
the Company within 20 days after receipt of such written notice from the
Company;

      Provided, however, that the Company shall not be obligated to take any
action to effect any such registration, qualification or compliance pursuant to
this Section 2.5:

                        (1)   In any particular jurisdiction in which the
Company would be required to execute a general consent to service of process in
effecting such registration, qualification or compliance unless the Company is
already subject to service in such jurisdiction and except as may be required by
the Securities Act;

                        (2)   Prior to 3 months after the effective date of the
Company's first registered public offering of its stock or the third anniversary
of the date of the initial purchase of Series A Shares by the Investor,
whichever is earlier;

                        (3)   During the period starting with the date 60 days
prior to the Company's estimated date of filing of, and ending on the date 6
months immediately following the effective date of, any registration statement
pertaining to securities of the Company (other than a registration of securities
in a Rule 145 transaction or with respect to an employee benefit plan), provided
that the Company is actively employing in good faith all reasonable efforts to
cause such registration statement to become effective;

                        (4)   After the Company has effected two such
registrations pursuant to this Section 2.5(a), and such registrations have been
declared or ordered effective (provided however that for any registration for
which the holders of 50% or more of the Series A Shares have affirmatively
refused to initiate as Initiating Holders, such registration shall not be
counted against such two demand registrations with respect to the holders of the
Series A Shares); or

                        (5)   If the Company shall furnish to such Holders a
certificate signed by the President of the Company stating that in the good
faith judgment of the Board of Directors it would be seriously detrimental to
the Company or its members for a registration statement to be filed in the near
future, then the Company's obligation to use its best efforts to register,
qualify or comply under this Section 2.5 shall be deferred for a period not to
exceed 120 days from the date of receipt of

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written request from the Initiating Holders, provided that the Company may not
exercise this deferral right more than once per twelve month period.

         Subject to the foregoing clauses (1) through (5), the Company shall
file a registration statement covering the Registrable Securities so requested
to be registered as soon as practicable, after receipt of the request or
requests of the Initiating Holders.

                  (b) Underwriting. In the event that a registration pursuant to
Section 2.5 is for a registered public offering involving an underwriting, the
Company shall so advise each Holder as part of the notice given pursuant to
Section 2.5(a)(i). In such event, the right of any Holder to registration
pursuant to Section 2.5 shall be conditioned upon such Holder's participation in
the underwriting arrangements required by this Section 2.5, and the inclusion of
such Holder's Registrable Securities in the underwriting to the extent requested
shall be limited to the extent provided herein.

      The Company shall (together with all Holders proposing to distribute their
securities through such underwriting) enter into an underwriting agreement in
customary form with the managing underwriter selected for such underwriting by a
majority in interest of the Initiating Holders, but subject to the Company's
reasonable approval. Notwithstanding any other provision of this Section 2.5, if
the managing underwriter advises the Initiating Holders in writing that
marketing factors require a limitation of the number of shares to be
underwritten, then the Company shall so advise all Holders and the number of
shares of Registrable Securities that may be included in the registration and
underwriting shall be allocated, among all Holders in proportion, as nearly as
practicable, to the respective amounts of Registrable Securities held by such
Holders at the time of filing the registration statement. No Registrable
Securities excluded from the underwriting by reason of the underwriter's
marketing limitation shall be included in such registration. To facilitate the
allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the
nearest 100 shares. Notwithstanding the foregoing, in the event that any such
underwriter cutback will cause the cutback of 50% or more of the Registrable
Securities of the holders of the Series A Shares requested to be included in
such registration, then the holders of the Series A Shares may elect to have
excluded from such registration the Registrable Securities of all holders of
Series A Shares. Such election shall be by the affirmative vote of the holders
of 50% or more of the Series A Shares and shall be effective for all holders of
Series A Shares. In such case, the number of demand registrations available to
the holders of Series A Shares shall not be reduced by such registration.

      If any Holder disapproves of the terms of the underwriting, such person
may elect to withdraw therefrom by written notice to the Company, the managing
underwriter and the Initiating Holders. The Registrable Securities and/or other
securities so withdrawn shall also be withdrawn from registration, and such
Registrable Securities shall not be transferred in a public distribution prior
to 90 days after the effective date of such registration, or such other shorter
period of time as the underwriters may require.

      2.6   COMPANY REGISTRATION.

            (a)   Notice of Registration. If at any time or from time to time
the Company shall determine to register any of its securities, either for its
own account or the account of a security holder,

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other than: (x) a registration relating solely to employee benefit plans, or (y)
a registration relating solely to a Commission Rule 145 transaction, the Company
will:

                  (i)   promptly give to each Holder written notice thereof; and

                  (ii)  include in such registration (and any related
qualification under blue sky laws or other compliance), and in any underwriting
involved therein, all Registrable Securities specified in a written request or
requests, made within 20 days after receipt of such written notice from the
Company, by the Holders thereof.

            (b)   Underwriting. If the registration of which the Company gives
notice is for a registered public offering involving an underwriting, the
Company shall so advise the Holders as a part of the written notice above. In
such event the right of the Holders to registration shall be conditioned upon
their participation in such underwriting and the inclusion of Registrable
Securities in the underwriting to the extent provided herein. Holders proposing
to distribute securities through such underwriting shall (together with the
Company and the other persons distributing their securities through such
underwriting) enter into an underwriting agreement in customary form with the
managing underwriter selected for such underwriting by the Company.
Notwithstanding any other provision of this Section 2, if the managing
underwriter determines that marketing factors require a limitation of the number
of shares to be underwritten, the managing underwriter may limit the Registrable
Securities to be included in such registration: (i) in the case of the Company's
initial public offering, to zero, and (ii) in the case of any other offering, to
an amount no less than 30% of all shares to be included in such offering. The
Company shall so advise the Holders and the number of shares of Registrable
Securities that may be included in the registration and underwriting shall be
allocated in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities held by such Holders at the time of filing the
Registration Statement. To facilitate the allocation of shares in accordance
with the above provisions, the Company may round the number of shares allocated
to any Holder to the nearest 100 shares. If the Holder disapproves of the terms
of any such underwriting, it may elect to withdraw therefrom by written notice
to the Company and the managing underwriter. Any securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration, and
shall not be transferred in a public distribution prior to 90 days after the
effective date of the registration statement relating thereto, or such other
shorter period of time as the underwriters may require.

            (c)   Right to Terminate Registration. The Company shall have the
right to terminate or withdraw any registration initiated by it under this
Section 2 prior to the effectiveness of such registration whether or not a
Holder has elected to include securities in such registration.

      2.7   REGISTRATION ON FORM S-3.

            (a)   Two S-3 Requests. If Initiating Holders request that the
Company file a registration statement on Form S-3 (or any successor form) for a
public offering of shares of the Registrable Securities the reasonably
anticipated aggregate price to the public of which, net of underwriting
discounts and commissions, would equal at least $500,000, and the Company is a
registrant entitled to use Form S-3 to register the Registrable Securities for
such an offering, the Company shall use its best efforts to cause such
Registrable Securities to be registered for the offering on such form and to
cause such Registrable Securities to be qualified in such jurisdictions as a
Holder

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may reasonably request. The Company shall not be required to effect more than 2
registrations pursuant to this Section 2.7 in any 12 month period. The Company
shall inform other Holders, if any, of the proposed registration and offer them
the opportunity to participate.

            (b)   Underwriting. The substantive provisions of Section 2.5(b)
shall be applicable to each registration initiated under this Section 2.7.

            (c)   Exceptions to S-3 Requirement. Notwithstanding the foregoing,
the Company shall not be obligated to take any action pursuant to this Section
2.7: (i) in any particular jurisdiction in which the Company would be required
to execute a general consent to service of process in effecting such
registration, qualification or compliance unless the Company is already subject
to service in such jurisdiction and except as may be required by the Securities
Act; (ii) if the Company, within 10 days of the receipt of the request of the
Initiating Holders, gives notice of its bona fide intention to effect the filing
of a registration statement with the Commission within 90 days of receipt of
such request (other than with respect to a registration statement relating to a
Rule 145 transaction, an offering solely to employees or any other registration
which is not appropriate for the registration of Registrable Securities); (iii)
during the period starting with the date 60 days prior to the Company's
estimated date of filing of, and ending on the date 6 months immediately
following, the effective date of any registration statement pertaining to
securities of the Company (other than a registration of securities in a Rule 145
transaction or with respect to an employee benefit plan), provided that the
Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or (iv) if the Company shall furnish
to such Holder a certificate signed by the President or CEO of the Company
stating that in the good faith judgment of the Board of Directors it would be
seriously detrimental to the Company or its shareholders for registration
statements to be filed in the near future, then the Company's obligation to use
its best efforts to file a registration statement shall be deferred for a period
not to exceed 120 days from the receipt of the request to file such registration
by the Holder, provided that the Company may not exercise this deferral right
more than once per 12 month period.

      2.8   EXPENSES OF REGISTRATION. All Registration Expenses incurred in
connection with all registrations pursuant to this Section 2 shall be borne by
the Company. All Selling Expenses relating to securities registered on behalf of
the Holders shall be borne by them pro rata on the basis of the number of shares
so registered.

      2.9   REGISTRATION PROCEDURES. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Section 2,
the Company will keep each Holder advised in writing as to the initiation of
each registration, qualification and compliance and as to the completion
thereof. At its expense the Company will:

            (a)   Prepare and file with the Commission a registration statement
with respect to such securities and use its best efforts to cause such
registration statement to become and remain effective for at least 180 days or
until the distribution described in the Registration Statement has been
completed.

            (b)   Furnish to the Holders participating in such registration and
to the underwriters of the securities being registered such reasonable number of
copies of the registration statement,

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preliminary prospectus, final prospectus and such other documents as such
underwriters may reasonably request in order to facilitate the public offering
of such securities.

      2.10  INDEMNIFICATION. The Company will indemnify each Holder, each of its
officers, directors, trustees and partners, and each person controlling the
Holder within the meaning of Section 15 of the Securities Act, with respect to
which registration, qualification or compliance has been effected pursuant to
this Section 2, and each underwriter, if any, and each person who controls any
underwriter within the meaning of Section 15 of the Securities Act, against all
expenses, claims, losses, damages or liabilities (or actions in respect
thereof), including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereto, incident to any such registration,
qualification or compliance, or based on any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances in which they were made,
not misleading, or any violation by the Company of the Securities Act or any
state securities law or any rule or regulation promulgated thereunder applicable
to the Company in connection with any such registration, qualification or
compliance, and the Company will reimburse the Holder, each of its officers,
trustees and directors, and each person controlling the Holder, each such
underwriter and each person who controls any such underwriter, for any legal and
any other expenses reasonably incurred in connection with investigating,
preparing or defending any such claim, loss, damage, liability or action;
provided that the Company will not be liable in any such case to the extent that
any such claim, loss, damage, liability or expense arises out of or is based on
any untrue statement or omission or alleged untrue statement or omission, made
in reliance upon and in conformity with written information furnished to the
Company by an instrument duly executed by the Holder, controlling person or
underwriter and stated to be specifically for use therein; and provided,
further, that the foregoing indemnity agreement is subject to the condition
that, insofar as it relates to any such untrue statement, alleged untrue
statement, omission or alleged omission made in a preliminary prospectus on file
with the Commission at the time the registration statement becomes effective or
the amended prospectus filed with the Commission pursuant to Rule 424(b) (the
"Final Prospectus"), such indemnity agreement shall not inure to the benefit of
any underwriter or any holder, if there is no underwriter, if a copy of the
Final Prospectus was not furnished to the person asserting the loss, liability,
claim or damage at or prior to the time such action is required by the
Securities Act.

            (a)   Each Holder will, if Registrable Securities held by it are
included in the securities as to which such registration, qualification or
compliance is being effected, indemnify the Company, each of its directors and
officers, each underwriter, if any, of the Company's securities covered by such
a registration statement, each person who controls the Company or such
underwriter within the meaning of Section 15 of the Securities Act, and each
other Holder, each of its officers, trustees and directors and each person
controlling it within the meaning of Section 15 of the Securities Act, against
all claims, losses, damages and liabilities (or actions in respect thereof)
arising out of or based on any untrue statement (or alleged untrue statement) of
a material fact contained in any such registration statement, prospectus,
offering circular or other document, or any omission (or alleged omission) to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, and will reimburse the Company, such
Holders, such directors, officers, trustees, persons, underwriters or control
persons for any legal or any other expenses reasonably incurred in connection
with investigating or defending any such claim, loss, damage,

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liability or action, in each case to the extent, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular
or other document in reliance upon and in conformity with written information
furnished to the Company by an instrument duly executed by such Holder and
stated to be specifically for use therein; provided, however, that the foregoing
indemnity agreement is subject to the condition that, insofar as it relates to
any untrue statement, alleged untrue statement, omission or alleged omission
made in a preliminary prospectus on file with the Commission at the time the
registration statement becomes effective or in the Final Prospectus, such
indemnity agreement shall not inure to the benefit of any underwriter or any
Holder, if there is no underwriter, if a copy of the Final Prospectus was not
furnished to the person asserting the loss, liability, claim or damage at or
prior to the time such action is required by the Securities Act. Notwithstanding
the foregoing, the liability of the Holder under this Section shall be limited
in an amount equal to the initial public offering price of the shares sold by
such Holder.

            (b)   Each party entitled to indemnification under this Section (the
"Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, and the
Indemnifying Party shall have the option to assume the defense of any such claim
or any litigation resulting therefrom, provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party's expense, and provided further that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Section 2 unless the failure to
give such notice is materially prejudicial to an Indemnifying Party's ability to
defend such action and provided further, that the Indemnifying Party shall not
assume the defense for matters as to which there is a conflict of interest or
separate and different defenses. No claim may be settled without the consent of
the Indemnifying Party (which consent shall not be unreasonably withheld). No
Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party
of a release from all liability in respect to such claim or litigation.

      2.11  INFORMATION BY HOLDERS. Holders of Registrable Securities included
in any registration shall furnish to the Company such information regarding
them, the Registrable Securities held by them and the distribution proposed by
them as the Company may request in writing and as shall be required in
connection with any registration, qualification or compliance referred to in
this Section 2.

      2.12  RULE 144 REPORTING. With a view to making available the benefits of
certain rules and regulations of the Commission which may at any time permit the
sale of Restricted Securities to the public without registration, after such
time as a public market exists for the Ordinary Shares of the Company, the
Company agrees to use its best efforts to:

            (a)   Make and keep public information available, as those terms are
understood and defined in Rule 144 under the Securities Act, at all times after
the effective date that the Company becomes subject to the reporting
requirements of the Securities Act or the Exchange Act;

                                     - 10 -
<PAGE>

            (b)   Use its best efforts to file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements); and

            (c)   So long as a Holder owns any Restricted Securities to furnish
to it forthwith upon request a written statement by the Company as to its
compliance with the reporting requirements of said Rule 144 (at any time after
90 days after the effective date of the first registration statement filed by
the Company for an offering of its securities to the general public), and of the
Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents of the Company and
other information in the possession of or reasonably obtainable by the Company
as such holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing such holder to sell any such securities
without registration.

      2.13  TRANSFER OF REGISTRATION RIGHTS. The rights to cause the Company to
register securities granted the Investor under this Section 2 may be assigned to
a transferee reasonably acceptable to the Company in connection with any
transfer or assignment of Registrable Securities provided that: (i) such
transfer may otherwise be effected in accordance with applicable securities
laws, (ii) such assignee or transferee agrees to be bound by the terms and
conditions of this Agreement, (iii) such assignee or transferee acquires at
least 25% of the outstanding Registrable Securities; and (iv) such assignee or
transferee is not a competitor of the Company, as determined in the Company's
reasonable discretion.

      2.14  STANDOFF AGREEMENT. In connection with the Company's initial public
offering of the Company's securities, the Holder agrees, upon request of the
Company or the underwriters managing any underwritten offering of the Company's
securities, not to sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of any Registrable Securities (other than
those included in the registration) without the prior written consent of the
Company or such underwriters, as the case may be, for such period of time (not
to exceed 180 days) from the effective date of such registration as may be
requested by the underwriters; provided that the founders, officers and
directors of the Company who own shares of the Company also agree to such
restrictions.

      2.15  TERMINATION. The rights to cause the Company to register securities
granted to Holders under this Section 2 shall expire upon the earlier of 7 years
after the consumation of a firm commitment underwritten public offering of the
Company's Ordinary Shares registered under the Secuities Act which results in
aggregate net proceeds to the Company of at least US$10,000,000 and a price per
share of at least US$3.12; or, for a particular Holder, at such time as such
Holder is able to dispose of all such securities in one 3-month period pursuant
to Rule 144.

      2.16  FUTURE REGISTRATION RIGHTS. The Company hereby covenants that it
shall not grant registration rights in respect of any capital stock of the
Company to any person or entity other than as set forth herein, unless such
registration rights are subordinate to the registration rights granted to the
Holders hereunder, or unless 50% or more of Holders consent in writing to such
grant of equal or superior registration rights.

                                     - 11 -
<PAGE>

      2.17  NON-U.S. REGISTRATIONS. In connection with any registration
requiring compliance with the laws of any jurisdiction outside the United
States, Company shall use commercially reasonable efforts to comply with all
applicable laws and to satisfy such requirements or obligations as may exist in
accordance with custom in such jurisdiction and shall comply with all
obligations equivalent to those specified in this Section 2.

SECTION 3: RIGHT OF FIRST REFUSAL FOR ISSUE OF NEW SECURITIES.

      3.1   INVESTORS' RIGHT OF FIRST REFUSAL. The Company hereby grants to the
Investor the right of first refusal to purchase a Pro Rata Share of any New
Securities (as defined in this Section) which the Company may, from time to
time, propose to sell and issue. A "Pro Rata Share," for purposes of this right
of first refusal, is the ratio that the sum of the number of Ordinary Shares
then held by the Investor and the number of Ordinary Shares issuable upon
conversion of the Series A Shares then held by the Investor bears to the sum of
the total number of Ordinary Shares then outstanding and the number of Ordinary
Shares issuable upon conversion of the then outstanding Preference Stock,
assuming the exercise of all outstanding options, warrants and other rights and
the issuance of all shares reserved for issuance to employees under any equity
plan.

      3.2   NEW SECURITIES. Except as set forth below, "New Securities" shall
mean any shares of capital stock of the Company including Ordinary Shares and
Preference Shares, whether now authorized or not, and rights, options or
warrants to purchase said shares of Ordinary Shares or Preference Shares, and
securities of any type whatsoever that are, or may become, convertible into said
shares of Ordinary Shares or Preference Shares. Notwithstanding the foregoing,
"New Securities" does not include (i) shares to be issued to employees and
directors pursuant to plans, agreements and arrangements approved by the Board
of Directors; (ii) shares issued to financial institutions or lessors in
connection with commercial credit arrangements, equipment financings or similar
transactions; (iii) the Series A Shares, including Conversion Stock; (iv)
securities offered to the public generally pursuant to a registration statement
under the Securities Act; (v) securities issued pursuant to the acquisition of
another corporation by the Company by merger, purchase of substantially all of
the assets or other reorganization whereby the Company or its shareholders own
not less than 51% of the voting power of the surviving or successor corporation;
(vi) stock issued pursuant to any rights or agreements including without
limitation convertible securities, options and warrants, provided that the
rights of first offer established by this Section apply with respect to the
initial sale or grant by the Company of such rights or agreements; and (vii)
stock issued in connection with any stock split, stock dividend or similar
transactions by the Company.

      3.3   NOTICE. In the event the Company proposes to undertake an issuance
of New Securities, it shall give the Investor written notice of its intention,
describing the type of New Securities, and the price and terms upon which the
Company proposes to issue the same. The Investor shall have 15 days from the
date of receipt of any such notice to agree to purchase up to its Pro Rata Share
of such New Securities for the price and upon the terms specified in the notice
by giving written notice to the Company and stating therein the quantity of New
Securities to be purchased.

      3.4   INVESTOR'S FAILURE TO EXERCISE RIGHT. If the Investor fails to
exercise the right of first refusal within said 15 day period, the Company shall
have 90 days thereafter to sell or enter into an agreement (pursuant to which
the sale of New Securities covered thereby shall be closed, if at all, within 60
days from the date of said agreement) to sell the New Securities not elected to
be

                                     - 12 -
<PAGE>

purchased by the Investor at the price and upon the terms no more favorable to
the purchasers of such securities than specified in the Company's notice. In the
event the Company has not sold the New Securities or entered into an agreement
to sell the New Securities within said 90 day period (or sold and issued New
Securities in accordance with the foregoing within 60 days from the date of said
agreement), the Company shall not thereafter issue or sell any New Securities,
without first offering such securities in the manner provided above.

      3.5   NO ASSIGNMENTS. The right of first refusal hereunder is not
assignable except to a purchaser that acquires 100% of the Investor's Series A
Shares and Conversion Stock.

      3.6   COMPANY'S FAILURE TO GIVE NOTICE. If the Company has not given
notice to the Investor prior to the issuance of New Securities as provided
above, then the Company shall give notice to the Investor within 20 days after
the issuance of New Securities. Such notice shall describe the type, price and
terms of the New Securities. The Investor shall have 15 days from the date of
receipt of such notice to elect to purchase its Pro Rata Share of New
Securities. The Pro Rata Shares shall be calculated giving effect to the sale of
the New Securities. The closing of such sale shall occur within 30 days of the
date of notice to the Investor.

SECTION 4: TERMINATION.

      This Agreement shall terminate and be of no force or effect upon: (i) the
effectiveness of the Company's initial underwritten public offering of at least
$10,000,000 at an offering price of at least $3.12; or (ii) upon an acquisition
of the Company by merger or other reorganization whereby the Company's
shareholders, directly or indirectly, own less than 51% of the voting power of
the surviving or successor corporation. Notwithstanding the foregoing, the
provisions of Section 2 (with respect to restrictions on transfer and
registration) shall terminate as set forth in Section 2. Section 1.2
(confidential information) shall survive termination of this Agreement.

SECTION 5: MISCELLANEOUS

      5.1   NOTICES. All notices and other communications required or permitted
hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid in the U.S. or by overnight courier to overseas, or
otherwise delivered by hand or by messenger, (i) addressed to the Investor or
the holder of shares subject to this Agreement, at such person's address of
record as it appears on the books of the Company or at such other address as
such person shall have furnished to the Company in writing, or until any such
person so furnishes an address to the Company, then to the address of the last
holder of such shares who has so furnished an address to the Company, or (ii) if
to the Company, to its principal executive office.

      Each such notice or other communication shall for all purposes of this
Agreement be treated as effective or having been given when delivered if
delivered personally or by overnight courier, or, if sent by mail, at the
earlier of its receipt or 72 hours after the same has been deposited in a
regularly maintained receptacle for the deposit of the United States mail,
addressed and mailed as aforesaid.

      5.2   WAIVERS AND AMENDMENTS. This Agreement and all its terms may be
changed, waived, discharged or terminated solely in writing signed by the
parties to such waiver or amendment. No delay or omission to exercise any right,
power or remedy accruing under this Agreement shall impair any such right, power
or remedy, nor shall it be construed to be a waiver or

                                     - 13 -
<PAGE>

acquiescence, nor shall any waiver of any single breach or default be deemed a
waiver of any other breach or default theretofore or thereafter occurring.

      5.3   GOVERNING LAW. This Agreement shall be governed by the laws of the
State of Delaware, without reference to conflicts of laws principles thereof.

      5.4   SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto.

      5.5   ENTIRE AGREEMENT. This Agreement constitutes the full and entire
understanding and agreement between the parties with regard to the subjects
hereof.

      5.6   SEVERABILITY OF THIS AGREEMENT. If any provision of this Agreement
shall be judicially determined to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

      5.7   COUNTERPARTS. This Agreement may be executed in counterparts, all of
which together shall constitute one instrument.

                                     - 14 -
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above written.

                                         _________________________________

                                         By:______________________________
                                            Name:
                                            Title:

<PAGE>

                          * INVESTOR RIGHTS AGREEMENT *

<PAGE>

                             INVESTOR SIGNATURE PAGE

      IN WITNESS WHEREOF, Investor has read and understands the Investor Rights
Agreement to which this Investor Signature Page is attached, and has executed
this Investor Rights Agreement this ______________, 2000.

_________________________________
Name of Investor (Print)

By:______________________________
   Name:
   Title:

_________________________________

_________________________________
Address of Investor

<PAGE>

                             FOUNDER SIGNATURE PAGE

      IN WITNESS WHEREOF, Founder has read and understands the Investor Rights
Agreement to which this Founder Signature Page is attached, and has executed
this Investor Rights Agreement this ______________, 2000.

_________________________________
Name of Founder (Print)

_________________________________
Signature

_________________________________

_________________________________
Address of Founder<PAGE>
                                                                    EXHIBIT 10.6

                                  51JOB, INC.

                       CODE OF BUSINESS CONDUCT AND ETHICS

     I.   INTRODUCTION

     This Code of Business Conduct and Ethics helps ensure compliance with legal
requirements and our standards of business conduct. All directors, officers and
other employees (collectively, the "Covered Persons") are expected to read and
understand this Code of Business Conduct and Ethics, uphold these standards in
day-to-day activities and comply with all applicable policies and procedures.

     Because the principles described in this Code of Business Conduct and
Ethics are nonexhaustive and general in nature, you should also review all
applicable Company policies and procedures for more specific instruction.

     Nothing in this Code of Business Conduct and Ethics, in any Company
policies and procedures, or in other related communications (verbal or written)
creates or implies an employment contract or term of employment.

     We are committed to continuously reviewing and updating our policies and
procedures. Therefore, this Code of Business Conduct and Ethics is subject to
modification. This Code of Business Conduct and Ethics supersedes all other such
codes, policies, procedures, instructions, practices, rules or written or verbal
representations to the extent they are inconsistent.

     Please sign the acknowledgment form at the end of this Code of Business
Conduct and Ethics and return the form to the Chief Compliance Officer
indicating that you have received, read, understand and agree to comply with the
Code of Business Conduct and Ethics. The signed acknowledgment form will be
located in your personnel file.

     II.  YOUR RESPONSIBILITIES TO THE COMPANY AND ITS STOCKHOLDERS

          A.   GENERAL STANDARDS OF CONDUCT

     The Company expects all Covered Persons to exercise good judgment to ensure
the safety and welfare of the Company and the Covered Persons and to maintain a
cooperative, efficient, positive, harmonious and productive work environment and
business organization. These standards apply while working on our premises, at
offsite locations where our business is being conducted, at Company-sponsored
business and social events, or at any other place where you are a representative
of the Company. Covered Persons who engage in misconduct or whose performance is
unsatisfactory may be subject to corrective action, up to and including
termination. You should review our employment handbook for more detailed
information.

<PAGE>

          B.   APPLICABLE LAWS

     All Covered Persons must comply with all applicable laws, regulations,
rules and regulatory orders of any relevant jurisdiction. Company employees
located outside of the United States must comply with laws, regulations, rules
and regulatory orders of the United States, including without limitation the
Foreign Corrupt Practices Act, in addition to applicable local laws. Each
employee, agent and contractor must acquire appropriate knowledge of the
requirements relating to his or her duties sufficient to enable him or her to
recognize potential dangers and to know when to seek advice from the Chief
Compliance Officer on specific Company policies and procedures. Violations of
laws, regulations, rules and orders may subject the employee, agent or
contractor to individual criminal or civil liability, as well as to discipline
by the Company. Such individual violations may also subject the Company to civil
or criminal liability or the loss of business.

          C.   CONFLICTS OF INTEREST

     Each of us has a responsibility to the Company, our stockholders and each
other. Although this duty does not prevent us from engaging in personal
transactions and investments, it does demand that we avoid situations where a
conflict of interest might occur or appear to occur. The Company is subject to
scrutiny from many different individuals and organizations. We should always
strive to avoid even the appearance of impropriety.

     What constitutes a conflict of interest? A conflict of interest exists
where the interests or benefits of one person or entity conflict with the
interests or benefits of the Company. Examples include:

          (i)  EMPLOYMENT/OUTSIDE EMPLOYMENT. In consideration of your
employment with the Company, you are expected to devote your full attention to
the business interests of the Company. Subject to the terms of your employment
contract with the Company and except where applicable laws, rules or regulations
otherwise provide, you are prohibited from engaging in any activity that
interferes with your performance or responsibilities to the Company or is
otherwise in conflict with or prejudicial to the Company. Our policies prohibit
any employee from accepting simultaneous employment with a Company supplier,
customer, developer or competitor, or from taking part in any activity that
enhances or supports a competitor's position. Additionally, you must disclose to
the Company any interest that you have that may conflict with the business of
the Company. If you have any questions on this requirement, you should contact
your supervisor or the Chief Compliance Officer.

          (ii) OUTSIDE DIRECTORSHIPS. It is a conflict of interest to serve as a
director of any company that competes with the Company. Although you may serve
as a director of a Company supplier, customer, developer, or other business
partner, our policy requires that you first obtain approval from the Chief
Compliance Officer and the Nominating and Corporate Governance Committee before
accepting a directorship. Any compensation you receive should be commensurate to
your responsibilities. Such approval may be conditioned upon the completion of
specified actions.

                                       2
<PAGE>

          (iii) BUSINESS INTERESTS. If you are considering investing in a
Company customer, supplier, developer or competitor, you must first take great
care to ensure that these investments do not compromise your responsibilities to
the Company. Many factors should be considered in determining whether a conflict
exists, including the size and nature of the investment; your ability to
influence the Company's or the other company's decisions; your access to
confidential information of the Company or of the other company; and the nature
of the relationship between the Company and the other company.

          (iv) RELATED PARTIES. As a general rule, you should avoid conducting
Company business with related parties, that is, with a relative or significant
other, or with a business in which a relative or significant other is associated
in any significant role. Relatives include spouse, sister, brother, daughter,
son, mother, father, grandparents, aunts, uncles, nieces, nephews, cousins, step
relationships, and in-laws. Significant others include persons living in a
spousal (including same sex) or familial fashion with an employee. Related
parties also include organizations and entities with which the Company's
executive officers or directors have a material relationship or affiliation
("Affiliates"). Because the possibility that a conflict of interest may exist is
greatest when executive officers or directors or their Affiliates are involved
in a business transaction with the Company, the Company generally discourages
the conduct of the Company's business with such parties.

     If such a related party transaction is unavoidable, you must fully disclose
the nature of the related party transaction to the Company's Chief Compliance
Officer. If determined to be material to the Company by the Chief Compliance
Officer, the Chief Compliance Officer and the Nominating and Corporate
Governance Committee must review and approve in writing in advance such related
party transactions. The most significant related party transactions,
particularly those involving the Company's executive officers or directors or
their Affiliates, must be reviewed and approved in writing in advance by the
Chief Compliance Officer and the Nominating and Corporate Governance Committee.
The Company must report all such material related party transactions under
applicable accounting rules, Federal securities laws, SEC rules and regulations,
and securities market rules. Any dealings with a related party must be conducted
in such a way that no preferential treatment is given to such dealings.

     The Company also discourages the employment of relatives and significant
others in positions or assignments within the same department and prohibits the
employment of such individuals in positions that have a financial dependence or
influence (e.g., an auditing or control relationship, or a
supervisor/subordinate relationship). The purpose of this policy is to prevent
the organizational impairment and conflicts that are a likely outcome of the
employment of relatives or significant others, especially in a
supervisor/subordinate relationship. If a question arises about whether a
relationship is covered by this policy, the Chief Compliance Officer is
responsible for determining whether an applicant's or transferee's acknowledged
relationship is covered by this policy. The Chief Compliance Officer shall
advise all affected applicants and transferees of this policy. Willful
withholding of information regarding a prohibited relationship/reporting
arrangement may be subject to corrective action, up to and including
termination. If a prohibited relationship exists or develops between two
employees, the employee in the senior position must bring this to the attention
of his/her supervisor. The Company retains the prerogative to separate the
individuals at the earliest possible time, either by reassignment or by
termination, if necessary.

                                       3
<PAGE>

          (v) OTHER SITUATIONS. Because other conflicts of interest may arise,
it would be impractical to attempt to list all possible situations. If a
proposed transaction or situation raises any questions or doubts in your mind
you should consult the Chief Compliance Officer.

          D.   CORPORATE OPPORTUNITIES

     Officers, directors and employees owe a duty to the Company to advance the
Company's legitimate interests to the best of their abilities. Covered Persons
may not exploit for their own personal gain opportunities that are discovered
through the use of corporate property, information or position or which arise as
a result of his or her position within the Company unless the opportunity is
disclosed fully in writing to the Company's Board of Directors and the Board of
Directors declines to pursue such opportunity.

          E.   OBLIGATIONS UNDER SECURITIES LAWS - "INSIDER" TRADING AND OTHER
MARKET MISCONDUCT

     Obligations under the U.S. securities laws on insider trading apply to
everyone. In the normal course of business, the Covered Persons may come into
possession of significant, sensitive information. This information is the
property of the Company -- you have been entrusted with it. You may not profit
from it by buying or selling securities yourself, or passing on the information
to others to enable them to profit or for them to profit on your behalf. The
purpose of this policy is both to inform you of your legal responsibilities and
to make clear to you that the misuse of sensitive information is contrary to
Company policy and U.S. securities laws.

     Under U.S. securities laws, insider trading is a crime, penalized by fines
of up to US$5,000,000 and 20 years in jail for individuals. In addition, the SEC
may seek the imposition of a civil penalty of up to three times the profits made
or losses avoided from the trading. Insider traders must also disgorge any
profits made, and are often subjected to an injunction against future
violations. Finally, insider traders may be subjected to civil liability in
private lawsuits.

     Employers and other controlling persons (including supervisory personnel)
are also at risk under U.S. securities laws. Controlling persons may, among
other things, face penalties of the greater of US$5,000,000 or three times the
profits made or losses avoided by the trader if they recklessly fail to take
preventive steps to control insider trading.

     Thus, it is important both to you and the Company that insider-trading
violations not occur. You should be aware that stock market surveillance
techniques are becoming increasingly sophisticated, and the chance that U.S.
federal or other regulatory authorities will detect and prosecute even
small-level trading is significant. Insider trading rules are strictly enforced,
even in instances when the financial transactions seem small. You should contact
the Chief Compliance Officer if you are unsure as to whether or not you are free
to trade.

     The Company has imposed a trading blackout period on members of the Board
of Directors, executive officers and certain designated employees who, as a
consequence of their position with the Company, are more likely to be exposed to
material nonpublic information about the Company. These directors, executive
officers and employees generally may not trade in Company securities during the
blackout period.

                                       4
<PAGE>

          F.   PROHIBITION AGAINST SHORT SELLING OF COMPANY STOCK

     No Covered Person, directly or indirectly, sell any equity security,
including derivatives, of the Company if he or she (1) does not own the security
sold, or (2) if he or she owns the security, does not deliver it against such
sale (a "short sale against the box") within twenty days thereafter, or does not
within five days after such sale deposit it in the mails or other usual channels
of transportation. No Covered Person may engage in short sales. A short sale, as
defined in this policy, means any transaction whereby one may benefit from a
decline in the Company's stock price. While employees who are not executive
officers or directors are not prohibited by law from engaging in short sales of
Company's securities, the Company has adopted a policy that employees may not do
so.

          G.   USE OF COMPANY'S ASSETS

          (i)  GENERAL. Protecting the Company's assets is a key fiduciary
responsibility of every employee, agent and contractor. Care should be taken to
ensure that assets are not misappropriated, loaned to others, or sold or
donated, without appropriate authorization. All Covered Persons are responsible
for the proper use of Company assets, and must safeguard such assets against
loss, damage, misuse or theft. Covered Persons who violate any aspect of this
policy or who demonstrate poor judgment in the manner in which they use any
Company asset may be subject to disciplinary action, up to and including
termination of employment or business relationship at the Company's sole
discretion. Company equipment and assets are to be used for Company business
purposes only. Covered Persons may not use Company assets for personal use, nor
may they allow any other person to use Company assets. Employees who have any
questions regarding this policy should bring them to the attention of the Chief
Compliance Officer.

          (ii) PHYSICAL ACCESS CONTROL. The Company has and will continue to
develop procedures covering physical access control to ensure privacy of
communications, maintenance of the security of the Company communication
equipment, and safeguard Company assets from theft, misuse and destruction. You
are personally responsible for complying with the level of access control that
has been implemented in the facility where you work on a permanent or temporary
basis. You must not defeat or cause to be defeated the purpose for which the
access control was implemented.

          (iii) COMPANY FUNDS. Every Company employee is personally responsible
for all Company funds over which he or she exercises control. Company agents and
contractors should not be allowed to exercise control over Company funds.
Company funds must be used only for Company business purposes. Every Company
employee, agent and contractor must take reasonable steps to ensure that the
Company receives good value for Company funds spent, and must maintain accurate
and timely records of each and every expenditure. Expense reports must be
accurate and submitted in a timely manner. Covered Persons must not use Company
funds for any personal purpose.

          (iv) COMPUTERS AND OTHER EQUIPMENT. The Company strives to furnish
employees with the equipment necessary to efficiently and effectively do their
jobs. You must care for that equipment and use it responsibly only for Company
business purposes. If you use

                                       5
<PAGE>

Company equipment at your home or off site, take precautions to protect it from
theft or damage, just as if it were your own. If the Company no longer employs
you, you must immediately return all Company equipment. While computers and
other electronic devices are made accessible to employees to assist them to
perform their jobs and to promote Company's interests, all such computers and
electronic devices, whether used entirely or partially on the Company's premises
or with the aid of the Company's equipment or resources, must remain fully
accessible to the Company and, to the maximum extent permitted by law, will
remain the sole and exclusive property of the Company.

          Covered Persons should not maintain any expectation of privacy with
respect to information transmitted over, received by, or stored in any
electronic communications device owned, leased, or operated in whole or in part
by or on behalf of the Company. To the extent permitted by applicable law, the
Company retains the right to gain access to any information received by,
transmitted by, or stored in any such electronic communications device, by and
through its employees, agents, contractors, or representatives, at any time,
either with or without an employee's or third party's knowledge, consent or
approval.

          (v) SOFTWARE. All software used by employees to conduct Company
business must be appropriately licensed. Never make or use illegal or
unauthorized copies of any software, whether in the office, at home, or on the
road, since doing so may constitute copyright infringement and may expose you
and the Company to potential civil and criminal liability. In addition, use of
illegal or unauthorized copies of software may subject the employee to
disciplinary action, up to and including termination. The Company's IT staff
will inspect Company computers periodically to verify that only approved and
licensed software has been installed. Any non-licensed/supported software will
be removed.

          (vi) ELECTRONIC USAGE. The purpose of this policy is to make certain
that employees utilize electronic communication devices in a legal, ethical, and
appropriate manner. This policy addresses the Company's responsibilities and
concerns regarding the fair and proper use of all electronic communications
devices within the organization, including computers, e-mail, connections to the
Internet, intranet and extranet and any other public or private networks, voice
mail, video conferencing, facsimiles, and telephones. Posting or discussing
information concerning the Company's products or business on the Internet
without the prior written consent of the Chief Compliance Officer is prohibited.
Any other form of electronic communication used by employees currently or in the
future is also intended to be encompassed under this policy. It is not possible
to identify every standard and rule applicable to the use of electronic
communications devices. Employees are therefore encouraged to use sound judgment
whenever using any feature of our communications systems.

          H.   FAIR AND TIMELY DISCLOSURE IN PUBLIC REPORTING AND COMMUNICATIONS

     The Company's principal executive officer, principal financial officer,
principal accounting officer or controller, and any other officer involved in
the preparation of the Company's financial statements, public reports or
communications (collectively, the "Senior Financial Officers"), are responsible
for ensuring that such financial statements, public reports or communications
contain disclosure that is full, fair, accurate, timely and understandable. In
that

                                       6
<PAGE>

regard, the Senior Financial Officers are responsible for establishing and
maintaining effective disclosure controls and procedures and internal controls
and procedures for financial reporting.

          I.   MAINTAINING AND MANAGING RECORDS

     The purpose of this policy is to set forth and convey the Company's
business and legal requirements in managing records, including all recorded
information regardless of medium or characteristics. Records include paper
documents, CDs, computer hard disks, email, floppy disks, microfiche, microfilm
or all other media. The Company is required by local, state, federal, foreign
and other applicable laws, rules and regulations to retain certain records and
to follow specific guidelines in managing its records. Civil and criminal
penalties for failure to comply with such guidelines can be severe for the
Covered Person, and failure to comply with such guidelines may subject the
Covered Person to disciplinary action, up to and including termination of
employment or business relationship at the Company's sole discretion.

          J.   PAYMENT PRACTICES

          (i) ACCOUNTING PRACTICES. The Company's responsibilities to its
stockholders and the investing public require that all transactions be fully and
accurately recorded in the Company's books and records in compliance with all
applicable laws. False or misleading entries, unrecorded funds or assets, or
payments without appropriate supporting documentation and approval are strictly
prohibited and violate Company policy and the law. Additionally, all
documentation supporting a transaction should fully and accurately describe the
nature of the transaction and be processed in a timely fashion.

          (ii) POLITICAL CONTRIBUTIONS. The Company reserves the right to
communicate its position on important issues to elected representatives and
other government officials. It is the Company's policy to comply fully with all
applicable laws, rules and regulations regarding political contributions. The
Company's funds or assets must not be used for, or be contributed to, political
campaigns or political practices under any circumstances without the prior
written approval of the Company's Chief Compliance Officer and, if required, the
Board of Directors.

          (iii) PROHIBITION OF INDUCEMENTS. Under no circumstances may any
Covered Person offer to pay, make payment, promise to pay, or issue
authorization to pay any money, gift, or anything of value to customers,
vendors, consultants, etc. that is perceived as intended, directly or
indirectly, to improperly influence any business decision, any act or failure to
act, any commitment of fraud, or opportunity for the commission of any fraud.
Inexpensive gifts, infrequent business meals, celebratory events and
entertainment, provided that they are not excessive or create an appearance of
impropriety, do not violate this policy. Questions regarding whether a
particular payment or gift violates this policy should be directed to the Chief
Compliance Officer.

          K.   FOREIGN CORRUPT PRACTICES ACT

     The Company requires full compliance with the U.S. Foreign Corrupt
Practices Act ("FCPA") by all Covered Persons.

                                       7
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     The anti-bribery and corrupt payment provisions of the FCPA make illegal
any corrupt offer, payment, promise to pay, or authorization to pay any money,
gift, or anything of value to any foreign official, or any foreign political
party, candidate or official, for the purpose of: influencing any act or failure
to act, in the official capacity of that foreign official or party; or inducing
the foreign official or party to use influence to affect a decision of a foreign
government or agency, in order to obtain or retain business for anyone, or
direct business to anyone.

     Therefore, all Covered Persons whether located in the United States or
abroad, are responsible for FCPA compliance and the procedures to ensure FCPA
compliance. All managers and supervisory personnel are expected to monitor
continued compliance with the FCPA to ensure compliance with the highest moral,
ethical and professional standards of the Company. FCPA compliance includes the
Company's policy on Maintaining and Managing Records in Section III.I of this
Code of Business Conduct and Ethics.

     Laws in most countries outside of the United States also prohibit or
restrict government officials or employees of government agencies from receiving
payments, entertainment, or gifts for the purpose of winning or keeping
business. No contract or agreement may be made with any business in which a
government official or employee holds a significant interest, without the prior
approval of the Chief Compliance Officer.

          IV.  RESPONSIBILITIES TO OUR CUSTOMERS

               A.   CUSTOMER RELATIONSHIPS

     If your job puts you in contact with any Company customers or potential
customers, it is critical for you to remember that you represent the Company to
the people with whom you are dealing. Act in a manner that creates value for our
customers and helps to build a relationship based upon trust. The Company and
its employees have provided products and services for many years and have built
up significant goodwill over that time. This goodwill is one of our most
important assets, and the Covered Persons must act to preserve and enhance our
reputation.

               B.   PAYMENTS OR GIFTS FROM OTHERS

     Under no circumstances may Covered Persons accept any offer, payment,
promise to pay, or authorization to pay any money, gift, or anything of value
from customers, vendors, consultants, etc. that is perceived as intended,
directly or indirectly, to influence any business decision, any act or failure
to act, any commitment of fraud, or opportunity for the commission of any fraud.
Inexpensive gifts, infrequent business meals, celebratory events and
entertainment, provided that they are not excessive or create an appearance of
impropriety, do not violate this policy. Questions regarding whether a
particular payment or gift violates this policy are to be directed to the Chief
Compliance Officer.

     Gifts given by the Company to suppliers or customers or received from
suppliers or customers should always be appropriate to the circumstances and
should never be of a kind that could create an appearance of impropriety. The
nature and cost must always be accurately recorded in the Company's books and
records.

                                       8
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               C.   GOVERNMENT RELATIONS

     It is the Company's policy to comply fully with all applicable laws and
regulations governing contact and dealings with government employees and public
officials, and to adhere to high ethical, moral and legal standards of business
conduct. This policy includes strict compliance with all local, state, federal,
foreign and other applicable laws, rules and regulations. If you have any
questions concerning government relations you should contact the Chief
Compliance Officer.

          V.   REPORTING AND ACCOUNTABILITY

          Ethical business conduct is critical to our business. As a Covered
Person, your responsibility is to respect and adhere to these practices. Many of
these practices reflect legal or regulatory requirements. Violations of these
laws and regulations can create significant liability for you, the Company, its
directors, officers, and other employees.

          As a Covered Person, you must:

     -    annually affirm to the Board of Directors that you have complied with
          the requirements of this Code of Business Conduct and Ethics;

     -    not retaliate against any employee or Covered Person or their
          affiliated persons for reports of potential violations that are made
          in good faith;

     -    notify the Chief Compliance Officer of the Company promptly if you
          know of any violation of this Code of Business Conduct and Ethics.
          Failure to do so is itself a violation of this Code of Business
          Conduct and Ethics; and

     -    report at least annually any change in your affiliations from the
          prior year.

          The Chief Compliance Officer is responsible for applying this Code of
Business Conduct and Ethics to specific situations in which questions are
presented under it and has the authority to interpret this Code of Business
Conduct and Ethics in any particular situation. However, notwithstanding the
foregoing, the Board of Directors is responsible for granting waivers and
determining sanctions, as appropriate, and any approvals, interpretations or
waivers sought by the Company's principal executive officers or directors will
be considered by the Board of Directors as provided below.

          The Company will follow these procedures in investigating and
enforcing this Code of Business Conduct and Ethics:

     -    the Chief Compliance Officer will take any action he considers
          appropriate to investigate any actual or potential violations reported
          to him;

     -    if, after such investigation, the Chief Compliance Officer believes
          that no violation has occurred, the Chief Compliance Officer shall
          meet with the person reporting the violation for the purposes of
          informing such person of the reason for not taking action;

                                       9
<PAGE>

     -    any matter that the Chief Compliance Officer believes is a violation
          will be reported to the Board of Directors;

     -    if the Board of Directors concurs that a violation has occurred, it
          will consider appropriate action, which may include review of, and
          appropriate modifications to, applicable policies and procedures; a
          recommendation to dismiss the Covered Person; or dismissal of the
          Covered Person as an officer of the Company;

     -    the Board of Directors will be responsible for granting waivers, as
          appropriate; and

     -    any changes to or waivers of this Code of Business Conduct and Ethics
          will, to the extent required, be disclosed as provided by SEC rules.

          The Board of Directors, in determining whether waivers should be
granted and whether violations have occurred, and the Chief Compliance Officer,
in rendering decisions and interpretations and in conducting investigations of
potential violations under this Code of Business Conduct and Ethics, may, at
their discretion, consult with such other persons as they may determine to be
appropriate, including, but not limited to, adviser or its subadviser of the
Company, counsel to the Company, independent auditors or other consultants,
subject to any requirement to seek pre-approval from the Company's Audit
Committee for the retention of independent auditors to perform permissible
non-audit services.

          VI.  DISCLOSURE OF WAIVERS

          Any waiver of any provision of this Code of Business Conduct and
Ethics for a member of the Company's Board of Directors or an executive officer
must be approved in writing by the Company's Board of Directors and any such
waiver, including the reasons for such waiver, must be promptly disclosed
publicly to stockholders, as required by law. Any waiver of any provision of
this Code of Business Conduct and Ethics with respect to any other employee,
agent or contractor must be approved in writing by the Chief Compliance Officer.

          [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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<PAGE>

          VII. ACKNOWLEDGMENT OF RECEIPT OF CODE OF BUSINESS CONDUCT AND ETHICS

          I have received and read the Company's Code of Business Conduct and
Ethics. I understand the standards and policies contained in the Company's Code
of Business Conduct and Ethics and understand that there maybe additional
policies or laws specific to my job. I further agree to comply with the
Company's Code of Business Conduct and Ethics.

          If I have questions concerning the meaning or application of the
Company's Code of Business Conduct and Ethics, any Company policies, or the
legal and regulatory requirements applicable to my job, I know I should consult
my manager or the Chief Compliance Officer, knowing that my questions or reports
to these sources will be maintained in confidence.

--------------------------------------
Employee Name

--------------------------------------
Signature

--------------------------------------
Date

Please sign and return this form to the Chief Compliance Officer

                                       11

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