Document:

feng-ex459a_87.htm

 

Exhibit 4.59A

Supplementary Agreement to the Share Purchase Agreement 

on PARTICLE INC.

This Supplementary Agreement (this “Agreement”) is made on July 23, 2019 by and between:

	
(A)
	
PHOENIX NEW MEDIA LIMITED (the "Phoenix" or "Transferor"), an exempted company legally established and validly existing under the laws of the Cayman Islands with its registered address at the offices of Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands; and

	
(B)
	
Run Liang Tai Management Limited (the "Transferee"), a company legally established and validly existing under the laws of Hong Kong with its registered address at Room D 10/F Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, KL, HK.

In this Agreement, the Transferor and the Transferee shall hereinafter be referred to collectively as the "Parties" and individually as a "Party".

WHEREAS:

	
(A)
	
Phoenix and the Transferee signed the Share Purchase Agreement on Particle Inc.(the "Company" or "Yidian Cayman") (the "Share Purchase Agreement") on March 22, 2019. According to the Share Purchase Agreement, (i) the Transferor intends to sell part of the shares of the Company held by it (i.e. representing 32% of the Company's shares, corresponding to 199,866,509 preferred shares of the Company, including 27,639,580 Series B Preferred Shares and 172,226,929 Series C Preferred Shares, the “Overseas Target Shares”) to the Transferee, and (ii) the Transferor designates the Domestic Transferor to sell the 37.169% of equities of Beijing Yidian Wangju Technology Co., Ltd.(representing a registered capital of RMB 3.719167 million, the "Domestic Target Shares") held by the Transferor as a shareholder to the Transferee's Designated Party.

	
(B)
	
The Parties intend to enter into this Agreement on the payment arrangement for the purchase price of the Overseas Target Shares and other matters, and exercise and perform their respective rights and obligations in accordance with the provisions of this Agreement.

NOW, THEREFORE, through friendly consultation, the Parties, intending to be mutually bound, enter into this Agreement with respect to the relevant matters.

Unless otherwise stated herein, the relevant terms, definitions and abbreviations used in this Agreement shall have the meanings or directions given to them in the Share Purchase Agreement.

	
 
	
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Article 1    Closing Conditions

Now the Parties confirm that the Transferor and the Transferee shall perform Article 4 of this Agreement, regardless of whether either Party will put forward any dispute with respect to the fulfillment of the closing conditions specified in Article 2.4(I) of the Share Purchase Agreement.

Article 2    Newly-Issued ESOP Shares of Yidian Cayman

The Parties agree that they will use their commercially reasonable efforts to cause Yidian Cayman to newly issue and reserve 69,398,094 ordinary shares (the "Newly-Issued ESOP Shares", accounting for 10% of the total shares of Yidian Cayman on the basis of full dilution and conversion after Yidian Cayman newly issues the ESOP shares) as the shares under the Employee Stock Ownership Plan on the basis of share capital structure on the signing date of the Share Purchase Agreement. After Yidian Cayman reserves the Newly-Issued ESOP Shares, the total number of shares reserved by Yidian Cayman for ESOP will be 114,172,049 ordinary shares, accounting for 16.45% of the total shares of Yidian Cayman on the basis of full dilution and conversion. For the avoidance of doubt, the calculation of the proportion of the relevant shares to the total shares of Yidian Cayman will be based on the assumption that all warrants and other convertible securities (if any) of Yidian Cayman have been exercised, and such proportion will be calculated on the basis of full dilution and the assumption that all shares are deemed to be converted into ordinary shares.

The Parties agree that they will use their commercially reasonable efforts to cause to obtain the approvals of the board of shareholders and the board of directors of Yidian Cayman (including the approvals of relevant parties specified in Article 8 (Protective Provisions) of the Shareholders Agreement of Yidian Cayman and Article 18 (Protective Provisions) of the existing Articles of Association) and the approval by the shareholders' meeting of Phoenix TV (if necessary) with respect to the above reservation and newly-issuance of ESOP Shares .

Article 3    Adjustment of the Overseas Target Shares

The Parties agree that the Overseas Target Shares under the Share Purchase Agreement will be adjusted as follows:

The Transferor intends to sell to the Transferee part of the shares of the Company (i.e. representing 30.60% of the Company's shares, corresponding to 212,358,165 preferred shares of the Company, including 27,639,580 Series B Preferred Shares, 183,767,856 Series C Preferred Shares and 950,729 Series D1 Preferred Shares, the "Total Number of Closed Shares") held by the Transferor after the Company newly issues the ESOP shares. At that time, when the Phase II Closing is completed, the Transferor will hold a total of 22,693,362 preferred shares of the Company (the "Number of Remaining Shares after Closing").

The Parties acknowledge that the adjustment of the Overseas Target Shares shall be subject to the approval by the shareholders' meeting of Phoenix TV. The Transferor agrees that it will use its commercially reasonable efforts to facilitate the above adjustment of the Overseas Target Shares to be approved by the shareholders' meeting of Phoenix TV.

The Parties further agree that if the above adjustment of the Overseas Target Shares finally triggers the relevant shareholders of the Company to claim to exercise the relevant shareholder’s rights and has a significant impact on the performance agreed under this Agreement (including but not limited to the impact on the Total Number of Closed Shares and the Number of Remaining Shares after Closing specified in Article 3 hereof and the purchase price of the Overseas Target Shares specified in the Share Purchase Agreement), the Parties shall use their commercially reasonable efforts to negotiate a solution in accordance with the principles specified in this Agreement. If the negotiation fails and the above matters are still 

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not settled before October 10, 2019 or other time limit agreed by the Parties in writing, the Transferor shall have the right to terminate this Agreement immediately and shall not bear the liabilities for breach of contract specified in Article 4 hereof as a result of such termination. After termination, the Transferee shall immediately take all measures to cooperate with the Company in canceling and transferring to the Company the relevant Overseas Target Shares registered in the Transferee's name (if applicable), including the cancellation of the share certificate obtained by the Transferee and the filed and updated Register of Shareholders of the Company, so as to register the relevant Overseas Target Shares in the name of the Transferor. At the same time, the Transferee shall have the right to require the Transferor to return to the Transferee or its Designated Party the Phase I Consideration and/or the Remaining Price, and the Deposit of Remaining Price paid by the Transferee or its Designated Party as well as the Interest on Deposit of Remaining Price after the Transferee registers the relevant Overseas Target Shares in the name of the Transferor in accordance with the above provisions.

Article 4    Closing

	
4.1
	
The Parties agree to make the following arrangements for the payment of the purchase price of the Overseas Target Shares and other matters:

	
 
	
(I)
	
Phase I Consideration and Deposit of Remaining Price.

	
 
	
(1)
	
On or before August 10, 2019, the Transferee or its Designated Party (including one or more designated parties, collectively referred to as "Designated Party" in this Agreement) shall pay the Transferor US$ 100,000,000 (the "Phase I Consideration"). The Transferor shall provide a designated bank account to the Transferee before the date of this Agreement. The specific schedule for the payment of the Phase I Consideration is as follows: (i) no later than July 23, 2019 after the execution of this Agreement, the Transferee or its Designated Party shall pay US$ 20,000,000 (the "First Phase I Consideration") to the Transferor ; (ii) on or before July 30, 2019, the Transferee or its Designated Party shall pay  US$ 20,000,000 to the Transferor; and  (iii) on or before August 10, 2019, the Transferee or its Designated Party shall pay  US$ 60,000,000 to the Transferor.

After the Transferee or its Designated Party has paid the Phase I Consideration in full, the deposit of US$ 100 million shall be set off as part of the price paid by the Transferee on the Phase I Closing Date (as defined in Article 4.1(II)), and the Interest on Deposit (as defined below) shall be set off as part of the price paid by the Transferee on the Phase II Closing Date (as defined in Article 4.1(IV)).

	
 
	
(2)
	
Since this Agreement and the transactions hereunder shall be subject to the approval by the shareholders' meeting of Phoenix TV, if the shareholders' meeting of Phoenix TV approves this Agreement and the matters hereunder after deliberation (subject to Phoenix TV's announcement), the Transferee or its Designated Party shall provide the Transferor with a deposit of US$ 50 million for the Remaining Price (the "Deposit of Remaining Price") within two working days after Phoenix TV announces the voting result of its shareholders' meeting, and the Transferee or its Designated Party shall provide the Transferor with a bank remittance 

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voucher within the aforesaid time limit. The Deposit of Remaining Price and the Interest on Deposit of Remaining Price (“Interest on Deposit of Remaining Price” means the interest calculated in accordance with Article 10.4 of the Share Purchase Agreement with respect to the Deposit of Remaining Price for the period from the date when the Transferor receives the Deposit of Remaining Price to the date of payment of the Remaining Price, the "Interest on Deposit of Remaining Price") shall be set off as part of the price paid by the transferee on the Phase II Closing Date. If this Agreement and the matters hereunder fail to obtain the approval of the shareholders' meeting of Phoenix TV after deliberation, the above paid Phase I Consideration and the interest generated in the Transferor's bank account (such interest is calculated according to Article 10.4 of the Share Purchase Agreement) shall be returned to the Transferee or its Designated Party in full within two working days from the date when the shareholders' meeting of Phoenix TV disapproves this Agreement and the matters hereunder after deliberation. The Transferee or its Designated Party shall provide a designated bank account in advance and the Transferor shall provide a bank remittance voucher to the Transferee or its Designated Party within the aforesaid time limit. At that time, the Parties shall continue to negotiate on the disapproval of the shareholders' meeting of Phoenix TV after deliberation. If the negotiation fails, the Parties shall continue to perform their respective obligations according to the provisions of Article 2.3 (Closing of the Overseas Target Shares) of the Share Purchase Agreement.

	
 
	
(II)
	
Phase I Closing. On the premise that the shareholders' meeting of Phoenix TV approves this Agreement and the matters hereunder after deliberation, the Transferor and the Transferee shall complete the closing (the “Phase I Closing”; the date when the Phase I Closing is made shall be referred to as “Phase I Closing Date”) of the Overseas Target Shares corresponding to the Phase I Consideration plus the deposit (the "First Amount Received by the Transferor") by e-mail confirmation within five (5) working days after the Transferee or its Designated Party pays the Transferor all the Phase I Consideration and the Deposit of Remaining Price. The number of shares corresponding to the Phase I Closing is as follows: 27,639,580 Series B Preferred Shares and 67,163,172 Series C Preferred Shares (the "Shares for Phase I Closing"). The Parties shall use their commercially reasonable efforts to cooperate with the Company in providing the Transferee with a share certificate stating the number of the Shares for Phase I Closing and an updated Register of Shareholders of the Company (original or scanned) within 10 working days after the Phase I Closing Date. The Transferor shall cause the Domestic Transferor to sign a relevant domestic equity transfer agreement according to the provisions of Article 2.5 of the Share Purchase Agreement within a reasonable time limit notified in writing by the Transferee, transferring a corresponding proportion of the Domestic Target Shares to the Transferee's Designated Party, if the Transferee requests so in writing.

	
 
	
(III)
	
Remaining Price. Before August 10, 2020 or within other time limit agreed by 

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the Transferor and the Transferee (the "Latest Closing Date"), the Transferee or its Designated Party shall pay by telegraphic transfer to the Transferor's account the Remaining Price (the "Remaining Price"; the Remaining Price is equal to US$ 448 million minus the Phase I Consideration, the deposit, the Interest on Deposit, the Deposit of Remaining Price, and the Interest on Deposit of Remaining Price. “Interest on Deposit” means the interest calculated with respect to the deposit according to Article 10.4 of the Share Purchase Agreement for the period from the date when the Transferor receives the deposit to August 10, 2019, with a specific amount of US$ 714,413 (the "Interest on Deposit ")).

	
 
	
(IV)
	
Phase II Closing. The Transferor and the Transferee shall complete the closing of the remaining Overseas Target Shares by e-mail confirmation within five (5) working days after the Transferee or its Designated Party pays all the Remaining Price (the "Phase II Closing"; the date when the Phase II Closing is made shall be referred to as "Phase II Closing Date"). The Overseas Target Shares corresponding to the Phase II Closing (the "Shares for Phase II Closing") are the total number of closed shares minus the number of the Shares for Phase I Closing. The Parties shall use their commercially reasonable efforts to cooperate with the Company in providing the Transferee with a share certificate stating the number of the Shares for Phase II Closing and a updated Register of Shareholders of the Company (original or scanned) within 10 working days after the Phase II Closing Date. The remaining Domestic Target Shares shall be handled according to the provisions of the Share Purchase Agreement. The resignation of the two directors appointed by the Transferor and the appointment of the two directors of the Transferee shall be determined in accordance with the Share Purchase Agreement. For the avoidance of doubt, the Transferee shall have the right to appoint two new directors in accordance with the Share Purchase Agreement only after both the Phase I Closing and the Phase II Closing are completed.

	
 
	
(V)
	
Transferee's Liabilities for Breach of Contract.

If the Transferee fails to pay the corresponding Phase I Consideration and the Remaining Price (collectively, the "Payable Price") and/or the Deposit of  Remaining Price in accordance with Articles 4.1(I) and 4.1(III), the Transferee shall pay the Transferor the liquidated damages per day from the first day of such breach, which shall be calculated according to the following formula: liquidated damages = the Payable Price and /or the Deposit of  Remaining Price payable but not paid × the annualized simple interest of 15% × the number of days for the period from the first day of breach to the date of actual payment of the liquidated damages. If the Transferee fails to pay all the Payable Price and/or the Deposit of  Remaining Price within the time limit specified in this Agreement or the time limit agreed by the Parties through negotiation, or the Parties fail to reach an agreement on extending the time limit for paying the Payable Price and/or the Deposit of  Remaining Price , or the Transferee fails to perform the provisions of Article 5 (Authorization Arrangement) of this Agreement (including but not limited to the Provision on Concerted Action), without limiting the other obligations of the Transferee under this Agreement and the applicable law, (i) the Transferor shall have the right to immediately terminate the Share Purchase Agreement, this Agreement and this transaction, and will not refund any Phase I Consideration, the deposit and any interest 

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thereon, the Deposit of  Remaining Price and any interest thereon (if applicable) paid by the Transferee or its Designated Party, and if the Phase I Consideration, the deposit and any interest thereon, the Deposit of  Remaining Price and any interest thereon (if applicable) are not sufficient to make up for the losses suffered by the Transferor due to the breach of the Transferee, the Transferee shall make full compensation to the Transferor; (ii) the consents, undertakings and authorizations under Articles 5.1 and 5.1(II) of the Share Purchase Agreement and the authorization document shall automatically terminate and the Transferor shall not bear any liabilities for breach of contract.

	
 
	
(VI)
	
Transferor's Liabilities for Breach of Contract. If (i) the Transferor fails to refund the Phase I Consideration and the interest in accordance with the provisions Article 4.1(I)(2) of this Agreement, or (ii) the Parties fail to complete the closing of the Overseas Target Shares in accordance with provisions of Articles 4.1(II) and 4.1(IV) of this Agreement due to the Transferor's failure to confirm the closing and timely notify and cooperate with the Company in handling the procedures for updating the Company's Register of Shareholders in accordance with the provisions of Articles 4.1(II) and 4.1(IV) of this Agreement,  or (iii) the shareholders' meeting of Phoenix TV disapproves this Agreement and the matters hereunder after deliberation for reasons which the Transferor or its affiliate can control, or (iv) the Transferor fails to perform the obligations related to the authorization arrangement according to the provisions of Article 5 of this Agreement, which constitutes a major breach of the Transferor, the Transferee shall have the right to terminate the Share Purchase Agreement, this Agreement and this Transaction immediately without limiting other obligations of the Transferor under this Agreement and the applicable law, and the Transferor shall bear the following compensation liabilities to the Transferee: (a) returning the Phase I Consideration, the Remaining Price, the deposit and the Deposit of Remaining Price  paid by the Transferee or its Designated Party as well as the Interest on Deposit, and the  Interest on Deposit of Remaining Price , and (b) the liquidated damages calculated at an annualized simple interest of 15% with respect to the amount paid by the Transferee until the date of actual payment or actual performance, and (c) the liquidated damages equivalent to the Deposit of Remaining Price of US$ 50 million. At the same time, if the Parties fail to complete the Phase II Closing in accordance with provisions of Article 4.1(IV) of this Agreement due to the Transferor's failure to confirm the closing and timely notify and cooperate with the Company in handling the procedures for updating the Company's Register of Shareholders in accordance with the provisions of Article 4.1(IV) of this Agreement, the Transferor shall irrevocably grant the Transferee all the shareholder’s rights corresponding to the Shares for Phase II Closing in the form of Annex 2 (Power of Attorney), except for economic rights, until the date when the Phase II Closing is actually completed and the Company completes the change of the corresponding Register of Shareholders. If the above agreed compensation for breach of contract is not sufficient to make up for the losses suffered by the Transferee due to the breach of the Transferor, the Transferor shall make full compensation to the Transferee.

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Article 5    Authorization Arrangement

The Parties agree that unless otherwise expressly specified in this Agreement, the transitional authorization arrangement specified in Article 5.1 (Authorization Arrangement) of the Share Purchase Agreement shall continue to be valid. The Parties further confirm that unless otherwise expressly specified in this Agreement, the authorization of the shareholder’s rights to the Shares for Phase II Closing held by the Transferor under the transitional authorization arrangement specified in Article 5.1 (Authorization Arrangement) of the Share Purchase Agreement shall continue to be valid from the date when the Phase I Closing is completed and the Company completes the change of the corresponding Register of Shareholders, the authorization of other shareholder’s rights shall automatically lapse, the authorization of the director’s rights shall still be determined in accordance with the Share Purchase Agreement, and the Provision on Concerted Action specified in Paragraph 2 of this Article shall be complied with. The authorization of the shareholder’s rights under the transitional authorization arrangement specified in Article 5.1 (Authorization Arrangement) of the Share Purchase Agreement shall automatically lapse from the date when the Phase II Closing is completed and the Company completes the change of the corresponding Register of Shareholders. The authorization arrangement for the director’s rights shall lapse on the date when the 2 directors nominated by the Transferee are appointed as directors.

From the date of execution of this Agreement to the date of occurrence of any of the following events (whichever occurs earlier), the Transferee or its Designated Party shall notify the Transferor in writing in advance and reach an agreement with the Transferor before the Transferee or its Designated Party exercises the relevant rights (including shareholder’s rights and director’s rights) and the shareholder’s voting rights under the authorization document. If the Parties fail to reach an agreement, the opinions of the Transferor shall prevail (the "Provision on Concerted Action"): (a) the Transferee or its Designated Party shall pay the Transferor all the Remaining Price within 3 months (in any case not later than 6 months) after the Phase I Consideration is fully paid;  (b) the Transferee or other investors subscribes/subscribe for the newly-issued shares of the Company on the condition that the Company's pre-investment valuation is not less than US$ 1.1 billion and with an investment amount of US$ 200 million and signs/sign subscription agreements (the "New Share Issue") within 2 months after the Phase I Consideration is fully paid, and shall pay the investment amount of US$ 200 million within 3 months after the Phase I Consideration is paid; or (c) the Transferee or its Designated Party shall pay an additional Deposit of Remaining Price of US$ 30 million on the basis of the Deposit of  Remaining Price of US$ 50 million specified in Article 4.1(I)(2). If none of the events specified in Items (a), (b) and (c) above have occurred, the Provision on Concerted Action shall continue to be valid. If any of the above events specified in Items (a), (b) and (c) above occurs, the Provision on Concerted Action shall be rescinded on the date of occurrence of any of the above events, the Transferee shall have full shareholder’s rights with respect to the Company's shares held by it, and the authorization of the shareholder’s rights and director’s rights to the Company's shares held by the Transferor shall be determined in accordance with the provisions of the Share Purchase Agreement and of Paragraph 1 of this Article 5. The Parties further agree that on the Phase I Closing Date, the Transferee shall deliver to the Transferor the original power of attorney (the "Power of Attorney") duly signed in the form and with the contents as described in Annex I to this Agreement. If the Transferee or its Designated Party fails to pay the Remaining Price in accordance with this Agreement, the Transferee shall irrevocably grant all shareholders’ rights (except for economic rights) corresponding to the Shares for Phase I Closing to the Transferor in accordance with the above Power of Attorney described in Annex 1 signed by the Transferee.

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Article 6    Representations and Warranties

	
6.1
	
Each Party hereby represents and warrants to the other Parties as follows:

	
 
	
6.1.1.
	
It is a company duly incorporated and validly existing under the law of the place where it is incorporated or established, and has full right, power and ability to sign this Agreement and fully perform its obligations and responsibilities hereunder.

	
 
	
6.1.2.
	
Its execution, delivery and performance of this Agreement are within its power, authorization and capacity, and have obtained all necessary company actions for approval. After it signs and delivers this Agreement, this Agreement will constitute its legal, effective and binding obligation and can be enforced against it according to the terms of this Agreement.

Article 7    Taking Effect and Termination

	
7.1
	
This Agreement shall be formed after the Parties affix their signature hereon and take effect after the Transferor receives the First Phase I Consideration paid by the Transferee. This Agreement shall constitute an integral part of and have the same legal effect as the Share Purchase Agreement. Matters not covered herein shall be subject to the provisions of the Share Purchase Agreement (including but not limited to Article 8 (Termination) and Article 10.2 (Confidentiality)). In case of any inconsistency between the Share Purchase Agreement and this Agreement, this Agreement shall prevail.

	
7.2
	
The Parties agree that this Agreement may be terminated upon the unanimous written consent of the Parties.

	
7.3
	
If this Agreement is terminated, this Agreement shall become null and void, however, the validity of any terms which will take effect or shall continue to be valid at or after the occurrence of such termination as expressly specified in this Agreement or in accordance with presumption shall not be affected thereby, nor shall the liabilities arising from the breach of either Party before the rescission or termination of this Agreement be affected thereby.

Article 8    Applicable Law and Dispute Resolution

	
8.1
	
This Agreement shall be governed by and construed in accordance with the laws of Hong Kong, excluding its conflict of laws rules.

	
8.2
	
Any dispute, controversy or claim arising from or in connection with this Agreement, including the validity, invalidity, breach or termination of this Agreement, shall be submitted to Hong Kong International Arbitration Centre to be arbitrated in Hong Kong in accordance with the HKIAC Administered Arbitration Rules in effect at the time of submission of the notice of arbitration. The number of arbitrators shall be three. One arbitrator shall be selected by the current disputing party, one arbitrator shall be selected by the other disputing party, and the third arbitrator shall be selected by the above two arbitrators. The arbitration proceedings shall be conducted in Chinese. Any arbitration award shall be final and enforceable by any court with jurisdiction. The arbitration award shall stipulate the bearing of the arbitration fees. The Parties shall properly and punctually perform their respective obligations hereunder until the arbitration award is made. Notwithstanding the other provisions of this Agreement, this Article 8.2 shall not exclude the right of either Party to seek specific performance, injunctive relief and/or temporary relief from the competent court in order to provide assistance in arbitration or when the arbitration tribunal has not been established or the arbitration tribunal has not made a decision on the dispute, controversy or claim.

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Article 9    Miscellaneous

	
9.1
	
This Agreement is written in Chinese.

	
9.2
	
The Parties agree that any amendment, addition, supplement or deletion to and of this Agreement shall not be valid unless signed by the Parties in writing.

	
9.3
	
This Agreement may be signed by the Parties in any number of counterparts and on separate counterparts, each of which when so executed shall be deemed an original but all of which shall constitute one and the same instrument.

	
9.4
	
The headings in this Agreement are for reference only and do not constitute a part of this Agreement, and shall not affect the construction and interpretation of this Agreement.

 

[The remainder of this page is intentionally left blank. The signature page is attached]

 

 

 

 

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IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to sign this Agreement as of the date written above.

 

 

Transferor:

PHOENIX NEW MEDIA LIMITED

By: _______________________________
Name:_______________________________
Title: Director                                                     

 

 

IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to sign this Agreement as of the date written above.

 

 

Transferee:

Run Liang Tai Management Limited

By: _______________________________
Name: _______________________________
Title: Directorfeng-ex459b_88.htm

 

Exhibit 4.59B

Agreement 

This Agreement (this “Agreement”) is made on January 20, 2020 by and among: 

	
(A)
	
PHOENIX NEW MEDIA LIMITED, an exempted company legally established and validly existing under the laws of the Cayman Islands with its registered address at the offices of Codan Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands (“PHOENIX”); 

	
(B)
	
Run Liang Tai Management Limited, a company legally established and validly existing under the laws of Hong Kong with its registered addresses at Room D 10/F Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, KL, HK("Run Liang Tai"; unless otherwise specified in this Agreement, "Run Liang Tai" means Run Liang Tai or its designated entity. For the avoidance of doubt, such designated entity shall confirm in writing to bear all rights and obligations of Run Liang Tai hereunder);

	
(C)
	
Long De Holdings (Hong Kong) Co., Limited, a company legally established and validly existing under the laws of Hong Kong with its registered address at RM 3402-4, 34/F WEST TOWER, SHUN TAK CTR 200 CONNAUGHT RD, CENTRAL, HONG KONG ("Long De Hong Kong"); and

	
(D)
	
Long De Cheng Zhang (Tianjin) Investment Management Center (Limited Partnership), a partnership legally established and validly existing under the laws of China with its registered address at 1-1604-49, Kuangshi International Building, Tianjin Pilot Free Trade Zone (Central Business District), China ("Long De Cheng Zhang"; Long De Cheng Zhang and Long De Hong Kong are collectively referred to as “Long De”).

In this Agreement, PHOENIX, Run Liang Tai, Long De Hong Kong and Long De Cheng Zhang shall hereinafter be referred to collectively as the "Parties" and individually as a "Party".

WHEREAS

	
(A)
	
PHOENIX and Run Liang Tai signed the Share Purchase Agreement on Particle Inc. (the "Company" or "Yidian Cayman") (the “Share Purchase Agreement ”) on March 22, 2019, and signed the Supplementary Agreement of the Share Purchase Agreement on PARTICLE INC. (the "Supplementary Agreement") on July 23, 2019. According to the Share Purchase Agreement and the Supplementary Agreement, (i) PHOENIX intends to transfer to Run Liang Tai 212,358,165 preferred shares (including 27,639,580 Series B Preferred Shares, 183,767,856 Series C Preferred Shares and 950,729 Series D1 Preferred Shares) held by PHOENIX in Yidian Cayman for a consideration of US$ 448 million; (ii) PHOENIX designates the Domestic Transferor to sell the 37.169% of equities of Beijing Yidian Wangju Technology Co., Ltd. (representing a registered capital of RMB 3.719167 million) held by PHOENIX as a shareholder to Run Liang Tai’s designated party ("Transfer of PHOENIX’s Equities").

	
(B)
	
According to the Notice Letter sent by Long De Hong Kong and Long De Cheng Zhang Culture Communication (Tianjin) Co., Ltd. ("Long De Notifying Entities") to PHOENIX on August 5, 2019, Long De Notifying Entities claim to exercise the 

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co-sale rights. According to the Notice Letter (collectively referred to as the "Co-sale Notice" together with the foregoing Notice Letter) issued by Long De Notifying Entities to PHOENIX on October 21, 2019, Long De Notifying Entities claim to exercise the co-sale rights in accordance with the provisions of the Shareholders Agreement and the existing Articles of Association with respect to PHOENIX’s transfer of equities to Run Liang Tai, with a total sale consideration of US$ 20,663,933.72.

	
(C)
	
According to the Share Option Transfer Contract and the Loan Transfer Contract jointly signed by Long De Cheng Zhang Culture Communication (Tianjin) Co., Ltd., Long De Cheng Zhang, Yidian Cayman, Beijing Yidian Wangju Information Technology Co., Ltd. and Beijing Yidian Wangju Technology Co., Ltd. on August 24, 2019, Long De Cheng Zhang Culture Communication (Tianjin) Co., Ltd. has transferred the warrant of Series E Preferred Shares held by it in the Company and all rights and obligations under such warrant to Long De Cheng Zhang.

	
(D)
	
Notwithstanding the previous dispute among the Parties over matters related to Long De's exercise of the co-sale rights (the "Dispute over Long De's Co-sale Rights"), now the Parties unanimously agree to enter into this Agreement, waive any claims and rights related to the Dispute over Long De's Co-sale Rights other than those stipulated in this Agreement, and exercise and perform their respective rights and obligations in accordance with the provisions of this Agreement.

NOW, THEREFORE, through friendly consultation, the Parties, intending to be mutually bound, enter into this Agreement with respect to the relevant matters.

Unless otherwise stated herein, the relevant terms, definitions and abbreviations used in this Agreement shall have the meanings or directions given to them in the Share Purchase Agreement and the Supplementary Agreement.

Article 1 Shares for Co-sale and Consideration for Sale Thereof

Long De agrees that notwithstanding the other claims in the Co-sale Notice, Long De now agrees to exercise the co-sale rights under the Shareholders Agreement and the existing Articles of Association to sell to Run Liang Tai 9,794,989 Series D1 Preferred Shares held by Long De Hong Kong in Yidian Cayman (the "Long De's Shares for Co-sale") for a total consideration of US$20,663,933.72.

Article 2 Target Shares and Adjustment of Purchase Price

PHOENIX and Run Liang Tai agree to make the following adjustments to the relevant contents of the Share Purchase Agreement and the Supplementary Agreement on the premise that Long De exercises the co-sale rights in accordance with the provisions of this Agreement:

	
(1)
	
PHOENIX sells  29.19% of shares of the Company held by PHOENIX (which reflected the completion of the issuance of additional shares under ESOP) to Run Liang Tai, corresponding to 202,563,176 preferred shares of the Company, including 27,639,580 Series B Preferred Shares and 174,923,596 Series C Preferred Shares (the "Number of PHOENIX's Shares for Closing" or "Overseas Target Shares"), of which the shares corresponding to the First Closing are 94,802,752 preferred shares, including 27,639,580 Series B Preferred Shares and 67,163,172 Series C Preferred Shares (the "PHOENIX's Shares for the First Closing"), and the shares 

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corresponding to the Phase II Closing are 107,760,424 Series C Preferred Shares (the "PHOENIX's Shares for the Phase II Closing"). After the completion of the Phase II Closing, PHOENIX holds a total of 32,488,351 preferred shares of the Company, including 8,844,260 Series C Preferred Shares and 23,644,091 Series D1 Preferred Shares ( the "Number of PHOENIX’s Remaining Shares after Closing").

	
(2)
	
PHOENIX designates the Domestic Transferor to sell to Run Liang Tai’s designated party 39.53% of the equities of Yidian Technology (representing Yidian Technology's registered capital of RMB 3.95532 million; the "Domestic Target Shares") held by PHOENIX as the shareholder of Yidian Technology.

	
(3)
	
The purchase price to be paid by Run Liang Tai to PHOENIX for the Overseas Target Shares to be transferred by PHOENIX is US$427,336,067 (the "Purchase Price for Overseas Target Shares"), and the purchase price for the Domestic Target Shares is RMB 3,955,320 (the “Purchase Price for Domestic Target Shares”; PHOENIX should cause Yidian Information to provide Run Liang Tai with the Borrowing equal to the Purchase Price for Domestic Target Shares).

The Parties acknowledge that this Agreement and the matters hereunder, including but not limited to the Overseas Target Shares, the Domestic Target Shares, adjustments of the Purchase Price for Overseas Target Shares and the Purchase Price for Domestic Target Shares, and the Borrowing, are subject to the approval by the shareholders' meeting of Phoenix Media Investment (Holdings) Limited ("Phoenix TV"). PHOENIX agrees that it will use its commercially reasonable efforts to cause the aforesaid matters such as the Overseas Target Shares, the Domestic Target Shares, adjustments of the Purchase Price for Overseas Target Shares and the Purchase Price for Domestic Target Shares, and the Borrowing to be approved by the shareholders' meeting of Phoenix TV.

Article 3 Closing Arrangement for Long De's Shares for Co-sale

	
3.1
	
First Closing of Long De's Co-sale

Long De Hong Kong agrees to transfer 4,584,209 Series D1 Preferred Shares held by it in Yidian Cayman (the "Long De’s Shares for the First Closing") to Run Liang Tai for a consideration of US$ 9,671,045.96 (the "Consideration for Long De's First Closing").

Run Liang Tai agrees to pay the Consideration for Long De's First Closing to Long De Hong Kong in full and purchase the Long De's Shares for the First Closing within five working days after it receives the Borrowing (as defined below) provided by PHOENIX in full in the manner agreed in this Agreement and all closing conditions for Long De's co-sale stipulated in Article 5.1 hereof are met (the First Closing for Long De's co-sale does not need the fulfillment of the condition stipulated in Article 5.1 (4)) or are exempted in writing by Run Liang Tai (the closing conditions stipulated in Article 5.1 (1) hereof shall not be exempted).

Long De Hong Kong agrees to use its commercially reasonable efforts to cooperate with the Company in providing Run Liang Tai or its designated party with the Share Certificate which is certified by the Company's Cayman Agent as true and states the 

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number of the Long De's Shares for the First Closing and the updated Register of Shareholders (original or scanned) of the Company within five working days after receiving the Consideration for Long De's First Closing, so as to complete the First Closing of Long De's co-sale (the "First Closing of Long De's Co-sale"). If Long De fails to complete the First Closing of Long De's Co-sale in accordance with the above provision, causing losses to Run Liang Tai, Long De shall compensate Run Liang Tai for such losses.

The Parties agree that if the First Closing of Long De's Co-sale is not completed within three months from the date of signing this Agreement or within other period agreed upon through consultation and confirmed in writing by the Parties due to Long De's breach of the provisions of this Agreement, it shall be deemed that Long De voluntarily waives the co-sale rights, and this Agreement will no longer be performed;  if the First Closing of Long De's Co-sale is not completed within three months from the date of signing this Agreement or within other period agreed upon through consultation and confirmed in writing by the Parties for reason other than Long De's breach of the provisions of this Agreement, Long De shall still have the right to claim and exercise relevant rights according to the Shareholders Agreement, the existing Articles of Association and this Agreement, and under the premise of meeting applicable laws and listing rules, PHOENIX and Long De shall use their commercially reasonable efforts to cause the Parties to jointly negotiate another alternative scheme to realize Long De's co-sale rights hereunder.

	
3.2
	
Phase II Closing

At the same time of PHOENIX’s Phase II Closing, Long De Hong Kong agrees to transfer 5,210,780 Series D1 Preferred Shares held by it in the Company (the "Long De’s Shares for the Phase II Closing") to Run Liang Tai for a consideration of US$10,992,887.76 (the "Consideration for Long De’s Phase II Closing").

Run Liang Tai agrees that: (1) on the premise that the First Closing for Long De’s Co-sale is completed and the closing conditions for Long De’s co-sale listed in Article 5.1 hereof are fully met or exempted in writing by Run Liang Tai (the closing conditions listed in Article 5.1 (1) hereof shall not be exempted), Run Liang Tai will pay in full the Consideration for Long De’s Phase II Closing to Long De Hong Kong and purchase the Long De’s Shares for the Phase II Closing within 10 working days from the date of completion of PHOENIX's Phase II Closing or within other period agreed in writing by the Parties (the "Latest Payment Date"). If Long De suffers losses due to Run Liang Tai's delay in paying the above the Consideration for Long De’s Phase II Closing, Run Liang Tai shall compensate Long De for such losses; (2) the remaining price shall be paid to PHOENIX in accordance with the provisions of the Share Purchase Agreement and the Supplementary Agreement. For the avoidance of doubt, on the premise that Run Liang Tai and Long De continuously abide by this Agreement, the remaining price under the Supplementary Agreement shall be adjusted 

4

 

as follows: the remaining price is equal to US$448 million minus the Consideration for the First Closing, the Deposit and the interest thereon, the Deposit of Remaining Price and the interest thereon, and the Consideration for Long De's Phase II Closing. Upon completion of the payment of the above remaining price, the Borrowing (as defined below) of US$9,671,045.96 owed by Run Liang Tai to PHOENIX will be fully repaid. For the avoidance of doubt, the provisions of this Article 3.2 shall not affect the obligations and responsibilities related to the payment of the remaining price stipulated in the Supplementary Agreement.

Long De Hong Kong agrees to use its commercially reasonable efforts to cooperate with the Company in providing Run Liang Tai or its designated party with the Share Certificate which is certified by the Company's Cayman Agent as true and states the number of the Long De's Shares for the Phase II Closing and the updated Register of Shareholders (original or scanned) of the Company within five working days after receiving the Consideration for Long De's Phase II Closing, so as to complete the Phase II Closing of Long De's Co-sale (the "Phase II Closing of Long De's Co-sale"). If the Long De fails to complete the Phase II Closing of Long De's Co-sale in accordance with the above provision, causing losses to Run Liang Tai, Long De shall compensate Run Liang Tai for such losses.

Article 4Borrowing and Share Pledge

	
4.1
	
On the premise that Long De and Run Liang Tai continuously abide by the Share Purchase Agreement, the Supplementary Agreement and this Agreement (if applicable), PHOENIX agrees to provide Run Liang Tai with an interest-free (i.e. the borrowing interest rate is zero) borrowing totaling US$9,671,045.96 (the “Borrowing”) within 5 working days after this Agreement and the share transfer documents to be signed by Run Liang Tai and Long De Hong Kong with respect to the transfer of the Long De’s Shares for the First Closing (the "Documents of Transfer of the Long De’s Shares for the First Closing") are effectively signed (if necessary) and all the following conditions are met: (1) the shareholders' meeting of Phoenix TV has approved the matters related to the transaction hereunder; (2) the closing conditions for Long De’s co-sale agreed in Article 5.1 are all met (but the closing condition listed in Item (4) of Article 5.1 does not need to be met) or exempted in writing by Run Liang Tai (the closing condition listed in Item (1) of Article 5.1 hereof shall not be exempted). The aforesaid Borrowing shall be remitted to Long De Hong Kong's bank account confirmed by Long De Hong Kong (such bank account shall be provided to PHOENIX and Run Liang Tai in writing at least 5 working days in advance). For the above remittance, it shall be deemed that Run Liang Tai has received in full the Borrowing provided by PHOENIX, and the Borrowing shall be used to pay in full the Consideration for Long De's First Closing to Long De Hong Kong in accordance with Article 3.1 hereof. The borrowing period shall commence on the date of borrowing and end on August 10, 2020 (the "Borrowing Period"). PHOENIX shall issue a 

5

 

		
remittance voucher to Long De and Run Liang Tai immediately after remittance. Long De undertakes to send a remittance receipt confirmation to PHOENIX and Run Liang Tai immediately after receiving the remittance. Run Liang Tai and Long De Hong Kong agree that the closing conditions under the Documents of Transfer of the Long De’s Shares for the First Closing (if any) shall be exactly the same as the closing conditions for Long De co-sale agreed in Article 5.1 hereof.

	
4.2
	
For the avoidance of doubt, if PHOENIX fails to provide the Borrowing to Run Liang Tai in accordance with the foregoing provisions, Run Liang Tai shall have no obligation to perform the payment obligation for the shares for co-sale agreed in this Agreement and shall not assume any responsibilities arising therefrom.

If PHOENIX fails to provide the Borrowing to Run Liang Tai in accordance with the aforesaid provisions, as a result of which Long De cannot complete the First Closing of Long De Co-sale, PHOENIX shall pay the compensation for loss to Long De, which shall be calculated at the annualized interest rate of 15% based on the Consideration for Long De's First Closing (the “Compensation for Long De’s Loss”).

	
4.3
	
Run Liang Tai agrees that within 10 working days after the completion of the First Closing of Long De’s Co-sale or within other period agreed by PHOENIX in writing, Run Liang Tai will (1) pledge all Long De’s Shares for the First Closing (i.e. 4,584,209 Series D1 Preferred Shares, the "Pledged Shares") obtained by it or its designated party to and in favour of PHOENIX to guarantee repayment of the Borrowing, and assist the Company in completing all company registration procedures related to such Pledged Shares; and (2) ensure that Run Liang Tai or its designated party will sign a transfer agreement with PHOENIX as shown in Annex I. Run Liang Tai further agrees that it will not, and ensures that its designated party will not transfer, pledge or otherwise dispose of the Pledged Shares within the agreed pledge period without PHOENIX's consent. If Run Liang Tai breaches the provisions of this Article 4.3, PHOENIX shall have the right to announce the immediate maturity of the Borrowing and require the Pledged Shares agreed in this Article 4.3 to be owned by PHOENIX. Run Liang Tai and its designated party shall cooperate with the Company in completing all procedures related to the transfer of such Pledged Shares. If Run Liang Tai breaches the provisions of this Article 4.3, causing the fact that PHOENIX cannot obtain the Pledged Shares, PHOENIX shall have the right to require Run Liang Tai to repay all the Borrowing as soon as possible, and Run Liang Tai shall return the Borrowing within five working days after PHOENIX's written notice. PHOENIX agrees to cooperate with the Company in releasing the pledge within 10 working days after PHOENIX receives the remaining price and PHOENIX’s Phase II Closing is completed.

	
4.4
	
Run Liang Tai further agrees that unless otherwise agreed in Article 4.3, if it fails to return all the Borrowing on the expiration date of the Borrowing Period as agreed by this Agreement, PHOENIX shall have the right to require the Pledged Shares agreed in 

6

 

		
Article 4.3 hereof to be owned by PHOENIX, and Run Liang Tai and its designated party shall cooperate with the Company in completing all procedures related to the transfer of such Pledged Shares. Except for the preceding paragraph, Run Liang Tai shall not assume any other repayment responsibility for the breach of this Article 4.4, and Long De and PHOENIX shall not have the right to hold Run Liang Tai accountable for any liability other than the preceding paragraph according to this Agreement.

Article 5Closing Conditions for Long De's Shares for Co-sale

	
5.1
	
Unless exempted by Run Liang Tai in writing, Run Liang Tai's performance of the obligation to pay the Consideration for Long De’s First Closing and the Consideration for Long De's Phase II Closing shall be subject to the full fulfillment of the following preconditions (the "Closing Conditions for Long De's Co-sale"):

	
 
	
(1)
	
The shareholders' meeting of Phoenix TV has approved the matters related to the transaction hereunder;

	
 
	
(2)
	
Long De has obtained the deliberations and approvals of its board of directors, board of shareholders and other necessary decision-making procedures with respect to the matters related to the transfer of Long De’s Shares for Co-sale and its signing and performance of this Agreement, and such transfer, signing and performance do not violate any legal documents, government instructions and judicial decisions binding on Long De;

	
 
	
(3)
	
Only for Run Liang Tai’s performance of the obligation to pay the Consideration for Long De's First Closing, Long De has caused the Company to provide Run Liang Tai or its designated party with the Share Certificate prepared by the Company's Cayman Agent stating the number of the Long De's Shares for the First Closing and the scanned draft of the updated Register of Shareholders of the Company.

	
 
	
(4)
	
Only for Run Liang Tai’s performance of the obligation to pay the Consideration for Long De’s Phase II Closing, the Phase II Closing corresponding to PHOENIX’s Shares for the Phase II Closing has been completed, and Long De has caused the Company to provide Run Liang Tai or its designated party with the Share Certificate prepared by the Company's Cayman Agent stating the number of the Long De's Shares for the Phase II Closing and the scanned draft of the updated Register of Shareholders of the Company.

	
 
	
(5)
	
Long De does not breach its representations and warranties hereunder;

	
 
	
(6)
	
Long De has issued a Closing Confirmation Letter to Run Liang Tai (for the avoidance of doubt, if there is evidence proving that the matters listed in the Closing Confirmation Letter have not been met, Run Liang Tai will not be obligated to perform the obligation to pay the Consideration for Long De’s First 

7

 

	
 
		
Closing and/or the Consideration for Long De’s Phase II Closing).

Article 6 Representations and Warranties

	
6.1
	
Each Party hereby represents and warrants to the other Parties as follows:

	
 
	
6.1.1.
	
It is a company/partnership duly incorporated and validly existing under the law of the place where it is incorporated or established, and has full right, power and ability to sign this Agreement and fully perform its obligations and responsibilities hereunder.

	
 
	
6.1.2.
	
Unless otherwise agreed in this Agreement, its execution, delivery and performance of this Agreement are within its power, authorization and capacity, and have obtained all necessary company actions for approval. After it signs and delivers this Agreement, this Agreement will constitute its legal, effective and binding obligation and can be enforced against it according to the terms of this Agreement.

 

	
6.2
	
Long De undertakes that it has complete and unrestricted legal ownership of the Long De’s Shares for Co-sale, and the Long De’s Shares for Co-sale are free and clear of any other effective pledge, entrusted shareholding, supervision, judicial seizure or any other encumbrance, unless otherwise agreed in this Agreement.

Article 7Confirmation and Undertakings

	
7.1
	
Long De confirms that this Agreement shall constitute an entire and sole agreement for Long De to exercise its special co-sale rights under the Shareholders Agreement and the existing Articles of Association with respect to the share transfer transaction under the Share Purchase Agreement and the Supplementary Agreement (the "Share Transfer Transaction"), and replace all Long De's claims on such matters. For the Share Transfer Transaction, Long De agrees to exercise its co-sale rights under the Shareholders Agreement and the existing Articles of Association in accordance with the provisions of this Agreement, and will not claim any other rights. Unless otherwise agreed in this Agreement, if Long De fails to complete the First Closing of Long De’s Co-sale and the Phase II Closing of Long De’s Co-sale in accordance with this Agreement, Long De shall still have the right to claim and exercise relevant rights in accordance with the Shareholders Agreement, the existing Articles of Association and this Agreement. However, if Long De fails to complete the First Closing of Long De's Co-sale and/or the Phase II Closing of Long De's Co-sale due to its breach of the provisions of this Agreement, Long De has no right to claim and exercise the co-sale rights and other related rights according to the Shareholders Agreement, the existing Articles of Association and this Agreement.

8

 

	
7.2
	
On the premise that Long De can complete the First Closing of Long De's Co-sale and the Phase II Closing of Long De's Co-sale according to this Agreement:

	
 
	
a)
	
Long De confirms and agrees that PHOENIX and Run Liang Tai will complete the First Closing and the Phase II Closing in accordance with the Share Purchase Agreement, the Supplementary Agreement and this Agreement.

	
 
	
b)
	
For the Share Transfer Transaction hereunder, Long De confirms and approves any and all actions of PHOENIX in such transaction (provided that PHOENIX's actions shall conform to the provisions of this Agreement), and will not make any claims for breach of contract or compensation against PHOENIX with respect to its co-sale rights and the rights related thereto.

	
 
	
c)
	
Long De further agrees to use its best efforts to take and implement (or cause to take and implement) further measures to cooperate with PHOENIX and Run Liang Tai in completing all transactions under the Share Purchase Agreement, the Supplementary Agreement and this Agreement, including but not limited to signing and delivering all other agreements, certificates, documents and documentations.

	
7.3
	
For the avoidance of doubt, the Parties hereby confirm that the Phase II Closing of Long De's Co-sale shall be subject to the payment of the remaining price to PHOENIX by Run Liang Tai in accordance with the Supplementary Agreement and this Agreement; if PHOENIX does not receive any remaining price, the Phase II Closing of Long De's Co-sale will not be made, and PHOENIX shall not bear any responsibility for such failure, and Long De shall not make any other claims against PHOENIX with respect to the Phase II Closing of Long De's Co-sale in exercising its co-sale rights with respect to the Share Transfer Transaction; if PHOENIX fails to receive the remaining price in full, the Consideration for Long De’s Phase II Closing and the Long De’s Shares for the Phase II Closing shall be adjusted accordingly (for the avoidance of doubt, the adjusted Number of Long De’s Shares for the Phase II Closing at that time = the Number of PHOENIX’s Shares for the Phase II Closing actually delivered * (the Number of Long De’s Shares for the Phase II Closing defined hereunder/the Number of PHOENIX’s Shares for the Phase II Closing defined hereunder); at that time, the Consideration for Long De's Phase II Closing shall also be adjusted accordingly), and Long De shall, according to the provisions of Article 3.2 hereof, still have the right to receive the corresponding proportion of the Consideration for Long De's Phase II Closing calculated in accordance with Article 7.3 hereof within 10 working days after the actual closing of PHOENIX is completed. In case of any inconsistency between other provisions of this Agreement and this Article 7.3, this Article 7.3 shall prevail. If Long De fails to receive in full the corresponding proportion of the Consideration for Long De's Phase II Closing on time, PHOENIX and Long De shall use their commercially reasonable efforts to cause the Parties to jointly negotiate another alternative scheme to realize Long De's co-sale rights hereunder.

9

 

Article 8Liabilities for Breach of Contract

	
8.1
	
PHOENIX’s Liabilities for Breach of Contract. If PHOENIX fails to provide the Borrowing to Run Liang Tai in accordance with the provisions of Article 4.1 hereof on the premise of meeting the conditions for providing the Borrowing, PHOENIX shall pay the Compensation for Long De’s Loss to Long De in accordance with provisions of Article 4.1 hereof. Unless otherwise agreed in the Share Purchase Agreement and the Supplementary Agreement, Run Liang Tai will not bear any liability for breach of contract for the above breach of PHOENIX.

Article 9 Taking Effect and Termination

	
9.1
	
This Agreement shall be formed and come into force immediately after being signed by the Parties and shall be binding on each Party, its successors and assignees.  However, no Party may transfer, delegate or otherwise transfer its rights and obligations hereunder without the consent of the other Parties. For transactions related to the transfer of PHOENIX’s equities, matters not covered herein shall be subject to the provisions of the Share Purchase Agreement and the Supplementary Agreement; if the Share Purchase Agreement and the Supplementary Agreement are inconsistent with this Agreement, this Agreement shall prevail.

	
9.2
	
The Parties agree that this Agreement may be terminated upon the unanimous written consent of the Parties.

	
9.3
	
If this Agreement is terminated, this Agreement shall become null and void, however, the validity of any terms which will take effect or shall continue to be valid at or after the occurrence of such termination as expressly specified in this Agreement or in accordance with presumption shall not be affected thereby, nor shall the liabilities arising from the breach of either Party before the rescission or termination of this Agreement be affected thereby.

Article 10Applicable Law and Dispute Resolution

	
10.1
	
This Agreement shall be governed by and construed in accordance with the laws of Hong Kong, excluding its conflict of laws rules.

	
10.2
	
Any dispute, controversy or claim arising from or in connection with this Agreement, including the validity, invalidity, breach or termination of this Agreement, shall be submitted to Hong Kong International Arbitration Centre to be arbitrated in Hong Kong in accordance with the HKIAC Administered Arbitration Rules in effect at the time of submission of the notice of arbitration. The number of arbitrators shall be three. One arbitrator shall be selected by the current disputing party, one arbitrator shall be selected by the other disputing party, and the third arbitrator shall be selected by the above two arbitrators. The arbitration proceedings shall be conducted in Chinese. Any arbitration award shall be final and enforceable by any court with jurisdiction. The arbitration award shall stipulate the bearing of the arbitration fees. The Parties shall 

10

 

		
properly and punctually perform their respective obligations hereunder until the arbitration award is made. Notwithstanding the other provisions of this Agreement, this Article 10.2 shall not exclude the right of either Party to seek specific performance, injunctive relief and/or temporary relief from the competent court in order to provide assistance in arbitration or when the arbitration tribunal has not been established or the arbitration tribunal has not made a decision on the dispute, controversy or claim.

Article 11Miscellaneous

	
11.1
	
This Agreement is written in Chinese.

	
11.2
	
The Parties agree that any amendment, addition, supplement or deletion to and of this Agreement shall not be valid unless signed by the Parties in writing.

	
11.3
	
Each Party shall (and shall cause each of its affiliated parties to) use its best efforts to ensure that its respective senior management personnel, directors, employees, auditors, lawyers, consultants and agents keep confidential all confidential documents and information related to this transaction, unless the disclosure is required by applicable laws and regulations or required by The Stock Exchange of Hong Kong Limited or its listing rules, except for the information which (i) is obtained without confidentiality obligation; (ii) becomes publicly known through no fault of the disclosing party; (iii) is disclosed to any of its related parties, advisers, investors (including fund managers, limited partners and advisers of investors); and (iv) is disclosed according to the mandatory requirements of government departments or other government agencies having jurisdiction over either Party. Before either Party discloses the above confidential information according to laws and/or mandatory requirements of government departments or other government agencies with jurisdiction over such Party, the Parties shall reasonably negotiate the scope and manner of disclosure.

	
11.4
	
Unless otherwise agreed in this Agreement, each Party shall pay all of its expenses and fees that may occur due to negotiation and drafting of this Agreement and any other relevant agreements proposed in this Agreement, performance of such agreements and compliance with the conditions contained therein, including all fees, expenses and expenditures for any lawyers and/or accountants that it may engage.

	
11.5
	
Any waiver by either Party of its rights under any provision of this Agreement shall not be effective unless made in writing and signed by such Party. A waiver by either Party of a breach of this Agreement by another Party shall not mean or be construed as a waiver by such either Party of any previous or subsequent breach of such another Party. Failure on the part of either Party to exercise any rights or privileges under this Agreement shall not be deemed as a waiver thereof or a waiver of exercise of such rights or privileges by such Party at any later time.

11

 

	
11.6
	
All notices, claims, certificates, requests, requirements and other communications issued hereunder shall be in writing and delivered to the following addresses by e-mail, personal delivery or fax or by prepaid overnight courier service with good reputation. A notice send by e-mail or personal delivery shall be deemed as actually delivered at the time when it is sent or serviced by personal delivery. A notice send by fax shall be deemed as actually delivered at the time of the receipt of the confirmation of the completion of the transmission. A notice send by overnight courier service shall be deemed as actually delivered on the second (2) working day after delivery or collection by the courier service provider.

 

PHOENIX: 

Contact Person: LIU SHUANG

Address: Floor 16, Zhongqing Building, 4 Wangjing Qiyang Road, Chaoyang District, Beijing

 

 

Run Liang Tai:

Contact Person: WANG NAN

Address: Room 1006, Floor 10, Block A, 868 Yinghua Road, Pudong New Area, Shanghai

 

Long De:

Contact Person: YANG LIWEI

Address: Floor 4, Building 1, Yonghe Hangxingyuan, Yi No.1 Dongbinhe Road, Andingmen, Dongcheng District, Beijing

 

12

 

	
11.7
	
If any terms or other provisions of this Agreement are invalid, illegal or unenforceable according to any applicable law or public policy, and the economic or legal substance of the transaction proposed in this Agreement is not affected in any form and is not seriously adverse to either Party, all other terms and provisions of this Agreement shall remain in full force and effect. After any terms or other provisions of this Agreement are held invalid, illegal or unenforceable, the Parties shall negotiate in good faith to amend this Agreement to achieve the original intention of the Parties as far as possible and to complete the transaction proposed in this Agreement as far as possible according to the original intention of this Agreement in an acceptable manner.

	
11.8
	
This Agreement may be signed by the Parties in any number of counterparts and on separate counterparts, each of which when so executed shall be deemed an original but all of which shall constitute one and the same instrument.

	
11.9
	
The headings in this Agreement are for reference only and do not constitute a part of this Agreement, and shall not affect the construction and interpretation of this Agreement.

 

 

[The remainder of this page is intentionally left blank. The signature page is attached]

 

13

 

IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to sign this Agreement as of the date written above.

 

 

PHOENIX NEW MEDIA LIMITED

 

 

By:                           

Name:

Title: Director

 

Agreement-Annex

 

IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to sign this Agreement as of the date written above.

 

 

Run Liang Tai Management Limited

 

 

By:                           

Name:

Title: Director

Agreement-Annex

 

IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to sign this Agreement as of the date written above.

 

 

Long De Holdings (Hong Kong) Co., Limited

 

 

By:                           

Name: YANG LIWEI(杨立威)

Title: Director

Agreement-Annex

 

IN WITNESS WHEREOF, the Parties have caused their respective duly authorized representatives to sign this Agreement as of the date written above.

 

 

Long De Cheng Zhang (Tianjin) Investment Management Center (Limited Partnership) (Seal)

 

By:                       

Name: HUA CHUNWEI, Yang LIWEI

Title: Representative Appointed by the Managing Partner

Agreement-Annex

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