Document:

Share Purchase and Subscription Agreement, dated December 17, 2004

 Exhibit 4.44 
  
 DATED 17 DECEMBER 2004 
  
 SHARE PURCHASE AND SUBSCRIPTION AGREEMENT

  
 BETWEEN 
  
 MR. VISHAL GONDAL

  
 INFINITY TECHNOLOGY
TRUSTEE PRIVATE LIMITED 
  
 IL&FS INVESTMENT MANAGERS LIMITED 
  
 AND OTHERS (“VENDORS”) 
  
 AND 
  
 INDIAGAMES LIMITED (“COMPANY”) 
  
 AND 
  
 TOM ONLINE GAMES LIMITED (“INVESTOR”) 
  
 

 
  
 Khaitan & Co. 

Advocates, Notaries, Patent and Trademark Attorneys 

 SHARE PURCHASE AND SUBSCRIPTION
AGREEMENT 
  
 THIS SHARE PURCHASE AND SUBSCRIPTION AGREEMENT
(the “Agreement”) is entered into on this 17th day of December, 2004 
  
 BY AND BETWEEN: 
  
 VISHAL GONDAL, son of Pranath GONDAL, residing at 14A1 Chanoralayam Postal Colony Road, Chembur, Mumbai 400 071, India (hereinafter referred to as the “Founder”), INFINITY TECHNOLOGY
TRUSTEE PRIVATE LIMITED, a company incorporated under the Companies Act, 1956 and having its registered office at 111, Currimjee Building, 1st Floor, M.G. Rd, Fort, Mumbai 400 023, India (“Infinity”), IL&FS INVESTMENT
MANAGERS LIMITED, a company incorporated under the Companies Act, 1956 and having its registered office at 7th Floor, Plot Number C-22, G-Block, Bandra Kurla Complex, Bandra East, Mumbai, India and the persons as detailed in Schedule 1
hereto (hereinafter collectively referred to as the “Vendors” which expression shall, unless repugnant to the context or meaning thereof, means and includes their respective heirs, successors, legal representatives, administrators
and permitted assigns) of the FIRST PART: 
  
 AND

  
 INDIAGAMES LIMITED, a company incorporated under the provisions of
the Companies Act, 1956 and having its registered office at B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India (hereinafter the “Company” which expression shall, unless repugnant to the context or meaning thereof, means and
includes its successors and permitted assigns) of the SECOND PART; 
  
 AND 
  
 TOM ONLINE GAMES LIMITED, a company
duly incorporated and existing under the laws of Mauritius and having its registered office at 4th Floor, Les Cascades, Edith Cavell Street, Port Louis, Mauritius (hereinafter referred to as the “Investor” which expression shall,
unless repugnant to the context or meaning thereof, means and includes its successors and permitted assigns) of the THIRD PART. 
  
 Whereas: 
  

	A.	The Company is engaged in the business of developing games for wireless and multiple platform devices, such as mobile phones, etc.. 

  

	B.	The authorised share capital of the Company is Rs.7,500,000 divided into 750,000 equity shares of Rs. 10 each (“Share(s)”). The issued, paid-up share capital of the
Company as at the date of this Agreement is Rs. 5,070,730 divided into 507,073 Shares, each fully paid up. Particulars of the Company are set forth in the Schedule 2. 

  

	C.	The Vendors are shareholders of the Company and are the legal and beneficial owners of the Shares as set forth in Schedule 1, column 2. 

  

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	D.	The Vendors have agreed to sell to the Investor 386,833 Shares, all of which are fully paid up (the “Sale Shares”), which represent approximately 76.29% of the
issued, and paid up share capital of the Company as at the Sale Closing and the Investor has agreed to purchase the Sale Shares upon the terms and subject to the conditions as hereinafter set out. 

  

	E.	The Vendors have agreed to cause the Company to issue and the Company has agreed to issue and allot 112,683 Shares (the “Subscription Shares”) to the Investor and,
as directed by the Investor in writing (which direction shall specify the number of Shares to be allotted and issued to each of the Investor and/or the Potential Investor(s)), to either or both of the Potential Investors at Subscription Closing upon
the terms and subject to the conditions as hereinafter set out. 

  

	F.	The Sale Share and the Subscription Shares shall together represent approximately 80.60% of the issued, subscribed and paid up share capital of the Company (as enlarged by the issue
and allotment of the Subscription Shares) at Subscription Closing. 

  
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, the Parties hereby agree as follows: 
  
 ARTICLE 1: 
  
 DEFINITIONS AND INTERPRETATIONS 
  
 1.1 Definitions 
  
 The following words
and expressions shall, unless the context otherwise requires, have the following meanings: 
  
 “Accounts” means the audited financial statements of the Company, comprising the balance sheet and profit and loss account together in each case with notes thereon, reports of directors and auditors
as at the financial year ending on the Accounts Date; 
  
 “Accounts
Date” means 31 March 2004; 
  
 “Act” means Companies
Act, 1956; 
  
 “Affiliate” means, in relation to any person: (a)
if that person is a company, any of its subsidiaries or holding companies and any subsidiary of such holding companies; or (b) if that person is an individual, any company which he directly or indirectly holds 30% or more of the issued share capital
(or voting rights) thereof and any subsidiary of such company; 
  
 “Agreement” means this Share Purchase and Subscription Agreement and shall include any annexures, schedules or exhibits, which may be attached to this Agreement and any amendments made thereto; 
  
 “Articles of Association” means the articles of association of the Company
as amended from time to time and in force for the time being; 
  
 “Board” means the board of directors of the Company; 
  

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 “Business Day” means a day (excluding Saturday) on which banks are generally open for business in India
and in Hong Kong; 
  
 “Company” shall have the meaning ascribed
thereto in Recital A; 
  
 “Conditions Precedent” shall have the
meaning ascribed in Article 4.1. 
  
 “Depository” means National
Securities Depository Limited, a depository within the meaning of the Depositories Act, 1996, with whom the Company has an agreement under the Depositories Act, 1996, with its office at Trade World, 4th Floor, Kamala Mills Compound, Senapati Bapat
Marg, Lower Parel, Mumbai 400 013; 
  
 “Depository Participant”
means any depository participant within the meaning of the Depositories Act, 1996 who has an agreement with the Depository under Section 4 of the Depositories Act, 1996; 
  
 “Disclosure Letter” means the letter (the terms of which are subject to the approval by the Investor) to be delivered by
the Vendors to the Purchaser at least 3 Business Days before the Sale Closing Date; 
  
 “Employment Agreement” means the executive employment agreement to be entered into between the Company, and each of the Founder and other management team members of the Company identified by the Investor, which shall be in
such form and substance reasonably satisfactory to the Investor; 
  
 “Encumbrance” includes any encumbrance, claim, mortgage, pledge, charge, hypothecation, lien, deposit by way of security, option, restriction, right of first refusal, right of pre-emption, claim, right, interest or
preference granted to any third party, beneficial ownership (including usufruct and similar entitlements), public right, common right, any provisional or executional attachment and any other interest held by a third party or any other encumbrance or
security interest of any kind (or an agreement or commitment to create any of the same); 
  
 “Escrow Agent” means the escrow agent to be jointly appointed by the Investor and the Vendors for the holding of the Sale Consideration and the Sale Closing Documents in escrow and the handing over of
the same in accordance with the provisions of the Escrow Agreement; 
  
 “Escrow Agreement” means the agreement to be entered into amongst the Investor, the Vendors, the Company and the Escrow Agent for the holding of the Sale Consideration and the Sale Closing Documents in escrow by the Escrow
Agent and the handing over of the same in accordance with the provisions of such agreement, which agreement shall be in such form to be agreed between the Investor, the Vendors, the Company and the Escrow Agent and shall contain, among other things,
the provisions for Closing as provided in Article 6.1.3; 
  
 “FC-TRS” means the form FC-TRS prescribed by the Reserve Bank of India under its circular, A.P. (DIR Series) Circular No.16 dated 4 October 2004; 
  
 “Government” shall include the President of India, the Government of India, the Governor and the Government of any State in
India, any ministry or department of the same and any local or other authority exercising powers conferred by Law and shall include, without limitation, Reserve Bank of India and Foreign Investment Promotion Board; 
  

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 “GEM” means Growth Enterprise Market of the Stock Exchange; 
  
 “GEM Listing Rules” means the Rules Governing the Listing of Securities on
GEM; 
  
 “Hong Kong” means the Hong Kong Special Administration
Region of the People’s Republic of China; 
  
 “India” means
the Republic of India; 
  
 “Intellectual Property” means the
trade marks, copyright and technical know-how, process know-how, drawings, designs, diagrams, product recipe, flow charts, technical documentation, manuals, confidential data, information and code, website address used or for use in the
Company’s business of manufacture and sale of its products; 
  
 “Investor Depository Participant Account” means the account of the Investor specified by the Investor with the Depository Participant; 
  

“Law” means any statute, law, regulation, ordinance, rule, judgment, notification, rule of common law, order, decree, bye-law, approval of a
Government, directive, guideline, requirement or other restriction imposed by a Government, or any similar form of decision of, or determination by, or any interpretation, policy or administration, having the force of law of any of the foregoing, by
any authority having jurisdiction over the matter in question, whether in effect as of the date of this Agreement or thereafter; 
  
 “Listing Rules” means the Rules Governing the Listing of Securities on the Stock Exchange; 
  
 “Long Stop Date” shall have the meaning ascribed thereto in Article 4.5; 
  
 “Material Adverse Effect” means any event, occurrence, fact, condition,
change, development or effect (which may include, but is not limited to, any fraud or any adverse tax treatment applied or sought to be applied by the tax authorities) that is or may be materially adverse to or may have a material adverse effect on
(i) the valuation, business, operations, trading position, prospects, profits, results of operations, condition (financial or otherwise), properties (including intangible properties), assets (including intangible assets) or liabilities of the
Company or (ii) the ability of the Company or any of the shareholders or of any director or employee of the Company to perform their respective obligations under this Agreement or the Shareholders Agreement or (iii) the validity or enforceability of
this Agreement or of the Shareholders Agreements or of any of the rights or remedies of the Investor hereunder or thereunder, or (iv) the status and validity of, save and except the Company’s registration with the Software Technology Park of
India, any permits, approvals, licenses or permissions required for the Company to effectively carry on its business. 
  
 “Minority Shareholders” means the following persons and their respective heirs and permitted assigns collectively: 
  

	(1)	The Founder; 

  

	(2)	Pranath GONDAL, son of Motiram GONDAL, residing at 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya Estate, Chembur, Mumbai 400071, India; 

  

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	(3)	Shashi GONDAL, wife of Prannath Motiram Gondal residing at 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya Estate, Chembur, Mumbai 400071, India;

  

	(4)	Deepak Chandappa AIL, son of Chandappa Parmeshwar AIL residing at A/20, Munjal Nagar, Near Amar Mahal, Chembur, Mumbai 400089, India; 

  

	(5)	Harpreet Vishal GONDAL, wife of Vishal Prannath GONDAL residing at 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya Estate, Chembur, Mumbai 400071, India;

  

	(6)	Kiran Jagannath NAYAK, son of Jagannath Dattatrya NAYAK residing at Krishna Kunj, Opposite Anupam Talkies, Goregaon East, Mumbai 400063, India; 

  

	(7)	Mahendra Vasudeo PATEL, son of Vasudeo Bhikabhai Patel residing at A/303, Aishwarya Enclave, Yashwantrao Tawde Road, Dahisar West, Mumbai 400068, India; and

  

	(8)	Cyril FERRY, son of Eyonees AUGUSTINE, residing at 3B/204, Green Meadows, Lokhandwala Complex, Kandivili East, Mumbai 400101, India; 

  
 “Parties” means the parties to this Agreement and “Party”
means any one of them; 
  
 “Person” means any person, firm,
company, corporation, government, state or agency of a state, or any association, trust or partnership (whether or not having separate legal personality) or two or more of the foregoing;  
  
 “Potential Investors” means the two Persons currently in negotiation with
the Investor in respect of their potential investment in the Company; 
  
 “Rupees” or “Rs” means the lawful currency of India; 
  
 “Sale Closing” means closing of the sale and purchase of the Sale Shares; 
  
 “Sale Closing Date” shall have the meaning ascribed in Article 6.1.1; 
  
 “Sale Closing Documents” shall mean: (1) the original powers of attorney of such of the Vendors who have executed this
Agreement though their constituted attorneys; (2) the transfer and credit of the Sale Shares in demateralised form to the account of the Escrow Agent with a Depository Participant; and (3) written resignations of all directors of the Company (except
the Founder), with effect from the Sale Closing Date, which written resignations shall contain a confirmation that such directors have no claim against the Company for any compensation for loss of office or termination of employment or otherwise
whether statutory or otherwise or for unpaid remuneration; 
  
 “Sale
Consideration” shall have the meaning ascribed thereto in Article 2.3; 
  
 “Sale Shares” shall have the meaning ascribed to it in Recital D; 
  
 “Shareholders Agreement” means the agreement as of the date hereof entered into between the Minority Shareholders, the Investor and the Company in relation to the shareholding and other rights and
obligations as shareholders of the Company, which agreement will come into effect on the Sale Closing Date; 
  
 “Shares” has the meaning ascribed to it in Recital B; 
  

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 “Stock Exchange” means The Stock Exchange of Hong Kong Limited; 
  
 “Subscription Closing” means closing of the subscription, allotment and
issue of the Subscription Shares; 
  
 “Subscription Closing Date”
shall have the meaning ascribed in Article 6.2.1; 
  
 “Subscription
Consideration” shall have the meaning ascribed thereto in Article 3.2; 
  
 “Subscription Shares” shall have the meaning ascribed hereto in Recital E; 
  
 “Taxes” means any tax and any duty, levy, cess or charge in the nature of tax whether domestic or foreign, and any fine, penalty or interest connected therewith, including without limitation corporate
tax, income tax, dividend distribution tax, interest tax, capital gains tax, gift tax, wealth tax, sales tax, service tax, excise, customs and import duties, stamp duties, registration fees, foreign travel tax, research and development cess, rates,
tax deduction at source or withholding tax or property tax which is payable by reason of any law or regulation; 
  
 “US” means the United States of America; 
  
 “US$” means US dollars, the lawful currency of the US; and 
  
 “Warranties” means the Vendor Warranties, the Vendor and Company Warranties and the Founder Warranties. 
  
 1.2 Interpretations 
  
 In this Agreement: 
  

	1.2.1	a company is deemed to be a “subsidiary” of another company if: 

  

	 	(a)	the composition of the board of directors of the first-mentioned company is controlled by the other company; 

  

	 	(b)	the other company controls more than half of the voting power of the first-mentioned company; or 

  

	 	(c)	the other company holds more than half of the issued share capital of the first-mentioned company (excluding any part of its share capital which carries no right to participate
beyond a specified amount in a distribution of either profits or capital), 

  
 and the term “holding company” shall be construed accordingly; 
  

	1.2.2	references to the Parties include their respective permitted assignees and/or the respective successors in title to substantially the whole of their respective undertakings and, in
the case of individuals, to their respective estates and personal representatives; 

  

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	1.2.3	the Schedules to this Agreement form part of this Agreement and will be in full force and effect as though they were expressly set out in the body of this Agreement;

  

	1.2.4	a reference to this “Agreement” includes any recitals, Schedules and appendices to it and references to Clauses, Schedules and appendices are to Clauses of, and Schedules
and appendices, to this Agreement; 

  

	1.2.5	headings and titles have been used in this Agreement for convenience and shall not be deemed part hereof or be taken into consideration in the interpretation or construction of the
Agreement; 

  

	1.2.6	a reference to an agreement or contract includes a reference to such agreement or contract as amended, supplemented, novated, assigned or modified from time to time;

  

	1.2.7	a reference to a statute or a statutory provision includes a reference to any orders, regulations or other subordinate legislation made thereunder from time to time and references
to any statute, provision, order or regulation include references to that statute, provision, order or regulation as amended, modified, re-enacted or replaced from time to time; 

  

	1.2.8	words denoting the singular shall include the plural and vice versa and words denoting any gender shall include all genders; 

  

	1.2.9	the words “including” and “inter alia” shall be deemed to be followed by “without limitation” or “but not limited to” whether or not those
words are followed by such phrases or words of like import. 

  
 ARTICLE 2: 
  
 AGREEMENT TO SELL AND PURCHASE 
  

	2.1	Subject to the terms and conditions of this Agreement and of the Escrow Agreement, the Vendors shall sell, transfer, convey and deliver to the Investor and the Investor shall
purchase, acquire and accept from the Vendors, relying on the representations, warranties, covenants and undertakings contained in this Agreement as at the date of this Agreement and as at the Sale Closing Date, the Sale Shares (together with all
benefits and rights attaching thereto), free of all Encumbrances, for the Sale Consideration. 

  

	2.2	The number of Sale Shares sold by each Vendor and purchased by the Investor under this Agreement is set out in column 3 of Schedule 1 hereto. 

  

	2.3	The aggregate consideration for the acquisition of the Sale Shares shall be US$13,731,739 (“Sale Consideration”). 

  

	2.4	The Sale Consideration shall be paid to the Vendors in accordance with the provisions of this Agreement and the Escrow Agreement. 

  

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 ARTICLE 3: 
  
 AGREEMENT TO SUBSCRIBE 
  

	3.1	Subject to the terms and conditions of this Agreement, the Vendors shall cause the Company to issue and allot and the Company shall issue and allot to the Investor and, as directed
by the Investor in writing (which direction shall specify the number of Shares to be allotted and issued to each of the Investor and/or the Potential Investor(s)), to either or both of the Potential Investors and the Investor shall and, at its sole
and absolute discretion, may procure that either or both of the Potential Investors subscribe for, relying on the several representations, warranties, covenants and undertakings contained in this Agreement, as on the Closing Date, the Subscription
Shares (together with all benefits and rights attaching thereto), free of all Encumbrances, for the Subscription Consideration. 

  

	3.2	The aggregate consideration for the acquisition of the Subscription Shares shall be US$4,000,000 (“Subscription Consideration”). 

  

	3.3	The Subscription Consideration shall be paid to the Company by the Investor and/or the Potential Investor at Subscription Closing. 

  
 ARTICLE 4 
  
 CONDITIONS PRECEDENT TO
SALE CLOSING 
  
 The purchase of
the Sale Shares and subscription to the Subscription Shares by the Investor is subject to the fulfilment of the following conditions precedent (“Conditions Precedent”): 
  

	 	4.1.1	the Articles of Association of the Company being amended in such manner so as to reflect the provisions of this Agreement; 

  

	 	4.1.2	there having been no Material Adverse Effect; 

  

	 	4.1.3	a legal opinion opining on the due incorporation and continued existence of the Company, the authority of the Vendors who are signing this Agreement, the Escrow Agreement and/or the
Shareholders Agreement for themselves and of the representatives or attorneys who are signing this Agreement, the Escrow Agreement and/or the Shareholders Agreement on behalf of the Company and the Vendors, the validity and enforceability of the
obligations on the Company and the Vendors under this Agreement, the Escrow Agreement and the Shareholders Agreement and the unencumbered status of the Sale Shares, in such form and substance reasonably satisfactory to the Investor, having been
issued by Dua & Associates, the Indian legal counsel of the Vendors and the Company; 

  

	 	4.1.4	the Employment Agreement having been executed by the Company and each of the Founder and other management team members of the Company identified by the Investor;

  

	 	4.1.5	the Escrow Agreement having been duly executed by the Investor, the Vendors and the Escrow Agent; 

  

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	 	4.1.6	the Company having passed a special resolution under Section 81(1A) of the Companies Act 1956 approving the issue and allotment of the Subscription Shares and a certified true copy
of such resolution having been delivered or caused to be delivered to the Investor; 

  

	 	4.1.7	the Sale Shares are converted into demateralised form; 

  

	 	4.1.8	all necessary third party consents for the consummation of the transactions contemplated under this Agreement (including, without limitation, any consent that is required to be
obtained under any agreement to which the Company is a party for any change in control of the Company) having been obtained; and 

  

	 	4.1.9	none of the disclosures made in the Disclosure Letter shall have, in the sole opinion of the Investor, rendered any of the information contained in this Agreement (including the
Recitals) or any of the Warranties untrue, inaccurate or misleading in any material respect. 

  

	4.2	Waiver of Conditions Precedent 

  
 The Investor may waive all of any of the Conditions Precedent at any time by giving notice in writing to the Company and the Vendors. 
  

	4.3	Responsibility or Satisfaction 

  

	4.3.1	The Vendors, the Company and the Investor shall use their respective best endeavours to ensure that the relevant Conditions Precedent, the fulfilment of which it, he or she is
responsible for, to the extent that it is not waived by the Investor, is fulfilled as soon as reasonably practicable and in any event on or before 28 February 2005 (or such other date as the Parties may agree in writing) (the “Long Stop
Date”). 

  

	4.3.2	If all or any of the Conditions Precedent shall not have been fulfilled (or waived by the Investor in accordance with Article 4.2) by the Long Stop Date, the Investor may, at its
option, proceed to Sale Closing (without prejudice to any of the Investor’s and the Founder’s rights) or if the Investor does not so proceed to Sale Closing, this Agreement shall be terminated on the Long Stop Date (save and except for the
provisions of Articles 1, 7, 8, 9 and 10, which shall survive such termination) and thereupon the Parties shall be relieved and discharged from all obligations, liabilities or claims under this Agreement, save and except for the liability of any
Party to the others Parties in respect of any breaches of the terms of this Agreement, including the obligations under Article 4.3.1. 

  
 ARTICLE 5 
  
 PRE-SALE CLOSING OBLIGATIONS 
  

	5.1	 Each of the Company and the Vendors agrees and undertakes with the Investor that it will not, and will procure that none of its Affiliates will: (i) discuss,
negotiate or enter into with any third party any understanding, arrangement, or memorandum of understanding, letter of intent, agreement or any other documents; (ii) accept, solicit, entertain or consider any offer made by any third party in respect
of the subject matter 

  

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of this Agreement or in respect of the sale and purchase of all or any part of the business currently carried on by the Company; and (iii) create or permit
any Encumbrance on the Sale Shares. 

  

	5.2	During the period from the date hereof to the Closing Date, the Vendors shall cause the Company to, and the Company shall, conduct its business in the ordinary course and the
Company shall not, without the prior written approval of the Investor which shall not be unreasonably withheld: 

  

	 	5.2.1	create, extend, grant or issue, or agree to create, extend, grant or issue any lien on the material assets of the Company except in the conduct of its business in the ordinary
course; 

  

	 	5.2.2	make any alterations to the Company’s Memorandum of Association or Articles of Association other than those required for the transactions contemplated under this Agreement;

  

	 	5.2.3	declare or pay any dividend; 

  

	 	5.2.4	change its policy or practice with respect to payment to its creditors; 

  

	 	5.2.5	sell or transfer any of its assets including investment in any company or cancel, release or assign any indebtedness owed to it or claims held by it except in the conduct of its
business in the ordinary course; 

  

	 	5.2.6	borrow any money or enter into any transaction or arrangement to create any borrowing or indebtedness of any nature which would have a material impact on the Company;

  

	 	5.2.7	change its policy or practice with respect to employee matters, hire confirmed, non-confirmed employees, or change employee status or confirm any non-confirmed employees, hire
contract labour or enter into any contract or arrangements with any person that has the effect of creating any additional liability upon the Company, except in the ordinary course of business; 

  

	 	5.2.8	commit any further cumulative capital expenditure in excess of US$50,000; 

  

	 	5.2.9	enter into any new arrangements, dealings or contracts for provision of services and sale, of a duration exceeding 1 year except in the conduct of its business in the ordinary
course; 

  

	 	5.2.10	increase the creditor limit granted to any of its customers except in the conduct of its business in the ordinary course; or 

  

	 	5.2.11	effect any scheme of amalgamation, arrangement or reorganisation in relation to the Company. 

	

  

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 ARTICLE 6 
  
 SALE CLOSING AND SUBSCRIPTION CLOSING

  

	6.1	Sale Closing 

  

	6.1.1	The Sale Closing shall take place on the 3rd Business Day after the date on which the last of the Conditions Precedent is fulfilled or waived by the Investor in accordance with
Article 4.2 (or such other date as the Parties hereto may agree) (“Sale Closing Date”). Before the Sale Closing Date, the Investor shall notify the Escrow Agent in writing that all or the Conditions Precedent have been fulfilled or
waived by the Investor in accordance with Article 4.2. 

  

	6.1.2	The Parties shall take all steps necessary for fulfilling their respective obligations for Sale Closing under this Agreement on or before the Purchase Closing Date and for
completion of the transaction pertaining to Sale Closing as envisaged in this Agreement. 

  

	6.1.3	On or before the Sale Closing Date: 

  

	 	(a)	the Investor shall: 

  

	 	(i)	deliver or caused to be delivered: 

  

	 	(1)	to the Escrow Agent an amount equal to the Sale Consideration in the manner set out in the Escrow Agreement; and 

  

	 	(2)	to the Company the certificate stated in Form FC-TRS from the Escrow Agent and each of the Vendors and the Company shall give all necessary assistances to the Investor in respect
thereof; and 

  

	 	(ii)	do all such acts and things and execute all such documents as it is required to under the Escrow Agreement; and 

  

	 	(b)	each of the Vendors shall: 

  

	 	(i)	deliver or caused to be delivered: 

  

	 	(1)	to the Escrow Agent all of the Sale Closing Documents in the manner set out in the Escrow Agreement; and 

  

	 	(2)	to the Investor a certified true copy of the resolutions of the Board approving the matters set out in Article 6.1.3(b)(ii); 

  

	 	(ii)	procure that a meeting of the Board be held, at which meeting the directors of the Company shall (a) accept the resignation of directors (except the Founder) (which shall take
effect at the close of such Board meeting) and (b) approve the appointment of such persons, as the Investor may nominate, to be directors of the Company; and 

  

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	 	(iii)	do all such acts and things and execute all such documents as it, he or she is required to under the Escrow Agreement. 

  

	6.1.4	Upon the completion of all (but not part) of the activities set out in Article 6.1.3, the Parties shall cause the Escrow Agent to, in accordance with the Escrow Agreement:

  

	 	(a)	deliver or caused to be delivered to the Vendors, bank drafts equivalent to the Sale Consideration in favour of the Vendors or as they may direct (in writing whose receipt shall be
an absolute discharge therefor and the Investor shall not be concerned to see to the distribution of the moneys represented thereby); and 

  

	 	(b)	credit the Investor Depository Participant Account with the Sale Shares. 

  

	6.1.5	Without prejudice to any other remedies available to the Investor, if in any respect the provisions of Article 6.1.3(b) are not complied with by the Vendors on the Sale Closing
Date, the Investor may: 

  

	 	(a)	defer the Sale Closing to a date not more than 20 Business Days after the Sale Closing Date (and so that the provisions of this Clause 6.1.5 shall apply to Sale Closing as so
deferred); or 

  

	 	(b)	proceed to the Sale Closing so far as practicable (without prejudice to its rights hereunder); or 

  

	 	(c)	rescind this Agreement. 

  

	6.2	Subscription Closing 

  

	6.2.1	The Subscription Closing shall take place on or before 28 February 2005 and on such Business Day as specified in a written notice to be given by the Investor to the Company
(“Subscription Closing Date”). 

  

	6.2.2	The Parties shall take all steps necessary for fulfilling their respective obligations under this Agreement for Subscription Closing. 

  

	6.2.3	At the Subscription Closing: 

  

	 	(a)	the Investor or, at its sole and absolute discretion, may procure that either or both of the Potential Investors pay to the Company the Subscription Consideration; and

  

	 	(b)	simultaneous with the receipt of the Subscription Consideration, the Company shall issue and allot the Subscription Shares to the Investor or, as directed by the Investor in writing
(which direction shall specify the number of Shares to be allotted and issued to each of the Investor and/or the Potential Investor(s)), either or both of the Potential Investors by credit to the Investor Depository Participant Account or the
account of the Potential Investors with a Depository Participant, as the case may be. 

  

 12 

	6.2.4	Without prejudice to any other remedies available to the Investor, if in any respect the provisions of Article 6.2.3(b) are not complied with by the Company on the Subscription
Closing Date, the Investor may: 

  

	 	(a)	defer the Subscription Closing to a date not more than 20 Business Days after the Subscription Closing Date (and so that the provisions of this Clause 6.2.4 shall apply to
Subscription Closing as so deferred); or 

  

	 	(b)	proceed to the Subscription Closing so far as practicable (without prejudice to its rights hereunder). 

  

	6.3	Post-Subscription Closing obligations 

  

	6.3.1	Within a period of 5 Business Days from the Subscription Closing Date, the Company shall make such filings and reporting as may be required under the extant laws, including
submitting to the Reserve Bank of India a report indicating: (i) the name and address of the Investor and/or the Potential Investors, as the case may be, (ii) the date of receipt of the Subscription Consideration in foreign exchange and their rupee
equivalent, (iii) name and address of the bank through whom such Subscription Consideration has been received, and (iv) such other details as may be required. 

  

	6.3.2	Within a period of 5 Business Days of the Subscription Closing Date, the Company shall make such filings and reporting as may be required under the extant laws, including, without
limitation, the following: 

  

	 	(a)	report the issuance of Subscription Shares in Form FC-GPR to the regional office of the Reserve Bank of India at Mumbai; and 

  

	 	(b)	file a Form 2 with the Registrar of Companies, Maharashtra. 

  

	6.3.3	The Founder undertakes with the Investor that he will, within 3 months from the date of this Agreement: 

  

	 	(a)	acquire 1 Share from each of: (i) Shonila VAZIRANI and Hiranand VAZIRANI; and (ii) Russel KINNY (collectively, “Missing Shareholders”); or 

 

	 	(b)	procure that each of the Missing Shareholders executes a Deed of Adherence (as defined in the Shareholders Agreement). 

  
 ARTICLE 7: 
  
 REPRESENTATIONS AND
WARRANTIES 
  

	7.1	Vendors’ Warranties 

  

	7.1.1	Each of the Vendors hereby severally represents and warrants to and covenants and undertakes with, the Investor in terms set out in Part A of Schedule 4 (collectively, the
“Vendor Warranties”) and acknowledges that the Investor has agreed to enter into this Agreement in reliance on such Vendor Warranties. 

	

  

 13 

	7.1.2	Each of the Vendors and the Company hereby severally represents and warrants to and covenants and undertakes with, the Investor in terms set out in Part B of Schedule 4
(collectively, the “Vendor and Company Warranties”) and acknowledges that the Investor has agreed to enter into this Agreement in reliance on such Vendor and Company Warranties. 

  

	7.1.3	Each of the Founder and the Company hereby severally represents and warrants to and covenants and undertakes with, the Investor in terms set out in Part C of Schedule 4
(collectively, the “Founder Warranties”) and acknowledges that the Investor has agreed to enter into this Agreement in reliance on the Founder Warranties. 

  

	7.1.4	The Warranties shall stand repeated on each day from the date of this Agreement to the Sale Closing Date as if they were made each such day and the Warranties so repeated shall
remain in full force and effect in all respects at all times from the date of this Agreement to the Sale Closing Date as provided in this Agreement notwithstanding the Sale Closing. 

  

											
	 7.1.5
	 	(a)	 	 The maximum aggregate liability of each Vendor (other than the Founder) in respect of all indemnities given by it, him or her under
this Agreement and all claims for breach of the Warranties shall not exceed an amount equal to the Sale Consideration multiplied by the following fraction:
  

	 	 	 	 	   A  

	 	 	 	 	B
	 	 	 	 	where:	 	 	  	 	  	 
				
	 	 	 	 	A =	 	 the total number of Shares to be sold by such Vendor to the Investor under this Agreement
  

	 	 	 	 	B =	 	 the total number of the Sale Shares
  

	 	 	(b)	 	 The maximum aggregate liability of the Founder in respect of all indemnities given by him under this Agreement and all claims for
breach of the Warranties shall not exceed the sum of:
  

	 	 	 	 	(i)	 	 the aggregate amount of the Exercise Price received by him under the Shareholders Agreement; and
  

	 	 	 	 	(ii)	 	 an amount equal to the Sale Consideration multiplied by the following fraction:
  

	 	 	 	 	   C  

	 	 	 	 	D
	 	 	 	 	 	 	where:
				
	 	 	 	 	 	 	 C =        the total number of Shares to be sold by the Founder to the Investor under this
Agreement
  

	 	 	 	 	 	 	D =        the total number of the Sale Shares

	

  

 14 

	7.1.6	The Vendors will not be liable to the Investor for any breach of the Warranties which would not have arisen but for a voluntary act after the Subscription Closing Date on the part
of the Investor which was not in its ordinary course of business. 

  

	7.1.7	The Investor will not be entitled to make any claims for breach of any of the Vendor Warranties and the Founder Warranties (save and except those Founder Warranties set out in
paragraphs 8, 9 and 10 in Part C of Schedule 4 (“Tax Warranties”)) after the expiry of a period of 12 months from the Subscription Closing Date. 

  

	7.1.8	The Investor will not be entitled to make any claims for breach of any of the Tax Warranties after the expiry of a period of 24 months from the Subscription Closing Date.

  

	7.1.9	None of the Parties will be entitled to make any claims under any of the indemnities given by any of the other Parties under Article 8.1(b) of this Agreement after the expiry of a
period of 48 months from the Subscription Closing Date. 

  

	7.2	Escrow account 

  

	7.2.1	By way of security for the liability of the Founder under the Tax Warranties, on the Sale Closing Date, the Vendors shall pay a sum of US$300,000 (“Escrow Amount”)
into a separately designated interest-bearing deposit account with HSBC Bank Limited of 52/60 Mahatma Gandhi Road, Fort, Mumbai 400 001, India (or such other bank as the Investor and the Founder may agree) (“Escrow Account”), which
account shall be free from any lien, charge, encumbrance, set-off or counterclaim. The amount to be paid by each Vendor under this Article 7.1.1 shall be amount equal to US$300,000 multiplied by the following fraction: 

  

	
	   E  

	F

  
 where: 
  
 E =        the total number of
Shares to be sold by such Vendor to the Investor under this Agreement 
  
 F =        the total number of the Sale Shares 
  

	7.2.2	The Escrow Account shall be operated as follows: 

  

	 	(a)	the Escrow Account shall be in the joint names of the Investor and the Vendors’ solicitors (which shall be a reputable law firm in India) (“Vendors’
Solicitors”) and shall be designated as “Indiagames Escrow Account” and the amount for the time being standing to its credit (including the amount of interest credited thereto) is hereinafter referred to as the
“Deposit”; 

  

	 	(b)	subject to any order or decree of any court of competent jurisdiction, no payment shall be made out of the Escrow Account except in accordance with the bank mandate in relation to
the Escrow Account which shall require the signature of one authorised signatory from each of the Investor and the Vendors’ Solicitors; 

  

 15 

	 	(c)	in the event that the Founder and the Investor agree that any sum is payable to the Investor under this Agreement, then there shall be paid out of the Escrow Account to the Investor
an amount equal to such sum or, if the Deposit is less than such sum, the entire amount of the Deposit; 

  

	 	(d)	subject to Articles 7.2.2(c) and 7.2.2(e), the Deposit (excluding, for this purpose, any sum retained pursuant to Article 7.2.2(e)) shall be paid to the Founder on the date falling
24 months after the Subscription Closing Date (“Expiry Date”) without further authority on the part of the Investor; 

  

	 	(e)	in the event that the Investor shall make any claim in respect of any breach of the Tax Warranties, an amount equal to: (i) the maximum amount of such claim and all costs reasonably
incurred by the Investor in pursuing such claim; or (ii) if more than one claim shall be made, the aggregate maximum amount of all such claim and all costs reasonably incurred by the Investor in pursuing such claims, shall be retained in the Escrow
Account (together with any interest earned thereon after the date when such claim(s) is or are made) pending such claim(s) being agreed between the relevant parties involved or being finally determined by an order, determination or award of any
court, tribunal., arbitrator or expert. The amount which by such agreement, order, determination or award is payable to the Investor (or, if the Deposit is less than such amount, the entire amount of the Deposit) shall be paid to the Investor in
satisfaction (either complete or partial, as the case may be) of the liability of the Founder in respect of such agreement, order, determination or award; and 

  

	 	(f)	payments to be made out of the Escrow Account pursuant to the provisions of this Article 7.2 shall be made as soon as reasonably practicable after the amount of any such payment is
agreed or determined in accordance with the provisions of this Article 7.2. 

  

	7.2.3	For the avoidance of doubt, subject to Article 7.1.5, neither the Escrow Amount nor the amount of the Deposit shall be regarded as imposing any limit to the amount of any proper
claims entitled to be made by the Investor under this Agreement. 

  

	7.3	Each Warranty to be a separate Warranty 

  
 Each of the Warranties shall be construed as a separate representation, warranty, covenant or undertaking, as the case may be, and shall not be limited by
the terms of any of the other Warranties or by any other term of this Agreement. 
  

	7.3	No Claim by Vendors 

  

	7.3.1	The Vendors undertake and agree that in the event of the Investor making a claim against the Vendors, the Vendors shall not pursue any claim, seek damages, reimbursements or
contribution from the Company in respect of such claim. 

  

 16 

	7.3.2	The Vendors confirm and irrevocably undertake to the Investor that the Company has not entered into or shall not enter into any indemnity or other agreement or arrangement
concerning the liability of the Vendors for breach of the Warranties. 

  

	7.3.3	The Vendors have no claims against the Company. The Vendors agree and confirm to waive any and all other rights against the Company, which has accrued till the date of this
Agreement. The Vendors further undertake to the Investor (on behalf of itself and as trustee of the Company and its directors, officers, employees, agents and advisers prior to the date of this Agreement) that they will not bring any and all claims
which any of them might otherwise have against the Company or any of their respective directors, officers, employees, agents or advisors in respect thereof. 

  

	7.4	Disclosure Letter 

  
 The Warranties are given subject to the matters disclosed in the Disclosure Letter but no other information relating to the Company of which the Investor
has knowledge (actual or constructive) and no investigation by or on behalf of the Investor shall prejudice any claim made by the Investor under any of the Warranties or under any of the indemnities given by the Vendors under this Agreement or
operate to reduce any amount recoverable and it shall not be a defence to any claim against the Vendors that the Investor knew or ought to have known or had constructive knowledge of any information (other than as disclosed in the Disclosure Letter)
relating to the circumstances giving rise to such claim. 
  

	7.5	Investor’s representations and warranties  

  
 The Investor hereby represents and warrants to the Vendors that: 
  

	 	7.5.1	It has full power and authority to execute, deliver and perform its obligations under the Agreement; and 

  

	 	7.5.2	The execution and delivery of this Agreement will not result in breach of any terms and conditions of any agreement or the Articles or constitute default under applicable laws or
other obligations to which it is bound or violate any rule, regulation or law of any government or any order, judgment or decree of any court or government body; 

  

	7.6	Company’s representations and warranties 

  
 The Company hereby represents and warrants to the Investor that as of the date hereof and as of the Closing Date: 
  

	 	7.6.1	It has full power and authority to execute, deliver and perform its obligations under the Agreement; and 

  

	 	7.6.2	The execution and delivery of this Agreement will not result in breach of any terms and conditions of any agreement or the Articles or constitute default under applicable laws or
other obligations to which it is bound or violate any rule, regulation or law of any government or any order, judgment or decree of any court or government body. 

  

 17 

 ARTICLE 8 
  
 INDEMNIFICATION 
  

	8.1	Indemnification by the Vendors 

  
 Each Party shall defend, indemnify each of the other Parties and, where applicable, its officers, directors, employees, agents and Affiliates and hold
harmless from and against all losses, liabilities, claims, damages, judgments, settlements and expenses, including attorneys’ fees, incurred or suffered by any of the other Parties arising out of or resulting from: 
  

	 	(a)	subject to Articles 7.1.7 and 7.1.8, any breach by such Party of any representations, warranties and/or undertakings contained in this Agreement; and 

  

	 	(b)	any breach by such Party of any of its covenants, agreements or obligations contained herein. 

  

	8.2	Survival 

  
 Except as otherwise provided in this Agreement, the indemnification obligations of the Vendors set forth in Article 8.1, or in any instrument,
certificate, opinion or other writings provided for in this Agreement, shall remain in full force and effect as of the Closing Date and shall remain in full force thereafter notwithstanding Closing of the transaction envisaged in this Agreement.

  
 ARTICLE 9 
  
 TERMINATION 
  

	9.1	Termination 

  
 If at any time prior to Sale Closing, there is any material breach or non-fulfilment by any Party (the “Defaulting Party”) of its obligations hereunder, and if any such breach or non-fulfilment is
incapable of being remedied, any of the other Parties (the “Non Defaulting Parties”) may (without prejudice to its any other rights and remedies) terminate this Agreement immediately by giving notice in writing to that effect to the
other Parties or, if any such breach or non-fulfilment is capable of being remedied but is not remedied within 2 days of its, his or her receipt of a written notice from the any of the Non Defaulting Parties requesting the same, then any of the
Non-Defaulting Parties shall be entitled, in addition and without prejudice to its any other rights and remedies, to elect by notice in writing to the other Parties to terminate this Agreement, without prejudice to the rights and liabilities which
have accrued prior to termination and without prejudice to the rights and obligations as are intended to survive termination. 
  

 18 

	9.2	Material Breach or non-fulfilment 

  
 For the purpose of Article 9.1, material breach or non-fulfilment shall mean such breach or non-fulfilment by the Defaulting Party of its obligations, covenants,
undertakings or warranties under this Agreement which: 
  

	9.2.1	significantly impacts or is likely to impact the foundation of this Agreement such that the object of this Agreement is defeated; or 

  

	9.2.2	results or is likely to result in significant depletion or impairment of the value of the business of the Company or assets owned by the Company or the Sale Shares or the
Subscription Shares; or 

  

	9.2.3	constitutes a breach of the covenants, representations, Warranties or undertakings of the Vendors. 

  
 ARTICLE 10 
  
 MISCELLANEOUS 
  

	10.1	Notices 

  

	10.1.1	Any notice and other communications provided for in this Agreement shall be in writing and shall be first transmitted by facsimile/electronic transmission, and then confirmed by
postage, prepaid registered airmail or by internationally recognised courier service to the following addresses: 

  

	 	(a)	In the case of notices to the Vendors (except for Infinity): 

  

			
	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	Fax:	    	(+91-22) 2520 1130
	E-mail:	    	vishal@indiagames.com
	Attn:	    	Mr. Vishal GONDAL

  

	 	(b)	In the case of notices to Infinity: 

  

			
	Address:	    	111, Currimjee Building, 1st Floor, M.G. Rd, Fort, Mumbai 400 023, India
	Fax:	    	(+91-22) 2490 2205
	E-mail:	    	praving@vsnl.com
	Attn:	    	Mr. Pravin GANDHI

  

	 	(c)	In the case of notices to the Company: 

  

			
	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	Fax:	    	(+91-22) 2520 1130
	E-mail:	    	vishal@indiagames.com
	Attn:	    	Mr. Vishal GONDAL

  

 19 

	 	(d)	In the case of notices to the Investor: 

  

			
	Address:	  	48th Floor, The Center, 99 Queen’s Road Central, Hong Kong
	Fax:	  	(+852) 2189 7446
	E-mail:	  	angelam@tomgroup.com
	Attn:	  	Company Secretary

  

	10.1.2	Any notice, demand or other communication so addressed to the other Party shall be deemed to have been delivered: 

  

	 	(a)	if personally delivered, upon delivery at the relevant address; 

  

	 	(b)	if sent by pre-paid local post, 2 Business Days after the date of posting; 

  

	 	(c)	if sent by pre-paid airmail or by air courier, in the case of airmail, 5 Business Days after the date of posting or, in the case of air courier, 2 Business Days after the date of
delivery to the courier by the sender; 

  

	 	(d)	if sent by facsimile, when despatched, subject to confirmation of uninterrupted transmission by a transmission report, provided that any notice despatched by facsimile after 17:00
hours (at the place where facsimile is to be received) shall be deemed to have been received at 08:00 (at the place where facsimile is to be received) on the next Business Day; or 

  

	 	(e)	if sent by electronic-mail, when despatched, subject to electronic confirmation of receipt by the recipient, provided that any notice despatched by electronic-mail after 17:00 hours
(at the place where facsimile is to be received) shall be deemed to have been received at 08:00 (at the place where facsimile is to be received) on the next Business Day; 

  

	10.1.3	Any Party may, from time to time, change its address or representative for receipt of notices provided for in this Agreement by giving to the other Parties not less than 3 (three)
Business Days prior written notice. 

  

	10.2	Assignment 

  
 None of the Parties may assign or transfer its rights and liabilities under this Agreement to any other party without prior written permission of the
other Parties, save and except that the Investor may assign its right to subscribe to the Subscription Shares in whole or in part to either or both of the Potential Investors. In the event the Investor assigns any of its rights or obligations
hereunder to subscribe for the Subscription Shares to either or both of the Potential Investors, all the provisions of this Agreement for the benefit of the Investor shall also inure to the benefit of and may be exercised by or on behalf of such
Potential Investor(s). 
  

 20 

	10.3	No Press Release or Announcement without consent 

  
 No press release or announcement related to this Agreement or the transactions contemplated herein, or other announcement to the employees, customers or
suppliers of the Vendors or the Company will be issued by the Vendors or the Company without the prior written approval of the Investor. In the event that the Investor and/or any of its Affiliates intend(s) to make any such press release or
announcement, the Investor shall deliver or caused to be delivered to the Vendors for their information a draft of such press release or announcement. 
  

	10.4	Confidentiality 

  
 The Parties hereto agree to keep the terms and conditions of this Agreement and all negotiations with each other on a confidential basis, but excluding
any information which: (1) is in the public domain (other than as a result of a breach of this provision); (2) is in the possession of the other Parties prior to the commencement of negotiations between the Parties in respect of the subject matter
hereof; (3) obtained from a third party which is not known to the other Parties hereto to be subject to any confidentiality obligation; and/or (4) is required to be disclosed by any applicable law, rule or regulation (including, without limitation,
the Listing Rules and the GEM Listing Rules). 
  

	10.5	Expenses 

  
 Each Party hereto shall bear its own costs and disbursements of and incidental to the execution of this Agreement, including professional fees and costs
of its respective advisors and counsel. Any and all stamp duty arising from the transaction contemplated under this Agreement shall be borne solely by the Investor. For the avoidance of doubt, any and all capital gains tax arising from the
transactions contemplated hereunder shall be borne solely by the Vendors. 
  

	10.6	Counterparts 

  
 This Agreement may be executed in counterparts by the Parties and each fully executed counterpart shall be deemed an original. 
  

	10.7	Severability 

  
 If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder
of this Agreement and the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each provision of this Agreement shall be valid and enforceable
to the fullest extent permitted by law. Any invalid or unenforceable provision of this Agreement shall be replaced with a provision, which is valid and enforceable and most nearly reflects the original intent of the unenforceable provision.

  

 21 

	10.8	Entire Agreement 

  
 This Agreement and the Shareholders Agreement contains the entire agreement of the Parties hereto with respect to the transactions envisaged in this
Agreement, superseding all negotiations, prior discussions, preliminary agreements, memoranda or heads of agreements made prior to the date hereof. 
  

	10.9	Waivers 

  
 No forbearance, indulgence or relaxation or inaction by any Party at any time, to require performance of any of the provisions of this Agreement shall, in
any way, affect, diminish or prejudice the right of such Party to require performance of that provision and any waiver or acquiescence by any Party of any breach of any of the provisions of this Agreement shall not be construed as a waiver or
acquiescence of any continuing or succeeding breach of such provisions or a waiver of any right under or arising out of this Agreement, or acquiescence to or recognition of rights and/or position other than as expressly stipulated in this
Agreement. 
  

	10.10	Cumulative Rights 

  
 All remedies of either Party under this Agreement, whether provided herein or conferred by statute, civil law, common law, custom, trade, or usage, are
cumulative and not alternative and may be enforced successively or concurrently. 
  

	10.11	Amendment 

  
 This Agreement may not be amended or modified except by an instrument in writing signed by or on behalf of the Vendors, the Investor and the Company.

  

	10.12	Specific Performance 

  
 The Parties shall be entitled to seek and enforce specific performance of this Agreement, in addition to any other legal rights and remedies, without the
necessity of demonstrating the inadequacy of monetary damages. 
  

	10.13	Further Documents 

  
 The Vendors and the Company shall, at the request of the Investor, execute and deliver to the Investor all such further instruments, deeds, assignments,
assurances and other documents and shall do and perform such further acts and deeds as the Investor may reasonably request in connection with the carrying out the purpose of this Agreement and the transactions envisaged in this Agreement.

  

	10.14	Dispute Resolution 

  
 Any dispute, controversy or claim arising from or in connection with this Agreement (or the breach, termination or invalidity hereof) shall be submitted
to the Singapore International Arbitration Centre for arbitration in accordance with the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules. Any such arbitration shall be: 
  

	 	(a)	proceeded in English; and 

  

 22 

	 	(b)	presided by three arbitrators, of which one shall be appointed by the Investor, one by the Vendors and the Company and the third arbitrator jointly by the two arbitrators appointed
by the Parties hereto. 

  
 Any arbitral judgments
made in accordance with this provision shall be conclusive and binding on the parties hereto. 
  

	10.15	Governing Law 

  
 This Agreement shall be governed by the laws of India. 
  

 23 

 SCHEDULE 1 
  
 THE VENDORS 
  

				
	 Names of the Vendors

	  	 Number of Shares to be sold to
 the Investor
 (approximate shareholding
 percentage in the
 Company represented
 thereby as at
 the Sale Closing)

	 
	 Infinity
	  	187,499 (36.97)	%
	 IL&FS Investment Managers Limited
	  	133,948 (26.42)	%
	 Vishal GONDAL (“Founder”)
	  	51,644 (10.19)	%
	 Pranath GONDAL
	  	20 (0.004)	%
	 Shashi GONDAL
	  	20 (0.004)	%
	 Sanjay GONDAL
	  	1 (0.0001)	%
	 Deepak Chandappa AIL
	  	1,940 (0.38)	%
	 Manoj BORKAR and Anagha BORKAR
	  	500 (0.10)	%
	 Rahul SHAH, Aruna SHAH and Dulari SHAH
	  	900 (0.18)	%
	 Shahzaad DALAL
	  	250 (0.05)	%
	 Pinky BHATIA and Rajesh BHATIA
	  	550 (0.11)	%
	 Shashank Shara KHADE
	  	200 (0.04)	%
	 Muneesh CHAWLA
	  	500 (0.10)	%
	 Vidya N. DESHPANDE
	  	100(0.02)	%
	 Vikram GODSE
	  	1,000 (0.02)	%
	 Harpreet Vishal GONDAL
	  	1,940 (0.38)	%
	 Kiran Jagannath NAYAK
	  	1,940 (0.38)	%
	 Mahendra Vasudeo PATEL
	  	1,940 (0.38)	%
	 Cyril Ferry
	  	1,940 (0.38)	%
	 	  	
	

	 Total:
	  	386,833 (76.29)	%

  

 24 

 SCHEDULE 2 
  
 PARTICULARS OF THE COMPANY 
  

			
	Name:	    	Indiagames Limited
		
	Registered Office:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
		
	Authorised Capital:	    	Rs.7,500,000 divided into 750,000 Shares
		
	 Issued, Subscribed and
 Paid up
Capital:
	    	Rs. 5,070,730 divided into 507,073 Shares

  

 25 

 SCHEDULE 3 
  
 POST-SUBSCRIPTION CLOSING SHAREHOLDING 
  

				
	 Name of Shareholder

	  	 Number of Shares held
 (approximate shareholding
 percentage in the
 Company represented
thereby as at
 the Subscription Closing)

	 
	 The Investor and/or the Potential Investor(s) (if any)
	  	499,516 (80.60)	%
	 The Founder
	  	100,078 (16.15)	%
	 Pranath GONDAL
	  	80 (0.01)	%
	 Shashi GONDAL
	  	80 (0.01)	%
	 Deepak Chandappa AIL
	  	4,000 (0.65)	%
	 Harpreet Vishal GONDAL
	  	4,000 (0.650)	%
	 Kiran Jagannath NAYAK
	  	4,000 (0.65)	%
	 Mahendra Vasudeo PATEL
	  	4,000 (0.65)	%
	 Cyril FERRY
	  	4,000 (0.65)	%
	 Shonila VAZIRANI and Hiranand VAZIRANI
	  	1 (0.0002)	%
	 Russel KINNY
	  	1 (0.0002)	%
	 	  	
	

	 Total:
	  	619,756 (100)	%

  

 26 

 SCHEDULE 4 
  
 WARRANTIES 
  
 Part A – The Vendor Warranties 
  

	1.	The Vendors are the legal and beneficial owner of the Shares in the Company free from Encumbrances, and the Vendors warrant that they do not own legally or beneficially any other
shares in the Company, or rights, options, or warrants with respect thereto. The Sale Shares to be delivered by Vendors to Investor pursuant to this Agreement will be, when delivered, duly authorized, validly issued, fully paid up and will be free
and clear of all Encumbrances. 

  

	2.	The Vendors have taken all necessary action, corporate or otherwise, as applicable to it to authorise or permit the execution, delivery and performance of this Agreement and the
transactions contemplated in this Agreement, and the Agreement is a valid and binding obligation of the Vendors enforceable in accordance with its terms. The entry into and performance of this Agreement by the Vendors does not constitute a breach of
any obligation (including but not limited to any statutory, contractual or fiduciary obligation), or default under any agreement or undertaking, by which the Vendors are bound. 

  
 Part B – The Vendor and Company Warranties 
  

	1.	The Company is not: (a) in violation of its Charter (Memorandum & Articles of Association); (b) in default under or breach of performance of any material obligation, agreement
or condition of any debt instrument which affords to any person the right to accelerate any indebtedness or terminate any right; (c) in material default under or in breach or is aware of any circumstances which would result in such material default
or breach, of any other contract to which the Vendors are a party which gives any third party rights to damages. For avoidance of doubt, lease obligations shall not be considered to be debt instruments. 

  

	2.	The execution and performance of this Agreement, nor the Closing of the transactions contemplated in the Agreement, will: (i) constitute a breach or violation of the Company’s
Charter (Memorandum & Articles of Association); (ii) conflict with or constitute a default under or breach of performance of any obligation, agreement or condition of any debt instrument which affords any person the right to accelerate any
indebtedness or terminate any right; (iii) constitute a default under or breach or result in any circumstances which would result in such default or breach, of any other contract to which the Company is a party; (iv) result in the creation of any
lien or Encumbrance upon of the share capital of the Company; or (v) result in a violation of any law, regulation, administrative order or judicial order applicable to the Company or the business or assets of any of them. 

 

	3.	Except as disclosed in the Accounts or the Unaudited Accounts, the Company has not entered into any contract or transactions with any director or shareholder of the Company or with
any persons who are related to the directors or shareholders of the Company or with any firms or companies in which any of the directors or the shareholders is interested which is not on arms length basis. 

  

 27 

	4.	The Company has duly observed and complied with all material Laws applicable to its business and operations. 

  
 Part C – The Founder Warranties 
  

	1.	The Company is a public limited company with liability limited by shares duly incorporated and subsisting under the laws of India, bearing Company No. 11-123970 with full power and
authority to own or take on lease its properties and to conduct its business in the manner and in the places where such properties are owned or taken on lease or such business is conducted by it respectively. The copies of the Charter (Memorandum
& Articles of Association), certified by the Company’s director or secretary (attached hereto), are up-to-date, complete and correct. 

  

	2.	No meeting has been convened or resolution proposed, or petition presented, and no order has been made, for the winding-up of the Company. No distress, execution or other similar
order or process has been levied on any of the properties or assets of the Company. No voluntary arrangement has been proposed or reached with any creditors of the Company. No receiver, manager, provisional liquidator, liquidator or other officer of
the court has been appointed in relation to the properties or assets of the Company. The Company is able to pay its debts as and when they fall due. 

  

	3.	The authorised share capital of the Company consists of 750,000 Shares, of which 507,073 Shares are validly issued, subscribed, outstanding and fully paid up. All such shares were
issued in compliance with applicable laws of India. There are no (i) outstanding or authorized subscriptions, warrants, options or other rights to purchase or acquire, or pre-emptive rights with respect to the issuance or sale of the shares of the
Company, (ii) other securities of the Company directly or indirectly convertible into or exchangeable for shares of the Company, or (iii) restrictions on the transfer of the Company’s shares. 

  

	4.	Any reference to the “Unaudited Accounts” shall mean the unaudited accounts of the Company for the period ended 30 September 2004. Any reference to the
“Unaudited Accounts Date” shall mean 30 September 2004. The Accounts and the Unaudited Accounts (as certified by the management of the Company) are true and fairly present the financial position of the Company, on the dates of such
accounts and the results of their operations on the applicable basis for the periods covered thereby. The Accounts and the Unaudited Accounts have been prepared in accordance with generally accepted accounting principles recommended by the Institute
of Chartered Accountants of India and are true and fair in all respects so far as they are stated to be facts and not estimates and accordingly give a true and fair view of all the assets and liabilities (whether present or future, actual or
contingent) and of the state of affairs, financial position as at and its income, expenses and results of its operations and that of the Company for the period up to the Accounts Date and the Unaudited Accounts Date. Without limiting the generality
of the foregoing: 

  

	 	(a)	the Accounts and the Unaudited Accounts show a true and fair view of the (i) assets, liabilities, financial position and state of affairs as at the Accounts Date and the Unaudited
Accounts Date and (ii) the income, expenses and results of its operations, profits and losses for the financial year ended on the Accounts Date and the Unaudited Accounts Date, of the Company. 

  

 28 

	 	(b)	the Accounts and the Unaudited Accounts have been prepared and audited in accordance with the requirements of the laws of India and any other applicable laws, the applicable
accounting standards, principles and practices specified on the face of the Accounts and the Unaudited Accounts and the notes thereon and applied on a consistent basis and without revaluing upwards any assets during the period which is the subject
of the Accounts and the Unaudited Accounts; 

  

	 	(c)	the Accounts and the Unaudited Accounts have been prepared on a basis consistent with the basis upon which all audited accounts of the Company have been prepared in respect of the
three years before the Accounts Date; 

  

	 	(d)	the Accounts and the Unaudited Accounts make full provision or reserve for or disclose all liabilities (including all contingent or deferred liabilities to Taxes) of the Company,
whether actual, contingent or otherwise. 

  

	5.	As of the Unaudited Accounts Date, the Company had no material liabilities of any nature, whether accrued, absolute, contingent or otherwise (including without limitation
liabilities as guarantor or otherwise with respect to obligations of others, or liabilities for Taxes), except liabilities stated or adequately provided for or reserved against or stated in the Accounts and/or Unaudited Accounts. There is no fact as
far as the Vendors are aware in relation to the Company, which affects, or may in the future (so far as can now be reasonably foreseen) affect, the business, assets, operations or condition of the Company on a consolidated basis.

  

	6.	As of the Unaudited Accounts Date, the Company has no liabilities of any nature, whether accrued, absolute, contingent or otherwise, except liabilities stated or adequately provided
for or reserved against on the Unaudited Accounts. 

  

	7.	Since the Unaudited Accounts Date, there has not been: 

  

	 	(a)	save and except in the ordinary course of business of the Company, any change in the financial condition (including share capital, working capital, earnings and reserves),
properties, assets, liabilities, business or operations of the Company which change by itself or in conjunction with all other such changes, whether or not arising in the ordinary course of business, has been materially adverse with respect to the
Company; 

  

	 	(b)	save and except in the ordinary course of business of the Company, any contingent liability incurred by the Company as guarantor or otherwise with respect to third party
obligations; 

  

	 	(c)	any Encumbrance on any of the properties of the Company which remains in existence on the date hereof; 

  

 29 

	 	(d)	save and except in the ordinary course of business of the Company, any obligation or liability incurred by the Company; 

  

	 	(e)	any purchase, sale or other disposition, or any agreement or other arrangement for the purchase, sale or other disposition, of any of the properties or assets of the Company other
than in the ordinary course of business; 

  

	 	(f)	any material damage, destruction or loss, whether or not covered by insurance, materially adversely affecting the properties or assets of the Company; 

  

	 	(g)	any declaration, setting aside or save as provided for in the Accounts payment of any dividend on, or the making of any other distribution in respect of, the share capital of the
Company, or any direct or indirect redemption, purchase or other acquisition by the Company of its own shares; 

  

	 	(h)	any labour trouble or claim of unfair labour practices involving the Company, or any change in the compensation payable or to become payable by the Company to any of its officers,
employees or agents, or any bonus payment or arrangement made to or with any such officers, employees or agents or any change in the compensation payable or to become payable by the Company to any of its officers, employees or agents involving
additional cost to the Company; 

  

	 	(i)	any change with respect to the management or supervisory personnel of the Company; 

  

	 	(j)	save as disclosed in writing to the Investor on or before the date of this Agreement, any payment or discharge of a lien or liability of the Company which was not incurred in the
ordinary course and which was not disclosed on the Accounts; 

  

	 	(k)	any obligation or liability incurred by the Company to any of their officers, directors or shareholders or any loans or advances made by the Company to any of their officers,
directors or shareholders except transactions between the Company and normal compensation, expense and allowances payable to officers or directors in the ordinary course of business consistent with past practices; 

  

	 	(l)	any write-down of the value of any inventory (including write-downs by reason of shrinkage or mark-down) or write-offs as uncollectible any notes or accounts receivable other than
what has historically been considered to be reasonable; and 

  

	 	(m)	save and except in the ordinary course of business of the Company, any disposal or lapse of any rights to the use of any trademark, trade name, patent or copyright, or disposal of
or disclosure to any person other than the purchaser of any trade secret, formula, process or know-how not theretofore a matter of public knowledge other than pursuant to confidentiality agreements. 

	 	

  

 30 

	8.	The Company has timely filed all returns with respect to Taxes payable by it any applicable law, rule or regulation and other statutory dues, if any, required to be filed by them.
All such returns were at the time filed and are as of the date hereof complete and correct in all material respects. 

  

	9.	All Taxes payable by the Company any applicable law, rule or regulation shown to be due on each filed return have been paid. All Taxes which the Company is required to (i) pay as
advance tax has been paid within due dates and (ii) withhold or collect have been withheld or collected and have been paid over to or will be paid over to the proper government or authorities as required (including as to the due time of payment).
The Company has duly responded to or furnished requisite particulars or clarifications or complied with all notices, inquiries, assessment notices received from taxing authorities. Neither the Income-tax authorities nor any other taxing authority is
now asserting or threatening to assert against the Company any deficiency or claim for additional Taxes. 

  

	10.	Except as disclosed in the Accounts or Unaudited Account the Company has no liabilities for Taxes or material outstanding claim for Taxes, whether assessed, contingent or otherwise.
No fiscal or other authority in India is at present conducting any investigation. 

  

	11.	Correct and complete details and identification of the major fixed assets reflected in the Accounts and Unaudited Accounts of the Company are and will be set forth in the books and
records maintained by the Company. 

  

	12.	Except as disclosed in the Accounts or the Unaudited Accounts, the Company has good title to all its assets and each lease or agreements to which the Company is a party, is valid
and enforceable against the other parties thereto and no material breach or default has occurred and continuing under any of those leases or agreements. 

  

	13.	Except as disclosed in the Accounts or the Unaudited Accounts or disclosed in writing to the Investor on or before the date of this Agreement, none of the assets owned or used by
the Company is subject to any Encumbrance. 

  

	14.	Except as disclosed in the Accounts or the Unaudited Accounts all of the accounts receivable of the Company shown or reflected on the Accounts (less any reserve for bad or doubtful
debts in the amount shown on the Accounts) are, and those arising since the Accounts date (less any such reserve) will be, (a) valid and enforceable claims, (b) which arose out of transactions with unaffiliated parties, (c) realisable in the
ordinary course of business. The Company had no accounts or loans receivable from any person, which is affiliated with the Company or from any director, officer or employee of any of them except for loans to officers and employees in the ordinary
course of business. 

  

	15.	All rights of ownership of, or material licenses to use, Intellectual Property are held by the Company. 

  

	16.	All rights to Intellectual Property which are owned by the Company, are free and clear of any Encumbrances and are not subject to any outstanding order, decree, judgment or
stipulation. 

  

 31 

	17.	No proceedings to which the Company is a party have been commenced which (i) challenge the rights of the Company in respect of the Intellectual Property, or (ii) charge the Company
with infringement of any other person’s rights in Intellectual Property; and no such proceeding to which the Company is a party has been filed or is threatened to be filed. 

  

	18.	To the best of the knowledge of the Company: (a) none of the Intellectual Property rights of the Company is being infringed by any other person, and (b) neither the Company is
infringing upon any Intellectual Property rights of any other person, and (c) none of the Intellectual Property rights of the Company or any interest therein has been assigned or licensed to or created in favour of any third party without any or
with a token consideration or with a consideration not disclosed in the accounts of the Company. 

  

	19.	No director, officer, employee or agent of the Company owns, directly or indirectly, in whole or in part, any Intellectual Property right which the Company has used, is presently
using, or the use of which is reasonably necessary to their respective businesses as now conducted. 

  

	20.	In addition to the Intellectual Property, the Company has the right to use, free and clear of any claims or rights of others, all trade secrets, client and customer lists,
manufacturing and secret product recipe and processes required for or used in its business including in the manufacture, marketing or supply of all products and services formerly or presently produced or supplied by the Company, including products
licensed from others. 

  

	21.	Save and except in the ordinary course of business of the company, the Company has not entered into nor does it propose to enter into any license agreement for granting license to
use Intellectual Property in favour of any third party. 

  

	22.	There is no contract or commitment by the Company, which might give rise to unusual or onerous obligations on the Company. No party with which the Company entered into contract has
given notice of intention to terminate or repudiate the contract the reason therefor is any alleged breach by the Company of its obligations thereunder. 

  

	23.	There is no liability, obligation or commitment of any kind on the part of the Company (including a capital commitment), which has not been incurred in the ordinary course of
business. 

  

	24.	From the Unaudited Accounts Date there is no substantial customer or supplier of the Company who has since such date ceased purchasing services from or supplying to the Company.

  

	25.	There is no claim outstanding against any sub-contractor of the Company in connection with any breach or default by the sub-contractor. 

  

 32 

	26.	Save as disclosed in writing to the Investor on or before the date of this Agreement, the Company has complied in all material respects with applicable laws, rules and regulations
relating to the employment of labour, including without limitation those relating to wages, hours, unfair labour practices, discrimination, contract labour and payment of provident fund contribution, employee state insurance contribution, family
pension, gratuity and other applicable employee welfare laws. There are no arbitration proceedings, labour strikes, slowdowns or stoppages, material grievances or other labour troubles pending, or, overtly threatened, with respect to the employees
of the Company. 

  

	27.	Save as disclosed in writing to the Investor on or before the date of this Agreement, there are no complaints against the Company pending or, overtly threatened before any similar
state or local labour agency, by or on behalf of any employee of the Company. 

  

	28.	Save as disclosed in writing to the Investor on or before the date of this Agreement, there is no contingent liability for sick leave, encashment of leave or any retirement benefit,
retrenchment compensation or similar items not set forth on the Accounts or the Unaudited Accounts. 

  

	29.	Save as disclosed in writing to the Investor on or before the date of this Agreement, there are no agreements or commitments, whether or not legally binding on the Company, to
create any additional benefit plan. 

  

	30.	The Company holds all material licenses, permits, registrations, authorizations, approvals and franchises which are required to permit them to conduct their businesses as presently
conducted (collectively “Permits”). 

  

	31.	Except as disclosed in the Accounts or the Unaudited Accounts there are no existing or threatened claims, against the Company for services or merchandise which are defective or fail
to meet any service or product warranties which would have an adverse effect on the Company. 

  

	32.	Save as disclosed in writing to the Investor on or before the date of this Agreement, there is no action, suit, proceeding, investigation or arbitration proceeding pending or
threatened against the Company and there are no outstanding court orders, judgments, court decrees, or court stipulations or any arbitration award or decision to which the Company is a party or by which any of their assets are bound.

  

	33.	Except as set forth in the Accounts or Unaudited Accounts, there are no agreements or undertakings pursuant to which the Company (a) is borrowing or is entitled to borrow any money,
(b) is lending or has committed itself to lend any money, or (c) is a guarantor or surety with respect to the obligations of any Person. 

  

	34.	 The Company maintains adequate insurance on all of its major assets, moveable and immovable (including leased premises) that insures against all risks, whether in
relation to loss or damage to property (including the Assets), personal injury, other casualty (including extended coverage), product liability or otherwise and for amounts which would be maintained in accordance with prudent business practice. All
of the 

  

 33 

	 	 
major assets, moveable and immovable (including leased premises), of the Company has at all material times been and are at the date of this Agreement insured
as aforesaid to their full replacement value and all premiums due and payable thereunder have been paid, and all such policies are in full force and effect in accordance with their respective terms. No notice of cancellation or termination has been
received with respect to any such policy. 

  

	35.	There are no claims pending under any of said policies, or disputes with insurers. 

  

	36.	The Company has duly observed and complied with the terms and warranties of the insurance policies and have not done or omitted to do any act which would render the insurance
invalid or unenforceable. To the best of the knowledge of the Company, there are no circumstances which might lead to any liability under such insurance being avoided by the insurers or the premia being increased and there is no fact or circumstance
known to the Company, which might lead to any of the contracts of insurance which cover those risks being prejudiced in any way. 

  

	37.	All statutory and other material records of the Company: 

  

	 	(a)	are up-to-date complete, true and accurate in all material respects; and 

  

	 	(b)	so far as is relevant, have been prepared in accordance with the laws of India and the applicable rules & regulations. 

  

	38.	The originals of all statutory and other material records which ought to be in the possession of the Company are in its possession. 

  

	39.	The minute books of the Company accurately record all action taken by its shareholders, boards of directors and committees thereof in accordance with law. 

 

	40.	(a) all environmental licenses required for the business of the Company (and any other premises used or occupied by it) as it has been and is currently being carried on have been
acquired and maintained; (b) all environmental laws and environmental licenses applicable to the business of the Company have been maintained and complied with. 

  

	41.	The Company has not received any notice from authorities of Environment and have complied with all known environmental laws and have not been proceeded against or convicted for any
breach of the environmental laws in India as applicable to the Company. 

  

	42.	Neither this Agreement, nor any certificate issued pursuant hereto, contains any untrue statement of a material fact, or omits to state a material fact necessary to make the
statements herein or therein not misleading, relating to the business or affairs of the Company. 

  

 34 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective duly authorised
officers as of the date first above written. 
  

			
	  

	Signed for and on behalf of
	INDIAGAMES LIMITED
	By:	 	Vishal GONDAL
	Title:	 	Director
	
	  

	Signed by VISHAL GONDAL
	
	  

	Signed by
	PRANATH GONDAL
	
	  

	Signed by
	SHASHI GONDAL
	
	  

	Signed by
	SANJAY GONDAL

  

 35 

			
	

	Signed by
	DEEPAK CHANDAPPA AIL
	
	  

	Signed by
	HARPREET VISHAL GONDAL
	
	  

	Signed by
	KIRAN JAGANNATH NAYAK
	  

	Signed for and on behalf of
	MAHENDRA VASUDEO PATEL
	By:	 	Vishal GONDAL
	as his/her lawful attorney

  

 36 

			
	  

	Signed for and on behalf of
	INFINITY TECHNOLOGY TRUSTEE PRIVATE LIMITED
	By:	 	 
	Title:	 	 
	
	  

	Signed for and on behalf of
	IL&FS INVESTMENT MANAGERS LIMITED
	By:	 	 
	Title:	 	 
	
	  

	Signed for and on behalf of
	MANOJ BORKAR and ANAGHA BORKAR
	By:	 	Rahul SHAH
	as his/her lawful attorney
	
	  

	Signed for and on behalf of
	RAHUL SHAH, ARUNA SHAH and DULARI SHAH
	By:	 	  

	as his/her lawful attorney
	
	  

	Signed for and on behalf of
	SHAHZAAD DALAL
	By:	 	Rahul SHAH
	as his/her lawful attorney

  

 37 

			
	  

	Signed for and on behalf of
	PINKY BHATIA and RAJESH BHATIA
	By:	 	Rahul SHAH
	as his/her lawful attorney
	
	  

	Signed for and on behalf of
	SHASHANK SHARA KHADE
	By:	 	Rahul SHAH
	as his/her lawful attorney
	
	  

	Signed for and on behalf of
	MUNEESH CHAWLA
	By:	 	Rahul SHAH
	as his/her lawful attorney
	
	  

	Signed for and on behalf of
	VIDYA N. DESHPANDE
	By:	 	Rahul SHAH
	as his/her lawful attorney
	
	  

	Signed for and on behalf of
	TOM ONLINE GAMES LIMITED
	By:	 	 
	Title:	 	 

  

 38 

	
	  

	Signed by
	CYRIL FERRY
	
	  

	Signed by
	VIKRAM GODSE

  

 39Shareholders Agreement, dated December 17, 2004

 Exhibit 4.45 
  
 DATED 17 DECEMBER 2004 
  
 SHAREHOLDERS AGREEMENT 
  
 BETWEEN 
  
 VISHAL GONDAL 
  
 PRANATH GONDAL 
  
 SHASHI GONDAL 
  
 DEEPAK CHANDAPPA AIL 
  

HARPREET VISHAL GONDAL 
  
 KIRAN JAGANNATH NAYAK 
  
 MAHENDRA VASUDEO PATEL 

 
 CYRIL FERRY 
  
 AND 
  
 INDIAGAMES LIMITED (“COMPANY”)

  
 AND 
  
 TOM ONLINE GAMES LIMITED
(“INVESTOR”) 
  
 

 
  
 Khaitan & Co. 

Advocates, Notaries, Patent and Trademark Attorneys 

 SHAREHOLDERS AGREEMENT 
  
 THIS SHAREHOLDERS AGREEMENT (the “Agreement”) is entered into
on this 17th day of December, 2004 
  
 BY AND
BETWEEN: 
  

	(1)	VISHAL GONDAL, son of Pranath GONDAL, residing at 14A1 Chanoralayam Postal Colony Road, Chembur, Mumbai 400 071, India (hereinafter referred to as the
“Founder” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); 

  

	(2)	PRANATH GONDAL, son of Motiram GONDAL, residing at 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya Estate, Chembur, Mumbai 400071, India (hereinafter
referred to as the “Mr. Gondal” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); 

  

	(3)	SHASHI GONDAL, wife of Prannath Motiram Gondal residing at 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya Estate, Chembur, Mumbai 400071, India
(hereinafter referred to as the “Mrs. S. Gondal” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); 

  

	(4)	DEEPAK CHANDAPPA AIL, son of Chandappa Parmeshwar AIL residing at A/20, Munjal Nagar, Near Amar Mahal, Chembur, Mumbai 400089, India (hereinafter referred to as the
“Mr. Ail” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); 

  

	(5)	HARPREET VISHAL GONDAL, wife of Vishal Prannath GONDAL residing at 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya Estate, Chembur, Mumbai 400071, India
(hereinafter referred to as the “Mrs. H. Gondal” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); 

  

	(6)	KIRAN JAGANNATH NAYAK, son of Jagannath Dattatrya NAYAK residing at Krishna Kunj, Opposite Anupam Talkies, Goregaon East, Mumbai 400063, India (hereinafter referred to
as the “Mr. Nayak” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); 

  

	(7)	MAHENDRA VASUDEO PATEL, son of Vasudeo Bhikabhai Patel residing at A/303, Aishwarya Enclave, Yashwantrao Tawde Road, Dahisar West, Mumbai 400068, India (hereinafter
referred to as the “Mr. Patel” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns); and 

  

	(8)	 CYRIL FERRY, son of Eyonees AUGUSTINE, residing at 3B/204, Green Meadows, Lokhandwala Complex, Kandivili East, Mumbai 400101, India (hereinafter
referred to as the “Mr. Ferry” which expression shall, unless repugnant to the context or meaning thereof, means and includes his heirs and permitted assigns), 

  

 1 

	 	 
(hereinafter collectively referred to as the “Minority Shareholders” which expression shall, unless repugnant to the context or meaning
thereof, means and includes their respective heirs and permitted assigns) of the FIRST PART: 

  
 AND 
  
 INDIAGAMES LIMITED, a company incorporated under the provisions of the Companies Act, 1956 and having its registered office at B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India (hereinafter the
“Company” which expression shall, unless repugnant to the context or meaning thereof, means and includes its successors and permitted assigns) of the SECOND PART; 
  
 AND 
  
 TOM ONLINE GAMES LIMITED, a company duly incorporated and existing under the laws of Mauritius and having its registered office at 4th Floor, Les Cascades,
Edith Cavell Street, Port Louis, Mauritius (hereinafter referred to as the “Investor” which expression shall, unless repugnant to the context or meaning thereof, means and includes its successors and permitted assigns) of the THIRD
PART. 
  
 WHEREAS: 
  

	A.	The Company is engaged in the business of developing games for wireless and multiple platform devices, such as mobile phones, etc. (“Business”).

  

	B.	The authorised share capital of the Company is Rs.7,500,000 divided into 750,000 equity shares of Rs. 10 each (“Share(s)”). The issued, paid-up share capital of the
Company as at the date of this Agreement is Rs. 5,070,730 divided into 507,073 Shares, each fully paid up. 

  

	C.	The Minority Shareholders, the Investors and, among others, the Company have entered into the Share Purchase and Subscription Agreement for sale and purchase of the Sale Shares and
for the issue and allotment of the Subscription Shares to the Investor and/or the New Investors. The respective shareholdings of the Investor and the Minority Shareholders in the Company as at: (i) the Sale Closing are set out in Part A of Schedule
1; and (ii) as at the Subscription Closing are set out in Part B of Schedule 1. 

  

	D.	The Minority Shareholders, the Company and the Investor are desirous of entering into this Agreement in order to define their mutual rights and obligations and set out the terms and
conditions governing their relationship as the shareholders of the Company inter se as well as with the Company, including in relation to the transfer of the Shares and the management of the Company. 

  

 2 

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, the Parties
hereby agree as follows: 
  
 ARTICLE 1: 
  
 DEFINITIONS AND INTERPRETATIONS 
  
 1.1 Definitions 
  
 The following words and expressions shall, unless the context otherwise requires, have the following meanings: 
  
 “ADSs” means the American depositary share(s) issued by Citibank N.A., each
representing ownership of 80 TOM Online Shares; 
  
 “Affiliate”
means, in relation to any person: (a) if that person is a company, any of its subsidiaries or holding companies and any subsidiary of such holding companies; or (b) if that person is an individual, any company which he directly or indirectly holds
30% or more of the issued share capital (or voting rights) thereof and any subsidiary of such company; 
  
 “Agreement” means this Shareholders Agreement and shall include any annexures, schedules or exhibits, which may be attached to this Agreement and any amendments made thereto; 
  
 “Articles of Association” means the articles of association of the Company
as amended from time to time and in force for the time being; 
  
 “Board” means the board of directors of the Company; 
  
 “Business” has the meaning ascribed to it in Recital A; 
  
 “Business Day” means a day (excluding Saturday) on which banks are generally open for business in India and in Hong Kong; 
  
 “Deed of Adherence” means a deed of adherence, the form of which is substantially set out in Schedule 2, pursuant to
which a transferee or allottee of Shares agrees to be bound by all the terms of this Agreement as if it had been a signatory to this Agreement; 
  
 “Defaulter” means any Shareholder in relation to whom an Event of Default has occurred; 
  
 “Encumbrance” includes any encumbrance, claim, mortgage, pledge, charge, hypothecation, lien, deposit by way of security,
option, restriction, right of first refusal, right of pre-emption, claim, right, interest or preference granted to any third party, beneficial ownership (including usufruct and similar entitlements), public right, common right, any provisional or
executional attachment and any other interest held by a third party or any other encumbrance or security interest of any kind (or an agreement or commitment to create any of the same); 
  
 “Event of Default” means any event or circumstances specified in Article 9.1.2; 
  
 “GEM” means the Growth Enterprise Market of the Stock Exchange; 

 
 “GEM Listing Rules” means the Rules Governing the Listing of Securities
on the Growth Enterprise Market of the Stock Exchange; 
  

 3 

 “Group” means the Company and its subsidiaries (if any) and the term “members of the
Group” shall be construed accordingly; 
  
 “Hong Kong”
means the Hong Kong Special Administration Region of the People’s Republic of China; 
  
 “India” means the Republic of India; 
  
 “Issue Price” means the issue price per Consideration Share, being the average closing price of each ADS as quoted on NASDAQ for the 30 consecutive Trading Days immediately preceding the date of exercise of the Put
Option; 
  
 “Listing Rules” means the Rules Governing the Listing
of Securities on the Stock Exchange; 
  
 “Listing” means the
listing of the Shares on any recognized stock exchange whether in India or outside of India; 
  
 “Major Shareholders” shall have the meaning ascribed thereto in Article 3.5.1; 
  
 “NASDAQ” means the National Market of National Automated Systems Dealership and Quotation in the US; 
  
 “New Investor” means any person who acquires (whether by way of Transfer or
subscription) any Share and agrees to be bound by the provisions of this Agreement by executing a Deed of Adherence (or a deed of ratification and accession referred to in Article 5.2.5(a)); 
  
 “Parties” means the parties to this Agreement (including any New Investor)
and “Party” means any one of them; 
  
 “Person”
means any person, firm, company, corporation, government, state or agency of a state, or any association, trust or partnership (whether or not having separate legal personality) or two or more of the foregoing; 
  
 “Restricted Business” means the Business and/or any other activities
relating and/or forming all or part of the Business; 
  
 “Rupees” or “Rs” means the lawful currency of India; 
  
 “Sale Closing” means the completion of the sale and purchase of the Sale Shares in accordance with the provisions of the Share Purchase and Subscription Agreement; 
  
 “Sale Closing Date” means the day on which the Sale Closing takes place in
accordance with the provisions of the Share Purchase and Subscription Agreement; 
  
 “Sale Shares” means 386,833 Shares (representing approximately 76.29% of the existing issued and paid-up capital of the Company as at the Sale Closing) to be bought by the Investor and sold by the Vendors pursuant to the
Share Purchase and Subscription Agreement; 
  

 4 

 “SEC” means the Securities and Exchange Commission in the US and includes its successors; 
  
 “Share Purchase and Subscription Agreement” means the agreement as of the
date hereof entered into between the Vendors, the Investor and the Company in relation to the sale and purchase of and subscription of Shares by the Investor; 
  

“Shares” means the equity shares of the Company, having a face value of Rs. 10 each; 
  
 “Shareholder(s)” means holder(s) of Share(s); 
  
 “Stock Exchange” means The Stock Exchange of Hong Kong Limited; 
  
 “Subscription Closing” means closing of the subscription, issue and
allotment of the Subscription Shares in accordance with the provisions of the Share Sale and Subscription Agreement; 
  
 “Subscription Closing Date” means the day on which the Subscription Closing takes place in accordance with the provisions of the Share Purchase and
Subscription Agreement; 
  
 “Subscription Shares” means 112,683
Shares (which, together with the Sale Shares, represent approximately 80.60% of the issued and paid-up share capital of the Company (as enlarged by the issue of the Subscription Shares) as at the Subscription Completion) to be allotted and issued by
the Company to the Investor (or such person(s) as the Investor may nominate) pursuant to the Share Purchase and Subscription Agreement; 
  
 “Tag Shares” means the Shares to be sold by the Founder to the Purchaser (as defined in Article 5.4.1) pursuant to Article 5.5; 
  
 “TOM Online” means TOM Online Inc. a company incorporated in the Cayman
Islands with limited liability and includes its successors; 
  
 “TOM
Online Share(s)” means ordinary share(s) in the capital of TOM Online; 
  
 “Trading Day” means a day on which the ADSs are quoted on NASDAQ; 
  
 “Transfer” means to transfer, sell, assign, pledge, hypothecate, create a security interest in or lien on, place in trust (voting or otherwise), transfer by operation of law or in any other way
subject to any Encumbrance or dispose of, whether or not voluntarily; 
  
 “US” means the United States of America; 
  
 “US
Securities Act” means US Securities Act of 1933 (asamended); 
  
 “US$” means US dollars, the lawful currency of the US; and 
  
 “Vendors” means the Minority Shareholders, Infinity Technology Trustee Private Limited, IL&FS Investment Managers Limited, Sanjay GONDAL, Manoj BORKAR, Anagha BORKAR, Rahul SHAH, Aruna SHAH,
Dulari SHAH, Shahzaad DALAL, Pinky BHATIA, Rajesh BHATIA, Shashank Shara KHADE, Muneesh CHAWLA, Vidya N. DESHPANDE and Vikram GODSE. 
  

 5 

 1.2 INTERPRETATIONS 
  
 In this Agreement: 
  

	1.2.1	a company is deemed to be a “subsidiary” of another company if: 

  

	 	(a)	the composition of the board of directors of the first-mentioned company is controlled by the other company; 

  

	 	(b)	the other company controls more than half of the voting power of the first-mentioned company; or 

  

	 	(c)	the other company holds more than half of the issued share capital of the first-mentioned company (excluding any part of its share capital which carries no right to participate
beyond a specified amount in a distribution of either profits or capital), 

  
 and the term “holding company” shall be construed accordingly; 
  

	1.2.2	references to the Parties include their respective permitted assignees and/or the respective successors in title to substantially the whole of their respective undertakings and, in
the case of individuals, to their respective estates and personal representatives; 

  

	1.2.3	the Schedules to this Agreement form part of this Agreement and will be in full force and effect as though they were expressly set out in the body of this Agreement;

  

	1.2.4	a reference to this “Agreement” includes any recitals, Schedules and appendices to it and references to Clauses, Schedules and appendices are to Clauses of, and Schedules
and appendices, to this Agreement; 

  

	1.2.5	headings and titles have been used in this Agreement for convenience and shall not be deemed part hereof or be taken into consideration in the interpretation or construction of the
Agreement; 

  

	1.2.6	a reference to an agreement or contract includes a reference to such agreement or contract as amended, supplemented, novated, assigned or modified from time to time;

  

	1.2.7	a reference to a statute or a statutory provision includes a reference to any orders, regulations or other subordinate legislation made thereunder from time to time and references
to any statute, provision, order or regulation include references to that statute, provision, order or regulation as amended, modified, re-enacted or replaced from time to time; 

  

	1.2.8	words denoting the singular shall include the plural and vice versa and words denoting any gender shall include all genders; 

  

 6 

	1.2.9	the words “including” and “inter alia” shall be deemed to be followed by “without limitation” or “but not limited to” whether or not those
words are followed by such phrases or words of like import. 

  
 ARTICLE 2 
  
 EFFECTIVE DATE 
  
 This Agreement shall become effective on and from the Sale Closing Date. 
  
 ARTICLE 3 
  
 MANAGEMENT OF THE COMPANY 
  

	3.1	Board Composition 

  

	3.1.1	Until Listing, the Board will comprise 5 members. The Investor shall have the right to nominate 4 directors (“Investor Director”) and the Founder shall have the
right to nominate 1 director (“Founder Director”), provided that the Founder is the legal and beneficial owner of at least 8% of the issued and paid up share capital of the Company. 

  

	3.1.2	In the event one or more of the New Investors desire(s) to nominate a director of Company, the following provisions shall apply: 

  

	 	(a)	the New Investor(s) desiring to nominate a director of the Company must, individually or collectively, be the legal and beneficial owners of at least 8% of the issued and paid up
share capital of the Company; 

  

	 	(b)	the Board will comprise 5 members. The Investor shall have the right to nominate 3 directors, the New Investor(s) collectively shall have the right to nominate 1 director and the
Founder shall have the right to nominate 1 director (subject to the Founder being the legal and beneficial owner of at least 8% of the issued and paid up share capital of the Company); and 

  

	 	(c)	in order to give effect to the provisions of Article 3.1.2(b), the Investor shall procure that one of the directors nominated by the Investor will resign and the Parties shall
procure that the nominee of the New Investor(s), as the case may be, will be appointed in place of the resigning director. 

  

	3.1.3	The rights to nominate directors of the Company under Articles 3.1.1 and 3.1.2 shall not be affected by any Listing unless such rights are contrary to the relevant requirements
under any applicable laws, rules or regulations (including, without limitation, the rules of any relevant securities exchange on which the Shares are listed). 

  

	3.1.4	If at any time the Company is required under applicable laws, rules or regulations (including, without limitation, the rules of any relevant securities exchange on which the Shares
are listed) to have one or more independent directors, the Parties shall procure that: 

  

	 	(a)	the number of directors of the Company be increased such that: 

  

	 	(i)	the Board shall comprise such independent director(s), the appointment of whom shall be subject to the approval of the Board; and 

  

 7 

	 	(ii)	the total number of directors of the Company (including such independent director(s)) shall be an odd number, more than half of which shall be directors nominated by the Investor;
and 

  

	 	(b)	this Agreement and the Articles of Association be amended so as to reflect the changes set out in this Article 3.1.4. 

  

	3.1.3	On and from Listing, the appointment of any directors of the Company shall be in compliance with the relevant rules and/or regulations of the securities exchange(s) on which the
Shares are listed and of any other relevant regulatory authorities. 

  

	3.2	Quorum of Board meetings 

  
 No meeting of the Board may proceed to business nor transact any business unless a quorum is present at the start of such meeting. A quorum of the Board
shall be 1 Investor Director and 1 Founder Director present in person or represented by an alternate. In the event that a quorum of the Directors is not so present at the start of a duly convened Board meeting, that meeting shall be adjourned to a
day not earlier than the 2nd Business Day after the date of such meeting and a quorum at such adjourned meeting shall consist of such Director(s) as are present in person or represented by their alternates. 
  

	3.3	D & O Policy 

  
 The Company shall procure Directors and Officers insurance policy cover for its directors and officers for such amount and period as the Board shall deem
fit and in accordance with the industry standard. 
  

	3.4	Minority Protection: 

  
 Decisions on the following matters, whether at a Board meeting or at a general meeting of the Company, shall not be taken without the prior approval of
the Founder (or his duly appointed attorney), provided that the Founder owns at least 8% (eight percent) of the issued and paid up share capital of the Company: 
  

	 	3.4.1	any transfer by the Investor of any its equity interests in the Company to any third party (other than an Affiliate of the Investor which is not engaged in the business of mobile
gaming) or, save and except the allotment and issue of the Subscription Shares, any issuance of additional equity interests in the Company; 

  

	 	3.4.2	any decision to dissolve, liquidate or wind-up the Company, or dispose of, sell, license or transfer all or substantially all of the assets or the business of the Company;

  

 8 

	 	3.4.3	transfer or disposal of any material intellectual property rights owned by the Company, other than in the ordinary course of business of the Company; 

  

	 	3.4.4	amend the rights of any class of shares of the Company; 

  

	 	3.4.5	amend any provision of the Articles of Association in a manner that alters or changes the rights of the shares of the Company held by the Founder or the rights of the Founder under
this Agreement adversely; 

  

	 	3.4.6	increase or decrease the authorized share capital of the Company; or 

  

	 	3.4.7	any declaration by the Company of any dividend which is not considered by the auditors of the Company as ordinary dividend of the Company. 

  
 The above provisions relating to minority protection shall cease to apply
upon Listing. 
  

	3.5	Information Rights 

  

	3.5.1	The Company shall deliver to each shareholder of the Company its audited annual financial statements within 120 (one hundred twenty) days following the end of each financial year of
the Company and shall deliver to each shareholder holding more than 10% of issued and paid up share capital of the Company (“Major Shareholder”) its unaudited quarterly financial statements within 45 days following the close
of such period. 

  

	3.5.2	The quarterly operating budget for the Company shall be provided to the Board for approval at least one month prior to the beginning of each of the Company’s quarters to which
the budget relates. 

  

	3.6	Related Party Transactions 

  
 All transactions between the Company and any of the Shareholders or their respective Affiliates shall be on normal commercial terms or better (from the
Company’s perspective). 
  

	3.7	Key Person Insurance 

  
 The Company shall, at its reasonable cost, acquire key person insurance for senior management team members of the Company that are reasonably satisfactory
to the Investor and the Founder. 
  
 ARTICLE 4

  
 INCENTIVE STOCK
OPTION SCHEME 
  
 Subject to,
where applicable, the relevant requirements under the Listing Rules, the GEM Listing Rules, the rules of the SEC and the US Securities Act, and any other applicable laws, rules and regulations, those Minority Shareholders who are employees of the
Company and certain other members of the management team of the Company (as approved by the Investor) will be granted share options under the share option scheme adopted by TOM Online on 12 February 2004 (as amended or replaced from time to time).

  

 9 

 
ARTICLE 5 
  
 TRANSFER OF SHARES 
  

	5.1	Transfer 

  
 None of the Minority Shareholders nor the New Investors shall, directly or indirectly, Transfer all or any of the Shares (or any interest therein) held by
them to any Person (other than an Affiliate of such transferring Minority Shareholder or, as the case may be, the New Investor) except in accordance with the provisions of Article 5 of this Agreement. 
  

	5.2	Right of First Refusal 

  

	5.2.1	If any of the Minority Shareholders or the New Investors (“Transferor”) desires to transfer all or any of its, his or her Shares to any Person who has made a bona
fide offer for the same (“Transferee”), the Transferor shall notify the Investor in writing (“Transfer Notice”) of its intention to transfer the Offered Shares, and the Transfer Notice shall set out the number of
Shares which he or she wishes to Transfer (“Offered Shares”), the identity of the prospective Transferee, the price per Share offered by such prospective Transferee for acquiring the Offered Shares (“Offer Price”)
and details of any other terms that are material to such proposed Transfer. 

  

	5.2.2	The Investor may, within a period of 5 Business Days after the date of its receipt of the Transfer Notice, require the Transferor to produce to it such further information as it may
reasonably require to enable it to assess the offer made by the prospective Transferee. 

  

	5.2.3	Within a period of 20 Business Days of the later of: (a) the Investor’s receipt of the Transfer Notice; and (b) the Investor’s receipt of additional information requested
by it under Article 5.2.2, the Investor may notify the Transferor (“Acceptance Notice”) in writing that it wishes to purchase the Offered Shares, in which case, subject to compliance with all relevant requirements under any
applicable laws, rules and regulations (including, without limitation the Listing Rules and the GEM Listing Rules), the Transferor and the Investor shall complete the Transfer of the Offered Shares at the Offer Price and on the terms set out in the
Transfer Notice within 20 Business Days after the date of the Transferor’s receipt of the Acceptance Notice. 

  

	5.2.4	If the Investor has not served any Acceptance Notice within the period specified in Article 5.2.3 or declines to purchase the Offered Shares, subject to Article 5.2.5, subject to
compliance with all relevant requirements under any applicable laws, rules and regulations (including, without limitation the Listing Rules and the GEM Listing Rules), the Transferor and the Transferee shall complete the Transfer the Offered Shares
at the Offer Price and on the terms set out in the Transfer Notice within a period of 20 Business Days from the date of expiry of the period mentioned in Article 5.2.3 (“Sell-off Period”). If the Transferor and the Transferee fails
to complete the Transfer of the Offered Shares within the Sell-off Period, the Transferor shall once again comply with the provisions of this Article 5.2 for any subsequent sale of the Offered Shares. 

  

 10 

	5.2.5	It shall be a condition to any Transfer by the Transferor of any of its, his or her Shares under this Article 5.2 that: 

  

	 	(a)	each Transferee (if not already bound by the provisions of this Agreement) executes a Deed of Adherence (or a deed of ratification and accession with the remaining Shareholder(s),
the terms of which shall be of reasonable satisfaction to the remaining Shareholder(s), under which such Transferee shall agree to be bound by the terms and be entitled to the benefit of this Agreement as if it was an original Party); and

  

	 	(b)	each Transferor assigns to the Transferee or, as the case may be, the Investor all or, in the case of transfer of only part of the Shares of the Transferor, a proportionate part of
the rights, titles, interests and benefits in and to any outstanding loans granted to the Group and/or security given for the benefit of the Group by him or any of its, his or her Affiliates. 

  

	5.3	Listing and Put Option 

  

	5.3.1	Each Party shall use its reasonable endeavours to procure that the Shares are listed on a recognised securities exchange by the 3rd anniversary of the Subscription Closing Date.

  

	5.3.2	Subject to, where applicable, the relevant requirements under the Listing Rules, the GEM Listing Rules, the rules of the SEC, the US Securities Act, and any applicable laws, rules
and regulations, if the Shares are not listed on any recognised securities exchange by the 3rd anniversary of the Subscription Closing Date, each of the Minority Shareholders (“Option Holders”) shall have an option (“Put
Option”) to sell to the Investor all (but not part) of the Shares held by him or her as at the date of the Subscription Closing Date (“Option Shares”) at an exercise price (“Exercise Price”) equal to
US$5,216,764 multiplied by the following fraction: 

  

					
	 	 	 A

	 	 
	 	 	B	 	 

  
 where: 
  

			
	 A =
	  	the total number of Shares held by the relevant Option Holder (who has exercised his or her Put Option) as at the Subscription Closing Date
		
	 B =
	  	the total number of Shares held by all of the Option Holders as at the Subscription Closing Date

  

	5.3.3	The Put Option may be exercised by each of the Option Holders at any time after the 3rd anniversary of the Subscription Closing Date and before the earlier of: (i) the 5th
anniversary of the Subscription Closing Date; and (ii) the day immediately preceding the date of Listing (“Exercise Period”) by giving notice in writing to the Investor (“Exercise Notice”). 

 

 11 

	5.3.4	At the option of the Investor, the Exercise Price may be paid in cash and/or satisfied by the allotment and issue of ADSs (rounded down to the nearest whole ADS)
(“Consideration Shares”) at the Issue Price, in which event, the Investor shall procure that TOM Online allots and issues the Consideration Shares to the relevant Option Holder who has exercised his or her Put Option in accordance
with the provisions of this Article 5.3, provided that if any of the Option Holders is restricted or prohibited by any applicable law, rule or regulation from holding all or any of the Consideration Shares, the Investor shall pay such Option Holder
in cash an amount equal to the number of Consideration Shares so restricted or prohibited multiplied by the Issue Price. 

  

	5.3.5	It shall be a condition to completion of the sale and purchase of the Option Shares that: 

  

	 	(a)	each of the Option Holders who has exercised his or her Put Option: 

  

	 	(i)	assigns to the Investor all of the rights, titles, interests and benefits in and to any outstanding loans granted to the Group and/or security given for the benefit of the Group by
such Option Holder or any of his or her Affiliates; 

  

	 	(ii)	confirms in writing that he or she is not an US Person (as defined under Regulation S of the US Securities Act); and 

  

	 	(iii)	undertakes in writing that: 

  

	 	(1)	during the first 40 days after the date of issue of the Consideration Shares issued to him or her, he or she will not Transfer or otherwise deal in all or any of such Consideration
Shares; 

  

	 	(2)	during the first 6 months after the date of issue of the Consideration Shares issued to him or her, he or she will not Transfer or otherwise deal in more than 15% of such
Consideration Shares; and 

  

	 	(3)	during a period of 12 months after the date of issue of the Consideration Shares issued to him or her (“Lock-up Period”), he or she will not Transfer or otherwise
deal in more than 30% of such Consideration Shares; and 

  

	 	(4)	on any Trading Day after the end of the Lock-up Period, he or she will not Transfer or otherwise deal in more than 14% of the Consideration Shares issued to him or her
(“Daily Limit”). For the avoidance of doubt, all or any part of any unused Daily Limit in respect of any one Trading Day shall not be carried forward to any other Trading Day and/or accumulated with the Daily Limit in respect of any
other Trading Day; and 

  

	 	(b)	such completion of the sale and purchase of the Option Shares takes place outside of the US. 

  

 12 

	5.3.6	Subject to compliance with all relevant requirements under any applicable laws, rules and regulations (including, without limitation the Listing Rules and the GEM Listing Rules),
completion of the sale and purchase of the Option Shares shall take place within 20 Business Days of the date of the Investor’s receipt of the Exercise Notice. 

  

	5.3.7	For the avoidance of doubt, each Option Holder may exercise his or her Put Option only once by each Option Holder during the Exercise Period. Any Put Option that is not exercised
during the Exercise Period shall automatically lapse upon the expiry of the Exercise Period. 

  

	5.4	Drag-Along Rights 

  

	5.4.1	At any time after the Sale Closing, in the event that the Investor proposes to Transfer all or part of its Shares to any Person (other than the Investor’s Affiliates)
(“Purchaser”), the Investor may, at its sole and absolute discretion, notify all or any of the Minority Shareholders and the New Investors in writing (“Drag Notice”) that such Minority Shareholder(s) and/or New
Investor(s) is or are required to sell all or such part of its, his or her Shares as specified in the Drag Notice to the Purchaser (“Drag Shares”). 

  

	5.4.2	The Investor shall set out in the Drag Notice the following details in relation to the proposed Transfer of Shares by the Investor: (i) price per Drag Share proposed to be acquired
by the Purchaser, (ii) number of Drag Shares proposed to be acquired by the Purchaser; and (iii) identity of the Purchaser. Upon its, his or her receipt of the Drag Notice, the relevant Minority Shareholder or, as the case may be, the New Investor
(if any) shall be bound to sell the Drag Shares at the price, on the terms and in accordance with the reasonable directions (if any) set out in the Drag Notice, provided that if the Investor serves a Drag Notice on all or any of the Minority
Shareholders on or before the 1st anniversary of the Sale Closing Date, the total amount of consideration per Drag Share to be received by each such Minority Shareholder shall not be less than the Exercise Price per Option Share.

  

	5.4.3	It shall be a condition to completion of the sale and purchase if the Drag Shares that each of the Minority Shareholders and the New Investors who has been required to sell all or
part of its, his or her Shares, assigns to the Purchaser all or, in the case of transfer of only part of the Shares of such Minority Shareholder or, as the case may be, the New Investor (if any), a proportionate part of the rights, titles, interests
and benefits in and to any outstanding loans granted to the Group and/or security given for the benefit of the Group by such Minority Shareholder or, as the case may be, the New Investor (if any), or any of its, his or her Affiliates.

  

	5.5	Tag-Along Rights 

  

	5.5.1	Subject to Article 5.4, in the event that the Investor proposes to Transfer all or part of its Shares to the Purchaser and if the Investor has not served or does not intend to serve
a Drag Notice on all or any of the Minority Shareholders in the manner set out in Article 5.4, the Investor shall notify the Founder in writing (“Sale Notice”) the following: 

  

	 	(a)	the number of Shares which the Purchaser wishes to acquire (“Transfer Shares”); 

  

 13 

	 	(b)	the identity of the Purchaser; 

  

	 	(c)	the price per Share offered by the Purchaser for acquiring the Transfer Shares; and 

  

	 	(d)	details of any other terms that are material to such proposed Transfer. 

  

	5.5.2	The Founder may, within a period of 5 Business Days from the date of his receipt of the Sale Notice, notify the Investor in writing that he wishes to sell all or such part of his
Shares as specified in such notice to the Purchaser at the price and on the terms set out in the Sale Notice (“Tag Notice”). 

  

					
	 5.5.3
	 	(a)	    	Subject to Article 5.5.3(b), if the total number of the Transfer Shares and the Shares which the Founder wishes to sell exceeds the total number of Shares which the Purchaser wishes to acquire
(“Required Shares”), each of the Investor and the Founder shall sell to the Purchaser such number of Shares that is equal to the number of the Required Shares multiplied by the following fraction:

  

					
	 	 	 C

	 	 
	 	 	D	 	 

  
 where: 
  

			
	 C =
	    	in the case of the Founder, the total number of Shares held by him as at the date of the Sale Notice and, in the case of the Investor, the total number of Shares held by it as at the date of
the Sale Notice
		
	 D =
	    	the total number of Shares held by the Investor and the Founder as at the date of the Sale Notice

  

	 	(b)	If, after completion of any such proposed sale of Shares by the Investor, the total number of Shares held by the Investor will represent less than 51% of the issued and paid-up
share capital of the Investor, the Founder may sell all of his Shares to the Purchaser at the price and on the terms set out in the Sale Notice. 

  

	5.5.4	If the Founder serves a Tag Notice on the Investor in accordance with Article 5.5.2, the Founder shall Transfer the Tag Shares to the Purchaser at the price and on the terms set out
in the Sale Notice. 

  

	5.5.5	It shall be a condition to completion of the sale and purchase of the Tag Shares that the Founder assigns to the Purchaser all or, in the case of transfer of only part of the Shares
of the Founder, a proportionate part of the rights, titles, interests and benefits in and to any outstanding loans granted to the Group and/or security given for the benefit of the Group by the Founder or any of his Affiliates.

  

	5.5.6	If the Founder has not served any Tag Notice on the Investor within the period specified in Article 5.5.2, the Investor shall be free to Transfer the Transfer Shares to the
Purchaser at the price and on the terms set out in the Sale Notice. 

  

 14 

	5.6	Costs 

  
 Each of the transferor(s) and transferee(s) of any Share under this Article 5 shall pay its own costs and disbursements (including, without limitation,
stamp duty and legal fees) of and incidental to such transfer of Share(s) pursuant to this Article 5. 
  
 ARTICLE 6 
  
 NON-COMPETE 
  

	6.1	Subject to having obtained the prior written consent of the Investor, the Founder undertakes (for the benefit of the Investor, the Group and the Investor’s successors and
permitted assigns) that he will not, and will procure that none of his Affiliates will, at any time after the date of this Agreement and for so long as he: (a) directly or indirectly holds at least 8% of the issued and paid-up share capital of the
Company; or (b) is an employee of the Group and at any time within a period of 12 months after he ceases to be in the employ of the Group, either on his own account or in conjunction with or on behalf of any person, firm or company:

  

	 	6.1.1	manage, carry on or be engaged (directly or indirectly and whether as principal, shareholder, director, employee, agent, consultant, partner, manager or otherwise) in any Restricted
Business, and will not, directly or indirectly, hold any of the issued shares or other securities of any class of any company which carries on any Restricted Business, save and except securities which represent less than 5% of the issued share
capital of a company whose shares are listed on a recognised securities exchange; 

  

	 	6.1.2	solicit or endeavour to entice away from the Group any person who is or was an officer, manager, employee, agent or consultant of the Group whether or not such person would commit a
breach of contract by reason of leaving such service or employment; 

  

	 	6.1.3	solicit the custom of or endeavour to entice away from the Group or otherwise deal with any person who is or was a client or customer of the Group whether or not such person would
commit a breach of contract by reason of such cessation to transact with the Group; 

  

	 	6.1.4	endeavour to entice away from the Group any person who is or was a supplier of the Group whether or not such person would commit a breach of contract by reason of such cessation to
transact with the Group; or 

  

	 	6.1.5	directly or indirectly use or attempt to use in the course of any business any trade or service mark, trade name, design or logo (whether registered or not) used in relation to or
in connection with the Business, or any other name, logo, trade or service mark or design which is or might be confusingly similar thereto. 

  

	6.2	Each of the undertakings set out in Article 6.1 shall be construed as a separate and independent undertaking and if one or more of the undertakings is or are held to be void or
unenforceable, the validity of the remaining undertakings shall not be affected. 

  

 15 

	6.3	Each of the Founder agrees that each of the restrictions and undertakings set out in Article 6.1 is reasonable and necessary for the protection of the Investor’s legitimate
interests in the goodwill of the Group, but if any such restriction or undertaking shall be found to be void or voidable but would be valid and enforceable if some part or parts of such restriction or undertaking were deleted, such restriction or
undertaking shall apply with such modification as may be necessary to make it valid and enforceable. 

  

	6.4	Without prejudice to Article 6.3, if any restriction or undertaking is found by any court or other competent authority to be void or unenforceable, the Parties shall negotiate in
good faith to replace such void or unenforceable restriction or undertaking with a valid provision which, as far as possible, has the same commercial effect as that which it replaces. 

  
 ARTICLE 7 
  
 REPRESENTATIONS AND
WARRANTIES 
  

	7.1	Minority Shareholders’ representations and warranties  

  
 Each Minority Shareholder hereby represents and warrants to the Company and the Investor that: 
  

	 	7.1.1	It has full power and authority to execute, deliver and perform its obligations under the Agreement; and 

  

	 	7.1.2	The execution and delivery of this Agreement will not result in breach of any terms and conditions of any agreement or constitute default under applicable laws or other obligations
to which it is bound or violate any rule, regulation or law of any government or any order, judgment or decree of any court or government body; 

  

	7.2	Company’s representations and warranties 

  
 The Company hereby represents and warrants to the Investor that: 
  

	 	7.2.1	It has full power and authority to execute, deliver and perform its obligations under the Agreement; and 

  

	 	7.2.2	The execution and delivery of this Agreement will not result in breach of any terms and conditions of any agreement or the Articles or constitute default under applicable laws or
other obligations to which it is bound or violate any rule, regulation or law of any government or any order, judgment or decree of any court or government body. 

  

	7.3	Investor’s representations and warranties  

  
 The Investor hereby represents and warrants to the Minority Shareholders and the Company that: 
  

	 	7.3.1	It has full power and authority to execute, deliver and perform its obligations under the Agreement; and 

  

 16 

	 	7.3.2	The execution and delivery of this Agreement will not result in breach of any terms and conditions of any agreement or the Articles or constitute default under applicable laws or
other obligations to which it is bound or violate any rule, regulation or law of any government or any order, judgment or decree of any court or government body; 

  
 ARTICLE 8 
  
 INDEMNIFICATION 
  
 Indemnification by the Minority Shareholders 
  
 Each Shareholder shall indemnify each of the other Shareholders and each of its officers, directors, employees, agents and affiliates
(“Indemnified Persons”) and hold harmless from and against all losses, liabilities, claims, damages, judgments, settlements and expenses, including attorneys’ fees, incurred or suffered by such Indemnified Persons arising out
of or resulting from: 
  

	 	(a)	any breach by such Shareholder of any warranties contained in this Agreement; and 

  

	 	(b)	any breach by such Shareholder of any of its covenants, agreements or obligations contained herein. 

  
 ARTICLE 9 
  
 TERMINATION 
  

	9.1	Termination 

  

	9.1.1	This Agreement shall stand terminated, without any liability or obligation of any Party, if the Sale Closing does not take place and the Share Sale and Subscription Agreement is
terminated in accordance with the provisions therein. 

  

	9.1.2	Each of the following events shall be an Event of Default: 

  

	 	(a)	a petition is presented or a proceeding is commenced or an order is made or an effective resolution is passed for the winding-up, insolvency, administration, reorganisation,
reconstruction, dissolution or bankruptcy of the Defaulter or for the appointment of a liquidator, receiver, administrator, trustee or similar officer of the Defaulter or of all or any part of its business or assets; 

  

	 	(b)	the Defaulter stops or suspends payments to its creditors generally or is unable or admits its inability to pay its debts as they fall due or seeks to enter into any composition or
other arrangement with its creditors or is declared or becomes bankrupt or insolvent; or 

  

	 	(c)	a creditor takes possession of all or any part of the business or assets of the Defaulter or any execution or other legal process is enforced against the business or any substantial
asset of the Defaulter and is not discharged within 14 days; 

  

 17 

	 	(d)	the Defaulter ceases or threatens to cease to carry on its business or any substantial part thereof or if the Defaulter disposes of or threatens to dispose of or any governmental or
other authority expropriates or threatens to expropriate all or any substantial part of its business or assets or displaces or threatens to displace the management of the Defaulter; 

  

	 	(e)	the Defaulter is in material breach of its obligations hereunder and such breach, if capable of remedy, has not been remedied at the expiry of 30 days following written notice to
that effect having been served on the Defaulter by any of the other Parties indicating the steps required to be taken to remedy the failure; or 

  

	 	(f)	the Defaulter (being an individual) dies or becomes of unsound mind. 

  

	9.1.3	If an Event of Default has occurred, any Shareholder who is not in default (“Non-Defaulting Shareholder”) may (without prejudice to its other rights and remedies
under this Agreement or otherwise), by giving notice in writing to the Defaulter (“Default Notice”), require the Defaulter to either: 

  

					
	 (a)
	  	(i)	    	sell to it, him or her all or such part of the Defaulter’s Shares as specified in the Default Notice (“Call Shares”); and
			
	 	  	(ii)	    	assign to it, him or her all or, in the case of transfer of only part of the Shares of the Defaulter, a proportionate part of the rights, titles, interests and benefits in and to any
outstanding loans granted to the Group and/or security given for the benefit of the Group by the Defaulter or any of its, his or her Affiliates, or
			
	 (b)
	  	(i)	    	purchase all or such part of its, his or her Shares as specified in the Default Notice (“Put Shares”); and
			
	 	  	(ii)	    	assume all or, in the case of transfer of only part of the Shares of such Non-Defaulting Shareholder, a proportionate part of the rights, titles, interests and benefits in and to any
outstanding loans granted to the Group and/or security given for the benefit of the Group by it, him or her or any of its, his or her Affiliates,

  
 at the price
determined in accordance with Article 9.1.4 and, subject to compliance with all relevant requirements under any applicable laws, rules and regulations (including, without limitation the Listing Rules and the GEM Listing Rules, the rules of the SEC
and the US Securities Act), within 30 days from the date of the Defaulter’s receipt of the Default Notice (or such other date as such Non-Defaulting Shareholder may determine). 
  

	9.1.4	The price at which such purchase or sale shall take place shall be 80% of the fair value of the Call Shares (except where the Defaulter has committed the Event of Default set out in
Article 9.1.2(f), in which case, the price at which such purchase or 

  

 18 

 sale shall take place shall be 100% of the fair value of the Call Shares) or, as the case may be, 100% of
the fair value of the Put Shares, determined by the auditors of the Company or an independent firm of qualified public accountants instructed by the Board. 
  

	9.1.5	Save as otherwise provided herein, if the Company is placed in winding-up, this Agreement (other than Articles 1, 6, 8, and 10 and this Article 9) shall cease to have effect (save
in relation to any antecedent claims which may have arisen between the Parties). 

  

	9.1.6	Save as otherwise provided herein, if a Party (other than the Company) ceases to be a Shareholder by reason of the transfer of all of its, his or her Shares to another Shareholder
or person, whether pursuant to Article 5 or 9.1.2 or otherwise, this Agreement (other than Articles 1, 8, and 10 and this Article 9) shall cease to have effect on such Party (save as may be necessary to give effect to the provisions of Article 5 and
this Article 9 or in relation to any antecedent claims which may have arisen between the Parties). 

  
 ARTICLE 10 
  
 MISCELLANEOUS 
  

	10.1	Notices 

  

	10.1.1	Any notice and other communications provided for in this Agreement shall be in writing and shall be first transmitted by facsimile/electronic transmission, and then confirmed by
postage, prepaid registered airmail or by internationally recognised courier service to the following addresses: 

  

					
	(a)	    	In the case of notices to the Founder:
			
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
	 	    	E-mail:	    	vishal@indiagames.com
		
	(b)	    	In the case of notices to Mr. Gondal:
			
	 	    	Address:	    	 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya
 Estate, Chembur, Mumbai 400071, India

	 	    	Fax:	    	(+91-22) 2520 1130
		
	(c)	    	In the case of notices to Mrs. S. Gondal:
			
	 	    	Address:	    	 14A1, Chandralayam Building, Postal Colony Road, Sarvodaya
 Estate, Chembur, Mumbai 400071, India

	 	    	Fax:	    	(+91-22) 2520 1130

  

 19 

					
	(d)	    	In the case of notices to Mr. Ail:
			
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
		
	(e)	    	In the case of notices to Mrs. H. Gondal:
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
		
	(f)	    	In the case of notices to Mr. Nayak:
			
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
		
	(g)	    	In the case of notices to Mr. Patel:
			
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
		
	(h)	    	In the case of notices to Mr. Ferry:
			
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
		
	(i)	    	In the case of notices to the Company:
			
	 	    	Address:	    	B/423, Shrikant Chambers, Chembur, Mumbai 400 071, India
	 	    	Fax:	    	(+91-22) 2520 1130
	 	    	E-mail:	    	vishal@indiagames.com
	 	    	Attention:	    	Mr. Vishal GONDAL
		
	(j)	    	In the case of notices to the Investor:
			
	 	    	Address:	    	48th Floor, The Center, 99 Queen’s Road Central, Hong Kong
	 	    	Fax:	    	(+852) 2189 7446
	 	    	E-mail:	    	angelam@tomgroup.com
	 	    	Attention:	    	Company Secretary

  

	10.1.2	Any notice, demand or other communication so addressed to the other Party shall be deemed to have been delivered: 

  

	 	(a)	if personally delivered, upon delivery at the relevant address; 

  

	 	(b)	if sent by pre-paid local post, 2 Business Days after the date of posting; 

  

 20 

	 	(c)	if sent by pre-paid airmail or by air courier, in the case of airmail, 5 Business Days after the date of posting or, in the case of air courier, 2 Business Days after the date of
delivery to the courier by the sender; 

  

	 	(d)	if sent by facsimile, when despatched, subject to confirmation of uninterrupted transmission by a transmission report, provided that any notice despatched by facsimile after 17:00
hours (at the place where facsimile is to be received) shall be deemed to have been received at 08:00 (at the place where facsimile is to be received) on the next Business Day; or 

  

	 	(e)	if sent by electronic-mail, when despatched, subject to electronic confirmation of receipt by the recipient, provided that any notice despatched by electronic-mail after 17:00 hours
(at the place where facsimile is to be received) shall be deemed to have been received at 08:00 (at the place where facsimile is to be received) on the next Business Day; 

  

	10.1.3	Any Party may, from time to time, change its address or representative for receipt of notices provided for in this Agreement by giving to the other Parties not less than 3 Business
Days prior written notice. 

  

	10.2	Assignment 

  
 None of the Minority Shareholders, the New Investors nor the Company shall assign or transfer its rights and liabilities under this Agreement to any other
Person without prior written permission of the Investor. The Investor may assign this Agreement, in whole or in part, in favour of its Affiliate(s). In the event the Investor assigns this Agreement to its Affiliate(s), all the provisions of this
Agreement for the benefit of the Investor shall inure to the benefit of and may be exercised by or on behalf of such Affiliate(s). 
  

	10.3	No Press Release without consent 

  
 No press release related to this Agreement or the transactions contemplated herein, or other announcement to the employees, customers or suppliers of the
Company will be issued by any of the Minority Shareholders, the New Investors or the Company without the prior written approval of the Investor. 
  

	10.4	Confidentiality 

  
 Each Party agree to keep the terms and conditions of this Agreement and all information in relation to the Company on a confidential basis, but excluding
any information which: (1) is in the public domain (other than as a result of a breach of this provision); (2) obtained from a third party which is not known to such to be subject to any confidentiality obligation; and/or (3) is required to be
disclosed by any applicable law, rule or regulation (including, without limitation, the Listing Rules and the GEM Listing Rules). 
  

 21 

	10.5	Expenses 

  
 Each Party hereto shall bear its own costs and disbursements of and incidental to the execution of this Agreement, including professional fees and costs
of its respective advisors and counsel. 
  

	10.6	Counterparts 

  
 This Agreement may be executed in counterparts by the Parties and each fully executed counterpart shall be deemed an original. 
  

	10.7	Severability 

  
 If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder
of this Agreement and the application of such provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each provision of this Agreement shall be valid and enforceable
to the fullest extent permitted by law. Any invalid or unenforceable provision of this Agreement shall be replaced with a provision, which is valid and enforceable and most nearly reflects the original intent of the unenforceable provision.

  

	10.8	Entire Agreement 

  
 This Agreement contains the entire agreement of the Parties hereto with respect to the transactions envisaged in this Agreement, superseding all
negotiations, prior discussions, preliminary agreements, memoranda or heads of agreements made prior to the date hereof. 
  

	10.9	Conflicts with the Articles of Association 

  
 Each of the Parties acknowledges that, if any provision of the Articles of Association conflicts with any provision of this Agreement, the provisions of
this Agreement shall prevail to the extent contemplated under this Agreement and, at the reasonable request of any Party, the other Parties shall procure that the Articles of Association be amended so as to remedy such conflict. 

 

	10.10	Waivers 

  
 No forbearance, indulgence or relaxation or inaction by any Party at any time, to require performance of any of the provisions of this Agreement shall, in
any way, affect, diminish or prejudice the right of such Party to require performance of that provision and any waiver or acquiescence by any Party of any breach of any of the provisions of this Agreement shall not be construed as a waiver or
acquiescence of any continuing or succeeding breach of such provisions or a waiver of any right under or arising out of this Agreement, or acquiescence to or recognition of rights and/or position other than as expressly stipulated in this
Agreement. 
  

 22 

	10.11	Cumulative Rights 

  
 All remedies of either Party under this Agreement, whether provided herein or conferred by statute, civil law, common law, custom, trade, or usage, are
cumulative and not alternative and may be enforced successively or concurrently. 
  

	10.12	Amendment 

  
 This Agreement may not be amended or modified except by an instrument in writing signed by or on behalf of the Minority Shareholders, the Company and the
Investor. 
  

	10.13	Specific Performance 

  
 The Parties shall be entitled to seek and enforce specific performance of this Agreement, in addition to any other legal rights and remedies, without the
necessity of demonstrating the inadequacy of monetary damages. 
  

	10.14	Dispute Resolution 

  
 Any dispute, controversy or claim arising from or in connection with this Agreement (or the breach, termination or invalidity hereof) shall be submitted
to the Singapore International Arbitration Centre for arbitration in accordance with the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules. Any such arbitration shall be: 
  

	 	(a)	proceeded in English; and 

  

	 	(b)	presided by three arbitrators, of which one shall be appointed by the Investor, one by the Minority Shareholders and the third arbitrator jointly by the two arbitrators appointed by
the Investor and the Minority Shareholders. 

  
 Any
arbitral judgments made in accordance with this provision shall be conclusive and binding on the parties hereto. 
  

	10.15	Governing Law 

  
 This Agreement shall be governed by the laws of India. 
  

 23 

 SCHEDULE 1 
  
 PART A - SHAREHOLDING AT THE SALE
CLOSING 
  

				
	 Name of Shareholder

	  	 Number of Shares held
 (approximate shareholding
 percentage in the
Company
represented
thereby as at
 the Sale Closing)

	 
	 The Investor
	  	386,833 (76.29)	%
	 The Founder
	  	100,078 (19.73)	%
	 Pranath GONDAL
	  	80 (0.02)	%
	 Shashi GONDAL
	  	80 (0.02)	%
	 Deepak Chandappa AIL
	  	4,000 (0.79)	%
	 Harpreet Vishal GONDAL
	  	4,000 (0.79)	%
	 Kiran Jagannath NAYAK
	  	4,000 (0.79)	%
	 Mahendra Vasudeo PATEL
	  	4,000 (0.79)	%
	 Cyril FERRY
	  	4,000 (0.20)	%
	 Shonila VAZIRANI and Hiranand VAZIRANI
	  	1 (0.0002)	%
	 Russel KINNY
	  	1 (0.0002)	%
	 	  	
	

	 Total:
	  	507,073 (100)	%

  
  

 24 

 PART B - SHAREHOLDING AT THE
SUBSCRIPTION CLOSING 
  

				
	 Name of Shareholder

	  	 Number of Shares held
 (approximate shareholding
 percentage in the
Company
represented
thereby as at
 the Subscription Closing)

	 
	 The Investor and/or the Potential Investor(s) (if any)
	  	499,516 (80.60)	%
	 The Founder
	  	100,078 (16.15)	%
	 Pranath GONDAL
	  	80 (0.01)	%
	 Shashi GONDAL
	  	80 (0.01)	%
	 Deepak Chandappa AIL
	  	4,000 (0.65)	%
	 Harpreet Vishal GONDAL
	  	4,000 (0.650)	%
	 Kiran Jagannath NAYAK
	  	4,000 (0.65)	%
	 Mahendra Vasudeo PATEL
	  	4,000 (0.65)	%
	 Cyril FERRY
	  	4,000 (0.65)	%
	 Shonila VAZIRANI and Hiranand VAZIRANI
	  	1 (0.0002)	%
	 Russel KINNY
	  	1 (0.0002)	%
	 	  	
	

	 Total:
	  	619,756 (100)	%

  
  

 25 

 SCHEDULE 2 
  
 DEED OF ADHERENCE 
  
 [Date] 
  
 BY THIS DEED [I/we], [·], [having our registered office at [·]]/[of [·]] intending to become a shareholder of Indiagames Limited (“Company”) hereby agree with the Company and each of its shareholders to comply with, and to be bound by,
all of the provisions of a subscription and shareholders agreement dated [·] 2004 entered into between, among others, Mr. Vishal GONDAL,
[    ] Limited and the Company (a copy of which has been delivered to [me/us] and which [I/we] have initialled and attached hereto for identification) (“Shareholders Agreement”) in all respects as if [I/we] were
a party to the Shareholders Agreement, and were named therein as a Shareholder (as defined in the Shareholders Agreement) and a Party (as defined in the Shareholders Deed) and on the basis that references therein to “Shareholder”,
“Shareholders”, “Party” or “Parties” and any other cognate expressions shall include [me/us]. 
  
 Any notice to be given to [me/us] under the Shareholders Agreement shall be given to [me/us] at the following address, facsimile number or e-mail address: 
  

			
	 Address:
	 	 [    ]

		
	 Fax:
	 	 [    ]

		
	 E-mail:
	 	 [    ]

		
	 Attention:
	 	 [    ]

  
 IN WITNESS WHEREOF this Deed has been
executed by [me/us] and is intended to be and is hereby delivered on the date appearing at the head hereof. 
  

			
	 [The COMMON SEAL of
	  	 )

	 [·]
	  	 )

	 was hereunto affixed
	  	 )

	 by [·]
	  	 )

	 with the authority of its board of directors
	  	 )

	 in the presence of:
	  	 )

	 	  	 )]

		
	 [SIGNED, SEALED and DELIVERED by
	  	 )

	 [·]
	  	 )

	 in the presence of:
	  	 )

	 	  	 )]

  
  

 26 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed as of the date first above written.

  

	
	  

	 Signed by

	VISHAL GONDAL
	
	  

	 Signed by

	PRANATH GONDAL
	
	  

	 Signed by

	SHASHI GONDAL
	
	  

	 Signed by

	DEEPAK CHANDAPPA AIL
	
	  

	 Signed by

	HARPREET VISHAL GONDAL
	
	  

	 Signed by

	KIRAN JAGANNATH NAYAK

  

 27 

	
	  

	 Signed by

	MAHENDRA VASUDEO PATEL
	
	  

	 Signed by

	CYRIL FERRY
	
	  

	 Signed for and on behalf of

	INDIAGAMES LIMITED
	 By: Vishal GONDAL

	 Title: Director

	
	  

	 Signed for and on behalf of

	TOM ONLINE GAMES LIMITED
	 By:

	 Title:

  

 28

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