Document:

tme-ex449_400.htm

 

Exhibit 4.49

 

Exclusive Option Agreement

 

Of

 

Beijing Kuwo Technology Co., Ltd.

 

By and Among

 

 

All the shareholders listed in Schedule A

 

 

Yeelion Online Network Technology (Beijing) Co., Ltd.

 

 

And

 

Beijing Kuwo Technology Co., Ltd.

 

 

 

 

 

 

 

 

 

October 1, 2019

 

 

 

 

Exclusive Option Agreement

 

This Exclusive Option Agreement (the “Agreement”) is entered into on October 1, 2019, by and among the following Parties:

 

	
1.
	
All the shareholders listed in Schedule A, of which the information see Schedule A.

(All the shareholders listed in Schedule A separately and collectively referred to as the “Existing Shareholders”);

 

	
2.
	
Yeelion Online Network Technology (Beijing) Co., Ltd. (the “WFOE”)

Registered address: B-521-B062, 5/F, Building 2, 1 Nongda South Road, Haidian District, Beijing

 

	
3.
	
Beijing Kuwo Technology Co., Ltd. (the “Company”)

Registered address: B-207-161, 2/F, Building 2, 1 Nongda South Road, Haidian District, Beijing

 

(In this Agreement, each Party shall be referred to as a “Party” respectively or as the “Parties” collectively.)

 

Whereas:

 

	
(1)
	
Mr. Xie Guomin and Mr. Shi Lixue as the transferees respectively entered into a share transfer agreement with other related parties (collectively the “Transferors”) on March 31, 2016.  In accordance with the debt arrangements of assignment and offsetting by relevant parties, the share transfer price RMB 10,000,000 should pay by Mr. Xie Guomin and Mr. Shi Lixue to the WFOE should be deemed as the loan (the “Loan”), which was lent to Mr. Xie Guomin and Mr. Shi Lixue by the WFOE.

 

	
(2)
	
In order to further clarify the rights and obligations of the borrowers and the lender, Mr. Xie Guomin and Mr. Shi Lixue entered into a loan agreement (the “Loan Agreement”) with the WFOE on July 12, 2016. Mr. Xie Guomin, Ms. Wang Meiqi and the WFOE entered into a share transfer agreement (the “Share Transfer Agreement”) and a debt assignment and offset agreement (the “Debt Assignment and Offset Agreement”) on August 20, 2019, pursuant to which Mr. Xie Guomin transferred the registered capital of the company held by him to Ms. Wang Meiqi.  All parties thereof agreed that the loan that the WFOE lent to Mr. Xie Guomin shall offset the share transfer payment that Ms. Wang Meiqi should pay to Mr. Xie Guomin.  Ms. Wang Meiqi shall inherit all rights and obligations of Mr. Xie Guomin in the Loan Agreement.   

 

	
(3)
	
Linzhi Lichuang Information Technology Co., Ltd. entered into a subscription agreement to subscribe the Company’s increased registered capital on July 12, 2016.

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(4)
	
The Existing Shareholders currently are registered shareholders of the Company, lawfully and legally holding all the equity of the Company.  As of the date of this Agreement, the amount of contribution of each Existing Shareholder in the registered capital is shown in Schedule A.

 

	
(5)
	
The Existing Shareholders intends to transfer all the equity to the WFOE and/or any other entity or individual designated by the WFOE without prejudice to the PRC law, and the WFOE intends to accept such transfer.

 

	
(6)
	
The Company intends to transfer its assets to the WFOE and/or any other entity or individual designated by the WFOE without prejudice to the PRC law, and the WFOE intends to accept such assets.

 

	
(7)
	
The Existing Shareholders and the Company agree to irrevocably grant the exclusive Equity Call Option and Assets Call Option to the WFOE in order to complete the equity and assets transfer mentioned above.  Without prejudice to the PRC law and according to the Equity Call Option and Assets Call Option, the Existing Shareholders or the Company shall transfer the Option Equity Interest and the Company Assets (defined as follows) to the WFOE and/or any other entity or individual designated by the WFOE according to this Agreement at the request of the WFOE.

 

	
(8)
	
The Company agrees that the Existing Shareholders grant the Equity Call Option to the WFOE pursuant to this Agreement.

 

	
(9)
	
The Existing Shareholders agree that the Company grants Assets Call Option to the WFOE pursuant to this Agreement.

 

Therefore, the Parties hereby agree as follows upon mutual negotiations:

 

Article 1 Definition

 

	
1.1
	
Unless otherwise required in the context, the following terms in this Agreement shall have the following meanings:

 

		
	
“PRC Law”
	
means the then effective laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the PRC (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region).

 

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“Equity Call Option”
	
means the option to purchase the equity interests in the Company granted by the Existing Shareholders to the WFOE pursuant to the terms and conditions of this Agreement.

 

	
“Assets Call Option”
	
means the option to purchase any assets of the Company granted by the Company to the WFOE pursuant to the terms and conditions of this Agreement.

 

	
“Option Equity Interest”
	
means, in respect of each Existing Shareholder, the equity interest owned by him or her (including the additional equity interest obtained by him or her due to capital increase, share transfer or any other reasons) in the Registered Capital (defined as follows) of the Company, and in respect of all the Existing Shareholders, the 100% equity interests in the Registered Capital of the Company.

 

	
“Registered Capital of the Company”
	
means the registered capital of the Company as of the signing date of this Agreement, i.e., RMB26,068,822, and includes any increased registered capital within the term of this Agreement.

 

	
“Transfer Equity Interests”
	
means the equity interests which the WFOE or its designated entity or individual is entitled to purchase from all Existing Shareholders or any Existing Shareholder at the request of the WFOE upon its exercise of the Equity Call Option in accordance with Section 3 hereof, the amount of which may be all or part of the Option Equity Interest and shall be determined by the WFOE at its sole discretion in accordance with the then effective PRC Law and its commercial needs.

 

	
“Transfer Assets”
	
means the assets of the Company which the WFOE or its designated entity or individual is entitled to purchase from the Company at the request of the WFOE upon its exercise of the Assets Call Option in accordance with Section 3 hereof, the amount of which may be all or part of the assets of the Company and shall be determined by the WFOE at its sole discretion in accordance with the then effective PRC Law and its commercial needs.

 

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“Exercise”
	
means the exercise of the Equity Call Option or Assets Call Option by the WFOE.

 

	
“Transfer Price”
	
means the aggregate consideration payable to the Existing Shareholders or the Company by the WFOE or its designated entity or individual for the Transfer Equity Interests or the Transfer Assets in each Exercise.

 

	
“Operating Licenses”
	
means any approvals, permits, filings or registrations which are necessary for the lawful and effective operation by the Company of all its businesses, including but not limited to the Business License, the Audio & Video Service Permission, the Value-added Telecommunication Service Business License, and other relevant licenses and permits as required by the then effective PRC Law.

 

	
“Company Assets”

 
	
means all the tangible and intangible assets which the Company owns or is entitled to use within the term of this Agreement, including but not limited to any fixed assets, moveable assets and intellectual property, including trademarks, copyrights, patents, proprietary technology, domain names and software use rights, etc.

 

	
“Material Agreement”
	
means any agreement to which the Company is a party and which has material impact on the businesses or the assets of the Company, including but not limited to the Exclusive Technology Service Agreement entered into by and between the Company and the WFOE on July 12, 2016 and other material agreements relating to the business of the Company.

 

	
1.2
	
Any PRC Law referred to herein shall:

 

	
 
	
(1)
	
include the amendments, changes, supplements and reenactments thereto, irrespective of whether they take effect before or after the execution of this Agreement; and

 

	
 
	
(2)
	
include the references to other decisions, notices or regulations enacted in accordance therewith or which become effective as a result thereof.

 

	
1.3
	
Unless otherwise specified herein, all references to article, clause, item or paragraph shall refer to the relevant part hereof.

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Article 2 Grant of Equity Call Option and Assets Call Option

 

	
2.1.
	
The Existing Shareholders hereby severally and jointly agree to irrevocably and unconditionally grant an exclusive Equity Call Option to the WFOE, according to which the WFOE may, to the extent permitted under the PRC Law and subject to the terms and conditions of this Agreement, request the Existing Shareholders to transfer the Option Equity Interest to the WFOE or its designated entity or individual.  The WFOE agrees to accept such Equity Call Option.

 

	
2.2.
	
The Company hereby agrees to the grant of the Equity Call Option to the WFOE by the Existing Shareholders under Section 2.1 and other provisions of this Agreement.

 

	
2.3.
	
The Company hereby agrees to irrevocably and unconditionally grant an exclusive Assets Call Option to the WFOE, according to which the WFOE may, to the extent permitted under the PRC Law and subject to the terms and conditions of this Agreement, request the Company to transfer all or any of the Company Assets to the WFOE or its designated entity or individual.  The WFOE agrees to accept such Assets Call Option.

 

	
2.4.
	
The Existing Shareholders hereby severally and jointly agree to the grant of the Assets Call Option to the WFOE by the Company under Section 2.3 and other provisions of this Agreement.

 

Article 3 Manner of Exercise of Options

 

	
3.1.
	
Subject to the terms and conditions of this Agreement and to the extent permitted under the PRC Law, the WFOE shall have the sole discretion in deciding the schedule, manner and times of its Exercise.

 

	
3.2.
	
Subject to the terms and conditions of this Agreement and to the extent permitted by the then effective PRC Law, the WFOE is entitled to request the Existing Shareholders to transfer all or part of the equity interests in the Company to the WFOE or its designated entity or individual at any time.

 

	
3.3.
	
Subject to the terms and conditions of this Agreement and to the extent permitted by the then effective PRC Law, the WFOE is entitled to request the Company to transfer all or part of its assets to the WFOE or its designated entity or individual at any time.

 

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3.4.
	
In respect of the Equity Call Option, the WFOE has discretion to determine the amount of the Transfer Equity Interests to be transferred to the WFOE and/or its designated entity or individual from the Existing Shareholders in each Exercise, and the Existing Shareholders shall transfer the Transfer Equity Interests to the WFOE and/or its designated entity or individual respectively according to the amount as requested by the WFOE.  The WFOE and/or its designated entity or individual shall pay the Transfer Price to the Existing Shareholders for transfer of the Transfer Equity Interests in each Exercise.

 

	
3.5.
	
In respect of the Assets Call Option, the WFOE has discretion to determine the specific Transfer Assets to be transferred to the WFOE and/or its designated entity or individual from the Company, and the Company shall transfer the Transfer Assets to the WFOE and/or its designated entity or individual at the request of the WFOE.  The WFOE and/or its designated entity or individual shall pay the Transfer Price to the Company for transfer of the Transfer Assets in each Exercise.

 

	
3.6.
	
Upon each Exercise, the WFOE may request transfer of all or any part of the Transfer Equity Interests or the Transfer Assets to itself or any third party designated by it.

 

	
3.7.
	
Upon its decision of each Exercise, the WFOE shall issue a notice to the Existing Shareholders or the Company, as case may be, on the exercise of the Equity Call Option or the Assets Call Option (the “Exercise Notice”, the form of which is attached in Schedule B and Schedule C hereto).  The Existing Shareholders or the Company shall, upon receipt of the Exercise Notice, promptly transfer all the Transfer Equity Interests or the Transfer Assets to the WFOE and/or its designated entity or individual according to the Exercise Notice and in such manner as provided under Section 3.4 or Section 3.5 of this Agreement.

 

Article 4 Transfer Price

 

	
4.1
	
In respect of the Equity Call Option, in each Exercise, the Transfer Price that WFOE or its designated entity or individual shall pay to the respective Existing Shareholders shall be the amount in proportion to their respective contributions to the Registered Capital of the Company. For the avoidance of doubt, WFOE may, in accordance with Article 4.3 of the Loan Agreement, pay to Ms. Wang Meiqi and/or Mr. Shi Lixue relevant Transfer Price.  Under this circumstance, without prejudice to the applicable law, WFOE shall purchase or designate a third party to purchase the equity held by the respective Existing Shareholders at the Transfer Price equal to the required repayment amount.  The proportion of the equity purchased by WFOE accounting for the equity then held by the respective Existing Shareholders shall be the same as the proportion of the required repayment amount accounting for the total outstanding amount of the respective Existing Shareholders under the Loan Agreement.

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4.2
	
In respect of the Assets Call Option, in each Exercise, WFOE or its designated entity or individual shall pay the Company the net book value of the relevant assets.  Under this circumstance, without prejudice to the applicable law, all the purchase price obtained by the Company shall be used as the directional dividends paid to Ms. Wang Meiqi and Mr. Shi Lixue.  Then Ms. Wang Meiqi and Mr. Shi Lixue shall use all these dividends to repay the loan under the Loan Agreement.  The proportion of the purchased assets accounting for the total assets of the Company shall be the same as the proportion of the required repayment amount accounting for the total outstanding amount of the respective Existing Shareholders under the Loan Agreement.

 

	
4.3
	
If relevant PRC Law then applicable to the WFOE’s Exercise of Equity Call Option or Assets Call Option requires to make assess evaluation of the equity or assets to be transferred or makes restrictions on the transfer price of the equity or assets to be transferred, WFOE, the Existing Shareholders and the Company agree that the Transfer Price shall be the lowest price permitted by the PRC Law.  If the lowest price permitted by the PRC Law is higher than the corresponding capital contribution of the transfer equity and/or the net book value of the purchased assets, the Existing Shareholders and/or the Company shall pay all the remaining of the excess amount to WFOE after deducting all the taxes and fees required by the applicable PRC Law.

 

Article 5 Representations and Warranties

 

	
5.1.
	
The Existing Shareholders hereby severally and not jointly represent and warrant as follows, except for the disclosure of Schedule A:

 

	
 
	
5.1.1
	
If the Existing Shareholder is a natural person, he/she is a PRC citizen with full capacity, having full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent legal subject of litigation.  If the Existing Shareholder is not a natural person, it is a legal entity validly established and lawfully existing under the laws of the PRC, having full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent legal subject of litigation.

 

	
 
	
5.1.2
	
Each of the Existing Shareholders has full power and authority to execute, deliver and perform this Agreement and all the other documents to be entered into by them which are related to the transaction contemplated hereunder, as well as to consummate the transaction hereunder.

 

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5.1.3
	
This Agreement is duly and lawfully executed and delivered by the Existing Shareholders and shall constitute legal, valid and binding obligations to them, which shall be enforceable against them in accordance with the terms herein.

 

	
 
	
5.1.4
	
The Existing Shareholders are the registered legal owners of the Option Equity Interest as of the date hereof, and the Option Equity Interest is free and clear of any liens, pledges, claims, other encumbrances or third party interests, except for the pledge rights created by the Equity Interest Pledge Agreements dated October 1, 2019, and the proxy rights created by the Voting Trust Agreement dated October 1, 2019, among the Company, the WFOE and the respective Existing Shareholders. Pursuant to this Agreement, the WFOE and/or its designated entity or individual can, upon the Exercise, obtain ownership of the Transfer Equity Interests free and clear of any liens, pledges, claims, other encumbrances or third party right.

 

	
5.2.
	
The Company hereby represents and warrants as follows:

 

	
 
	
5.2.1
	
The Company is a limited liability company duly registered and validly existing under PRC Law with an independent corporate legal person status.  The Company has full and independent legal status and legal capacity to execute, deliver and perform this Agreement and can act as an independent party in any lawsuits.

 

	
 
	
5.2.2
	
The Company has full power and authority to execute, deliver and perform this Agreement and all other documents relating to the transaction contemplated herein which are to be executed by it, and it has full power and authority to consummate the transaction contemplated herein.

 

	
 
	
5.2.3
	
This Agreement is duly and lawfully executed and delivered by the Company and shall constitute legal, valid and binding obligations to it.

 

	
 
	
5.2.4
	
The Company Assets are free and clear of any liens, mortgages, claims, other encumbrances or third party rights. Pursuant to this Agreement, upon the Exercise, the WFOE and/or any of its designated entity or individual is/are entitled to the good ownership of the Company Assets free from any liens, mortgages, claims, any other security interests and third party rights.

 

	
 
	
5.2.5
	
The Existing Shareholders are the registered legal owners of the Option Equity Interest as of the date hereof, aggregately holding 100% equity of the Company.  The Option Equity Interest is free and clear of any liens, pledges, claims, other encumbrances or third party interests, except for the pledge rights created by the Equity Interest Pledge Agreements dated 

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October 1, 2019, and the proxy rights created by the Voting Trust Agreement dated October 1, 2019, among the Company, the WFOE and the respective Existing Shareholders.  Pursuant to this Agreement, the WFOE and/or its designated entity or individual can, upon the Exercise, obtain ownership of the Transfer Equity Interests free and clear of any liens, pledges, claims, other encumbrances or third party right.

 

	
5.3.
	
The WFOE hereby represents and warrants as follows:

 

	
 
	
5.3.1
	
It is a wholly foreign-owned enterprise duly incorporated and validly existing under PRC Law with an independent legal person status, and has full and independent legal status and legal capacity to execute, deliver and perform this Agreement and can act as an independent party in any lawsuits.

 

	
 
	
5.3.2
	
It has full power and authority to execute, deliver and perform this Agreement and all other documents relating to the transaction contemplated herein which are to be executed to it, and it has full power and authority to consummate the transaction contemplated herein.

 

	
 
	
5.3.3
	
This Agreement is duly and lawfully executed and delivered by WFOE and shall constitute legal, valid and binding obligations to it.

 

Article 6 Undertakings by the Existing Shareholders

 

Each of Existing Shareholders hereby severally and not jointly undertakes as follows: 

 

	
6.1
	
During the term of this Agreement, without prior written consent of the WFOE, each of Existing Shareholders:

 

	
 
	
6.1.1
	
Shall not transfer or otherwise dispose of any Option Equity Interest or create any encumbrances or third party interests upon any Option Equity Interest.

 

	
 
	
6.1.2
	
Shall not increase or reduce the Registered Capital of the Company, or cause or agree to the merger of the Company with any other entities;

 

	
 
	
6.1.3
	
Shall not dispose of, or procure the management of the Company to dispose of, any material Company Assets or create any encumbrances or third party interests upon any Company Assets;

 

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6.1.4
	
Shall not, and shall procure the management of the Company not to, terminate any Material Agreement to which the Company is a party, or enter into any other agreements which are in conflict with the existing Material Agreements;

 

	
 
	
6.1.5
	
Shall not appoint or dismiss any director, supervisor or any other management of the Company whom shall be appointed or dismissed by the Existing Shareholders; 

 

	
 
	
6.1.6
	
Shall not procure the Company to declare or distribute any distributable profits, dividends or other distributions;

 

	
 
	
6.1.7
	
Shall not vote in favor of the Company's termination, liquidation or dissolution;

 

	
 
	
6.1.8
	
Shall not vote in favor of amending the association of the Company.

 

	
 
	
6.1.9
	
Shall not vote in favor of the Company to lend or borrow any loan, or provide guarantee or other forms of security arrangements, or assume any material obligations except for those occur during the ordinary course of business.

 

	
6.2
	
During the term of this Agreement, each of the Existing Shareholders shall not engage in any actions or omissions which may affect the validity of the Operating Licenses.

 

	
6.3
	
Upon issuance of the Exercise Notice by the WFOE, each of Existing Shareholders:

 

	
 
	
6.3.1
	
Shall immediately convene shareholders’ meeting to adopt a resolution and take any other necessary actions, to approve the transfer of all of the Transfer Equity Interests or Transfer Assets at the Transfer Price by the Existing Shareholders or the Company to the WFOE and/or its designated entity or individual, as well as waive his or her right of first refusal, if any; 

 

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6.3.2
	
Shall transfer all of the Transfer Equity Interests at the Transfer Price under the Article 4 to the WFOE and/or its designated entity or individual by entering into an equity transfer agreement with the WFOE and/or its designated entity or individual immediately, and at the request of the WFOE and subject to relevant laws and regulations, provide necessary support to the WFOE (including provide and execute all relevant legal documents, process all procedure for governmental approvals and registrations and assume all relevant obligations) for acquisition of all the Transfer Equity Interests by the WFOE and/or its designated entity or individual, free and clear of any legal defects, any encumbrances, third party interests, or any other restrictions on the Transfer Equity Interests.

 

	
6.4
	
If the aggregated Transfer Price received by any of the Existing Shareholders from transfer of his or her Transfer Equity Interests exceeds his or her contribution to the Registered Capital of the Company, or such Existing Shareholder receives any profits, dividends or other distributions distributed by the Company, such Existing Shareholder agrees to waive the excessive portion of the Transfer Price and any such profits, dividends or distributions (with tax and fees being deducted) to the extent permitted by PRC Law, and the WFOE is entitled to such excessive portion of the Transfer Price and such profits, dividends or distributions.  The Existing Shareholders shall instruct relevant transferee or the Company to wire the above gains to a bank account designated by the WFOE.

 

Article 7 Undertakings by the Company

 

	
7.1
	
The Company undertakes as follows:

 

	
 
	
7.1.1
	
In the event the execution and performance of this Agreement and the grant of the Equity Call Option or the Assets Call Option hereunder is subject to any third party’s consents, approvals, waivers, licenses, or any approvals, permits, waivers, registrations or filings from or with governmental authorities (as required by the laws), the Company shall make efforts to assist in the above procedure.

 

	
 
	
7.1.2
	
Without prior written consent of the WFOE, the Company shall not assist or permit the Existing Shareholders to transfer or dispose of any Option Equity Interest or create any encumbrances or other third party interest upon the Option Equity Interest.

 

	
 
	
7.1.3
	
Without prior written consent of the WFOE, the Company shall not transfer or otherwise dispose of any material Company Assets or create any encumbrances or other third party interest upon any Company Assets.

 

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7.1.4
	
It shall not take or allow any acts or actions which could have adverse effect upon the interests of the WFOE under this Agreement, including but not limited to any acts or actions as restricted under Section 6.1 hereof.

 

	
7.2
	
The Company undertakes that upon issuance of the Exercise Notice by the WFOE:

 

	
 
	
7.2.1
	
It shall immediately procure the Existing Shareholders to convene shareholders’ meeting to adopt a resolution and take any other necessary actions, to approve the transfer of all of the Transfer Assets at the Transfer Price by the Company to the WFOE and/or its designated entity or individual; 

 

	
 
	
7.2.2
	
It shall transfer all of the Transfer Assets at the Transfer Price to the WFOE and/or its designated entity or individual by entering into an assets transfer agreement with the WFOE and/or its designated entity or individual immediately, and at the request of the WFOE and subject to relevant laws and regulations, procure the Existing Shareholders to provide necessary support to the WFOE (including provide and execute all relevant legal documents, process all procedure for governmental approvals and registrations and assume all relevant obligations) for acquisition of all the Transfer Assets by the WFOE and/or its designated entity or individual, free and clear of any legal defects, any encumbrances, third party interests, or any other restrictions on the Company Assets.

 

Article 8 Confidentiality

 

	
8.1
	
Notwithstanding the termination of this Agreement, each Party shall keep confidential all of the business secrets, proprietary information, customer information as well as any other information of confidential nature it receives from the other Parties in connection with the execution and performance of this Agreement (collectively referred to as the “Confidential Information”).  Without prior written consent of the disclosing party of the Confidential Information or unless required by relevant laws and regulations or requirements of the stock exchange on which a Party’s affiliate is listed, any Party receiving the Confidential Information shall not disclose any such Confidential Information to any other third party, or use any such Confidential Information directly or indirectly for any purpose other than for the performance of this Agreement.

 

	
8.2
	
The following information shall not constitute the Confidential Information: 

 

	
 
	
(a)
	
Any information which, as shown by written evidence, has previously been known to the receiving Party by way of legal means;

 

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(b)
	
Any information which enters the public domain other than as a result of a fault of the receiving Party; or

 

	
 
	
(c)
	
Any information lawfully acquired by the receiving Party from another source subsequent to the receipt of relevant information.

 

	
8.3
	
The receiving party may disclose Confidential Information to its relevant employees, agents or professionals engaged by it, provided that such receiving party shall ensure that the aforesaid persons are subject to the terms and conditions of this Agreement and the receiving party shall be liable for any liabilities arising from breach of the terms and conditions hereof by the aforesaid persons.

 

	
8.4
	
Notwithstanding any other provisions herein, the validity of this Section 8 shall survive the termination of this Agreement.

 

Article 9 Term of This Agreement

 

This Agreement shall become effective as of the date of the execution by the Parties. This Agreement is the final agreement reached between the Parties on the exclusive option and relevant issues which shall supersedes any and all prior consultations, negotiations or discussions, representations, memorandum, agreements or other documents (including but not limited to the Exclusive Option Agreement entered into by and among the Company, the WFOE and the Existing Shareholders (excluding Ms. Wang Meiqi) on July 12, 2016).  In case of any conflict, contradiction or inconsistency, this Agreement shall prevail.  This Agreement shall remain valid until all of the Option Equity Interest and the Company Assets have been lawfully transferred to the WFOE and/or its designated entity or individual in accordance with the provisions hereof.

 

Article 10 Notice

 

	
10.1
	
Any notice, request, demand and other correspondences as required by or made in accordance with this Agreement shall be delivered to the relevant Party in writing. 

 

	
10.2
	
The above notice or other correspondences shall be deemed to have been delivered upon delivery when it is transmitted by facsimile or telex, or upon handed over to the receiver when it is delivered in person, or on the fifth (5) day after posting when it is delivered by mail, or on the date of receipt by the recipient if by express delivery.  However, if the notice is returned due to the recipient’s fault or the recipient’s refusal to sign, the notice is deemed delivered on the date when the notice is returned. In case of simultaneous delivery in any of the above forms, the earliest deemed time of delivery shall prevail.

 

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Article 11 Default Liabilities

 

	
11.1
	
The Parties agree and acknowledge that if any Party (the “Defaulting Party”) breaches any provision hereunder, or fails to perform or delays in performing any obligations hereunder, such breach, failure or delay shall constitute a default hereunder (the “Default”) and that in such event, the non-defaulting Party/Parties (the “Non-Defaulting Party”) shall have the right to demand the Defaulting Party to cure such Default or take remedial measures within a reasonable time.  If the Defaulting Party fails to cure such Default or take remedial measures with such reasonable time or within ten (10) days of the Non-Defaulting Party notifying the Defaulting Party in writing and requesting it to cure such Default, the Non-Defaulting Party may elect, in its (their) discretion, to do the following:

 

	
 
	
11.1.1
	
if the Defaulting Party is any of the Existing Shareholders or the Company, the WFOE shall have the right to terminate this Agreement and claim the Defaulting Party to indemnify the damages. For the avoidance of doubt, the responsibility of Existing Shareholders or the responsibility between the Existing Shareholders and the Company is independent, and any Existing Shareholder does not bear any joint liability for any obligation or responsibility of the other Existing Shareholders or Company; 

 

	
 
	
11.1.2
	
if the Defaulting Party is the WFOE, the Non-defaulting Party has right to claim the Defaulting Party to indemnify the damages, provided that in no event shall the Non-defaulting Party have the right to terminate or rescind this Agreement, except that the contrary is provided by the law. 

 

	
11.2
	
Notwithstanding any other provisions herein, the effectiveness of this Article shall survive the suspension or termination of this Agreement.

 

Article 12 Miscellaneous Provisions

 

	
12.1
	
This Agreement is made in Chinese in five (5) originals with each Party hereof retaining one (1) copy.

 

	
12.2
	
The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be governed by PRC laws.

 

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12.3
	
Dispute Resolutions

 

	
 
	
(a)
	
Any dispute arising out of or in relation to this Agreement, the Parties shall first resolve the dispute through friendly negotiation.  The requesting party shall notify the other party of the dispute and explain the nature of the dispute by overloading the date notice. If the Parties fail to reach an agreement regarding such a dispute within thirty (30) days of its occurrence, any Party is entitled to submit such dispute to the China International Economic and Trade Arbitration Commission (the “CIETAC”) for arbitration in Beijing in accordance with the then effective arbitration rules thereof and the arbitration award shall be final and binding.

 

	
 
	
(b)
	
The arbitration tribunal shall consist of three (3) arbitrators, of whom the two parties have the right to appoint one (1) each. The third arbitrator (3rd) should be appointed jointly by the two sides.  If the party shall not be able to reach an agreement on the joint designation of the third arbitrator, he/she should be appointed by the director of the Arbitration Committee. The third arbitrator shall be the chief arbitrator of the arbitration tribunal.

 

	
 
	
(c)
	
In making an arbitration award, the arbitrator shall take into account the intention of the Parties which may be determined in accordance with this Agreement.

	
 
	
(d)
	
The arbitration award made according to the Article12.3 in writing should be final and binding.  The parties shall do their utmost to ensure that any such arbitration award is duly executed and to provide any necessary assistance thereto.

 

	
 
	
(e)
	
The aforesaid provisions of the Article 12.3 shall not prevent the party concerned from applying for any pre suit protection or prohibition remedy available for any reason, including but not limited to the enforcement of subsequent enforcement of the arbitration tribunal.

 

	
12.4
	
Any rights, powers and remedies entitled to any Party by any provision herein shall not preclude any other rights, powers and remedies entitled to such Party in accordance with laws and other provisions under this Agreement, and a Party’s exercise of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and remedies.

 

	
12.5
	
No failure or delay by a Party to exercise any of its rights, powers and remedies hereunder or in accordance with laws (the “Rights”) shall be construed as a waiver of such Rights, and the waiver of any single or partial exercise of the Rights shall not preclude its exercise of such Rights in any other way or its exercise of other Rights.

 

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12.6
	
The headings of the sections herein are for reference only, and in no circumstances shall such headings be used in or affect the interpretation of the provisions hereof.

 

	
12.7
	
Each provision contained herein shall be severable and independent from other provisions.  If at any time one or several provisions herein shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of other provisions herein shall not be affected thereby.

 

	
12.8
	
This Agreement, upon its execution, supersedes any other legal documents executed by the Parties with respect to the same subject hereof.  Any amendments or supplements to this Agreement shall be in writing and shall become effective upon duly execution by the Parties hereto.

 

	
12.9
	
No Party shall assign any of its rights and/or obligations hereunder to any third parties without prior written consent from other Parties.

 

	
12.10
	
This Agreement shall be binding on the legal transferees or successors of the Parties.

 

[The remainder of this page is intentionally left blank]

 

 

16

 

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

 

Yeelion Online Network Technology (Beijing) Co., Ltd. 

/s/ Seal of Yeelion Online Network Technology (Beijing) Co., Ltd.

 

 

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

 

Beijing Kuwo Technology Co., Ltd.

/s/ Seal of Beijing Kuwo Technology Co., Ltd.

 

 

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

 

Wang Meiqi 

Signed: /s/ Wang Meiqi

 

 

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

 

Shi Lixue 

Signed: /s/ Shi Lixue

 

 

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

 

Linzhi Lichuang Information Technology Co., Ltd.

/s/ Seal of Linzhi Lichuang Information Technology Co., Ltd.

 

 

 

 

 

 

 

 

 

Schedule A

 

Basic information of the Company

 

		
	
Company Name:
	
Beijing Kuwo Technology Co., Ltd.

	
Registered Address:
	
B-207-161, 2/F, Building 2, 1 Nongda South Road, Haidian District, Beijing

	
Registered Capital:
	
RMB 26,068,822 Yuan

	
Shareholding Structure:
	
 

 

					
	
#
	
Shareholder’s Name
	
Identification No. /

Registration No.
	
Registered Capital
	
Shareholding

Percentage

	
1
	
Wang Meiqi
	
[     ]
	
6,000,000
	
23.02%

	
2
	
Shi Lixue
	
[     ]
	
4,000,000
	
15.34%

	
3
	
Linzhi Lichuang Information Technology Co., Ltd.
	
91540400MA6T10ME4F
	
16,068,822
	
61.64%

	
 
	
 
	
 
	
26,068,822
	
100.00%

 

 

 

 

Schedule B

 

Form of the Exercise Notice

 

To: [name of the Existing Shareholders]

 

In view of the Exclusive Option Agreement dated as of October 1, 2019 (the “Option Agreement”) entered into by and among the undersigned, Beijing Kuwo Technology Co., Ltd. (“the Company”) and [name of the Existing Shareholders], pursuant to which you shall, upon request by us and to the extent permitted by the PRC laws and regulations, transfer the equity interests of the Company held by you to us or any third party designated by us.

 

Therefore, we hereby issue this notice to you as follows:

 

We hereby request the exercise of the Equity Call Option under the Option Agreement and that the [*]% equity interests of the Company held by you (the “Proposed Transferred Equity”) be transferred to us/ [name of the designated entity/individual].  You are required to promptly transfer all the Proposed Transferred Equity to us/ [name of the designated entity/individual] upon receipt of this notice in accordance with the terms of the Option Agreement.

 

Yours faithfully,

 

 

 

 

Yeelion Online Network Technology (Beijing) Co., Ltd. 

/s/ Seal of Yeelion Online Network Technology (Beijing) Co., Ltd.

 

Authorized Representative:

Date: 

 

 

 

 

 

 

 

Schedule C

 

Form of the Exercise Notice

 

To: Beijing Kuwo Technology Co., Ltd. (the “Company”)

 

In view of the Exclusive Option Agreement dated as of October 1, 2019 (the “Option Agreement”) entered into by and among the undersigned, the Company and all the shareholders of the Company at that time, pursuant to which the Company shall, upon request by us and to the extent permitted by the PRC laws and regulations, transfer the assets of the Company to us or any third party designated by us.

 

Therefore, we hereby issue this notice to the Company as follows:

 

We hereby request the exercise of the Assets Call Option under the Option Agreement and that the assets of the Company as listed in the schedule attached hereto (the “Proposed Transferred Assets”) be transferred to us/ [name of the designated eneity/individual].  You are required to promptly transfer all the Proposed Transferred Assets to us/ [name of the designated entity/individual] upon receipt of this notice in accordance with the terms of the Option Agreement.

 

Yours faithfully,

 

 

 

	
	
Yeelion Online Network Technology (Beijing) Co., Ltd.

	
/s/ Seal of Yeelion Online Network Technology (Beijing) Co., Ltd. 

	
 

	
Authorized Representative:

	
Date:tme-ex451_399.htm

 

Exhibit 4.51

 

Voting Trust Agreement

 

Of 

 

Beijing Kuwo Technology Co., Ltd.

 

By and Among

 

 

All the shareholders listed in Schedule A

 

 

 

Yeelion Online Network Technology (Beijing) Co., Ltd.

 

 

and

 

 

Beijing Kuwo Technology Co., Ltd.

 

 

 

 

 

 

 

 

 

October 1, 2019

 

 

 

 

Voting Trust Agreement

 

This Voting Trust Agreement (the “Agreement”) is entered into on October 1, 2019 by and among the following Parties:

 

	
1.
	
All the Shareholders Listed in Schedule A, of which the information please see Schedule A.

(All the shareholders listed in Schedule A separately and collectively referred to as the “Each of Shareholders”);

 

	
2.
	
Yeelion Online Network Technology (Beijing) Co., Ltd. (the “WFOE”)

Registered address: B-521-B062, 5/F, Building 2, 1 Nongda South Road, Haidian District, Beijing

 

	
3.
	
Beijing Kuwo Technology Co., Ltd.(the “Company”)

Registered address: B-207-161, 2/F, Building 2, 1 Nongda South Road, Haidian District, Beijing

 

(In this Agreement, each Party shall be referred to as a “Party” respectively or as the “Parties” collectively.)

 

Whereas:

	
1.
	
Each of Shareholders is the shareholder of the Company and hold 100% equity interests of the Company.

 

	
2.
	
Each of Shareholders intend to respectively entrust the persons designated by the WFOE to exercise the voting rights they hold in the Company and the WFOE wishes to accept such entrustment through its designated persons.

 

The Parties agree as follows through friendly negotiation:

 

Article 1 Voting Rights Entrustment

 

	
1.1
	
Each of Shareholders hereby irrevocably undertake to, after execution of this Agreement, respectively sign the power of attorney according to the substance and form set forth in Schedule B hereof, under which the person (the “Trustee”) then designated by the WFOE shall have the power and authority to exercise the following rights respectively granted to Each of Shareholders as the shareholders of the Company according to the Article of Association of the Company (the “Entrusted Rights”):

 

	
 
	
(1)
	
proposing to convene or attending shareholder meetings of the Company as the proxy of the Each of Shareholders, according to the Article of Association;

 

1

 

	
 
	
(2)
	
exercising the voting rights on behalf of the Each of Shareholder in respect of all matters subject to discussion and resolution at the shareholder meetings, including but not limited to the appointment and election of directors and other senior management members who should be appointed by the shareholders;

 

	
 
	
(3)
	
other voting rights (including any other voting rights of shareholders conferred after the amendment of the Article of Association) vested in shareholders under the Articles of Association of the Company.

 

The precondition of the above authorization and entrustment is that the Trustee is a PRC citizen and the WFOE consents to such authorization and entrustment.  When and only when a written notice is issued by the WFOE to Each of Shareholders with respect to the removal of the Trustee, Each of Shareholders shall immediately revoke the entrustment to the existing Trustee hereunder, and entrust any other PRC citizen then designated by the WFOE to exercise the Entrusted Rights in accordance with this Agreement, and the new power of attorney shall supersede the previous one once it is executed.  Except for the above circumstances, Each of Shareholders shall not revoke the authorization and entrustment to the Trustee.

 

	
1.2
	
The Trustee shall perform the entrusted obligation lawfully with diligence and duty of care within the authorization scope provided in this Agreement.  Each of Shareholders shall accept and assume relevant liabilities for any legal consequences arising out of the exercise of the aforementioned Entrusted Rights.

 

	
1.3
	
Each of Shareholders hereby acknowledge that the Trustee is not required to solicit the opinions of Each of Shareholders before exercising the Entrusted Rights.  Nevertheless, the Trustee shall immediately notify Each of Shareholders after any resolution or proposal for convening an interim shareholder meeting is made.

 

Article 2 Right of Information

 

	
2.1
	
For the purpose of exercising the Entrusted Rights under this Agreement, the Trustee shall have the right to understand the operation, businesses, clients, financial affairs, employees of the Company and have access to relevant materials, while Each of Shareholders and the Company shall provide sufficient cooperation in this regard.

 

2

 

Article 3 Exercise of Entrusted Rights

 

	
3.1
	
Each of Shareholders shall provide sufficient assistance to the Trustee for his or her exercise of the Entrusted Rights, including prompt execution of the resolutions of the shareholders’ meeting made by the Trustee or other relevant legal documents when necessary (e.g., to satisfy the document submission requirements for the approval of, registration or filing with governmental authorities).

 

	
3.2
	
If at any time within the term of this Agreement, the entrustment or exercise of the Entrusted Rights hereunder is unenforceable for any reason (except for the default by Each of Shareholders or the Company), the Parties shall immediately seek the alternative plan which is most similar to the unenforceable provision and, if necessary, enter into supplementary agreement to amend or adjust the provisions herein, so as to ensure the fulfilment of the purposes hereof.

 

Article 4 Exemption and Indemnification

 

	
4.1
	
The Parties acknowledge that in no event shall the WFOE be liable to or be required to compensate financially or in any other aspect, any other party or any third party for any exercise of the Entrusted Rights by the person designated by the WFOE.

 

	
4.2
	
Each of Shareholders and the Company agree to hold the WFOE harmless and compensate the WFOE for all losses suffered or likely to suffered in connection with designating the Trustee to exercise the Entrusted Rights, including but not limited to, any loss resulting from any litigation, demand, arbitration or claim initiated by any third party, and any loss resulting from administrative investigation or penalty by governmental authorities.  Nevertheless, losses suffered as a result of the intentional misconduct or gross negligence of the Trustee shall not be indemnified.

 

Article 5 Representations and Warranties

 

	
5.1
	
Each of Shareholders severally and not jointly represents and warrants as follow, except for the disclosure of Schedule A:

 

	
 
	
5.1.1
	
If the shareholder is a natural person, he/she is a PRC citizen with full capacity, have full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent party in any lawsuit. If the shareholder is not a natural person, the shareholder shall promise and undertake that it is a limited liability company legally established and validly existing under the laws of the PRC and has an independent legal personality; each of them has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation.

3

 

 

	
 
	
5.1.2
	
Each of them has full power and authority to execute and deliver this Agreement and all the other documents to be entered into by them which are related to the transaction contemplated hereunder, as well as to consummate the transaction hereunder.  This Agreement shall be duly and lawfully executed and delivered by Each of Shareholders and shall constitute their legal, valid and obligations, enforceable against them in accordance with the provisions hereof.

 

	
 
	
5.1.3
	
Each of them is a legitimate shareholder of the Company recorded in the register of members at the time when this Agreement came into effect and the authorized Rights are not subject to any third party encumbrance, other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement concluded by and among Each of Shareholders, the Company and the WFOE. In accordance with this Agreement, the Trustee may completely and fully exercise the Entrusted Rights according to the Articles of Association of the Company then in effect.

 

	
5.2
	
The WFOE and the Company severally represents and warrants as follows:

 

	
 
	
5.2.1
	
Each of them is a limited liability company duly registered and legally existing under the laws of PRC where it is registered and has independent legal personality; each of them has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation.

 

	
 
	
5.2.2
	
Each of them has complete power and authorization to execute and deliver this Agreement and all other documents that it will execute in relation to the transaction contemplated hereunder, and each of them has full power and authorization to complete the transaction contemplated hereunder

 

	
5.3
	
The Company further represents and warrants as follows:

 

	
 
	
5.3.1
	
Each of Shareholders is legitimate shareholders of the Company recorded in the register of members at the time when this Agreement came into effect and collectively hold 100% equity interests of the Company. The authorized Rights are not subject to any third party encumbrance, other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement concluded by and among each of Shareholders, the Company and the WFOE.  In accordance with this Agreement, the Trustee may completely and fully exercise the Entrusted Rights according to the Articles of Association of the Company then in effect.

4

 

Article 6 Term of Agreement

 

	
6.1
	
Subject to Articles 6.3 and 6.4 of this Agreement, this Agreement shall take effect as of the date upon execution. The term of this Agreement is twenty (20) years after becoming effective, unless all the Parties agree in writing to early termination or this Agreement is terminated pursuant to Article 9.1 hereunder.  This Agreement shall be automatically renewed for one (1) year after the expiration of the term of this Agreement unless the WFOE informs all the other Parties not to renew thirty (30) days in advance of the expiration of this Agreement, and so forth.

 

	
6.2
	
This Agreement is the final agreement reached between the Parties on the entrustment of voting rights and relevant issues which shall supersedes any and all prior consultations, negotiations or discussions, representations, memorandum, agreements or other documents (including but not limited to the Exclusive Option Agreement entered into by and among the Company, the WFOE and relevant existing shareholders on July 12, 2016,)  In case of any conflict, contradiction or inconsistency, this Agreement shall prevail.

 

	
6.3
	
The Company or the WFOE shall, if necessary, within three (3) months prior to the expiration of their respective business licenses, complete the approval and registration procedures for extending the business licenses to ensure the effectiveness of this Agreement.

 

	
6.4
	
If any of Each of Shareholders transfers all equity interests it holds in the Company upon prior consent of the WFOE, such Party shall cease to act as a party of this Agreement, but the rights and undertakings of the other Parties shall not be adversely affected hereby. 

 

	
6.5
	
If any of Each of Shareholders transfers all or part of the equity of the equity interests it holds in the Company upon prior consent of the WFOE, unless otherwise informed by the WFOE in a written notice, the transferee or transferees agree to inherit and fulfill such current shareholder or shareholders’ full responsibility, obligation and commitment under this Agreement.  The other shareholders shall ensure the transferred equity interests to satisfy the above conditions and refuse to take any actions (including but not limit to pass relevant company resolutions, update the register of members and manage the governmental approval and registration changing procedures) to facilitate or corporate the equity transfer otherwise. 

 

5

 

Article 7 Notices

 

	
7.1
	
Any notice, request, demand and other correspondences required by or made in accordance with this Agreement shall be in writing and delivered to the relevant Party.

 

	
7.2
	
The above notice or other correspondences shall be deemed as delivered (i) when it is transmitted by facsimile or telex, or (ii) upon handed over to the receiver when it is delivered in person, or (iii) upon the fifth (5) day after posting when it is delivered by mail, or (iv) on the date of receipt by the recipient if by express delivery.  However, if the notice is returned due to the recipient’s fault or the recipient’s refusal to sign, the notice is deemed delivered on the date when the notice is returned. In case of simultaneous delivery in any of the above forms, the earliest deemed time of delivery shall prevail.

 

Article 8 Confidentiality

 

	
8.1
	
Regardless of whether this Agreement is terminated, each Party shall maintain strictly confidential all business secrets, proprietary information, client information and all the other information of confidential nature, in relation to other Parties and obtained during the formulation and performance of this Agreement (the “Confidential Information”).  Each receiving Party shall not disclose to any third party any Confidential Information, except with prior written consent of the Party providing such information or in circumstances where such information must be disclosed to third parties according to relevant laws, regulations or listing requirements.  Each receiving Party shall not use or indirectly use any Confidential Information except for the purpose of performing this Agreement.

 

	
8.2
	
Confidential Information does not include the following:

 

	
 
	
(a)
	
information that the receiving Party has previously known by lawful means, as supported by written evidence;

 

	
 
	
(b)
	
information that enters public domain without the receiving Party’s fault; or

 

	
 
	
(c)
	
information received by other lawful means after the receiving Party receive Confidential Information.

 

6

 

	
8.3
	
The receiving Party may disclose Confidential Information to its relevant employees, agents or professionals it employs, but the receiving Party shall ensure that all such persons comply with relevant terms and conditions of this Agreement and the receiving Party shall be responsible for any damages or consequences caused by the aforementioned persons in violation of the relevant terms and conditions of this Agreement.

 

	
8.4
	
Notwithstanding other provisions of this Agreement, the effectiveness of this Article shall survive the termination of this Agreement.

 

Article 9 Default Liability

 

	
9.1
	
The Parties agree and acknowledge that if any Party (the “Defaulting Party”) breaches any provision hereunder, or fails to perform or delays in performing any obligations hereunder, such breach, failure or delay shall constitute a default hereunder (the “Default”) and that in such event, the non-defaulting Party/Parties (the “Non-Defaulting Party”) shall have the right to demand the Defaulting Party to cure such Default or take remedial measures within a reasonable time.  If the Defaulting Party fails to cure such Default or take remedial measures with such reasonable time or within ten (10) days of the Non-Defaulting Party notifying the Defaulting Party in writing and requesting it to cure such Default, the Non-Defaulting Party may elect, in its (their) discretion, to do the following:

 

	
 
	
9.1.1
	
If the Defaulting Party is any of Each of Shareholders or the Company, the WFOE shall have the right to terminate this Agreement and claim the Defaulting Party to indemnify the damages.  In order to avoid doubt, the responsibility of shareholders or the responsibility between the shareholders and the Company is independent, and the shareholders do not bear any joint liability for any obligation or responsibility of the other existing shareholders or the Company.

 

	
 
	
9.1.2
	
If the Defaulting Party is the WFOE, the Non-defaulting Party has right to claim the Defaulting Party to indemnify the damages, provided that in no event shall the Non-defaulting Party have the right to terminate or rescind this Agreement, except that the contrary is provided by the law.

 

	
9.2
	
Notwithstanding any other provisions herein, the effectiveness of this Article shall survive the suspension or termination of this Agreement.

 

7

 

Article 10 Miscellaneous Provisions

 

	
10.1
	
This Agreement is made in Chinese in five (5) originals with each Party hereof retaining one (1) copy.  The Parties specifically agree that the Agreement restored in PDF format sent by emails from the Parties is regarded as original and can be used separately as evidence for the establishment and validation of this Agreement.

 

	
10.2
	
The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be governed by PRC laws.

 

	
10.3
	
Dispute Resolutions

 

	
 
	
(a)
	
Any dispute arising out of or in relation to this Agreement, the Parties shall first resolve the dispute through friendly negotiation.  The requesting party shall notify the other party of the dispute and explain the nature of the dispute by overloading the date notice.  If the Parties fail to reach an agreement regarding such a dispute within thirty (30) days of its occurrence, any Party is entitled to submit such dispute to the China International Economic and Trade Arbitration Commission (the “CIETAC”) for arbitration in Beijing in accordance with the then effective arbitration rules thereof and the arbitration award shall be final and binding.

 

	
 
	
(b)
	
The arbitration tribunal shall consist of three (3) arbitrators, of whom the two parties have the right to appoint one (1) each. The third arbitrator (3rd) should be appointed jointly by the two sides.  If the party shall not be able to reach an agreement on the joint designation of the third arbitrator, he/she should be appointed by the director of the Arbitration Committee.  The third arbitrator shall be the chief arbitrator of the arbitration tribunal.

 

	
 
	
(c)
	
In making an arbitration award, the arbitrator shall take into account the intention of the Parties which may be determined in accordance with this Agreement.

 

	
 
	
(d)
	
The arbitration award made according to the Article10.3 in writing should be final and binding.  The parties shall do their utmost to ensure that any such arbitration award is duly executed and to provide any necessary assistance thereto.

 

	
 
	
(e)
	
The aforesaid provisions of the Article 10.3 shall not prevent the party concerned from applying for any pre suit protection or prohibition remedy available for any reason, including but not limited to the enforcement of subsequent enforcement of the arbitration tribunal.

 

8

 

	
10.4
	
Any rights, powers and remedies entitled to any Party by any provision herein shall not preclude any other rights, powers and remedies entitled to such Party in accordance with laws and other provisions under this Agreement, and a Party’s exercise of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and remedies.

 

	
10.5
	
No failure or delay by a Party to exercise any of its rights, powers and remedies hereunder or in accordance with laws (the “Rights”) shall be construed as a waiver of such Rights, and the waiver of any single or partial exercise of the Rights shall not preclude its exercise of such Rights in any other way or its exercise of other Rights.

 

	
10.6
	
The headings of the sections herein are for reference only, and in no circumstances shall such headings be used in or affect the interpretation of the provisions hereof.

 

	
10.7
	
Each provision contained herein shall be severable and independent from other provisions.  If at any time one or several provisions herein shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of other provisions herein shall not be affected thereby. 

 

	
10.8
	
Any amendments or supplements to this Agreement shall be in writing and shall become effective upon duly execution by the Parties hereto.

 

	
10.9
	
No Party shall assign any of its rights and/or obligations hereunder to any third parties without prior written consent from other Parties.

 

	
10.10
	
This Agreement shall be binding on the legal successors of the Parties.

 

[The remainder of this page is intentionally left blank]

 

9

 

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

 

	
 
	
Yeelion Online Network Technology (Beijing) Co., Ltd. 

	
 
	
/s/ Seal of Yeelion Online Network Technology (Beijing) Co., Ltd.

	
 
	
 

	
 
	
Beijing Kuwo Technology Co., Ltd.

	
 
	
/s/ Seal of Beijing Kuwo Technology Co., Ltd.

	
 
	
 

	
 
	
Wang Meiqi 

	
 
	
Signed: /s/ Wang Meiqi

	
 
	
 

	
 
	
Shi Lixue 

	
 
	
Signed: /s/ Shi Lixue

	
 
	
 

	
 
	
Linzhi Lichuang Information Technology Co., Ltd.

	
 
	
/s/ Seal of Linzhi Lichuang Information Technology Co., Ltd.

 

 

 

Schedule A: List of Shareholders 

 

					
	
#
	
Shareholder’s Name
	
Identification No. /

Registration No.
	
Registered Capital
	
Shareholding

Percentage

	
1
	
Wang Meiqi
	
[     ]
	
6,000,000
	
23.02%

	
2
	
Shi Lixue
	
[     ]
	
4,000,000
	
15.34%

	
3
	
Linzhi Lichuang Information Technology Co., Ltd.
	
91540400MA6T10ME4F
	
16,068,822
	
61.64%

	
Total
	
\
	
26,068,822
	
100.00%

 

 

 

 

Schedule B

Power of Attorney

 

This Power of Attorney (the “Power of Attorney”) is signed by ____________ (PRC Identification No.: ____________) on ______, 20__, to authorize ____________ (PRC Identification No.: ____________) (the “Trustee”).

 

The undersigned, Wang Meiqi, grants to the Trustee a general trust authorizing the Trustee to exercise, as my trustee and on my behalf, the following rights enjoyed by me in the capacity as a shareholder of Beijing Kuwo Technology Co., Ltd. (the “Company”):

 

	
 
	
(1)
	
proposing to convene or attending shareholder meetings of the Company pursuant to its article of association as my proxy;

 

	
 
	
(2)
	
exercising the voting rights on behalf of myself in respect of all matters subject to discussion and resolution at the shareholder meetings, including but not limited to the appointment and election of directors and other senior management members who should be appointed by the shareholders;

 

	
 
	
(3)
	
other voting rights, including any other voting rights of shareholders conferred under the articles of association of the Company after it has been amended.

 

I hereby irrevocably confirm that, unless Yeelion Online Network Technology (Beijing) Co., Ltd. (the “WFOE”) serves me a written notice to replace the Trustee, this Power of Attorney will be valid until the expiry or early termination of the Shareholders’ Voting Trust Agreement dated ______, 20__ by and among the WFOE, the Company and Each of Shareholders.

 

It is hereby authorized.

 

 

	
	
Name

	
 

	
By:

	
Date:

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