Document:

exv10w2

Exhibit 10.2

MEMORANDUM OF UNDERSTANDING

     The undersigned parties to certain actions filed in the Court of Chancery of the State of
Delaware (“Court”), entitled Peter Brinckerhoff v. Texas Eastern Products Pipeline Company, LLC, et
al., Civil Action No. 2427-VCL, and In re Texas Eastern Products Pipeline Company, LLC, Merger
Litigation, Civil Action No. 4548-VCL (the “Actions”), have reached an agreement in principle
providing for the settlement of the Actions on the terms and subject to the conditions set forth
below.

     WHEREAS, on September 18, 2006, Peter Brinckerhoff (“Brinckerhoff” or “Derivative Plaintiff”)
filed a derivative and class action complaint in the Delaware Court of Chancery challenging certain
transactions entered into between affiliates of nominal defendant TEPPCO Partners, L.P. (“TEPPCO”)
and Enterprise Products Partners, L.P. (“EPD”) and certain proxy disclosures of TEPPCO (the
“Derivative Action”); and

     WHEREAS, Derivative Plaintiff held more than 40,000 TEPPCO units; and

     WHEREAS, on September 22, 2006, Derivative Plaintiff filed an initial document request and a
motion to expedite and requested that the Court set a hearing for a preliminary injunction; and

     WHEREAS, in response to the litigation, on October 5, 2006, TEPPCO filed an 8-K containing
supplemental disclosures with respect to its proxy solicitation; and

     WHEREAS, on November 17, 2006, all defendants except the nominal defendant moved to dismiss
the complaint in its entirety; and

     WHEREAS, on July 12, 2007, Derivative Plaintiff filed an Amended Class and Derivative
Complaint (the “Amended Complaint”); and

 

 

     WHEREAS, on September 28, 2007, defendants moved to dismiss Count III of the Amended
Complaint, which constituted Derivative Plaintiff’s class action claims related to TEPPCO’s proxy
solicitation, and certain defendants moved to dismiss Count I of the Amended Complaint as against
them related to the transactions between affiliates of TEPPCO and EPD; and

     WHEREAS, during the pendency of the motions to dismiss, Derivative Plaintiff voluntarily
dismissed claims relating to a certain transaction against defendant Thompson; and

     WHEREAS, after briefing and oral argument on the motions to dismiss, the Court issued a
Memorandum Opinion on November 15, 2008, dismissing Count III of the Amended Complaint, but denying
the motions to dismiss Count I of the Amended Complaint; and

     WHEREAS, during the pendency of the motion to dismiss and following the Court’s decision, the
Derivative Plaintiff conducted extensive discovery on the derivative claims contained in Counts I
and II of the Amended Complaint; and

     WHEREAS, Derivative Plaintiff served four combined interrogatories and document requests on
defendants, subpoenaed six third party witnesses, including Merrill Lynch, Pierce, Fenner & Smith,
Inc., Goldman, Sachs & Co., EnCana Oil & Gas (USA), Inc., and Simmons & Company, International;
reviewed over five hundred thousand pages of documents produced by defendants and third parties;
identified and provided to defendants more than 650 exhibits to be potentially used at depositions;
deposed the Chairman of TEPPCO’s Special Committee, a representative of one financial advisor to
the Committee, a senior Vice President of TEPPCO and Enterprise, and TEPPCO’s Director of
Development and TEPPCO’s Chief Financial Officer; and

     WHEREAS, Derivative Plaintiff began depositions in November 2008 and took
depositions in Maryland and Texas through January 2009. Also, in January 2009, Derivative

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Plaintiff’s counsel agreed with defendants’ counsel and various third parties to schedule thirteen
(13) additional depositions in Texas, New York, Colorado and California so that all depositions
would be completed prior to the discovery cut-off of April 30, 2009; and

     WHEREAS, Derivative Plaintiff’s counsel represents that they consulted with numerous experts,
retained five experts in the fields of oil and gas, natural gas liquids, financial analysis,
mergers, acquisitions and fairness opinions, and Master Limited Partnerships; and

     WHEREAS, in late January 2009, the parties agreed to mediation before one of the members of
the Delaware Chancery Court pursuant to Chancery Rule 174. Vice Chancellor Lamb consented to joint
requests that discovery be stayed for ninety (90) days, and Vice Chancellor Strine agreed to act as
mediator. Mediation was set for April 16, 2009, and Vice Chancellor Strine ordered the parties to
submit simultaneous opening and answering mediation briefs; and

     WHEREAS, Derivative Plaintiff submitted mediation briefs together with attached expert reports
of two financial experts. Derivative Plaintiff’s experts valued the derivative claims at
approximately $700 million and, on a disgorgement of profits basis, at more than one billion
dollars; and

     WHEREAS, defendants submitted mediation briefs together with attached expert reports and
argued that the derivative claims had no value, including that under the TEPPCO Partnership
Agreement, TEPPCO’s General Partner could engage in asset sales and joint ventures, including
conflict of interest transactions, in its “sole discretion;” and

     WHEREAS, in early April 2009, defendants’ counsel advised the Derivative Plaintiff’s counsel
of a possible merger transaction between EPD and TEPPCO and that, if such merger occurred, it might
lead to a potential resolution of the Derivative Action. The parties

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agreed that the mediation be adjourned for sixty days; and

     WHEREAS, on or about April 29, 2009, TEPPCO announced that it had received a proposal from EPD
dated March 9, 2009 for the acquisition by EPD of all of TEPPCO’s outstanding limited partnership
units in exchange for $1.00 per unit and 1.043 EPD units (the “Merger Proposal”), which represented
at the time $21.89 per TEPPCO unit, and that the Special Committee had rejected the proposal as
inadequate; and

     WHEREAS, Derivative Plaintiff’s counsel represents that following that announcement, along
with Derivative Plaintiff, they reviewed analyst reports concerning the proposal and saw no analyst
report projecting more than a 10% increase in the deal; and

     WHEREAS, on April 29, 2009, Brinckerhoff filed a class action complaint in the Delaware Court
of Chancery challenging the fairness of the offer; and

     WHEREAS, on April 29, 2009, Renee Horowitz (together with Brinckerhoff, “Plaintiffs”) filed a
class action complaint in the Delaware Court of Chancery challenging the fairness of the offer,
which action was consolidated into the new Brinckerhoff action on May 11, 2009, entitled Texas
Eastern Products Pipeline Company, LLC, Merger Litigation, C.A. No. 4548-VCL (the “Class Action”);
and

     WHEREAS, on May 11, 2009, the law firm of Bragar Wexler Eagel & Squire, P.C. was designated as
Plaintiffs’ Lead Counsel in the Class Action and the law firm of Rosenthal, Monhait & Goddess,
P.A., was designated as Delaware Liaison Counsel for Plaintiffs; and

     WHEREAS, the Audit, Conflicts and Governance Committee of the board of directors of TEPPCO’s
general partner appointed a special committee comprised of independent directors (the “Special
Committee”) to consider the Merger Proposal. The Special Committee was comprised of a TEPPCO
director who joined the TEPPCO GP Board more than a year after the

4

 

Derivative Action had been filed, and was joined by two new directors named to the TEPPCO’s GP
Board in April 2009; and

     WHEREAS, the Special Committee retained independent legal and financial advisors; and
 

     WHEREAS, in early May, 2009, Derivative Plaintiff was invited to make a
presentation on the merits of the Derivative Action to the Special Committee and its advisors in
Houston. Derivative Plaintiff’s attorneys prepared a memorandum, charting from the mediation
memoranda Derivative Plaintiff’s arguments, defendants’ responses, and Derivative Plaintiff’s
reply. Also, for the Special Committee, Derivative Plaintiff’s counsel prepared a power point
presentation summarizing the applicable contractual standards, evidence of liability and damages.
Derivative Plaintiff’s counsel also circulated copies of and included in the presentation, about 20
of the most important exhibits marked in discovery. Derivative Plaintiff’s experts also prepared
reply expert reports to respond to defendants’ expert report that defendants had submitted with
their mediation answering memorandum. Derivative Plaintiff, five of his attorneys, together with
three of Derivative Plaintiff’s attorneys’ experts, participated in the presentation to the Special
Committee. All members of the Special Committee, their counsel, and Delaware counsel, and
financial experts, listened to the presentation for about three hours, and posed questions to
Derivative Plaintiff’s attorneys and their experts. The Special Committee requested, and
Derivative Plaintiff’s team provided, a “bottom line” estimate of the value of the Derivative
Action; and

     WHEREAS, defendants represent that the Special Committee and its advisors conducted extensive
negotiations with EPD; and

     WHEREAS, from and after May 2009, Derivative Plaintiff’s counsel and the

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Special Committee’s counsel were in regular communication. In discussions with counsel for the
Special Committee, Derivative Plaintiff’s counsel repeatedly urged that if the Special Committee
concluded that EPD refused to pay fair consideration for the Derivative Action, TEPPCO, prior to
the merger, should transfer TEPPCO’s claim to a litigation trust; and

     WHEREAS, on June 17, 2009, the Special Committee and its counsel engaged in
a lengthy telephone discussion with the Derivative Plaintiff and Plaintiffs’ counsel concerning the
terms of, and the history of the negotiations for, the proposed merger. Derivative Plaintiff
requested that the Special Committee request that EPD increase the distributions to be made on EPD
units; the Special Committee requested that EPD increase the distributions to be made on EPD units,
and EPD agreed to make certain representations regarding proposed distributions following the
merger; and

     WHEREAS, on June 19, 2009, Plaintiffs authorized their attorneys to sign an MOU, subject to
the results of confirmatory discovery. Prior to signing this MOU, Plaintiffs’ attorneys arranged
for one of their experts to examine certain financial materials prepared for the Special Committee
and to report whether, on a preliminary basis, the merger consideration appeared fair; and

     WHEREAS, TEPPCO and EPD have agreed on the terms of an acquisition by EPD of all of the
outstanding limited partnership units of TEPPCO as set forth below (the “Merger”); and

     WHEREAS, the Derivative Action was considered by the Special Committee to be a significant
asset of TEPPCO for which fair value was sought and obtained in the merger consideration. During
the negotiations, the Special Committee advised EPD that EPD had not

6

 

sufficiently valued the Derivative Action and, thereafter, EPD increased the Merger
consideration; and

     WHEREAS, subject to market conditions, EPD expects to be able to continue its practice of
increasing its distribution each quarter through 2011 by the higher of $0.0075 ($0.03 annualized)
per common unit or 1.25% (5% annualized); and

     WHEREAS, each defendant denies having committed or having attempted to commit any violation of
law or breach of duty, or otherwise having acted in any improper manner; and

     WHEREAS, counsel for the parties have engaged in arm’s-length negotiations concerning a
possible settlement of the Actions; and

     WHEREAS, counsel for Plaintiffs intend to apply for an award of fees and reimbursement of
expenses in connection with the Actions based upon the value of the benefits the Derivative Action
provided to TEPPCO. In his retainer with Derivative Plaintiff’s attorneys, Derivative Plaintiff
agreed that such attorneys could apply to the Court for an award of thirty percent of the benefit
obtained plus reimbursement of expenses; and

     NOW, THEREFORE, the aforesaid negotiations between the parties having resulted in an agreement
in principle providing for the settlement of the Actions on the terms and conditions set forth
below (the “Settlement”):

     1. Merger Consideration and Vote. EPD will, in the Merger, exchange 1.24 EPD Common
Units for each outstanding limited partnership unit of TEPPCO (the “Merger Consideration”), other
than the Designated TEPPCO Common Units defined below. Further, one or more privately-held
affiliates of EPCO shall receive in the Merger in exchange for 3,645,509 limited partnership units
of TEPPCO held by such affiliate or affiliates (“Designated TEPPCO

7

 

Common Units”) 4,520,431 Class B units of EPD, which Class B units, by their terms, will
receive no cash distributions for sixteen quarters following the closing date of the Merger. The
board of directors of TEPPCO’s general partner shall recommend to TEPPCO’s unitholders that they
approve the Merger and shall take all necessary steps to seek unitholder approval as soon as
practicable, including providing proxy materials to TEPPCO’s unitholders, which shall include a
description of the Settlement, and scheduling a unitholder vote. Approval of the Merger shall
require, in addition to votes required under the TEPPCO partnership agreement, the affirmative vote
of at least a majority of the votes cast by the holders of outstanding limited partnership units of
TEPPCO, excluding those held by defendants to the Derivative Action and their affiliates.

     2. The Derivative Action was considered by the Special Committee to be a significant asset of
TEPPCO for which fair value was sought and obtained in the merger consideration. The derivative
claims and the presentation by Derivative Plaintiff, his counsel and their experts provided
substantial assistance to the Special Committee in negotiating the increase in the merger
consideration. During the negotiations, the Special Committee advised EPD that EPD had not
sufficiently valued the Derivative Action and, thereafter, EPD increased the Merger consideration.

     3. The parties to the Actions will, within thirty (30) days from the date of this MOU, in good
faith attempt to agree upon and execute an appropriate Stipulation of Settlement (the
“Stipulation”) and such other documentation as may be required to obtain final Court approval of
the Settlement, and the dismissal of the Actions upon the terms outlined in this Memorandum of
Understanding (collectively, the “Settlement Documents”).

          The Stipulation of Settlement shall provide, among other things:

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          a. for the conditional certification of the Class Action, for settlement purposes only, as a
class action pursuant to Chancery Court Rules 23 (b)(1) and (b)(2) on behalf of a class consisting
of all record and beneficial owners of limited partnership units of TEPPCO during the period
beginning on and including the close of business on March 9, 2009 (the date of the initial Merger
Proposal) through and including the date of the closing of the Merger, including any and all of
their respective successors in interest, predecessors, representatives, trustees, executors,
administrators, heirs, assigns or transferees, immediate and remote, and any person or entity
acting for or on behalf of, or claiming under any of them, and each of them (the “Class”);

          b. for the complete discharge, dismissal with prejudice, settlement and release of, and an
injunction barring, all claims, demands, rights, actions or causes of action, rights, liabilities,
damages, losses, obligations, judgments, suits, matters and issues of any kind or nature
whatsoever, whether known or unknown, contingent or absolute, suspected or unsuspected, disclosed
or undisclosed, hidden or concealed, matured or unmatured, that have been, could have been, or in
the future can or might be asserted in the Class Action or Derivative Action or in any court,
tribunal or proceeding (including, but not limited to, any claims arising under federal or state
law relating to alleged fraud, breach of any duty, negligence, violations of the federal securities
laws or otherwise) by or on behalf of any member of the Class, TEPPCO and TEPPCO’s unitholders that
owned securities of TEPPCO continuously from the time the claims in the Derivative Action arose
through to the present, whether individual, class, derivative, representative, legal, equitable or
any other type or in any other capacity against defendants (or any one of them) in the Actions or
any of their families, parent entities, associates, affiliates, or subsidiaries and each and all of
their respective past, present or future officers, directors, unitholders, partners, members,
representatives, employees, financial or investment advisors,

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consultants, accountants, attorneys, investment bankers, commercial bankers, advisors or
agents, heirs, executors, trustees, general or limited partners or partnerships, personal
representatives, estates, administrators, predecessors, successors and assigns (collectively, the
“Released Persons”) which have arisen, could have arisen, arise now or hereafter arise out of, or
relate in any manner to, the allegations, facts, events, transactions, acts, occurrences,
statements, representations, misrepresentations, omissions or any other matter, thing or cause
whatsoever, or any series thereof, embraced, involved, set forth or otherwise related to, the Class
Action or Derivative Action, or any allegations in the complaints or amended complaints in the
Actions, to the Merger or the consideration or implementation of the Merger, or to any proxy
statement, any supplement thereto, or any disclosures contained therein issued in connection with
the Merger (provided that plaintiffs are provided with a draft of the proxy statement and the
opportunity to comment on any proposed disclosures) (the “Settled Claims”), provided however, that
Settled Claims shall not include any claims to enforce the Settlement;

          c. for the release by defendants of each other defendant of any legal or equitable claims or
rights of recovery from the other defendants related to the Actions, whether arising under 10 Del.
C. § 6301, et. seq., or otherwise, excepting only such claims for advancement and/or
indemnification for attorneys’ fees and expenses as any individual defendant may have;

          d. that in the event the Merger is not consummated or the settlement does not become final for
any reason the parties will be placed in the positions they held on June 22, 2009, and the
defendants reserve the right to oppose certification of the Class in future proceedings; and

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          e. that defendants have denied and continue to deny they have committed or attempted to commit
any violations of law or breached any duty owed to TEPPCO or its unitholders.

     4. Pending final approval of this Settlement, Plaintiffs and their counsel will not file any
motion for a preliminary injunction or other interim equitable relief relating to the Merger. All
proceedings in the Actions shall be stayed except as provided in this agreement.

     5. Plaintiffs and defendants shall agree on the terms of a proposed Notice of the Proposed
Settlement, which shall be provided to TEPPCO unitholders by TEPPCO at its expense. This
requirement shall be satisfied via a notice of settlement which will be printed and mailed by
defendants, at TEPPCO’s expense, to all unitholders of TEPPCO pursuant to Chancery Court Rules
23(e) and 23.1(c).

     6. Plaintiffs’ agreement to settle the Derivative Action and the Merger Litigation, including
their agreement to the fairness of the proposed terms and process of the Merger negotiations, shall
be subject to confirmatory discovery following the execution of this MOU and proposed Merger
agreement, including appropriate document and deposition discovery.

     7. This settlement is subject to: (a) the drafting and execution of the Settlement Documents;
(b) satisfactory confirmatory discovery confirming the fairness of the merger, (c) approval of the
Court and the mailing of a Notice of Settlement which sets forth the terms of the settlement to
TEPPCO unitholders; (d) consummation of the Merger; and (e) final Court certification of the Class,
approval of the Settlement, and dismissal of the Actions with prejudice and without awarding costs
to any party except as determined in paragraph 9. This Memorandum of Understanding shall be null
and void and of no force and effect should any of the

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conditions set forth herein not be met; in such event, this Memorandum of Understanding shall
not be deemed to prejudice in any way the positions of the parties with respect to the Actions nor
to entitle any party to the recovery of costs and expenses intended to implement this Memorandum of
Understanding (except as provided in paragraph 5 hereof for the costs of notice).

     8. The Stipulation of Settlement shall provide a statement that (i) the release contemplated
by the stipulation shall extend to the claims that the parties granting the release (the “Releasing
Parties”) do not know or suspect to exist at the time of the release, which if known, might have
affected the Releasing Parties decision to enter into the release, (ii) the Releasing Parties shall
be deemed to relinquish, to the extent applicable, and to the full extent permitted by law, the
provisions, rights and benefits of Section 1542 of the California Civil Code, and (iii) the
Releasing Parties shall be deemed to waive any and all provisions, rights and benefits conferred by
any law of any state or territory of the United States, or principle of common law, which is
similar, comparable or equivalent to California Civil Code Section 1542.

     9. Plaintiffs and their counsel intend to petition the Court for a reasonable award of
reasonable fees, reimbursement of reasonable expenses, and a special award for plaintiffs, in
connection with the Actions (the “Fee Application”). The parties in the Actions shall negotiate in
good faith the amount of the Fee Application. Defendants in the Actions reserve all rights to
oppose the Fee Application. Final resolution by the Court of the Fee Application shall not be a
precondition to the dismissal of the Actions in accordance with the Stipulation, and the
Stipulation shall provide that the Fee Application may be considered separately from the proposed
Settlement of the Actions. Fees and expenses awarded by the Court in the Actions to Plaintiffs’
counsel in the Actions shall be paid by TEPPCO and/or any insurer for any of the Defendants

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within ten (10) business days after the later of (1) fulfillment of all of the conditions to
the Settlement or (2) the date of the Court’s order approving the Fee Application.

     10. While retaining their right to deny liability, the Actions are being settled voluntarily
by defendants after consultation with competent legal counsel. The releases between the parties
will include releases of all counsel in the Actions.

     11. The parties agree to take all reasonable and necessary steps to expeditiously implement
the terms of this agreement and to complete the Settlement.

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	ROSENTHAL, MONHAIT
& GODDESS, P.A.

	 	 	 	MORRIS, NICHOLS, ARSHT & TUNNELL LLP
	 
	 	 	 	 
	/s/ Joseph A. Rosenthal
 

Joseph A. Rosenthal (#234)

	 	 
	 	/s/ A. Gilchrist Sparks, III
 
A.
Gilchrist Sparks, III (#467)
	Norman M. Monhait (#1040)

	 	 	 	William M. Lafferty (#2755)
	919 Market Street, Suite 1401

	 	 	 	Thomas W. Briggs, Jr. (#4076)
	P.O. Box 1070

	 	 	 	1201 North Market Street
	Wilmington, DE 19899

	 	 	 	P.O. Box 1347
	(302) 656-4433

	 	 	 	Wilmington, DE 19899
	Attorneys for Peter Brinckerhoff

	 	 	 	(302) 658-9200
	and Renee Horowitz

	 	 	 	Attorneys for Defendants Enterprise
Products Partners, L.P., Enterprise
Products GP, LLC, W. Randall Fowler,
Michael A. Creel and Richard H. Bachmann

	 
	 	 	 	 
	PROCTOR HEYMAN, LLP

	 	 	 	RICHARDS LAYTON & FINGER, P.A.
	 
	 	 	 	 
	/s/ Vernon R. Proctor
 

Vernon R. Proctor (#1019)

	 	 
	 	/s/ Gregory P. Williams
 
Gregory
P. Williams (#2168)
	Kurt M. Heyman (#3054)

	 	 	 	Anne C. Foster (#2513)
	1116 West Street

	 	 	 	Rudolf Koch (#4947)
	Wilmington, DE 19801

	 	 	 	Jennifer J. Veet (#4929)
	(302) 472-7300

	 	 	 	One Rodney Square
	Attorneys for Nominal Defendant

	 	 	 	920 North King Street
	TEPPCO Partners, L.P.

	 	 	 	Wilmington, DE 19801
	 

	 	 	 	(302) 651-7700
	 

	 	 	 	Attorneys for Defendants Richard S. Snell,
Michael B. Bracy, Murray H. Hutchison,
Jerry E. Thompson and Texas Eastern
Products Pipeline Company, LLC

	 
	 	 	 	 
	Dated: 06/28/09
	 	 	 	 

14

 

	 	 	 	 	 
	ASHBY & GEDDES

	 	 	 	POTTER ANDERSON & CORROON LLP
	 
	 	 	 	 
	/s/ Lawrence C. Ashby
 

Lawrence C. Ashby (#468)

	 	 
	 	/s/ Donald J. Wolfe, Jr.
 
Donald
J. Wolfe, Jr. (#285)
	Richard D. Heins (#3000)

	 	 	 	Brian C. Ralston (#3770)
	Richard L. Renck (#3893)

	 	 	 	1313 N. Market Street
	500 Delaware Avenue, 8th Floor

	 	 	 	P.O. Box 951
	P. O. Box 1150

	 	 	 	Wilmington, DE 19899-0951
	Wilmington, DE 19899-1150

	 	 	 	(302) 984-6015
	(302) 654-1888

	 	 	 	Attorneys for Defendants Donald H. Daigle,
Duke R. Ligon and Irvin Toole, Jr.

	Attorneys for Defendants
Dan L. Duncan and EPCO, Inc.

	 	 	 

	 
	 	 	 	 
	Dated: 06/28/09
	 	 	 	 

15exv4w9

EXHIBIT 4.9

Ideal International Plaza

Lease Agreement

Suite XXXX, Ideal International Plaza

58 North 4th Ring Road West, Haidian, Beijing 100080, PRC

By and between

Lessor: Beijing Zhongwu Ideal Real Estate Development Co., Ltd

And

Lessee: Company AA.

 

 

Date: July 13, 2007

Lessor:
Beijing Zhongwu Ideal Real Estate Development Co., Ltd (hereinafter
referred to as “Party A”)

Registered Address: North Court, No. 106, Zhichun Road, Haidian District, and Beijing

Legal Representative: Wang Lixin

No. of Business License: 1101081510224

Lessee: Company AA

	 	 	 	(Hereinafter referred to as “Party B”)

Legal Representative: XX

This lease agreement (hereinafter referred to as “the agreement”) is signed by and between both
parties via amiable negotiation on July 13, 2007.

	1	 	Lessee

	 	 	 	Party A agrees to let, according to the rules of this contract, the suites on the
business floors (hereinafter referred to as leasehold) of Idea International Plaza
said in this contract (hereinafter referred to as The Plaza), and Party B agrees to
accept the lease.
	 
	 	 	 	The leasehold which Party A leases and Party B accepts includes Suite XXXX, Idea
International Plaza, 58 North 4th Ring Road West, Haidian, Beijing, China, with a
total the Building area of XX sq.m,

 

 

	 	 	 	(detailed in the ichnography, Appendix 2 of
this contract, which is for defining the location and area of the leasehold only).
	 
	 	 	 	Party B shall pay rent for the leasehold to Party A according to the on-the-spot
measured area conducted by the house administration of Beijing or other agencies
authorized by the government. If the figure measured out by Beijing house
administration or other state approved agencies differs with that stated in this
contract, the rent shall be re-calculated according to the actual measured area and
then the specified amount of it shall be modified.

	2	 	Use of the Leasehold

	 	 	 	The leasehold shall be used as offices only.

	3	 	Term of Lease

	 	3.1	 	The lease term of the said leasehold in this contract shall be 5 years,
including 24 months of fixed lease commencing from September 1, 2007 and ending on
August 31, 2009 and 36 months of unfixed lease from September 1, 2009 to August 31,
2012. For the unfixed lease period, Party B has the right to decide whether to extend
the lease or not. If Party B decides to extend the lease, according to the actual
market condition, the rent shall be re-calculated and rise no more than 5% based on
the current lease agreement.
	 
	 	3.2	 	The free rent period is two months, including:

	 	 	In the first year, from August 1 to August 31, 2008;
	 
	 	 	In the second year, from August 1, to August 31,
2009.

During the free rent period, although exempted from rent of the leasehold to Party A, Party B
shall strictly obey each article and clause of this contract, and pay property management
fees and other fees related to Party B,

 

 

 including but not limited to, electricity charges,
phone charges and fees for extra use of air conditioners.

	4	 	Rent, Deposit & Other Charges and Their Payment

	 	4.1	 	Rent

	 	4.1.1	 	The daily rent of the leasehold shall be RMB 4.14 Yuan per sq.m per day
(building area) and the monthly rent totals RMB XX Yuan.
	 
	 	4.1.2	 	Party B shall pay, within the first 7 days of each odd month (except
months of rent exemption), RMB XX Yuan as two months’ rent for the odd month and the
next. Party B shall not deduct or offset the rent without any justification.

	 	4.2	 	Down Payment of Rent

	 	 	 	Party B shall, within 7 days upon the conclusion of this contract, pay a down
payment of two months’ rent, RMB XX Yuan for the period from September 1 to October
31, 2007.

	 	4.3	 	Adjustment of Rent

	 	 	 	If Party B decides to relet the said leasehold after expiration of this contract,
the rent charges shall be determined via negotiation by both parties referring to
the market price of the time.

	 	4.4	 	Deposit

	 	4.4.1	 	Party B shall pay a deposit of RMB XX Yuan, equal to two months’ rent,
within 7 days upon the conclusion of this contract as the caution money for its
performance of this contract.
	 
	 	4.4.2	 	If Party B breaches any clause of this contract, Party A may use or hold
back all or part of the deposit to offset the loss on Party A caused by Party B’s
breach of the contract based on provision of a payment voucher and loss evidence.
When the deposit cannot compensate for Party A’s losses, Party B shall cover any
balance. After Party A makes

 

 

	 	 	 	any deduction from the deposit, Party B shall restore
the deposit to the amount specified in Clause 4.1 within 7 days upon notice.
	 
	 	4.4.3	 	Upon expiration of the contract or its termination via negotiation by and
between both parties, if party B has carried out all its duties as stipulated by this
contract, Party A shall return the capital of the deposit (excluding the interest) to
Party B within 7 days of retrocession of the leasehold to Party A by Party B.

	 	4.5	 	Interest on Deferred Payment

	 	 	 	If Party B defers any payment that should be paid to Party A as stipulated by this
contract, Party A shall have the right to collect an interest of 0.24% of the
deferred payment for the period since the due date of such deferred payment till
the day when Party B pays off the capital and interest of the deferred payment and
other relevant fees. The said interest shall not affect any other right of Party A
or its remedial measures under this contract. If Party B fails to pay rent on time
due to Party A’s failure to produce invoices in time or any other reason caused by
Party A, Party B need not pay any interest or other relevant fees.

	 	4.6	 	Taxes and Fees

	 	 	 	Party A shall pay all taxes and fees, including but not limited to, those on
housing property, land use in cities and towns, sales, maintenance and construction
of cities and additional tax on education, and provide, upon reasonable
requirements by Party B, certificate of tax payment for housing property and land
use in cities and towns.

	 	4.7	 	Type of Payment

	 	 	 	Party B shall pay in time the rent and other payment to Party A in check. Party A
shall produce legitimate invoices to Party B before receiving the check, and Party B shall pay on sight of invoices.

	 	4.8	 	Management of the Plaza and the Relevant Fees

 

 

	 	4.8.1	 	The management of the Plaza shall be conducted by the property management
company (hereinafter referred to as the manager) entrusted by Party A or by Party A
itself. Party A shall guarantee implementation of duties by the manager according to
the contract concluded between the two, handle the relationship between the manager
and itself properly and make sure that Party B shall not be obstructed from using the
leasehold properly during the lease term for any reason.
	 
	 	4.8.2	 	Party A warrants that the manager of the Plaza shall be CB Richard Ellis
or other property management companies of the same service level. Otherwise Party B
shall have the right to reduce property management fees according to the actual
situation.
	 
	 	4.8.3	 	The monthly charges on property management shall be RMB XX Yuan per sq.m
(building area) and the monthly total amount shall be RMB XX Yuan. Party B shall pay
RMB XX Yuan no later than the 7th day every odd month as two months’ (the
odd month’s and that of the next month) management fees. Party B shall not deduct or
offset management fees without any justification. The down payment period is from
September 1, 2007 to October 31, 2007.
	 
	 	4.8.4	 	Party B agrees to follow all regulations of the property management
(lessee manual) (see appendix 8), and pay RMB XX Yuan as deposit and another RMB XX
Yuan as the management fees for the first two months to the manager within 7 days
upon conclusion of this contract. Party A shall produce legitimate invoice for such
payment in advance.
	 
	 	4.8.5	 	Within the lease term, Party B shall pay all charges on electricity, water
and other relevant fees concerning the leasehold according to the public utility
account produced by Party A or the manager.
	 
	 	4.8.6	 	Within the lease term, Party B shall pay monthly management fees and
public utility fees to the manager within 7 days upon the manager’s notice of
payment.

 

 

	 	4.8.7	 	When this contract expires and Party B decides not to relet the leasehold,
if Party B has carried out all duties as stipulated by this contract, Party A shall
return the deposit of management fees (excluding interest) to Party B within 7 working days upon
retrocession of the leasehold by Party B.

	5	 	Commitments & Rights

	 	5.1	 	Commitments & Rights of Party A

	 	5.1.1	 	Commitments

	 	5.1.1.1	 	Party A pledges to acquire legally the Title Deed of Idea International Plaza
within a reasonable time and shall have the right to let the leasehold, and if
any damage occurs to Party B because Party A delays acquirement of the Title
Deed, Party A shall make full indemnity.
	 
	 	5.1.1.2	 	Party A is legally incorporated and engaged in rental services concerning
foreign nationals as stated in its registered scope of businesses.
	 
	 	5.1.1.3	 	Party A enjoys legal proprietorship of the leasehold leased by Party B. If
any damage occurs to Party B because of incompleteness of relevant proprietary
document of Party A, Party A promises to make full compensation to Party B.
	 
	 	5.1.1.4	 	Party A guarantees that the leasehold complies with national laws,
regulations and relevant designing standard of the trade, and meet the
requirements of office use as well as normal business operations of Party B
	 
	 	5.1.1.5	 	Party A shall transfer the leasehold to Party B for use as stipulated by this
contract within 5 working days upon execution of this contract.
	 
	 	5.1.1.6	 	Party A shall provide all necessary documents (including but not limited to
its ID certificate, Title Deed, Certificate of Right to Use State-Owned Land,
certificate of payment, certificate of tax

 

 

	 	 	 	payment, etc.) for the newly
established company or institution of Party B, or any company or institution
that relet the leasehold from Party B for the convenience of registration and
annual review.
	 
	 	5.1.1.7	 	Party A shall ensure that the manager keeps all public equipment and systems
in good condition and working order, the public area clean and tidy, so as to
provide Party B with good environment for business and protect it from any
disturbance.
	 
	 	5.1.1.8	 	Party A shall ensure that the manager undertakes the greening of the public
area of the Plaza, joint defense of public security and its costs.
	 
	 	5.1.1.9	 	Within the lease term, Party A shall be responsible, as stipulated by the
state regulations on house management, for the maintenance and repair of the
main structure, walls, drainage, pipelines and cables of the Plaza, and
undertake these costs.
	 
	 	5.1.1.10	 	Except for Force majeure or consequences resulting from government
departments, Party A guarantees to keep the electricity, air-conditioning and
telecommunication in good condition and able for normal use upon execution of
this contract.
	 
	 	5.1.1.11	 	Party A shall not set up any facilities that may influence the day lighting
or scope of vision of the leasehold, including but not limited to any scrolls,
neon lamps, billboards, light boxes, lighting devices, accompaniments and etc.
Should Party A, the property management company or any other third parties
conduct the aforesaid actions, the lessor shall assist the lessee to solve the
relevant disputes arising therefrom.
	 
	 	5.1.1.12	 	Party A shall provide Party B with XX unfixed underground parking lots at
the cost of RMB XX Yuan per month for each.
	 
	 	5.1.1.13	 	Party B shall pay the fees for extra use of air conditioners to Party A at
the cost of RMB XX per sq. m. per hour.

 

 

	 	5.1.1.14	 	Party A shall provide Party B with air conditioning for the whole office
area for the period of Monday to Friday from 8:00 to 18:00, and 8: 00 to 14:00
for Saturday. Party B shall give Party A or the property management company
entrusted by party A a notice about the extra use of air conditioners 4 hour in
advance.
	 
	 	5.1.1.15	 	Party A or the property management company entrusted by party A shall set up
uniform corporation signboards for Party B in the place designated by Party A or
its entrusted property management company in the elevator hall on Party B’s
floor and in the entrance hall of the Plaza, and Party B shall afford the
reasonable cost of it.
	 
	 	5.1.1.16	 	Party A agrees to keep secrete the abovementioned articles, and not to
reveal them to any third party but Party A and Party B as well as Party A’s
lawyer and/or consultant unless it is required by law, verdict of court,
executive order or permitted by Party B.

	 	5.1.2	 	Rights

	 	5.1.2.1	 	Party A shall enjoy the access to all passages and public areas of the Plaza.
	 
	 	5.1.2.2	 	Party A shall enjoy the right to fixing, examining and maintaining all
devices, systems and piping of the Plaza.
	 
	 	5.1.2.3	 	Party A or its entrusted person, including the property management company of
the Plaza, shall have the right to send persons into the leasehold for purposes
of security, patrol, repair or maintenance of the leasehold or the Plaza, with a
written notice given to Party B one day in advance. However, Party A or its
entrusted person, including the property management company of the Plaza, may
enter the leasehold without Party B’s permission immediately in case of any
emergency or danger. In any case,

 

 

	 	 	 	Party A shall try its best not to obstruct
Party B in using the leasehold for business purpose.
	 
	 	5.1.2.4	 	Party A shall have the right to transfer, within the valid period of this
contract, the Plaza or part of the Plaza, including the leasehold, to a third
party, and Party A shall guarantee that the transferee shall undertake the
commitment and enjoy the rights of Party A designated by this contract.
	 
	 	5.1.2.5	 	Party A shall enjoy exclusively the right to decorate, arrange, maintain,
remove and change the signboards, placards, posters and advertisements in any
public area of the Plaza; Party B shall be mandated by Party A to enjoy
exclusively the right to decorate, arrange, maintain, remove and change the
signboards, placards, posters and advertisements within the leasehold.
	 
	 	5.1.2.6	 	Party A shall have the right to change the name of the Plaza without
consulting Party B or compensating Party B for its relevant losses; however,
Party A shall give Party B a written notice about the details of change one month in advance.
	 
	 	5.1.2.7	 	Within the six months before the expiration of this contract, Party A or its
entrusted persons may enter the leasehold anytime to inspect it provided that
Party A or its entrusted persons has/have noticed Party and is /are permitted by
Party B.
	 
	 	5.1.2.8	 	Party A shall have the right to set up any mortgage or any other security
right on the Plaza, including the leasehold and any part of its equipment,
within the valid period of this contract without Party B’s permission. If the
mortgage leads to any transfer of property rights, Party A shall guarantee that
the transferee should undertake the commitments and enjoy the rights of Party A
designated by this contract.

 

 

	 	5.1.2.9	 	Party A or its entrusted person, including the property management company of
the Plaza, may enter the leasehold without Party B’s permission immediately in
case of emergency or danger. However, Party A shall try its best not to bring
losses to Party B.
	 
	 	5.1.2.10	 	Party A shall compensate Party B, other owners, users or third parties for
the losses resulting from Party A’s fault.
	 
	 	5.1.2.11	 	Party A’s not exercising or delaying exercising the rights or remedies that
it enjoys under this contract shall not make renunciation; Party A’s exercising
any individual right or part of the rights shall not hamper it in further
exercising (other) rights or remedies.

	 	5.2	 	Commitments & Rights of Party B

	 	5.2.1	 	Commitments

	 	5.2.1.1	 	Pay the rent, management fees & fees related to Party B to Party A as stated
during the period of validity of this contract.
	 
	 	5.2.1.2	 	Be liable for its electricity fee, water fee, communication fee, phone fee &
other utility fees related to Party B within the leasehold.
	 
	 	5.2.1.3	 	The fitment team employed by Party B shall be qualified with construction
certificate or related business operation certificate & grade certificate
approved by Administrative department to carry on the interior fitment of the
leasehold in the Plaza.
	 
	 	5.2.1.4	 	Within the period of validity of this contract, Party B shall inform Party A
and its authorized person, including the property management company, of the
fitment work in written form before fitment, which shall not be rejected by
Party A and its authorized person without any reason.

 

 

	 	5.2.1.5	 	Be liable for compensating Party A, any other owner, user or third party for
the total losses due to Party B‘s fault.
	 
	 	5.2.1.6	 	Use facilities provided by Party A in the leasehold & utility
facilities/system/equipment of the Plaza, including but not limited to, air
conditioner/heating equipment, fire fighting/alarming device, lighting
equipment, cable, wire, cabling lines) in a reasonable manner and protect them
from manmade damage.
	 
	 	5.2.1.7	 	Any damage resulted due to Party B’s mistakes in the leasehold shall be
informed timely by Party B to Party A or the property management company. If
Party B fails to repair or repair completely the aforesaid damages within one
month since the date when receiving written notice from Party A, Party A shall
have the right to arrange repair itself with the cost incurred payable by Party
B and provide Party B with the relevant payment invoice.
	 
	 	5.2.1.8	 	Party B shall adopt reasonable measures to prevent the leasehold from being
damaged by natural disaster, such as rainstorm and sand-blown wind. Should the
leasehold suffer such damages, Party B shall timely inform Party A or the
manager.
	 
	 	5.2.1.9	 	Should the leasehold suffer any structural damage due to negligence or
mistakes by Party B, Party B shall restore it to the state before the damage
within one month since the date when receiving written notice from Party A or
the property management company.
	 
	 	5.2.1.10	 	Agree that Party A or the manager commissioned by Party A shall have the
right to enter and carry out routine maintenance or emergency repair in the
leasehold, and inform Party B of the routine maintenance in advance only.
	 
	 	5.2.1.11	 	Timely inform Party A or the manager commissioned by Party A of the property
damage & staff injury in the leasehold.

 

 

	 	5.2.1.12	 	Without written approval of the Party A or the property management company
commissioned by Party A, Party B shall not install or change the equipment,
partition and exceed the load-bearing standard of the floor of the leasehold.
	 
	 	5.2.1.13	 	Party B shall not make any noise or conduct any action or affair in the
leasehold that may bother other people in or out of the Plaza.
	 
	 	5.2.1.14	 	Party B shall not carry on any activities that do harm to Party A or other
lessees in the Plaza, or deal with any business/conduct that may damage the
image of the Plaza as an office mansion. Party B shall not carry on illegal
operations in the leasehold.
	 
	 	5.2.1.15	 	Party B shall not store in the leasehold any dangerous goods that endanger
the plaza or any other people, including but not limited to, weapon, cartridge,
saltpeter, gunpowder, kerosene or any other inflammable, explosive, dangerous
goods or that are against the law.
	 
	 	5.2.1.16	 	Party B shall not manufacture or store goods/commodities in the leasehold
except for a small amount of goods/commodities used as sample or displaying
articles related to Party B’s business or activities with written approval
obtained from Party A or the manager commissioned by Party A in advance.
	 
	 	5.2.1.17	 	Party B shall not raise any poultry or pet in the leasehold.
	 
	 	5.2.1.18	 	Party B shall not itself, or allows others to carry out any activities
making the insurance of the Plaza completely or partly ineffective or causing
the rise of the insurance fees. Should Party B breach this sub-clause and make
Party A have to insure again or suffer rise of insurance, Party B shall refund
Party A the extra insurance fees and any other related expenses induced at once.
	 
	 	5.2.1.19	 	Party B shall not use public areas such as the Plaza lobby, elevator,
stairway, passage, great hall, stairway platform, display

 

 

	 	 	 	window etc. to pile, discard or leave chests,
furniture, garbage and any other staff, causing inconvenience or obstruct to
other lessees or users of the Plaza.
	 
	 	5.2.1.20	 	Party B shall not set up, display or exhibit any advertisement, signboard
settings in the Plaza out of the leasehold, except that the locations are
approved by Party A and the Plaza manager in written form in advance.
	 
	 	5.2.1.21	 	Party B shall comply with the related regulations of Lessee Manual prepared
by Party A at the same time after signing this contract.
	 
	 	5.2.1.22	 	Guarantee that effective commercial license plate, operation license,
authorization or permit issued by relevant government department or bureau are
on hand before commencing its business operation inside the leasehold.
	 
	 	5.2.1.23	 	Upon expiration of the contract, Party B shall keep the office area in
applicable state and retrocede it to Party A. Whether the public area is to
restore to its original condition or not shall be determined via negotiation by
both parties.
	 
	 	5.2.1.24	 	If Party B decides to extend the lease after expiry of this contract, it
shall inform Party A with written notice 6 months before the expiry date of this
contract. Party B has the priority to re-let the leasehold under equal price
condition.
	 
	 	5.2.1.25	 	Party B shall empty out and move away from the leasehold within 14 days
after expiry date of this contract and return all keys of the leasehold upon
expiration or early termination of this contract.
	 
	 	5.2.1.26	 	Perform other obligations on lessee regulated by the national laws.
	 
	 	5.2.1.27	 	Except for written approval of Party A, such not be laid aside without any
righteous reason, Party B shall not share all or partial

 

 

of the leasehold with any third parties via transfer of the contract or
sublease or any other means.

	 	5.2.1.28	 	During the lease period under this contract, if Party B normally uses
leasehold and enjoys property management service as stated in the contract, it
shall not ask for deduction to any of the fees as stipulated in the contract
from Party A or the property management company.
	 
	 	5.2.1.29	 	If Party B intends to install any air conditioning equipment in the
leasehold for its own use, an approval must be obtained from Party A and the
property management company in written form. Party A shall not reject such
intention without any reason and Party B shall be liable for any expenses
arising there from.
	 
	 	5.2.1.30	 	Party B agrees to keep secrete the abovementioned articles, and not to
reveal them to any third party but Party A and Party B as well as Party B’s
lawyer and/or consultant unless it is required by law, verdict of court,
executive order or permitted by Party B.

	 	5.2.2	 	Rights:

	 	5.2.2.1	 	Party A agrees that Party B may share all or partial of the leasehold with
its affiliated institutions with the subject of the lease remaining unchanged,
which shall enjoy the equal rights of a lessee as Party B, including Beijing
Sina Internet Information Service Co., Ltd, Beijing Sina Internet Technology
Service Co., Ltd., Beijing Sina Infinity Advertising Co., Ltd., Beijing
Davidhill Internet Technology Service Co., Ltd., Sina.Com Technology (China) Co.
Ltd., Star-Village Internet Technology (Beijing) Co. Ltd., Beijing Star-Village
Online Cultural Development Co. Ltd. and any other institution that Party B has
informed the Party A in the written form in advance.

 

 

	 	5.2.2.2	 	Party B shall have the right to use the leasehold at will according to
aforesaid articles set forth by this contract within its validity period free
from any illegal interference from Party A.
	 
	 	5.2.2.3	 	Should Party B is unsatisfied with the service of the manager, it may make a
complaint to Party A under reasonable condition, and Party A shall urge the
manager to improve as soon as possible. If there is no improvement by Party A
and is unable to agree on the request of Party B via negotiation, Party B has
the right to deduct the management fee of that month in accordance of the
service standards established by the manager.
	 
	 	5.2.2.4	 	Party B shall have the rights to use any public facilities within the Plaza.
	 
	 	5.2.2.5	 	Party B shall have the priority to re-let the leasehold. The extending area
and rental cost conditions shall be under the equal conditions with 2 + 3 main
contract. If any lessees may provide rent 15% higher than SINA, Party A and
Party B shall have a further negotiation. Party A shall give notice to Party B 7
days in advance of leasing the aforesaid leasehold to any third party, and Party
B shall give an explicit response for its intention to re-let the aforesaid
leasehold from Party A within 7 days.

	6	 	Modification & Termination of the Contract

	 	6.1	 	Party A and Party B may revise, modify or terminate the contract in advance by
unanimous agreement in written form via negotiation.
	 
	 	6.2	 	Should any force majeure stated in the Article 9 of this contract occur that makes
the performance of this contract impossible, both Parties may terminate the contract in
advance via negotiations.

 

 

	 	6.3	 	Party A shall have the right to terminate or rescind this contract unilaterally
without rendering any indemnification to Party B if any of the following situations occurs
to Party B. The written notice of termination from Party A shall become effective after 30
days since its delivery date by Party A:

	 	6.3.1	 	Conduct business operations against the laws or regulations of PRC.
	 
	 	6.3.2	 	Apply the leasehold for other purposes without authorization of Party A.
	 
	 	6.3.3	 	Relet all or partial of the leasehold to any third party or transfer or
share the leasehold to/with any third party without written approval of Party A.
	 
	 	6.3.4	 	Fail to pay the rent as stipulated in the Article 4 and to make such
payment after 14 days since the date when receiving written notice from Party A.
	 
	 	6.3.5	 	Breach its obligations specified in Clause 2, Article 6 of this contract
or any other obligation stated in the contract and fail to make any corrections to
its breaching in 14 days since the date when receiving written notice from Party A

	 	6.4	 	Party B may terminate or rescind this contract unilaterally by informing Party A in
written form 30 days in advance without rendering any indemnification to Party A if any of
the following situations occurs, in which case, Party A shall refund the paid rent, rent
deposit, property management fees, property management deposit and any other refundable
fee to Party B:

	 	6.4.1	 	Party A makes severe mistakes or takes liabilities for mistakes in its
management so that Party B cannot carry out business operations.
	 
	 	6.4.2	 	Party A breaches its obligations regulated in Clause 1, Article 6 of this
contract or any other obligation stated in the contract and fails to make

 

 

	 	 	 	any corrections to its breaching in 14 days since the date when receiving written
notice from Party B.
	 
	 	6.4.3	 	The leasehold cannot be normally used for 14 days due to other reasons not
caused by Party B.

	7	 	Breaching & Indemnification Liabilities

	 	7.1	 	If Party B fails to pay the rent, management fees or any other fees in time as
stipulated in the contract, Party A may send a written notice asking Party B to pay back
within 14 days. If Party B fails to pay back those payments within 14 days since the date
when receiving the written notice from Party A, Party A shall have the right to rescind
the contract and ask Party B to compensate for the losses and relevant interests arising
therefrom.
	 
	 	7.2	 	Should Party B apply the leasehold for other purposes without any authorization from
Party A, Party A shall have the right to ask Party B to make corrections within a
reasonable term appointed. If Party B fails to make corrections complying with the
contract, Party A shall have the right to rescind the contract and held Party B
responsible for the indemnification according to this Clause.
	 
	 	7.3	 	Within the lease term of this contract, if Party B leases or sub-leases the leasehold
without written authorization from Party A in advance, Party A shall have the right to
rescind this contract and Party B shall eliminate the influence caused by the third party
to Party A within an appointed term.
	 
	 	7.4	 	If Party B is subject to bankrupt or liquidation, Party A may rescind the contract.
Under such circumstances, Party A shall not ask Party B for other expenses according to
Clause 9, Article 7 of this contract after deducting the deposit & property management
deposit of Party B.
	 
	 	7.5	 	Any party who breaches the contract fails to make corrections to its breaching within
14 days since the date when receiving the written notice

 

 

	 	 	 	from the other party, the non-breaching party shall ask it for the indemnification and
rescind the contract.

	 	7.6	 	Party B shall empty out and move away from the leasehold at the expiry date or within
14 days after termination date of this contract and keep the office area in applicable
state after inspection and confirmation by Party A and retrocede it at the time returning
every key of the leasehold to Party A.
	 
	 	7.7	 	In case that Party B doesn’t retrocede the leasehold in accordance with the aforesaid
clause, Party A shall have the right to empty out the leasehold and restore it to its
original condition. The reasonable expenses occurred to Party A due to the aforesaid
reason, including but not limited to the expenses induced from emptying out the leasehold,
restoring to its original condition & keeping the stuff left in the leasehold by Party B
in other places shall be payable by Party B, and Party A shall provide Party B with
relevant invoices for the actual expenses. The Party A shall have the right to deduct the
aforesaid expenses from Party B’s deposit, and Party B shall make up for the balance at
once when receiving the notice from Party A if the deposit is insufficient. If Party B
continues to use the leasehold before Party A exerts the aforesaid right, Party B shall
pay the rent for the occupied period to Party A on the basis of the rent stipulated in
this contract.
	 
	 	7.8	 	After moving out of the leasehold and restoring it to its original conditions, Party
B shall inform Party A to proceed the inspection and both parties sign a Transfer Sheet on
the basis of inspection condition of the leasehold. Unless Party A stipulates in the sheet
that it agrees to accept the leasehold, the sheet shall only act as an account of the
status of the leasehold but not be considered as that Party A has accepted Party B’s
retrocession and the leasehold. In the period when Party B handles the existing problems
listed in Transfer Sheet, it shall be considered as that Party B doesn’t retrocede the
leasehold as stipulated in the contract and Party A enjoys the right stated in Clause 7,
Article 7 of this contract.

 

 

	 	7.9	 	Except those reasons for early termination stipulated by this contract, Party A shall
not refund the paid deposit to Party B if the early termination occurs due to the reasons
caused unilaterally by Party B without written approval of Party A in advance. If such
circumstance occurs within 2 years of the lease term, Party B shall make up for the free
rent it has enjoyed. Party A shall have the right to make other lease contract for the
said leasehold in order to lessen the losses caused by the violation of Party B.

	8	 	Force Majeure

	 	8.1	 	Force Majeure refers to those severe natural disasters and those that both parties of
this contract cannot foresee, or control or avoid its process or results. The affected
party shall bear no responsibilities for not undertaking its obligations of this contract
due to any force majeure.
	 
	 	8.2	 	The party that can not undertake all or partial of its obligations or cannot
undertake them in time due to any force majeure shall give notice of the circumstances to
the other party timely and shall provide legal certifications that are issued by the
relevant institutions for the force majeure within a reasonable time.
	 
	 	8.3	 	In case that any force majeure occurs in the leasehold so as to make it out of use or
become a leasehold shut down by the property management office, or the leasehold declared
as dangerous structure by the government is not due to the reason that Party A shall
control and is not the result that Party B fails to perform its obligations stated in the
contract, the rent shall be deducted in proportion to the extent of the useless and free
from payment until the leasehold can be used again, but Party A shall neither have
responsibilities to restore the leasehold to its original conditions, nor have
responsibilities to render indemnification to Party B during the useless period of the
said leasehold. If the leasehold remains to be useless for a consecutive period of 30 days
or an accumulative period of 30 days, any party shall rescind the contract with written
notice to the other party, which

 

 

	 	 	 	shall not affect the rights & responsibilities that bound to both parties before the
rescission.

	9	 	Settlement Of Dispute & Governing Law

	 	9.1	 	Laws and regulations of PRC shall be applied for the conclusion, effectiveness,
performances, explanations and settlement of disputes concerning this contract.
	 
	 	9.2	 	Both parties shall seek settlement for any disputes over the contract via
negotiation, which if fails, any party shall submit the disputes to the Beijing Arbitrary
Commission for settlement that will carry out arbitration pursuant to the present
arbitrary rules in Beijing. The arbitrament is final with the same binding force to both
parties.
	 
	 	9.3	 	During the arbitration of the contract, the contract shall continue to be effective
with the rest articles and clauses except for the disputed articles.
	 
	 	9.4	 	The contract is made in Chinese and the Chinese version shall be the original.

	10	 	Miscellaneous

	 	10.1	 	Contract registration

	 	10.1.1	 	This contract shall be registered to Beijing Real Estate Administration after being
signed by both parties.
	 
	 	10.1.2	 	Party B shall assist Party A in the registration of the contract to the relevant
government department after signing the contract pursuant to the relevant laws and
regulations of Beijing with all the relevant charges payable by Party A. Should Party
A fail to conduct the registration and cause any loss to Party B, Party A shall be
held liable for such losses to Party B.

 

 

	 	10.2	 	All appendixes of this contract shall have the same legal binding force as this
contract.
	 
	 	10.3	 	This contract shall become effective on the date of being signed and sealed by both
parties.

This agreement is signed by and between both parties in Beijing, China on July 13, 2007.

Party A: Beijing Zhongwu Ideal Real Estate Development Co., Ltd

Authorized Representative:

	 	 	 	 	 
	Signature/Seal

	 	     /s/	 	 
	 

	 	 

	 	 

Party B: Company AA

Authorized Representative:

	 	 	 	 	 
	Signature/Seal

	 	          /s/	 	 
	 

	 	 

	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SINA Corporation – List of the lease agreements Exhibit 4.9
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Down
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Payment of
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Down	 	Charges on	 	Charges on
	 	 	Total Building	 	 	 	 	 	 	 	 	 	Payment of	 	Property	 	Property
	Company (lessee)	 	Area	 	Suite	 	Monthly Rent	 	Rent	 	Management	 	Management
	Beijing SINA Interne
	 	 	1522	 	 	 	1501/1918/1917/2	 	 	 	189032.4	 	 	 	378064.8	 	 	 	38050	 	 	 	76100	 
	Information Service Co., Ltd.
	 	 	 	 	 	 	011/1811/1701/17	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	02/1703/1705/170	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	7/1709/1710/1714	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beijing SINA Infinity
Advertising Co., Ltd.
	 	 	100	 	 	 	1805/1806	 	 	 	12420	 	 	 	24840	 	 	 	2500	 	 	 	5000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Star-Village Internet Technology
	 	 	50	 	 	 	1802/1807	 	 	 	6210	 	 	 	12420	 	 	 	1250	 	 	 	2500	 
	(Beijing) Co. Ltd.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Down
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Monthly	 	Payment of
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Down	 	Charges on	 	Charges on
	 	 	Total Building	 	 	 	 	 	 	 	 	 	Payment of	 	Property	 	Property
	Company (lessee)	 	Area	 	Suite	 	Monthly Rent	 	Rent	 	Management	 	Management
	Beijing Star-Village Online
	 	 	200	 	 	 	1507/1814-1816	 	 	 	24840	 	 	 	49680	 	 	 	5000	 	 	 	10000	 
	Cultural Development Co. Ltd.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SINA.com Technology (China)
	 	 	11360.81	 	 	 	1507/1814-1816/	 	 	 	49842.7	 	 	 	99685.4	 	 	 	10032.75	 	 	 	20065.5	 
	Co., Ltd.
	 	 	 	 	 	 	801/802/1504-15	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	12/1901-1916	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SINA Technology (China)
	 	 	2196	 	 	 	1809\2013-2018	 	 	 	272743.2	 	 	 	545486.4	 	 	 	54900	 	 	 	109800	 
	Limited.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Beijing SINA
Advertising Co., Ltd.
	 	 	422	 	 	 	1812-1816	 	 	 	52412.4	 	 	 	104824.8	 	 	 	10550	 	 	 	21100	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	15850.81	 	 	 	 	 	 	 	607500.7	 	 	 	1215001.4	 	 	 	122282.75	 	 	 	244565.5

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