Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 STOCK REPURCHASE AGREEMENT 

THIS STOCK REPURCHASE AGREEMENT (the “Agreement”) is entered into effective March 9, 2012 (the
“Execution Date”), by and among Barrett Business Services, Inc., a Maryland corporation (the “Company”), and Kimberly J. Jacobsen Sherertz, in her capacities as Personal Representative of the Estate of William W. Sherertz and
Trustee of the Barrett Share Trust under the Will of William W. Sherertz (“Seller”), and Kimberly J. Jacobsen Sherertz, individually (“Sherertz”). 
 RECITALS: 
 A. Seller is the owner of 2,485,929
shares of the Company’s issued and outstanding common stock (the “Shares”). 
 B. Seller
desires to sell to the Company, and the Company desires to purchase from Seller, all of the Shares under the terms and conditions set forth in this Agreement. 
 AGREEMENT: 
 In consideration of the mutual covenants and
provisions contained herein, the parties hereto agree as follows: 
 1. Sale of Common Stock. 

1.1. Delivery of Shares. On the terms and subject to the conditions of this Agreement, Seller will, on the Closing
Date (defined below), sell, convey, transfer, and deliver to the Company all of her right, title, and interest in and to the Shares, free and clear of all liens, security interests, claims, charges, or encumbrances of any nature whatsoever and
deliver to the Company a certificate or certificates representing the Shares, duly endorsed for transfer or accompanied by appropriate stock transfer powers duly executed in blank, together with any other documents necessary or reasonably requested
by the Company to transfer good and marketable title to the Shares. 
 1.2. Purchase Price. The purchase
price (“Purchase Price”) for the Shares shall be twenty dollars ($20.00) per share, representing a total consideration of forty-nine million, seven hundred eighteen thousand, five hundred eighty dollars ($49,718,580.00). Twenty million,
seven hundred forty-five thousand, five hundred eighty dollars ($20,745,580.00) (the “Cash Purchase Price”) will be paid by electronic funds transfer at the Closing (defined below). The remainder of the Purchase Price will take the form of
28,973 shares of Series A Nonconvertible, Non-Voting Redeemable Preferred Stock (the “Preferred Shares”), which will be issued and delivered by the Company at the Closing and will have the preferences and other rights as reflected in the
form of Articles Supplementary attached as Exhibit A. 

 2. Closing; Deliveries by Seller; Deliveries by the Company. 

2.1. Closing. The closing of the transaction (the “Closing”) will take place by exchange of
appropriate documentation between the parties (via overnight delivery, facsimile, electronic transmission and other similar means for exchanging documentation) promptly following the Execution Date, but no later than April 6, 2012 (the
“Closing Date”). 
 2.2. Deliveries by Seller. 

2.2.1. Prior to the Closing, Seller shall deliver, or cause to be delivered, to the Company: 

 

	 	2.2.1.1.	 Written wire transfer instructions for all payments to be made by the Company to Seller in the Closing. 

 

	 	2.2.1.2.	 Sufficient evidence to demonstrate that the Shares will be delivered to the Company in the Closing. 

2.2.2. At or prior to the Closing, Seller shall deliver, or cause to be delivered, to the Company: 

 

	 	2.2.2.1.	 All stock certificates for the Shares, together with duly executed irrevocable stock powers or other instruments of transfer satisfactory to the
Company. 

  

	 	2.2.2.2.	 All other documents, instruments and writings required, reasonably requested, or contemplated to be delivered by Seller at or prior to
the Closing pursuant to this Agreement or otherwise in connection with the transaction contemplated by this Agreement. 

  

	 	2.2.2.3.	 The Lien Release (as defined below) duly executed by Wells Fargo Bank, National Association. 

2.3. Deliveries by the Company. At or prior to the Closing, the Company shall deliver, or cause to be
delivered, to Seller: 
 2.3.1. The Cash Purchase Price in immediately available funds payable to Seller.

 2.3.2. Stock certificates representing the Preferred Shares. 

2.3.3. A certified copy of the Articles Supplementary as filed with and accepted for record by the State
Department of Assessments and Taxation of Maryland. 
 2.3.4. All other documents, instruments, and
writings required, reasonably requested, or contemplated to be delivered by the Company at or prior to the Closing pursuant to this Agreement or otherwise in connection with the transaction contemplated by this Agreement. 

 3. Representations and Warranties of Seller. Seller represents and warrants to the Company as
follows: 
 3.1. Ownership of the Shares. Seller is the sole owner of the Shares, the Shares
constitute all the Company’s stock owned by Seller, Seller has no warrants, options, or other securities or agreements entitling her to acquire additional shares of any class or series of stock of the Company other than the Preferred Shares,
and the Shares will be conveyed to the Company free and clear of any liens or encumbrances. Seller represents and warrants that she has not transferred or assigned the Shares or any interest therein to any other person, and no other person has any
right, title, or interest in or to the Shares by operation of law or otherwise. Notwithstanding the foregoing, certain of the Shares are subject to a lien in favor of Wells Fargo Bank, National Association. Seller will procure and deliver to Buyer a
lien release at Closing in a form reasonably acceptable to the Company (the “Lien Release”). 

3.2. Authorization and Enforceability. Seller has all requisite power and authority to execute, deliver,
and perform this Agreement and to consummate the transaction contemplated hereby. The Agreement constitutes a valid and binding obligation of Seller fully enforceable in accordance with its terms. 

3.3. Brokerage Fees. Seller is not as of the date hereof, and will not become, a party to any agreement,
arrangement or understanding with any Person which could result in the Company having any obligation or liability for any brokerage fees, commissions, underwriting discounts or other similar fees or expenses relating to the transaction contemplated
by this Agreement. “Person” shall mean any individual, corporation, company, association, partnership, limited liability company, joint venture, trust or unincorporated organization, or a government or any agency, or political subdivision
thereof. 
 3.4. Restrictions on Transferability of the Preferred Shares. Seller understands that
the Preferred Shares are restricted securities within the meaning of Rule 144 promulgated under the Securities Act of 1933; that there is no public trading market for the Preferred Shares and the Company has no obligation or current intention to
take action to facilitate the listing or quotation of the Preferred Shares in any public trading market; and that the Preferred Shares have not been registered under the Securities Act of 1933 or the securities laws of any state and the Company has
no obligation or current intention to register the Preferred Shares, such that the Preferred Shares must be held indefinitely unless they are subsequently registered or, in the opinion of counsel reasonably acceptable to the Company, a sale or
transfer may be made without registration under Federal and state securities laws. Seller agrees that any certificate representing the Preferred Shares may bear a legend restricting the transfer of any of the Preferred Shares in a manner generally
consistent with the foregoing. 

 3.5. Additional Seller Representations. Seller makes the following
representations and warranties to the Company: 
 3.5.1. Investigation. Seller, including her
agents and advisors, has been given an opportunity to ask questions about the Company and the Preferred Shares, has received all information that Seller, including her agents and advisors, feels is necessary to evaluate the merits and risks of the
transaction contemplated by this Agreement, including the Preferred Shares, and has been given access to any information that the Company possesses or can acquire without unreasonable effort or expense that Seller, including her agents and advisors,
feels is necessary or appropriate to verify the accuracy of information furnished by the Company. 
 3.5.2.
No Warranty. Seller understands that no representation or warranty as to the value of the Company, the Company’s business or financial condition, the Shares, or the Preferred Shares has been or is being made by or on behalf of
the Company. 
 3.5.3. Opportunity to Consult. Seller acknowledges that she has had the
opportunity to consult with attorneys, accountants, and other advisors regarding the transaction contemplated by this Agreement. In reaching a determination to enter into this Agreement, Seller has relied solely upon independent investigations by
Seller, or by Seller’s agents and advisors. Seller has sought and received, to the extent deemed necessary or appropriate, professional advice with respect to tax and investment aspects and merits and risks of the transaction contemplated by
this Agreement, including the tax effects and the appropriateness of the transaction contemplated by this Agreement in light of Seller’s unique circumstances, and is not relying on the Company or its officers, directors, or other agents and
advisors for such advice and such advice has not been provided. 
 3.5.4. Voluntary. Seller
is selling the Shares and entering into this Agreement voluntarily, based on Seller’s own judgment and evaluation, and is not relying on any verbal or written representations of the Company or any agent of the same regarding the transaction
contemplated by this Agreement or the value of the Shares or the Preferred Shares except as set forth in this Agreement. 
 4.
Representations and Warranties of the Company. The Company represents and warrants to Seller as follows: 

4.1. Organization; Good Standing; Power. The Company is a corporation duly organized, validly existing and
in good standing under the laws of the state of Maryland. The Company has all requisite corporate power and authority to execute, deliver, and perform this Agreement and consummate the transaction contemplated by this Agreement. 

4.2. Authorization of Agreement and Enforceability. This Agreement has been duly and validly authorized,
executed, and delivered on behalf of the Company and constitutes a valid and binding obligation of the Company, fully enforceable in accordance with its terms. 
 4.3. Valid Issuance. The Preferred Shares, when issued, sold and delivered in accordance with the terms of this Agreement and for the consideration set forth in this Agreement, will be duly
and validly issued, fully paid and nonassessable, will be free of any liens, claims, charges or encumbrances, will be free of any restrictions on transfer, other than restrictions on transfer under this Agreement and under applicable state and
federal securities laws, and will have been issued in reliance upon an exemption from the registration requirements of and will not result in a violation of the Securities Act of 1933. 

 4.4. Brokerage Fees. The Company is not as of the date hereof,
and will not become, a party to any agreement, arrangement or understanding with any Person which could result in Seller or Sherertz having any obligation or liability for any brokerage fees, commissions, underwriting discounts or other similar fees
or expenses relating to the transaction contemplated by this Agreement. 
 4.5. Effect of
Agreement. The execution, delivery, and performance of this Agreement by the Company and the consummation of the transaction contemplated hereby will not, with or without the giving of notice or the lapse of time, or both: 

4.5.1. violate any provision, law, statute, rule, or regulation to which the Company is subject; 

4.5.2. violate any judgment, order, writ, or decree of any court, arbitrator, or governmental agency applicable to
the Company; 
 4.5.3. conflict with the Company’s charter or bylaws in effect on the Closing Date;
or 
 4.5.4. require the consent, authorization, or approval of any person, including, but not limited
to, any governmental body, that has not been received prior to the Closing. 
 4.6. Information
Concerning the Company. The Company is a publicly-held company subject to reporting obligations pursuant to the Securities Exchange Act of 1934 (the “1934 Act”) and has filed all reports required to be filed under the 1934 Act since
January 1, 2011. As of their respective dates of filing, the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, did not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

 5. Conditions Precedent to Closing. 
 5.1. Conditions Precedent to the Company’s Obligations. The obligation of the Company to consummate the transaction contemplated by this Agreement shall be subject to the fulfillment of
each of the following conditions, any one or portion of which may be waived in writing by the Company: 

5.1.1. The representations and warranties made in this Agreement by Seller shall be true and correct in all
respects on the Closing Date as fully as though such representations and warranties had been made on and as of the Closing Date. 
 5.1.2. The opinion the Company has received from the Company’s financial advisor that the transaction contemplated by this Agreement is fair from a financial point of view to the Company shall
not have been withdrawn on or prior to the Closing Date due to events that are both unrelated to the transaction contemplated by this Agreement and outside of the control of the Company. 

 5.1.3. No temporary restraining order, preliminary or permanent
injunction or other order issued by any court of competent jurisdiction or other legal restraint or prohibition preventing the Company from consummating the transaction contemplated by this Agreement shall be in effect and no action seeking such
relief shall be pending, and no claim or demand shall have been made as to which Seller or Sherertz would be entitled to indemnification under Section 7.2.1(ii) of this Agreement. 

5.2. Condition Precedent to Seller’s Obligations. The obligation of Seller to consummate the
transaction contemplated by this Agreement shall be subject to the fulfillment of the following conditions, which may be waived in writing by Seller: 
 5.2.1. The representations and warranties made in this Agreement by the Company shall be true and correct in all respects on the Closing Date as fully as though such representations and warranties
had been made on and as of the Closing Date. 
 5.2.2. Nancy Sherertz and the Company shall have executed
a stock repurchase agreement providing for the purchase by the Company of 500,000 shares of the Company’s issued and outstanding common stock owned by Nancy Sherertz. 

5.2.3. No temporary restraining order, preliminary or permanent injunction or other order issued by any court of
competent jurisdiction or other legal restraint or prohibition preventing the consummation of the transaction contemplated by this Agreement shall be in effect and no action seeking such relief shall be pending. 

6. Standstill. 
 6.1. At or prior to the Closing, Sherertz and Seller shall, and shall cause the Estate of William J. Sherertz and all other affiliated holders of the Company’s common stock (the “Sherertz
Affiliates”), to irrevocably withdraw and rescind all requests made prior to the Execution Date (a) that the Company call a special meeting of stockholders for any purpose, including replacing one or more current directors of the Company
with any number of alternate nominees for election as directors of the Company (the “Alternate Slate”) and (b) for any information from the Company. 

6.2. From and after the Closing, Sherertz and Seller shall, and shall use their reasonable best efforts to cause
the Sherertz Affiliates and all other participants in the proxy solicitation initiated by Sherertz (collectively, the “Sherertz Group”) to, immediately cease all efforts, direct or indirect, in furtherance of removal of any
current director of the Company, election of the Alternate Slate, or any related solicitation of proxies in connection with a special meeting of stockholders of the Company or the 2012 annual meeting of stockholders of the Company, and the Sherertz
Group shall not vote, deliver or otherwise exercise any proxies obtained prior to the Closing Date in connection with any such meeting of stockholders. 

 6.3. Beginning with the Closing Date and ending on May 31, 2014
(the “Standstill Period”), except with the prior written consent of the Company, neither Sherertz nor Seller shall (a) solicit proxies or the written consent of any of the Company’s stockholders; (b) make any public
statement with respect to nomination or election of any director, removal of any member of the Board of Directors, or any proposal in opposition to the Board of Directors or management of the Company; (c) submit a request for a special meeting
of the Company’s stockholders; (d) participate in or make a public announcement with respect to any tender offer or exchange offer, merger, or other business combination involving the Company that has not been approved by the Board of
Directors of the Company; or (e) initiate any litigation against the Company or any of its directors or officers, except to enforce the terms of this Agreement. During the Standstill Period, Sherertz shall use reasonable best efforts to assure
that no Sherertz Affiliate or member of the Sherertz Group takes any such action during the Standstill Period. 
 7. Indemnification.

 7.1. Indemnification by Seller and Sherertz. 

7.1.1. Seller and Sherertz, jointly and severally, shall indemnify and hold the Company harmless at all times
after the date of this Agreement for, from and against (i) any loss or damages resulting from any breach of a covenant, obligation, representation, or warranty on the part of Seller or Sherertz under this Agreement, and (ii) any and all
claims, demands, losses, damages, suits, judgments and expenses of any nature arising out or related to (A) any claims or demands of any nature by or on behalf of Seller, descendants of Sherertz, or members of or participants in the Sherertz
Group, that arise under or are related to this Agreement or facts or circumstances arising on or before the closing of the transactions contemplated by this Agreement, (B) any claims or demands alleging participation in a breach by Sherertz of
a duty owed to one or more beneficiaries of the Seller or trusts created by William W. Sherertz for which Sherertz acts as a trustee, or (C) intentional misconduct, fraud, or criminal violation of law by Seller or Sherertz. 

7.1.2. Seller and Sherertz shall reimburse the Company on demand for any payment made by the Company at any time
after the Execution Date with respect to any liability or claim to which the foregoing indemnity relates, subject to the Company’s compliance with Section 7.1.3 below. 

7.1.3. Seller’s and Sherertz’s obligation to indemnify and hold the Company harmless shall be
conditioned upon (x) the Company giving Seller and Sherertz prompt notice in writing of the facts and circumstances giving rise to a claim for indemnity hereunder and, if applicable, a reasonable opportunity to cure or mitigate any breach after
receipt of said written notice, and (y) the Company permitting Seller and/or Sherertz to control the response to and any defense or settlement of any claim as to which indemnity is sought pursuant to Section 7.1.1(i) above (so long as only
monetary damages are sought). 

 7.2. Indemnification by the Company. 

7.2.1. The Company shall indemnify and hold Seller, Sherertz and the Sherertz Group harmless at all times after
the date of this Agreement from and against (i) any loss or damages resulting from any breach of a covenant, representation, or warranty on the part of the Company under this Agreement, and (ii) any and all claims, demands, losses,
damages, suits, judgments and expenses of any nature arising under or related to (A) this Agreement, other than claims or demands described in Section 7.1.1(ii)(A) above or alleging a direct violation of law by Seller, Sherertz or the
Sherertz Group, or (B) intentional misconduct, fraud, or criminal violation of law by the Company. 

7.2.2. The Company shall reimburse Seller, Sherertz and/or the Sherertz Group on demand for any payment made by
Seller, Sherertz and/or the Sherertz Group at any time after the Execution Date with respect to any liability or claim to which the foregoing indemnity relates, subject to Seller’s and Sherertz’s compliance with Section 7.2.3 below.

 7.2.3. The Company’s obligation to indemnify and hold Seller, Sherertz and/or the Sherertz Group
harmless shall be conditioned upon Seller’s and Sherertz’s giving the Company prompt notice in writing of the facts and circumstances giving rise to a claim for indemnity and, if applicable, a reasonable opportunity to cure or mitigate any
breach after receipt of said written notice, and the Company’s being permitted to control the response to and any payment, settlement or defense of any third-party claim as to which indemnity is sought. 

8. Non-Disparagement. The Company agrees that the Company will not make any disparaging statements about Seller, Sherertz,
or any member of the Sherertz Group and Seller and Sherertz agree that they will not make any disparaging statements about the Company, its business, or any present or future owner, director, officer, or authorized representative of the Company;
provided, however, that in the event that any party to this Agreement or any other person or entity described in this Section 8 is required to testify under oath in any legal or administrative proceeding, such party or other person or entity
shall be expected to testify truthfully and such testimony shall not be considered disparagement. The parties acknowledge that any violation of the provisions of this Section 8 will cause serious and irreparable damage to the aggrieved party.
Accordingly, each party further acknowledges that, in the event of a breach or threatened breach of the provisions of this Section 8, the aggrieved party, in addition and as a supplement to such other rights and remedies, including recovery of
money damages, may seek an injunction or restraining order, restraining the breaching party from performing any act in violation of the provisions of this Section 8. 
 9. Releases. 
 9.1. By Seller. Seller,
on its own behalf, and on behalf of its affiliates, successors and assigns, does hereby remise, release, and forever discharge the Company, and the Company’s and its agents, advisors, representatives, attorneys, successors, subsidiaries,
affiliates, heirs, nominees, directors, officers, employees, stockholders, executors, administrators, trustees, independent contractors, and insurers (collectively, the “Seller’s Releasees”), of and from any and all manner of actions
and causes of action, suits, debts, claims, and demands whatsoever, in law or in equity, whether known or unknown, which the Seller ever had, now has, or may in the future have, or which all or any of the heirs, executors, administrators,
successors, or assigns of 

 
Seller hereafter can, shall, or may have, against the Seller’s Releasees for or by reason of any cause, matter, or thing whatsoever as it relates to or arises out of actions or events
occurring prior to the Closing Date. Nothing in the language of this Section 9.1 shall prevent any party to this Agreement from enforcing the terms of this Agreement or any of the documents contemplated by Section 2, if there should be a
breach or default of any such agreement. 
 9.2. By Sherertz. Sherertz, on her own behalf, and on
behalf of the Sherertz Group and her affiliates, successors and assigns, does hereby remise, release, and forever discharge the Company and its agents, advisors, representatives, attorneys, successors, subsidiaries, affiliates, heirs, nominees,
directors, officers, employees, stockholders, executors, administrators, trustees, independent contractors, and insurers (collectively, the “Sherertz Releasees”), of and from any and all manner of actions and causes of action, suits,
debts, claims, and demands whatsoever, in law or in equity, whether known or unknown, which Sherertz ever had, now has, or may in the future have, or which all or any of the heirs, executors, administrators, successors, or assigns of Sherertz
hereafter can, shall, or may have, against the Sherertz Releasees for or by reason of any cause, matter, or thing whatsoever as it relates to or arises out of actions or events occurring prior to the Closing Date. Nothing in the language of this
Section 9.2 shall prevent any party to this Agreement from enforcing the terms of this Agreement or any of the documents contemplated by Section 2, if there should be a breach or default of any such agreement. 

9.3. By the Company. The Company, on its own behalf, and on behalf of its affiliates, successors and
assigns, does hereby remise, release, and forever discharge Seller and Sherertz (and their respective agents, advisors, representatives, attorneys, successors, affiliates, heirs, nominees, employees, executors, administrators, trustees, independent
contractors, and insurers), as well as the individual members of the Sherertz Group (collectively, the “Company’s Releasees”), of and from any and all manner of actions and causes of action, suits, debts, claims, and demands
whatsoever, in law or in equity, whether known or unknown, which the Company ever had, now has, or may in the future have, or which all or any of the subsidiaries, affiliates, directors, officers, employees, agents, representatives, successors, or
assigns of the Company hereafter can, shall, or may have, against the Company’s Releasees for or by reason of any cause, matter, or thing whatsoever as it relates to or arises out of actions or events occurring prior to the Closing Date;
provided that this provision shall not release, alter or otherwise affect the obligations of the Black Pearl on the Columbia, LLC under a Lease Agreement with the Company dated December 23, 2009, other than obligations pursuant Section 2.1
of such agreement that accrued or will accrue prior to the Closing Date. Nothing in the language of this Section 9.3 shall prevent any party to this Agreement from enforcing the terms of this Agreement or any of the documents contemplated by
Section 2, if there should be a breach or default of any such agreement. 
 10. Miscellaneous. 

10.1. Further Actions. The parties will execute such further documents and take such further actions as may be
reasonably requested by the other in order to effect the transactions contemplated by this Agreement. 

 10.2. Attorneys’ Fees. In the event it is necessary for
any party hereto to institute suit in connection with this Agreement or breach thereof, the prevailing party in such suit shall be entitled to reimbursement for its reasonable costs, expenses and attorneys’ fees incurred. 

10.3. Survival of Representations and Warranties. The representations, warranties, covenants, and
agreements set forth in this Agreement, and any other written representation and any ancillary document, are contingent on and shall survive the Closing. 
 10.4. Assignment. This Agreement shall not be assigned by any party hereto without prior written consent of the other parties. 

10.5. Binding on Successors and Permitted Assigns. This Agreement shall be binding upon and inure to the
benefit of the Company, Seller, and Sherertz and their respective successors, heirs, devisees, transferees, and permitted assigns. 
 10.6. Governing Law; Venue; Injunctive Relief. This Agreement shall be governed by and construed in accordance with the laws of the State of Washington, regardless of the laws that might
otherwise govern under applicable principles of conflicts of law. Any legal action by or against Seller, Sherertz, or the Company relating to this Agreement shall be instituted and determined exclusively in the federal courts located in the State of
Washington, to the jurisdiction of which each party hereby expressly and unconditionally and irrevocably agrees to submit. The parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, and to
specifically enforce the terms hereof, in addition to any other remedy to which they are entitled at law or in equity. 
 10.7. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall as to such jurisdiction be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforcement of any such provision in any other jurisdiction. To the extent permitted by applicable law, the parties waive any provision of law which
renders any provision hereof prohibited or unenforceable in any respect. 
 10.8. Waiver. No
waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by
the party making the waiver. 
 10.9. Entire Agreement; Amendment. This Agreement comprises the
entire agreement of the parties with respect to the matters addressed herein, and supersedes all prior oral and written agreements of the parties and all discussions, correspondence or other communications with respect to such matters. This
Agreement may not be amended or modified, except by written agreement of the parties. No provision of this Agreement may be waived, except in writing, and only in the specific instance and for the specific purposes for which given. 

 10.10. Headings. The headings used in this Agreement are
solely for convenience of reference, are not part of this Agreement, and are not to be considered in construing or interpreting this Agreement. 
 10.11. Costs. The Company, Seller, and Sherertz shall each bear their respective expenses and legal fees incurred with respect to this Agreement and the transaction contemplated
herein.
 10.12. Signatures. This Agreement may be signed in counterparts. A fax
transmission of a signature page will be considered an original signature page. At the request of a party, the other party will confirm a fax-transmitted signature page by delivering an original signature page to the requesting party.

 10.13. Third Party Beneficiary. Members of the Sherertz Group who are not a party to this
Agreement shall be deemed to be third party beneficiaries under this Agreement and may have a direct cause of action under this Agreement against a party hereto. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Repurchase
Agreement effective on the day and year first herein written. 
  

							
	SELLER:	 		 	COMPANY:
			
		 		 	Barrett Business Services, Inc.
				
	  
	 		 	By:	 	 
	 Kimberly J. Jacobsen Sherertz,

in her capacities as Personal Representative of

the Estate of William W. Sherertz and Trustee
 of
the Barrett Share Trust under the Will of
 William W. Sherertz
	 		 		 	 Name: Michael L. Elich
 Title: President and Chief Executive Officer

	  
	 		 		 	
	 Kimberly J. Jacobsen Sherertz, individually
	 		 		 	
	 	 	 

  

 EXHIBIT A 
 FORM OF ARTICLES SUPPLEMENTARY 
 BARRETT BUSINESS SERVICES, INC.

 ARTICLES SUPPLEMENTARY 
 SERIES A NONCONVERTIBLE, NON-VOTING REDEEMABLE PREFERRED STOCK 
 Barrett Business Services, Inc., a Maryland corporation (the “Corporation”), hereby certifies to the State Department of Assessments and Taxation of Maryland that: 

FIRST: Under the authority contained in Article III of the Charter of the Corporation (the “Charter”),
the Board of Directors (the “Board”), by duly adopted resolutions, classified and designated 50,000 shares of authorized but unissued Preferred Stock (as defined in the Charter), $0.01 par value per share, of the Corporation as shares of
Series A Nonconvertible, Non-Voting Redeemable Preferred Stock (the “Series A Preferred Stock”), with the following preferences or other rights, voting powers, restrictions, limitations as to dividends and other distributions,
qualifications, and terms and conditions of redemption, which, upon any restatement of the Charter, shall become part of Article III of the Charter, with any necessary and appropriate renumbering or relettering of the sections or subsections hereof.

 “Series A Nonconvertible, Non-Voting Redeemable Preferred Stock 

(1) Designation and Number. A series of Preferred Stock, designated the “Series A Nonconvertible, Non-Voting
Redeemable Preferred Stock” (the “Series A Preferred Stock”), is hereby established. The number of shares of the Series A Preferred Stock shall be 50,000. 

(2) Rank. The Series A Preferred Stock shall, with respect to rights to the payment of dividends and the distributions of
assets upon the liquidation, dissolution, or winding up of the Corporation, rank (a) senior to all classes or series of Common Stock (as defined in the Charter) and any other class or series of stock of the Corporation if the holders of the
Series A Preferred Stock are entitled to receive dividends or amounts distributable upon the liquidation, dissolution, or winding up of the Corporation or redemption in preference or priority to the holders of shares of such class or series (the
“Junior Stock”); (b) on a parity with any class or series of stock of the Corporation if the holders of such class or series of stock and the Series A Preferred Stock are entitled to receive dividends and amounts distributable upon
the liquidation, dissolution, or winding up of the Corporation or redemption in proportion to their respective amounts of accumulated, accrued, and unpaid dividends per share or liquidation preferences, without preference or priority of one over the
other (the “Parity Stock”); and (c) junior to any class or series of stock of the Corporation if holders of such class or series are entitled to receive dividends and amounts distributable upon the liquidation, dissolution, or winding
up of the Corporation or redemption in preference or priority to the holders of the Series A Preferred Stock (the “Senior Stock”). 
 (3) Dividends. 
 (a) Subject to the preferential rights of
holders of any class or series of Senior Stock, holders of the outstanding shares of Series A Preferred Stock shall be entitled to receive, when and as authorized by the Board of Directors and declared by the Corporation, out of funds legally
available for the payment of dividends, if applicable, cumulative preferential 

  
 A-1

 
dividends at the rate of 5% per annum based on the $1,000 liquidation preference (as may be adjusted in accordance with Section 7) with such rate increasing by 2% on each April 1
beginning April 1, 2013, until all of the outstanding shares of Series A Preferred Stock are redeemed as provided in Section 5. Such dividends shall accrue from the first date on which any Series A Preferred Stock is issued (the
“Original Issue Date”) and shall be payable semi-annually in arrears on or before March 31 and September 30 of each year (each a “Dividend Payment Date”); provided, however, that if any Dividend Payment Date is
not a Business Day (as defined below), then the dividend which would otherwise have been payable on such Dividend Payment Date may be paid on the following Business Day with the same force and effect as if paid on such Dividend Payment Date. Any
dividend payable on the Series A Preferred Stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. A “dividend period” shall mean, with respect to the first “dividend
period,” the period from and including the Original Issue Date to and including the first Dividend Payment Date, and with respect to each subsequent “dividend period,” the period from, but excluding, a Dividend Payment Date to and
including the next succeeding Dividend Payment Date or other date as of which accrued dividends are to be calculated. 
 (b) No dividends shall be declared or paid or funds set apart for the payment of dividends by the Corporation or other distributions on any Common Stock or other Junior Stock for any period (other than
dividends or other distributions payable in shares of Common Stock or other Junior Stock or in options, warrants or rights to subscribe for or purchase any shares of Common Stock or other Junior Stock and which options, warrants or rights do not
entitle the holder thereof to rights to dividends, amounts distributable upon the liquidation, dissolution, or winding up of the Corporation or redemption on parity with or senior to the Series A Preferred Stock), and no shares of Common Stock or
other Junior Stock may be repurchased, redeemed or otherwise retired, nor may funds be set apart for such payment, repurchase, redemption or retirement, unless all accrued and unpaid dividends in respect of the Series A Preferred Stock have been
paid or set apart for such payment on the Series A Preferred Stock for all prior dividend periods. 
 (c)
Dividends shall be payable, at the sole option of the Corporation, either (i) in cash, (ii) by issuance of additional shares of Series A Preferred Stock (including fractional shares) having an aggregate Liquidation Preference equal to the
amount of the dividend to be paid, or (iii) in any combination thereof. All dividends paid with respect to shares of Series A Preferred Stock, whether in cash or shares of Series A Preferred Stock, shall be made pro rata among the holders of
Series A Preferred Stock based on the aggregate accrued but unpaid dividends on the shares held by each such holder. If and when any shares are issued under this Section 3(c) for the payment of accrued dividends, such shares shall be validly
issued and outstanding and fully paid and nonassessable. 
 (d) No dividends on shares of Series A Preferred
Stock shall be declared by the Corporation or paid or set apart for payment by the Corporation at such time as the terms and provisions of any existing written agreement between the Corporation and any other party, including any existing agreement
relating to its indebtedness, (i) prohibit or impose any penalty on such declaration, payment or setting apart for payment or (ii) provide that such declaration, payment or setting apart for payment would constitute a breach thereof or a
default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 

  
 A-2

 (e) Notwithstanding the foregoing, dividends on the Series A Preferred
Stock shall accumulate, whether or not the terms and provisions set forth in Section 3(d) hereof at any time prohibit the current payment of dividends, whether or not there are funds legally available for the payment of such dividends and
whether or not dividends are declared. 
 (f) Notwithstanding the foregoing, no dividend will be declared or
paid with respect to shares of the Series A Preferred Stock that are redeemed prior to the elapse of six months from the Original Issue Date (for avoidance of doubt, such date being
            ). 
 (g) For purposes of these
Articles Supplementary, “Business Day” shall mean any day on which a bank doing business in the State of Washington is not permitted to be closed. 
 (4) Liquidation Preference. 
 (a) Upon any voluntary or
involuntary liquidation, dissolution, or winding up of the Corporation, the holders of the Series A Preferred Stock then outstanding are entitled to be paid, or have the Corporation declare and set apart for payment, out of the assets of the
Corporation legally available for distribution to its stockholders, before any distribution of assets is made to holders of any Junior Stock, a liquidation preference per share of Series A Preferred Stock equal to the sum of (i) $1,000.00 (as
may be adjusted in accordance with Section 7) and (ii) all accrued and unpaid dividends (the “Liquidation Preference”). 
 (b) In the event that, upon any such voluntary or involuntary liquidation, dissolution or winding up, the available assets of the Corporation are insufficient to pay the full amount of the Liquidation
Preference on all outstanding shares of Series A Preferred Stock and all shares of Parity Stock, then the holders of the Series A Preferred Stock and all holders of such Parity Stock shall share ratably in any such distribution of assets in
proportion to the full liquidation preference to which they would otherwise be respectively entitled. 
 (c)
After payment of the full amount of the Liquidation Preference to which they are entitled, the holders of Series A Preferred Stock will have no right or claim to any of the remaining assets of the Corporation. 

(d) Upon the Corporation’s provision of written notice as to the effective date of any such liquidation,
dissolution or winding up of the Corporation, accompanied by a check in the amount of the full Liquidation Preference to which each record holder of the Series A Preferred Stock is entitled, the Series A Preferred Stock shall no longer be deemed
outstanding shares of stock of the Corporation and all rights of the holders of such shares will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of the Series A Preferred Stock at the respective
mailing addresses of such holders as the same shall appear on the stock transfer records of the Corporation. 

(e) In determining whether a distribution (other than upon voluntary or involuntary liquidation), by distribution,
redemption or other acquisition of the Corporation’s equity securities is permitted under Maryland law, no effect shall be given to amounts that would be needed, if the Corporation were to be dissolved at the time of the distribution, to
satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the distribution. 

  
 A-3

 (f) The consolidation or merger of the Corporation with or into any other
business enterprise or of any other business enterprise with or into the Corporation, or the sale, lease or conveyance of all or substantially all of the assets or business of the Corporation, shall not constitute a liquidation, dissolution or
winding up of the Corporation. 
 (5) Redemption. 

(a) Mandatory Redemption. At the earlier of (such earlier date, the “Mandatory Redemption Date”) (i) the
fifth anniversary of the Original Issue Date, or (ii) a Change of Control (as defined below), the Corporation, to the extent that it has funds legally available therefor shall redeem all of the outstanding shares of the Series A Preferred Stock
for cash at a redemption price per share of Series A Preferred Stock (the “Redemption Price”) equal to $1,000.00 (as may be adjusted in accordance with Section 7) plus all accrued and unpaid dividends thereon up to and including the
Mandatory Redemption Date. 
 A “Change of Control” means, after the Original Issue Date, in one or a
series of related transactions: 
 (i) (A) the acquisition by any person, including any syndicate or group
deemed to be a “person” under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of “beneficial ownership” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except
that a person or group shall be deemed to have beneficial ownership of all shares of voting stock that such person or group has the right to acquire regardless of when such right is first exercisable), directly or indirectly, of stock of the
Corporation entitling that person to exercise more than 50% of the total voting power of all stock of the Corporation entitled to vote generally in the election of the Corporation’s directors; and (B) following the closing of any
transaction referred to in (A), neither the Corporation nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange (the
“NYSE”), the NYSE Amex Equities (the “NYSE Amex”), or the NASDAQ Stock Market (“NASDAQ”), or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE Amex or NASDAQ; or 

(ii) the sale, lease or conveyance of all or substantially all of the assets or business of the Corporation. 

(b) Optional Redemption. At any time before the Mandatory Redemption Date, the Corporation, at its option, may redeem
shares of the Series A Preferred Stock, in whole or in part, for the Redemption Price. If less than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares of Series A Preferred Stock to be redeemed may be selected
by any equitable method determined by the Board provided that such method does not result in the creation of fractional shares. 

  
 A-4

 (c) Procedure for Redemption. 

(i) Upon the Corporation’s written notice as to the effective date of the redemption, accompanied by payment in
immediately available U.S. funds of the amount of the full Redemption Price through such effective date to which each record holder of shares of Series A Preferred Stock to be redeemed is entitled, shares of the Series A Preferred Stock shall be
redeemed and shall no longer be outstanding shares of stock of the Corporation and all rights of the holders of such shares will terminate. Such notice shall be given by first class mail, postage pre-paid, to each record holder of the shares of
Series A Preferred Stock to be redeemed at the respective mailing address of such holder as the same shall appear on the stock transfer records of the Corporation. No failure to give such notice or any defect therein or in the mailing thereof shall
affect the validity of the proceedings for the redemption of any shares of Series A Preferred Stock except as to the holder to whom notice was defective or not given. 

(ii) In addition to any information required by law or by the applicable rules of any exchange upon which Series A
Preferred Stock may be listed or admitted to trading, such notice shall state: (A) the redemption date; (B) the Redemption Price; (C) the place or places where the shares of Series A Preferred Stock are to be surrendered (if so
required in the notice) for payment of the Redemption Price in immediately available U.S. funds (if not otherwise included with the notice); and (D) that dividends on the shares to be redeemed will cease to accrue on the redemption date if
payment accompanies the notice or, if not, on the date funds are set aside for payment. If less than all of the shares of Series A Preferred Stock held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number
of shares of Series A Preferred Stock held by such holder to be redeemed. 
 (iii) If notice of redemption of
any shares of Series A Preferred Stock has been given and if the funds necessary for such redemption have been set apart by the Corporation for the benefit of the holders of any shares of Series A Preferred Stock so called for redemption, then, from
and after the date funds have been set apart for payment of the Redemption Price, dividends will cease to accrue on such shares of Series A Preferred Stock, such shares of Series A Preferred Stock shall no longer be outstanding and all rights of the
holders of such shares will terminate, except the right to receive the Redemption Price therefor. If the Corporation shall so require and the notice of redemption shall so state, holders of Series A Preferred Stock to be redeemed shall surrender the
certificates representing such Series A Preferred Stock, to the extent that such shares are certificated, at the place designated in such notice and, upon surrender in accordance with said notice of the certificates representing shares of Series A
Preferred Stock so redeemed (properly endorsed or assigned for transfer, if the Corporation shall so require and the notice shall so state), such shares of Series A Preferred Stock shall be redeemed by the Corporation at the Redemption Price. In
case less than all of the shares of Series A Preferred Stock represented by any such certificate are redeemed, a new certificate or certificates shall be issued representing the unredeemed shares of Series A Preferred Stock without cost to the
holder thereof. In the event that the shares of Series A Preferred Stock to be redeemed are uncertificated, such shares shall be redeemed in accordance with the notice and no further action on the part of the holders of such shares shall be
required. 

  
 A-5

 (iv) The deposit of funds with a bank or trust company for the purpose of
redeeming Series A Preferred Stock shall be irrevocable except that: 
 (A) the Corporation shall be entitled
to receive from such bank or trust company the interest or other earnings, if any, earned on any money so deposited in trust, and the holders of any shares redeemed shall have no claim to such interest or other earnings; and 

(B) any balance of monies so deposited by the Corporation and unclaimed by the holders of the Series A Preferred Stock
entitled thereto at the expiration of two years from the applicable redemption date shall be repaid, together with any interest or other earnings thereon, to the Corporation, and after any such repayment, the holders of the shares entitled to the
funds so repaid to the Corporation shall look only to the Corporation for payment of the Redemption Price without interest or other earnings. 
 (6) Voting Rights. Holders of the Series A Preferred Stock will not have any voting rights, except that, so long as any shares of Series A Preferred Stock remain outstanding, the Corporation shall not,
without the affirmative vote of the holders of at least 85% of the Series A Preferred Stock outstanding at the time voting as a separate class, (A) amend, alter or repeal the provisions of the Charter (by amendment, merger or otherwise) in such
a way that would materially and adversely affect the powers, special rights, preferences, or privileges of the Series A Preferred Stock or the holders thereof, or (B) create or authorize the creation of (by amendment, merger, or otherwise) or
issue or incur any obligation to issue any Series A Preferred Stock (other than as provided in Section 3(c)) or any Senior Stock or Parity Stock (or other securities, including notes, debentures or bonds, convertible into or exchangeable for
Senior Stock or Parity Stock), which by their terms shall be redeemable at any time when any shares of Series A Preferred Stock are issued and outstanding. 
 (7) Adjustment for Stock Splits and Reverse Stock Splits. If outstanding shares of the Series A Preferred Stock shall be divided into a greater number of shares of Series A Preferred Stock or into other
securities of the Corporation convertible into or exchangeable for shares of Series A Preferred Stock, then the Liquidation Price and Redemption Price, each as in effect immediately prior to such division, shall, simultaneously with the
effectiveness of such division, be proportionately reduced. Conversely, if outstanding shares of the Series A Preferred Stock shall be combined into a smaller number of shares of Series A Preferred Stock or into other securities of the Corporation
convertible into or exchangeable for shares of Series A Preferred Stock, then the Liquidation Preference and Redemption Price, each as in effect immediately prior to such combination, shall, simultaneously with the effectiveness of such combination
be proportionately increased. Any adjustment to the Liquidation Preference or Redemption Price under this Section 7 shall become effective at the close of business on the date the subdivision or combination referred to herein becomes effective.

 (8) Exclusion of Other Rights. The shares of Series A Preferred Stock are not convertible into or
exchangeable for any other property or securities of the Corporation. The Series A Preferred Stock shall have no preemptive or subscription rights. The Series A Preferred Stock shall not have any preferences or other rights other than those
specifically set forth herein.” 
 SECOND: The Series A Preferred Stock has been classified and
designated by the Board under the authority contained in the Charter. 

  
 A-6

 THIRD: These Articles Supplementary have been approved by the Board
in the manner and by the vote required by law. No stockholder of the Corporation has any voting rights with respect to these Articles Supplementary. 
 FOURTH: The undersigned acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned
acknowledges that, to the best of his knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties of perjury. 

  
 A-7

 IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary
to be signed in its name and on its behalf by its President and Chief Executive Officer and attested to by its Secretary on this     day of         , 2012. 

 

									
	 ATTEST:
	 		 	BARRETT BUSINESS SERVICES, INC.
					
	By:	 	  
	 		 	By:	 	  

		 	 Name:
	 		 		 	Name:
		 	 Title:
	 		 		 	Title:

  
 A-8English translation of the Cooperation Agreement dated as of April 1, 2010

 Exhibit 4.25 
 Cooperation Agreement between Shanda Online and Shanda Games 
 This
Cooperation Agreement between Shanda Online and Shanda Games (hereinafter referred to as this “Agreement”) is entered into on this 1st day of April, 2010 in Pudong New Area, Shanghai by and between: 

Shengzhan Networking Technology Co., Ltd., located at 208 Juli Road, Pudong New Area, Shanghai; hereinafter referred to as “Shanda
Online”; and 
 Shanghai Shulong Technology Development Co., Ltd., located at No. 1 Building, 690 Bibo Road, Pudong New Area,
Shanghai; 
 Shanghai Shulong Computer Technology Co., Ltd., located at No. 1 Building, 690 Bibo Road, Pudong New Area, Shanghai;

 Nanjing Shulong Computer Technology Co., Ltd., located at No. 1 Building, 690 Bibo Road, Pudong New Area, Shanghai; 

Chengdu Youji Technology Co., Ltd., located at Room 408, Building 6, Tian Fu Da Dao North, High-Technology Industry Park, Chengdu; 

Tianjin Youji Technology Co., Ltd., located at No.108, No. 7 of Hanbei Road, Eco-City of Tianjin; hereinafter collectively referred to as
“Shanda Games”. 
 Shanda Online and Shanda Games may hereinafter collectively be referred to as the “Parties”
and, individually, as the “Party”. 
 Whereas, 
 1. Shanda Online, a user community operator and e-commerce platform service provider, is capable of providing internet-entertainment-content end users with user community services and e-commerce platform
services by relying on its www.sdo.com website and backend service system. 
 2. Shanda Games, an internet-content provider, has the rights to
publish and operate the Cooperation Products hereunder on internet in the People’s Republic of China (the “PRC”). 
 3.
Shanda Online has agreed to cooperate with Shanda Games in the operating of Cooperation Products hereunder in accordance with this Agreement by making use of its user community and e-commerce service platforms resources. 

4. The Parties have agreed to cooperate with each other on the principles of mutual benefits and defending the interests of each other. 

 NOW THEREFORE, the Parties have reached the following cooperation terms and conditions in the
operating of the Cooperation Products hereunder in the cooperation regions upon friendly negotiation in accordance with the laws and regulations of the PRC. 
 1 Definition and Interpretation 
 1.1 Unless otherwise specially specified in the context,
the capitalized terms mentioned in this Agreement shall have the meanings set forth below: 
 “Cooperation Products” shall mean
all online games products that will be operated in the cooperation period by Shanda Games. 
 “Shanda Passport” shall mean an
account (including account number and passport) named as “Shanda Passport” obtained by a user after it fills out its registration on the website being operated by Shanda Online. An end user may recharge its account with Shanda Virtual
Currency and consume it in all applications. 
 “Shanda Online Users” shall mean such users as have registered Shanda Passport
account numbers. 
 “Shanda Games Users” shall mean the users of the Cooperation Products hereunder. Those Shanda Online Users
logging on and using the Cooperation Products hereunder shall be deemed as Shanda Games Users simultaneously. Shanda Online and Shanda Games will have the user information at one time, and the Parties shall open and share the user data and
information with each other. 
 “User Data” shall mean user basic data and user application data. 

“User Basic Data” shall mean the registered user information and all user application data used in the operating cooperation with Shanda
Online, including but not limited to users’ names, addresses, telephones, e-mails, Shanda Passport account names, passports, and so on. 

“User Application Data” shall mean such data as is derived from the users’ application of the operating cooperation application
with Shanda Online. The User Application Data in respect of the cooperation specified in this Agreement shall refer to such data in the Cooperation Products as is derived from the use of the Cooperation Products by the users. The User Application
Data shall not be used for any other application in the operating cooperation with Shanda Online, but the Cooperation Products hereunder. 

“Shanda Online User Communities” shall mean the online communities of Shanda Online Users. 

 “Shanda Online E-commerce Service Platforms” shall mean the e-commerce solutions provided
by Shanda Online on the basis of Shanda Passport, including but not limited to the services of authentication, billing, basic data mining analysis, customer services, Quan-Quan, and so on. 
 “Shanda Online Platforms” shall mean the combination of Shanda Online User Communities and Shanda Online E-commerce Service Platforms. 

“Shanda Games Website” shall mean the internet websites, through which Shanda Games can provide Shanda Games Users with Cooperation
Products hereunder, interact with such users and collect game operating information. 
 “Shanda Online Website” shall mean
www.sdo.com. 
 “Operating” shall mean the provision of the Cooperation Products and services hereunder to and the collection
charges from the end users. 
 “Operating Revenues” shall mean the face value revenues recognized through the consumption of
Cooperation Products hereunder by the end users in accordance with US GAAP. 
 “Quan-Quan” shall mean the Shanda Online
platform interface bundling all applications (including Cooperation Products hereunder), browsers and desktop environments, through which Shanda Online Users may log on each application, including the Cooperation Products hereunder. 

“Shanda Virtual Currency” shall mean the virtual currency in Shanda interactive entertainment cards issued by the affiliates of Shanda
Online to the end users. Such virtual currency can be used for purchasing the Cooperation Products hereunder by the end users. 

“Shanda Games Virtual Currency” shall mean the virtual currency obtained by the end users after they pay RMB or Shanda Virtual Currency
to Shanda Games, which shall be issued by Shanda Games, and will be used in each application (including but not limited to Cooperation Products hereunder) of Shanda Games by the end users of Shanda Games and Cooperation Products hereunder.

 “Intellectual Properties” shall mean all rights in relation to copyrights, trademarks, patents, domain names and trade
secrets, which can reflects the intellectual labor achievements and are stipulated by the Copyright Law, the Trademark Law, the Patent Law, the Law against Competition by Inappropriate Means of the PRC, and other relevant laws, regulations or rules.

 “End Users” shall mean such natural persons as accept the internet services. 

 “Affiliates” shall mean any direct or indirect subsidiaries or holding companies of any
Party, or direct or indirect subsidiaries of any such holding companies. “Holding” refers to the power to directly or indirectly direct the management and strategies of an enterprise, whether depending on securities with voting powers,
contracts or otherwise. 
 “Cooperation Region” shall mean the People’s Republic of China, for the purpose of this
Agreement, excluding Hong Kong, Macao and Taiwan. 
 1.2 Shanda Online and Shanda Games may collectively be referred to as the
“Parties” and, individually as the “Party”. 
 1.3 For the purpose of this Agreement, the PRC refers to the People’s
Republic of China, excluding Hong Kong, Macao and Taiwan. 
 1.4 A Day mentioned in this Agreement shall refer to a calendar day. A Business Day
mentioned in this Agreement shall refer to a statutory business day in China. 
 1.5 The headings of each chapter and section in this Agreement
are for reading convenience only, and shall not affect the interpretation to this Agreement. 
 2 Migration of Shanda Online
Users 
 Shanda Online and Shanda Games shall keep close cooperation with each other, and work together on expanding the user base of the
Parties. For this purpose, the rights and obligations of the Parties are as follows: 
 2.1 Rights of Shanda Games 

2.1.1 Subject to the voluntary acceptance of Shanda Online Users, Shanda Games shall have the right to provide all Shanda Online Users with the
Cooperation Products hereunder; 
 2.1.2 Shanda Games shall have the right to charge Shanda Online Users in accordance with its pricing
standards; 
 2.1.3 Shanda Games shall have the right to access the information of Shanda Online Users if necessary; 

2.1.4 Shanda Games shall have the right to ask for assistance from Shanda Online for compliance with the national laws and regulations, and the
regulations of the government’s regulatory authorities (such as the regulations on anti-fatigue system); 
 2.1.5 Shanda Games shall have
the right to launch or wind up the operating of Cooperation Products hereunder at its own discretions; 

 2.1.6 Shanda Games shall have the right to prevent Shanda Online Users in violation of the user agreements
from logging on or continuing to use the Cooperation Products hereunder in accordance with its user agreements. 
 2.2 Obligations of Shanda
Games 
 2.2.1 Shanda Games shall allow Shanda Online Users to log on all of the Cooperation Products hereunder with the Shanda Passport;

 2.2.2 Unless otherwise agreed by Shanda Online in writing, Shanda Games shall cause all new users to register the Shanda Passport;

 2.2.3 Shanda Games shall ensure the stable operating of Cooperation Products hereunder, and organize an efficient operating maintenance team
for the service quality of the Cooperation Products hereunder; 
 2.2.4 Shanda Games shall ensure that its charges are reasonable and will not
violate relevant national pricing regulations; 
 2.2.5 Shanda Games shall promptly notify Shanda Online of new laws and regulations promulgated
by the PRC and its governmental authorities, and the Parties shall negotiate on and confirm the assistance methods of Shanda Online; 
 2.2.6
Shanda Games shall make and maintain official websites for the Cooperation Products hereunder, and ensure the legitimacy and truthfulness of such websites; 
 2.2.7 If Shanda Games winds up the operating of the Cooperation Products hereunder, it shall give sufficient notice to Shanda Online Users, and settle the unconsumed prepayment appropriately; 

2.2.8 Shanda Games shall submit the end user agreements in respect of the Cooperation Products to Shanda Online for review. If Shanda Online makes
reasonable amendments, Shanda Games shall accept such amendments accordingly. 
 2.3 Rights of Shanda Online 

2.3.1 Shanda Online shall have the right to review the Cooperation Products hereunder. If it finds the fact that any of the Cooperation Products does not
comply with national laws and regulations, Shanda Online is entitled to notify Shanda Games in writing to make a correction within reasonable time. If Shanda Games fails to make such correction within such reasonable time, Shanda Online is entitled
to terminate the cooperation in respect of such product with Shanda Games without any prejudices to the amount and payment method of the service fees specified in Article 5 hereof; 

 2.3.2 Shanda Online shall have the right to supervise the service quality of the Cooperation Products
hereunder. If it finds the fact that the service quality of any of the Cooperation Products does not meet the prevailing level in this industry, and if Shanda Online Users give strong complaints against such service quality, Shanda Online is
entitled to notify Shanda Games in writing to make a correction within reasonable time. If Shanda Games fails to make such correction within such reasonable time, Shanda Online is entitled to terminate the cooperation in respect of such product with
Shanda Games without any prejudices to the amount and payment method of the service fees specified in Article 5 hereof; 
 2.3.3 Shanda Online
shall have the right to examine the end user agreements of Shanda Games, and to request Shanda Games to make reasonable amendments or supplements; 
 2.3.4 Shanda Online shall have the right to exercise necessary examination against the contents on the official websites of the Cooperation Products hereunder. Shanda Online is entitled to request Shanda
Games to make a correction within reasonable time provided that Shanda Online deems that the legitimacy and truthfulness of the contents of the said websites is in question. 
 2.4 Obligations of Shanda Online 
 2.4.1 Shanda Online shall make dedicated websites for the
Cooperation Products on its websites; 
 2.4.2 Shanda Online shall arrange the linkages for the Cooperation Products hereunder with priority in
the Quan-Quan on its websites, and remind Shanda Online Users of logging on the Cooperation Products with the Shanda Passport; 
 2.4.3 Shanda
Online shall try its reasonable commercial efforts to maintain the Shanda Online User Communities, and to provide the account services in respect of the Shanda Passport, including but not limited to registration, change, and recovery of account
number; 
 2.4.4 Shanda Online shall ensure the stable operating of its websites; 
 2.4.5 Shanda Online shall actively promote the Cooperation Products hereunder by making sufficient use of its websites and resources. In the meantime, Shanda Games shall have the right to promote the
Cooperation Products hereunder through other resources and media. 
 3 E-Commerce Platform Services 

3.1 Authentication Services 
 Shanda Online
shall be responsible for the user authentication services in the operating cooperation hereunder. The rights and obligations of the Parties are as follows: 

 3.1.1 Rights of Shanda Games 
 3.1.1.1 Shanda Games is entitled to examine the authentication services of Shanda Online, and to request Shanda Online to make a correction within reasonable time provided that it finds the fact that such
authentication services fail to satisfy the service assurance specified in Appendix 3.1.5 hereto. 
 3.1.2 Obligations of Shanda Games

 3.1.2.1 Shanda Games shall abide by the user authentication policies of Shanda Online, and entrust Shanda Online to undertake the
authentication services; 
 3.1.2.2 Shanda Games shall complete the technical interface development for the Shanda Passport authentication in
respect of the Cooperation Products in accordance with the technical standards provided by Shanda Online, and plug the authentication interface into the Shanda Passport authentication system for the Cooperation Products after such Cooperation
Products are passed upon the test of Shanda Online; 
 3.1.2.3 Shanda Games shall ensure the stability, security and stability of the
authentication interface; 
 3.1.2.4 Shanda Games shall ensure the data security of Shanda Online; 

3.1.2.5 Shanda Games shall not create any other authentication system rather than the authentication system specified in this Agreement. 

3.1.3 Rights of Shanda Online 
 3.1.3.1 Shanda
Online shall have the right to test the development achievements for Shanda Games authentication interface within reasonable time, and to request Shanda Games to make a correction within reasonable time provided that such authentication interface
does not pass the test of Shanda Online; 
 3.1.3.2 Shanda Online shall have the right to examine the data communication stability, security and
stability of the interface, and to request Shanda Games to correct the discovered problems within a reasonable time; 
 3.1.3.3 Shanda Passport
data shall be the property of Shanda Online, while Shanda Games Users data and information shall be shared by both Shanda Online and Shanda Games. 
 3.1.4 Obligations of Shanda Online 

 3.1.4.1 Shanda Online shall provide Shanda Games and/or its cooperation developers with the clear and
definite technical standards, documentation and technical supports in respect of the authentication interface; 
 3.1.4.2 Shanda Online shall
provide Shanda Games with the services in respect of e-key or security card authentication, anti-fatigue, account-level management at the request of Shanda Games; 
 3.1.4.3 Shanda Online shall be responsible for maintenance management in respect of authentication servers, authentication system and authentication database of Shanda Online Users, and shall ensure the
security and stability of the authentication servers, authentication system and users database; 
 3.1.4.4 Shanda Online shall keep sufficient
authentication data, and promptly provide authentication data at the request of Shanda Games; 
 3.1.5 For more details on the authentication
services, please refer to Appendix 3.1.5 hereto. 
 3.2 Billing Services 
 Shanda Online shall be responsible for the users billing services in the operating cooperation hereunder. The rights and obligations of the Parties are as follows: 

3.2.1 Rights of Shanda Games 
 3.2.1.1 Shanda
Games shall have the right to examine the billing services of Shanda Online, and to request Shanda Online to make a correction within reasonable time provided that Shanda Games finds the fact that billing services fail to satisfy the service
assurance specified in Appendix 3.2.5 hereto; 
 3.2.1.2 Shanda Games shall keep sufficient billing data in accordance with section 404 of the
Sarbanes - Oxley Act. 
 3.2.2 Obligations of Shanda Games 
 3.2.2.1 Shanda Games shall abide by the billing norms of Shanda Online, and accept billing services of Shanda Online; 
 3.2.2.2 Shanda Games shall complete the billing interface technology development in accordance with the technical standards of Shanda Online, and plug the billing interface into the charging system for
the Cooperation Products after such completed billing interface technology is passed upon the test of Shanda Online; 
 3.2.2.3 Shanda Games
shall ensure the data communication stability, security and stability of the charging system interface; 

 3.2.2.4 Shanda Games shall not establish any other billing system rather than the billing system specified
in this Contract; 
 3.2.2.5 Shanda Games shall have the right to set up reconciliation servers, and Shanda Online shall provide the interface
necessary to ensure the stable operation of such reconciliation servers of Shanda Games. Any amendments to the billing system of Shanda Online shall be kept consistent with the reconciliation servers of Shanda Games on a timely basis. 

3.2.3 Rights of Shanda Online 
 3.2.3.1 Shanda
Online shall have the right to test the billing interface development achievements of Shanda Games within reasonable time, and to request Shanda Games to make a correction within reasonable time provided that such billing interface does not pass the
test of Shanda Online; 
 3.2.3.2 Shanda Online shall have the right to examine the data communication stability, security and stability of the
billing interface, and to request Shanda Games to correct the discovered problems within reasonable time; 
 3.2.3.3 The billing data related to
Shanda Passport shall be the property of Shanda Online; however, the data related to Shanda Games Users shall be shared by the Parties. 
 3.2.4
Obligations of Shanda Online 
 3.2.4.1 Shanda Online shall be responsible for the development of a stable and reliable billing system;

 3.2.4.2 Shanda Online shall provide Shanda Games and/or its cooperation developers with billing interface technical standards, billing system
development kit, documentation and technical supports; 
 3.2.4.3 Shanda Games shall provide Shanda Online with billing interface development
supports; 
 3.2.4.4 Shanda Online shall be responsible for maintenance management in respect of billing servers, billing system and billing
database of Shanda Online Users, and shall ensure the security and stability of such billing servers, billing system and billing database; 

3.2.4.5 Shanda Online shall coordinate Shanda Games to keep, and provide billing data in accordance with section 404 of the Sarbanes - Oxley Act at the
request of Shanda Games. 

 3.2.5 For more details on billing services, please refer to Appendix 3.2.5 hereto. 

3.2.6 Provisions on Conversion between Shanda Virtual Currency and Shanda Games Virtual Currency 

3.2.6.1 Shanda Games shall allow Shanda Online Users to recharge the Shanda Passport with Shanda entertainment cards for obtaining Shanda Virtual
Currency and converting such Virtual Currency into Shanda Games Virtual Currency; 
 3.2.6.2 Shanda Online is responsible for managing the
conversion between Shanda Virtual Currency and Shanda Game Virtual Currency; 
 3.2.6.3 The conversion methods for Shanda Virtual Currency and
Shanda Games Virtual Currency shall be mutually agreed in a form of an agreement by and between Shanda Games and Shanghai Sheng-fu-tong E-commerce Co., Ltd. Shanda Online shall carry out technical development and set up the data system in accordance
with the said agreement. 
 3.3 Data Services 
 Shanda Online shall be responsible for providing data services at the request of Shanda Games in the operating cooperation hereunder. For this purpose, the rights and obligations of the Parties are as
follows: 
 3.3.1 Rights of Shanda Games 
 3.3.1.1 Shanda Games shall have the right to request Shanda Online to develop and provide data reports and data analysis reports based on its reasonable demands. 

3.3.2 Obligations of Shanda Games 
 3.3.2.1
Shanda Games shall complete the data interface development within the time agreed by the Parties; 
 3.3.2.2 Shanda Games shall extract the
normative regulations and data in its possession based on the data provided by Shanda Online; 
 3.3.2.3 Shanda Games shall provide Shanda
Online with the data necessary to the data analysis services, including but not limited to the relationship data (association, marriage and good friends) and hobbies of users, and character data (including but not limited to game rating and virtual
items data); 
 3.3.2.4 Shanda Games shall provide the written development demand reports in detail for its reporting development demands.

 3.3.3 Rights of Shanda Online 

 3.3.3.1 Shanda Online shall have the right to inspect the data communication stability and security of the
data interface, and to request the Shanda Games to make a correction against the discovered problems; 
 3.3.3.2 Shanda Online shall have the
right to request Shanda Games to make additional description on the indefinite data service demand reports; 
 3.3.3.3 Shanda Online shall have
the right to reject such data service demands as cannot be satisfied under the existing technical conditions. 
 3.3.4 Obligations of Shanda
Online 
 3.3.4.1 Shanda Online shall provide Shanda Games and/or its partnership developers with the data interface development standards, and
with the development supports; 
 3.3.4.2 Shanda Online shall provide Shanda Games with the standard data extraction documentation, and with
technical supports; 
 3.3.4.3 Shanda Online shall appoint special engineers to provide Shanda Games with telephone supporting services, and to
assist Shanda Games to complete the data collection; 
 3.3.4.4 Shanda Online shall provide Shanda Games with financial settlement statements,
player consumption records, recharge records, and trading records of Shanda Games Virtual Currency; 
 3.3.4.5 Shanda Online shall provide
Shanda Games with data analysis and mining services; 
 3.3.4.6 Shanda Online shall keep well the original data and analysis data used in the
data services, and provide relevant data inquiry services promptly at the request of Shanda Games. 
 3.3.5 For more details on the data
services, please refer to Appendix 3.3.5 hereto. 
 3.4 Customer Services 
 Shanda Online shall be responsible for the customer services in the operating cooperation hereunder. For this purpose, the rights and obligations of the Parties are as follows: 

3.4.1 Rights of Shanda Games 
 3.4.1.1 Shanda
Games shall have the right to inspect the customer service quality of Shanda Online or to do so by random samples, and to request Shanda Online to make a correction against the discovered problems; 

 3.4.1.2 Shanda Games shall have the right to request Shanda Online to provide customer data. 

3.4.2 Obligations of Shanda Games 
 3.4.2.1 Any
user disputes caused by Shanda Games or arising out of the Cooperation Products hereunder shall be settled at the expenses of Shanda Games; 

3.4.2.2 Shanda Games shall provide Shanda Online with necessary supports for the customer services in respect of the Cooperation Products hereunder,
including but not limited to providing materials, information and notices in relation to the Cooperation Products on a timely basis, and ensuring the response speed and quality of customer service contact points; 

3.4.3 Rights of Shanda Online 
 3.4.3.1 Shanda
Online shall have the right to request Shanda Games to provide necessary supports; 
 3.4.3.2 Shanda Online shall have the right to obtain
updated information and materials in respect of the Cooperation Products hereunder. 
 3.4.4 Obligations of Shanda Online 

3.4.4.1 Shanda Online shall be responsible for all customer services in relation to the Cooperation Products hereunder; 

3.4.4.2 Shanda Online shall keep well the customer service data, and provide customer data at the request of Shanda Games. 

3.4.5 For more details on customer services, please refer to Appendix 3.4.5. 
 3.5 Quan-Quan Plug-in 
 Shanda Online shall be responsible for plugging the Cooperation Products
into the Quan-Quan operated by it, and for plugging the Quan-Quan into the Cooperation Products. For this purpose, the rights and obligations of the Parties are as follows: 
 3.5.1 Rights of Shanda Games 
 3.5.1.1 Shanda Games shall have the right to request Shanda Online
to provide the linkage, login and charge services in respect of the Cooperation Products on the Quan-Quan with priority; 

 3.5.1.2 Shanda Games shall have the right to request Shanda Online to update the Quan-Quan version when the
Cooperation Products are increased or the version of the Cooperation Products is updated; 
 3.5.1.3 In the event that the Quan-Quan conflicts
with the stability of some game products after the Quan-Quan is plugged, Shanda Games may settle the compatibility and stability of such game products with Shanda Online with priority for the Quan-Quan plug-in after certain stability standards are
achieved. 
 3.5.2 Obligations of Shanda Games 
 3.5.2.1 Shanda Games shall assist Shanda Online to plug the Quan-Quan into the Cooperation Products and plug the Cooperation Products into the Quan-Quan. Any development, improvement, update and
maintenance to and for the Cooperation Products by Shanda Games shall not affect the Quan-Quan plug-in, and Shanda Games shall inform Shanda Online of such development, improvement, update and maintenance forthwith; 

3.5.2.2 Shanda Games shall complete the Quan-Quan plug-in and interface development subject to the time agreed by the Parties. 

3.5.2.3 Shanda Games shall provide any assistance necessary and reasonable to the update of the Quan-Quan version. 

3.5.3 Rights of Shanda Online 
 3.5.3.1 Shanda
Online shall have the right to plug the Quan-Quan into the Cooperation Products hereunder, and to determine the service items in the Quan-Quan; 

3.5.3.2 Shanda Online shall have the right to change, interrupt or wind up any of the service items and contents in the Quan-Quan at its own discretions.

 3.5.4 Obligations of Shanda Online 

3.5.4.1 Shanda Online shall provide the login, authentication and charge services in respect of the Cooperation Products through the Quan-Quan;

 3.5.4.2 Shanda Online shall provide Shanda Games with standard software development kit, standard test process, and plug-in documentation
matched with the software; 
 3.5.4.3 Shanda Online shall appoint special engineers to provide Shanda Games with telephone supporting services,
and to assist Shanda Games to complete the Quan-Quan plug-in development; 

 3.5.4.4 Shanda Online shall provide special test environments, in which the development staff of Shanda
Games can carry out the tests; 
 3.5.4.5 Shanda Online shall be responsible for the maintenance, operating, R&D and updates of the
Quan-Quan, and for ensuring the end users to log on the Cooperation Products through the Quan-Quan; 
 3.5.4.6 Shanda Online shall inform Shanda
Games of the updated version of the Quan-Quan on a timely basis; 
 3.5.5 For more details on Quan-Quan Plug-in, please refer to Appendix 3.5.5.

 4 Operating of Cooperation Products and Server Maintenance 
 4.1 Shanda Games shall be responsible for providing servers, bandwidth and other resources necessary to the operating of the Cooperation Products, and for the installation, tests and maintenance of
necessary server software; 
 4.2 Shanda Games shall undertake to keep the server hardware in good condition in the Term of this Agreement, and
to ensure the security of the server software, hardware and data. 
 5 Revenues Distribution and Payment 

5.1 As for the consideration to the cooperation of Shanda Online under this Agreement, Shanda Online is entitled to gain 15.5% of the operating revenues;

 5.2 One clearing cycle is from 0:00 a.m. on the first day of the current month to 0:00 a.m. on the first day of the next month. The Parties
shall check the operating revenues for the immediately preceding month by the 15th day of each month. Shanda Online shall provide Shanda Games with a formal service invoice valued with the royalties confirmed by the Parties by the 20th day of each
month. Shanda Games shall pay such royalties for the immediately preceding month in a lump sum to Shanda Online within ten (10) business days upon receipt of the said invoice. 
 5.3 If there is any discrepancy between the figures given by the Parties, and if the discrepancy ratio is not more than 5% (inclusive), the figures of Shanda Online shall prevail. If the said discrepancy
ratio is above 5%, the Parties shall make a settlement subject to the figures given by Shanda Online in the first instance, and then return the overcharge or demand payment of the shortage after the root causes are found out. 

6 Ownership of User Data 
 6.1 The user
data of Shanda Online shall be the property of Shanda Online, while the user data of Shanda Games shall be co-owned and shared by the Parties; 

 6.2 Shanda Games shall have the right to manage and use its user data at its own discretions; however, it
shall not use the user basic data in the user data of Shanda Games by going beyond the cooperation scopes specified in this Agreement, nor make Shanda Online Users become the non-Shanda Online Users by forcing or soliciting Shanda Online Users to
have secondary registration, nor provide the user basic data to any third party in any way, excluding the user application data (including but not limited to names, ratings, items, relationship and empirical values of the characters) in the user
data of Shanda Games; 
 6.3 Shanda Online shall have the right to collect, manage and use its user data at its own discretions. 

7 Exclusivity 
 Shanda Games shall solely
and exclusively cooperate with Shanda Online, and shall not have similar cooperation with any third party in the Term of this Agreement. 
 8
Term 
 This Agreement shall be in force for five years (60 months) (the “Term”) from the date when it is entered into. This
Agreement shall be extended for another twelve months automatically provided that no Party gives a written objection one month prior to the expiration of the Term of this Agreement. 
 9 Statements and Warranties 
 9.1 Shanda Online shall state and warrant that: 

9.1.1 It is an independent legal person incorporated and existing according to law; 
 9.1.2 It has the qualifications to exercise the cooperation hereunder, and its business scopes cover such cooperation, and it has independent and lawful disposal rights over such cooperation, including
but not limited to the rights to operate the Quan-Quan and Shanda Online websites; 
 9.1.3 Its authorized representative has been duly
authorized to enter into this Agreement for and on behalf of it; 
 9.1.4 Its signature of this Agreement shall neither violate any legal
documents binding upon it, nor infringe lawful rights of any third party, nor make the other Party assume any liabilities to any third party (unless otherwise specified in this Agreement); 
 9.1.5 This Agreement constitutes the effective, binding and enforceable legal obligations against it; 
 9.1.6 It is in strict compliance with relevant laws, regulations and policies of China; 

 9.2 Shanda Games shall state and warrant that: 
 9.2.1 It is an independent legal person incorporated and existing according to law; 
 9.2.2 It has
the qualifications to exercise the cooperation hereunder, and its business scopes cover such cooperation, and it has independent and lawful disposal rights over such cooperation, including but not limited to the rights to operate the Cooperation
Products hereunder and Shanda Games websites; 
 9.2.3 Its authorized representative has been duly authorized to enter into this Agreement for
and on behalf of it; 
 9.2.4 Its signature of this Agreement shall neither violate any legal documents binding upon it, nor infringe lawful
rights of any third party, nor make the other Party assume any liabilities to any third party (unless otherwise specified in this Agreement); 

9.2.5 This Agreement constitutes the effective, binding and enforceable legal obligations against it; 

9.2.6 It is in strict compliance with relevant laws, regulations and policies of China; 
 9.2.7 Shanda Games owns legitimate intellectual rights and/or relevant authorizations in the Cooperation Products hereunder, which have not (will not) infringed the lawful rights and benefits of any third
party. 
 10 Safeguard Provisions 
 10.1 Shanda Games shall indemnify and hold Shanda Online and/or its affiliates, employees, shareholders and directors harmless against and from all losses, including but not limited to the compensations
of the above persons to third parties (obligees, end users, etc.), administrative penalties against the above persons by relevant governmental authorities, and reasonable investigation fees, court fees and attorney’s fees paid by the above
persons for the said matters, arising out of or in relation to the operating of the Cooperation Products, including but not limited to that the contents of the websites of the Cooperation Products and other advertising information of Shanda Games
are in violation of laws and regulations, and that the end user disputes in respect of the Cooperation Products are caused due to the reasons of Shanda Games, and that the Cooperation Products infringe the intellectual properties of a third party
due to the reasons of Shanda Games, and that the above persons are involved in any disputes, claims, liabilities, arbitrations and suits due to the failure of Shanda Games to obtain the governmental license for the operating of the Cooperation
Products hereunder. 

 10.2 Shanda Online shall indemnify and hold its affiliates, employees, shareholders and directors harmless
against and from all losses, including but not limited to the compensations of the above persons to third parties (obligees, end users, etc.), administrative penalties against the above persons by relevant governmental authorities, and reasonable
investigation fees, court fees and attorney’s fees paid by the above persons for the said matters, arising out of or in relation to Shanda Passport accounts, including but not limited to that the above persons are involved in any disputes,
claims, liabilities, arbitrations and suits due to the end user disputes arising out of Shanda Passport accounts, which are caused by the authentication, billing and customer services by virtue of the reasons of Shanda Online. 

11 Intellectual Properties 
 Each Party
owns the names, trademarks, signs, icons and images of virtual characters on and of its own websites and/or products, and/or owns intellectual properties in the same. The existence of this Agreement shall not create any assignment of the above
rights of each Party to the other Party in whole or part. 
 12 Termination 
 This Agreement shall be effective and binding upon the Parties as soon as it is entered into. Neither Party can terminate this Agreement without any causes. 

13 Trade secrets 
 13.1 Shanda Games has
acknowledged that the user information of Shanda Online is the trade secrets of Shanda Online under the confidential measures of Shanda Online, which is not known to the public and can create economic benefits for Shanda Online. Shanda Games shall
warrant that: 
 13.1.1 It will not obtain the information of Shanda Online Users through any improper means, including but not limited to
requesting or otherwise soliciting Shanda Online Users to provide Shanda Passport information or make new registrations when they log on the Cooperation Products; 
 13.1.2 It will not disclose, use the information of Shanda Online Users, nor otherwise allow others to obtain the information of Shanda Online Users through the said means; 

13.1.3 It will not violate this section, nor disclose, use or allow others to use the trade secrets under its possession. 

13.2 Without prior written consents of the other Party, any Party shall not disclose any provision, the signature and performance of this Agreement, and
any information obtained from the other Party and its affiliates during the signature and performance of this Agreement, to a third party (excluding the disclosure imposed by the laws, regulations, governmental authorities, stock exchanges or other
regulatory authorities, and excluding the disclosure to its legal counsels, accounting consultants, business consultants and other consultants and authorized employees). 

 13.3 The invalidity or unenforceability of any provision of this Agreement shall not affect the validity of
the confidential sections. 
 13.4 The confidential sections shall survive during the Term of this Agreement and two (2) years after this
Agreement is terminated. 
 14 Liability for Breach of Agreement 
 Unless otherwise specified in this Agreement, the direct or indirect violation of any provision of this Agreement, or the failure to perform its obligations hereunder, or the failure to do so promptly or
sufficiently by any Party shall constitute the breach of this Agreement. In such case, the Non-breaching Party is entitled to notify the Breaching Party to remedy its breach and to eliminate the consequences arising out of such breach by taking
sufficient, effective and timely measures, and to claim its direct losses from such Breaching Party. 
 15 Dispute Resolution and Governing
Law 
 15.1 The conclusion, validity, interpretation, performance, amendments, termination and dispute resolution of, to and arising out of
this Agreement shall be governed by the laws of the PRC. 
 15.2 Any dispute arising out of this Agreement shall be resolved through friendly
negotiation in the first instance. In the event that the said dispute cannot be resolved within thirty (30) days after any Party notifies the other Party of resolving such dispute in writing through friendly negotiation, any Party is entitled
to institute such dispute to the People’s Court at the signature place of this Agreement. 
 16 Miscellaneous 

16.1 Without prior written consents of the other Party, any Party shall not assign its rights and obligations hereunder in whole or part. 

16.2 The failure to exercise its rights hereunder by any Party shall not be deemed to waive such rights, nor affect the exercise of such rights in future
by such Party. 
 16.3 This Agreement is made in five (5) copies, two (2) of which will be held by Shanda Online, and three
(3) of which will be held by Shanda Games. 
 (Signature page follows) 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the authorized representatives of the
Parties as of the day and the year first above written. 
 Shanda Online: 
 Shengzhan Networking Technology Co., Ltd. 
 Signature of the Representative: [signature]

 Shanda Games: 
 Shanghai
Shulong Technology Development Co., Ltd. 
 Signature of the Representative: [signature] 

Shanghai Shulong Computer Technology Co., Ltd. 

Signature of the Representative: [signature] 

Nanjing Shulong Computer Technology Co., Ltd. 

Signature of the Representative: [signature] 

Chengdu Youji Technology Co., Ltd. 
 Signature
of the Representative: [signature] 
 Tianjin Youji Technology Co., Ltd. 
 Signature of the Representative: [signature] 

 Appendix 3.1.5 Authentication Services 

Section One Interface Development 
 a)
Authentication Plug-in Method: the Parties may negotiate on and confirm the login solutions for the Cooperation Products. The optional solutions are as follows: 
 i. SDK Dynamic Library: Namely PTSDK (Authentication), FCMSDK (Anti-fatigue). The game server sides can be used alternatively; 
 ii. COM Components: Namely PTCOM, applicable to use such components on the websites and online games; 
 iii. CAS: Namely SDCAS, WEBGAME can be plugged into Shanda One-stop Service through this method; 

iv. Quan-Quan: Namely IGW, the client-side games can be plugged into the authentication services through this method. 

b) Interface Test: Each Party will provide test environment to the other Party. Shanda Online shall complete the test for the plugged Cooperation Products
within reasonable time in accordance with its test standards, and such Cooperation Products will go live after the test is completed. 

Section Two Authentication Service Items: 

a) Shanda Passport Registration: Shanda Online shall be responsible for providing the Cooperation Products users with Shanda Passport registration
services; 
 b) Shanda Passport Management: Shanda Online will provide all kinds of amendment operation based on Shanda Passport, including
supplements and amendments of information, amendments of passport, recovery of passport, supplements of anti-fatigue information. 
 c) Shanda
Passport Authentication: Shanda Online shall be responsible for providing the Cooperation Products users with Shanda Passport authentication services; 
 d) Anti-fatigue: Shanda Online shall be responsible for anti-fatigue strategies and services in respect of the Cooperation Products, and for ensuring that the anti-fatigue functions of the Cooperation
Products meet the national standards; 
 e) Secondary Authentication (E-key, Security Card): If the Cooperation Products users have Shanda e-key
or security cards, Shanda Online may provide such users with authentication services and supporting services in respect of the e-key or security cards; 
 f) Account-level Management: Based on the contributions of the Cooperation Products users to the Cooperation Products, Shanda Online shall provide the user rating system, and assist Shanda Games to
provide the game players with personalized services in accordance with such system. 
 Section Three Authentication Service Assurance:

 Shanda Online shall ensure that the authentication services can achieve the following service standards: 

 a) Registration Response Time: <1.8s 
 b) Authentication Response Time: <1.8s 
 c) Response Time for Secondary Authentication: <1.8s

 d) Stability of Authentication Platform: 99.9% in whole year 
 Section Four Service Team Allocation: 
 Shanda Online shall arrange the following service
team for the authentication services for the Cooperation Products: 
 a) Project Manager: One Person 

b) Architect: One Person 
 c) Operation Director:
One Person 
 d) Program Director: One Person 
 e) C++ Engineer: Three Persons 
 f) WEB Engineer: Three Persons 

g) Database Engineer: Three Persons 
 h)
Operation Engineer: Four Persons 

 Appendix 3.2.5: Billing Services 

Section One Interface Development 
 a)
Shanda Online shall provide Shanda Games and/or its partnership developers with standard development kit, cross-platform web services, standard JAP and COM controls, and plug-in documentation and technical supports marched with the software;

 Section Two Billing Service Items: 
 a) Billing Forms: 
 i. Purchase of Properties: The game players can purchase the properties from
the game center by using Shanda Games Virtual Currency, and the billing system will reduce Shanda Games Virtual Currency accurately based on the purchased properties; 
 ii. Virtual currency conversion between users: When the game players convert their virtual currency, the billing system will reduce Shanda Games Virtual Currency of one game player and increase Shanda
Games Virtual Currency of the other game player subject to the order of the game system; 
 iii. Time-length Deduction: Shanda Online will make
appropriate deduction based on the game time-length consumed by the game players; 
 b) Reporting Services: Shanda Online will daily provide
Shanda Games with the data on the consumption user number (times) with, recharge user number (times), revenues from the consumption and recharge for the immediately preceding day; 
 d) Reconciliation Services: Shanda Online will daily provide Shanda Games with consumption list, recharge list and trading list of all game players for the immediately preceding day. 

Section Three Billing Service Assurance: 

99.9% stable operation every year; linkage disposal capability of more than 2000 game servers; more than 1200 times per second for balance authentication;
700 times per second for concurrent transactions; supports to 4.00 million concurrent online users; capacity expansion based on the increase of Shanda Games Users 
 Section Four Service Team Allocation: 
 Shanda Online shall arrange the following service
team for billing services for the Cooperation Products: 
 e) Project Manager: One Person 

f) Project Vice-manager: One Person 
 g) Product
Engineer: One Person 
 h) Application Development Engineer: Seven Persons 
 i) Database Development Engineer: Four Persons 
 j) System Maintenance Engineer: Three Persons

 k) Test Engineer: One Person 

 Appendix 3.3.5 Data Services 
 Section One Service Items: 
 a) Reporting Services: 

Shanda Online shall provide the following reporting services at the request of Shanda Games: 
 i. Reporting development; 
 ii. Display of reporting data 

b) Personalized Data Inquiry: Shanda Online shall provide business data inquiry at the request of Shanda Games; 

c) Data Analysis and Mining: Shanda Online shall provide Shanda Games with the guidance of data observation. 

Section Two Service Assurance: 
 Shanda
Online shall ensure the data services to meet the following standards: 
 a) Response Time: Shanda Online shall provide Shanda Games with the
data inquiry results in strict compliance with the response time agreed by the Parties; 
 b) Stable Operating Ratio: The stable operating ratio
of the servers shall achieve 100%. 
 Section Three Service Team Allocation: 
 a) BO Reporting Development Team: 
 i. Job Duties: Responsible for the development and maintenance
of BO reports 
 ii. Number of Members: Three Persons 
 b) Extract, Transfer and Load (ETL): 
 i. Job Duties: Responsible for giving data extract
standards, controlling the quality of data sources, and clearing, integrating and confirming the accuracy of the extracted data; 
 ii. Number of
Members: One Person 
 c) Data Warehouse (DW) Team: 
 i. Job Duties: Make development and maintenance based on DW database 
 ii. Number of Members: Two
Persons 
 d) Data Analysis Inquiry Team: 
 i. Job Duties: Responsible for data inquiry, analysis and mining, and providing game project teams, sales staff, finance staff with data supports, and data supports for the strategies of high-level
management 
 ii. Number of Members: Five Persons 

 Appendix 3.4.5: Customer Services 

Section One Customer Service Contact points: 
 Shanda Games shall arrange the following contact points: 
 a) Business Contact: 

i. Contact points for new game business 
 ii.
Contact points for daily game maintenance 
 iii. Contact points for emergency 
 b) Technical Contact: 
 i. IT maintenance contact points 

ii. System development contact points 
 Shanda
Online shall arrange the following contact points: 
 a) Business Contact: 
 i. Game Business Manager 
 ii. Training Director 

iii. Director on Duty 
 b) Technical Contact:

 i. Business Manager 
 ii. Project
Director 
 Section Two Customer Service Items: 
 c) Seats: 
 Shanda Online shall provide the following seating services: 

i. Business consulting and processing, introduction on new business, market researches, order processing, acceptance of complaints, return visit to
customers, customer maintenance, and so on; 
 ii. Diversified user service methods: such as telephone services, forum services, e-mail services,
fax services, return visit services, reception services, self-help services, and so on 
 d) Automatic Question & Answer System:

 Shanda Online shall provide the Automatic Question & Answer System services for the Cooperation Products as follows: 

i. Answer the questions of an asker through the auto-match method; 
 ii. Equip with simple man-machine dialogue functions. 
 Section Three Customer Service
Assurance: 
 e) Shanda Online shall ensure the contacts by telephone, forum, e-mail, fax, return visit and reception for the Cooperation
Products Users; 
 f) Shanda Online shall ensure at least 7000 person-time telephone services per day, at least 3000 person-time e-mail and forum
services per day, at least 160000 person-time internet services per day and 150 person-time visit services per day. 

 Section Four Service Team, Technology and Premises Settings: 

g) Team Allocation: 
 i. Shanda Online shall
provide at least 180 telephone lines, at least 100 seats and at least 450 full-time customer service persons. 
 ii. Two customer service
directors and one quality control person shall be appointed for twenty customer service persons; 
 iii. All service persons have passed the
position qualification authentication. 
 h) Technical Settings: 
 i. No. 1 plug-in in whole country/Shanghai 
 ii. Interactive Voice Response (IVR), 7*24-hour
supports 
 iii. Automatic Call Distribution (ACD), the telephone will jump automatically if the line is engaged 

iv. Full telephone recording, intelligent outbound contact solution 
 v. Accessible by remote seats 
 vi. Collection of customer information, statistics of telephone
traffic and creation of reports 
 vii. Complete basic hardware supports, including PBX, ACD and CTI 

viii. CRM application system 
 ix. Recording
system 
 x. Monitor reporting system 

i) Premises Settings 
 i. Working areas,
conference rooms, training rooms and staff lounge in the customer service center 
 Section Five User Indexes 

j) Shanda Online undertakes that its customer services shall meet the following user indexes: 
 i. Telephone services satisfied by customers (number of users satisfying the telephone services/total number of voting users *100%) >95%; 
 ii. Response ratio (number of settled matters within specified time/total number of submitted matters ×100% (24 hours for common customers, 3 hours for VIP, 72 hours for batch processing)) >95%;

 iii. Telephone response ratio (number of answer calls within 3 seconds after the telephones ring/total number of telephones allocated to the
seats *100%) >98%; 
 iv. Service complaint ratio (complaint volumes/total service volumes *100%) <1 0/000; 

v. Average waiver ratio (year) (waiver volume/total incoming call volume *100%): 
 1) Common Users: £ 45% 
 2) VIP Users: £ Q2%. 

 Appendix 3.5.5: Quan-Quan Plug-in 

Section One Quan-Quan Service Items: 
 a)
Quan-Quan Functions: 
 i. Shanda Passport: Register Shanda Passport, log on games through Shanda Passport, support secondary authentication
(including but not limited to e-key/security cards), support anti-fatigue, and provide account management services such as passport amendment; 

ii. Recharge: Recharge function of Shanda Passport; 
 iii. Remit account: Remit account from Shanda Passport to game accounts; 
 iv. Customer Service:
Caihong Automatic Question & Answer System; 
 v. Openness: Customize the Cooperation Products Users to add other internet contents and
services and to develop other internet contents and services; 
 vi. Message Services: Support news dissemination functions in the Cooperation
Products. 
 b) Data Services: Shanda Online will regularly provide login data relating to Quan-Quan, and online data at the request of Shanda
Games. 
 c) Product Development: Shanda Online may provide the Quan-Quan version and customize the updated services at reasonable request of
Shanda Games. 
 Section Two Quan-Quan Service Assurance: 
 a) System Assurance: 99.9% stable operation every year; handling capability of 2000 times per second; complete tracking system for the number of online persons; support the concurrent Quan-Quan use by
1.00 million users 
 b) The response speed for the game customer sides and resource consumption can achieve certain standards after
Quan-Quan is connected to the games, such as Delphi technology games. 
 Section Three Service Team Allocation 

a) Application plug-in supports: Two Persons 
 b)
Test and version control services: One Person 
 c) User Service Supports: One Person 
 d) Operating Service Supports: Three Persons

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