Document:

Marketing Services Agreement, dated January 1, 2009

 EXHIBIT 10.32 
 MARKETING SERVICES AGREEMENT 
 This Marketing Services
Agreement is dated as of January 1, 2009, by and between Sohu.com Inc., a Delaware corporation (together with its subsidiaries and variable interest entities, “Sohu”), and Changyou.com Limited, a Cayman Islands corporation (together
with its subsidiaries and variable interest entity, “Changyou”). Sohu and Changyou are individually referred to as a “Party,” and together as the “Parties.” Capitalized terms used herein and not otherwise defined will
have the meanings ascribed to such terms in Article I hereof. 
 RECITALS 
 WHEREAS, Sohu operates a leading Chinese web portal, Sohu.com; 
 WHEREAS, Changyou develops, operates, and licenses MMORPGs (as defined below), as more completely described in a draft Registration
Statement on Form F-1 submitted on November 10, 2008 for confidential review and comment by the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act and to be filed publicly with the SEC via its EDGAR system
(the date of such filing, the “Live Filing Date”) following the satisfactory completion of such review and comment and as financial market conditions permit (as so filed, and as amended thereafter from time to time, the “IPO
Registration Statement”); 
 WHEREAS, the Parties currently contemplate that Changyou will make an initial public offering
(“IPO”) pursuant to the IPO Registration Statement; 
 WHEREAS, Sohu and Changyou have undertaken various advertising
and marketing efforts relating to their businesses and, after the IPO, desire to continue their advertising and marketing efforts in accordance with the terms and conditions of this Agreement; and 
 WHEREAS, Sohu controls the voting power of the outstanding ordinary shares of Changyou; 
 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, and intending to be
legally bound, Sohu and Changyou mutually covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Defined Terms. The following capitalized terms have the meanings given to them in this Section 1.1: 
 “Affiliate” means any entity that controls, is controlled by, or is under common control with a Party. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. Solely for purposes of this Agreement, however, Changyou and Sohu are deemed not to be Affiliates.

  

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 “Agreement” means this Marketing Services Agreement, as the same may be amended
and supplemented from time to time in accordance with the provisions hereof. 
 “Changyou” will have the meaning set
forth in the preamble to this Agreement. 
 “Changyou Business” means the development, operation and licensing of
client-end installed MMORPGs and other support services, as previously conducted by Sohu and as conducted and contemplated to be conducted by the Changyou Group on a world-wide basis as of the date hereof and the date that the IPO Registration
Statement becomes effective under the U.S. Securities Act of 1933, as more fully described in the IPO Registration Statement. 
 “Changyou MMORPGs” means MMORPGs that are owned, controlled or maintained by Changyou or its Affiliates. 
 “Changyou Group” means Changyou and its subsidiaries and VIEs. 
 “Changyou Links” has the meaning
set forth in Section 2.1(a) of this Agreement. 
 “Changyou Websites” means all websites owned, controlled or
maintained by Changyou. 
 “Deliverables” has the meaning set forth in Section 7.1 of this Agreement. 

“IPO” has the meaning set forth in the preamble of this Agreement. 
 “Inter-Company Agreements” has the meaning ascribed to it in the Master Transaction Agreement. 
 “Live Filing Date” has the meaning set forth in the preamble of this Agreement. 
 “Master Transaction Agreement” means the Master Transaction Agreement between the Parties dated as of January 1, 2009, as the
same may be amended from time to time. 
 “MMORPGs” means client-end installed massively multi-player online
role-playing games. 
 “SEC” has the meaning set forth in the preamble to this Agreement. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Sohu” has the meaning set forth in the preamble to this Agreement. 
 “Sohu Websites” means all websites owned, operated or controlled by Sohu, including, without limitation, Sohu.com, Chinaren.com,
and 17173.com, but not including Changyou Websites. 
  

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 ARTICLE II 
 LINKS AND ADVERTISING SERVICES 
 2.1 Links and
Advertising Services. 
 (a) Links. Sohu will include at all times while this Agreement is in effect links (such links,
collectively, “Changyou Links”) to Changyou’s MMORPGs or to the Changyou.com homepage, on the Sohu.com homepage, in at least as prominent a location as Changyou Links are currently included. Exhibit I is a screenshot showing the two
links that Changyou is using as of the date of this Agreement. 
 (b) Advertising Services. Sohu will provide to Changyou
at all times while this Agreement is in effect advertising services on the Sohu Websites relating to Changyou’s MMORPGs’ promotional activities in the areas of online advertisements, banners, buttons, game zones and other online
advertising mediums. 
 (c) By no later than January 31 of each year, Sohu and Changyou will discuss and agree on the
number of Changyou links to be posted, the position of each Changyou Link and the annual quota for Changyou online advertisements (“Online Advertisements”) on the Sohu Websites. The details of the Online Advertisements, such as the forms,
position, period of display, and price, will be determined quarterly based on sales orders within the annual quota as agreed between Sohu and Changyou. If, due to operational requirements, Sohu determines in its reasonable and sole discretion that
it needs to make changes to the home page, catalogue pages or channels on the Sohu Websites, and such changes will result in changes to the position and/or size of a Changyou Link and/or an Online Advertisement, then Sohu will notify Changyou in
writing of its intended changes fifteen (15) days in advance of making such changes, specifying the revised position and size of the Changyou Link and/or the Online Advertisements. Changyou will, within ten (10) days of receiving the
aforementioned notice, confirm its understanding of the same in writing to Sohu. Sohu will make reasonable efforts to accommodate any objections Changyou makes to such changes within such ten-day period, provided that Sohu will be under no
obligation to make any such accommodation if Sohu determines, in its sole reasonable discretion, that such accommodation is not practicable. If Changyou fails to reply to Sohu’s notice within the stipulated period, Changyou will be deemed to
have accepted the changes. 
 (d) Sohu will provide monthly reports to Changyou stating, for each of the Sohu Websites where
Changyou Links and Online Advertisements are included, the number of “clicks” made on each Changyou Link and Online Advertisement. 
 2.2 Compensation. 
 (a) Links. In consideration of the rights granted
to Changyou in this Section 2, Changyou will pay to Sohu, within 30 days after the end of each calendar quarter, a fee of RMB800,000 for each Changyou link placed on the Sohu.com homepage, subject to Sohu’s providing to Changyou, by the
end of each such quarter, an invoice and reasonably detailed documentation. The amount of such fee will be increased (or decreased, as the case may be) effective each January 1 and July 1 in accordance with then-prevailing rates charged in
the

  

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Peoples’ Republic of China for similar link services between unrelated third parties, as reasonably agreed to by Sohu and Changyou. 
 (b) Advertising Services. In consideration of the advertising services provided to Changyou under this Section 2, Changyou will
pay an advertising fee, which will be charged at a discount off the publicly listed rates for advertisements on Sohu Websites then in effect. The discount will be discussed and agreed to by the parties by January 31 of each year. The parties
agree that the discount Sohu provides to Changyou will not be less favorable than any Sohu provides to any other third party under similar circumstances. The advertising fee will be paid to Sohu within 30 days after the end of each calendar quarter,
subject to Sohu’s providing to Changyou, by the end of each such quarter, an invoice and reasonably detailed documentation. 
 2.3 Sohu Rejections. Sohu reserves the right to reject any Changyou Link that is not reasonably consistent with Sohu’s standards, provided that Sohu notifies Changyou of the reason for rejection and accepts such Changyou Link if
the reason for rejection is cured. 
 ARTICLE III 
 PROMOTION AND TECHNICAL SERVICES 
 3.1
Identification as Part of Sohu Group and Use of Sohu Logo. Sohu grants to Changyou the non-exclusive right to use, during the term of this Agreement, the phrase “Changyou.com is a member of the Sohu Group,” or a similar phrase
approved by Sohu, and the Sohu logo, as the same may be in use by Sohu from time to time, in all Changyou Websites and in all advertising and promotional materials, including in any Changyou-sponsored advertising. Changyou will pay to Sohu, within
30 days after the end of each calendar quarter, a fee of RMB 8,000,000 for such use of the Sohu logo by Changyou during the quarter, subject to an invoice provided by Sohu. 
 3.2 Sohu Passport. Sohu will provide all technical services necessary to enable the Changyou Websites to be accessed through Sohu
Passport. In consideration of Sohu’s providing such services, Changyou will pay to Sohu within 30 days after the end of each calendar quarter, a fee of RMB 38 for each new Changyou registered MMORPG user obtained through Passport accounts,
subject to Sohu’s providing to Changyou, by the end of each such quarter, an invoice and reasonably detailed documentation. The amount of such fee will be increased (or decreased, as the case may be) effective each January 1 and
July 1 in accordance with then-prevailing rates charged in the Peoples’ Republic of China for similar services between unrelated third parties, as reasonably agreed to by Sohu and Changyou. 
 3.3 Sohu PEAK System. Sohu will make available to Changyou Sohu’s PEAK system online payment platform, to allow Changyou MMORPG
players to connect from their accounts directly to their payment accounts, to make direct online purchases of virtual prepaid cards or game points for Changyou’s MMORPGs. For such services, Sohu will charge Changyou such amount as does not
exceed the then prevailing rates charged by third parties for similar services, the Parties acknowledging that the amount payable to Sohu by Changyou as of the date of this Agreement is 0.9% of the full face value (i.e., not reduced by
any discount offered by Changyou to its customers), of the virtual prepaid cards or the full face value of the game points purchased, as applicable. Amounts charged by Changyou to its customers will be

  

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collected by Sohu through its PEAK system and transferred to Changyou, less a 0.1% service charge, within 30 days after the end of each calendar quarter. 
 3.4 Bulletin Board System (BBS). Sohu will build and maintain a BBS for each Changyou MMORPG, and will provide “24/7”
hosting and maintenance services for such BBS. In addition, Sohu will provide technical support to help Changyou to manage the BBS. In consideration of Sohu’s providing such services, Changyou will pay to Sohu, within 30 days after the end of
each calendar quarter, a fee of RMB400,000 for each BBS site used by Changyou. The parties acknowledge and agree that Sohu currently is operating three BBS sites for Changyou MMORPGs, as shown on Exhibit II to this Agreement. The amount of the fee
payable by Changyou to Sohu for such BBS sites and services will be increased (or decreased, as the case may be) effective each January 1 and July 1 in accordance with then-prevailing rates charged in the Peoples’ Republic of China
for similar services between unrelated third parties, as reasonably agreed to by Sohu and Changyou. 
 ARTICLE IV

 DOMAIN NAMES 
 4.1 License. While this Agreement is in effect, Sohu grants to Changyou a license to: 
 (a) any domain names that Sohu currently owns that at are used by Changyou in connection with Changyou MMORPGs or the Changyou Websites (other than domain names that it has transferred or is required to
transfer to Changyou or its Affiliates pursuant to the Master Transaction Agreement or the agreements referenced therein) (Exhibit III is a list of domain names that Changyou is currently using), and 
 (b) the use of the word “sohu” in domain names that are currently owned or used by Changyou or that Changyou may wish to own in
the future, in each case limited to use by Changyou in connection with the development, operation, or promotion of its MMORPG business. 
 4.2 For the use of such domain names, Changyou will pay to Sohu within 30 days after the end of each calendar quarter, a fee of RMB 300,000 for each domain name used by Changyou during the quarter. The
amount of such fee will be increased (or decreased, as the case may be) effective each January 1 and July 1 in accordance with then-prevailing rates charged in the Peoples’ Republic of China for similar licenses between unrelated
third parties, as reasonably agreed to by Sohu and Changyou. 
 ARTICLE V 
 INTELLECTUAL PROPERTY 
 5.1 Trademark License. Changyou retains all right, title and interest in and to the Changyou Websites, and Changyou’s trademarks, service marks, trade names and logos worldwide. Changyou
grants Sohu a non-exclusive limited-use license to use Changyou’s trademarks, service marks, trade names and logos only in connection with placing links to Changyou urls to be provided to Sohu by Changyou, for performing its other advertising
and

  

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promotional obligations to Changyou as set forth in this Agreement, and for joint promotions of the Sohu and Changyou brands. 
 5.2 Ownership. Each Party owns and will retain all right, title and interest in its names, logos, trademarks and service marks,
copyrights and proprietary technology, including without limitation, those names, logos, trademarks and service marks, copyrights and proprietary technology currently used or any which may be developed in the future. Neither Party will copy,
distribute, reproduce or use the other Party’s names, logos, trademarks and service marks, copyrights and proprietary technology except as expressly permitted under this Agreement. 
 ARTICLE VI 
 TERM 
 6.1 Termination. This Agreement may be terminated or amended by mutual written consent of the Parties. In addition, this Agreement
will terminate upon the later of: 
 (c) the date that is three years after the first date upon which Sohu ceases to own in the
aggregate at least ten percent (10%) of the voting power of the then outstanding securities of Changyou; and 
 (d) the
fifth anniversary of the date of the Live Filing Date. 
 Unless otherwise agreed to by the Parties in writing, the provisions
of Article 5 and Articles 7 through 9 will survive indefinitely after the termination of this Agreement. 
 ARTICLE VII 

 LIMITATION OF LIABILITY 
 7.1 No Warranty. Except as expressly stated in this Agreement, all materials, documents, advertising, and services delivered under this agreement (“Deliverables”) are provided “as
is.” Except as expressly stated in this agreement, neither party makes any representations or warranties of any kind concerning the Deliverables, express or implied, including, without limitation, warranties of merchantability, fitness for a
particular purpose, non-infringement, or the absence of latent or other defects, whether or not discoverable. Neither Party extends any warranties of any kind as to their content and/or websites being error free. 
 7.2 Limitation of Damages. In no event will either Party, or their directors, officers, agents, employees or affiliates, be liable
for incidental, special or consequential damages of any kind, including economic damages or injury to property and lost profits, under any theory of law, regardless of whether such Party is advised, has other reason to know, or in fact does know of
the possibility of the foregoing. 
 ARTICLE VIII 
 INDEMNITIES 
 8.1 Intellectual Property. Each
Party (“Indemnifying Party”) will indemnify, defend and hold harmless the other Party, and its subsidiaries and variable interest entities (except that,

  

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for purposed of this Article VIII, Sohu.com Inc. subsidiaries and variable interest entities will not include Changyou and its subsidiaries and variable interest entity), and their respective
directors, officers, employees and agents (“Indemnitees”), against any and all claims, actions, liabilities, losses, and expenses (including reasonable attorneys’ fees) brought by a third party relating to or arising out of any claim
that any content provided by such Indemnifying Party and displayed on the Changyou Websites or the Sohu Websites constitutes a defamation or invasion of the right of privacy or publicity, or infringement of the copyright, trademark or other
intellectual property right, of any third party. This indemnity will specifically not apply to content provided by visitors to the Changyou Websites or Sohu Websites, including, but not limited to, such visitors who use chat rooms, bulletin boards,
or other forums that allow visitors to display material that is not within the control of the Indemnifying Party. 
 8.2
Procedure. The Indemnitee will promptly provide the Indemnifying Party with written notice of any claim which the Indemnitee believes falls within the scope of this Section 8; provided, however, that, except to the extent the
Indemnifying Party is actually prejudiced by the Indemnitee’s failure to provide such prompt notice, such failure to provide prompt notice hereunder will not limit the Indemnitee’s rights under this Section 8. The Indemnitee may, at
its own expense, assist in the defense of any such claim if it so chooses, provided that the Indemnifying Party will control such defense and all negotiations relative to the settlement of any such claim. 
 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Consent. No consent or approval of either Party pursuant to this Agreement will be
effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of the consenting or approving Party (or such other person that the Chief Executive Officer or Chief Financial Officer has
specifically authorized in writing to give such consent or approval). 
 9.2 Entire Agreement. This Agreement constitutes
the entire agreement between the Parties with respect to the subject matter hereof and will supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 
 9.3 Governing Law and Jurisdiction. This Agreement, including the validity hereof and the rights and obligations of the Parties
hereunder, will be construed in accordance with and all disputes hereunder will be governed by the laws of the State of New York, U.S.A., applicable to contracts made and to be performed entirely in such state (without giving effect to the conflicts
of laws provisions thereof). Each of the Parties hereby submits unconditionally to jurisdiction of, and agrees that venue will lie exclusively in, the federal and state courts located in the City of New York for purposes of the resolution of any
disputes arising under this Agreement. 
 9.4 Amendment. This Agreement may be amended only by mutual written consent of
the Parties. 
  

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 9.5 Notices. Notices and other communications to be given by any Party pursuant to
the terms of this Agreement will be given in writing to the respective Parties to the following addresses: 
 if to Sohu:

 Level 12, Sohu.com Internet Plaza 
 No. 1 Unit Zhongguancun East Road, Haidian District 
 Beijing 100084

 People’s Republic of China 
 Attention: Chief Financial Officer 
 Email: carol@sohu-inc.com 
 if to Changyou: 
 East Tower, JinYan Hotel 
 No. 29 Shijingshan road, Shijingshan 
 Beijing 100043 
 People’s Republic of China 
 Attention: Chief Financial Officer 
 Email: alex@sohu-inc.com 
 or to
such other address or email address as the Party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination will be sent by hand delivery or recognized
overnight courier. All other notices may also be sent by email, confirmed by mail. All notices will be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by email; upon confirmation of delivery, if sent by
recognized overnight courier; and upon receipt if mailed. 
 9.6 Counterparts. This Agreement may be executed in
counterparts, each of which will be deemed to be an original but all of which will constitute one and the same agreement. 
 9.7
Binding Effect; Assignment. This Agreement will inure to the benefit of and be binding upon the Parties hereto and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer
upon any other person any rights or remedies of any nature whatsoever under or by reason of this Agreement. No Party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such
assignment without such consent will be void; provided, however, each Party may assign this Agreement to a successor entity in conjunction with the transfer of substantially all of the Party’s business, whether by sale of substantially all
assets, merger, consolidation or otherwise. 
 9.8 Severability. If any term or other provision of this Agreement is
determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement will

  

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nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. 
 9.9 Failure or Indulgence not Waiver; Remedies Cumulative. No failure or delay on the part of any Party in the exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach
of any representation, warranty or agreement herein, nor will any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to,
and not exclusive of, any rights or remedies otherwise available. 
 9.10 Interpretation. The headings contained in this
Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement. None of the provisions of this Agreement are intended to supersede any provision in any other Inter-Company Agreement or any
other agreement with respect to the respective subject matters thereof. 
 [Signatures on Next Page] 
  

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 WHEREFORE, the Parties have signed this Marketing Services Agreement effective as of the
date first set forth above. 
  

			
	SOHU.COM INC.
		
	By:	 	  

		 	Name
		 	Title:
	
	CHANGYOU.COM LIMITED
		
	By:	 	  

		 	Name
		 	Title:

  

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 Exhibit I: 
 Links Currently Used by Changyou 

 

 

  

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 Exhibit II: 
 BBS Sites Used by Changyou as of the Date of Agreement 

 

 

  

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 Exhibit III 
 Domain Names Used by Changyou as of The Date of The Agreement 
  

	•	 	 tl.sohu.com 

  

	•	 	 ldj.sohu.com 

  

	•	 	 bo.sohu.com 

  

	•	 	 blade.sohu.com 

  

	•	 	 bbs.tl.sohu.com 

  

 15Project Cooperation Agreement, dated November 20, 2009

 EXHIBIT 10.33 
 Beijing Raycom Real Estate Development Co., Ltd. 
 And

 Beijing Sohu New Media Information Technology Co., Ltd. 
 Project Cooperation Agreement 
 on 
 “                    Tower D Phase
I, Lenovo Park                    ” 
  

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 This agreement is entered into by and between the following parties on the 20 day of November 2009 in
Beijing: 
 Party A: Beijing Raycom Real Estate Development Co., Ltd. 
 Address: 8 Floor, Tower C North Building, Raycom Information Plaza 
     No. 2, Kexueyuan South Road, Haidian District, Beijing 
 Legal Representative: Chuangzhi Liu 

Party B: Beijing Sohu New Media Information Technology Co., Ltd. 
 Address: Sohu Internet Plaza, No.1, Zhongguancun East Road, 
     Haidian District, Beijing 
 Legal Representative: Chaoyang Zhang 
 Whereas: 
 1. Party A is a real estate development
company registered and incorporated validly existing in Beijing pursuant to Chinese laws, has acquired the State-owned land use right of the land situated at Tower D Phase I of Raycom Information Plaza, Phase II of Lenovo Park, No.6, Kexuyuan South
Road, Haidian District in Beijing (the “Land” hereinafter) by means of transfer and been lawfully approved by the government to construct the Tower D Phase I, Lenovo Park     Project (the “Project”
hereinafter) on the Land. 
 2. Party B is a limited company registered and incorporated and validly existing in Beijing pursuant to Chinese
laws, which intends to cooperate with Party A in the Project according to the terms agreed herein and is to acquire the Project from Party A at the time set forth in this Agreement. 
 Therefore, both parties have reached the following common understanding and entered into this Agreement with regard to the Project on the principle of equality and willingness and through full
negotiation: 
 I. Project Overview: 
 1. Land Location: Tower D Phase I of Raycom Information Plaza, Phase II of Lenovo Park, No.6, Kexuyuan South Road, Haidian District, Beijing 
 2. Purpose of Land: office, underground parking space, underground office space 
 3. Land Area:
6443.03 square meters 
  

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 4. Planned Built Floor Area: 41187 square meters, including 28542 square meters above and
12645 square meters under ground. (The planned built floor area of the Project is subject to the built floor area after the planning adjustment as agreed in this Agreement). 
 See details in Appendix I and Appendix II. 
 II. Governmental Approvals: 
 As of the date of signing of this Agreement, Party A has obtained the following governmental approvals, permits or licenses for the Project (See details in
Appendix I and Appendix II hereto): 
 1. State-owned Land Use Right of Jing Hai GuoYong (2009 Chu) No. 4848 ; 
 2. 2009 GuiFuHanZi No. 0131: Official Reply from Beijing City Planning Commission for Consent in Principle to the Review Opinion on the Project Design
of Tower D, Lenovo Park”; 
 III. Pattern of Cooperation: 
 Both parties agree that Party A will develop and construct the Project according to the terms and standards agreed herein, and transfer the Project (except for the people’s air defense works, power
distribution rooms and other facilities to which Party A does not possess the ownership pursuant to applicable laws and regulations) to Party B by means of advance sale or purchase/sale of commercial premises after Party A obtains from the
government a sales permit for the Project (or otherwise form of sale of advance sale permit). 
 IV. Construction Schedule: 
 Party A agrees to develop and construct the Project according to the following schedule: 
 1. Obtain the construction project permit for the Project by the 31 day of July 2010. 
 2. Complete±0 of the Project by the 31 day of January 2011 (subject to the date issued by the project supervisory institution). 
 3. Complete the roof-sealing of main structure of the Project by the 31 day of May 2011 (subject to the report issued by the project supervisory institution). 
 4. Complete completion inspection and filing of the Project by the 30 day of June 2012. 
 5. Party A will endeavor to deliver completed property of the Project compliant with the deliverable conditions set forth herein to Party B for its use by the 31 day of May 2012, and the delivery shall be done not late than the 30
day of November 2012. 
  

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 V. Project Planning and Construction: 
 1. Party A shall design and construct the Project in satisfaction with the requirements and standards agreed in Appendices III, IV, V, VI, VII, VIII, IX and X hereto, and deliver the conceptual design and
the design drawings of the Project to Party B for comment. Party B shall give written review comments thereupon within the time specified in Appendix VII. Party A shall conduct full communication with Party B within 7 days upon the review comments
from Party B, and shall make adjustments and amendments to the conceptual design and the design plan according to the function requirements of Party B. Both parties shall give written confirmation of the conceptual design and the design plan so
adjusted and modified by Party A and use them as the basis of project design and construction. Nevertheless, both parties agree that, if they fail to agree upon such review comments with said 7-day period, Party A shall prepare the final amendment
opinion and give a written notice thereof to Party B based on standards not inferior to “Tower C, Raycom Information Plaza”, according to applicable requirements of Chinese laws, regulations and policies, and subject to satisfaction of the
design requirements and covenants concerning material/equipment brand and specification as set forth in Appendices III, IV, V and VI, and carry out construction of the Project on the basis thereof. Both parties acknowledge that, in the event that
any dispute occurs between both parties with regard to the design or construction standards of the Project during development and construction of the Project, Party A shall immediately provide Party B with the files and documents concerning the
design and construction standards of “Tower C, Raycom Information Plaza” and unconditionally assist Party B in consulting relevant files and conducting verification on the site of the Project. 
 2. Design Changes: During construction of the Project, Party B may lodge design change requests to Party A, provided that such a request shall be submitted
to Party A in writing. After receiving a change request from Party B, Party A will calculate costs according to relevant costing files and submit the results to Party B for review. Party B shall complete the review within 7 days after receiving the
comments from Party A, and reach an agreement thereupon with party A and confirm the change in writing, or otherwise Party A shall have the right to reject the change request. In addition, if the construction period of key-node works is delayed due
to a design change requested by Party B, Party A shall have the right to postpone delivery of the Project accordingly and the costs and expenses resulting from the delay (at the rate of 0.1‰ of the total transfer price of the Project for each
day of delay) shall be borne by Party B. If the delay exceeds 30 days cumulatively, Party A shall have the right to reject any and all subsequent design change requests from Party B. Both parties acknowledge that, after their confirmation of the
conceptual design and the design drawings, the additional costs and expenses arising from implementation of new design changes by Party A as requested by Party B shall be borne by Party A if the sum of such costs and expenses is not more than
RMB¥500,000.00 (inclusive) in cumulative during the entire construction process, or by Party B after its written confirmation if the sum exceeds RMB¥500,000.00. 
  

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 3. Selection of Building Materials and Equipments for the Project: Both parties agree to select building
materials and equipments for the Project within the scope agreed in Appendix IV hereto. Party A agrees that building materials and equipments are to be selected out of the brands agreed in Appendix IV. In extraordinary cases where the building
materials and equipments to be chosen by Party A are not within the scope of brands set forth in Appendix IV, Party A shall make selection at standards not inferior to “Tower C, Raycom Information Plaza”. 
 4. Project Management: See details in Appendix VIII. 
 VI. Principles of Construction: 
 Both parties agree that construction of the Project shall abide by the following principles:

  

	1.	First of all, construction of the Project shall comply with the requirements of Chinese laws and regulations. 

  

	2.	Subject to compliance with the aforesaid requirements, construction of the Project shall meet the standards and requirements agreed herein by both parties.

  

	3.	Issues not specified by both parties in this Agreement shall be subject to standards not inferior to “Tower C, Raycom Information Plaza”.

 VII. Object of Transaction (the Property) 
 Both parties acknowledge that the object of the transaction to be acquired by Party B by paying the consideration set forth herein to Party A shall include the following items: 
  

	1.	the use right of the land within the scope of the Project (See details in Appendix I); 

  

	2.	The ownership to all ground and underground buildings, structures, installations and facilities in the Project that have been built according to the civil engineering
design requirements in Appendix III hereto and the design and construction standards agreed by both parties (except for the people’s air defense works, power distribution rooms and other facilities to which Party A does not possess ownership
pursuant to applicable laws and regulations). 

  

	3.	The title use right of the Project shall vest in Party B. 

 VIII. Price and payment details are set forth in Appendix XII hereto. 
 IX. Signing of Advance Sale
Contract of Commercial Property: 
 After obtaining the advance sale permit for the Project, Party A shall give a written notice to Party B
within 5 working days. Both parties shall further negotiate to determine the time of signing of the advance sale contract of commercial property. Both parties shall determine the content of the advance sale contract according to the covenants herein
when deciding the design plan, and the advance sale contract shall constitute an appendix to this Agreement. 
  

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 X. Delivery of the Project: 
 1. When Party A delivers the Project to Party B, the Project shall meet all of the following conditions: 
 1) The Property has been completed according to the design and construction standards agreed herein and passed the inspection by the governmental authority in charge. 
 2) Planning inspection approval, completion inspection filing form, and a technical report of actually surveyed space of the Property issued by a qualified real estate survey institution, have been
obtained for the Project. 
 3) Water supply, drainage and heating supply are available for normal use; telephone lines are available to floor
distributor on each floor and cable TV lines to branch distributors on each floor. 
 2. After the Project meets the deliverable conditions,
Party A shall give a 7-day written notice to Party B (the “Delivery Notice” hereinafter). Party B shall fulfill the transfer procedure of the Project on the date specified in the Delivery Notice, and sign a property transfer form. If Party
B fails to fulfill the property transfer procedure with Party A or sign the property transfer form on the date specified in the Delivery Notice due to any reason attributable to Party B, the Project shall be deemed as having been officially
delivered to Party A according to the standards and conditions set forth herein from the day immediately following the date of delivery specified in the Delivery Notice. Effective from that day, Party B shall bear and pay the reasonable costs and
expenses that have actually occurred for management and maintenance of the Project, and any and all risks (including, without limitation to, risks of destruction and loss) and liabilities associated with the Project shall be transferred to Party B
from the same day. 
 3. If Party B is in any of the following situation, Party A shall have the right to delay delivery of the Property to
Party B without bearing any liability for the delayed delivery: Party B fails to pay all amounts due and other agreed costs and expenses due according to the advance sale contract and this Agreement. 
 4. When delivered by Party A, the Project shall have passed the inspection by the governmental authority in charge. If Party B finds through inspection that
the Project is of quality problems and/or decoration or equipment defects that will not affect the function of the Project, Party A shall complete rectification and/or repair of the same within 60 days from the date of delivery of the Project and
Party B shall not use such problems and defects as excuse of its refusal to fulfill the property transfer procedure, which shall neither constitute a right of Party B to request rejection and return of the Property; if a problem found by Party B
during such inspection is of material and substantial influence on the function of the Project, Party B shall have the right to reject the Property in addition to the right to request rectification or repair by Party A within the aforesaid time
limit, and to require Party A to bear liability for delayed delivery of the Property according to the advance sale contract and this Agreement. 
  

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 5. When fulfilling the transfer procedure of the Project according to the advance sale contract and this
Agreement, both parties shall record in the property transfer document the rectifications and repairs of the foregoing defects that have no influence on the function of the Project, and sign a list of the defects, and Party A shall complete the
rectifications and repairs within 60 days from the date of delivery of the Project according to national and Beijing specifications and standards concerning project quality, and the contractual covenants between both parties (and the warranty period
provided by Party A shall be extended accordingly). 
 6. If Party B finds other quality problems of the Property after accepting it, it shall
still have the right to request Party A to provide rectification or repair. 
 7. If Party A fails to complete rectification or repair within
the specified time limit, Party B shall have the right to perform the rectification or repair by its own or have it done by a third party, and deduct the cost thereof from the subsequent payment of contract price, and to pursue payment of the gap of
such cost from Party A if the subsequent contract price payment is insufficient to cover such deduction. 
 XI. Undertakings and Warranties:

 1. After signing of this Agreement and unless otherwise specified herein, Party A undertakes that it will not set any form of mortgage on the
Project (including the land use right and the construction in progress) without permission of Party B, and that the Project (including the land use right and the construction in progress) will not be sealed up or subject to other judicial
enforcement measures. 
 2. Party A undertakes that all information and/or material it provides to Party B before executing this Agreement is
true, and that it will immediately inform Party B of any circumstance that occurs before consummation of and may affect the Transaction (for instance, windup, liquidation, or legal action, arbitration or other legal proceedings involving the
Project). 
 3. Party A warrants that it lawfully possesses the land use right of the Project and has the right to develop and construct the
Project according to this Agreement, that it is the sole legal and actual owner of the Project, has lawful and valid qualification for real estate development, and has the full right to execute and perform this agreement. The Project is free of
ownership encumbrances that may have negative influence on the rights and interests of Party B hereunder. 
 4. Except for those that have been
disclosed, if Party A is involved in any legal action, arbitration, prosecution, administrative or other legal proceedings or dispute with regard to the Project, it shall immediately inform Party B. If there is any outstanding project payment, land
transfer price or any other expenses payable but unpaid and/or disputes in connection with development and construction of the Property under the Project, Party A shall bear all liabilities arising there from. 
  

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 5. Party A undertakes to cover a sufficient amount of construction project insurance during the construction
period according to the requirements of laws and policies. 
 6. Party A undertakes to independently bear the responsibility of payment to any
third party and the responsibilities of the real estate developer on the basis of the Project. If Party B suffers any claims or damages due to the failure of Party A to fulfill payment to third parties or to perform its responsibilities in the
capacity of real estate developer or other obligations, Party A shall compensate all losses that Party B has suffered as result of such failure. 
 7. Both parties agree that the holding company of each party will issue a “Letter of Guarantee” as shown in Appendix XI to the other party when signing this Agreement, in order to guarantee each party’s obligations hereunder.

 8. Party A agrees that, as demanded by Party B, it will assist Party B or affiliates of Party B in splitting the ownership certificate of the
Property, and Party B shall duly provide as requested by Party A the full information required for obtaining the ownership certificate of the Property to be acquired by Party B. 
 9. Party A agrees that Party B has the right to supervise and inspect development and construction of the Property or send a third party to perform the supervision and inspection according to the terms
agreed herein, and to require Party A to rectify the items not conforming to the covenants herein. After completion of the key-node works agreed herein, Party A shall give a prior written notice to Party B. 
 10. Party A shall ensure that construction of the Project is done in compliance with law, and that the construction procedure and standards meet applicable
mandatory standards of the State and of Beijing, and the standards set forth herein. 
 11. Party B agrees that, when Party A requests
replacement of guarantor, such replacement may be made or Party A may provide another form of guarantee subject to prior consent of Party B and on the precondition that the effectiveness of the guarantee shall not be reduced. 
 XII. Defaults: 
 1. In the event that Party A has
obtained the advance sale/sale permit for the Project and sent a written contract-signing notice to Party B, and after both parties have discussed and decided the time for signing of the Advance Sale Contract, if Party B refuses to execute the
“Advance Sale Contract” with Party A within the mutually agreed time limit, the initial installment previously paid by Party B shall not be refunded. If Party A refuses to sign the Advance Sale Contract with Party B within the mutually
agreed time limit, it shall refund a doubled amount of the initial installment previously paid by Party B. 
  

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 2. If Party B delays payment of any amount agreed hereunder, it shall pay penalty to Party A at the rate of
0.3‰ of the amount payable but unpaid for each day of the delay. If the delay lasts for more than 30 days, Party A shall have the right to cancel this Agreement. In that event, Party B shall pay penalty to Party A equivalent to 20% of the total
transfer price of the Project. If Party B delays the delivery of the entrusted loan to Party A as agreed herein, it shall pay penalty to Party A at the rate of 0.3‰ of the amount of such loan for each day of the delay, and Party A shall have
the right to cancel this Agreement when the delay exceeds 30 days. In that situation, Party B shall pay penalty to Party A in the amount of 20% of the total transfer price of the Project. If Party A chooses not to cancel this Agreement, performance
of this Agreement shall be continued and Party B shall pay daily penalty to Party A at 0.3‰ of the overdue amount for the period from the agreed date when the amount becomes due and payable to the date when the amount is actually paid, and the
penalty shall be paid to Party A within 7 days from the date of actual payment of the amount. 
 3. If Party A fails to deliver the Property in
conformity to the deliverable conditions agreed herein to Party B by the 30 day of November 2012, Party A shall pay daily penalty at 0.3‰ of the total transfer price for each day of the delay; and if the delay exceeds 90 days, Party B
shall have the right to return the Property. In the event that Party B chooses to return the Property, the written notice of agreement cancellation (return of the Property) shall be served to Party A within 30 days from the date when Party B has the
right to return the Property. Within 15 days after both parties complete all procedures for cancellation of the advance sale contract and this Agreement, Party A shall refund to Party B the project price that has been previously paid, plus penalty
in the amount of 20% of the total transfer price of the Project; the choice of Party B of not returning the Property, or the failure of Party B to give a written notice of cancellation of the advance sale contract and this Agreement to Party A
within 30 days from the date when it becomes entitled to the right to return the Property, will be deemed as that Party B is willing to continue performance of the advance sale contract and this Agreement and wait for final delivery of the Project,
in which case performance of the advance sale contract and this Agreement shall be continued, and Party A shall pay daily penalty to Party B at 0.3‰ of the sum of project payments previously paid by Party B for the period from the day
immediately following the date of delivery set forth herein to the date of actual delivery, and the penalty shall be paid to Party B within 7 days from the date of actual delivery of the Project. 
 4. If Party A cannot deliver the Project as agreed herein as result of any of the following events, it may postpone the delivery accordingly depending on
the circumstance without bearing any responsibility subject to timely notification of Party B: (1) force majeure; and/or (2) governmental acts; and/or (3) any new law, regulation or administrative rule has been enacted after execution
of the advance sale contract and this Agreement and Party A cannot deliver the Project as result of compliance with such new law, regulation or administrative rule; and/or (4) delays caused by Party B. 
  

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 5. If Party B cannot obtain the ownership certificate of the commercial property within 600 days from the
date of delivery of the property due to the fault of Party A, Party B shall have the right to return the Property. If Party B chooses to return the Property, Party A shall pay penalty to Party B that is equivalent to 20% of the total price of the
Project, and shall refund the purchase price previously paid by Party B and pay the penalty to Party B within 15 days after both parties fulfill all procedures for cancellation of the advance sale contract and this Agreement. If Party B selects not
to return the Property, Party A shall pay daily penalty to Party B at 0.3‰ of the total project price previously paid by Party B for the period from the day immediately following the date of expiration set forth herein to the date when the
ownership certificate of the Property is actually obtained. 
 6. Unless otherwise agreed herein, Party A will be deemed as materially breaching
this Agreement if it sets any mortgage on the land use right or the construction in progress of the Property (Tower D) under the Project or set any form of third party encumbrance that may impair the full possession of the ownership and land use
right of the Property by Party B, or if the Property is sealed up by a third party due to such mortgage or encumbrance, and if Party A fails to rectify the breach within ten business days after receiving the written notice from Party B, Party B
shall have the right to cancel this Agreement immediately on expiration of said period of ten business days and Party A shall refund to Party B a doubled amount of the initial installment previously paid by Party B. 
 7. If there are amounts payable by Party B to Party A, and if Party A has committed a breach before payment of such amounts as agreed and shall therefore
pay penalty to Party B, Party B may directly deduct such penalty from the amounts payable to Party A (provided that Party B shall not make such deduction if Party A disputes the act of breach). 
 8. If Party A assigns the Project to a third party without permission and consequently prevents further performance of this Agreement, Party B shall have
the right to cancel this Agreement, in which case Party A shall refund a doubled amount of the initial installment previously paid by Party B. 
 XIII. Notices: 
 Notices given by each party to the other party for the purpose of performing this Agreement shall be served to the
following address respectively: 
 Address of Party A: 8 Floor, Tower C North Building, Raycom Information Plaza 
 No. 2, Kexueyuan South Road, Haidian District, Beijing 
 Attention: Ping Chen 
 Email: chenping@raycomchina.com 
  

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 Address of Party B: 15 Floor, Sohu Internet Plaza, No.1, Zhongguancun East Road, Haidian District, Beijing

 Attention: Xuemei Zhang 
 Email:
sherryzhang@sohu-inc.com 
 Any change of the address or recipient of either party shall be notified to the other party in writing, or otherwise
service of notices to the above addresses shall be deemed as valid. 
 XIV. Confidentiality: 
 1. For the purpose of this Agreement, the word “Confidential Information” shall refer to any and all unpublicized confidential information relating
to or in connection with the cooperation hereunder. Unless with prior written consent of the other party, neither party shall by any means divulge Confidential Information to any third party. 
 2. Each party shall ensure that its affiliates, employees, executives, representatives or agents and professional consultants shall comply with the
confidentiality obligation set forth in the present clause, and shall prevent such personnel from using Confidential Information in business activities irrelevant to this Agreement. 
 3. The confidentiality obligation set forth in the present clause is not applicable to the following situations: information that has become public domain before disclosed by either party; the disclosure
or use of the information is required by mandatory provisions of applicable laws or by a court; the disclosure or use of the information has obtained prior written consent of the other party or is for the purpose of performing this Agreement.

 4. The confidentiality obligation hereunder shall survive termination of this Agreement. 
 5. After execution of this Agreement, neither party hereto shall make any announcement, disclosure or declaration of matters in connection with this
Agreement without prior approval of the other party (such approval shall not be unreasonably withheld or delayed), nor shall it disclose or release any information relating to the other party that it has obtained during negotiation or performance of
this Agreement, except that each party may reveal the information to its professional consultants or its executives or employees that need to know the information for the purpose of their duties; and with exception to disclosures that have been made
as required by applicable laws and regulations, listing rules and/or stock exchange rules and/or requirements of other relevant institutions. This clause shall survive termination of this Agreement. 
 XV. Severability: 
 If any provision hereunder is
held by a judicial/arbitration institution as void, invalid, illegal or unenforceable, the invalidity, illegality or unenforceability of the provision shall not affect the validity and enforceability of other provisions of this Agreement.

  

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 XVI. Waiver of Rights: 
 1. Any waiver of either party of the other party’s breach or nonperformance of any provision herein shall not be deemed as its waiver of the other party’s subsequent breach or nonperformance of
that provision or of other provisions herein. 
 2. Not exercising or delayed exercise of rights or remedies hereunder shall not constitute
waiver of relevant provisions herein. 
 3. One single exercise or partial exercise of a right or remedy hereunder shall not obstruct or limit
the further exercise of that right/remedy. 
 4. The rights and remedies enjoyed by each party hereunder are cumulative and do not exclude any
rights and remedies provided by law. 
 XVII. Settlement of Disputes & Miscellaneous: 
 1. Any and all disputes arising from or in connection with this Agreement shall be referred to China International Economic and Trade Arbitration Commission
in Beijing for arbitration according to the arbitration rules of said Commission as then prevailing. The ruling of arbitration shall be final and binding upon both parties. 
 2. This Agreement shall fall into full force and effect after signed by each party’s legal representative or authorized representative. Issues unexhausted herein shall be further discussed by both
parties and executed in a written supplementary agreement, which shall constitute an integral part of and enjoy equal legal effectiveness as this Agreement. 
 3. Appendices hereto shall constitute an integral part of and enjoy equal legal effectiveness as this Agreement. 
 4. This Agreement is made in four identical copies, of which each enjoys equal legal effectiveness. Each party respectively holds two of the copies. 
 There is no text hereinafter.   
  

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