Document:

English translation of the form of Employment Contract

 Exhibit 10.3 
  

					
		  		  	No.:                                      
  

 Employment Contract 
  
  

							
		 	Employer
                                         
                                       	 	
			
		 	Employee
                                         
                                       	 	
			
		 	Sign Date
                        D               
         M                        Y	 	

 Employer:
                         Legal Representative:
                         
 Registered Address:
                                         
                            
  

Employee:                         
Gender:              Identification Card No.              
 Date of Birth:             (Day)
            (Month)             (Year) 
 Address:
                                         
                            
 Postal Code:              
 Registered Permanent
Residence:             City
            District             
 I. Term of Contract 
  

	1.	This employment contract has a term of             years. 

 The contract shall become effective on             (Day)
            (Month)
            (Year)             with a probation period from
            (Day)             (Month)
            (Year) to             (Day)
            (Month )            (Year). 
 ® The Contract is for a term of             year(s) and shall take effect on
            (day)             (month),
            (year). The employment shall commence on             (day)
            (month),             (year) and continue until
            (day)             (month),
            (year), unless terminated earlier pursuant to this Contract. 
 II. Job Description 
  

	2.	The Employer agrees to employ the Employee in accordance with the terms under this Contract, and the Employee agrees to accept the Employer’s offer to be employed as
                    (job title) in the
                     Department. The Employee’s duties may be reasonably modified at the Employer’s discretion under negotiation
with the Employee or according to the Employee’s capabilities and performance, in such case, the Employer shall execute wages based on the modified job post, and the Employee shall comply with the Employer’s decision unless proper
reasoning is provided. 

 III. Working Protection & Working Conditions 
  

	3.	The Employer shall implement a comprehensive working time calculation system and the Employee shall work for no greater than eight (8) hours per day or forty (40) hours
per week on the average. 

  

	4.	The Employer shall provide the Employee with the working environment and conditions in compliance with the national standards of labor safety and health, and shall be responsible
for the education of the Employee in professional ethics, technique training, labor safety, work discipline, and rules of the Employer. 

  

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 IV. Working Arrangements 
  

	5.	The Employee shall abide by the Employer’s management and arrangement, and shall complete his duties assigned by the Employer in a satisfactory manner both in quality and
quantity. 

  

	6.	The Employee shall work punctually pursuant to the working hours stipulated by the Employer. The Employer may require the Employee to work extra hours during holidays and off-work
hours and shall compensate the Employee with vacation or allowances equivalent to such extra work in accordance with regulations of the Government. 

 V. Remuneration 
  

	7.	The Employer shall pay the Employee at regular payroll periods on a monthly basis without default. 

  

	8.	Wages : 

 From
            (month)             (year) to
            (month)             (year); the wages of the employee is
            per month 
 From
            (month)             (year) to
            (month)             (year); the wages of the employee is
            per month 
 From
            (month)             (year) to
            (month)             (year); the wages of the employee is
            per month 
 The Employer shall pay the salary, bonus and
allowances to the Employee in cash every month when the Employee has completed his or her duties assigned by the Employer. 
  

	9.	The remuneration should be paid according to the relevant evaluation by and policies of the Employer. 

  

	10.	The Employer shall deduct the personal income tax from the remuneration to the Employee in accordance with the laws and regulations and shall inform the Employee of the sum of such
deduction. 

 VI. Social Welfare 
  

	11.	Both the Employer and the Employee shall pay for all mandatory social security programs including but not limited to pension plans, unemployment and illness benefit plans,
disability benefit plans and other social insurance. 

  

	12.	The Employer shall apply and handle all procedures for social security programs for the Employee. Upon termination or expiration of the Contract, such social security benefits shall
be transferred according to applicable regulations. 

  

	13.	In the event that the Employee fails to transfer his previous social security programs to the authority designated by the Employer within the stipulated period, all delay, default
and suspension in payment of the social security benefits caused by such failure and the consequences arising out of the forgoing circumstances shall be born solely by the Employee. 

  

	14.	In the event that the Employee is ill or injured by non-job related causes, the Employee shall receive the compensation, disease treatment and medical allowance in accordance with
applicable regulations by the Government. 

  

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	15.	The Employer shall provide the Employee with the following welfare benefits according to its insurance and welfare system for its employees: social security insurance, commercial
insurance, salary based on the length of service, meal expenses, accommodation, annual physical checkup, paid leave, allowances for seasons, birthday gifts, wedding favors, death solatium for immediate family members, labor protection supplies,
reward for full attendance, system training, free shuttle service, regular sports and activities, and annual dinner, etc. 

 VII. Disciplinary Procedures 
  

	16.	The Employee shall abide by all disciplinary procedures and rules made by the Employer, and shall comply with the working procedures set by the Employer. In the event that the
Employee fails to comply with the disciplinary procedures or rules, the Employer may conduct a disciplinary inquiry according to applicable internal rules, until termination of the Contract. 

  

	17.	The Employee shall undertake the obligation to maintain confidential the Employer’s business secrets. 

 VIII. Modification, Termination, Expiration and Renewal of the Contract 
  

	18.	In the event of any modifications to the laws, regulations and standards that are legally binding upon the Contract, the terms and conditions of the Contract shall be modified
accordingly. 

  

	19.	If material changes take place to the factual circumstances taken as the basis for the Contract and the Contract can no longer be performed, the Employer and the Employee may modify
the Contract based on mutual agreement. This Contract may be terminated upon mutual agreement by both parties. 

  

	20.	The Employer may terminate the Contract and shall not be liable for any financial compensation to the Employee if any of the following events occur: 

 (1) the Employee is proved unqualified during the probation period; 
 (2) the Employee has violated the labor discipline or rules of the Employer to the extent that the Employer may terminate the Contract according to the Employer’s regulations or the Contract; 
 (3) the Employee discloses confidential information of the Employer, for which the Employer may claim legal liabilities against the Employee including
litigation and termination of the Contract; 
 (4) the Employee neglects his duties or conducts fraud which cause serious loss to the
Employer; 
 (5) the Employee is subject to any criminal penalties or law enforcement; or 
 (6) other conditions stipulated by laws and regulations. 
  

	21.	The Employer may terminate the Contract with a 30-day advance written notice to the Employee if any of the following events occurs: 

 (1) the Employee is incapable of performing his duties, and remains incapable after receiving training or reassignment to another position; 
 (2) the Employee was ill or injured by non-job related causes, and is incapable of performing his previous duties or modified positions when the medical
treatment period ends; 
  

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 (3) there is a surplus of employees caused by reforms in production, sales and technology; 
 (4) no agreement to modify the Contract can be reached through negotiation between the Employer and the Employee when the factual circumstances taken as
the basis for the Contract have changed so materially that the Contract can no longer be performed; 
 (5) the Employer is subject to
bankruptcy, suspension or difficulty in production and sales, which result in necessity to reduce the workforce; 
 (6) the parties have
failed to reach an agreement on the new position when the Employer makes the change to the Employee’s position; or 
 (7) other
conditions stipulated by laws and regulations. 
  

	22.	The Employer shall not terminate the Contract if any of the following events occurs: 

 (1) the Employee has occupational diseases or is injured by job related causes and is confirmed handicapped; 
 (2) the Employee is ill or injured by non-job related causes and during the period of medical treatment for such illness or injury; 
 (3) a female Employee is in her pregnancy, confinement and lactation; or 
 (4) other conditions stipulated by laws and regulations.

  

	23.	The Employee may at any time terminate the Contract by notice if any of the following events occurs: 

 (1) at any time during the probation period; 
 (2) the Employer forces the Employee to work by means of violence, threats or illegal restriction of freedom; 
 (3) the Employer has
failed to pay compensation or provide working conditions as agreed upon the terms and conditions of the Contract; 
 (4) the Employer has
failed to fulfill the Contract, or has violated any laws and regulations by the Government, and harmed the legitimate benefits of the Employee. 
  

	24.	The Employee may terminate the contract by notifying the Employer through written notice 60 days in advance. The Employer shall process all necessary procedures except in the case
that the financial losses caused by the Employee to the Employer have not yet been properly solved. The Employee shall remain on duty and carry out the assignment of the Employer until the above procedures have been completed. If the Employee fails
to give the 60-day advance written notice to the Employer, the Employer may refuse to process the procedures to terminate the Contract, and may claim legal liabilities against the Employee for the resulting financial losses.

  

	25.	As a senior manager of the special position employed for a strategic aim, the Employee agrees that the term of his services has a special and important role in the strategy and
operation for the Employer. Except as stipulated in Article 23, the Employee shall not terminate the contract in advance. Otherwise, the Employee agrees that such termination will cause great loss to the Employer and agrees to compensate the
following expenses if terminating the contract in advance: 

 (1) expenses paid by the Employer for recruiting the Employee
(based on actual expenses); 
 (2) expenses for training programs; 
 (3) direct financial losses to the Employer in its production, sales and operation caused by the Employee’s termination of the Contract before
expiration; 
  

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 (4) the penalty stipulated in the Contract in the event of the Employee’s termination of the
Contract before expiration. 
 The Penalty = months in default × salary per month × 5 
  

	26.	The Contract shall be terminated in any of the following conditions, and the Employer shall not pay any compensation: 

 (1) the expiration of the Contract; 
 (2) the
occurrence of the events stipulated as the conditions for termination of the Contract; 
 (3) other conditions stipulated by laws, regulations
and rules. 
  

	27.	The Contract shall be terminated at its expiration. If both parties offer their intent to renew the Contract
             days before its expiration, the Contract shall be renewed on the basis of negotiation and consensus. 

 IX. Confidentiality and Non-competition 
  

	28.	The Employee hereby represents and warrants that its signing and performance of this Contract do not conflict with any agreements, documents or covenants (including but not limited
to any non-compete or non-disclosure agreements) that are signed by or legally binding upon the Employee, and will not constitute a breach or violation of such agreements, documents or covenants. 

  

	29.	The Employee agrees that within the term of employment and              years after the expiration or termination
of the Contract, the Employee shall not work for other employers in a similar profession or business (as that of the Employer) in competition against the Employer, and shall not establish businesses or invest in such business by himself (or through
his or her family members), directly or indirectly. The Employee shall not use the confidential information he has acquired for purposes other than the Employer, or disclose or provide such information to others. 

 The Employee agrees that within the term of employment and              years after he
leaves the company for any reason (legally), he or she shall not, directly or indirectly, persuade, entice, solicit or render by other means (1) any manager or staff of the Employer and its affiliates to terminate employment with the Employer
and its affiliates, and shall not recruit or employ the directors, managers, staff, business associates or agents for their services to any third party other than the Employer and its affiliates; (2) any client, supplier, licensee, licenser, or
other individuals or entities (including but not limited to any potential client, supplier or licensee) that have existing or potential business connections with the Employer to terminate or modify by other means the business contacts with the
Employer, and shall not solicit, attempt to solicit, assist anyone else to solicit or accept the purchase orders from or provide products or services to such individuals or entities as set forth above. 
  

	30.	The Employee shall return all confidential information to the Employer at the termination or expiration of the Contract. 

  

	31.	The Employer may request the Employee to sign a non-compete agreement concerning the confidential information, and the Employee shall not refuse. 

  

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 X. Ownership of Intellectual Property 
  

	32.	The Employer owns all rights of the inventions, creations, programs or any other intellectual properties (hereinafter “Inventions”) completed by the Employee under the
conditions set below within the term of employment: 

 (1) Inventions developed within the work period assigned by the
Employer; 
 (2) Inventions developed by using the investment, equipment, facilities, information, data, materials or devices offered by
the Employer; and 
 (3) Inventions developed by and related to the assignment of the Employee assigned by the Employer within the term
of employment and one year after the Employee’s retirement or demission from the company. 
 The Employer may apply patent rights for the
Inventions in the name of the Employer, and give rewards to the Employee in an appropriate way according to applicable laws and regulations. 
 XI. Dispute Settlement 
  

	33.	Any controversy or dispute that arises out of or relates to this Contract will be settled amicably through negotiation. In the event no settlement can be reached through
negotiation, the parties shall subject the dispute to the court with jurisdiction in the location of the company for a settlement by law. 

 XII. Miscellaneous 
  

	34.	Additional Covenants: 

 (1) The Employee shall not be
engaged in anything that may harm the reputation and benefits of the Employer within the term of employment and after the termination of the Contract, otherwise the Employer has the right to claim compensation against the Employee; 
 (2) Dishonesty: If, during the course of the Employee’s employment under this Contract, the Employee has acquired any personal gain or advantage from
Employer’s clients in the form of money totaling more than RMB 10,000 or any gifts equivalent to RMB 10,000 in value, the Employer may pursue a remedy against the Employee in the sum of
             times the amount or value of the gain. This clause shall be permanently binding upon the parties and shall in no way become invalid regardless of the fulfillment of the
Contract. 
 (3) This Contract supersedes any prior agreements or covenants between the Employer and the Employee. 
  

	35.	Supplementary Clause: 

 (1) The employee manual and other
rules made by the Employer are mutually agreed by both parties as the standard documents for the Employee’s conduct when performing his duties within the term of employment. 
 (2) All else not mentioned in this Contract shall be settled through negotiation between the Employer and the Employee. In the event no settlement can be
reached through negotiation, the parties may prosecute proceedings in any court of competent jurisdiction in the location where the Employer maintains its principal offices. 
  

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 (3) This Contract shall be made in two (2) originals, with each party holding one (1) original.

 (4) This Contract comprises a total of nine (9) pages. Any alteration and any signature without legitimate authorization have no
effect. 
  

					
	Chengdu Time Share Technology Information Co., Ltd.	 	  
	  	
			
	Employer	 	Employee (signature or seal)	  	
			
	(Seal)	 		  	

 Legal Representative or Authorized Representative: 
 (signature or seal) 
 Signed as of this            day of
                                    (month),
            (year). 
  

 8English translation of Cooperative Operations Agreement dated November 10, 2006

 Exhibit 10.4 
 Chengdu Time Share Technology Information Co., Ltd. 
 Sichuan Time Share Advertising & Communication
Co., Ltd. 
 Jilun He 
 and

 Da’en He 
 Cooperative
Operations Agreement 
 November 10, 2006 

 Cooperative Operations Agreement 
 This Cooperative Operations Agreement (thereinafter “Agreement”) is entered into between the following parties in Beijing on November 10, 2006: 
  
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
 Address: Guixi Industrial Park, High-Tech District, Chengdu 
 Legal
representative: Jilun He 
 Party B: Sichuan Time Share Advertising & Communication Co., Ltd. 
 Address: Guixi Industrial Park, High-Tech District, Chengdu 
 Legal
representative: Jilun He 
 Party C: Jilun He 
 ID number:
510132197202200077 
 Party D: Da’en He 
 ID number:
512323193707171812 
  
 In this Agreement, Party A, Party B, Party C and Party D
hereinafter are individually referred to as a “Party”, and collectively “Parties”. 
 WHEREAS: 
  

	 	1.	Party A is a wholly foreign-owned enterprise incorporated and validly existing under the laws of the People’s Republic of China (“China”); 

	 	2.	Party B is a limited liability company registered and validly existing in China, engaging relevant advertising business; 

  

	 	3.	Party C and Party D are Chinese citizens with full abilities to engage in civil activities and are holding 98% and 2% of Party B’s equity, respectively; and

  

	 	4.	Party A and Party B have executed relevant agreements, e.g. Exclusive Technology Consulting and Service Agreement. In order to ensure the effective and sufficient performance of the
above-mentioned agreements and enhance the business cooperation, the Parties agree to further define such cooperation relations by a written agreement. 

 Now therefore, the Parties hereby agree as follows: 
  

	1.	The Operation of the Company 

  

	 	1.1.	The Parties agree that as Party B and Party A have executed relevant agreements, e.g., Exclusive Technology Consulting and Service Agreement, and Party B shall pay Party A relevant
fees under certain agreements, in order to ensure Party B’s normal operation and the ability to pay the above-mentioned fees. Party C and Party D shall not directly or indirectly engage, or cause Party B to engage any deal or similar behavior
that could materially affect Party B’s assets, rights or operation, including but without limitation the following: 

  

	 	1.1.1.	Assign relevant rights and obligations under this Agreement to any third party; 

  

	 	1.1.2.	Supplement, amend or revise Party B’s Articles of Association in any way, increase or decrease Party B’s registered capital, or change Party B’s equity structure in
any other way; 

  

	 	1.1.3.	Assign or promise to assign its equity to Party B in any way, or dispose or decrease its equity holding percentage in Party B in any way, or set mortgage, pledge, security or any
other interests restrictions on its equity in Party B; 

  

	 	1.1.4.	Cause or agree with Party B, beyond daily business, to sell, assign, mortgage or dispose any assets, business, investment, acquire a third party’s assets, business, investment
in any other way, or impose any security or interests restrictions on its assets, business, investment, or promise to do any of the above-mentioned behavior; 

  

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	 	1.1.5.	Cause Party B to close or go out of business, change Party B’s main business or operation guidelines, or develop business operations that are not engaged by Party B currently;

  

	 	1.1.6.	Cause or agree with Party B to, beyond daily business, undertake any debt or provide loans or guarantee to any third party; 

  

	 	1.1.7.	Beyond Party B’s daily business, sign or cause Party B to sign any agreement, guarantee or document that could materially affect Party B; 

  

	 	1.1.8.	Cause Party B to accept or acknowledge the counter party’s claim or request in relevant litigation, arbitration, dispute or similar situation; 

  

	 	1.1.9.	Cause Party B’s merger or division, or merger or alliance with a third party, or acquire any person or invest to any person; and 

  

	 	1.1.10.	Cause Party B to pay dividend in any way. 

 For the
avoidance of doubt, “daily business” referred in this Article 1 means business that is necessary for Party B to operate its business. If the Parties have different understandings of “daily business”, Party A’s understand
shall prevail. 
  

	 	1.2.	Party C and Party B hereby guarantee that Party C and Party D shall: 

  

	 	1.2.1.	Exert his right as Party B’s shareholder, approve the Exclusive Technology Consulting and Service Agreement signed by Party A and Party B and other agreements that Party A
requests Party B to sign; 

  

	 	1.2.2.	At Party A’s request, provide relevant information related to Party B’s operation and financial status; 

  

	 	1.2.3.	Notice Party A immediately any happened or possibly to be happened litigation, arbitration or administrative procedure related to Party B’s assets, business and revenue;

  

	 	1.2.4.	In order to maintain Party B’s ownership of its whole assets, sign all necessary or proper documents, adopt all necessary or proper activities, present all necessary or proper
claim, or pursue necessary or proper defense for all compensation claim; 

  

	 	1.2.5.	Vote for nominees of Party A as Party B’s directors on Party B’s shareholder meetings and cause such directors to vote for nominees of Party A as Party B’s senior
management personnel on relevant board of directors meeting; 

  

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	 	1.2.6.	Sign a Power of Attorney, which is similar to Annex 1 of this Agreement in content and format, within 3 days after the execution of this Agreement, and authorize Party A’s
nominee as its representative to exert all of its rights as Party B’s shareholder according to Party B’s Articles of Association and relevant laws at Party B’s shareholder meeting; 

  

	 	1.2.7.	Exert his rights as a shareholder of Party B to approve any plan, proposal or action, which are not in violation of relevant laws and regulations, as requested by Party A in
writing; 

  

	 	1.2.8.	Without Party A’s prior written consent, Party C and Party D guarantee that, within the term of this Agreement and after 1 year of its expiration, they will not, nor allow
their related persons or affiliates, directly or indirectly, in his own name or as other company, enterprises, natural person, organization or legal entity’s representative or employee, provide consulting service or other assistance to other
company, enterprises, natural person, organization or legal entity, align with such other company, enterprises, natural person, organization or legal entity, engage in business that is similar to or the same with possibly constitute directly or
indirectly competition with Party A or/and Party B’s business, have any interest in such competitive business, except that the above-mentioned provision shall not be deemed to prevent Party C (including his related persons or affiliates) to
engage in any kind of advertisement business other than time share advertisement business; 

  

	 	1.2.9.	Party C and Party D shall take responsibilities for breach of contact and the revenue derived from the compete business with Party A and Party B which will belong to Party A, if
Party C and Party D fail to perform the obligations set forth in article 1.2.8. In addition, Party A and Party B shall have the right to claim Party C and Party D for compensation of actual losses. 

 “Affiliate” as referred to in this Agreement means with respect to a certain natural person or entity, directly or indirectly, controlled by,
or control or under common control with any other natural person, partnership, company, trust or other entity. “Control” means the ownership, direct or indirect, of no less than 50% of the preferred shares, shares or other ownership
interests that have election right (or equivalent right) of directors. 
 Party C and Party D’s “related persons” in this
Agreement include: (i) entities in which Party C and Party D is a management personnel, a director, partner, directly or indirectly owns no less than 10% of the equity interest, (ii) any trust or other property that Party C or Party D has
material interests, or as trustee (or similar entrustment title), and 

  

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(iii) main relatives of Party C or Party D, including Party C or Party D’s spouse, parents, children, grandparents, sisters and brothers and their
respective spouse, daughter-in-law, son-in-law, and Party B’s parents, grandparents, sisters and brothers and their respective spouse. 
  

	 	1.3.	Party B hereby guarantees: 

  

	 	1.3.1.	Without Party A’s prior written consent, within the term of this Agreement and 1 year after its expiration, Party B shall not (nor shall permit its affiliates) directly or
indirectly, in its own name or as other company, enterprises, natural person, organization or legal entity’s representative, or provide consulting service or other assistance to other company, enterprises, natural person, organization or legal
entity, or align with such other company, enterprises, natural person, organization or legal entity, or engage in business that is similar to or the same with or possibly constitute directly or indirectly competition with Party A’s business, or
have any interest in such competitive business. 

  

	 	1.3.2.	Party B shall take responsibilities for breach of contact and the revenue derived from the compete business with Party A which will belong to Party A, if Party B fails to perform
the obligations set forth in article 1.3.2. In addition, Party A shall have the right to claim Party B for compensation of actual losses. 

  

	2.	The Appointment of Directors and Senior Management 

  

	 	2.1.	Party C and Party D hereby guarantee that as Party B’s shareholders, they will appoint Party A’s nominees as Party B’s directors. 

  

	 	2.2.	Party B hereby guarantees that it will appoint Party A’s nominees as its general manager, chief financial officer and other senior management personnel.

  

	 	2.3.	Party B, Party C and Party D hereby guarantee that Party A may request to re-appoint relevant personnel at any time at its own discretion to terminate or replace Party B’s
directors or senior management personnel; if the above-mentioned Party B’s directors or senior management personnel are Party A’s employee, such personnel shall lose their positions at Party B if they leave Party A or are fired by Party A;
such vacancy shall be filled by Party A’s other nominees. 

  

	3.	Default and Termination 

  

	 	3.1.	 If Party B, Party C and/or Party D’s default under this Agreement thus materially and adversely affects the overall arrangement pursuant to “Related
Agreements”, Party B, Party C and/or Party D shall be deemed to default under any and all “Related Agreements”; If Party B, Party C 

  

 6 

	 	 
and/or Party D’s default under any or all “Related Agreements” thus materially adversely affects the overall arrangement pursuant to
“Related Agreements”, Party B and Party C shall be deemed to default under this Agreement. “Related Agreements” mean any or all agreements listed in Annex 2 of this Agreement and their supplements and amendments.

  

	 	3.2.	This Agreement will be terminated as of the term expires unless renewal according to relevant articles. 

  

	 	3.3.	This Agreement can be early terminated by the Parties’ written consents. However, Party A may, at any time, send a written notice to the other parties to terminate this
Agreement and this Agreement will be terminated 30 days thereafter. 

  

	4.	Confidentiality 

  

	 	4.1.	The Parties agree that all materials and information obtained, acquired or received from another Party in performing this Agreement are confidential information(“Confidential
Information”), except the information that is publicly available. Confidential Information has economic and commercial values of the providing Party, and thus each Party undertakes to take all reasonable actions to keep it confidential. Unless
for purposes of performing this Agreement, each Party shall not use the Confidential Information for any purposes, disclose, provide or transfer the Confidential Information to any third parties without the prior written consent of the providing
Party. 

  

	 	4.2.	At the time of the termination of this Agreement, the Parties shall dispose of any documents, materials or software containing the Confidential Information upon the request of
providing Party, and shall delete the Confidential Information from related storage hardware, and shall not continue using such Confidential Information. 

  

	 	4.3.	The Parties agree that this article 4 shall survive the change, cancellation or termination of this Agreement. 

  

	5.	Resolution of Disputes 

  

	 	5.1.	The formation, validity, interpretation and performance of this Agreement and the resolution of disputes under this Agreement shall be subject to PRC laws. 

 

	 	5.2.	Any disputes arising from the interpretation and performance of this Agreement shall first be resolved by all parities through friendly negotiations. In case no resolution can be
reached within 30 days after one party delivers a written notice asking for friendly negotiations, any Party can refer such dispute to China International Economic and Trade Arbitration Commission ( “CIETAC”) for arbitration in accordance
with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be Beijing. The arbitration award shall be final and binding upon all parties. 

  

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	6.	Force Majeure 

  

	 	6.1.	An Event of Force Majeure means any event that is beyond the reasonable control of either party and unavoidable or unpreventable after it gives due attention, including, but not
limited to, government act, act of God, fire, explosion, storm, flood, earthquake, tide, lightning or war, but insufficiency of credit standing, funds or financing shall not be deemed to be beyond the reasonable control of either party. The party
seeking the exemption from its liabilities under this Agreement owing to an Event of Force Majeure shall, without undue delay, inform the other party of such event and the steps to be taken to perform its liabilities. 

  

	 	6.2.	Should the performance of this Agreement be delayed or prevented due to any Event of Force Majeure as defined above, the prevented party shall be exempt from its liabilities only to
the extent of being delayed or prevented. The prevented party shall take appropriate measures to lower or eliminate the impact of such Event of Force Majeure, and make endeavors to resume the performance of the obligations delayed or prevented by
such Event of Force Majeure. All parties agree to do their best to resume the performance of this Agreement once the Event of Force Majeure is eliminated. 

  

	7.	Notice 

 Any notice or other communications required by
either party or Sichuan Time Share to be made under or pursuant to this Agreement shall be in Chinese and sent to the following address of the other party or such other address as may be notified by the other party from time to time by hand
delivery, registered mail (postage prepaid), recognized courier service or fax. Notices shall be deemed to be duly served: (a) if by hand delivery, on the date of delivery; (b) if by mail, on the tenth (10th) day after the date of
posting (as indicated on the postmark) of registered airmail (postage prepaid), or if by courier service, on the fourth (4th) day after being delivered to an internationally recognized courier service; or (c) if by fax, at the receiving
time as indicated in the transmission confirmation of the relevant document. 
  
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
 Address: Dayu Building, No. 312 Long Zhua Shu, Xiao Hong Men,
Chaoyang District, Beijing 
 Fax: 010-87697911 
  

 8 

 Tel: 010-87695559 
 Attention: Xingyuan Yang 
  
 Party B:
Sichuan Time Share Advertising & Communication Co., Ltd. 
 Address: Dayu Building, No. 312 Long Zhua Shu, Xiao Hong Men,
Chaoyang District, Beijing 
 Fax: 010-87697911 
 Telephone: 010-87695556 
 Addressee: Jilun He 
  
 Party C: Jilun He 
 Address: Dayu Building, No. 312 Longzhuashu, Xiaohongmen, Chaoyang District, Beijing 
 Fax: 010-87697911 
 Telephone: 010-87695556

  
 Party D: Da’en He 
 Address: Room 3331 of Jinlinbandao, No. 33 Caotang Road, Qingyang District, Chengdu 
 Telephone: 028-87361717 
  

	8.	Miscellaneous 

  

	 	8.1.	All annexes to this Agreement shall form an integral part of this Agreement and have the same legal effect as this Agreement. 

  

	 	8.2.	The Parties hereby acknowledge and confirm that, unless obtaining Party A’s prior written approval, Party B, Party C and Party D shall not assign their rights and obligations
set forth in this Agreement to any third party that is not a party of this Agreement. Party B, Party C and Party D hereby acknowledge and confirm that Party A may assign its rights and obligations under this Agreement to any third party if
necessary. When such assignment happens, Party A will only need to issue a written form notice to Party C and Party D without Party C and Party D’s consent. 

  

 9 

	 	8.3.	Should any provision of this Agreement be held to be invalid, revocable, illegal or unenforceable under applicable laws, such invalidity or unenforceability shall not invalidate,
illegalize or render unenforceable the remainder of this Agreement. 

  

	 	8.4.	Any amendment and supplement to this Agreement shall be made by all Parties in a written form. All amendments and supplements duly signed by all Parties shall form an integral part
of this Agreement and have the same legal effect as this Agreement. 

  

	 	8.5.	This Agreement constitutes the entire agreement and understanding between all parties with respect to the subject matter hereof and Supersedes and replaces all prior oral, written
agreements and understandings between all parties with respect to the subject matters hereof. 

  

	 	8.6.	This Agreement shall go into effect as of the date of signing by the Parties and has a term of five (5) years. 

  

	 	8.7.	This Agreement is executed in four (4) originals in Chinese, with each party hereto holding one (1) original. 

  
 [No text below, followed by execution page] 
  

 10 

 [Execution page, no text] 
 Party A: Chengdu Time Share Technology Information Co., Ltd. 
  

									
	Authorize Representative (Signature):	 	 /s/ Jilun He                                    

	 		 		 	

 Name: Jilun He 
 Date: November 10, 2006 
 Party B: Sichuan Time Share Advertising & Communication Co., Ltd. 

 

									
	Authorize Representative (Signature):	 	 /s/ Jilun He                                
	 		 		 	

 Name: Jilun He 
 Date: November 10, 2006 
 Party C: Jilun He 
  

									
	Signature:	 	 /s/ Jilun He                                
	 		 		 	

 Date: November 10, 2006 
 Party D: Da’en He 
  

									
	Signature:	 	 /s/ Da’en He                                
	 		 		 	

 Date: November 10, 2006 
  

 11 

 Annex 1 
 Sample of Power of
Attorney 
  
 Power of Attorney 
  
 I,              (ID number:
                            ), hereby solely, jointly and irreversibly authorize [WFOE’s nominee] to
exert, within the term of this Power of Attorney, the following rights: 
 Authorize [WFOE’s nominee] to fully represent myself, as a shareholder
according to Company Law and other PRC laws and regulations as well as Sichuan Time share’s Articles of Association at [] (Sichuan Time Share), in exerting all my rights, which include without limitation, nominate, vote or appoint Sichuan Time
Share’s directors, supervisors and/or decide Sichuan Time Share’s operation guidelines and other material facts at the company’s shareholder meetings; authorize [WFOE’s nominee] totally represent myself to decide the sell,
assignment or disposal of all or any of my equity in Sichuan Time Share. 
 The consistent effectiveness of the above-mentioned authorization and entrustment
is subject to the consistent effectiveness of [WFOE]’s appointment. If [WFOE] repeals or terminates the appointment of [WFOE’s nominee], the authorization and entrustment I made to [WFOE’s nominee] will be automatically terminated and
invalid. I promise to appoint and/or authorize other person who is nominated by [WFOE] to exert the above-mentioned rights. 
 Unless the Business
Cooperation Agreement signed by [WFOE], Sichuan Time Share and me is terminated for any reason, this Power of Attorney will be effective as of the execution date till the termination of the Business Cooperation Agreement. 
  

	
	[  ] (signature)
	
	[    ], 2006

 Annex 2: List of Related Agreements 
 Related Agreements under this Agreement mean any and all agreements set forth below and the supplements and amendments thereof: 
  

							
	 Items
	  	 Name
	  	 Parties
	  	 Date of
 Execution

	 1
	  	Cooperative Operations Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Sichuan Time Share Advertising & Communication Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	 2
	  	Call Option Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	 3
	  	Loan and Equity Pledge Agreement	  	Chengdu Time Share Technology Information Co., Ltd., Jilun He, and Da’en He	  	November 10, 2006
				
	 4
	  	Domain Name and Trademark License Agreement	  	Chengdu Time Share Technology Information Co., Ltd., and Sichuan Time Share Advertising & Communication Co., Ltd.	  	November 10, 2006

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