Document:

AGREEMENT NSB-TEMPLE

  Exhibit 10.7
 AGREEMENT BETWEEN NORTH
STATE BANK
AND SANDRA A. TEMPLE
 THIS AGREEMENT is made and entered into on this 1st day of June, 2000, by and between North
State Bank (hereinafter referred to as “the Bank”) and Sandra A. Temple (hereinafter referred to as “Executive”).
 WITNESSETH THAT:
 WHEREAS, as of the effective date of this Agreement, Sandra A. Temple is employed by North State Bank as Senior
Vice President, and as of the date of execution of this Agreement is employed in such capacity;
 WHEREAS, the Bank desires to retain the services of Sandra A.
Temple; and
 WHEREAS, the parties to this Agreement desire to establish mutually satisfactory arrangements in the event there is a termination of services of
Sandra A. Temple under circumstances provided for hereinafter;
 NOW, THEREFORE, for and in consideration of the premises and the following covenants, the
parties do hereby mutually agree:
 1.        Capitalized terms used in this
Agreement shall have the following definitions:
 (a)       The
term “Base Salary” means the annualized salary paid to Sandra A. Temple by the Bank during the twelve-month period ending on the last day of the last full month immediately preceding the termination date. Such Base Salary shall be reviewed
annually by the Compensation Committee or such other committee with the equivalent responsibilities. 
 (b)       The term “Bonuses” shall mean any and all incentive bonuses or discretionary bonuses granted by the Compensation Committee or the Board of Directors to Executive within
the most current twelve month period during the term of this Agreement. 
 (c)       The term “Cause” means (i) the breach of or negligent inattention to duties as the Senior Vice President of the Bank; (ii) malfeasance of office or disloyalty to the
Bank; (iii) commission of a felony or an unlawful act involving fraud or moral turpitude; or (iv) removal of Executive by federal or state regulators following a takeover of the Bank by such regulators. 
 (d)       “Change in Control” means (A) the acquisition at any time by a “person”
or “group” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) who or which are the beneficial owners (as defined in Rule 13(d)-3 under the Exchange

 

  Act), directly or indirectly, of securities representing more than 40% of the combined voting power in the election of directors of the
then outstanding securities of the Bank or any successor of the Bank, unless the acquisition of securities resulting in such ownership by such person or group had been approved by the Board of Directors of the Bank; (B) the termination of service of
directors, for any reason other than death, disability or retirement from the Board of Directors, during any period of two consecutive years or less, of individuals who at the beginning of such period constituted a majority of the Board of
Directors, unless the election of or nomination for election of each new director during such period was approved by a vote of at least a majority of the directors still in office who were directors at the beginning of the period; (C) approval by
the shareholders of the Bank of any sale or disposition of substantially all of the assets or earning power of the Bank; or (D) approval by the shareholders of the Bank of any merger, consolidation, or statutory share exchange to which the Bank is a
party as a result of which the persons who were stockholders immediately prior to the effective date of the merger, consolidation or share exchange shall have beneficial ownership of less than 50% of the combined voting power in the election of
directors of the surviving corporation. Each determination concerning whether an event constitutes a Change in Control shall be made in a consistent manner as to the particular event with respect to all participants at the time of the
event.
 (e)       The term “Total Compensation” shall
mean Base Salary plus any Bonuses.
 2.        The Bank agrees to employ
Executive as Senior Vice President of the Bank or such other position as may be assigned to her by the Board of Directors of the Bank during the term of this Agreement. Executive agrees to carry out such duties to the best of her abilities, as may
be assigned to her from time to time by the Board of the Bank and to devote her full working time and energies to the business of the Bank, provided such duties shall be consistent with her position as Senior Vice President of the Bank.

3.        The term of employment provided for in this Agreement shall commence on June 1,
2000, and shall remain in fall force for a period of three years thereafter. Such term shall be automatically extended for an additional year on each anniversary of the term commencement date and shall continue to renew as such, unless 30 days
written notice of non-extension is provided by the Bank to Executive. Notwithstanding anything to the contrary provided herein, nothing in this Agreement shall be read as obligating the Bank to make any payment other than accrued Base Salary through
the date of termination to Executive in the event of a termination of Executive’s employment for any reason other than death, Total and Permanent Disability, Retirement, or Change in Control; provided, however, that in the event of such termination, Executive shall be entitled to payment of accrued Base Salary through the date of termination.
 

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  4.        In the event of termination of Executive’s
employment by reason due to death, Total and Permanent Disability or Retirement, Executive (or Executive’s Estate in the event of her death), shall be entitled to receive:
 (a)       payment of any previously unpaid Base Salary through the date of termination;
 (b)       payment of any life insurance, disability or other benefits, if any, for
which Executive is then eligible under the terms of the Bank’s employee retirement, benefit and welfare plans; and, in the case of death or Total and Permanent Disability, a right to immediately vest in 100% of all options to purchase Common
Stock of the Bank that have been granted to Executive by the Bank, to be exercised in accordance with the terms of any grant documents.
 For purposes of this
Section 4, “Total and Permanent Disability” shall have occurred if Executive (i) has established to the satisfaction of the Board of Directors that he is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to last for a continuous period of not less than 6 months and (ii) has satisfied any requirement imposed by the Board of Directors in regard to evidence of such disability. For
purposes of this section, “Retirement” shall mean the date Executive reaches 65 or the date Executive retires in accordance with the Bank’s retirement arrangements established for Executive.
 5.        In the event of termination of Executive’s employment for Cause, Executive shall receive only the
payment of any previously unpaid Base Salary through the date of termination.
 6.        In the event, but only in the event, that Executive’s employment is terminated at any time within three years following a Change in Control under circumstances stated in
section (a) or (b) below of this Section 6, and only in such circumstances, Executive shall be entitled to receive those payments and benefits from the Bank as set forth in Section 7 herein. The circumstances to which this Section 6 applies
are:
 (a)       Termination by the Board of Directors of the
Bank for reasons other than for Cause or other than as a consequence of Executive’s death, or attainment of normal Retirement as provided under any Bank retirement plan as in effect immediately preceding such date or the attainment of
Retirement as defined above; or
 (b)       Termination
voluntarily by Executive following the occurrence of any of the following events:
 (i)       the reduction of Executive’s annual salary (including any deferred portions thereof) or level of benefits or supplemental compensation; or
 

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  (ii)      the transfer of Executive to a
location requiring a change in her residence or a material increase in the amount of travel normally required of Executive in connection with her employment.
 7.        In the event of termination of Executive’s employment under the circumstances set forth in Section 6 above, the Bank agrees to provide or to cause
to be provided to Executive the following rights and benefits:
 (a)       Executive shall be entitled to receive payment from the Bank, in the Bank’s sole discretion, in cash, either (i) an amount equal to three years of Total Compensation within 30
days after such termination or (ii) an amount equal to three years of Total Compensation, payable monthly, over such three year period. In the event of Executive’s death prior to the time that such payments are made under this Section 7(a), all
such sums shall be distributed to such beneficiary as Executive may from time to time designate in writing to the Bank, and if no such beneficiary is named, such sums shall be paid to Executive’s estate. 
 (b)       Unless prohibited by law, in the event that Executive is entitled to
receive any sums or awards pursuant to compensation plans presently in place or which shall hereinafter be approved by the Board of Directors of the. Bank, any and all vesting or maturity schedules or other rights conditioned upon the passage of
time set forth in such compensation plans shall immediately lapse or be deemed to have a vesting schedule of three years, and Executive shall be entitled to receive all benefits previously granted to him thereunder. In the event any such immediate
lapse or three-year vesting schedule would cause any such compensation plan that is then a “qualified” plan under the Internal Revenue Code to become non-qualified or would cause any materially adverse consequences to the Bank or its other
employees, then such immediate lapse or three-year vesting shall not occur, but, instead, the Bank shall make such payments or otherwise provide such additional or substantially equivalent benefits or payments as may be, in the opinion of a mutually
acceptable qualified third party, necessary to make the payments or benefits. to Executive substantially equal to those to which he would have been entitled if such immediate lapse or three-year vesting had occurred.
 (c)       In the event termination should occur prior to the grant of options and
awards designated to Executive, the Bank shall provide such substantially equivalent payments or benefits as may be, in the opinion of a mutually acceptable qualified third party, necessary to make the payments or benefits to Executive substantially
equal to those to which she would have been entitled if such options and awards had been adopted by the Board and approved by the shareholders, and if such options and awards had been granted as of the effective date of this Agreement. 

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  (d)       In the event there are payments
of whatever nature arising from this Agreement due on or after the date of termination from the Bank or any parent or subsidiary of the Bank to Executive, the receipt of which has been deferred by means of an instrument in writing signed by
Executive, such payment shall be paid within 30 days of termination in a lump sum to Executive. In the event there are obligations (whether or not arising from this Agreement) of the Bank or any parent or subsidiary of the Bank to Executive
outstanding on or after the date of termination, all such obligations shall immediately be accelerated to maturity and become due and payable in full as of the date of termination.
 (e)       Until Executive reaches Retirement (as defined in Section 4), Executive shall continue to be covered by such life
insurance, medical insurance, and accident and disability insurance plans of the Bank or any successor plans or programs in effect at or after termination for employees in the same class or category as was Executive prior to her termination, subject
to Executive making payments thereunder required of employees in the same class or category as Executive was prior to her termination. 
 (f)       The specific arrangements referred to in this Section 7 are not intended to exclude Executive’s participation in other benefit plans in which Executive
currently participates or which may become available to Executive, nor to preclude other compensation or benefits which may be authorized by the Board of Directors from time to time.
 (g)       Notwithstanding the provisions of law or any provisions hereunder, Executive’s entitlement to benefits
hereunder shall not be governed by a duty to mitigate those damages by seeking further employment nor offset by any compensation he may receive from future employment. 
 8.        The Bank has and shall have no responsibility or obligation for any income tax or other tax costs or liabilities incurred by
Executive as a result of or in connection with any payments or payment obligations by the Bank to Executive under this Agreement, and all such payments and payment obligations shall be computed without regard to any tax effects to
Executive.
 9.        The Bank’s promise to pay or cause to be paid to
Executive pursuant to the provisions of Section 7 are absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any rights of off-set, counterclaim, recoupment, defense, or other rights which the Bank
may have against him or others. All such amounts payable or to be payable by the Bank hereunder shall be paid without notice or demand, and each and every such payment made by the Bank shall be final, and the Bank shall not have any reason
whatsoever to seek to recover any payment from Executive or whomever shall be entitled thereto.
 

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  10.      Bank and Executive recognize that there may be significant
legal issues or restrictions arising under banking, securities, corporate or other laws that may affect the Bank’s and Executive’s ability to effectuate their mutual intent as expressed in this Agreement, particularly with respect to the
stock option and restricted stock award plans, but that have not been determined at the time this Agreement is executed, and thus certain modified or additional undertakings may later be determined necessary. Further, it is the desire of the Bank
and Executive that the provisions of this Agreement be effectuated in a fashion that will not adversely affect the interests of the Bank’s other employees and its shareholders, but that this Agreement be carried out in such a manner as will
benefit those constituencies. Accordingly, the Bank and Executive agree that the undertakings of such actions and execution and delivery of such agreements, instruments or other documents as they may mutually deem necessary or appropriate to
accomplish all such purposes, shall not be deemed to be in derogation of or inconsistent with this Agreement, but in fulfillment thereof.
 11.      This Agreement constitutes the entire Agreement between the parties and supersedes all memoranda, discussion, correspondence and agreements prior to the date of execution of this
Agreement. This Agreement shall be binding on the heirs, executors, administrators, successors and assigns of the parties. This Agreement is to be governed by the laws of the state of North Carolina. In the event that any part of this Agreement
shall be held invalid or unenforceable, it shall not affect the validity of this Agreement as a whole or other remaining parts thereof. This Agreement may not be changed orally, but only by an instrument in writing signed by the party against whom
enforcement of any waiver, change, modification, extension or discharge is sought.
 [Signatures appear on the following page]
 

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  IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.
   

	  
 	  
 	 NORTH STATE BANK
 
 
 
	 
 
 
 	  
 	 BY: 
 	 
 /s/ LARRY D. BARBOUR
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Larry Barbour
 President and Chief Executive Officer
 

   

	  
 	  
 	  
 
	 
 
 
 	  
 	  
 	 
 /s/ SANDRA A. TEMPLE
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Sandra A. Temple
 

  
 

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  AMENDMENT NO. 1 TO AGREEMENT
 THIS
AMENDMENT NO. 1 TO AGREEMENT (the “Agreement”) is made and entered into on this 24th day of October, 2002 (the “Effective Date”), by and between North State Bank, a North Carolina banking corporation (the “
Bank”) and Sandra A. Temple (“Executive”).
 WITNESSETH:
 WHEREAS, the Bank and Executive entered into that certain Agreement dated as of June 1, 2000 (the “Agreement”);
 WHEREAS, capitalized terms used in this First Amendment shall have the same meaning as assigned to them in the Agreement; 
 WHEREAS, the Bank and
Executive agree that Section 7(e) of the Agreement contained a mutual mistake and that neither party hereto intended the benefits described in Section 7(e) of the Agreement to continue until Executive’s Retirement (as defined in the Agreement)
or beyond the date that Executive began receiving comparable benefit coverage with a new employer; 
 WHEREAS, Section 12 of the Agreement permits modification
in a writing signed by both parties to the Agreement; and
 WHEREAS, the parties hereto now desire to amend the Agreement upon the terms and conditions
enumerated below.
 NOW, THEREFORE, in consideration of the foregoing, the mutual promises herein contained, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
 1.        Consideration to Executive. In consideration of Executive’s agreement to amend the Agreement to correct the mutual mistake in Section 7(e) of
the Agreement, the Bank shall pay Executive the sum of One Hundred Dollars ($100.00), less any withholdings required by law.
 2.        Amendment. Section 7(e) of the Agreement is hereby deleted and replaced in its entirety with the following provision:
 For three (3) year(s) after Executive’s termination, the Bank shall continue Executive’s coverage under such life insurance, medical insurance, and accident and disability insurance plans at
the level in effect on the Termination Date, subject to Executive making payments thereunder required of any employees in comparable positions to Executive; provided, however, that if Executive commences employment with a new employer during that three-year period and receives comparable benefit coverage to that being provided by the Bank, then Executive’s participation in the
benefit plans provided by Bank shall cease immediately upon the date Executive begins participation in his new employer’s plan(s).
 
 

  3.        No Other Amendment.
Except as specifically amended pursuant to this First Amendment, the Agreement remains in full force and effect in accordance with its terms.
 4.        Governing Law. This First Amendment shall be governed, construed and interpreted in accordance with the laws of the State of North Carolina,
without giving effect to principles of conflicts of laws.
 5.        Counterparts. This First Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
 6.        Binding Effect. This First Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their heirs, successors and assigns.
 7.        Effect of Amendment. Except as expressly amended herein, the terms of the Agreement are incorporated herein by reference as if fully set out and
shall remain in full force and effect in accordance with their terms. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment to the Agreement
effective as of the Effective Date.
   

	  
 	  
 	 NORTH STATE BANK:
 
 
 
	 
 
 
 	  
 	 BY: 
 	 
 /s/ LARRY D. BARBOUR
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Larry D. Barbour
 President and Chief Executive Officer
 

   

	  
 	  
 	 EXECUTIVE:
 
 
 
	 
 
 
 	  
 	  
 	 /s/ SANDRA TEMPLE
 
	  
 	  
 	  
 	 
 
	  
 	  
 	  
 	 Sandra Temple
 

 

2<PAGE>
                                                                   Exhibit 10.21

                                 Lease Agreement

I. Landlord: Samsung HongKong Limited (hereinafter referred to as "Party A")
             Address: Suite 3001-3, 3010-3 30/F, No. 99 Zhonghuan Center,
                      Zhonghuan Queen Avenue, Hong Kong
             Tel:     (00852) 28626000
             Fax:     (00852) 28626484
             Registration No.: 05203811-000-06-01-9

II. Tenant: Sohu ITC Information Technology (Beijing) Co., Ltd (hereinafter
            referred to as "Party B")
            Address: 15/F, Wing 2, Guang Hua Chang An Mansion, No. 7 Jian Guo
                     Men Nei Avenue, Dongcheng District, Beijing
            Tel:     65102160
            Fax:     65101377
            Registration No.: Qi Du Jing No. 01198

III. Lease Object (hereinafter referred to as "House"): Room 01, 16, 17, 18, 19,
21, 22, 23, 25 and 26, F15, Guang Hua Chang An Mansion, No. 7 Jian Guo Men Nei
Avenue, Dongcheng District, Beijing

Party A agrees to lease the above House to Party B as the business premises with
the building area of 2,311.68 m2.

IV. Lease Term

1)   The lease term is thirty-six (36) months from January 1, 2002 to December
     31, 2004.
2)   Party A is entitled to claim the House and party B shall return it to party
     A upon the expiry of the lease term. Party B shall notify Party A three (3)
     months in advance of the expiry date for the renewal of the lease term.

V. Rent

1)   The rent shall be US$ 14.50/ m2/month, making the total of US$
     33,519.36/month, excluding the property management fee and other fees.
2)   The rent shall be paid monthly within the last three (3) working days of
     each month (without notice of Party A). In case of any overdue rent, Party
     B shall pay the demurrage penalty of 0.05% of the overdue amount. Any
     failure to pay the due rent in excess of thirty (30) days shall constitute
     automatic giving-up of the House, which shall be settled according to
     clause 9.2 hereto.
3)   The rent shall be in US dollars, but can be paid in RMB. Party B shall
     remit the rent by check or wire transfer to the bank account designated by
     Party A or its authorized representative (details below) according to the
     average exchange rate of the Bank of China on the date of the payment.
        RMB account: Colliers Jardine CITIC Property Management Co., Ltd
        Account No: 711021-01-824-000-25580
        Bank: CITIC Industrial Bank
        Bank address: Suite 1606 Capital Mansion, No. 6 Xinyuan Nan Road
                      Chaoyang District, Beijing 100004, China
4)   The rent shall be fixed during the lease term.

VI. Deposit

1)   The deposit is equivalent to the 3-month rent, i.e. US$ 100,558.08. Upon
     the execution of this Agreement, Party B shall pay up the remaining deposit
     prior to January 1, 2002, i.e. US$ 7,521.25. Upon the expiry of this
     Agreement, Party A shall return all deposit to Party B (without interest)
     in case Party B gives up the renewal of this Agreement.
2)   In case of termination of this Agreement by Party B during the lease term,
     the deposit shall not be returned to Party B, to which article 9.2 shall
     apply.
3)   In case Party A fails to collect the rent on schedule or incurs any expense
     due to the breach of Party B, Party A is entitled to collect the overdue
     rent or the expenses aforesaid by deduction from the deposit, in part or as
     a whole, with written notice to Party B three (3) working days in advance.
4)   In case of the shortage of the deposit to cover the above rent or expense
     set out in article 6.2 and 6.3, Party B shall pay up the shortage within
     ten (10) days after the receipt of the notice thereof from Party A.
5)   Party B shall remit the deposit in US$ by wire transfer to the US$ account
     of Party A.

<PAGE>

VII. Other Fees

1)   Party B shall pay the property management fee of the House to the property
     management company as per the fee standards. In case of any adjustment of
     the fee during the lease term, the adjustment of the property management
     company shall prevail.
2)   Party B shall pay the electricity fee, energy fee and international
     satellite TV fee (if any) during the lease term to any relevant authority.
3)   Party B shall be liable to any liability arising out of failure or delay of
     payment of the above fees. Party B shall indemnify Party A for any loss
     thus incurred.

VIII. Responsibilities of Party A

1)   Party A shall not take back the House unreasonably during the lease term.
     Party B is entitled to reject any such request from Party A, and claim for
     the deposit from Party A.
2)   Party A shall notify Party B three (3) months in advance of any intention
     to transfer the House to any third party. During the lease term, in case
     Party B is unqualified for the legal preemption standards or gives up the
     preemption right, the House may be transferred to any second party other
     than Party B. Upon such transfer, such other party shall vest the right and
     obligations of the landlord.
3)   In case the property management company of the House fails to perform the
     obligations as per the management agreement, Party A shall coordinate the
     dispute.
4)   Party A shall provide legal formal invoices to Party B.
5)   Party A shall furnish the legal documents evidencing its identity as the
     property owner.

IX. Responsibilities of Party B

1)   Party B shall pay up the rent, deposit and fees according to article V, VI
     and VII of renewal agreement hereunder. Any delay of payment shall be
     deemed as a breach.
2)   In case of advance giving-up of the House by Party B, Party A is entitled
     to terminate this Agreement and reserve all deposit. Party B shall also
     indemnify the rent loss of the remaining lease term thus incurred.
3)   Without prior consent of Party A, Party B shall not transfer the House to
     any third party. Any unauthorized transfer shall be deemed as the breach.
4)   Party B shall protect the House and facilities, and indemnify for any
     damage due to improper use.
5)   Except for the existing decorations and facilities, Party B shall not add
     other facilities or decorations without the written consent of Party A and
     other relevant parties. Party B shall restore the House to the original
     condition at its own cost, and return the House to Party A upon the
     acceptance of the restoration.
6)   Abide by the regulations of Guang Hua Chang An Mansion and its property
     management company.

X. Force Majeure

1)   During the term of this Agreement, neither party shall be liable for any
     loss or performance failure arising out of the earthquake, typhoon, storm,
     fire, war and political riot and other force majeure events.
2)   In case the House fails normal use due to the damage of force majeure or
     other uncontrollable events, Party A shall determine whether to repair or
     renovate within ten (10) days after the damage. Failure of determination
     during the period shall be deemed as no repair and re-building from the
     scratch, in this case Party B is entitled to terminate this Agreement. In
     case Party A determines to repair or re-build the House, the period for the
     repair or re-building shall not exceed two (2) months. Otherwise, Party B
     is entitled to terminate this Agreement with notice to Party A one (1)
     month in advance. Upon the consent of Party A, this Agreement shall
     terminate upon the sending of the termination notice in writing by Party B.
     Party B shall return the House to Party A within ten (10) days after the
     termination date, Party A shall return all deposit and remaining rent to
     Party B after settling all fees (including property management fee,
     water/electricity fee and telephone rate).

XI. Disputes

1)   Any dispute failing friendly settlement shall be submitted to Beijing
     Arbitration Committee. The arbitration award is final.

XII. Miscellaneous

1)   The exhibits hereto constitute an integral part of this Agreement.
2)   Any issue uncovered here shall be settled by the parties via consultation.
3)   This Agreement shall take effect upon the execution in two (2) copies with
     each party holding one (1) copy.
4)   Additional conditions:
     a.   Party A shall lease rooms 11, 12 and 15 of F15 Guang Hua Chang An
          Mansion (building area of 335.79 m2) to Part B from February 14, 2002.
     b.   The rent is US$14.5/ m2/month, i.e. US$ 4,868.96/month (excluding
          property management fee and other fees), with 1-month rent-free period
          for furbishing (March 1, 2002 to March 31, 2002).
     c.   The lease term is from March 1, 2002 to December 31, 2004, making a
          total of thirty-four (34) months.

<PAGE>

     d.   The deposit for rooms 11, 12 and 15 of F15 Guang Hua Chang An Mansion
          is equal to 3-month rents, i.e. US$ 14,606.88. Party B shall pay up
          the deposit prior to March 1, 2002. Party A shall return all deposit
          to Party B (without interest) in case Party B gives up the renewal of
          the lease term.
     e.   Other lease terms of rooms 1511, 1512 and 1515 shall be identical with
          those of the House.
     f.   Party B shall submit the furbishing plan to the property management
          company for approval in advance of reasonable period (details refer to
          the Furbishing Regulations of the company). Party B shall submit the
          furbishing deposit (if any) and non-refundable review fee, soil fee or
          other fee (if any) together with the design map to the management
          company.
     g.   Any furbishing and decoration of the rented rooms are subject to the
          approval of Party A or the property management company and relevant
          parties. Party B shall be liable for any fee and loss arising out of
          the modification or damage to the in-house facilities and structures
          in the furbishing by Party B. Party B shall abide by the Furbishing
          Regulations in the furbishing of the rented rooms.

XIII. List of Exhibits
Break-up payment:

1)   Remaining deposit of the ten rooms:
     US$ 7,521.75, remitted to Hong Kong US$ account prior to January 1, 2002.
2)   Deposit of rooms 1511, 1512 and 1515
     US$ 14,606.88, remitted to Hong Kong US$ account prior to March 1, 2002.
3)   US$ account:
     Account: Samsung Hong Kong Limited
     Account No.: 08081158
     Bank: Citibank N.A.
     Bank address: 49/F, Citibank Tower, Citibank Plaza, 3 Garden Road, Central,
                   Hong Kong

This Agreement is signed on December 15, 2001.

     Party A: Samsung Hong Kong Limited (Stamped)

     Party B: Sohu ITC Information Technology (Beijing) Co., Ltd (Stamped)

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