Document:

EX-4.49

Exhibit 4.49

English Translation

CALL OPTION AGREEMENT

BETWEEN

JIA LUO BUSINESS CONSULTING (SHANGHAI) CO., LTD. (“JIA LUO”)

AND

SHANGHAI WAIGAOQIAO (GROUP) CO., LTD. (“GROUP”)

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	1.
	 	Definitions and Interpretations	 	 	 	 
	2.
	 	Granting the Call Option	 	 	 	 
	3.
	 	Exercising the Call Option	 	 	 	 
	4.
	 	Share Transfer Price and Payment	 	 	 	 
	5.
	 	Representations and Warranties	 	 	 	 
	6.
	 	Special Undertakings	 	 	 	 
	7.
	 	Confidentiality	 	 	 	 
	8.
	 	Liability for Breach	 	 	 	 
	9.
	 	Effectiveness, Term and Termination	 	 	 	 
	10.
	 	Taxes and Expenses	 	 	 	 
	11.
	 	Notification	 	 	 	 
	12.
	 	Transfer	 	 	 	 
	13.
	 	Governing Law and Jurisdiction	 	 	 	 
	14.
	 	General Provisions	 	 	 	 
	Exhibit 1	 	 	 	 
	Schedule 2	 	 	 	 

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CALL OPTION AGREEMENT

This agreement (the “Agreement”) was executed on the 25th day of December, 2008 between
the following parties:

	 	(1)	 	JIA LUO BUSINESS CONSULTING (SHANGHAI) CO., LTD. (“JIA LUO”), a company with limited
liability registered under the laws of the People’s Republic of China, whose registered
office is located at Suite 240, 227 Rushan Road, New Pudong District, Shanghai, whose
legal representative is Graham Anton Earnshaw (British passport no. 761022592); and
	 
	 	(2)	 	SHANGHAI WAIGAOQIAO (GROUP) CO., LTD. (“GROUP”), a company with limited liability
registered under the laws of the People’s Republic of China, whose office is located at
159 Futexi Road 1, Shanghai, whose legal representative is SHU Rong-Bin.

(Jia Luo and the Group are hereafter referred to individually or respectively as a “party” and
collectively as “parties”.)

Whereas:

	 	(1)	 	The Group is the sole registered shareholder of SCM (to be defined below), holding
100% of the shares of SCM (“SCM shares”); as of the day of the execution of the Agreement,
the Group’s contribution to SCM’s registered capital and its holding of SCM’s shares are
listed in Appendix 1 attached hereto;
	 
	 	(2)	 	With its extensive experience in TV program and advertisement operation and
production, as well as its highly desirable connections, Jia Luo will undertake a broad
range of business co-operations with SCM; the Group deems Jia Luo an acceptable business
partner in terms of qualifications, business reputation, operations, financial status and
management know-how;
	 
	 	(3)	 	Once all the conditions provided in Section 2.2 of the Agreement are satisfied, the
Group shall agree to transfer the SCM shares it holds to Jia Luo in accordance with the
provisions of the Agreement;
	 
	 	(4)	 	To implement the above-mentioned transfer of the SCM shares, the Group hereby agrees
to unconditionally grant to Jia Luo an irrevocable and exclusive call option (“call
option”), whereby, upon the satisfaction of all the conditions provided in Section 2.2 of
the Agreement, the Group shall transfer all or a portion of the SCM shares it holds to Jia
Luo and/or its designee in accordance with the provisions of the Agreement;

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	 	 	 	On the basis of voluntariness, equality and mutual benefit, the parties hereby enter into
the following agreements:

			
	1	 	Definitions and Interpretations

	1.1	 	Unless otherwise defined in the Agreement, the following terms shall, when used in the
Agreement, have the meaning set forth therein:

	 	 	 
	The “Agreement”

	 	The Agreement together with all schedules and
appendices as well as any modifications or
transfers (if any) thereof in accordance with
relevant legislations;
	 
	 	 
	“SCM”

	 	Shanghai Camera Media Investment Co., Ltd., a valid
and subsisting company with limited liability and
registered under the laws of Shanghai, whose
corporation registration number is 74729380-9 and
whose registered office is situated at Suite 3B10,
168 Tianshan Sub-Road, Changning District,
Shanghai;
	 
	 	 
	“Registered capital of SCM”

	 	On the day of execution of the Agreement, SCM’s
registered capital in the amount of RMB60,000,000 plus any increase in
registered capital as a result of any additional contribution of capital while
the Agreement is in effect;
	 
	 	 
	“SCM shares”

	 	When Jia Luo exercises its call option(“exercise of
option”), as provided in the Agreement, the
specific number of SCM shares that the Group shall
transfer to Jia Luo or its designee, ranging from a
portion to all of the SCM shares; the specific
number of shares shall be at the discretion of Jia
Luo in compliance with the relevant China law then
in effect, the provisions of the Agreement and the
dictates of its business considerations;
	 
	 	 
	“Share transfer price”

	 	Upon exercise of the call option, all the
considerations that Jia Luo or its designee shall
yield to the Group in exchange for the number of
SCM shares, the particulars of which are provided
in Section 4 (Considerations for call option);
	 
	 	 
	“Business permits”

	 	All the permits, authorizations, approvals, filings
and registrations required for SCM to legally and
effectively engage in the production of television
programs and advertising design, production,
delivery and agency as well as all other business
operations carried on by Jia Luo at the time when
Jia Luo exercises the call option, including but
not limited to: “corporate legal person business
license”, “registration with taxation authorities”,
“business license for

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	 	the production of radio and television broadcasting programs”, “business
license for advertising” and all other relevant permits or licenses required
under the China law then in effect;
	 
	 	 
	“SCM assets”

	 	All the tangible and intangible assets of which
SCM has beneficial ownership or are entitled to
access to, including but not limited to: any real
property, movable property, good will and
intellectual properties such as trade marks,
copyrights, patents, proprietary technologies,
domains, software user licenses;
	 
	 	 
	“Material contracts”

	 	All the contracts that SCM is a party thereto and
that have a material effect on the business or
assets of SCM, including but not limited to “the
Agreement on consulting services” that SCM
entered into with Jia Luo, “the Agreement on
consulting services” that SCM entered into with
Yuan Zhi, “the Agreement on strategic
cooperations” that SCM entered into on December
18, 2003 with Inner Mongolia TV Station, and all
other contracts that are directly related to the
business activities conducted by SCM in the area
of radio and television programming and/or
advertising and that have a material effect on
the operations of SCM;
	 
	 	 
	“Business day”

	 	a day on which Chinese banks normally open for
business and provide banking services to
corporate clients;
	 
	 	 
	“China”

	 	People’s Republic of China, solely for the
purpose of the Agreement, excluding Hong Kong,
Macau and Taiwan;
	 
	 	 
	“Hong Kong”

	 	Hong Kong Special Administrative Region
	 
	 	 
	“Renminbi or RMB”

	 	The legal currency of China
	 
	 	 
	“American dollar or USD”

	 	The legal currency of United States of America
	 
	 	 
	“China law”

	 	China’s Constitution, legislations,
administrative regulations, local statues,
ministerial regulations of the State Council,
regulations of local governments and other
legally binding regulatory documents (including
interpretations and guidelines provided by
entities that are authorized to issue such
interpretations and guidelines, such as judicial
interpretations) then in effect;
	 
	 	 
	“%”

	 	Percent

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	1.2	 	All section references refer to the sections of the Agreement; sub-section references refer
to the sub-sections of the section whose reference occurs in the immediate context (unless the
context requires otherwise).
	 
	1.3	 	In the Agreement, unless expressly defined otherwise, reference to words importing a gender
or neutral words include every gender and references to “person”, “third party”, “third
person” include natural person, societies corporate or non-corporate (other organizations),
including government agencies.
	 
	1.4	 	In the Agreement, unless expressly defined otherwise, any reference to “day” is to “calendar
day”, that is, not excluding any statutory holidays and two-day weekends, a year counts 365
days according to the solar calendar (leap years count 366 days).
	 
	1.5	 	Unless expressly defined otherwise, “action” includes action and/or inaction.
	 
	1.6	 	Headings are for convenience only and shall not affect the interpretation of the Agreement.
	 
	1.7	 	References to any statute or statutory provision shall include any statute or statutory
provision which amends or replaces it and shall include any normative stipulations made for
that statute or statutory provision.
	 
	2.	 	Granting the Call Option
	 
	2.1	 	The Group hereby agrees, irrevocably and without any additional requirement, to grant Jia Luo
an exclusive call option whereby, while the Agreement is in effect and upon the fulfillment of
all the conditions stipulated in Section 2.2, Jia Luo or its designee shall be entitled to
purchase, at its sole discretion, in the manner and at the price prescribed in the Agreement,
through a single or multiple transactions, the SCM shares held by the Group; Jia Luo also
agrees to accept the call option in accordance with the terms and conditions of the Agreement.
	 
	2.2	 	The parties acknowledge: upon the fulfillment of the following conditions, while the
Agreement is in effect, Jia Luo or its designee shall be entitled but not obligated to
exercise, at any time (the timing is entirely at the discretion of Jia Luo), the call option
with the Group:

	 	(a)	 	Jia Luo and/or its designee decides to purchase from the Group all or
a portion of the SCM shares and, in accordance with Section 11 of the Agreement,
issues to the Group an exercise notice (“exercise notice”), substantially in the form
as provided in Appendix 2;
	 
	 	(b)	 	The China law does not prohibit Jia Luo and/or its designee from purchasing
all or a portion of the SCM shares as described in the exercise notice;

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	3.	 	Exercising the Call Option
	 
	3.1	 	In the event Jia Luo chooses to exercise the call option as prescribed in Section 2 and the
China law then in effect permits Jia Luo and/or its designee to be the transferee of all the
SCM shares, Jia Luo may, at its sole discretion, exercise the call option once or in multiple
times whereby Jia Luo and/or its designee shall be the transferee of all the SCM shares from
the Group; in the event the China law then in effect permits Jia Luo and/or its designee to be
the transferee of only a portion of the SCM shares, Jia Luo shall, at its sole discretion,
exercise the call option once or in multiple times whereby Jia Luo and/or its designee shall
be the transferee of SCM shares up to the upper limit of shareholding permitted under the
China law then in effect(“upper limit of shareholding”); in the latter scenario, Jia Luo has
the right to continue the exercise of the call option to the extent and as far as the China
law gradually lifts the upper limit of shareholding until eventually all the SCM shares have
been obtained.
	 
	3.2	 	When exercising the call option as prescribed in Section 3.1, Jia Luo may, at its sole
discretion, choose the number of SCM shares that the exercise of the call option shall require
of the Group to transfer to Jia Luo and/or its designee; the Group shall transfer to Jia Luo
and/or its designee the number of SCM shares as specified by Jia Luo. In return, for the SCM
shares transferred upon each exercise of the call option, Jia Luo and/or its designee shall
pay to the Group the price of share transfer as stipulated in Section 4.1 of the Agreement.
	 
	3.3	 	Upon each exercise of the call option, Jia Luo may decide to be the transferee of the SCM
shares or it may designate a third party to be the transferee of the SCM shares.
	 
	3.4	 	Each time it decides to exercise the call option, Jia Luo shall issue an exercise notice to
the Group; upon receiving the exercise notice and in compliance with the requirements of the
China law and the provisions of the Agreement, the Group shall immediately transfer to Jia Luo
and/or its designee, all at once and as soon as practically possible, the number of SCM shares
specified in the exercise notice.
	 
	3.5	 	Upon Jia Luo issuing an exercise notice, the Group hereby undertakes to:

	 	(1)	 	Take all authorized corporate measures to ensure that the Group approves the
transfer to Jia Luo the SCM shares specified in the exercise notice and, to the extent
permitted under the law, obtain all other permits and approvals (if necessary) as may
be required by the China law then in effect;
	 
	 	(2)	 	Ensure that the top decision-making body within SCM passes resolutions and
take any other necessary actions to approve the transfer by the Group to Jia Luo
and/or its designee of the SCM shares specified in the exercise notice;
	 
	 	(3)	 	At the request of Jia Luo and in compliance with the China law, provide to
Jia Luo the necessary support and cooperation including but not limited to conducting
the asset appraisals with regard to the transfer (if then required), effecting all
such procedures as public announcements, government approvals, registrations and
filings, executing all such relevant legal documents as the share transfer agreement
with Jia Luo

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	 	 	 	and/or its designee, in order that the SCM shares specified in the exercise notice
are legally and validly transferred to Jia Luo and/or its designee.

	3.6	 	The Group hereby commits itself to this undertaking: to implement the transactions
contemplated in the Agreement, any other legal documents that the Group will sign pursuant to
the Agreement (including but not limited to the share transfer agreement stipulated in Section
3.5) shall not contradict the provisions of the Agreement or that impose any other
restrictions other than those already provided in the Agreement.
	 
	4.	 	Share Transfer Price and Payment
	 
	4.1	 	In accordance with the Agreement, to purchase the SCM shares held by the Group, Jia Luo shall
pay the share transfer price as defined below (contingent on the situation that applies):

	 	(a)	 	In the event that the China law does not require an asset appraisal of the
SCM shares and/or SCM assets,
	 
	 	 	 	Total share transfer price = RMB 15,500,000;
	 
	 	 	 	If Jia Luo decides to purchase only a portion of the SCM shares, then the share
transfer price for purchasing the SCM shares each time shall be determined using
the following formula:
	 
	 	 	 	Price for each share transfer = equivalent of RMB 15,500,000 x (proposed number of
SCM shares to be purchased ÷ the total number of SCM shares)
	 
	 	(b)	 	In the event that the China’s law requires an asset appraisal of the SCM
shares and/or SCM assets and that the appraised value is no more than RMB 15,500,000,
	 
	 	 	 	Total share transfer price = RMB 15,500,000;
	 
	 	 	 	If Jia Luo decides to purchase only a portion of the SCM shares, then the share
transfer price for purchasing the SCM shares each time shall be determined using
the following formula:
	 
	 	 	 	Price for each share transfer = equivalent of RMB 15,500,000 x (proposed number of
SCM shares to be purchased ÷ the total number of SCM shares)
	 
	 	(c)	 	In the event that the China’s law requires an asset appraisal of the SCM
shares and/or SCM assets and that the appraised value is more than RMB 15,500,000,

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	 	 	 	Total share transfer price = Total appraised value of SCM assets
	 
	 	 	 	If Jia Luo decides to purchase only a portion of the SCM shares, then the share
transfer price for purchasing the SCM shares each time shall be determined using
the following formula:
	 
	 	 	 	Price for each share transfer = Appraised value of related SCM assets that
corresponds to the proposed number of SCM shares to be purchased

	4.2	 	Jia Luo may decide, at its sole discretion, to deliver to the Group the share transfer price
in cash in the amount of the share transfer price and/or having a third party release the
Group from an indebtedness or security owed to this said third party and that is equal in
value to the share transfer price.
	 
	5.	 	Representations and Warranties
	 
	5.1	 	The Group hereby provides the following representations and warranties to Jia Luo: up to the
date of effectiveness of the Agreement,
	 
	(a)	 	The Group is a duly established company limited liability registered and subsisting under the
laws of the People’s Republic of China with full capacities for civil rights and civil acts,
full legal rights and capacity to enter into and execute the Agreement as well as all other
documents to be executed in connection with the transactions contemplated in the Agreement,
full legal rights and capacity to undertake the legal obligations and responsibilities as set
forth in the Agreement, and full capacity to enter legal proceedings as an independent
subject.
	 
	(b)	 	The Group has legally and duly executed and delivered the Agreement, which constitutes a
legal, valid and binding agreement of the Group, enforceable in accordance with the terms
hereof.
	 
	(c)	 	The capital contribution corresponding to the SCM shares has been fully, timely and legally
paid to SCM; the Group has fully paid all the taxes and fees that should be paid as a result
of obtaining the SCM shares.
	 
	(d)	 	The Group is the only person that has the ultimate legal title to the SCM shares free and
clear of any trusts, custodies, liens, pledges, claims or other guarantees and third party
encumbrances, except for the Agreement. As set forth in the Agreement, upon exercise of the
call option, Jia Luo and/or its designee shall have valid and complete title to the SCM shares
free and clear of any trusts, custodies, liens, pledges, claims or other guarantees and third
party encumbrances.

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	(e)	 	The execution and performance of the Agreement by the Group do not violate or contravene any
applicable China law, listing rules, industry norms, any contracts that they are parties to
and that are legally binding on their assets, any court orders, any judgments of arbitration
tribunals or any decisions by administrative authorities.
	 
	(f)	 	To the best knowledge of the Group, the SCM shares are not a subject of any pending or
threatened suit, legal proceeding or claim by any court or arbitration tribunal, or of any
administrative proceeding, measure or claim by any government agency; there is no suit,
arbitration, judicial action, administrative measures or other situations that have a material
adverse effect on the financial status of the Group or on their capacity to undertake the
obligations hereunder such that the Group will be unable to maintain their legal holding of
the SCM shares.
	 
	(g)	 	SCM is a valid and subsisting company with limited liability and is registered under the laws
of the People’s Republic of China with full independent status and capacity as a legal entity,
capable of entering legal proceedings as an independent subject.
	 
	(h)	 	To the best knowledge of the Group, SCM or its assets are not involved in any pending or
threatened suit, legal proceeding or claim by any court or arbitration tribunal, or of any
administrative proceeding, measure or claim by any government agency, except for those suits,
legal proceedings or claims that would not have a material adverse effect on the financial
status of SCM.
	 
	(i)	 	From its establishment up to the effectiveness of the Agreement, SCM has conducted its
business in full compliance with the law, without any violation or potential violation of the
regulations and requirements enforceable by government agencies such as business and commerce
administration, taxation, radio and TV broadcasting, advertising, quality and technical
oversight, labor and social security, and without any contract breach or dispute, except as
those that would not have a material adverse effect on the financial status of SCM.
	 
	(j)	 	SCM is in possession of all the licenses, permits or authorizations required for its
operations. SCM has full rights and qualifications to engage, within China, in the production
of radio and television programs, advertising design, production, and agency as well as all
other activities within the scope of its current business operation.
	 
	5.2	 	The Group hereby assures Jia Luo that the above representations and warranties are all true,
complete and accurate without any omissions, misleading information or errors.

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	6.	 	Special undertakings
	 
	6.1	 	In order to maintain and increase the value of SCM shares, to the extent within its control,
the Group hereby assures Jia Luo of the following undertakings:

	 	(a)	 	While the Agreement is in effect, adopt all necessary measures to ensure that
SCM obtains and renews in a timely fashion all required business licenses, permits and
authorizations and that all such business licenses, permits and authorizations remain
valid.
	 
	 	(b)	 	While the Agreement is in effect, without obtaining in advance the written
consent of Jia Luo:

	 	(i)	 	The Group shall not dispose in any manner of all or a
portion of the SCM shares or to involve any of the SCM shares in any trust,
custody, pledge or third party encumbrance;
	 
	 	(ii)	 	The Group shall not increase or decrease the registered
capital of SCM;
	 
	 	(iii)	 	The Group shall not dispose of or to cause SCM
management to dispose of any material assets of SCM;
	 
	 	(iv)	 	The Group shall not terminate or cause SCM management
to terminate any material contract to which SCM is a party (the range of
such material contracts shall be determined then by Jia Luo on a reasonable
basis), or to enter into any contracts that are in conflict with any
existing material contracts, or to consummate any transactions of which the
considerations, in a single transaction or accumulated over a period of
three consecutive months, exceeds 5% of the net asset value then of SCM;
	 
	 	(v)	 	The Group shall not cause SCM to declare or actually
distribute any profit, bonus, dividend or interest that are available for
distribution;
	 
	 	(vi)	 	The Group shall not amend the articles of association
of SCM; and
	 
	 	(vii)	 	Ensure that SCM does not provide or obtain any loans,
or provide any guarantee or undertake any pledges, or assume any
liabilities outside of its normal course of business.

	 	(c)	 	Ensure that SCM remains valid and subsists without being terminated, merged,
split-up, liquidated or dissolved.
	 
	 	(d)	 	While the Agreement is in effect, exert its utmost to develop the business of
SCM and ensure its legal and normal operation without acting in any

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	 	 	 	way that would be detrimental to SCM’s assets, good will or the validity of its
business license.
	 
	 	(e)	 	Subsequent to sufficient consultation with Jia Luo and proceeding in line
with the opinions acceptable to Jia Luo, pass and adopt internal resolutions of SCM
(include but not limited to election and appointment of SCM directors, if necessary).

	6.2	 	In order to maintain and increase the value of SCM shares to the extent within its control,
Jia Luo hereby assures the Group of the following undertakings:

	 	(a)	 	While the Agreement is in effect, adopt all necessary measures to ensure that
SCM obtains and renews in a timely fashion all required business licenses, permits and
authorizations and that all such business licenses, permits and authorizations remain
valid.
	 
	 	(b)	 	To ensure that SCM remains valid and subsists without being terminated,
merged, divided, liquidated or dissolved.
	 
	 	(c)	 	While the Agreement is in effect, exert its utmost to develop the business of
SCM and ensure its legal and normal operation without acting in any way that would be
detrimental to SCM’s assets, good will or the validity of its business license.
	 
	 	(d)	 	Never require the Group to engage in any activities that contravene the
provisions of Section 6.1.

	6.3	 	Jia Luo acknowledges that, notwithstanding the provisions of Section 6.1, the Group shall not
be held liable to Jia Luo if the violation by the Group of the undertakings set forth in
Section 6.1 is attributable to Jia Luo or its affiliates.
	 
	7.	 	Confidentiality
	 
	7.1	 	Each Party shall keep the Agreement and its terms confidential and shall not disclose to any
other party the content herein or make any press release or public disclosure in any form
regarding the transactions contemplated herein; the foregoing shall not prohibit any
disclosure: (i) required by law or regulations governing the exchange of securities; (ii) of
any information that has entered the public domain not as a result of a breach of contract by
the party making the disclosure; (iii) to shareholders of one party, attorneys, accountants,
investment consultants or other agents of the Parties assisting the Parties in connection with
the transactions contemplated herein; or (iv) for which a written consent by the other party
has been obtained in advance.
	 
	7.2	 	Notwithstanding other provisions herein, the validity of this section shall survive the
cessation or termination of the Agreement.

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	8.	 	Liability for Breach
	 
	8.1	 	Other than the breach of contract by the Group in the event of default on the covenants,
presentations, warranties or undertakings as set forth in the Agreement, the Group shall also
be deemed in violation of the Agreement if the following occurs:
	 
	(a)	 	The acceleration clause is invoked when the Group defaults on any external loans, pledges,
compensations, undertakings or other liabilities, or otherwise finds itself unable to honor
its obligations when due; or the Group is unable to settle material liabilities that arise
from tort, profits acquired improperly and without a lawful basis, or acts as manager or
provider of services in order to protect another person’s interests when not legally or
contractually obligated, such that Jia Luo has reason to believe that it constitutes a
material adverse effect or a threat thereof on the capacity of the Group to fulfill their
obligations under the Agreement;
	 
	(b)	 	A material adverse change has occurred in the assets of the Group such that Jia Luo has
reason to believe that it constitutes a material adverse effect or a threat thereof on the
capacity of the Group to fulfill their obligations under the Agreement;
	 
	(c)	 	Bankruptcy, dissolution, split-up, reorganization, liquidation, suspension of business
license for the Group have been imposed from outside or initiated from within, or a material
threat thereof;
	 
	(d)	 	Bankruptcy, dissolution, split-up, reorganization, liquidation, suspension of business
license for SCM have been imposed from outside or initiated from within, or a material threat
thereof, except for when it is directly attributable to Jia Luo or its affiliates; or
	 
	(e)	 	Any of the permits, authorizations, filings and registrations required for SCM to conduct its
normal range of business (including but not limited to its business license for the production
of radio and television broadcasting programs, business license for advertising) has been
cancelled or suspended or there is a material restriction to or weakening of the legal
capacity for SCM to conduct its normal range of business, except for when it is attributable
to Jia Luo or its affiliates.
	 
	8.2	 	Should any party (“the breaching party”) fails to fulfill its obligations under the
Agreement, on the condition that the other party’s (“non-defaulting party”) other rights under
the Agreement are not affected, the breaching party shall assume the responsibilities for
breach of contract in accordance with the provisions of the Agreement and applicable laws,
including but not limited to actual performance, providing remedies and compensating the
non-defaulting party for damages.

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	8.3	 	The termination or dissolution of the Agreement does not absolve any party from the
liabilities that were assumed under the Agreement prior to or at the time of the termination
or dissolution, nor does it affect the rights of any party to seek compensation from the other
party for breach of contract prior thereto.
	 
	9.	 	Effectiveness, Term and Termination
	 
	9.1	 	Upon execution, the Agreement shall come into force.
	 
	9.2	 	Unless otherwise provided herein, the Agreement shall automatically terminate upon the
transfer of all SCM shares to Jia Luo and/or its designee in accordance with the provisions of
the Agreement (the transfer being deemed consummated when all procedures required under the
China law are completed).
	 
	10.	 	Taxes and expenses
	 
	10.1	 	The parties hereto shall each bear their respective expenses and costs in connection with the
consultation, drafting and finalization of the Agreement as well as all the transactions
contemplated herein or any related legal, financial, business or other affairs.
	 
	10.2	 	Any tax required or imposed under the China law and any duties due to the government that
arise as a result of or in connection with the Agreement shall be borne by the taxpayers as
defined by applicable China law.
	 
	11.	 	Notification
	 
	11.1	 	Any notice required under the Agreement shall be in writing and in the Chinese language; any
notice to the other party by any party hereto, if delivered by courier, EMS or pre-paid
registered mail, shall be delivered to the following address (or the addressee notifies the
addresser in writing five days in advance of an alternative address); if transmitted by
facsimile, shall be transmitted to the following facsimile numbers of the addressee:
	 
	 	 	If intended for Jia Luo
	 
	 	 	JIA LUO BUSINESS CONSULTING (SHANGHAI) CO., LTD.

	 	Address:	 	3905-09 Gang Hui Plaza, 1 Hong Qiao Road, Shanghai
	 
	 	Postal Code:	 	200030
	 
	 	Facsimile Number:	 	86 21 6448 4956
	 
	 	Attention:	     	Andrew Chang

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	 	 	If intended for the Group
	 
	 	 	SHANGHAI WAIGAOQIAO (GROUP) CO., LTD.

	 	Address:	     	159 Futexi Road 1, Shanghai
	 
	 	Postal Code:	 	200131
	 
	 	Facsimile Number:	 	58680088

	11.2	 	To avoid any confusion, for delivery by courier, the notice shall be deemed delivered when it
reaches the above address; for delivery by facsimile, the notice shall be deemed delivered
when the facsimile signal recognizing reception is received but the original notice should be
sent by post or courier after the successful transmittal of the facsimile; for delivery by EMS
or pre-paid registered mail, the notice shall be deemed delivered 48 hours after it is
dispatched (if sent out of the country, the notice shall be deemed delivered 10 days after it
is dispatched). For proof of delivery, it suffices to show that the notice in question was
appropriately addressed, dispatched or posted (as the case may be).
	 
	12.	 	Transfer
	 
	12.1	 	The Group hereby acknowledges: Jia Luo has the right to transfer, at its sole discretion, all
or part of its rights and/or obligations under the Agreement without having to obtain the
written consent of the Group, provided that Jia Luo informs the Group of the transfer in
question within a reasonable time frame after the completion of the transfer.
	 
	12.2	 	Without the written consent in advance from Jia Luo, the Group shall not transfer its rights
and/or obligations under the Agreement.
	 
	13.	 	Governing Law and Jurisdiction
	 
	13.1	 	The Agreement shall be construed in accordance with and governed by the laws of the People’s
Republic of China.
	 
	13.2	 	The parties hereto hereby irrevocably acknowledge: any disputes, claims or controversies
among the parties arising out of or in connection with the Agreement shall be resolved through
friendly consultation as a first resort; in the event the dispute resolution through
consultation proves unsuccessful, the parties shall then refer the dispute to the Shanghai
Commission, China International Economic and Trade Arbitration Commission and submit
themselves to the arbitration rules of the said Commission in effect at the time of
application for arbitration; the judgment of the arbitration tribunal is final and binding on
the parties hereto and may be executed in any judicial court or administrative agency with
appropriate competence.

15

 

	14.	 	General Provisions
	 
	14.1	 	Jia Luo and the Group agree to further complete, execute, deliver and perform what is
reasonably requested by any party and to ensure that related persons act likewise with regard
to additional measures such as taking actions, executing documents or delivering documents, in
order that the transactions contemplated in the Agreement may be consummated smoothly.
	 
	14.2	 	Time is of a critical factor of the Agreement.
	 
	14.3	 	No content herein shall be deemed to constitute, for any purpose, a partnership between the
parties, nor shall any party be deemed, for any purpose, an agent of any other party; no party
has been empowered with nor shall any party exercise any rights or authorization to create for
any other party, for any purpose, any obligations or liabilities (including acting on behalf
of or in the name of any other party to make presentations, pledges or warranties).
	 
	14.4	 	Without the written consent and execution in advance by the parties referencing the
particulars of the Agreement, any modification, amendment and revision regarding the
provisions herein or the parties’ rights and obligations hereof (including but not limited to
any modification, amendment and revision that may be recommended based upon the review or
opinion of Chinese government agencies) shall be null and void.
	 
	14.5	 	The Agreement constitutes the only and entire agreement of the Parties hereto regarding the
subject matter hereof, and supersedes any form of offer, undertaking, covenant, arrangement,
presentation, intention, expression or understanding pertaining to the transactions
contemplated herein prior to the execution of the agreement.
	 
	14.6	 	Any party’s waiver, suspension or incapacity of exercising certain rights does not reduce,
remove or restrict the party’s rights granted hereby and the right to sue the other party in a
court of law; any party’s abstention from exercising its rights regarding another party’s
breach of contract shall not be construed as never seeking recourse against the breaching
party; a single or partial exercise of any rights hereunder or seeking recourse does not
restrict or affect the party to further exercise the said right or seeking recourse or
exercising any other rights.
	 
	14.7	 	The rights, interests and/or claims granted or included herein may be accumulative and
superimposed, any party exercising the rights, interests and/or claims granted or included
herein is not excluded from possessing, exercising and claiming any rights, remedy and/or
damage granted under applicable law.
	 
	14.8	 	If at any time, any provision herein is declared by any court of law, arbitration tribunal or
authority with judicial competence to be null, illegal, unenforceable or non-executable in any
way, to the extent permissible under applicable law, the said provision shall be deemed
deleted from the Agreement whilst the other

16

 

	 	 	provisions herein remain valid, legal and enforceable or executable without being affected
in any manner and shall continue to be valid and enforceable.
	 
	14.9	 	The Agreement shall bind and inure to the benefit of the respective successors, assigns
and/or acceptable transferees, regardless whether the parties or the said successors, assigns
and transferees have changed their names, organizational structure, competent departments or
organizational nature.
	 
	14.10	 	The Agreement is composed in the Chinese language, in three (3) duplicates, each having
equal legal force, one copy to be held by each party, one copy to be held by SCM.
	 
	14.11	 	The parties hereto may execute the Agreement jointly or separately; the said Agreement
signed either jointly or separately shall be deemed to be equally valid; the agreements
separately executed by each party shall constitute the entire agreement.

(The rest of the page is blank.)

17

 

Signature page

On the date shown on the cover page of the Agreement, signed by Parties hereto or their respective
authorized representatives

By /s/ Graham Anton Earnshaw

JIA LUO BUSINESS CONSULTING (SHANGHAI) CO., LTD.

[Company chop of Jia Luo Business Consulting (Shanghai) Co., Ltd.]

Signature:

Title:

Signature of witness:

By /s/ SHU Rong-bin

SHANGHAI WAIGAOQIAO (GROUP) CO., LTD. [Company chop of Shanghai Waigaoqiao (Group) Co., Ltd.]

Signature:

Title:

Signature of witness:

18

 

Exhibit 1

Profile of SCM

	 	 	 
	Company name:

	 	Shanghai Camera Media Investment Co., Ltd.
	 
	 	 
	Registered address:

	 	3B10 168 Tianqi Road, Chang Ning District, Shanghai, China
	 
	 	 
	Registered capital:

	 	RMB 60,000,000
	 
	 	 
	Legal representative:

	 	ZHANG Guan-Ming

Shareholding structure:

	 	 	 	 	 
	Name of shareholder	 	Capital contribution (RMB)	 	% of total shares
	The Group	 	RMB 60,000,000	 	100%
	Total	 	RMB 60,000,000	 	100%

19

 

Schedule 2

Form of Exercise Notice

To: SHANGHAI WAIGAOQIAO (GROUP) CO., LTD.

Whereas:

On       
              , 2008, your company
and our company executed “Call Option Agreement”(“Agreement”)
covenanting that, upon the fulfillment of all the conditions as set forth in Section 2.2 of the
Agreement, your company shall transfer to our company or any third party designated by our company
all or a portion of the Shanghai Camera Media Investment Co., Ltd.(“SCM”) shares held by your
company.

Therefore, our company hereby issues to your company the notice below:

	(1)	 	Our company wishes to exercise the call option as per the “Call Option Agreement II” such
that [our company]/our company’s designee [name of company/individual] shall be the transferee
of SCM shares held by your company representing ___% of SCM’s registered capital;
	 
	(2)	 	It is requested that your company complete, within
___ business days after receipt of this
notice, the relevant legal procedures in accordance with Section 3.5 of the call option
agreement.
	 
	(3)	 	It is requested that your company shall cause SCM to amend,
within ___ business days after
receipt of this notice, the SCM Articles of Association and commence revising the registration
with the industry and commerce administrative authorities (if needed) in order that the said
SCM shares are transferred to [our company]/our company’s designee [name of
company/individual].

Sincerely yours,

JIA LUO BUSINESS CONSULTING (SHANGHAI) CO., LTD.

Authorized representative:

Date:

20EX-4.50

Exhibit 4.50

Execution Copy

THIS AGREEMENT is made on the 31st day of December 2008

BETWEEN:

	(1)	 	XINHUA FINANCE MEDIA LIMITED, a company duly incorporated in the Cayman Islands whose
registered office is at Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681GT, George
Town, Grand Cayman, Cayman Islands, British West Indies (“XFM”); and
	 
	(2)	 	PARIYA HOLDINGS LIMITED a company duly incorporated in the British Virgin Islands whose
registered office is at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands (“Pariya”).

WHEREAS:

	1.	 	As at the date of this Agreement, XFM legally and beneficially owns the entire issued share
capital of Xinhua Finance Media (Convey) Limited (formerly known as “Good Speed Holdings
Limited”), a company incorporated under the laws of the British Virgin Islands with
registration number 1409292 with its registered address located at P.O. Box 957, Offshore
Incorporations Centre, Road Town, Tortola, British Virgin Islands (the “Company”).
	 
	2.	 	XFM agrees to sell and Pariya agrees to purchase the Sale Shares (as defined below) which, in
aggregate, represent 85% of the Company’s issued share capital from XFM as at completion
subject to the terms and conditions set forth in this Agreement.

NOW IT IS HEREBY AGREED as follows:-

	1.	 	Definitions
	 
	1.1	 	In this Agreement, all capitalized words and expressions shall have the same meanings as in
the Sale Agreement (as defined below) unless otherwise defined herein.
	 
	1.2	 	In this Agreement, the following capitalized words and expressions shall have the meanings
set against them below unless the context otherwise requires:

	 	 	 	 	 
	 

	 	“Agreement”
	 	means this Agreement;
	 
	 	 	 	 
	 

	 	“Business Day”
	 	means a day (other than a Saturday or Sunday) on which

1

 

	 	 	 	 	 
	 

	 	 	 	banks in Hong Kong are generally open for
business;
	 
	 	 	 	 
	 

	 	“BVI”
	 	means the British Virgin Islands;
	 
	 	 	 	 
	 

	 	“Consideration”
	 	means US$85,000,000, being the total consideration
payable for the Sale Shares as set out in Clause
2.2;
	 
	 	 	 	 
	 

	 	“Closing”
	 	means the completion of the sale and purchase of
the Sale Shares contemplated herein, which shall
take place upon signing of this Agreement;
	 
	 	 	 	 
	 

	 	“Encumbrance”
	 	includes, without any limitation, with respect to
any asset, any option, right to acquire, right of
pre-emption, mortgage, charge, pledge, lien,
hypothecation, title retention, right of set-off,
counterclaim, trust arrangement or other security
or any equity or restriction (including any
restriction imposed under the Companies
Ordinance);
	 
	 	 	 	 
	 

	 	“Group”
	 	means the Company, Convey Advertising Company
Limited, Convey Media Advertising Limited, Convey
Advertising China Limited and Giant Whale
Investment Financial Advisory (Shenzhen) Co.,
Ltd.; and “Group Company(ies)” shall be construed
accordingly;
	 
	 	 	 	 
	 

	 	“Hong Kong”
	 	means the Hong Kong Special Administrative Region
of the People’s Republic of China;
	 
	 	 	 	 
	 

	 	“Knowledge”
	 	means the actual knowledge through the receipt of
written notice by the directors of the applicable
company or its general counsel;
	 
	 	 	 	 
	 

	 	“Legal Requirements”
	 	means all laws, regulations and orders applicable
to the ownership and sale of the Sale Shares by
XFM to Pariya;
	 
	 	 	 	 
	 

	 	“Parties”
	 	means XFM and Pariya and “Party” shall mean any
one of them;
	 
	 	 	 	 
	 

	 	“Sale Agreement”
	 	means the purchase agreement in respect of the
Company dated 29 June 2007 entered into between
XFM, Pariya, the Company and Wong Siu Wa as the
covenantor;
	 
	 	 	 	 
	 

	 	“Sale Shares”
	 	means such number of shares of the Company
representing 85% of the issued share capital of
the 

2

 

	 	 	 	 	 
	 

	 	 
	 	 Company as at the Closing;
	 
	 	 	 	 
	 

	 	“Subsequent Disposal”
	 	means the disposal of all or part of the Sale
Shares to any third party(ies) by Pariya at any
time after Closing for an aggregate consideration
of not less than US$45,000,000;
	 
	 	 	 	 
	 

	 	“Subsequent
Purchaser(s)”
	 	means the purchaser(s) in the Subsequent Disposal;
	 
	 	 	 	 
	 

	 	“US$”
	 	means United States Dollars, the lawful currency
of the United States of America;
	 
	 	 	 	 
	 

	 	“1st Instalment”
	 	means the first instalment of the Consideration
being US$5,000,000 payable in cash as contemplated
in Schedule I hereto;
	 
	 	 	 	 
	 

	 	“2nd Instalment”
	 	means the second instalment of the Consideration
being US$10,000,000 payable in cash on or before
February 28, 2009 as contemplated in Schedule I
hereto;
	 
	 	 	 	 
	 

	 	“3rd Instalment”
	 	means the third instalment of the Consideration
being US$10,000,000 payable in cash on or before
March 31, 2009 as contemplated in Schedule I
hereto; and
	 
	 	 	 	 
	 

	 	“5th Instalment”
	 	means the fifth instalment of the Consideration
being US$10,000,000 payable in cash on or before
September 30, 2009 as contemplated in Schedule I
hereto.

	1.3	 	In this Agreement, references to a “month” are references to a calendar month and references
to a “year” are references to a calendar year unless the context requires otherwise.
	 
	2.	 	Sale and Purchase
	 
	2.1	 	XFM agrees to sell and Pariya agrees to purchase all but not part of the Sale Shares free of
any Encumbrance on or before Closing or such other date as agreed by the Parties.
	 
	2.2	 	Payments:

	 	(a)	 	The Consideration for the Sale Shares is Eighty-five Million US Dollars
(US$85,000,000), which shall be paid by Pariya to XFM by seven (7) instalments in the
manner set out in Schedule I to this Agreement.
	 
	 	(b)	 	If Pariya has entered into any agreement, written or otherwise, with any
Subsequent Purchaser(s), prior to the 5th Instalment becoming due as set out

3

 

	 	 	 	in Schedule I hereto, for the sale of all or part of the Sale Shares to the
Subsequent Purchaser(s) for a consideration of not less than US$45,000,000, all
outstanding amount from 1st to 3rd Instalments and the
5th Instalment set out in Schedule I, if not yet due and payable
pursuant to Schedule I hereto, will become due and payable within ten (10) days
upon Pariya’s receipt of such consideration in full from the Subsequent Purchaser.

	2.3	 	In consideration of XFM’s agreement to enter into this Agreement, the Parties agree that the
Vendor shall fully and finally be released from its obligations and liabilities under Clauses
4A and 5 of the Sale Agreement with effect from Closing.
	 
	3.	 	XFM’s Representations, Warranties and Undertakings
	 
	 	 	XFM represents and warrants that the following representations, warranties and undertakings
(collectively, “XFM’s Warranties”) shall be true and correct in all respects as at Closing:
	 
	3.1	 	Existence and Qualification of the Company and its subsidiaries after Closing:

	 	(a)	 	Each of the Group Companies is a corporation duly organized, validly existing and
in good standing under the laws of the country in which it was incorporated, and has the
corporate power to own or lease and operate its properties and assets and conduct its
business in all jurisdictions wherein such properties and assets are located and such
business conducted.
	 
	 	(b)	 	Each of the Group Companies has complied with all relevant legislation whether in
its place of incorporation or elsewhere including (but without limitation) legislation
relating to companies and securities, exchange controls, borrowing and lending controls,
real property and taxation.

	3.2	 	Authorization; No Violation:

	 	(a)	 	XFM has full power and authority to enter into this Agreement and each of the
documents set out in paragraph 1 of Schedule II to this Agreement as at Closing
(collectively, the “Seller’s Documents”) and to carry out the transactions contemplated
hereby and thereby. Each of the Seller’s Documents shall be duly executed and delivered
and is a valid and binding agreement, enforceable in accordance with its terms.
	 
	 	(b)	 	Neither the execution and delivery by XFM of the Seller’s Documents nor its
consummation of the transactions contemplated hereby and thereby will be in conflict
with, or constitute a default (or an event which, with notice or lapse of time or both,
would constitute a default) under, or result in the termination of, or accelerate the
performance required by, or cause the acceleration of the maturity of any debt or
obligation pursuant to, or result in the creation or imposition of any Encumbrance,
under any agreement or

4

 

	 	 	 	commitment to which XFM is a party or by which XFM or the Sale Shares are bound, or
violate any statute or law or any judgment, decree, order, regulation or rule of
any court or governmental authority.

	3.3	 	Contracts and Agreements:
	 
	 	 	To the Knowledge of XFM,

	 	(a)	 	none of the Group Companies is a party to any written or oral contract,
commitment, guarantee or agreement relating to the Sale Shares; and
	 
	 	(b)	 	the Group is not in default under any promissory note, indenture, evidence of
indebtedness, security therefor, contract, lease, commitment, undertaking or other
instrument whatsoever by which the Sale Shares are bound.

	3.4	 	Absence of Certain Changes:
	 
	 	 	As at the date of this Agreement, and except as expressly provided herein:

	 	(a)	 	XFM has preserved intact the Sale Shares, performed all of its obligations
relating to the Sale Shares, and not entered into, extended, modified, terminated or
renewed any agreement relating to the Sale Shares;
	 
	 	(b)	 	XFM has not permitted or allowed the Sale Shares to be subjected to any
Encumbrance;
	 
	 	(c)	 	XFM has paid, discharged or satisfied all to the Knowledge of XFM, all claims,
liabilities and obligations (absolute, accrued, contingent or otherwise) of the Group
have been paid, discharged or satisfied in the ordinary course consistent with past
practice;
	 
	 	(d)	 	XFM has not entered into any contract, commitment, or understanding having a
material adverse effect on the Group for the sale of, or sold, transferred, or otherwise
disposed of, any material properties or assets owned by the Group him, other than in the
ordinary course consistent with past practice;
	 
	 	(e)	 	XFM has complied in all material respects with all Legal Requirements, which the
failure to comply with would have a material adverse effect on XFM the Group or the Sale
Shares.

	3.5	 	No Litigation:
	 
	 	 	To the Knowledge of XFM:

	 	(a)	 	there is no claim, suit, litigation, arbitral action, inquiry, proceeding, or
investigation by or before any court or governmental or other legal or administrative
agency or commission pending or threatened or anticipated

5

 

	 	 	 	against, or involving, relating to, against or affecting the Sale Shares or any of
the Group Companies;
	 
	 	(b)	 	no Group Company has received any notice of any such claim, action, litigation,
proceeding or investigation;
	 
	 	(c)	 	there is no reasonable basis for any future claims, actions, litigations,
proceedings or investigations against the Sale Shares or any of the Group Companies.

	3.6	 	Title to Sale Shares:

	 	(a)	 	XFM owns and will have good and marketable title to the Sale Shares, free and
clear of any and all Encumbrances.
	 
	 	(b)	 	By execution and delivery of this Agreement and the original share certificate(s)
in respect of the Sale Shares, XFM will transfer and convey to Pariya, at Closing, good
title to the Sale Shares, free and clear of any and all Encumbrances.
	 
	 	(c)	 	XFM has not made any commitment or legal obligation, absolute or contingent, to
any person other than Pariya to sell, assign, transfer or effect a sale of the Sale
Shares, or to enter into any arrangement or cause the entering into of any arrangement
with respect thereto.

	3.7	 	The XFM’s warranties shall survive Closing.
	 
	4.	 	Closing
	 
	4.1	 	Time and Venue: Closing shall take place immediately after the signing of this
Agreement by the Parties at the office of XFM at Suite 2103-2104 Vicwood Plaza, 199 Des Voeux
Road Central, Hong Kong or such other place and time as may be agreed by the Parties (time in
either case being of the essence).
	 
	4.2	 	Closing Arrangement: At Closing, each Party shall fulfil all (or part only if
mutually agreed) of the obligations imposed on it under Schedule II. All (or part only if
mutually agreed) of the transactions described in Schedule II shall take place at the same
time, so that in default of performance of any such transactions or any part thereof by either
XFM or Pariya, the other Party shall not be obliged to complete the sale and purchase of the
Sale Shares (without prejudice to any other rights and remedies in respect of such default).

6

 

	4.3	 	Post Closing Arrangement: Within ten (10) Business Days after Closing, each Party
shall fulfil all (or part only if mutually agreed) of the obligations imposed on it under
Schedule III.
	 
	5.	 	Notices and Instructions
	 
	5.1	 	Any notice or other communication given or made under or in connection with the matters
contemplated by this Agreement shall be in writing.
	 
	5.2	 	Any such notice or other communication shall be addressed as provided in Clause 5.3 and, if
so addressed, shall be deemed to have been duly given or made as follows:-

	 	(a)	 	if sent by personal delivery, upon delivery at the address of the relevant Party;
	 
	 	(b)	 	if sent by post, five Business Days after the date of posting;
	 
	 	(c)	 	if sent by facsimile, when dispatched.

	5.3	 	The relevant addressee, address and facsimile number of each Party for the purposes of this
Agreement, subject to Clause 5.4, are:-

	 	 	 	 	 	 	 
	 

	 	XFM:	 	 	 	 
	 

	 	Address
	 	:
	 	3905-09, 1 Grand Gateway, 1 Hongqiao Lu, Shanghai,
 200030, China
	 
	 	 	 	 	 	 
	 

	 	Facsimile No.
	 	:
	 	86-21-6448-0585
	 
	 	 	 	 	 	 
	 

	 	With a copy to
	 	:
	 	Address:
	 

	 	 	 	 	 	Suite 2103-2104 Vicwood Plaza, 199 Des Voeux Road
Central, Hong
Kong
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Facsimile No.:
	 

	 	 	 	 	 	852-2541-8266
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	To the attention of:
	 

	 	 	 	 	 	Mr. John McLean, General
Counsel
	 
	 	 	 	 	 	 
	 

	 	Pariya :	 	 	 	 
	 

	 	Address
	 	:
	 	Room 402-404, 4th Floor, Allied Kajima Building, 138
Gloucester Road, Hong Kong
	 
	 	 	 	 	 	 
	 

	 	Facsimile No.
	 	:
	 	852-2511-2872

	5.4	 	A Party may notify the others of a change to its name, relevant addressee, address or
facsimile number for the purposes of Clause 5.3, PROVIDED THAT such notification shall only be
effective on:-

	 	(a)	 	the date specified in the notification as the date on which the change is to take

7

 

	 	 	 	
place; or
	 
	 	(b)	 	if no date is specified or the date specified is less than five Business Days
after the date on which notice is given, the date falling five Business Days after
notice of any such change has been given.

	6.	 	General Provisions
	 
	6.1	 	Further Assurance: Each Party agrees to perform (or procure the performance of) all
further acts and things, and execute and deliver (or procure the execution and delivery of)
such further documents, as may be required by law or as may be necessary or reasonably
desirable to implement and/or give effect to this Agreement and the transactions contemplated
by it.
	 
	6.2	 	Entire Agreement: This Agreement (together with any document described in or
expressed to be entered into in connection with this Agreement) constitutes the entire
agreement between the Parties in relation to the transaction(s) referred to it or in them and
supersedes any previous agreement between the Parties in relation to such transaction(s). It
is agreed that:

	 	(a)	 	no Party has entered into this Agreement in reliance upon any representation,
warranty or undertaking of any other Party which is not expressly set out or referred
to in this Agreement; and
	 
	 	(b)	 	except for any breach of an express representation or warranty under this
Agreement, no Party shall have any claim or remedy under this Agreement in respect of
misrepresentation or untrue statement made by any other Party, whether negligent or
otherwise, and whether made prior to or after this Agreement, PROVIDED THAT this
Clause shall not exclude liability for fraudulent misrepresentation.

	6.3	 	Remedies Cumulative: Any right, power or remedy expressly conferred upon any Party
under this Agreement shall be in addition to, not exclusive of, and without prejudice to all
rights, powers and remedies which would, in the absence of express provision, be available to
it; and may be exercised as often as such Party considers appropriate.
	 
	6.4	 	Waivers: No failure, relaxation, forbearance, indulgence or delay of any Party in
exercising any right or remedy provided by law or under this Agreement shall affect the
ability of that Party subsequently to exercise such right or remedy or to pursue any other
rights or remedies, nor shall such failure, relaxation, forbearance, indulgence or delay
constitute a waiver or variation of that or any other right or remedy. No single or partial
exercise of any such right or remedy shall preclude any other or further exercise of it or the
exercise of any other right or remedy.
	 
	6.5	 	Severability: The Parties intend that the provisions of this Agreement shall be
enforced to the fullest extent permissible under the laws applied in each jurisdiction
in which enforcement is sought. If any particular provision or part of this 

8

 

	 	 	Agreement shall
be held to be invalid or unenforceable, then such provision shall (so far as invalid or
unenforceable) be given no effect and shall be deemed not to be included in this Agreement
but without invalidating any of the remaining provisions of this Agreement. The Parties
shall use all reasonable endeavours to replace the invalid or unenforceable provisions by a
valid and enforceable substitute provision the effect of which is as close as possible to
the intended effect of the invalid or unenforceable provision.
	 
	6.6	 	Variation: No variation of any of the terms of this Agreement (or of any document
described in or expressed to be entered into in connection with this Agreement) shall be
effective unless such variation is made in writing and signed by or on behalf of each of the
Parties. The expression “variation” shall include any variation, supplement, deletion or
replacement however effected.
	 
	6.7	 	Assignment: This Agreement shall be binding upon, and enure to the benefit of, the
Parties and their respective successors and permitted assigns. No Party shall take any steps
to assign, transfer, charge or otherwise deal with all or any of its rights and/or obligations
under or pursuant to this Agreement without the prior written consent of the other Party. In
the absence of the prior written consent of the Parties, this Agreement shall not be capable
of assignment.
	 
	6.8	 	Counterparts: This Agreement may be executed in any number of counterparts all of
which, taken together, shall constitute one and the same agreement. Any Party may enter into
this Agreement by executing any such counterpart.
	 
	6.9	 	Legal Relationship: The Parties are independent principals and no Party is nor shall
hold itself out as the agent or partner of another, and no Party shall have any authority to
bind or incur any liability on behalf of any other Party.
	 
	6.10	 	Punctual Performance: Time shall be of the essence of this Agreement.

6.11 Costs and Expenses: Each party shall bear its costs and expenses incurred in relation to the
preparation of this Agreement.
	 
	7.	 	Governing Law and Jurisdiction
	 
	7.1	 	Governing Law: This Agreement (together with all documents referred to in it) shall
be governed by and construed and take effect in accordance with the laws of Hong Kong (which
each of the Parties considers to be suitable to govern the international commercial
transactions contemplated by this Agreement).
	 
	7.2	 	Jurisdiction: With respect to any question, dispute, suit, action or proceedings
arising out of or in connection with this Agreement (the “Proceedings”), each Party
irrevocably:

	 	(a)	 	submits to the non-exclusive jurisdiction of the courts of Hong Kong; and
	 
	 	(b)	 	waives any objection which it may have at any time to the laying of venue of
any Proceedings brought in any such court, waives any claim that such 

9

 

	 	 	 	Proceedings have
been brought in an inconvenient forum and further waives the right to object, with
respect to such Proceedings, that such court does not have any jurisdiction over such
Party.

	7.3	 	Other Jurisdictions: Nothing in this Agreement precludes either Party from bringing
Proceedings in any other jurisdiction nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.
	 
	7.4	 	Service of Process: Each Party named in the first column below irrevocably appoints
the Hong Kong person set opposite its name in the second column to receive, for it and on its
behalf, service of process in any Proceedings:

	 	 	 	 	 	 	 
	 	 	Party	 	Process Agent	 	Address for Service of Process
	 

	 	Pariya
	 	D. S. Cheung & Co.
	 	Rooms 1910-1913, Hutchison House, 10
Harcourt Road, Central, Hong Kong
	 

	 	XFM
	 	K&L Gates
	 	35th Floor, Two International
Finance Centre, 8 Finance Street, Central,
Hong Kong

	 	 	The Parties agree that any such legal process shall be sufficiently served on it if
delivered to its process agent at its address specified in this Clause or at the process
agent’s registered office or address for the time being in Hong Kong. If for any reason
any of the Parties’ process agent is unable to act as such, that Party shall promptly
notify the other Party or Parties forthwith and appoint a substitute process agent
acceptable to the other Party or Parties. Without affecting the right of any Party to
serve process in any other way permitted by law, the Parties irrevocably consent to service
of process given in the manner provided for notices in Clause 5.
	 
	7.5	 	Waiver of Immunity: To the extent that, in the courts of any
jurisdiction/arbitration proceedings, any Party may claim for itself or its revenues or assets
(irrespective of their use or intended use) immunity on the grounds of sovereignty or other
similar grounds from suit, jurisdiction of any court /arbitration proceedings, relief by way
of injunction, order for specific performance or for recovery of property, attachment (whether
in aid of execution, before judgment or otherwise), execution or enforcement of any
judgment/arbitration award or other legal process to which it or its revenues or assets might
otherwise be entitled in any Proceedings (whether or not claimed), and to the extent that in
any such jurisdiction there may be attributed to itself or its revenues or assets such
immunity, that Party irrevocably agrees not to claim such immunity and irrevocably waives such
immunity to the full extent permitted by the laws of such jurisdiction.

10

 

AS WITNESS the Parties or their duly authorised representatives have duly executed this Agreement
the day and year first before written.

	 	 	 	 	 	 	 
	SIGNED by

	 	 	)	 	 	 
	 
	 	 	)	 	 	 
	for and on behalf of XINHUA
FINANCE
 MEDIA LIMITED in the
presence of:-

	 	 	)

)

)	 	 	/s/ Fredy Bush

Chief Executive Officer
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SIGNED by Wang Siu Wa

	 	 	)	 	 	 
	 
	 	 	)	 	 	 
	for and on behalf of PARIYA HOLDINGS

LIMITED in the presence of:-

	 	 	)

)

)	 	 	/s/ Wong Siu Wa

 

 

Schedule I

Manner of Payment of the Consideration referred to in Clause 2.2(a) of this Agreement

	 	 	 	 	 
	Instalments	 	Date of Payment	 	Amount of each 
Instalment
	1st

	 	As soon as practicable and
in any event within ten
(10) Business Days after
Closing.
	 	US$5,000,000
	2nd

	 	28 February 2009
	 	US$10,000,000
	3rd

	 	31 March 2009
	 	US$10,000,000
	4th

	 	31 August 2009
	 	The 2008 Amount
 (Note 1
and Note 2)
	5th

	 	30 September 2009
	 	US$10,000,000
	6th

	 	31 October 2009
	 	US$5,000,000
	7th

	 	Within four (4) years
after signing of this
Agreement or the initial
public offering of the
shares of the Company
takes place, whichever is
the earlier
	 	The amount of
Consideration outstanding
	TOTAL

	 	 	 	US$85,000,000

Note:

	(1)	 	The amount payable by Pariya to XFM hereunder will be offset by the 2008 Amount in full on a
dollar-for-dollar basis
	 
	(2)	 	If Pariya has entered into any agreement, written or otherwise, with any Subsequent
Purchaser(s), prior to the 5th Instalment becoming due as set out in Schedule I hereto,
for the sale of all or part of the Sale Shares to such Subsequent Purchaser(s) for a consideration
of not less than US$45,000,000, all the outstanding amount from the 1st to
3rd Instalments and the 5th Instalment, if not yet due and payable pursuant
to this Schedule, will become payable by Pariya to XFM within ten (10) days upon Pariya’s receipt
of the consideration of US$45,000,000 from such Subsequent Purchaser in full.

 

 

Schedule II

Closing Arrangement

	1.	 	DELIVERY BY XFM
	 
	 	 	XFM shall deliver to Pariya or procure the delivery to Pariya of:
	 
	(A)	 	Documents relating to the acquisition of the Sale Shares:

	 	(i)	 	undated instrument of transfer (and if applicable, any other
undated transfer documents, including a contract note) in respect of the Sale
Shares duly executed by or on behalf of the registered shareholder thereof in
favour of Pariya (or such person as it may direct);
	 
	 	(ii)	 	original share certificate representing the Sale Shares;
	 
	 	(iii)	 	such documents as Pariya may reasonably require to enable it (or such person as it may
direct) to obtain good title to the Sale Shares and to be registered as the holder of the Sale
Shares; and
	 
	 	(iv)	 	copy, certified as true and complete by a director of the Company, of resolutions of the
board of directors of the Company approving the transfer of the Sale Shares.

 

 

Schedule III

Post Closing Arrangement

	1.	 	DELIVERY BY XFM
	 
	 	 	XFM shall within ten (10) Business Days after Closing deliver to Pariya or procure the
delivery to Pariya of:
	 
	(A)	 	Documents relating to the Company and each of its Subsidiaries:

	 	(i)	 	the certificate of incorporation;
	 
	 	(ii)	 	constitution together with all resolutions amending thereof;
	 
	 	(iii)	 	the statutory books duly made up to date;
	 
	 	(iv)	 	share certificate book; company chop and common seal;
statements of the balance standing to the credit/debit of all its bank accounts
certified to be correct by its director as at the close of business on Closing
Date, and statements certified by its director reconciling such statements with
it’s cash book;
	 
	 	(v)	 	books and records;

	(B)	 	Documents pertaining to a company incorporated in the BVI: including the
Company.
	 
	 	 	Authorization given by such company in writing to its registered agent in the BVI
responsible for keeping the originals of its corporate records to receive and accept
instructions from Pariya and its agents and acknowledged by such BVI agent, all in
form and substance satisfactory to Pariya;
	 
	(C)	 	Documents relating to the resignation of directors and company secretary:
	 
	 	 	Written resignation with effect from Closing of all directors and the secretary
(except those retained by Pariya) of the Company and/or each of the Subsidiaries and
from their respective offices and employments with the Company and/or each of the
Subsidiaries; and written confirmations executed under seal that each resigning
director/secretary has no claim of any nature whatsoever against the Company or any
of the Subsidiaries whether for remuneration, compensation for loss of office,
redundancy, wrongful dismissal or for any other reason;
	 
	(D)	 	Documents relating to XFM:

 

 

	 	 	Copy, certified as true and complete by a director of XFM, of
resolutions of the board of directors of XFM, approving the transaction hereby
contemplated and authorising the signature, execution and completion (as
appropriate) of this Agreement and the documents ancillary hereto and thereto;
and
	 
	(E)	 	Documents of and incidental to the transactions as contemplated under this
Agreement:
	 
	 	 	Any documents as may be required by law or as may be necessary or reasonably
desirable to implement and/or give effect to this Agreement and the transactions
contemplated by it.

	2.	 	DELIVERY OF OTHER DOCUMENTS BY PARIYA
	 
	 	 	Pariya shall, as soon as practicable and in any event within ten (10) Business Days
after Closing, upon the compliance by XFM with the preceding provisions:

	 	(A)	 	deliver a cashier’s order, certified cheque, guaranteed bank draft, or cheque
of Pariya’s solicitors, DS Cheung & Co., payable to XFM or such party as XFM may
designate in writing for settlement of the 1st Instalment of the
Consideration in the manner set out in Schedule I hereto; and
	 
	 	(B)	 	deliver or cause to be delivered to XFM copy, certified as true and complete by
a director of Pariya, of resolutions of the board of directors of Pariya approving the
transaction hereby contemplated and authorising the signature, execution and completion
(as appropriate) of this Agreement and the documents ancillary hereto and thereto.

 

 

Dated the 31st day of December 2008

 

AGREEMENT

IN RESPECT OF

SALE AND PURCHASE

85% OF THE ISSUED SHARE CAPITAL OF

XINHUA FINANCE MEDIA (CONVEY) LIMITED

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