Document:

Exhibit 10.4

 

EXECUTION COPY

 

SUBORDINATION AGREEMENT

 

SUBORDINATION AGREEMENT, dated as of June 27, 2018 (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), among PEAK6 STRATEGIC CAPITAL LLC, INTERSECTIONS INC. and DAVID A. MCGOUGH.  The parties hereto hereby agree as follows:

 

ARTICLE I:  DEFINITIONS

 

Section 1.1       Defined Terms.  As used in this Agreement, the following terms have the meanings specified below:

 

“Bankruptcy Code” shall mean the provisions of Title 11 of the United States Code, as amended from time to time and any successor statute and all rules and regulations promulgated thereunder.

 

“Bankruptcy Laws” shall mean the Bankruptcy Code, and all other applicable federal, state, provincial or foreign liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief law affecting creditors’ rights generally, as amended and in effect from time to time.

 

“Borrower” means Intersections Inc. together with any permitted successors and assigns.

 

“Distribution” shall mean, with respect to any indebtedness, obligation or security, (a) any payment or distribution by any Person of cash, securities or other property (including, without limitation, any payment in the form of a deferred purchase price, earn-out or other contingent obligation), by set-off or otherwise, on account of such indebtedness, obligation or security or (b) any redemption, purchase or other acquisition of such indebtedness, obligation or security by any Person, whether voluntary or involuntary.

 

“Enforcement Action” has the meaning assigned to such term in Section 4.1.

 

“Guarantor” means any guarantor of the Senior Obligations together with any successors and assigns.

 

“Insolvency Proceeding” means any voluntary or involuntary insolvency, bankruptcy, receivership, interim-receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of a Person, whether initiated under the Bankruptcy Code or any other Bankruptcy Laws.

 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, title retention, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities.

 

“Maximum Aggregate Principal Amount of Senior Obligations” shall mean the sum of (a) the principal amount outstanding under the Senior Credit Documents on the date hereof (after giving effect to any prepayments on the date hereof made with the proceeds of the Subordinated Obligations), plus (b) any amount that is used solely to cure a Default or Event of Default under the Senior Credit Documents, plus (c) during an Insolvency Proceeding, an additional 10% of the amount set forth in clause (a) reduced by the amount of any repayments under the Senior Credit Agreement from the date hereof to the beginning of such Insolvency Proceeding.

 

“Obligor” means either the Borrower or the Guarantor, as the context requires.

 

“Paid in Full” or “Payment in Full” means, as of any date of determination with respect to the Senior Obligations, that (a) all of the Senior Obligations (except as set forth in clause (c) below and other than contingent indemnification obligations with respect to which a claim has not been asserted) has been paid in full in cash, (b) all commitments to extend credit under the Senior Credit Agreement have expired or terminated and no Person has any further right to obtain any loans or other extensions of credit under the Senior Credit Documents, and (c) any costs, expenses and contingent indemnification obligations which are not yet due and payable but with respect to which a claim has been or may reasonably be expected to be asserted by Senior Creditor, are backed by standby letters of credit (issued by a bank, and in form and substance, reasonably acceptable to Senior Creditor) or cash collateralized, in each case in an amount reasonably estimated by Senior Creditor to be the amount of costs, expenses and contingent indemnification obligations that may become due and payable.

 

“Permitted Subordinated Debt Payments” means receipt by a Subordinated Creditor of (i) equity securities (including, without any limitation, any warrant or option to acquire equity securities) upon conversion or exchange of Subordinated Obligations in a Qualified Financing as defined by the relevant Subordinated Credit Document, (ii) indebtedness (including, without limitation,  any indebtedness issued upon conversion or exchange in a Qualified Financing) which, by its terms or pursuant to a subordination agreement, is subordinated to payment of the Senior Obligations as set forth in the proviso below (including any such subordinated indebtedness received by Subordinated Creditor pursuant to any bankruptcy, reorganization plan or other Insolvency Proceeding) or (iii) equity securities of the Borrower or any Guarantor (including any such equity securities received by Subordinated Creditor pursuant to any bankruptcy, reorganization plan or other Insolvency Proceeding); provided that, notwithstanding the foregoing, (x) no equity security or indebtedness described above shall constitute a Permitted Subordinated Debt Payment unless such equity security or indebtedness (a) is subordinated in right of payment to the Senior Obligations (or any debt or equity securities issued in substitution of all or any portion of the Senior Obligations) to at least the same extent as the Subordinated Obligations are subordinated to the Senior Obligations pursuant to this Agreement and with respect to which Senior Creditor and Subordinated Creditor shall have entered into such supplements to or modifications to this Agreement or any other agreement as Senior Creditor may reasonably request to reflect the subordination of such equity security or indebtedness to the Senior Obligations (or any debt or equity securities issued in substitution of all or a portion thereof) at least to the same extent as provided in this Agreement, (b) does not have the benefit of any obligation of any Person (whether as issuer, guarantor or otherwise) unless the Senior Obligations have at least the same benefit of the obligation of such Person (with the obligations of such Person to Subordinated Creditor to be subordinated to such Person’s obligations to Senior Creditor to at least the same extent as the Subordinated Obligations are subordinated to the Senior Obligations pursuant to the terms of this Agreement), (c) is unsecured and (d) does not have any terms, and are not subject to or entitled to the benefit of any agreement or instrument that has terms, that are more burdensome to the issuer of or other obligor on such debt or equity securities than are the terms of the Senior Credit Documents, unless the Senior Obligations are amended to have the same benefit, and (y) for the avoidance of doubt, in no event shall any cash paid or payable by any Obligor in respect of or in connection with any such equity security or indebtedness  constitute a Permitted Subordinated Debt Payment.

 

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“Person” shall mean any natural person, corporation, general or limited partnership, limited liability company, firm, trust, association, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity.

 

“Senior Credit Agreement” means the Credit Agreement, dated as of April 20, 2017 (as amended, restated, supplemented or otherwise modified from time to time) among the Borrower, certain other parties thereto and Peak6 Investments, L.P.

 

“Senior Credit Documents” means the Senior Credit Agreement, any Note, this Agreement, any guaranty, any Security Agreements and any other documents delivered to the Senior Creditor by any Obligor evidencing, guarantying or securing or otherwise relating to the Senior Obligations, all as defined in (other than the definition of Obligor), and pursuant to, the Senior Credit Agreement.

 

“Senior Creditor” means Peak6 Strategic Capital LLC.

 

“Senior Default” means any Default or Event of Default, each as defined in the Senior Credit Agreement.

 

“Senior Obligations” means collectively, all Obligations (as defined in the Senior Credit Agreement) and all other obligations, liabilities and indebtedness of every nature of each Obligor from time to time owed to Senior Creditor under the Senior Credit Documents, including, without limitation, the principal amount of all debts, claims and indebtedness, accrued and unpaid interest accruing thereon (including, without limitation, interest accruing after the commencement of an Insolvency Proceeding, without regard to whether or not such interest is an allowed claim) and all fees, costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now and from time to time hereafter owing, due or payable, whether before or after the filing of an Insolvency Proceeding together with any interest, fees, costs and expenses accruing thereon after the commencement of an Insolvency Proceeding, without regard to whether or not such interest, fees, costs and expenses are an allowed claim.  Senior Obligations shall be considered to be outstanding whenever any loan or commitment under the Senior Credit Documents is outstanding; provided that, except with the consent of Subordinated Creditor, the outstanding principal amount of the Senior Obligations shall in no event exceed the Maximum Aggregate Amount of Senior Obligations.

 

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“Subordinated Credit Documents” means any note, this Agreement, any guaranty, any security agreements, any credit agreements and any other documents delivered to the Subordinated Creditor by the any Obligor evidencing, guarantying or securing the Subordinated Obligations, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time as permitted hereunder.

 

“Subordinated Creditor” means David A. McGough, in its capacity as a holder of the Subordinated Obligations.

 

“Subordinated Obligations” means the subordinated promissory noted dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time as permitted hereunder) in the principal amount of $1,000,000.00 issued by the Borrower to the Subordinated Creditor (including, without limitation, interest, fees, costs or other payments on the Subordinated Obligations paid or accrued after the commencement of an Insolvency Proceeding and whether or not such claims are deemed allowed or recoverable in any Insolvency Proceeding, and payment of or for adequate protection pursuant to any Insolvency Proceeding), together with all costs of collection or enforcement, including, without limitation, reasonable attorneys’ fees incurred in any collection efforts or in any action or proceeding.

 

Section 1.2       Other Definitions.  Capitalized terms not otherwise defined herein shall have the meanings assigned thereto in the Senior Credit Agreement.

 

Section 1.3       Terms Generally.  The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes,” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be construed to include such person’s successors and assigns, (c) the words “herein,” “hereof,” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, and Schedules shall be construed to refer to Articles and Sections of, and Schedules to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and general intangibles and (f) references to sections of, or rules under, the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the Securities and Exchange Commission from time to time.

 

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ARTICLE II:  SUBORDINATION

 

Section 2.1       Subordination.  Each Obligor covenants and agrees, and Subordinated Creditor by its acceptance of the Subordinated Credit Documents (whether upon original issue or upon transfer or assignment) likewise covenants and agrees, notwithstanding anything to the contrary contained in any of the Subordinated Credit Documents, that the payment of any and all of the Subordinated Obligations shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the prior Payment in Full of the Senior Obligations (including, without limitation, interest, fees, costs or other payments on the Senior Obligations paid or accrued after the commencement of an Insolvency Proceeding and whether or not such claims are deemed allowed or recoverable in any Insolvency Proceeding, and payment of or for adequate protection pursuant to any Insolvency Proceeding).

 

Section 2.2       Prohibited Payments.  Notwithstanding the terms of the Subordinated Credit Documents, each Obligor hereby agrees that it may not make (or permit any of its subsidiaries to make), and Subordinated Creditor hereby agrees that it will not accept, any Distribution with respect to the Subordinated Obligations (other than Permitted Subordinated Debt Payments) until the Senior Obligations are Paid in Full.

 

Section 2.3       Turnover.

 

(a)          Except for Permitted Subordinated Debt Payments, Subordinated Creditor agrees not to accept any Distribution in respect of the Subordinated Obligations (from any Obligor or otherwise) nor take Enforcement Action or any other action designed to secure indirectly from any Obligor any payment on account of the Subordinated Obligations without the express, prior written consent of the Senior Creditor, and Subordinated Creditor agrees to pay over to Senior Creditor any payments (other than Permitted Subordinated Debt Payments permitted to be made hereunder) that may be received by it from any Obligor or any other Person (or otherwise with respect to the Subordinated Obligations) at any time until the Senior Obligations have been Paid in Full.  In case any Distribution or other payment (other than Permitted Subordinated Debt Payments) shall be paid or delivered to Subordinated Creditor under the circumstances described in the preceding sentence before the Senior Obligations shall have been Paid in Full, such Distributions and payments shall not be commingled with any of the assets of Subordinated Creditor, shall be held in trust by Subordinated Creditor for Senior Creditor and shall be immediately paid and delivered to Senior Creditor or its nominee (in the form received and endorsed over to Senior Creditor or its nominee).

 

(b)         Subordinated Creditor further agrees not to sell, assign, transfer or endorse any Subordinated Obligations to anyone (i) without giving prior written notice of such action to Senior Creditor and (ii) unless such assignee or transferee agrees in writing (in form and substance reasonably acceptable to the Senior Creditor) to be bound by, and be a party to, this Agreement.  Notwithstanding the failure of Subordinated Creditor to comply with this Section 2.3(b) and the failure of any assignee or transferee to execute or deliver the joinder described above, the subordination effected hereby shall survive any sale, assignment, pledge, disposition or other transfer of all or any portion of the Subordinated Obligations, and the terms of this Agreement shall be binding upon the successors and assigns of Subordinated Creditor.

 

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Section 2.4       No Modification.  Subordinated Creditor and the Borrower shall not amend, modify, restate, supplement, alter or change in any respect the terms of any Subordinated Credit Document or any other arrangement related to the Subordinated Obligations without the prior written consent of the Senior Creditor; provided that Subordinated Creditor may, without the prior written consent of Senior Creditor, extend the scheduled maturity date of the Subordinated Obligations (as set forth in the Subordinated Credit Documents in effect on the date hereof).

 

Section 2.5       Liquidation, Dissolution, Bankruptcy.  In the event of any Insolvency Proceeding involving any Obligor:

 

(a)          All Senior Obligations shall first be Paid in Full before any Distribution, whether in cash, securities or other property, shall be made to Subordinated Creditor on account of the Subordinated Obligations.

 

(b)         Any Distribution, whether in cash, securities or other property which would otherwise, but for the terms hereof, be payable or deliverable in respect of the Subordinated Obligations shall be paid or delivered directly to Senior Creditor (to be held and/or applied by Senior Creditor in accordance with the terms of the Senior Credit Documents) until all Senior Obligations are Paid in Full.  Subordinated Creditor irrevocably authorizes, empowers and directs any debtor, debtor in possession, receiver, interim receiver, trustee, liquidator, custodian, conservator, monitor or other Person having authority, to pay or otherwise deliver all such Distributions to Senior Creditor for application to the Senior Obligations until Payment in Full of the Senior Obligations.  Subordinated Creditor also irrevocably authorizes and empowers Senior Creditor, in the name of Subordinated Creditor, to demand, sue for, collect and receive any and all such Distributions.  Subordinated Creditor will duly and promptly take such action, at the expense of the Obligors, as Senior Creditor may reasonably request (x) to collect the Subordinated Obligation for the account of Senior Creditor and to file appropriate claims or proofs of claim with respect thereto, (y) to execute and deliver to Senior Creditor such powers of attorney, assignments or other instruments as Senior Creditor may request in order to enable it to enforce any and all claims with respect to the Subordinated Obligation, and (z) to collect and receive for the account of Senior Creditor any and all payments and other Distributions which may be payable or deliverable upon or with respect to the Subordinated Obligation, until the Payment in Full of the Senior Obligation.

 

(c)          Subordinated Creditor agrees to execute, verify, deliver and file any proofs of claim in respect of the Subordinated Obligations requested by Senior Creditor in connection with any such Insolvency Proceeding and hereby irrevocably authorizes, empowers and appoints Senior Creditor as its agent and attorney-in-fact to (i) execute, verify, deliver and file such proofs of claim upon the failure of Subordinated Creditor promptly to do so prior to 30 days before the expiration of the time to file any such proof of claim and (ii) vote such claim in any such Insolvency Proceeding upon the failure of Subordinated Creditor to do so prior to 15 days before the expiration of the time to vote any such claim; provided, Senior Creditor shall have no obligation to execute, verify, deliver, file and/or vote any such proof of claim.  In the event that Senior Creditor votes any claim in accordance with the authority granted hereby, Subordinated Creditor shall not be entitled to change or withdraw any such vote.  Notwithstanding the foregoing, nothing in this Agreement shall restrict or impair the right of Subordinated Creditor to vote its claim in respect of the Subordinated Obligations in any Insolvency Proceeding; provided that, without the prior written consent of Senior Creditor, Subordinated Creditor may not vote in favor of a plan of reorganization in an Insolvency Proceeding that contravenes the priority or subordination provisions of this Agreement.

 

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(d)         Subordinated Creditor agrees that it will consent to, and not object to or oppose any use of cash collateral consented to by Senior Creditor or any financing provided by Senior Creditor to any Obligor or any of its subsidiaries during an Insolvency Proceeding (or any financing provided by any other Person consented to by Senior Creditor) (collectively, “DIP Financing”) on such terms and conditions as Senior Creditor, in its sole discretion, may decide.  In connection therewith, any Obligor may grant to Senior Creditor Liens and security interests upon all of the property of such Obligor, which Liens and security interests (i) shall secure payment of all Senior Obligations (whether such Senior Obligations arose prior to the commencement of any Insolvency Proceeding or at any time thereafter) and DIP Financing provided by Senior Creditor or consented to by Senior Creditor during the Insolvency Proceeding and (ii) shall be superior in priority to the liens and security interests, if any, in favor of Subordinated Creditor on the property of such Obligor.  Subordinated Creditor waives any claim it may now or hereafter have arising out of Senior Creditor’s election, in any Insolvency Proceeding, of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code by any Obligor, as debtor-in-possession.  Subordinated Creditor further agrees that it shall not, without Senior Creditor’s prior written consent, (i) commence or continue any Insolvency Proceeding or (ii) propose any plan of reorganization, compromise, arrangement or proposal or file any motion, pleading or material in support of any motion or plan of reorganization, compromise, arrangement or proposal that (x) is in conflict with the terms of this Agreement or (y) is opposed by Senior Creditor, unless such plan of reorganization, compromise, arrangement or proposal provides for Payment in Full of the Senior Obligations concurrently with the effective time of such plan, compromise, arrangement or proposal.

 

(e)          This Agreement shall constitute a “subordination agreement” for the purposes of Section 510(a) of the Bankruptcy Code and shall be enforceable in any Insolvency Proceeding in accordance with its terms.  The Senior Obligations shall continue to be treated as Senior Obligations and the provisions of this Agreement shall continue to govern the relative rights and priorities of Senior Creditor and Subordinated Creditor even if all or part of the Senior Obligations or the Liens securing the Senior Obligations are subordinated, set aside, avoided, invalidated or disallowed in connection with any such Insolvency Proceeding, and this Agreement shall be reinstated if at any time any payment of any of the Senior Obligations is rescinded or must otherwise be returned by any holder of Senior Obligations or any representative of such holder (a “Senior Recovery”) and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Senior Recovery.  If this Agreement shall have been terminated prior to such Senior Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.  All references in this Agreement to any Obligor shall include such Obligor as a debtor-in-possession and any receiver or trustee for such Obligor in any Insolvency Proceeding.

 

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(f)          Without limiting the foregoing provisions of this Section 2.5 and subject to the other express provisions of this Agreement, in any Insolvency Proceeding involving the Obligors, Subordinated Creditor may exercise rights and remedies generally available to holders of unsecured claims against Obligors.

 

ARTICLE III:  LIENS AND COLLATERAL

 

Section 3.1       No Liens.  No Obligor shall grant to or maintain in favor of Subordinated Creditor, and Subordinated Creditor shall not acquire or hold, any Lien on any asset or properties of any Obligor or any other Person or any guarantees for any of the Subordinated Obligations, other than any guarantee that is subordinated to the Senior Obligations on the same terms set forth herein.

 

Section 3.2       Disposition and Use of Collateral.  Subject to the provisions of this Agreement, Senior Creditor shall have the exclusive right to control all matters regarding any collateral securing the Senior Obligations and any Lien thereon including the disposition, sale and use of such collateral, and the subordination and release of any such Lien, whether in an Insolvency Proceeding or otherwise.

 

ARTICLE IV:  REMEDIES

 

Section 4.1       Subordinated Creditor’s Restricted Remedies.  Until the Senior Obligations have been Paid in Full, without the express written consent of Senior Creditor, Subordinated Creditor shall not, except for any automatic acceleration under the Subordinated Credit Documents, (a) take, join or participate in any action or exercise any remedy against any Obligor to enforce the Subordinated Obligations; or (b) take, join or participate in any action, suit or proceeding or exercise any remedy against any guarantor of or pledgor securing the Senior Obligations in order to (i) enforce payment of or collect any of the Subordinated Obligations or (ii) commence judicial or private enforcement of any of the rights and remedies under the Subordinated Credit Documents or applicable law with respect to the Subordinated Obligations; or (c) commence, or join with any other creditor of any Obligor or any guarantor of or pledgor securing the Senior Obligations in commencing, any bankruptcy, reorganization or other Insolvency Proceeding against any Obligor or any guarantor of or pledgor securing the Senior Obligations; or (d) take any action or exercise any remedy against any property or assets of any Obligor or any guarantor of or pledgor securing the Senior Obligations; or (e) contest any Lien on any collateral securing the Senior Obligations; or (f) object in its capacity as holder of the Subordinated Obligations to any proposal by the Senior Creditor to accept any collateral securing the Senior Obligations in full or partial satisfaction of the Senior Obligations; or (g)  contest in its capacity as holder of the Subordinated Obligations any request by the Senior Creditor for adequate protection or any objection by the Senior Creditor claiming lack of adequate protection; or (h) accelerate the Subordinated Obligations, other than if an Insolvency Proceeding has commenced or if the Senior Obligations have also been accelerated; or (i) exercise any  put option or to cause any Obligor (or other guarantor or obligor in respect of the Subordinated Obligations) to honor any redemption or mandatory prepayment obligation under any Subordinated Credit Document (any of the foregoing being referred to as an “Enforcement Action”).  Nothing contained in this Agreement shall be deemed to prevent Subordinated Creditor from filing a proof of claim with respect to the Subordinated Indebtedness or filing any necessary or appropriate pleadings in response to any motion or request seeking disallowance of, or disputing or asserting an objection to, the claim of the Subordinated Creditor with respect to the Subordinated Obligations. Subordinated Creditor understands and agrees that Senior Creditor shall have the right, but shall have no obligation, to cure any default under the Subordinated Obligations without the prior written consent of Subordinated Creditor.  Notwithstanding anything contained in this Agreement to the contrary, except for Permitted Subordinated Debt Payments permitted hereunder, in no event shall Subordinated Creditor be entitled to receive and retain any Distribution in respect of the Subordinated Obligations or other securities, equity or otherwise, or other consideration provided for in (i) a plan of reorganization or otherwise in connection with any bankruptcy or other Insolvency Proceeding or (ii) any other judicial or nonjudicial proceeding for the liquidation, dissolution or winding up of any Obligor or the assets or properties of any Obligor, in any case unless the Senior Obligations are Paid in Full.

 

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Section 4.2       Appointment of Attorney-in-Fact.  In order to enable Senior Creditor to enforce its rights under this Agreement, Senior Creditor is hereby irrevocably authorized and empowered (in its own name or in the name of Subordinated Creditor or otherwise), but shall have no obligation, to enforce claims comprising any of the Subordinated Obligations by proof of debt, proof of claim, suit or otherwise and take generally any action which Subordinated Creditor might otherwise be entitled to take, as Senior Creditor may deem necessary or advisable for the enforcement of its rights or interests hereunder.

 

Section 4.3       Further Assurances.  To the extent necessary for Senior Creditor to realize the benefits of the subordination of the Subordinated Obligations provided for herein (including, without limitation, the right to receive any and all payments and distributions, other than Permitted Subordinated Debt Payments permitted hereunder, that might otherwise be payable or deliverable with respect to the Subordinated Obligations in any Insolvency Proceeding or otherwise), Subordinated Creditor shall execute and deliver to Senior Creditor such instruments or documents (together with such assignments or endorsements as Senior Creditor shall deem necessary), as may be requested by Senior Creditor.

 

ARTICLE V:  MISCELLANEOUS

 

Section 5.1       Indemnity for Breach.  Subordinated Creditor hereby indemnifies Senior Creditor for any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees and disbursements of counsel arising out of, in connection with, or as a result of, any breach by Subordinated Creditor of this Agreement.

 

Section 5.2       No Fiduciary Duty.  Senior Creditor shall have no duties or responsibilities and shall not, by reason of this Agreement be a trustee for Subordinated Creditor or have any other fiduciary obligations to Subordinated Creditor.  Neither Senior Creditor nor any of its directors, officers, employees or agents shall be liable or responsible for any action taken or omitted to be taken by it or them hereunder or in connection herewith, except for its or their own gross negligence or willful misconduct.

 

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Section 5.3       Subrogation.  Subject to the last sentence of this Section 5.3, Subordinated Creditor shall not be subrogated to, or be entitled to any assignment of any Senior Obligations or Subordinated Obligations or of any collateral for or guarantees of evidence of any thereof.  Subordinated Creditor hereby waives any and all rights to have collateral or any party thereof granted to or held by Senior Creditor marshalled upon any foreclosure or other disposition of such collateral by Senior Creditor or any Obligor with the consent of Senior Creditor.  Upon the Payment in Full of all Senior Obligations, Subordinated Creditor shall be automatically subrogated to the remaining rights, if any, of Senior Creditor against any Obligor to the extent of payments received and retained by Senior Creditor which, but for this Agreement, would have been received and retained by Subordinated Creditor; provided, that, Subordinated Creditor would be legally entitled to such subrogation but for the provisions of this Agreement.  Without limiting the foregoing, Subordinated Creditor will not exercise (i) any right of subrogation that Subordinated Creditor may now or hereafter have or obtain in respect of the rights of Senior Creditor against any Obligor or any other guarantor or obligor in respect of any of the Senior Obligations or any of the collateral therefor or (ii) any right to participate in any claim or remedy of Senior Creditor against any Obligor or any other guarantor or obligor in respect of any of the Senior Obligations or any collateral therefor, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, in each case until all of the Senior Obligations have been Paid in Full.  If Senior Creditor is required to disgorge any proceeds of collateral for the Senior Obligations, payment or other amount received by such Person (whether because such proceeds, payment or other amount is invalidated, declared to be fraudulent or preferential or otherwise) or turn over or otherwise pay any amount (a “Recovery”) to the estate or to any creditor or representative of an Obligor or any other Person, then the Senior Obligations shall be reinstated (to the extent of such Recovery) as if such Senior Obligations had never been paid and to the extent Subordinated Creditor has received proceeds, payments or other amounts to which Subordinated Creditor would not have been entitled under this Agreement had such reinstatement occurred prior to receipt of such proceeds, payments or other amounts, Subordinated Creditor shall turn over such proceeds, payments or other amounts to Senior Creditor for reapplication to the Senior Obligations.  A Distribution made pursuant to this Agreement to Senior Creditor which otherwise would have been made to Subordinated Creditor is not, as between the Obligors and Subordinated Creditor, a payment by the Obligors to or on account of the Senior Obligations.

 

Section 5.4       Waiver.  The Subordinated Creditor unconditionally and irrevocably waives, to the fullest extent permitted by applicable law:  (a) notice of any of the matters referred to in this Agreement; (b) all notices which may be required by statute, rule of law or otherwise to preserve any rights against the Subordinated Creditor hereunder, including, without limitation, notice of the acceptance of this Agreement, or the creation, renewal, extension, modification or accrual of the Senior Obligations or notice of any other matters relating thereto, any presentment, demand, notice of dishonor, protest, nonpayment of any damages or other amounts payable under any Senior Credit Document or notice of the sale or foreclosure of any collateral; (c) any requirement for the enforcement, assertion or exercise of any right, remedy, power or privilege under or in respect of any Senior Credit Document, including, without limitation, diligence in collection or protection of or realization upon the Senior Obligations or any part thereof or any collateral therefor; (d) any requirement of diligence; (e) any requirement to mitigate the damages resulting from a default by any Obligor under any Senior Credit Document or any Subordinated Credit Document; (f) the occurrence of every other condition precedent to which the Subordinated Creditor or any Obligor may otherwise be entitled; (g) the right to require the Senior Creditor to proceed against any Obligor or any other person liable on the Senior Obligations, to proceed against or exhaust any security held by any Obligor or any other person, or to pursue any other remedy in the Senior Creditor’s power whatsoever; (h) the right to have the property of any Obligor first applied to the discharge of the Senior Obligations; and (i) until such time that all Senior Obligations have been indefeasibly Paid in Full, any and all rights it may now or hereafter have under any agreement or at law or in equity (including, without limitation, any law subrogating any Obligor to the rights of the Senior Creditor) to assert any claim against or seek contribution, indemnification or any other form of reimbursement from any Obligor or any other party liable for payment of any or all of the Senior Obligations for any payment made by any Obligor under or in connection with the Senior Credit Documents or otherwise.  All of the Senior Obligations shall be deemed to have been made or incurred in reliance upon this Agreement.

 

-10-

Section 5.5       Notices.  All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by U.S. mail or sent by telecopy (with confirmed receipt or followed by overnight delivery) to the addresses (or telecopy numbers) set forth on the signature pages hereof.  Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.  All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt or, if mailed, the third business day following the date so mailed, if earlier.

 

Section 5.6       No Impairment.  No right of Senior Creditor to enforce the subordination of the Subordinated Obligations may be impaired by any act or failure to act by any Obligor or Senior Creditor or by the failure of any Obligor, Senior Creditor or Subordinated Creditor to comply with this Agreement.

 

Section 5.7       Amendment and Waiver.  No alteration, modification, amendment or waiver of any terms and conditions of this Agreement shall be effective or enforceable against the Senior Creditor unless set forth in a writing signed by the Senior Creditor.

 

Section 5.8       Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)          This Agreement and any claim, controversy or dispute related to or in connection with this Agreement, any Credit Document or any of the transactions contemplated hereby or thereby, the relationship of the parties hereto and the interpretation and enforcement of the rights and duties of the parties hereto shall be governed by and construed in accordance with the laws of the State of New York.

 

(b)         EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL OR STATE COURT IN THE STATE OF NEW YORK IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND RELATED TO OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND CONSENTS TO THE PLACING OF VENUE IN NEW YORK COUNTY OR OTHER COUNTY PERMITTED BY LAW.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE, IN ANY SUCH SUIT, ACTION OR PROCEEDING ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER, OR THAT ANY SENIOR CREDIT DOCUMENT, SUBORDINATED CREDIT DOCUMENT OR INSTRUMENT REFERRED TO HEREIN MAY NOT BE LITIGATED IN OR BY SUCH COURTS.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO AGREES NOT TO SEEK AND HEREBY WAIVES THE RIGHT TO ANY REVIEW OF THE JUDGMENT OF ANY SUCH COURT BY ANY COURT OF ANY OTHER NATION OR JURISDICTION WHICH MAY BE CALLED UPON TO GRANT AN ENFORCEMENT OF SUCH JUDGMENT.  EXCEPT AS PROHIBITED BY LAW, EACH PARTY HERETO HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

-11-

(c)          Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.5.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

Section 5.9       Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other means of electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 5.10     Obligations Hereunder Not Affected.  All rights and interest of Senior Creditor hereunder, and all agreements and obligations of Subordinated Creditor and the Obligors hereunder, shall remain in full force and effect irrespective of:

 

(a)          any lack of validity or enforceability of any document evidencing any of the Senior Obligations;

 

(b)          any change in the time, manner or place of payment of, or any other term of, all or any of the Senior Obligations, or any other amendment or waiver of or any release or consent to departure from any of the Senior Credit Documents;

 

(c)          any exchange, subordination, release or non-perfection of any collateral for all or any of the Senior Obligations;

 

(d)          any failure of Senior Creditor to assert any claim or to enforce any right or remedy against any other party hereto under the provisions of this Agreement or any Senior Credit Document other than this Agreement;

 

(e)          any reduction, limitation, impairment or termination of the Senior Obligations for any reason (other than with the affirmative consent of the Senior Creditor and/or any of its transferees), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to (and the Obligors and Subordinated Creditor hereby waive any right to or claim of) any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of invalidity, illegality, nongenuiness, irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Senior Obligations (other than any of the foregoing to which the Senior Creditor and/or its transferees have provided their affirmative consent); and

 

-12-

(f)          any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Obligors in respect of the Senior Obligations or Subordinated Obligations in respect of this Agreement.

 

Subordinated Creditor acknowledges and agrees that Senior Creditor may in accordance with the terms of the Senior Credit Documents, without notice or demand and without affecting or impairing Subordinated Creditor’s obligations hereunder, from time to time, (i) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Senior Obligations and the Senior Credit Documents or any part thereof, including, without limitation, to increase or decrease the rate of interest thereon or the principal amount thereof, provided that, without the consent of Subordinated Creditor, no change in the terms of the Senior Obligations or the Senior Credit Documents shall result in the aggregate principal amount exceeding the Maximum Aggregate Principal Amount of Senior Obligations; (ii) take or hold security for the payment of the Senior Obligations and exchange, enforce, foreclose upon, waive and release any such security; (iii) apply such security and direct the order or manner of sale thereof as Senior Creditor in its sole discretion, may determine; (iv) release and substitute one or more endorsers, warrantors, borrowers or other obligors; and (v) exercise or refrain from exercising any rights against any Obligor or any other Person.  The Senior Obligations shall continue to be treated as Senior Obligations and the provisions of this Agreement shall continue to govern the relative rights and priorities of Senior Creditor and Subordinated Creditor even if all or part of the Senior Obligations or the security interests securing the Senior Obligations are subordinated, set aside, avoided, invalidated or disallowed.

 

Section 5.11     Representations and Warranties of Subordinated Creditor.  To induce Senior Creditor to execute and deliver this Agreement, Subordinated Creditor hereby represents and warrants to Senior Creditor that as of the date hereof: (a) it is duly formed and validly existing under the laws of the jurisdiction of its organization and has the legal capacity, power and authority to enter into, execute, deliver and carry out the terms of this Agreement, all of which have been duly authorized by all proper and necessary action; (b) the execution of this Agreement by Subordinated Creditor will not violate or conflict with (i) the organizational documents of Subordinated Creditor, (ii) any agreement binding upon Subordinated Creditor or (iii) any applicable law, regulation or order or require any consent or approval which has not been obtained; (c) this Agreement is the legal, valid and binding obligation of Subordinated Creditor, enforceable against Subordinated Creditor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles; (d) Subordinated Creditor is the sole owner, beneficially and of record, of all of the Subordinated Credit Documents and the Subordinated Obligations; and (e) the Subordinated Obligations are unsecured.

 

-13-

Section 5.12     Successors and Assigns.  This Agreement shall inure to the benefit of, and shall be binding upon, the respective heirs, legal representatives, successors and assigns of Senior Creditor, Subordinated Creditor and the Obligors.  To the extent permitted under the Senior Credit Documents, Senior Creditor may, from time to time, without notice to Subordinated Creditor, assign or transfer any or all of the Senior Obligations or any interest therein to any Person and, notwithstanding any such assignment or transfer, or any subsequent assignment or transfer, the Senior Obligations shall, subject to the terms hereof, be and remain Senior Obligations for purposes of this Agreement, and every permitted assignee or transferee of any of the Senior Obligations or of any interest therein shall, to the extent of the interest of such permitted assignee or transferee in the Senior Obligations, be entitled to rely upon and be the third party beneficiary of the subordination provided under this Agreement and shall be entitled to enforce the terms and provisions hereof to the same extent as if such assignee or transferee were initially a party hereto.

 

Section 5.13     Relative Rights; No Right of Obligors to Enforce.  This Agreement shall define the relative rights of Senior Creditor and Subordinated Creditor.  Each Obligor understands that this Agreement is for the sole benefit of Senior Creditor and Subordinated Creditor and their respective successors and assigns, and that such Obligor is not an intended beneficiary or third party beneficiary thereof.  It is understood and agreed that no Obligor nor any of their affiliates shall have any right to enforce any term, provision or agreement of this Agreement against Senior Creditor and/or Subordinated Creditor.  Nothing in this Agreement shall (a) impair, as among the Obligors, Senior Creditor and as between the Obligors and Subordinated Creditor, the obligation of the Obligors with respect to the payment of the Senior Obligations and the Subordinated Obligations in accordance with their respective terms or (b) affect the relative rights of Senior Creditor or Subordinated Creditor with respect to any other creditors of the Obligors.  The terms of this Agreement shall govern even if all or any part of the Senior Obligations or the Liens in favor of Senior Creditor are avoided, disallowed, unperfected, set aside or otherwise invalidated in any judicial proceeding or otherwise.

 

Section 5.14     Continuation of Subordination; Termination of Agreement.  This Agreement shall remain in full force and effect until the Payment in Full of the Senior Obligations after which this Agreement shall terminate without further action on the part of the parties hereto; provided, that if any payment is, subsequent to such termination, recovered from any holder of Senior Obligations, this Agreement shall be reinstated.

 

Section 5.15     Specific Performance; Additional Remedies.  Senior Creditor may demand specific performance of this Agreement and Subordinated Creditor hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action which may be brought by Senior Creditor.  If Subordinated Creditor violates any of the terms of this Agreement, in addition to any remedies in law, equity, or otherwise, Senior Creditor may restrain such violation in any court of law and may, in its own or in any Obligor’s name, interpose this Agreement as a defense in any action by Subordinated Creditor.

 

[Remainder of page intentionally left blank]

 

-14-

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered by their respective duly authorized representatives as of the date first above written.

 

	 	
INTERSECTIONS INC.

	 	 	 
	 	
By:

	 /s/ Michael Stanfield
	 	 	
Name: Michael Stanfield

	 	 	
Title: Chairman of the Board

	 	 	 
	 	 	
Notice Address:

	 	 	
3901 Stonecroft Boulevard

	 	 	
Chantilly, Virginia 20151

	 	 	
Attention:

	 	 	
Telephone:

	 	 	
Facsimile:

	 	 	 
	 	
PEAK6 STRATEGIC CAPITAL LLC, as Senior Creditor

	 	 	 
	 	
By:

	 /s/ Jay Coppoletta
	 	 	
Name: Jay Coppoletta

	 	 	
Title: Chief  Legal Officer 

	 	 	 
	 	 	
Notice Address:

	 	 	
141 W. Jackson Blvd.

	 	 	
Suite 500

	 	 	
Chicago, IL 60604

	 	 	
Telephone:  312-444-8000

	 	 	 
	 	
DAVID A. MCGOUGH, as Subordinated Creditor

	 	 	 
	 	
By:

	 /s/ David A. McGough
	 	 	
Name: David A. McGough

	 	 	 
	 	 	
Notice Address:

	 	 	 
	 	 	
Address

	 	 	
Telephone:

	 	 	
Fax:

 

 

-15-Exhibit 10.15

 

合同编号:

 

Contract No.: 

  

 

技术开发(委托)合同

 

Technology Development (Entrustment)
Contract

 

项目名称:《中版教育云平台软件系统》开发第二期

 

Project Name: Phase II Development
of Education Cloud Platform Software System (Chinese Version)

 

 

 

委托方(甲方):世界图书出版上海有限公司

 

Entrusting Party (Party A): Shanghai
World Publishing Corporation

 

受托方(乙方):北京华夏大地远程教育网络服务有限公司

 

Entrusted Party (Party B): Beijing
Huaxia Dadi Distance Learning Services Co., Ltd.

 

 

 

生效时间:2017年6月15日

 

Date of effectiveness: June 15, 2017

 

 

 

有效期限:2021年6月15日

 

Validity: June 15, 2021

 

 

 

 

 

 

 

中华人民共和国科学技术部印制

 

Printed by Ministry of Science and Technology
of the People’s Republic of China

 

    	 	1/15	 

     

    

 

填写说明

 

Instruction

 

一、本合同为中华人民共和国科学技术部印制的技术开发(委托)合同示范文本,各技术合同认定登记机构可推介技术合同当事人参照使用。

 

I. The contract is used by contractual
parties by reference to the technology development (entrustment) model contract printed by Ministry of Science and Technology of
the People’s Republic of China, and the technology contracts recommended by various recognized technology contract registration
institutions.

 

二、本合同书适用于一方当事人委托另一方当事人进行新技术、新产品、新工艺或者新材料及其系统的研究开发所订立的技术开发合同。

 

II. The contract is applied for the technology
development contracts in which one party entrusts the other party to research and develop new technologies, products, crafts or
new materials and its systems.

 

三、签约一方为多个当事人的,可按各自在合同关系中的作用等,在“委托方”、“受托方”项下(增页)分别排列为共同委托人或共同受托人。

 

III. If there are several representatives
in either party, Party A or Party B could be respectively listed as common entrusting party or common entrusted party in the “Entrusting
Party” or “Entrusted Party” provisions (new page) according to their own relations in the contract.

 

四、本合同书未尽事项,可由当事人附页另行约定,并可作为本合同的组成部分。

 

IV. Any matter not covered by the Contract
may be agreed by parties concerned on an attached sheet, which constitutes an inseparable part of the Contract.

 

五、当事人使用本合同书时约定无需填写的条款,应在该条款处注明“无”等字样。

 

V. As for the terms and conditions which
are not needed to be filled in this contract agreed upon by the parties, they should be indicated with the word such as N.A.

 

    	 	2/15	 

     

    

技术开发(委托)合同

 

Technology Development (Entrustment)
Contract

 

委托方(甲方):世界图书出版上海有限公司

 

Entrusting Party (Party A): Shanghai
World Publishing Corporation

 

住所地:上海市广中路88号9-10楼

 

Address: Floor 9 – 10, No.88 Guangzhou
Road, Shanghai City

 

法定代表人:陆琦

 

Legal Representative: Lu Qi

 

项目联系人:熊佳

 

Project Contact Person: Xiong Jia

 

联系方式:

 

Contact Information:

 

通讯地址:上海市广中路88号9-10楼

 

Mailing Address: Floor 9 – 10,
No.88 Guangzhou Road, Shanghai City

 

电话:021-62990301传真:021-36357920

 

Tel: 021-62990301 Fax: 021-36357920

 

电子信箱:jxiong@wpcsh.com

 

Email: jxiong@wpcsh.com

 

受托方(乙方):北京华夏大地远程教育网络服务有限公司

 

Entrusted Party (Party B): Beijing Huaxia
Dadi Distance Learning Services Co., Ltd.

 

住所地:北京市经济技术开发区地盛北街1号经开大厦B座5层505室

 

Address: Room 505, Floor 5, Tower B,
Jingkai Building, No.1 North Disheng Street, Beijing Economic-Technological Development Area

 

法定代表人:于洋

 

Legal Representative: Yu Yang

 

项目联系人:王雯

 

Project Contact Person: Wang Wen

 

联系方式:

 

Contact:

 

通讯地址:北京市经济技术开发区地盛北街1号经开大厦B座5层505室华夏大地教育网

 

Address: Huaxia Dadi Distance Learning
Services Co., Ltd., Room 505, Floor 5, Tower B, Jingkai Building, No.1 North Disheng Street, Beijing Economic-Technological Development
Area

 

电话:010-57925018传真:010-57925018

 

Tel: 010-57925018 Fax: 010-57925018

 

电子信箱:wanswen@edu-edu.Com.cn

 

Email: wanswen@edu-edu.Com.cn

 

本合同甲方委托乙方研究开发《中版教育云平台软件系统》项目,并支付研究开发经费和报酬,乙方接受委托并进行此项研究开发工作。双方经过平等协商,在真实、充分地表达各自意愿的基础上,根据《中华人民共和国合同法》的规定,达成如下协议,并由双方共同恪守。

    	 	3/15	 

     

    

 

According to the Contract, Party A will
entrust Party B to perform the research and development ("R&D") of the Education Cloud Platform Software System
(Chinese Version) and shall pay the R&D funds and remuneration to Party B, and Party B will accept the said R&D work.
Party A and Party B have reached the following agreement for mutual compliance in accordance with the Contract Law of the People's
Republic of China through equal consultation and on the basis of faithfully and fully expressing their respective will.

 

	第一条	本合同是中版教育云平台前期开发的延续,截至合同签署时,中版教育云平台完成了系统底层架构包括账号管理系统、消息管理系统、业务字典系统、基础数据库系统和元数据系统,分布式管理系统包括课程体系管理系统、课程管理系统、应用模块管理系统、班级分类管理系统、班级管理系统、班级授权管理系统、开课卡管理系统,基础教学系统包括教学日历、课堂学生列表管理系统、教学与学习活动管理系统、备课系统、课堂互动系统、电子教材创作系统、课件点播系统、交互式微课制作系统、课堂评测系统、考试系统、教学资源管理系统、电子学档系统,终端应用软件包括我的班级、互动课堂、我的错题本。本合同约定的开发内容应延续前期技术路线和技术框架,在前续项目已经完成的CloudBag电子书包教育云平台基础技术架构和相应功能模块及后续应用开发基础上开发本合同约定的功能模块。

 

	Article 1	This Contract is a continuation of the early development of the Education Cloud Platform (Chinese Version), upon the signing of
the Contract, the Education Cloud Platform (Chinese Version) has completed the underlying system architecture (including the account
management system, message management system, business dictionary system, dictionary database system and metadata system), the
distributed management system (including the curriculum system management system, curriculum management system, application module
management system, class classification management system, class management system, class authorization management system, course
card management system), the basic teaching system (including the teaching calendar, classroom student list management system,
teaching and learning activity management system, teaching preparation system, classroom interaction system, electronic textbook
creation system, courseware on demand system, interactive microlecture production system, classroom teaching evaluation system,
examination system, teaching resources management system, e-learning portfolio system), and the terminal application software
(including My Class, Interactive Class and My Notebook of Error Correction). The development content hereunder shall follow the
early technical route and technical framework, and the function modules specified in the Contract shall be developed on the basis
of the e-Schoolbag ("CloudBag") education cloud platform based technical architecture and the corresponding function
modules that have been completed in the previous project and the subsequent application development.

 

	第二条	本合同研究后续开发项目的要求如下

 

	Article 2	The requirements for subsequent development project under the Contract are as follows:

 

		1.	技术目标:

 

		1.	Technology objectives:

 

		(1)	优化完善CloudBag中版教育云平台中的课件点播系统及其对应的Android终端应用;

 

		(1)	optimize the courseware on demand (“COD”) system in CloudBag and its Android terminal;

 

		(2)	优化完善CloudBag中版教育云平台中的作业与考试系统及其对应的Android终端应用;

 

		(2)	optimize the homework and examination system in CloudBag and its Android terminal;

 

		(3)	优化完善CloudBag中版教育云平台中的互动答疑系统及其对应的Android终端应用;

 

		(3)	optimize the interactive Q&A system in CloudBag and its Android terminal;

 

		(4)	优化完善CloudBag中版教育云平台中的资源下载系统及其对应的Android终端应用;

 

		(4)	optimize the resource download system in CloudBag and its Android terminal;

 

		(5)	优化完善CloudBag中版教育云平台中的备课系统;

 

		(5)	optimize the class preparation system in CloudBag;

 

		(6)	优化完善CloudBag中版教育云平台中的教学与学习管理系统对应的Android终端应用(简称“我的班级”应用);

 

		(6)	optimize the teaching and study management system in CloudBag and its Android terminal (hereinafter
referred to as “My Class”);

 

    	 	4/15	 

     

    

 

		2.	技术内容:

 

		2.	Technology content:

 

		(1)	CloudBag中版教育云平台中的课件点播系统完善以下功能:

 

		(1)	improve the COD system in CloudBag:

 

		a.	支持批量上传视频,通过框选多个文件或直接选择文件夹完成上传;

 

		a.	support batch video uploading, and complete uploading by multiple selection of documents or direct
folder selection;

 

		b.	支持同一模块下的编辑组成员共同编辑课件;

 

		b.	support editing the shared courseware of the group members under the same module;

 

		c.	支持视频按原始比例播放;

 

		c.	support playing video at original size;

 

		d.	支持查看单个课件的播放记录与未观看学生名单。

 

		d.	support viewing the playing record of a single courseware, and the list of students who have not
watched the videos

 

		(2)	CloudBag中版教育云平台中的作业与考试系统完善以下功能:

 

		(2)	improve the following functions of the homework and examination system in CloudBag:

 

		a.	支持多选题常规的记分规则,即全选对给满分,漏选给一半分,错选不给分;

 

		a.	support the marking rules for multiple choice questions, that is, full mark for all correct selection,
and half mark for missed selection, and no mark for wrong selection;

 

		b.	支持听力题型,题干中允许插入音频;

 

		b.	support listening questions, and allow the insertion of audio in the stems;

 

		c.	支持答题卡功能;

 

		c.	support the function of answer sheet;

 

		d.	能够在阅卷后将错题自动加入错题本;

 

		d.	add the questions answered wrongly into the Correction Book after review;

 

		e.	能够对导入的试卷进行内容识别,如:识别换行符、识别特定格式的选项、识别自动编号、识别题型、识别公式与表格等;

 

		e.	identify the contents imported into the test paper, e.g. identify line break, options for specific
format, automatic numbering, question type, formula and format;

 

		f.	支持特定格式模板(如中考高格式模板)的试卷导入。

 

		f.	support the import of test paper in specific template (e.g. senior high school entrance exam template).

 

		(3)	CloudBag中版教育云平台中的互动答疑系统完善以下功能:

 

		(3)	improve the following functions of the interactive Q&A system in CloudBag:

 

		a.	支持在提问中上传多种格式的附件(不对文件格式进行限制),并支持下载直接查看文件(使用本地软件)查看;

 

		a.	support uploading attachments onto the question in various formats (without limitation on the document
format), and support direct view of the document after download (with local software);

 

    	 	5/15	 

     

    

 

		b.	支持在提问中批量上传文件,通过框选多个文件或直接选择文件夹来完成上传;

  

		b.	support uploading documents by batch in the question, and complete uploading by multiple document
selections or direct folder selections;

 

		c.	支持移动端发起投票,优化网页端创建投票方式;

 

		c.	support creating a poll through mobile terminal, and optimize the creation of poll at website;

 

		d.	支持将追加问题保留在原帖中,不需要在问题列表中显示;

 

		d.	support keeping the additional questions in the original post without displaying them in the question
list;

 

		e.	支持回答分行显示;

 

		e.	support displaying answers by line;

 

		f.	支持将回答中的图片以缩略图形式呈现在回答列表;

 

		f.	support displaying the picture in the answer as thumbnail in the answer list;

 

		g.	支持将回答中的图片进行放大与拖动;

 

		g.	support zooming out and dragging pictures in the answers;

 

		h.	支持教师在学生回答的图片中做批注并回复给学生;

 

		h.	support the teachers to make remark on the picture in the students’ answer and revert it
back to students;

 

		i.	支持教师默认以管理员身份进入系统;

 

		i.	support teacher to log into the system as administrator by default;

 

		j.	允许删除已经有回答的提问;

 

		j.	allow deleting the questions with established answers;

 

		k.	允许将推荐状态的回答取消推荐。

 

		k.	allow canceling the recommended answers.

 

		(4)	CloudBag中版教育云平台中的资源下载系统完善以下功能:

 

		(4)	Improve the following functions for the resource download system in the CloudBag:

 

		a.	支持在免费资源库中显示目录与分类;

 

		a.	support displaying catalogue and classification in free library;

 

		b.	支持在资源管理页面默认展开目录;

 

		b.	support unfolding the catalogue by default in the resource management page

 

		c.	支持在下载后直接打开文件;

 

		c.	support opening the document directly after download

 

		d.	支持批量上传文件资源,通过框选多个文件或直接选择文件夹完成上传;

 

		d.	support uploading document resources by batch, and completing uploading through multiple document
selections or direct folder selections;

 

		e.	支持在后台通过工具打包导入大批量文件资源。

 

		e.	support importing a batch of document resources through packaging at the background.

 

		(5)	CloudBag中版教育云平台中的备课系统完善以下功能:

 

    	 	6/15	 

     

    

		(5)	improve the following functions for the class preparation system in the CloudBag:

 

		a.	允许将课堂测评的题目加入收藏夹,教案应用的资源加入备课文件夹;

 

		a.	allow adding the questions in the class tests into the favorite document, and adding the resources
used in teach plan into the class preparation document;

 

		b.	支持备课文件夹中的资源分类显示;

 

		b.	allow displaying the resources by category in the class preparation folder;

 

		c.	支持在备课页面编辑任务说明,且不做字数限制;

 

		c.	support editing task description in the class preparation page without limiting the number of characters;

 

		d.	支持隐藏教学环节,在推送给学生后自动变为可见。

 

		d.	support hiding the teaching segment, and make it visible automatically after pushing it to students.

 

		(6)	CloudBag中版教育云平台中的Android终端应用我的班级完善以下功能:

 

		(6)	Improve the following functions for My Class of the Android terminal in the CloudBag:

 

		a.	支持在课堂测评中一次性推送多道题目;

 

		a.	support pushing multiple questions at a time in class tests;

 

		b.	支持学生将资源添加到收藏夹;

 

		b.	support the students to add resources into the favorite folder;

 

		c.	支持教师查看学生各科目成绩走势;

 

		c.	support teachers to view the students’ trend of performance in various subjects

 

		d.	允许用户昵称重复;

 

		d.	allow users to have repeated nickname;

 

		e.	优化学生端课程详情页的页面版式。

 

		e.	optimize the page layout for the detailed curriculum page at student’s devices

 

		3.	技术方法和路线:服务器端采用JavaEE技术体系,客户端基于B/S模式及Android系统开发。

 

		3.	Methodology and roadmap: JavaEE system will be used in the servers, while client will be developed
based on B/S mode and Android system. 

 

第三条乙方应在本合同生效后10个工作日内向甲方提交研究开发计划。研究开发计划应包括以下主要内容:

 

Article 3Party B shall submit
the R&D plan to Party A within 10 business days upon the effectiveness of the Contract. The R&D plan shall include
the following major contents:

 

		1.	产品需求规格说明书;

 

		1.	Specification of Product Demand

 

		2.	项目组组成人员及分工;

 

		2.	Project Team Membership and Distribution

 

		3.	例会安排及会议纪要;

 

		3.	Routine Meeting Schedule and Meeting Minutes

 

		4.	项目计划讲度。

 

		4.	Project Progress 

 

第四条乙方应按下列进度完成研究开发工作:

    	 	7/15	 

     

    

Article 4Party B shall complete
R&D work based on the following schedule:

 

		1.	2017年7月15日前完成本合同第二条第2款第(1)、(2)、(3)项规定的技术内容;

 

		1.	complete the technology contents stated in Article 2 2(1), (2) and (3) in the Contract prior
to July 15, 2017;

 

		2.	2017年8月15日前完成本合同第二条第2款第(4)、(5)、(6)项规定的技术内容;

 

		2.	complete the technology content stated in Article 2 2(4), (5) and (6) in the Contract prior
to August 15, 2017;

 

		3.	2017年9月1日前完成系统性能测试及问题修改;

 

		3.	complete system performance test and repair bugs prior to September 1, 2017;

 

		4.	2017年9月10日前完成产品交付。

 

		4.	complete product delivery prior to September 10, 2017.

 

第五条甲方应向乙方提供的技术资料及协作事项如下:

 

Article 5The technology material
and the matters in connection with coordination provided by Party A to Party B shall be as follows:

 

		1.	技术资料清单:《项目需求说明》。。

 

		1.	Technology information list: Project Specification.

 

		2.	提供时间和方式:本合同签订后10个工作日内。

 

		2.	Date of submission: Within 10 business days upon the execution of the Contract.

 

		3.	其他协作事项:无。

 

		3.	Other coordination matters: N.A.

 

本合同履行完毕后,上述资料按以下方式处理:交回甲方封存。

 

Upon the completion of the Contract, the
above information shall be disposed as follows: Return to Party A for safekeeping.

 

第六条甲方应按以下方式支付研究开发经费和报酬:

 

Article 6Party A shall pay the
R&D fund and remuneration based on the following schedule:

 

		1.	研究开发经费和报酬总额为人民币柒拾捌万元整(小写人民币Y780000.00元)。

 

		1.	The total R&D fund and remuneration shall be RMB seven hundred and eighty thousand (in figures:
RMB 780,000.00).

 

		2.	研究开发经费由甲方分两次支付乙方。具体支付方式和时间如下:

 

		2.	The R&D fund shall be paid to Party B in two installments. The specific payment method
and terms are as follows:

 

		(1)	在本合同签订后10个工作日内,甲方支付乙方项目经费肆拾万元整(小写人民币¥400000.00元);

 

		(1)	Party A shall pay RMB four hundred thousand (in figures: RMB 400,000.00) to Party B within
10 business days upon the execution of the Contract;
	 	 	 
	 	(2)	在本合同签订后,乙方完成本合同规定的全部内容并完成产品及资料交付后10个工作日内甲方支付乙方项目经费叁拾捌万元整(小写人民币¥380000.00元)。

  

		(2)	Party A shall pay RMB three hundred and eighty thousand (in figures: RMB 380,000.00) to
Party B as project und within 10 business days after Party B completes all the contents and delivers the information stipulated
herein upon the execution of the Contract.

 

		3.	乙方开户银行名称和账号为:

 

		3.	The bank name and account of Party B:

 

户名:北京华夏大地远程教育网络服务有限公司

 

Account name: Beijing Huaxia
Dadi Distance Learning Services Co., Ltd.

    	 	8/15	 

     

    

 

开户行:工商银行北京经济技术开发区宏达北路支行

 

Bank of Deposit: North Hongda
Road Branch, Beijing Economic-Technological Development Area, ICBC

 

帐号:0200059019200028622

 

Account number: 0200059019200028622

 

第七条本合同的研究开发经费由乙方以开发费的方式使用。甲方有权以书面信函或电子邮件的方式检查乙方进行研究开发工作和使用研究开发经费的情况,但不得妨碍乙方的正常工作。

 

Article 7The R&D fund hereunder
shall be used by Party B as development fee. Party A shall have the right to examine the R&D works and the use of R&D
fund of Party B with prior written letters or email, but Party A shall not disrupt the normal work of Party B.

 

第八条本合同的变更必须由双方协商一致,并以书面形式确定。但有下列情形之一的,一方可以向另一方提出变更合同权利与义务的请求,另一方应当在7个工作日内予以答复;逾期未予答复的,视为同意:

 

Article 8Any amendments to the
Contract shall be negotiated and agreed by Both parties and confirmed in written. A party may submit a request to the other party
to change the rights and obligations under the Contract, and the other party shall reply within seven business days in the
event of any of the following situation. Failure of reply shall be deemed as consent:

 

		1.	无;

 

		1.	N.A.

 

		2.	无。

 

		2.	N.A.

 

第九条未经甲方同意,乙方不得将本合同项目部分或全部研究开发工作转让第三人承担。但有下列情况之一的,乙方可以不经甲方同意,将本合同项目部分或全部研究开发工作转让第三人承担:

 

Article 9Party B shall not assign
the R&D works under the Contract in part and in whole to any third party without consent of Party A. Party B may do so without
the consent of Party B in the event of any of the following situation:

 

		1.	无;

 

		1.	N.A.

 

		2.	无。

 

		2.	N.A.

 

乙方可以转让研究开发工作的具体内容包括:无。

 

The specific R&D works which can be
assigned by Party B include: N.A.

 

第十条在本合同履行中,因出现在现有技术水平和条件下难以克服的技术困难,导致研究开发失败或部分失败,并造成一方或双方损失的,双方按如下约定承担风险损失:乙方退回相应的费用。

 

Article 10In performing the
Contract, R&D fails or partly fails due to the technology difficulties that cannot be overcome under the current technology
level and conditions, and causes losses to a party or to Both parties, both parties shall assume the risk and losses based on the
following agreements: Party B shall return the fund accordingly. 

 

双方确定,本合同项目的技术风险按双方协商书面认定的方式认定。认定技术风险的基本内容应当包括技术风险的存在、范围、程度及损失大小等。认定技术风险的基本条件是:

 

Both parties acknowledge that the technology
risk in the Contract shall be identified by Both parties in written negotiation. The basic contents for identifying technology
risk shall include the existence, scope and level of technology risk, and the losses arising from such risk. The basic conditions
for technology risk identification are:

 

		1.	本合同项目在现有技术水平条件下具有足够的难度;

 

		1.	The Contract is difficult enough under the existing technology conditions;

 

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		2.	乙方在主观上无过错且经认定研究开发失败为合理的失败。

 

		2.	Party B does not default subjectively, and R&D failure is deemed as a reasonable failure after
certification.

 

一方发现技术风险存在并有可能致使研究开发失败或部分失败的情形时,应当在7个工作日内通知另一方并采取适当措施减少损失。逾期未通知并未采取适当措施而致使损失扩大的,应当就扩大的损失承担赔偿责任。

 

Where a party identifies the existence
of technology risk which may result in failure or partly failure of R&D, such party shall inform the other party within seven
business days, and adopt appropriate measures to minimize losses. Where losses are increased as a result of failure of notice
and adoption of appropriate measures, the excess shall be indemnified by the notifying party.

 

第十一条在本合同履行中,因作为研究开发标的的技术己经由他人公开(包括以专利权方式公开),一方应在7个工作日内通知另一方解除合同。逾期未通知并致使另一方产生损失的,另一方有权要求予以赔偿。

 

Article 11In performing the
Contract, the subject technology under R&D is published by others (including published through patent right), one party may
terminate the Contract by informing the other party its intention within seven business days. Any loss caused to the other
party due to failure of notice, the other party shall have the right for indemnification.

 

第十二条双方确定因履行本合同应遵守的保密义务如下:

 

Article 12Both parties shall
comply with the following confidential obligations in performing the Contract:

 

甲方:

 

Party A:

 

		1.	保密内容(包括技术信息和经营信息):在合作过程中得到的乙方技技术资料和技术秘密,以及其他泄露后损及乙方利益的信息。

 

		1.	Confidential (including technology information and operating information): technology information
and secret of Party B obtained during cooperation, and other information that may infringe the interests of Party B.

 

		2.	涉密人员范围:参与本项目的甲方项目组成员

 

		2.	Scope of individuals involving confidential: Members of the project team from Party A

 

		3.	保密期限:自本合同签订之日起5年内。

 

		3.	Term of confidentiality: Five years from the execution of the Contract.

 

		4.	泄密责任:甲方承担因泄密而对乙方造成的经济损失。

 

		4.	Liabilities for disclosure of confidential: Party A shall assume the economic losses suffered
by Party B due to the disclosure of confidential.

 

乙方:

 

Party B:

 

		1.	保密内容(包括技术信息和经营信息):在合作过程中得到的甲方技术资料和技术秘密,以及其它泄露后损及甲方利益的信息。

 

		1.	Confidential (including technology information and operating information): technology information
and secret of Party A obtained during cooperation, and other information that may infringe the interests of Party A.

 

		2.	涉密人员范围:参与本项目的乙方项目组成员。

 

		2.	Scope of individuals involving confidential: Members of the project team from Party B.

 

		3.	保密期限:自本合同签订之日起5年内。

 

		3.	Term of confidentiality: Five years from the execution of the Contract.

 

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		4.	泄密责任:乙方承担因泄密而对甲方造成的经济损失。

 

		4.	Liabilities for disclosure of confidential: Party B shall assume the economic losses suffered
by Party A due to the disclosure of confidential.

 

第十三条乙方应当按以下方式向甲方交付研究开发成果:

 

Article 13Party B shall provide
the R&D deliverables to Party A based on the following agreements:

 

		1.	研究开发成果交付的形式及数量:以刻录光盘形式交付《中版教育云平台软件系统》源代码和源代码说明、软件使用说明。

 

		1.	Format and quantity of R&D deliverables: deliver the source code, the description of source
code and software instructions for Education Cloud Platform Software System (Chinese Version) in the form of CD-R.

 

		2.	研究开发成果交付的时间及地点:成果交付时间以本合同第三条的约定为准,交付地点为世界图书出版上海有限公司。

 

		2.	Date and location of R&D deliverables: The date of delivery shall be subject to the agreement
in Article 3 hereunder, while the date of delivery shall be Shanghai World Publishing Corporation.

 

第十四条双方确定,按以下标准及方法对乙方完成的研究开发成果进行验收:根据本合同第一条及第二条的规定讲行成果验收。

 

Article 14Both parties confirm
that the R&D deliverables completed by Party B shall be inspected based on the following standards and methodology: Deliverables
are inspected based on the provisions stated in Article 1 and Article 2 herein.

 

第十五条乙方应当保证其交付给甲方的研究开发成果不侵犯任何第三人的合法权益。如发生第三人指控甲方实施的技术侵权,乙方应当承担全部责任。

 

Article 15Party B shall guarantee
that the R&D deliverables submitted to Party A do not infringe the legitimate interests of any third party. Party B shall assume
all the liabilities provided that Party A is accused of technology infringement by any third party.

 

第十六条双方确定,因履行本合同所产生的研究开发成果及其相关知识产权权利归属,按下列第2种方式处理:

 

Article 16Both parties recognize
that title of the R&D works and other related intellectual rights produced from the Contract shall be handled based on the
Point 2 as follows:

 

		1.	_____________(甲、乙、双)方享有申请专利的权利。

 

		1.	_____________ (Party A/Party B/Both parties) has/have the right for applying patents.

 

		专利权取得后的使用和有关利益分配方式如下:	

 

The use and interest distribution
upon the obtainment of patent right shall be as follows:

 

		2.	按技术秘密方式处理。有关使用和转让的权利归属及由此产生的利益按以下约定处理:

 

		2.	Handled as technology secret. Title in connection with use and transfer of right, and the interest
incurred thereon shall be handled based on the following agreement:

 

		(1)	技术秘密的使用权:归甲方所有。

 

		(1)	Use right of the technology secret: attribute to Party A. 

 

		(2)	技术秘密的转让权:归甲方所有。

 

		(2)	Transfer right of technology secret: attribute to Party A.

 

		(3)	相关利益的分配办法:归甲方所有。

 

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		(3)	Related interests: attribute to Party A.

 

双方对本合同有关的知识产权权利归属特别约定如下:

 

Special agreements reached by Both parties
hereunder for the intellectual property right in connection with the Contract shall be as follows:

 

第十七条乙方不得在向甲方交付研究开发成果之前,自行将研究开发成果转让给第三人。

 

Article 17Party B shall not
assign any R&D results to any third party before delivering such results to Party A.

 

第十八条乙方完成本合同项目的研究开发人员享有在有关技术成果文件上写明技术成果完成者的权利和取得有关荣誉证书、奖励的权利。

 

Article 18Party B’s researchers
on the project provided herein shall have the right of authorship for the technology results, and the right to obtain related certificate
of honor and rewards.

 

第十九条乙方利用研究开发经费所购置与研究开发工作有关的设备、器材、资料等财产,归乙(甲、乙、双)方所有。

 

Article 19Equipment, instrument,
material and other properties purchased by Party B with the R&D expense shall be owned by Party B (Party A/Party B/Both
parties).

 

第二十条双方确定,乙方应在向甲方交付研究开发成果后,根据甲方的请求,为甲方指定的人员提供技术指导和培训,或提供与使用该研究开发成果相关的技术服务。

 

Article 20Both parties recognize
that upon request, Party B shall provide technical guidance and trainings, or the technical services in connection with the use
of such R&D results for the personnel specified by Party A, after Party B delivers the R&D results to Party A.

 

		1.	技术服务和指导内容:甲方在验收项目后,乙方免费为甲方提供本合同软件产品十二个月的无增量技术支持。

 

		1.	Technical service and guidance: Upon the inspection and acceptance of the project, Party B shall
provide Party A with non-incremental technical support for the software provided herein. 

 

		2.	地点和方式:电话远程方式或现场服务。

 

		2.	Location and method: Remote services via telephone or onsite services.

 

		3.	费用及支付方式:无。

 

		3.	Fees and payment: N.A.

 

第二十一条双方确定:任何一方违反本合同约定,造成研究开发工作停滞、延误或失败的,按以下约定承担违约责任:

 

Article 21Both parties recognize
that any R&D works are suspended, delayed or failed as any party breaches the provisions hereunder, the following liability
for default shall apply:

 

		1.	甲方违反本合同第六条约定,应当按照约定付款额千分之五的额度支付违约金。

 

		1.	Where Party A violates Article 6 hereunder, Party A shall pay liquidated damages
at 0.5% of the agreed payment amount.

 

		2.	乙方违反本合同第四条约定,应当按照约定合同额千分之五的额度支付违约金。

 

		2.	Where Party B violates Article 4 hereunder, Party B shall pay liquidated damages
at 0.5% of the agreed contract amount.

 

第二十二条双方确定,甲方有权利用乙方按照本合同约定提供的研究开发成果,进行后续改进。由此产生的具有实质性或创造性技术进步特征的新的技术成果及其权属,由甲(甲、乙、双)方享有。具体相关利益的分配办如下:无。

 

Article 22Both parties recognize
that Party A shall have the right make subsequent improvement on the R&D results provided by Party B based on the Contract.
Any new technology results with substantial or innovative features, and their title generated herein shall be owned by Party
A (Party A/Party B/both parties). The specific distribution of interests are as follows: N.A. 

 

乙方有权在完成本合同约定的研究开发工作后,利用该项研究开发成果进行后续改进。由此产生的具有实质性或创造性技术进步特征的新的技术成果,归乙(甲、乙、双)方所有。具体相关利益的分配办法如下:无。

 

Party B shall have the right to make subsequent
improvement on R&D results upon the completion of R&D works stipulated herein. Any new technology results with substantial
or innovative features, and their title generated herein shall be owned by Party B (Party A/Party B/Both parties). The specific
distribution of interests are as follows: N.A.

 

    	 	12/15	 

     

    

 

第二十三条双方确定,在本合同有效期内,甲方指定熊佳为甲方项目联系人,乙方指定王雯为乙方项目联系人。项目联系人承担以下责任:

 

Article 23Both parties recognize
that Party A shall designate Xiong Jia as Party A’s contact of the project, while Party B shall designate Wang
Wen as the Party B’s contact of the project. The responsibilities of project contact are as follows:

 

		1.	组织和召集项目双方研讨会;

 

		1.	organize and convene workshop for both parties;

 

		2.	共同确定项目的需求和规格;

 

		2.	determine demands and specification mutually;

 

		3.	确定项目经费的及时支付和划拨:

 

		3.	confirm timely payment and appropriation of project expense;

 

		4.	具体落实项目成果的验收。

 

		4.	inspect and accept project results.

 

一方变更项目联系人的,应当及时以书面形式通知另一方。未及时通知并影响本合同履行或造成损失的,应承担相应的责任。

 

Where a party changes its contact, such
party shall give a written notice to the other party on a timely basis. Where the performance of the Contract is affected, or losses
are incurred due to the failure of timely notice, such party shall assume the liabilities thereon.

 

第二十四条双方确定,出现下列情形,致使本合同的履行成为不必要或不可能的,一方可以通知另一方解除本合同;

 

Article 24Both parties recognize
that one party may terminate the Contract by noticing the other party in the event of the followings:

 

		1.	因发生不可抗力或技术风险:

 

		1.	force majeure or technology risk

 

		2.	无

 

		2.	N.A.

 

第二十五条双方因履行本合同而发生的争议,应协商、调解解决。协商、调解不成的,确定按以下第1种方式处理;

 

Article 25Any disputes incurred
in connection with the performance of the Contract shall be resolved through mutual negotiation and coordination. Any dispute which
cannot be resolved through mutual negotiation and coordination shall be handled in accordance with Point 1; 

 

		1.	提交上海仲裁委员会仲裁:

 

		1.	submission to Shanghai Arbitration Commission for arbitration;

 

		2.	依法向人民法院起诉。

 

		2.	lodge a proceeding with the People’s Court.

 

第二十六条本合同一式四份,具有同等法律效力。

 

    	 	13/15	 

     

    

 

Article 26The Contract is made
in quadruplicate, each of which has equal legal effect.

 

第二十七条本合同经双方签字盖章后生效。

 

Article 27The Contract shall
be effective upon the signature and seal of both parties.

 

甲方:世界图书出版上海有限公司(盖章)

 

Party A: Shanghai World Publishing Corporation
(Company seal)

 

法定代表人/委托代理人:

 

Legal representative/entrusted agent:

 

2017年6月19日

 

June 19, 2017

 

乙方:北京华夏大地远稈教育网络服务有限公司(盖章)

 

Party B: Beijing Huaxia Dadi Distance
No earning Services Co., Ltd. (Company seal)

 

法定代表人/委托代理人:

 

Legal representative/entrusted agent: 

 

2017年6月19日

 

June 19, 2017

 

    	 	14/15	 

     

    

 

印花税票粘贴处:

 

Stick stamp tax receipt here:

  

 

(以下由技术合同登记机构填写)

 

(Filled by technology contract registration
organization)

 

合同登记编号:

 

Contract registration number:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

		1.	申请登记人:

 

		1.	Applicant:

 

		2.	登记材料:

 

		2.	Registration material:(1)
	 	 	                                      (2)
	 	 	                                      (3)

  

		3.	合同类型:

 

		3.	Contract type:

 

		4.	合同交易额:

 

		4.	Contract trading amount:

 

		5.	技术交易额:

 

		5.	Technology trading amount:

 

技术合同登记机构(印章)

 

Technology contract registration
organization (seal)

 

经办人:

 

Processed by:

 

年 月 日

 

Date

 

    	 	15/15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}]]