Document:

Warrant Agreement dated August 26, 2003 between Registrant and Liu Hao

 Exhibit 4.8 
  
 WARRANT AGREEMENT 
  
 Warrant Agreement dated as of August 26, 2003, by and between eLong, Inc., a British Virgin Islands international business company (“eLong” or the
“Company”), and Liu Hao (“Holder”). 
  
 RECITALS 
  
 WHEREAS, effective August 26, 2003, eLong granted to
Holder warrants to purchase Common Shares of the Company; 
  
 NOW THEREFORE,
in consideration of the premises and the mutual promises and agreements of the parties set forth herein, the parties hereto agree as follows: 
  
 1.    Certain Definitions.    As used herein the following terms, unless the context otherwise requires, have the
following respective meanings: 
  
 (a)    “Affiliate” means as to any entity (i) any other person or entity that directly or indirectly controls, is controlled by, or is under common control with such specified person or entity and (ii)
any officer, director, general partner, manager or managing member of such entity. “Control” means the power to direct or cause the direction of the management or policies of an entity whether, through the ownership of voting securities,
by agreement or otherwise. 
  
 (b)    “Common Shares” means eLong’s common shares, par value US $.01 per share. 
  
 (c)    “Company” means eLong and any other company that shall succeed to or assume the obligations of eLong
hereunder. 
  
 (d)    “Other
Securities” refers to any stock and other securities of the Company (other than Common Shares) or any securities of any other person (corporate or otherwise) which the Holder shall, at any time, be entitled to receive, or shall have
received, upon the exercise of the Warrant, in lieu of or in addition to Common Shares, or which at any time shall be issuable or shall have been issued in exchange for or in replacement of Common Shares or Other Securities pursuant to this
Agreement or otherwise. 
  
 (e)    “Securities Act” means the Securities Act of 1933, as the same shall be an effect at the time. 
  
 (f)    “Warrant Expiration Date” means 5:00 p.m. New York City time on August 26, 2013. 
  
 (g)    “Warrants Shares” means
shares of Common Shares or Other Securities that Holder shall be entitled to receive upon the exercise of the Warrants pursuant to this Agreement. 
  
 2.    Issuance of Warrant.    Simultaneous with the execution of this Agreement, eLong will issue to Holder a Warrant
Certificate (the “Warrant”) evidencing the right of Holder to purchase an aggregate of 50,000 Common Shares at an exercise price of US $0.75 per share (the “Exercise Price”), subject to adjustment, vesting and
exercise restrictions as provided herein. The Warrant Certificate and all replacement Certificates shall be substantially in the form attached hereto as Exhibit 1. 
  
 3.    Vesting and Exercise of Warrant. 
  
 (a)    Vesting.    The Warrant and Holder’s rights under this Agreement shall vest
in full and become immediately exercisable as of the date hereof. If not earlier exercised, the Warrant shall expire on the Warrant Expiration Date. 

 (b)    Exercise in Full.    Subject to the provisions hereof, the
Warrant may be exercised in full by Holder by surrender of the Warrant, with the form of subscription attached hereto as Exhibit 2 (the “Subscription Form”) duly executed by Holder, to the Company at its principal office in Beijing,
P. R. China, accompanied by payment in the amount obtained by multiplying the number of Warrant Shares by the Exercise Price (subject to any applicable adjustments provided for herein). Payment may be made either (i) in cash, (ii) by wire transfer
of immediately available funds to an account designated by the Company, (iii) by certified or official bank check payable to the order of the Company, (iv) by the assignment of the proceeds of a sale of some or all of the Warrant Shares being
acquired upon the exercise of the Warrant in a customary cashless warrant exercise transaction, or (v) by any combination of the methods of payment provided in clauses (i) through (iv). 
  
 (c)    Partial Exercise.    Subject to the provisions hereof, the Warrant may be
exercised in part by surrender of the Warrant in the manner and at the place provided in Section 3(b) hereof, except that the amount payable by Holder upon any partial exercise shall be the amount obtained by multiplying (i) the number of Warrant
Shares designated by Holder in the Subscription Form by (ii) the Exercise Price, subject to any applicable adjustment provided for herein. Upon any such partial exercise, the Company, at its expense, will promptly issue and deliver to Holder a new
Warrant, in the name of Holder, in an amount equal to the remainder of (i) the original number of Common Shares indicated on the face of the surrendered Warrant minus (ii) the number of Warrant Shares issued upon such partial exercise as specified
in the Subscription Form. The Subscription Form delivered by the Holder shall not take into account any adjustments provided for herein, which will be calculated by the Company upon receipt of the Subscription Form. 
  
 (d)    Delivery of Stock Certificates, etc., on
Exercise.    As soon as practicable after the exercise of the Warrant in full or in part, and in any event within (10) days thereafter, the Company at its expense (including the payment by it of any applicable issue taxes)
will cause to be issued in the name of and delivered to Holder, a certificate or certificates for the number of fully paid and non-assessable Warrant Shares to which Holder shall be entitled upon such exercise, together with any other stock or Other
Securities and property (including cash, where applicable) to which such holder is entitled upon such exercise pursuant this Agreement. In the event Holder is entitled to receive any fractional share, such fractional share shall be rounded up to the
nearest whole number. 
  
 4.    Adjustment for
Dividends in Other Stock, Property, etc.; Reclassification, etc. 
  
 (a)    If the Company shall subdivide its outstanding shares of Common Shares into a greater number of shares, or declare and pay a dividend on its Common Shares payable in additional shares of its Common Shares, the
Exercise Price as then in effect shall be proportionately reduced, and the number of Warrant Shares then subject to exercise under the Warrant (and not previously exercised), shall be proportionately increased. For example, if the Company implements
a 2:1 stock split, the number of Warrant Shares will be increased to 100,000. 
  
 (b)    If the Company shall combine its outstanding shares of the Common Shares into a smaller number of shares, the Exercise Price, as then in effect, shall be proportionately increased, and the number of Warrant Shares
then subject to exercise under the Warrant (and not previously exercised), shall be proportionately reduced. For example, if the Company implements a 1:2 reverse stock split, the number of Warrant Shares will be reduced to 25,000. 
  

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 5.    Reorganization, Consolidation, Merger, etc. 
  
 (a)    General.    In case of any
reclassification or change of the outstanding shares of Common Shares other than a change in par value to no par value, or from no par value to par value or as a result of a subdivision or combination) or in the case of any consolidation of the
Company with, or merger of the Company into, another corporation (other than a consolidation or merger in which the Company is the surviving corporation and which does not result in an reclassification or change of the outstanding shares of Common
Shares), or in the case of a sale or conveyance to another corporation of all or substantially all of the property or assets of the Company, the Holder shall thereafter have the right to purchase the kind and number of shares of stock and Other
Securities and property receivable upon such reclassification, change consolidation, merger, sale or conveyance as if the Holder was the owner of the Common Shares underlying the Warrant immediately prior to any such events at a price equal to the
product of the (x) number of shares issuable upon exercise of the Warrant and (y) Exercise Price in effect immediately prior to the record date for such reclassification, change, consolidation, merger, sale or conveyance as if such Registered
Holders had exercised the Warrants, subject to further adjustment as provided for herein. 
  
 (b)    Warrant to Continue in Full Force and Effect.    Upon any reorganization, consolidation, merger or transfer (and any dissolution following any transfer) as contemplated in
Section 5(a) hereof, the Warrant shall continue in full force and effect and the terms hereof shall be applicable to the shares of stock and Other Securities and property receivable upon the exercise of the Warrant after the consummation of such
reorganization, consolidation, merger, transfer or dissolution, as the case may be, and shall be binding upon the issuer of any such stock or Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the Company’s obligations under the Warrant. 
  
 6.    Registration Rights.    The Company hereby grants to Holder and to all persons to whom Holder may assign all or
any part of the Warrant or the Warrant Shares the rights set forth it Schedule A attached hereto and made a part of this Warrant Agreement. 
  
 7.    Further Assurances.    The Company will take all such action as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and non-assessable shares of Common Shares (or Other Securities) upon the exercise of the Warrant. 
  
 8.    Certificate as to Adjustments.    In each case of any adjustment or readjustment in the shares of Common Shares
(or Other Securities) issuable upon the exercise of the Warrant, the Company will compute such adjustment or readjustment in accordance with the terms of the Warrant and prepare a certificate setting forth such adjustment or readjustment and showing
in detail the facts upon which such adjustment or readjustment is based. The Company will forthwith mail a copy of such certificate to Holder. 
  
 9.    Holder’s Representations and Covenants.    Holder represents and warrants to the Company as follows:

  
 (a)    Holder is making these
representations in connection with the issuance to it of the Warrant. Holder acknowledges that no representations or warranties have been made to it by the Company or anyone acting on its behalf, with respect to the business of the Company, the
financial condition of the Company and/or the economic, tax, or any other aspects consequences of an investment in the Company, except as set forth in writing. 
  

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 (b)    Holder has substantial experience in evaluating and investing in
restricted securities so that it is capable of evaluating the merits and risks of an investment in the Company. Holder has been represented by independent legal counsel in this transaction. 
  
 (c)    Holder is an “accredited
investor,” as such term is defined in Regulation D promulgated under the Securities Act. Holder can bear the economic risks of an investment in the Company for an indefinite period of time. Holder has adequate means of providing for its current
needs and possible contingencies and has no present or contemplated need for liquidity of the Warrant or the Warrant Shares to satisfy any existing or contemplated undertaking, need of indebtedness. 
  
 (d)    Holder has been represented by such
advisors, each of whom has been personally selected by Holder, as Holder has found necessary to consult concerning the transaction contemplated herein, including but not limited to the issuance of the Warrant, and such representation has included an
examination of applicable documents and an analysis of all financial, corporate and securities law aspects of this transaction. 
  
 (e)    With respect to any tax aspects related to the issuance and exercise of the Warrant, Holder is relying solely upon the
advice of its own tax advisors, and/or upon its own knowledge with respect thereto. 
  
 (f)    The Company has made available to Holder or its counsel and advisors, prior to the date hereof, the opportunity to ask
questions of, and to receive answers from, its officers, directors, consultants, employees or their authorized representatives concerning the Company and access to obtain any information, documents, financial statements, records and books (i)
relative to the Company, its business and an investment in the Warrant and the Warrant Shares and (ii) necessary to verify the accuracy of any information, documents, financial statements, records and books furnished. All materials and information
requested by either Holder, Holder’s counsel, advisors, or others representing Holder, including any information requested to verify any information furnished, have been made available and examined. 
  
 (g)    Holder understands that the Warrant and the
Warrant Shares have not been registered under the Securities Act, nor pursuant to the provisions of the securities laws or other laws of any other applicable jurisdictions, in reliance on exemptions set forth in Sections 3 and/or 4 of the Securities
Act, Regulation D promulgated under the Securities Act and the laws and regulations of such jurisdictions. Holder is fully aware that the Warrant is to be issued in reliance upon such exemptions based upon Holder’s representations, warranties,
and agreements set forth herein. Holder is fully aware of the restrictions on sale, transferability and assignment of the Warrant and the Warrant Shares and that Holder must bear the economic risk of its investment in the Warrant and the Warrant
Shares for an indefinite period of time. Holder acknowledges that (i) there may not be any public market for the Warrant or the Warrant Shares issuable upon the exercise of the Warrant in the foreseeable future, (ii) Rule 144 promulgated under the
Securities Act is not presently available with respect to sales of any securities of the Company, and such Rule is not anticipated to be available with respect to sales of any securities of the Company in the foreseeable future; (iii) when and if
the Warrant and Warrant Shares may be disposed of without registration in reliance upon Rule 144, such disposition can be made only in limited amounts and in accordance with the terms and conditions of such Rule; and (iv) if the exemption afforded
by Rule 144 is not available, public sale without registration will require the availability of an exemption under the Securities Act. Holder therefore agrees that it will not offer or sell the Warrant or any securities issuable upon the exercise of
the Warrant unless and until the Warrant and/or such securities are subsequently registered under the Securities Act and applicable state securities laws, or unless exemptions from such registration requirements are available. Holder acknowledges
and agrees that a notation 

  

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shall be made in the appropriate records of the Company indicating that the Warrant, and any securities to be issued upon the exercise of the Warrant, are subject to
restrictions on transfer and, if the Company should in the future engage the services of a stock transfer agent, appropriate stop-transfer instructions will be issued to such transfer agent with respect to the Warrant and the Warrant Shares.

  
 (h)    Holder is acquiring the
Warrant and the Warrant Shares for its own account and not for the account of others. Holder is acquiring the Warrant and the Warrant Shares for investment purposes only and not with a view to or for the transfer, assignment, resale or distribution
thereof, in whole or in part, and Holder is not participating directly or indirectly in a distribution or transfer of the Warrant or the Warrant Shares, or in the underwriting of any such distribution or transfer of the Warrant and the Warrant
Shares. Holder has no present plans to enter into any such contract, undertaking, agreement or arrangement. Holder agrees that it will not, directly or indirectly, offer, transfer, sell, pledge, hypothecate or otherwise dispose of the Warrant or the
Warrant Shares (or solicit any offers to buy, purchase or other acquire or take a pledge of the Warrant or the Warrant Shares) except in compliance with (i) the Securities Act and the rules and regulations thereunder and (ii) any other applicable
laws, rules and regulations. 
  
 (i)    Holder is aware that the Warrant and the Warrant Shares represent a speculative investment involving a high degree of risk. Holder understands and is able to bear the risks and consequences of the following: (a)
the risks involved in investing in the Company, including the speculative nature of an investment in the Company’s securities; (b) the financial hazards involved in an investment in the Company’s securities, including the risk of losing
Holder’s entire investment; (c) the lack of liquidity of the Warrant and the Warrant Shares; (d) the restrictions on transferability of the Warrant and the Warrant Shares; and (e) the tax consequences of an investment in the Company’s
securities. 
  
 (j)    Holder is a New
York limited liability company. 
  
 (k)    Holder understands and is fully aware that no federal or state agency has made any finding or determination as to the fairness of investment in, nor any recommendation or endorsement of, the Warrant or the Warrant
Shares. 
  
 (l)    The execution and
delivery of this Agreement by Holder have been duly and validly authorized and approved by all necessary action, and no other proceedings on the part of such Holder are necessary to authorize or approve this Agreement. This Agreement has been duly
executed and delivered by Holder and is enforceable against Holder in accordance with its terms, except insofar as enforceability may be limited by bankruptcy, insolvency, moratorium and other similar laws affecting the rights of creditors
generally, and by general principles of equity including the exercise of judicial discretion in the enforcement of equitable remedies. 
  
 10.    eLong’s Representations and Warranties.    eLong represents and warrants to Holder as follows:

  
 (a)    eLong is an international
business company duly organized, validly existing and in good standing under the laws of the British Virgin Islands, has all requisite power and authority to own or lease and operate its properties and to carry on its business as now conducted; and
is duly licensed or qualified to do business as a foreign corporation in each jurisdiction in which it owns or leases property or in which the conduct of its business requires it to be so licensed or qualified. 
  
 (b)    eLong has all requisite power and authority
to enter into and perform its obligations under this Agreement, to issue the Warrant and the Warrant Shares, and to carry out the transactions contemplated hereby. 
  

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 (c)    The execution and delivery of this Agreement by eLong have been duly and
validly authorized and approved by all necessary action, and no other proceedings on the part of eLong are necessary to authorize or approve this Agreement. This agreement has been duly executed and delivered by eLong and is enforceable against
eLong in accordance with its terms except insofar as enforceability may be limited by bankruptcy, insolvency, moratorium and other similar laws affecting the rights of creditors generally, and by general principles of equity, including the exercise
of judicial discretion in the enforcement of equitable remedies. 
  
 11.    Notices of Record Date, etc.    In the event of 
  
 (a)    any taking by the Company of a record of the holders of Common Shares for the purpose of determining the holders thereof
who are entitled to receive any dividend (other than a cash dividend payable out of earned surplus of the Company) or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any Other
Securities or property, or to receive any other right, or 
  
 (b)    any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any transfer of all or substantially all the assets of the Company to or consolidation or
merger of the Company with or into any other person or entity, or 
  
 (c)    any voluntary or involuntary dissolution, liquidation or winding-up of the Company, then and in each such event the Company will mail or cause to be mailed to Holder a notice specifying (i) the date
on which any such record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, and (ii) the date on which any such reorganization, reclassification,
recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up is to take place, and the time, if any, as of which the holder of record of Common Shares (or Other Securities) shall be entitled to exchange their shares of
Common Shares (or Other Securities) for securities or other property deliverable upon such reorganization, reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up. Such notice shall be mailed at
least ten (10) days prior to the date therein specified. 
  
 12.    Reservation of Stock, etc. Issuable on Exercise of Warrants.    The Company will at all times reserve and keep available, solely for issuance and delivery upon the exercise of the
Warrants, all shares of Common Shares (or Other Securities) from time to time issuable upon the exercise of the Warrants. 
  
 13.    Exchange of Warrants.    Subject to the provisions of this Agreement, upon surrender for exchange of the
Warrant, properly endorsed, to the Company, the Company, at its own expense, will issue and deliver to or upon the order of Holder a new warrant or warrants of like tenor, in the name of Holder (upon payment by Holder of any applicable transfer
taxes) in the aggregate on the face or faces thereof for the number of shares of Common Shares called for on the face of the Warrant. 
  
 14.    Replacement of Warrants.    Upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction of mutilation of the Warrant and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement satisfactory in form and substance to the Company, in its sole discretion, or, in the case of any such
mutilation, upon surrender and cancellation of the Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
  

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 15.    Warrant Agent.    The Company may, by written notice to
Holder, appoint an agent for the purpose of issuing Warrant Shares upon the exercise of the Warrant, exchange of the Warrant or replacement of the Warrant, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the
case may be, shall be made at such office by such agent. 
  
 16.    Transfer. 
  
 (a)    In General.    Subject to the provisions of this Agreement, all rights under this Agreement, the Warrant and the Warrant Shares are transferable on the books of the Company upon
surrender of the Warrant Certificate or certificates for the Warrant Shares, as the case may be, at the offices of the Company. Holder agrees that with respect to any transfer of the Warrant or Warrant Shares (i) such transfer must comply with all
applicable laws, including federal and state securities laws, and the transferee must be an “accredited investor” and (ii) prior to implementing any transfer, the Company will receive (a) from Holder, an Assignment in the form attached
hereto as Exhibit 3 and a Transferor Letter in the form attached hereto as Exhibit 4, (b) from the proposed transferee, an Accredited Investor Letter, including an agreement to be bound by the terms of this Agreement, in the form attached hereto as
Exhibit 5, and (c) a signed opinion of counsel to Holder in form and substance satisfactory to the Company pertaining to the compliance of such transfer with the Securities Act and other applicable securities laws. 
  
 (b)    Restriction on Transfer to
Competitors.    Notwithstanding anything to the contrary set forth herein, the Warrant and any and all securities that may be issued upon the exercise of the Warrant may not be transferred to any individual, corporation,
partnership, limited liability company, trust or other entity engaged in a business that is competitive with the business of the Company. Any transfer of the Warrant or the securities issuable upon the exercise of the Warrant which does not comply
with the foregoing shall be deemed null and void. The restrictions on transferability set forth in this Section 16(b) shall be binding upon all transferees of the Warrant and the securities that may be issued upon exercise of the Warrant, but shall
terminate upon the consummation by the Company of an initial public offering. 
  
 (c)    Legend.    Each certificate representing the Warrant and the Warrant Shares, and any certificate issued at any time upon transfer of, or in exchange for or replacement of any
certificate, shall bear the following legend: 
  
 “THE SECURITIES
EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR COUNTRY. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED OR
OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH SUCH ACT AND LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF, AND MAY ONLY BE TRANSFERRED IN ACCORDANCE WITH, THE WARRANT AGREEMENT DATED AS OF AUGUST
26, 2003 BETWEEN LIU HAO AND eLONG, INC., COPIES OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF eLONG, INC.” 
  
 (d)    Effect of Transfer on Prior Holder.    Subject to the terms and conditions of this Agreement, any person in
possession of the Warrant properly endorsed is authorized to represent himself as absolute owner hereof and is empowered to transfer absolute title hereto by endorsement and delivery hereof to a bona fide purchaser hereof in accordance with the
terms of this Agreement. Each prior holder of the Warrant renounces all of its equities or rights in the Warrant in favor of each such bona fide purchaser and each such bona fide purchaser shall acquire absolute title hereto and to all rights
represented hereby. 
  

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 (e)    Rights of Company.    Until the Warrant is transferred on the
books of the Company in accordance with the terms of this Agreement, the Company may treat the registered holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary. 
  
 17.    Notices, etc.    All notices,
claims, certificates, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered or if sent by nationally-recognized overnight courier or by registered or certified
mail, return receipt requested and postage prepaid, addressed as follows: 
  
 If to the Company: 
  
 eLong, Inc.

 Suite 602, 603 and 604 
 Union Plaza 
 20 Chao Yang Men Wai Avenue 
 Beijing 100020 
 People’s
Republic of China 
  
 with a copy to: 
  
 Nordlicht & Hand 
 645 Fifth Avenue 
 New York, NY
10022 
 Fax: (212) 421 -0499 
 Tel: (212) 421 -6500 
 Attention: Brian M. Hand, Esq; 
  
 and if to Holder, to the last address furnished by Holder in writing to the Company; 
  
 or to such other address as the party to whom notice is to be given may have furnished to the other
parties in writing in accordance herewith. Any such notice or communication shall be deemed to have been received 
  
 (i) in the case of personal delivery, on the date of such delivery, 
  
 (ii) in the case of nationally-recognized overnight courier, on the next business day after the date when sent, to be
established by a receipt confirming delivery, and 
  
 (iii)
in the case of mailing, on the third business day following that on which the piece of mail containing such communication is posted. 
  
 18.    Miscellaneous. 
  
 (a)    Entire Agreement.    This Agreement (together with the Warrant and the Exhibits referred to herein)
constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings of the parties, written and oral, with respect to such subject matter. 
  
 (b)    Amendment.    This Agreement and
any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 
  
 (c)    Assignment.    This Agreement is
binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned by Holder other than in connection with a transfer of the Warrant or Warrant Shares in
accordance with the terms hereof. 
  

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 (d)    Third Party Beneficiaries.    Each party intends that this
Agreement shall not benefit or create any right or cause of action in or on behalf of any person or entity other than parties hereto and their successors and permitted assigns. 
  
 (e)    Headings.    The headings in this Agreement are for purposes of reference only,
and shall not limit or otherwise affect any of the terms hereof. 
  
 (f)    Governing Law.    This Agreement is being executed in the State of New York and shall be construed and enforced in accordance with and governed by the laws of such State without giving
effect to the principles of conflicts of laws. Venue for any action to enforce the provisions of the Warrant shall be exclusive in the federal and state courts located in the City of New York, State of New York. 
  
 (g)    Expenses.    Regardless of
whether the transactions contemplated herein are consummated, each party shall pay its own costs and expenses incurred or to be incurred in negotiating, closing and carrying out this Agreement and in consummating the transactions contemplated herein
unless otherwise expressly stated herein. 
  
 (h)    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the
same document. 
  
 (i)    Termination.    This Agreement shall terminate on the earlier of (i) the Warrant Expiration Date or (ii) the date on which the Warrant has been exercised in full. 
  
 (j)    Mutual Drafting.    This
Agreement constitutes the joint product of the parties and each provision has been subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against either of them by virtue of the authorship
thereof. 
  
 – SIGNATURES APPEAR ON THE NEXT PAGE –

  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 
  

			
	 ELONG, INC.

		
	 By:
	 	

		
	 Name:
	 	

		
	 Title:
	 	

	
	

	 Liu Hao

  

 10Warrant Agreement dated July 23, 2004

 Exhibit 4.9 

  
  
 WARRANT
AGREEMENT 
  
 among 
  
 ELONG, INC., 
  
 and 
  
 IACT Asia Pacific Limited 
  
 Dated July 23, 2004 
  
  

 TABLE OF CONTENTS 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 ARTICLE
2 
  
 WARRANT CERTIFICATES 
  

					
	 	  	 	  	Page

	 Section 2.1
	  	Issuance of Warrant	  	5
	 Section 2.2
	  	Rights of Holder under the Warrant Certificates	  	5
			
	 	  	ARTICLE 3	  	 
			
	 	  	DURATION AND EXERCISE OF THE WARRANT	  	 
			
	 Section 3.1
	  	Exercise Period of the Warrant	  	5
	 Section 3.2
	  	Obligation to Sell and Transfer	  	6
	 Section 3.3
	  	Expiration of the Warrant	  	6
	 Section 3.4
	  	Exercise of the Warrant; Consummation of the Purchase	  	6
	 Section 3.5
	  	Exercise Price	  	7
	 Section 3.6
	  	Control Number of Shares	  	7
	 Section 3.7
	  	Delivery of FMV Materials; Fair Market Value Determination	  	7
	 Section 3.8
	  	Post-Consummation Adjustment	  	8
			
	 	  	ARTICLE 4	  	 
			
	 	  	PAYMENT OF TAXES	  	 
			
	 Section 4.1
	  	Payment of Taxes	  	8
			
	 	  	ARTICLE 5	  	 
			
	 	  	FUNDAMENTAL CHANGE; WORKING CAPITAL	  	 
			
	 Section 5.1.
	  	Adjustment for Fundamental Change	  	8
	 Section 5.2
	  	Working Capital	  	9
			
	 	  	ARTICLE 6	  	 
			
	 	  	TRANSFER OF WARRANT	  	 
			
	 Section 6.1
	  	Transfers	  	9
			
	 	  	ARTICLE 7	  	 
			
	 	  	OTHER PROVISIONS RELATING TO RIGHTS OF THE HOLDER AND THE COMPANY	  	 
			
	 Section 7.1
	  	Rights of the Holder	  	9
	 Section 7.2
	  	Mutilated or Missing Warrant Certificate	  	9
	 Section 7.3
	  	Injunctive Relief	  	9
	 Section 7.4
	  	Exercise of the Company’s Rights Hereunder after Investor Control	  	10

  

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	 	  	 	  	Page

			
	 	  	ARTICLE 8	  	 
			
	 	  	MISCELLANEOUS	  	 
			
	 Section 8.1
	  	Representations and Warranties	  	10
	 Section 8.2
	  	Dispute Resolution	  	10
	 Section 8.3
	  	Termination by Holder	  	11
	 Section 8.4
	  	Notices and Demands to the Company and the Holder	  	12
	 Section 8.5
	  	Certain Supplements and Amendments	  	12
	 Section 8.6
	  	Successors	  	12
	 Section 8.7
	  	Termination	  	13
	 Section 8.8
	  	Monetary Units	  	13
	 Section 8.9
	  	Governing Law; Arbitration	  	13
	 Section 8.10
	  	Benefits of this Agreement	  	13
	 Section 8.11
	  	Headings	  	13
	 Section 8.12
	  	Counterparts	  	13

  

 -ii- 

 WARRANT AGREEMENT (the “Agreement”), by and among eLong, Inc., an exempted limited liability
company under the laws of the Cayman Islands (the “Company”) and IACT Asia Pacific Limited, an exempted limited liability company under the laws of the Cayman Islands (the “Holder”), dated as of July 23, 2004.

  
 WHEREAS, the Company, the Holder and certain other parties named therein
have entered into a Transaction Agreement, dated as of July 23, 2004 (the “Transaction Agreement”), pursuant to which, among other things, the Holder is to receive a warrant (the “Warrant”), evidenced by the
certificate attached hereto as Exhibit A (the “Warrant Certificate”) entitling the Holder to buy additional securities of the Company, on the terms and subject to the conditions set forth herein; 
  
 WHEREAS, the Company, the Holder, the persons listed on Schedule 2 to the Investors
Agreement, defined below (each, a “Common Holder” and collectively, the “Common Holders”), the persons listed on Schedule 1 to the Investors Agreement (each, a “Series A Holder” and collectively,
the “Series A Holders”) (the Common Holders and the Series A Holders collectively, the “Selling Holders”) and the other shareholders of the Company have entered into an Investors Agreement, dated as of July 23, 2004
(the “Investors Agreement”), which sets forth, among other things, certain rights of the Holder, in its capacity as the holder of the Warrant, with respect to the governance of the Company and otherwise; and 
  
 WHEREAS, the Company and the Holder desire to establish in this Agreement certain terms
and conditions concerning the Warrant. 
  
 NOW, THEREFORE, in consideration
of the foregoing and for the purpose of defining the terms and provisions of the Warrant and the respective rights and obligations thereunder of the parties hereto, the Company and the Holder each hereby agree as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 “Cash and Cash Equivalents” means (a) cash and (b) short-term, highly liquid investments (with original maturities (at time of purchase) of three
months or less) that are both (i) readily convertible to known amounts of cash, and (ii) so near their maturity that they present insignificant risk of changes in value because of changes in interest rates; provided that such term shall not include
any cash and cash equivalents to the extent resulting from the Company’s breach of Section 5.2 hereof. 
  
 “Definitive Resolution” shall mean the earlier of (a) the twelfth U.S. business day after the Holder’s delivery of the Form of Election to
Purchase (if such Form of Election to Purchase sets forth the Holder’s proposal for the applicable Control Number and Exercise Price) if the Company shall not have delivered a notice of disagreement prior thereto, or (b) the earlier of (x) the
day that the Holder and the Company (whether on behalf of itself or a Selling Holder) agree in writing that they have resolved all disputes relating to the determination of Exercise Price or Control Number with respect to an exercise hereunder and
(y) the date of the final resolution by the Arbiter with respect to Schedule 1 or Section 8.2 hereof, as the case may be. 
  
 “Equity Value” means, with respect to the Company, the applicable implied enterprise value of the Company, minus the Indebtedness of the Company
(and its subsidiaries, on a consolidated basis), plus (i) the Cash and Cash Equivalents of the Company (and its subsidiaries, on a consolidated basis) and (ii) the pro forma consideration that would be received for the exercise of all options,
warrants (but excluding the Warrant) or other rights, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) obligating the Company 

 
to issue shares of capital stock (or securities exchangeable for or convertible into shares of the Company’s capital stock, including the Series A Preferred
Shares and Series B Preferred Shares) in each case whether or not vested or exercisable, and in the case of (i) and (ii), calculated in accordance with U.S. GAAP on the date of exercise; provided, however, that options, warrants or other
rights, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) obligating the Company to issue shares of capital stock (or securities exchangeable for or convertible into shares of the Company’s capital stock) with an
exercise price that is greater than the then Fair Market Value of the underlying capital stock will not be included in the calculation of “Equity Value”. 
  
 “Escrow Agreement” shall have the meaning ascribed to it in the Transaction Agreement. 
  
 “Exercise Price” shall have the meaning set forth in Section 3.5.

  
 “Expiration Date” means the final day of the Exercise
Period. 
  
 “Expiration Time” means 5:00 p.m. New York City
time on the Expiration Date. 
  
 “Fair Market Value” means
the price per share equal to the amount that a willing buyer would pay a willing seller in an arm’s length transaction at such time. The Fair Market Value shall be determined, based on this definition, in accordance with the procedures set
forth in Section 3.7 hereof and on Schedule 1 hereof (and/or Section 8.2 if there is a dispute relating to the determination of Fair Market Value for purposes of clause (ii) of the “Equity Value” definition). 
  
 “FMV Materials” means all financial, operating and other valuation
information and material that a financial institution of international repute would require in order to determine a fair market value for the Company, including, but not limited to, (a) historical detailed financial results (including balance sheet,
income statement, and statement of cash flows prepared in accordance with U.S. GAAP) for the past two years, the most recent quarter and the most recent month, (b) detailed forward-looking financial projections (including balance sheet, income
statement, and statement of cash flows projections prepared in accordance with U.S. GAAP) for the next two years, and (c) historical and projected key operating metrics by line of business. 
  
 “Force Majeure Event” means acts of God, war, serious epidemics such
as severe acute respiratory syndrome or other similar catastrophic events that are beyond the Company’s reasonable control and which has a material adverse affect on the Company’s operations, business and value; provided,
however, that (1) only extraordinary adverse financial or market conditions (including, without limitation, adverse macroeconomic conditions in the People’s Republic of China resulting in a severe economic downturn) will constitute a
Force Majeure Event, and (2) no Force Majeure Event shall act to delay or excuse the Company from its obligations hereunder. 
  
 “Fully-Diluted Number” means the total number of outstanding ordinary shares of the Company, calculated on an as-converted, fully-diluted basis
(including, without limitation, all options, warrants (but excluding the Warrant) or other rights, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) obligating the Company to issue shares of capital stock
(or securities exchangeable for or convertible into shares of the Company’s capital stock, including the Series A Preferred Shares and Series B Preferred Shares)), in each case whether or not vested or exercisable; provided,
however, that options, warrants or other rights, agreements, arrangements or commitments (pre-emptive, contingent or otherwise) obligating the Company to issue shares of capital stock (or securities exchangeable for or convertible into

  

 2 

 
shares of the Company’s capital stock) with an exercise price that is greater than the then Fair Market Value of the underlying capital stock will not be included
in the Fully-Diluted Number for purposes of calculating the IPO Price, the Notice Price under clause (a) of the definition of Notice Price and the proviso of the definition of Notice Price, or the Private Price under clause (a) of the definition of
Private Price and the proviso of the definition of Private Price; and provided, further, however, that the Option will not be included in the Fully-Diluted Number for purposes of the calculation in Section 3.6(a) hereof. For
illustrative purposes, the Fully-Diluted Number on the date hereof is set forth on Schedule 2 hereto. 
  
 “Fundamental Change” shall mean any transaction or event pursuant to which all or substantially all of the relevant class of Shares shall be
exchanged for, converted into or acquired for or constitute the right to receive securities, cash or other property (whether by means of a tender or exchange offer, redemption, reclassification, consolidation, merger, sale or other disposition of
all or substantially all of the assets of the Company, compulsory share exchange, liquidation or otherwise); provided that the IPO shall not be considered a Fundamental Change. In the case of a Fundamental Change involving more than one such
transaction or event, for purposes of adjusting exercise rights as set forth herein, such Fundamental Change shall be deemed to have occurred when substantially all of the Shares shall be exchanged for, converted into or acquired for or constitute
the right to receive securities, cash or other property, but the adjustment shall be based upon the highest weighted average of consideration per share that a holder of Shares could have received in such transactions or events as a result of which
more than 50% of the Shares shall have been exchanged for, converted into or acquired for or constitute the right to receive securities, cash or other property. 
  

“High-Vote Ordinary Shares” shall have the meaning ascribed thereto in the Investors Agreement. 
  
 “Indebtedness” means, with respect to any person, without duplication,
(i) all obligations of such person for borrowed money, (ii) all obligations of such person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (iii) all obligations of such person under
conditional sale or other title retention agreements relating to property purchased by such person (other than customary reservations of retentions of title under agreements with suppliers entered into in the ordinary course of business), (iv) all
obligations of such person issued or assumed as the deferred purchase price of property or services purchased by such person (other than trade debt incurred in the ordinary course of business and due within six (6) months of the incurrence thereof)
which would appear as liabilities on a balance sheet of such person, (v) all obligations of such person under take-or-pay or similar arrangements or under commodities agreements, (vi) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any lien on, or payable out of the proceeds of production from, property owned or acquired by such person, whether or not the obligations secured thereby have been
assumed, (vii) all obligations of others guaranteed by such person, (viii) the principal portion of all obligations of such person under capital leases, (ix) all obligations of such person in respect of interest rate protection agreements, foreign
currency exchange agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements, (x) the maximum amount of all standby letters of credit issued or bankers’ acceptances facilities
created for the account of such person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (xi) other than Series B Preferred Shares, all preferred stock issued by such person and required by the terms thereof to be
redeemed, or for which mandatory sinking fund payments are due, by a fixed date, and (xii) the principal balance outstanding under any synthetic lease. The Indebtedness of any 

  

 3 

 
person shall include the Indebtedness of any partnership or joint venture in which such person is a general partner or a joint venturer, but only to the extent to
which there is recourse to such person for payment of such Indebtedness. 
  
 “IPO” has the meaning ascribed to the term “Qualified Public Offering” in the Investors Agreement. 
  
 “IPO Price” means the price per share of the Ordinary Shares offered to the public in connection with the IPO; provided, however,
that the IPO Price shall not, for purposes of this Agreement, exceed the price per Share equal to (a) the Equity Value of the Company (based on an implied enterprise value of $205 million), divided by (b) the Fully-Diluted Number, in each case as of
the date of exercise. 
  
 “Notice Price” means (a) with
respect to an exercise of the Warrant during the first 30 U.S. business days of the applicable Exercise Period, the price per Share that is equal to (i) the Equity Value of the Company (based on an implied enterprise value of $205 million), divided
by (ii) the Fully-Diluted Number, in each case as of the date of exercise and (b) with respect to an exercise of the Warrant during the remaining portion of such Exercise Period, the price per Share equal to the Fair Market Value as of the date of
exercise; provided, however, that if the Company notifies the Holder in writing (within ten (10) U.S. business days of the date of exercise) that a Force Majeure Event has occurred (and such Force Majeure Event has occurred) and the
Notice Price would have otherwise been calculated in accordance with clause (b) hereof, then the Notice Price shall be, at the Holder’s election (it being understood that the Holder shall have until the end of the applicable Valuation
Assessment Period to make such election), (i) the price per Share that is equal to (x) the Equity Value of the Company (based on an implied enterprise value of $160 million), divided by (y) the Fully-Diluted Number, in each case as of the date of
exercise or (ii) the price per Share that is equal to (x) the Equity Value of the Company (based on an implied enterprise value of $205 million), divided by (y) the Fully-Diluted Number, in each case as of the date of exercise; provided,
further, however, that if the Holder makes the election in clause (i) of the first proviso in this definition, then the Company shall be entitled, within 180 days of the Holder’s date of exercise, to require that the Notice Price be the
Fair Market Value as of the date of the Company’s election. 
  
 “Option” has the meaning ascribed thereto in the Transaction Agreement. 
  
 “ordinary shares” shall have the meaning ascribed thereto in the Investors Agreement. 
  
 “Ordinary Shares” shall have the meaning ascribed thereto in the Investors Agreement. 
  
 “preferred shares” shall have the meaning ascribed thereto in the
Investors Agreement. 
  
 “Private Price” means (a) with
respect to an exercise of the Warrant prior to April 30, 2005, the price per Share that is equal to (i) the Equity Value of the Company (based on an implied enterprise value of $205 million), divided by (ii) the Fully-Diluted Number, in each case as
of the date of exercise and (b) with respect to an exercise of the Warrant during the remaining portion of such Exercise Period, the price per Share equal to the Fair Market Value as of the date of exercise; provided, however, that if
the Company notifies the Holder in writing (within five (5) U.S. business days of the date of exercise) that a Force Majeure Event has occurred (and such Force Majeure Event has occurred) and the Notice Price would have otherwise been calculated in
accordance with clause (b) hereof, then the Notice Price shall be, at the Holder’s election (it being understood that the Holder shall have until the end of the applicable Valuation Assessment Period to make such election), (i) the price per
Share that is equal to (x) the Equity Value of the Company (based on an implied enterprise value of $160 million), divided by (y) the 

  

 4 

 
Fully-Diluted Number, in each case as of the date of exercise or (ii) the price per Share that is equal to (x) the Equity Value of the Company (based on an implied
enterprise value of $205 million), divided by (y) the Fully-Diluted Number, in each case as of the date of exercise; provided, further, however, that if the Holder makes the election in clause (i) of the first proviso in this
definition, then the Company shall be entitled, within 180 days of the Holder’s date of exercise, to require that the Notice Price be the Fair Market Value as of the date of the Company’s election. 
  
 “Series A Preferred Shares” shall have the meaning ascribed thereto in
the Investors Agreement. 
  
 “Series B Preferred Shares”
shall have the meaning ascribed thereto in the Investors Agreement. 
  
 “Shares” means (a) if there has been an IPO on or prior to the date of the consummation of the purchase of the Shares by the Holder pursuant to Article 3 hereof, High-Vote Ordinary Shares and (b) if there has not been an
IPO on or prior to the date of the consummation of the purchase of the Shares by the Holder pursuant to Article 3 hereof, Series B Preferred Shares. 
  
 “Transfer” shall mean any direct or indirect offer, sale, gift, transfer, assignment or other disposition and shall include agreeing to do any of
the foregoing; provided, however, that a pledge, a grant of a security interest, or other similar encumbrances shall not be deemed to be a Transfer. 
  
 “Transfer Agreement” shall have the meaning ascribed to it in the Transaction Agreement. 
  
 “U.S. business day” means any weekday, other than a weekday on which
banks in the city of New York are authorized or required to be closed. 
  
 “Valuation Assessment Period” means the fifteen (15) U.S. business day period following the delivery by the Company to the Holder of the FMV Materials in accordance with Section 3.7.1 (b) or (c) hereof. 
  
 ARTICLE 2 
  
 WARRANT CERTIFICATES 
  
 Section 2.1    Issuance of Warrant.    Simultaneously with the execution and delivery of this Agreement, the Company
shall issue and deliver to the Holder the Warrant Certificate attached hereto as Exhibit A. 
  
 Section 2.2    Rights of Holder under the Warrant Certificates.    The Warrant Certificate shall entitle the Holder, subject to the provisions of this Agreement and those set fort
in the Warrant Certificate, to purchase the type and number of securities of the Company equal to the number provided for therein and herein. 
  
 ARTICLE 3 
  
 DURATION AND EXERCISE OF THE WARRANT 
  
 Section 3.1    Exercise Period of the Warrant.    The Holder shall have the right to exercise the Warrant, in whole but not in part, subject to the provisions of this Article 3,
during one exercise period (the “Exercise Period”) commencing upon the earliest of (i) the consummation of the IPO (in which case the Exercise Period shall be the period commencing with such IPO 

  

 5 

 
consummation and ending 30 U.S. business days thereafter), (ii) the date upon which the Holder receives written notice from the Company that it is no longer pursuing
the IPO (in which case the Exercise Period shall be the period commencing with such date and ending 395 days thereafter) or (iii) March 31, 2005 (in which case the Exercise Period shall be the period commencing with such date and ending at the end
of the tenth calendar month thereafter). 
  
 Section
3.2    Obligation to Sell and Transfer.    Upon the exercise of the Warrant on or prior to the Expiration Time, pursuant to Section 3.4 hereto, the Company shall sell and transfer to the Holder, and the
Holder shall purchase and accept from the Company, for a purchase price per Share equal to the Exercise Price, a number of Shares equal to the Control Number. 
  

Section 3.3    Expiration of the Warrant.    If the Warrant is not exercised in accordance with the terms thereof
and hereof by the Expiration Time, the Warrant shall become null and void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. 
  
 Section 3.4    Exercise of the Warrant; Consummation of the Purchase. 
  
 3.4.1    The Warrant may be exercised by the Holder, at any time
within an Exercise Period and before the Expiration Time, by properly completing and signing a form of election to purchase in the form attached to the Warrant Certificate (the “Form of Election to Purchase”) and delivering it to
the Company. Once so delivered, the Form of Election to Purchase shall be a binding obligation of the Holder. 
  
 3.4.2    Within five (5) days of the Definitive Resolution, (a) (i) the Holder shall deliver and surrender the Warrant Certificate to the
Company at eLong, Inc., Block B, XingKe Plaza, 10 Jiuxianqiao Zhonglu, Chaoyang District, Beijing 100016, People’s Republic of China, or at such other location as the Company may from time to time notify the Holder in writing, during its normal
business hours and (ii) (x) deliver a certified cheque or bank draft or wire to the Company in an amount equal to 87.5% of the amount due to the Company for the purchase of the Shares in accordance with the terms hereof and (y) deliver a certified
cheque or bank draft or wire to the Escrow Agent (as defined in the Escrow Agreement) in an amount equal to 12.5% of the amount due to the Company for the purchase of the Shares in accordance with the terms hereof (it being understood and agreed
that such 12.5% amount shall, subject to the terms of the Escrow Agreement Transaction Agreement and Transfer Agreement, be released to the Company, the Holder or the Selling Holders, as the case may be, subject to and in accordance with the escrow
and indemnity provisions of the Transaction Agreement and Transfer Agreement) and (b) the Company shall concurrently (or within two (2) U.S. Business Days thereof) deliver and/or release to the Holder stock certificates representing the applicable
Shares, endorsed in blank or accompanied by stock powers duly executed in blank, in proper form for transfer and with any stock transfer stamps attached. The amounts in escrow under this Section 3.4.2 shall be released to the Company, the Holder or
the Selling Holders in accordance with and subject to the terms of the Escrow Agreement. Notwithstanding anything herein to the contrary, in the event that the Investor exercises the Warrant (a) after the date which is one (1) year after the Closing
but prior to the Survival Date (as such terms are defined in the Transaction Agreement), then only 75% of the amount which would have otherwise been paid into escrow pursuant to this section shall be paid into escrow and the remaining 25% of such
amount shall be paid to the Company, in addition to the amount otherwise payable under clause (ii)(x) above, or (b) after the Survival Date, then any amounts which would have otherwise been paid into escrow pursuant to this section shall not be paid
into escrow but instead the Holder shall pay to the Company the entire amount due to the Company for the purchase of the Shares. 
  

 6 

 Section 3.5    Exercise Price.    “Exercise Price”
means: 
  
 3.5.1    With respect to an
exercise of the Warrant during the Exercise Period set forth in Section 3.1(i) hereof, a per Share price equal to the IPO Price; 
  
 3.5.2    With respect to an exercise of the Warrant during the Exercise Period set forth in Section 3.1(ii) hereof, a per Share
price equal to the Notice Price; or 
  
 3.5.3    With respect to an exercise of the Warrant during the Exercise Period set forth in Section 3.1 (iii) hereof, a per Share price equal to the Private Price. 
  
 Section 3.6    Control Number of
Shares.    For the purposes hereof, “Control Number” means the number of Shares, equal to (a) (1) 51% of the Fully-Diluted Number minus (2) the number of shares of Ordinary Shares (including securities
exchangeable for or convertible into Ordinary Shares, but excluding the Option and the Warrant) held by the Holder at such time divided by (b) 0.745. 
  
 Section 3.7    Delivery of FMV Materials; Fair Market Value Determination. 
  
 3.7.1    The Company shall deliver to the Holder the FMV Materials: (a) on the first day of the applicable
Exercise Period; (b) within ten (10) U.S. business days of the date on which the Holder exercises the Warrant, if such exercise occurs within the respective time periods set forth in clause (b) of the Notice Price definition or clause (b) of the
Private Price definition; (c) on the day that the Company makes a Force Majeure Event election during the applicable 180 day periods in the definitions of the Notice Price and the Private Price; and (d) at any time after delivery of FMV Materials
pursuant to subsections (b) and (c) above, when there have been changes (other than immaterial ones) to any portion of the FMV Materials as delivered. 
  
 3.7.2    During the applicable Valuation Assessment Period, the Company shall promptly respond in sufficient detail (to the Holder’s
reasonable satisfaction) to the inquiries of the Holder regarding the FMV Materials (it being understood and agreed that the Company shall make its CFO and other key management members available to the Holder for a reasonable period during such
Valuation Assessment Period in order to respond to the Holder’s inquiries). 
  
 3.7.3    After the conclusion of the applicable Valuation Assessment Period, the Company and the Holder shall comply with the provisions and procedures set forth on Schedule 1 hereto to determine the Fair Market Value.

  
 3.7.4    If the Company does not comply with (a) the
delivery requirements of Section 3.7.1 hereof within the applicable time periods, (b) the requirement that the FMV Materials include sufficient information to allow a third party to determine the Company’s Fair Market Value or (c) the
requirements under Section 3.7.2 hereof to promptly respond in a satisfactory manner to the Holder’s inquiries regarding the FMV Materials, the subsequent time periods with respect to the procedures to determine Fair Market Value shall be
tolled until the Company complies in full with such requirements. If any such non-compliance continues for more than fifteen (15) U.S. business days (beginning on the day that the Holder sends notice to the Company of the Holder’s reasonable
belief that the Company is non-compliant), the Holder shall be entitled to determine the applicable Fair Market Value (in its reasonable discretion) (by delivering to the Company within fifteen (15) U.S. business days after such 15 U.S. business day
non-compliance period its determination of the Fair Market Value, along with the financial and other information relating to the Company upon which such determination was based (the date of such delivery being the “Holder FMV Determination
Date”), and such determination shall be binding on all of the parties hereto; provided, however, that the Company shall have the right to contest such determination of non-compliance and such determination of the Fair Market
Value to the Arbiter in accordance with the terms of Section 8.2.2 hereof. 
  

 7 

 Section 3.8    Post-Consummation Adjustment.    If the applicable
Exercise Price with respect to an exercise is based on clause (i) of the first proviso in the definitions of either Notice Price or Private Price, then notwithstanding Section 3.4.2 hereof, the Holder shall deliver to the Escrow Agent 27.5% (as
opposed to the 12.5% required under Section 3.4.2 hereof) of the amount due to the Company for the purchase of the Shares (such additional 15% of the proceed constituting the “Force Majeure Escrow Deposit”) (it being understood that
the Holder would still receive the applicable Shares (and the relevant stock certificates) at such time in accordance with Section 3.4.2 hereof). Within ten (10) U.S. business days following the Definitive Resolution with respect to the Fair Market
Value calculations in a Force Majeure election, based on such Definitive Resolution (A) the Escrow Agent shall deliver the appropriate amount from the Force Majeure Escrow Deposit to the Company, and return any excess amount to the Holder, (B) to
the extent there remains an excess amount in the hands of the Company from previous payments under such clause (i) after such payment by the Escrow Agent, the Company shall pay to the Holder such excess, and (C) to the extent there is a shortfall,
the Holder shall make the appropriate payments to the Company to cover such shortfall. Notwithstanding anything herein to the contrary, in the event that the Investor exercises the Warrant (a) after the date which is one (1) year after the Closing
but prior to the Survival Date (as such terms are defined in the Transaction Agreement), then only 24.375% of the amount due to the Company for the purchase of the Shares shall be paid into escrow and the remaining 75.625% shall be paid to the
Company, or (b) after the Survival Date, then only 15% of the amount due to the Company for the purchase of the Shares shall be paid into escrow and the remaining 85% shall be paid to the Company. 
  
 ARTICLE 4 
  
 PAYMENT OF TAXES 
  
 Section 4.1    Payment of Taxes.    The Company will pay all documentary stamp taxes and other governmental charges
(excluding all foreign, federal or state income, franchise, property, estate, inheritance, gift or similar taxes) in connection with the issuance or delivery of the Warrant hereunder, as well as all such taxes attributable to the issuance, exchange
or delivery of the securities of the Company issuable upon the exercise of the Warrant. 
  
 ARTICLE 5 
  
 FUNDAMENTAL CHANGE; WORKING
CAPITAL 
  
 Section 5.1    Adjustment for
Fundamental Change.    In the event that the Company shall be a party to any Fundamental Change, then lawful provisions shall be made as part of the terms of such Fundamental Change whereby the Holder shall have the right
thereafter to exercise the Warrant only for the kind and amount of securities, cash and other property receivable upon such Fundamental Change by a holder of the number of Shares for which the Warrant could have been exercised immediately prior to
such Fundamental Change. In such event, the Exercise Price in effect immediately prior to such Fundamental Change shall become the Exercise Price immediately after such Fundamental Change with respect to the kind and amount of securities, cash and
other property receivable upon such Fundamental Change by a holder of one Share. The Company, or the person formed by the applicable consolidation or resulting from the applicable merger or that acquires the applicable assets or capital stock of the
Company, as the case may be, pursuant to such Fundamental Change shall make lawful provisions to establish such right and to provide for adjustments that, for events subsequent to consummation of such Fundamental Change, shall be as nearly
equivalent as may be 

  

 8 

 
practicable to the adjustments provided for herein, and the Company agrees that it will not be a party to or permit such Fundamental Change to occur unless such
provisions are so made as a part of the terms thereof. The substance of this paragraph shall similarly apply to successive Fundamental Changes. 
  
 Section 5.2    Working Capital.    From and after the date hereof until the Warrant expires unexercised or is
otherwise terminated in accordance with this Agreement, the Company hereby agrees to manage the current assets and current liabilities (as each such term is used in accordance with U.S. GAAP) of it and its subsidiaries in the ordinary course of
business consistent with past practice, with extensions of credit, time for payment and collection of payables or receivables reasonably consistent with past practice. 
  
 ARTICLE 6 
  
 TRANSFER OF WARRANTS 
  
 Section 6.1    Transfers. 
  
 6.1.1    The Warrant may not be Transferred by the Holder, other than to a controlled affiliate thereof (for so long as such affiliate remains
under common control with the Holder), and any other attempted Transfer shall be void and of no force and effect. For purposes of this Article, a “controlled affiliate” of a person or entity will mean an entity that is controlled by,
controlling, or under common control with such person or entity, provided having “control” will mean having at least a majority of the voting power and the power to elect a majority of the board of directors or other governing body of an
entity. 
  
 6.1.2    The Company shall promptly process
any Transfer of the Warrant to a controlled affiliate of the Holder upon the due execution and delivery by the Holder and such controlled affiliate of the Transfer Form attached to the Warrant Certificate. 
  
 ARTICLE 7 
  
 OTHER PROVISIONS RELATING TO RIGHTS OF THE HOLDER AND THE COMPANY 
  
 Section 7.1    Rights of the Holder.    The Holder, in its capacity as the holder of
the Warrant, shall not be entitled to any of the rights of a stockholder of the Company or any other governance rights with respect to the Company, except as set forth in the Investors Agreement. 
  
 Section 7.2    Mutilated or Missing Warrant
Certificate.    If a mutilated Warrant Certificate is surrendered by the Holder to the Company, or if the Holder submits an affidavit or other evidence to the Company to the effect that a Warrant Certificate has been lost,
destroyed or wrongfully taken, the Company shall issue a replacement Warrant Certificate. If reasonably required by the Company, the Holder must provide an indemnity bond, or other form of indemnity sufficient in the reasonable judgment of the
Company to protect the Company from any loss which it may suffer if a Warrant Certificate is replaced. 
  
 Section 7.3    Injunctive Relief.    The Company agrees that the remedy at law for any breach of the provisions of
this Warrant Agreement or the Warrant Certificate will be inadequate and that the Holder, on any application to a court, shall be entitled to temporary and permanent injunctive relief, specific performance and any other equitable relief (without the
provision of any bond or indemnity) against the Company. These remedies shall be in addition to any other remedies, at law or in equity, to which the Holder may be entitled. 
  

 9 

 Section 7.4    Exercise of the Company’s Rights Hereunder after Investor
Control.    From and after the date on which the IAC Directors (as defined in the Investors Agreement) first constitute a majority of the Board of Directors of the Company, the Directors of the Company who are not IAC
Directors shall, without further action on the part of the Board of Directors, constitute a Committee of the Board of Directors (the “Special Committee”). All actions by the Company with respect to its rights under this Agreement,
including without limitation decisions not to take action under this Agreement, shall be made by the Special Committee, and shall be confidential to the Special Committee, and the Special Committee shall not be required or expected to share any
information regarding its proceedings with the full Board of Directors. 
  
 ARTICLE 8 
  
 MISCELLANEOUS 
  
 Section 8.1    Representations and
Warranties.    Each party hereto (as to itself only and not as to any other party hereto) hereby represents and warrants that: 
  
 8.1.1    Such party is a corporation, limited liability company or limited partnership duly organized, validly existing and in
good standing under the laws of the state of its organization. 
  
 8.1.2    The execution, delivery and performance by such party of this Agreement and the Warrant Certificate, and the consummation of the transactions contemplated hereby and thereby: (i) are within such party’s
corporate, limited liability company or partnership power; (ii) assuming the due authorization, execution and delivery by the other parties hereto, have been duly authorized by all necessary corporate, limited liability company or partnership action
and constitute the legal, valid and binding obligation of such party, enforceable against it in accordance with its terms; (iii) are not in contravention of any provision of such party’s certificate of incorporation, by-laws, certificate of
formation, limited liability company agreement, certificate of limited partnership or limited partnership agreement, as applicable; (iv) will not result in the breach of or constitute a default under any material contract, lease, license, franchise,
permit, indenture, mortgage, deed of trust, note, agreement or other instrument to which such party is a party or by which it is bound; and (v) will not violate any law or order applicable to or bearing upon such party or its assets or businesses,
except in the case of clauses (iv) and (v) for such breaches, defaults or violations that could not reasonably be expected to have a material adverse effect on the legal ability of such party to consummate the transactions contemplated by this
Agreement and the Warrant Certificate. 
  
 Section
8.2    Dispute Resolution. 
  
 8.2.1    If the Company (on behalf of itself or on behalf of a Selling Holder) disagrees with the Exercise Price or the Control Number set forth on the Holder’s Form of Election to Purchase (in connection with an
exercise of the Warrant where the applicable Exercise Price is the IPO Price, the Notice Price determined by clause (a) of the definition thereof or the Private Price determined by clause (a) of the definition thereof), then the Company may deliver
a notice of disagreement to the Holder, within five (5) U.S. business days of the Holder’s delivery of such Form, in which case the Company (on behalf of itself and the Selling Holders) shall attempt to resolve the dispute with the Holder by
engaging in negotiations with respect thereto during the five (5) U.S. Business Day period following the Company’s notice of disagreement. If the Holder and the Company (on behalf of and in concurrence with any Selling Shareholder who has
indicated its disagreement) do not reach agreement by the end of such 5-day period, each such 

  

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party shall submit the matter to the Arbiter (as defined in the Transaction Agreement), who shall decide the final resolution of the matter (which shall be binding on
all of the parties hereto) within ten (10) U.S. Business Days of the submission of the matter. 
  
 8.2.2    If the Company (on behalf of itself or on behalf of a Selling Holder) elects to contest the Holder’s determination of either (a) the Fair Market Value or (b) the Company’s non-compliance,
in each case as provided by Section 3.7.4 hereof, the Company shall deliver to the Arbiter within 5 U.S. business days of the Holder FMV Determination Date (and simultaneously deliver to the Holder) its notice of objection (which notice of objection
shall set forth in reasonable detail the reasons for the Company’s objections). The Holder shall have 10 U.S. business days to prepare and deliver to the Arbiter a response to such notice of objection (which notice of objection shall set forth
the Holder’s response in reasonable detail). Within 10 U.S. business days of such Holder’s delivery, the Arbiter shall decide the final resolution of such matters on the following basis: 
  
 (i)    with respect to the Company’s
non-compliance, the Arbiter shall decide whether the Company’s actions were non-compliant based on the quality of the FMV Materials that were delivered, as well as evidence submitted by each of the Company and the Holder regarding the
Company’s compliance with the delivery and other requirements thereunder (it being understood and agreed that (x) if the Arbiter decides that the Company satisfied its obligations and requirements under Section 3.7.4, the parties shall resume
with the applicable Fair Market Value determination procedures and (y) if the Arbiter decides that the Company did not satisfy such obligations and requirements, the Arbiter shall then make the determinations in clause (ii) below), and 

 
 (ii)    if the Arbiter has determined that the
Company was non-compliant (or if the Company did not contest such non-compliance to the Arbiter), the Arbiter shall decide whether the Holder’s determination of the Fair Market Value was within a reasonable range of possible values, based
solely on the financial and other information related to the Company that the Holder submitted to the Company on the Holder FMV Determination Date (it being understood and agreed that (x) if the Holder’s determination is deemed by the Arbiter
to be within such reasonable range, such determination of the Fair Market Value by the Holder shall be final and binding on all the parties hereto and (y) if the Holder’s determination is deemed by the Arbiter to be outside of the reasonable
range, the Arbiter shall determine the lowest Fair Market Value that is within such reasonable range, and such determination shall be final and binding on all the parties hereto). 
  
 8.2.3    The fees for the services performed by the Arbiter in connection with this Agreement shall be borne 50%
by the Holder and 50% by the Company. 
  
 Section
8.3    Termination by Holder.    This Agreement may be terminated at any time by the Holder at any time prior to the Exercise Date, effective upon the delivery of a termination notice to the Company.
Upon such termination, this Agreement shall forthwith become null and void and of no force and effect, and there will be no liability or obligation on the part of any party hereto with respect to this Agreement, except for breaches of this Agreement
prior to the time of such termination (the liability for which shall be borne by the party who commits the breach). 
  

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 Section 8.4    Notices and Demands to the Company and the
Holder.    All notices and other communications provided for or permitted hereunder shall be made by hand-delivery, first-class mail, telecopier, or overnight air courier guaranteeing two-day delivery: 
  
 (a)    if to the Holder, to 
  
 IACT Asia Pacific Limited 
 c/o InterActiveCorp. 
 152 West 57th Street 
 42nd Floor 
 New York, New York 10019 
 Telecopy No.: (212) 314-7497 
 Attention: General Counsel

  
 with a copy to 
  
 Wachtell, Lipton, Rosen & Katz 
 51 W. 52nd Street 
 New York, New York 10019 
 Telecopy No.: (212) 403-2000 
 Attention: Andrew J. Nussbaum,
Esq. 
  
 and 
  
 (b)    if to the Company, to 
  
 eLong, Inc. 
 Block B, XingKe Plaza 
 10 Jiuxianqiao Zhonglu 
 Chaoyang District, Beijing 100016 
 People’s Republic of
China 
 Telecopy No.: (    )        - 
 Attention: Chief Executive Officer 
  
 with a copy to 
  
 Goulston & Storrs 
 400
Atlantic Avenue 
 Boston, Massachusetts 02110 
 Attention: Timothy B. Bancroft, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five U.S. business days after
being deposited in the mail, postage prepaid, if mailed to an address within the U.S. from and address within the U.S. (so long as a fax copy is sent and receipt acknowledged within two U.S. business days after mailing); when receipt acknowledged,
if telecopied; and such number of U.S. business days after timely delivery to the courier, if sent by overnight air courier as is guaranteed by the courier. The parties may change the addresses to which notices are to be given by giving five
days’ prior written notice of such change in accordance herewith. 
  
 Section 8.5    Certain Supplements and Amendments.    This Agreement may not be amended or modified without the prior written consent of each party hereto, unless such amendment or modification
does not affect the rights or obligations of a party hereunder, in which case the consent of such party shall not be required. 
  
 Section 8.6    Successors.    All the covenants and provisions of this Agreement by or for the benefit of the Company
or the Holder shall bind and inure to the benefit of their respective successors, heirs and assigns hereunder. 
  

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 Section 8.7    Termination.    This Agreement shall terminate if the
Warrant has expired unexercised. Upon such termination, this Agreement shall forthwith become null and void and of no force and effect, and there will be no liability or obligation on the part of any party hereto with respect to this Agreement,
except for breaches of this Agreement prior to the time of such termination (the liability for which shall be borne by the party who commits the breach). 
  
 Section 8.8    Monetary Units.    All amounts referred to herein are expressed in United States dollars and all
payments by Escrow Agent shall be made in such dollars. 
  
 Section
8.9    Governing Law; Arbitration. 
  
 (a)    This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware. 
  
 (b)    Notwithstanding subsection (c) below, at the option of the
Holder, each of the parties hereto agrees for the benefit of the Holder that any State or Federal court sitting in Delaware shall have exclusive jurisdiction to settle any disputes (including claims for set-off and counterclaims) and enforce any
rights which may arise in connection with the validity, effect, interpretation or performance of, or the legal relationships established by, this Agreement or otherwise arising in connection with this Agreement. Each party hereto consents to venue
in the Delaware Courts and irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any action therein. Each party hereto agrees that the summons and complaint or any other process in any
action may be served by notice given in accordance with Section 8.4, or as otherwise permitted by law. Each party hereto irrevocably waives the right to trial by jury. 
  
 (c)    Subject to the option in favor of the Holder set out in subsection (b) above, any controversy or claim
arising out of or relating to this Agreement shall be determined by arbitration in accordance with the International Arbitration Rules of the American Arbitration Association. The tribunal shall consist of three arbitrators. The seat of the
arbitration shall be New York. The language of the arbitration shall be English. The parties hereto agree that the tribunal constituted under this clause shall have the power to grant the relief of specific performance in appropriate circumstances,
and further agree, for the avoidance of doubt, that any competent court of its jurisdiction (including in the PRC courts) may enforce an order of the tribunal for specific performance. By agreeing to arbitration pursuant to this clause, the parties
hereto waive irrevocably their right to any form of appeal, review or recourse to any state court or other judicial authority, in as far as such waiver may validly be made, save that the parties do not intend to deprive any competent court of its
jurisdiction (including the PRC courts) to issue a pre-arbitral injunction, pre-arbitral attachment or other order in aid of the arbitration proceedings or the enforcement of any award. 
  
 Section 8.10    Benefits of this Agreement.    Nothing in this Agreement shall be
construed to give to any person or other entity other than the Company and the Holder any legal or equitable right, remedy or claim under this Agreement. 
  
 Section 8.11    Headings.    The descriptive headings of the several Articles and Sections and the Table of Contents
of this Agreement are for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
  
 Section 8.12    Counterparts.    This Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
  
 [Signature pages follow.] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first
above written. 
  

			
	 ELONG, INC.

		
	 By:
	 	 /s/

	 	 	 Name:

	 	 	 Title:

	
	 IACT ASIA PACIFIC LIMITED

		
	 By:
	 	 /s/

	 	 	 Name:

	 	 	 Title:

  

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