Document:

Exhibit 4.29

 

Execution Version

	
 
    

 

HANGZHOU ZHENXI INVESTMENT MANAGEMENT CO., LTD.

 

ZHEJIANG TMALL TECHNOLOGY CO., LTD.

 

AND

 

ZHEJIANG TMALL NETWORK CO., LTD.

 

 

EQUITY PLEDGE AGREEMENT

 

FOR

 

ZHEJIANG TMALL NETWORK CO., LTD.

 

January 10, 2018

	
 
    

 

 

EQUITY PLEDGE AGREEMENT

 

THIS EQUITY PLEDGE AGREEMENT (this “Agreement”) is made on January 10, 2018 (“Execution Date”)

 

BY AND AMONG:

 

1.                  Hangzhou Zhenxi Investment Management Co., Ltd. (“Pledgor”);

Registered Address: Room 505, 5/F, Building No. 3, 969 West Wen Yi Road, Yu Hang District, Hangzhou

Legal Representative: Zheng Junfang

 

2.                  Zhejiang Tmall Network Co., Ltd. (“Company”); and

Registered Address: Room 506, 5/F, Building No. 3, 969 West Wen Yi Road, Yu Hang District, Hangzhou

Legal Representative: Zhang Yong

 

3.                  Zhejiang Tmall Technology Co., Ltd. (“Pledgee”)

Registered Address: Room 507, 5/F, Building No. 3, 969 West Wen Yi Road, Yu Hang District, Hangzhou

Legal Representative: Zhang Yong

 

In this Agreement, the aforementioned parties are referred to individually as a “Party” and collectively as the “Parties”.

 

WHEREAS:

 

1.                  The Pledgor is the registered shareholder of the Company and lawfully holds all equity interest in the Company (“Company Equity”). As of the Execution Date, the amount of its contribution to the registered capital of the Company is Renminbi Ten Million, and its shareholding percentage is 100%. Basic information of the Company is set forth in Schedule 1 hereto.

 

2.                  The Parties hereto entered into a Shareholder’s Voting Rights Proxy Agreement (“Proxy Agreement”) on January 10, 2018, pursuant to which the Pledgor has irrevocably granted a general power of attorney to such persons as may then be appointed by the Pledgee to exercise its entire shareholder voting rights in the Company on behalf of the Pledgor.

 

3.                  The Pledgee and the Pledgor entered into a Loan Agreement (“Loan Agreement”) on January 10, 2018, pursuant to which the Pledgee shall provide the Pledgor with a loan in an aggregate principal amount of Renminbi Ten Million (RMB10,000,000) (“Loan”) to be used by the Pledgor for its operation.

 

4.                  The Company and the Pledgee entered into an Exclusive Service Agreement (“Service Agreement”) on January 10, 2018, pursuant to which the Company has, on an exclusive basis, engaged the Pledgee to provide it with relevant services and agrees to pay relevant service fees to the Pledgee for such services.

 

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5.                  The Parties hereto and other relevant parties entered into an Exclusive Call Option Agreement (“Call Option Agreement”) on January 10, 2018, pursuant to which the Pledgor and the Company shall, to the extent permitted by the PRC Laws, transfer, at the request of the Pledgee, all or part of its equity interest in the Company or all or part of the assets of the Company respectively to the Pledgee and/or any entity and/or individual designated by it, or the Company shall decrease its capital and the Pledgee and/or any entity and/or individual designated by it shall subscribe for the newly increased registered capital of the Company.

 

6.                  As security for the performance by the Pledgor of its Contractual Obligations (as defined below) and its repayment of the Secured Indebtedness (as defined below), the Pledgor is willing to pledge all of its Company Equity to the Pledgee and create first priority pledge in favor of the Pledgee; and the Company has agreed to such equity pledge arrangement.

 

NOW, THEREFORE, upon consensus through consultation, the Parties agree as follows:

 

ARTICLE I                                                    DEFINITIONS

 

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

 

	
“Contractual   Obligations”
    	
 
    	
means all of the Pledgor’s contractual obligations   under the Proxy Agreement, the Loan Agreement and the Call Option Agreement   (including, without limitation, the obligations to repay the Loan under the   Loan Agreement); all of the Company’s contractual obligations under the Proxy   Agreement, the Service Agreement and the Call Option Agreement; and all of   the contractual obligations of the Pledgor and the Company under this   Agreement.
    
	
 
    	
 
    	
 
    
	
“Secured Indebtedness”
    	
 
    	
means all direct, indirect or consequential losses   and loss of projectable benefits suffered by the Pledgee as a result of any   Event of Default (as defined below) of the Pledgor and/or the Company, and   the basis for determining the amounts of such losses shall include, without   limitation, reasonable commercial plans and profit forecasts of the Pledgee   and all costs incurred by the Pledgee in connection with its enforcement of   the Contractual Obligations of the Pledgor and/or the Company.
    
	
 
    	
 
    	
 
    
	
“Transaction Agreements”
    	
 
    	
means the Proxy Agreement, the Service Agreement,   the Loan Agreement and the Call Option Agreement.
    
	
 
    	
 
    	
 
    
	
“Event of Default”
    	
 
    	
means a breach by the Pledgor of any of its   Contractual Obligations under the Proxy Agreement, the Loan Agreement, the   Call Option Agreement and/or this Agreement, and a breach by the Company of   any of its Contractual Obligations under the Proxy Agreement, the Service   Agreement, the Call Option Agreement and/or this Agreement.
    

 

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“Pledged Equity”
    	
 
    	
means all of the Company Equity lawfully owned by   the Pledgor as of the effectiveness of this Agreement and to be pledged   hereunder to the Pledgee as security for the performance by the Pledgor and   the Company of their respective Contractual Obligations and increased capital   contribution amounts and dividends under Sections 2.6 and 2.7 hereof.
    
	
 
    	
 
    	
 
    
	
“PRC Laws”
    	
 
    	
means the then effective laws, administrative   regulations, administrative rules, local regulations, judicial   interpretations and other binding regulatory documents of the People’s   Republic of China.
    

 

1.2                                        In this Agreement, any reference to any PRC Law shall be deemed to include (i) a reference to such PRC Law as modified, amended, supplemented or reenacted, effective either before or after the date hereof; and (ii) a reference to any other decision, circular or rule made thereunder or effective as a result thereof.

 

1.3                                        Unless otherwise required by the context, a reference to an article, section, clause or paragraph herein shall be a reference to an article, section, clause or paragraph of this Agreement.

 

ARTICLE II                                               EQUITY PLEDGE

 

2.1                                        The Pledgor hereby agrees to pledge, in accordance with the terms hereof, its lawfully owned and rightfully disposable Pledged Equity to the Pledgee as security for the performance by the Pledgor of its Contractual Obligations and its repayment of the Secured Indebtedness. The Company hereby agrees for the Pledgor to so pledge the Pledged Equity to the Pledgee in accordance with the terms hereof.

 

2.2                                        The Pledgor covenants that it will assume the responsibility of recording the equity pledge arrangement (“Equity Pledge”) hereunder in the shareholder’s register of the Company on the Execution Date. The Pledgor further covenants that it will use its best efforts and take all necessary measures to register the Equity Pledge as soon as possible with the competent administrative authority for industry and commerce of the Company after the Execution Date.

 

2.3                                        During the validity term hereof, the Pledgee shall not be liable in whatsoever manner for any diminution in value of the Pledged Equity and the Pledgor shall have no right to seek any form of recourse or bring any claims against the Pledgee in connection therewith, except where such diminution arises out of any willful conduct of the Pledgee or its gross negligence having immediate causal link with such result.

 

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2.4                                        Subject to Section 2.3 above, if the Pledged Equity is likely to suffer such a manifest value diminution as to impair the rights of the Pledgee, the Pledgee may at any time auction or sell the Pledged Equity on behalf of the Pledgor and may, as agreed with the Pledgor, apply the proceeds from such auction or sale towards early repayment of the Secured Indebtedness, or deposit (entirely at the cost of the Pledgee) such proceeds with a notary organ of the place of the Pledgee. In addition, upon request by the Pledgee, the Pledgor shall provide other property as security for the Secured Indebtedness.

 

2.5                                        Upon occurrence of any Event of Default, the Pledgee shall be entitled to dispose of the Pledged Equity in such manner as prescribed by Article IV hereof.

 

2.6                                        The Pledgor may not increase the capital of the Company except with prior consent of the Pledgee. Any increase in the capital contribution made by the Pledgor to the registered capital of the Company as a result of any capital increase shall equally become part of the Pledged Equity, and the Pledgor shall register the pledge of the Company Equity corresponding to such capital contribution with the competent administrative authority for industry and commerce of the Company.

 

2.7                                        The Pledgor may not receive any dividend or profit in respect of the Pledged Equity except with prior consent of the Pledgee. Any dividend or profit received by the Pledgor in respect of the Pledged Equity shall be deposited into an account designated by the Pledgee, monitored by the Pledgee and first applied towards repayment of the Secured Indebtedness.

 

2.8                                        Upon occurrence of an Event of Default, the Pledgee shall be entitled to dispose of any Pledged Equity of the Pledgor in accordance with the terms hereof.

 

ARTICLE III                                          RELEASE OF PLEDGE

 

3.1                                       Upon full and complete performance by the Pledgor and the Company of all of their Contractual Obligations and full repayment of the Secured Indebtedness, the Pledgee shall, at the request of the Pledgor, release the Equity Pledge hereunder and cooperate with the Pledgor in relation to both the deregistration of the Equity Pledge in the shareholder’s register of the Company and the deregistration of the Equity Pledge with the relevant administrative authority for industry and commerce; reasonable costs arising out of such release of the Equity Pledge shall be borne by the Pledgee.

 

ARTICLE IV                                           DISPOSAL OF PLEDGED EQUITY

 

4.1                                        The Parties hereby agree that upon occurrence of any Event of Default, the Pledgee shall be entitled to exercise, upon written notice to the Pledgor, all of the remedies, rights and powers available to it under the PRC Laws, the Transaction Agreements and this Agreement, including, without limitation, the right to auction or sell the Pledged Equity for prior satisfaction of claims. The Pledgee shall not be held liable for any losses resulting from its reasonable exercise of such rights and powers.

 

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The Pledgor further acknowledges and agrees that its breach of Article IX hereof shall constitute its material breach of this Agreement; the Company further acknowledges and agrees that its breach of Article X hereof shall constitute its material breach of this Agreement.

 

4.2                                        The Pledgee shall be entitled to appoint, in writing, its counsels or other agents to exercise any and all of its foregoing rights and powers, and neither the Pledgor nor the Company shall object thereto.

 

4.3                                        The Pledgee shall have the right to fully deduct all reasonable costs incurred by it in connection with its exercise of any or all of its foregoing rights and powers from the proceeds obtained as a result of such exercise of rights and powers.

 

4.4                                        The proceeds obtained as a result of the exercise by the Pledgee of its rights and powers shall be applied in the following order of precedence:

 

(i)                               towards payment of all costs arising out of the disposal of the Pledged Equity and the exercise by the Pledgee of its rights and powers (including fees paid to its counsels and agents);

 

(ii)                            towards payment of the taxes payable in connection with the disposal of the Pledged Equity; and

 

(iii)                         towards repayment of the Secured Indebtedness to the Pledgee.

 

Any balance after the deduction of the foregoing payments shall either be returned by the Pledgee to the Pledgor or any other person who may be entitled to such balance under relevant laws and regulations or be deposited by the Pledgee with a notary organ of the place of the Pledgee (any costs arising out of such deposit shall be borne by the Pledgee).

 

4.5                                        The Pledgee shall have the right to exercise, at its option, concurrently or successively, any of its breach of contract remedies; the Pledgee shall not be required to first exercise other breach of contract remedies prior to the exercise of its right to auction or sell the Pledged Equity hereunder.

 

ARTICLE V                                                COSTS AND EXPENSES

 

5.1                                       All actual costs and expenses arising in connection with the creation of the Equity Pledge hereunder, including, without limitation, the stamp duty, any other taxes and all legal costs, shall be borne by the Parties severally.

 

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ARTICLE VI                                           CONTINUING GUARANTEE AND NON-WAIVER

 

6.1                                       The Equity Pledge created hereunder shall constitute a continuing guarantee and shall remain valid until full performance of the Contractual Obligations or full repayment of the Secured Indebtedness, whichever occurs later. Neither any waiver or grace granted by the Pledgee with respect to any breach by the Pledgor nor any delay of the Pledgee in its exercise of any of its rights under the Transaction Agreements and this Agreement shall affect the right of the Pledgee under this Agreement, relevant PRC Laws and the Transaction Agreements to require at any time thereafter the Pledgor to strictly perform the Transaction Agreements and this Agreement or any right that may be available to the Pledgee as a result of any subsequent breach by the Pledgor of the Transaction Agreements and/or this Agreement.

 

ARTICLE VII                                      REPRESENTATIONS AND WARRANTIES BY THE PLEDGOR

 

The Pledgor represents and warrants to the Pledgee that:

 

7.1                                        It is a limited liability company duly registered and lawfully existing under the PRC Laws with independent legal personality; and has full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party.

 

7.2                                        All reports, documents and information provided by it to the Pledgee prior to the effectiveness of this Agreement with respect to all matters pertaining to the Pledgor or required by this Agreement are true, correct, complete and not misleading in all material respects as of the effectiveness of this Agreement.

 

7.3                                        All reports, documents and information provided by it to the Pledgee subsequent to the effectiveness of this Agreement with respect to all matters pertaining to the Pledgor or required by this Agreement are true and valid in all material respects as of the time of provision of the same.

 

7.4                                        As of the effectiveness of this Agreement, the Pledgor is the sole lawful owner of the Pledged Equity free from any ongoing or potential dispute or any third party claim as to the ownership thereof; and the Pledgor has the right to dispose of the Pledged Equity or any part thereof.

 

7.5                                        Other than the security interest created on the Pledged Equity hereunder and the rights created under the Transaction Agreements, the Pledged Equity is free from any other security interests, third party rights or interests or any other restrictions.

 

7.6                                        The Pledged Equity may be lawfully pledged and assigned, and the Pledgor has full rights and powers to pledge the Pledged Equity to the Pledgee in accordance with the terms hereof.

 

7.7                                        Once duly executed by the Pledgor, this Agreement will constitute lawful, valid and binding obligations of the Pledgor.

 

7.8                                        Other than the registration of the Equity Pledge with the relevant administrative authority for industry and commerce, any consents, permissions, waivers or authorizations by any third party or any approval, license or exemption from or any registration or filing formalities with any governmental body (if required by law), requisite in each case for the execution and performance of this Agreement and the creation of the Equity Pledge hereunder, have been obtained or completed and will remain fully valid during the validity term hereof.

 

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7.9                                        The execution and performance by the Pledgor of this Agreement do not violate or conflict with any law applicable to the Pledgor, any agreement to which the Pledgor is a party or by which he is bound, any court judgment, any arbitral award, or any decision of any administrative authority.

 

7.10                                 The pledge hereunder constitutes a first priority security interest on the Pledged Equity.

 

7.11                                 All taxes and costs payable in connection with the acquisition of the Pledged Equity have been paid in full by the Pledgor.

 

7.12                                 There are no pending, or to the knowledge of the Pledgor, threatened, suits, legal proceedings or claims before any court or arbitral tribunal or by any governmental body or administrative authority against the Pledgor or its property or the Pledged Equity having a material or adverse effect on the financial condition of the Pledgor or its ability to perform its obligations and the guarantee liability hereunder.

 

7.13                                The Pledgor hereby warrants to the Pledgee that the foregoing representations and warranties will remain true and correct and be fully complied with under all circumstances at any time prior to the full performance of the Contractual Obligations or full repayment of the Secured Indebtedness.

 

ARTICLE VIII                                 REPRESENTATIONS AND WARRANTIES BY THE COMPANY

 

The Company represents and warrants to the Pledgee that:

 

8.1                                        It is a limited liability company duly registered and lawfully existing under the PRC Laws with independent legal personality; and has full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party.

 

8.2                                        All reports, documents and information provided by it to the Pledgee prior to the effectiveness of this Agreement with respect to all matters pertaining to the Pledged Equity or required by this Agreement are true, correct, complete and not misleading in all material respects as of the effectiveness of this Agreement.

 

8.3                                        All reports, documents and information provided by it to the Pledgee subsequent to the effectiveness of this Agreement with respect to all matters pertaining to the Pledged Equity or required by this Agreement are true and valid in all material respects as of the time of provision of the same.

 

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8.4                                       Once duly executed by it, this Agreement will constitute lawful, valid and binding obligations of the Company.

 

8.5                                       It has full internal corporate power and authority to execute and deliver this Agreement and all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder.

 

8.6                                       There are no pending, or to the knowledge of the Company, threatened, suits, legal proceedings or claims before any court or arbitral tribunal or by any governmental body or administrative authority against the Pledged Equity, the Company or its assets having a material or adverse effect on the financial condition of the Company or the ability of the Pledgor to perform its obligations and the guarantee liability hereunder.

 

8.7                                       The Company hereby agrees to be severally and jointly liable to the Pledgee for the representations and warranties made by the Pledgor under Sections 7.4, 7.5, 7.6, 7.8 and 7.10 hereof.

 

8.8                                       The Company hereby warrants to the Pledgee that the foregoing representations and warranties will remain true and correct and be fully complied with under all circumstances at any time prior to the full performance of the Contractual Obligations or full repayment of the Secured Indebtedness.

 

ARTICLE IX                                          UNDERTAKINGS BY THE PLEDGOR

 

The Pledgor hereby agrees and irrevocably undertakes to the Pledgee that:

 

9.1                                        Without prior written consent of the Pledgee, the Pledgor will not create or permit to be created any new pledge or any other security interest on the Pledged Equity, and any pledge or any other security interest created on all or part of the Pledged Equity without prior written consent of the Pledgee shall be null and void.

 

9.2                                        Without prior written notice to and prior written consent of the Pledgee, (i) the Pledgor will not assign or otherwise dispose of the Pledged Equity or request the Company to decrease its capital, and any of such actions taken by the Pledgor without prior consent of the Pledgee shall be null and void; (ii) the Pledgor will not assist or permit other existing shareholders (as applicable) to take any of the foregoing actions without prior written consent of the Pledgee. The proceeds received by the Pledgor from the assignment or other disposal of the Pledged Equity shall be first applied towards early full repayment of the Secured Indebtedness to the Pledgee or deposited with a third party to be agreed with the Pledgee.

 

9.3                                        Should there arise any suit, arbitration or other claims which are likely to have an adverse effect on the interests of the Pledgor or the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity, the Pledgor warrants that it will notify the Pledgee in writing of the same as soon as possible and without delay and will, in accordance with the reasonable request of the Pledgee, take all necessary actions to ensure the Pledgee’s pledge rights and interests in and to the Pledged Equity.

 

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9.4                                        The Pledgor warrants that it shall complete the business term extension registration formalities of the Company within three (3) months prior to the expiry of the business term of the Company such that the validity of this Agreement shall be maintained.

 

9.5                                        The Pledgor shall not do or permit to be done any act or action likely to have an adverse effect on the interests of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity.

 

9.6                                        The Pledgor will use its best efforts and take all necessary measures to register the Equity Pledge hereunder as soon as possible with the relevant administrative authority for industry and commerce after the execution of this Agreement, and the Pledgor warrants, in accordance with the reasonable request of the Pledgee, to take all necessary actions and execute all necessary documents (including, without limitation, any supplement hereto) to ensure the Pledgee’s pledge rights and interests in and to the Pledged Equity as well as the exercise and realization by the Pledgee of such rights and interests.

 

9.7                                        Should the exercise of the pledge rights hereunder result in an assignment of any Pledged Equity, the Pledgor warrants that it will take all actions to realize such assignment.

 

9.8                                        The Pledgor ensures that the shareholder’s resolutions adopted, convening procedures of, the methods of voting at and the contents of the shareholders’ meeting (as applicable) and board meetings of the Company held in connection with the execution of this Agreement and the creation and exercise of the pledge rights hereunder shall not violate laws, administrative regulations or the articles of association of the Company.

 

9.9                                        Once the Pledgor knows or should have known any possible transfer of the Pledged Equity held by him to any third parties other than the Pledgee or any individual or entity designated by the Pledgee as a result of applicable PRC Laws or any judgment or award rendered by a court or arbitral body or for any other reasons, it shall notify the Pledgee immediately and without delay.

 

ARTICLE X                                               UNDERTAKINGS BY THE COMPANY

 

The Company hereby agrees and irrevocably undertakes to the Pledgee that:

 

10.1                                The Company will use every effort to assist with the obtainment of any consents, permissions, waivers or authorizations by any third party or any approval, license or exemption from any governmental body or the completion of any registration or filing formalities with any governmental body (if required by law), requisite in each case for the execution and performance of this Agreement and the creation of the Equity Pledge hereunder, and the maintenance of the same in full force and effect during the validity term hereof.

 

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10.2                                Without prior written consent of the Pledgee, the Company will not assist or permit the Pledgor to create any new pledge or any other security interest on the Pledged Equity.

 

10.3                                Without prior written consent of the Pledgee, the Company will not assist or permit the Pledgor to assign or otherwise dispose of the Pledged Equity.

 

10.4                                Should there arise any suit, arbitration or other claims which are likely to have an adverse effect on the Company, the Pledged Equity or the interests of the Pledgee under the Transaction Agreements and this Agreement, the Company warrants that it will notify the Pledgee in writing of the same as soon as possible and without delay and will, in accordance with the reasonable request of the Pledgee, take all necessary actions to ensure the Pledgee’s pledge rights and interests in and to the Pledged Equity.

 

10.5                                The Company warrants that it shall complete its business term extension registration formalities within three (3) months prior to the expiry of its business term such that the validity of this Agreement shall be maintained.

 

10.6                                The Company shall not do or permit to be done any act, action or omission likely to have an adverse effect on the interests of the Pledgee under the Transaction Agreements and this Agreement or on the Pledged Equity.

 

10.7                                The Company will, during the first month of each calendar quarter, submit to the Pledgee the financial statements of the Company for the preceding calendar quarter, including, without limitation, the balance sheet, the income statement and the cash flow statement.

 

10.8                                The Company warrants, in accordance with the reasonable request of the Pledgee, to take all necessary actions and execute all necessary documents (including, without limitation, any supplement hereto) to ensure the Pledgee’s pledge rights and interests in and to the Pledged Equity as well as the exercise and realization by the Pledgee of such rights and interests.

 

10.9                                Should the exercise of the pledge rights hereunder result in an assignment of any Pledged Equity, the Company warrants that it will take all actions to realize such assignment.

 

10.10                         The Company covenants that it will assist the Pledgor to register the Equity Pledge hereunder with the competent administrative authority for industry and commerce of the Company as soon as possible after the execution of this Agreement and provide all necessary cooperation to complete such registration in a timely manner.

 

10.11                         Once the Company knows or should have known any possible transfer of the Pledged Equity held by the Pledgor to any third parties other than the Pledgee or any individual or entity designated by the Pledgee as a result of applicable PRC Laws or any judgment or award rendered by a court or arbitral body or for any other reasons, it shall notify the Pledgee immediately and without delay.

 

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ARTICLE XI                                          FUNDAMENTAL CHANGES OF CIRCUMSTANCES

 

11.1                                As a supplementary agreement and without contravening other provisions of the Transaction Agreements and this Agreement, if, at any time, in the opinion of the Pledgee, as a result of any promulgation of or amendment to any PRC Laws, regulations or rules, or any change in the interpretation or application of such laws, regulations or rules, or any change in relevant registration procedures, the maintenance of the validity of this Agreement and/or the disposal of the Pledged Equity in the manner prescribed hereby becomes illegal or contravenes such laws, regulations or rules, the Pledgor and the Company shall, based on the Pledgee’s written instructions and in accordance with its reasonable request, immediately take any actions and/or execute any agreements or other documents so as to:

 

(a)                        maintain the validity of this Agreement;

 

(b)                        facilitate the disposal of the Pledged Equity in the manner prescribed hereby; and/or

 

(c)                         maintain or realize the security created or purported to be created hereunder.

 

ARTICLE XII                                     EFFECTIVENESS AND TERM OF AGREEMENT

 

12.1                                This Agreement shall become effective upon due execution by the Parties.

 

12.2                                The term of this Agreement shall end when the Contractual Obligations have been fully performed or the Secured Indebtedness have been fully repaid, whichever is later.

 

ARTICLE XIII                                NOTICES

 

13.1                                Any notice, request, demand and other correspondences required by or made pursuant to this Agreement shall be made in writing and delivered to the relevant Parties.

 

13.2                                Such notice or other correspondences shall be deemed delivered when it is transmitted if transmitted by fax or email; or upon delivery if delivered in person; or two (2) days after posting if delivered by mail.

 

ARTICLE XIV                                 MISCELLANEOUS

 

14.1                                The Pledgor and the Company agree that the Pledgee may, immediately upon notice to the Pledgor and the Company, assign its rights and/or obligations hereunder to any third party; provided that without prior written consent of the Pledgee, neither the Pledgor nor the Company may assign their respective rights, obligations or liabilities hereunder to any third party.

 

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14.2                                The sum of the Secured Indebtedness determined by the Pledgee in its discretion in connection with its exercise of its pledge rights to the Pledged Equity in accordance with the terms hereof shall constitute the conclusive evidence for the Secured Indebtedness hereunder.

 

14.3                                This Agreement is made in Chinese in five (5) originals, of which one (1) copy shall be held by the Company, one (1) copy shall be used for governmental approval/registration purposes and the remaining copies shall be kept by the Pledgee.

 

14.4                                The entry into, effectiveness and interpretation of, and resolution of disputes under, this Agreement shall be governed by the PRC Laws.

 

14.5                                Dispute Resolution

 

(a)                                 All disputes arising out of or in connection with this Agreement shall be first settled by the relevant Parties through amiable consultations; if such Parties fail to resolve the dispute through consultations, the dispute shall be submitted to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration according to CIETAC arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be in Hangzhou. The arbitration award shall be final and binding on the relevant Parties. Except as otherwise required by the arbitration award, the arbitration fees shall be borne by the losing party. The losing party shall also indemnify for the attorneys’ fee and other expenses incurred by the winning party.

 

(b)                                 Pending the resolution of such dispute, the Parties shall continue to perform the remaining provisions of this Agreement other than the disputed matters.

 

14.6                                No right, power or remedy empowered to any Party by any provision of this Agreement shall preclude any other right, power or remedy enjoyed by such Party in accordance with law or any other provisions hereof and no exercise by a Party of any of its rights, powers and remedies shall preclude its exercise of its other rights, powers and remedies.

 

14.7                                No failure or delay by a Party in exercising any right, power or remedy under this Agreement or laws (“Party’s Rights”) shall result in a waiver of such rights; and no single or partial waiver by a Party of the Party’s Rights shall preclude such Party from exercising such rights in any other way or exercising the remaining part of the Party’s Rights.

 

14.8                                The section headings herein are inserted for convenience of reference only and shall in no event be used in or affect the interpretation of the provisions hereof.

 

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14.9                                Each provision contained herein shall be severable and independent of any other provisions hereof, and if at any time any one or more provisions hereof become invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not be affected thereby.

 

14.10                         Once executed, this Agreement shall replace any other legal documents previously entered into by the Parties in respect of the same subject matter hereof. Any amendments or supplements to this Agreement shall be made in writing. Except for the transfer of rights hereunder by the Pledgee according to Section 14.1 hereof, such amendments or supplements shall become effective only if they are duly signed by the Parties hereto.

 

14.11                         This Agreement shall be binding upon the legal assignees or successors of the Parties. The successors or permitted assignees (if any) of the Pledgor and the Company shall continue to perform the respective obligations of the Pledgor and the Company hereunder. The Pledgor warrants to the Pledgee that he has made all appropriate arrangements and executed all necessary documents to ensure that, in the event of its bankruptcy, dissolution or occurrence of other circumstances that might affect exercise of its shareholder rights, his legal assignee, successor, heir, creditor, liquidator, bankruptcy administrator  and other persons that might consequently acquire the Company Equity or relevant rights cannot affect or impede the performance of this Agreement. For this purpose, the Pledgor and the Company shall promptly sign all other documents and take all other actions (including, without limitation, notarization of this Agreement) as required by the Pledgee.

 

14.12                         Concurrently with the execution of this Agreement, the Pledgor shall execute a power of attorney (“Power of Attorney”) in the form of Schedule 2 hereto, entrusting any nominee of the Pledgee to execute, on its behalf in accordance with this Agreement, any and all legal documents as may be required in order for the Pledgee to exercise its rights hereunder. Such Power of Attorney shall be submitted to the Pledgee for custody and may be presented by the Pledgee to relevant governmental authorities whenever necessary.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK. EXECUTION PAGE FOLLOWS]

 

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(EXECUTION PAGE ATTACHED SEPARATELY)

 

 

[Signature Page to Equity Pledge Agreement for Zhejiang Tmall Network Co., Ltd.]

 

Company:

 

	
[Seal of Zhejiang Tmall Network Co., Ltd.]
    	
 
    
	
Zhejiang Tmall Network Co., Ltd.
    	
 
    
	
(Seal)
    	
 
    

 

 

[Signature Page to Equity Pledge Agreement for Zhejiang Tmall Network Co., Ltd.]

 

Pledgee:

 

	
[Seal of Zhejiang Tmall Technology Co., Ltd.]
    	
 
    
	
Zhejiang Tmall Technology Co., Ltd.
    	
 
    
	
(Seal)
    	
 
    

 

 

[Signature Page to Equity Pledge Agreement for Zhejiang Tmall Network Co., Ltd.]

 

Pledgor:

 

	
[Seal of Hangzhou Zhenxi Investment Management Co., Ltd.]
    	
 
    
	
Hangzhou Zhenxi Investment Management Co., Ltd.
    	
 
    
	
(Seal)
    	
 
    

 

 

SCHEDULE 1

 

BASIC INFORMATION OF THE COMPANY

 

	
Company Name:
    	
Zhejiang Tmall Network Co., Ltd.
    
	
 
    	
 
    
	
Registered Address:
    	
Room 506, 5/F, Building No. 3, 969 West Wen Yi   Road, Yu Hang District, Hangzhou
    
	
 
    	
 
    
	
Registered Capital:
    	
Ten Million (RMB10,000,000)
    
	
 
    	
 
    
	
Legal Representative:
    	
Zhang Yong
    

 

Shareholding Structure:

 

	
Shareholder
    	
 
    	
Shareholding
   Percentage
    	
 
    	
Amount of Subscribed Capital
   Contribution (RMB)
    	
 
    
	
Hangzhou Zhenxi Investment Management Co., Ltd.
    	
 
    	
100
    	
%
    	
10,000,000
    	
 
    

 

Schedule 1 to Equity Pledge Agreement for Zhejiang Tmall Network Co., Ltd.

 

 

SCHEDULE 2

 

FORM OF POWER OF ATTORNEY

 

We, Hangzhou Zhenxi Investment Management Co., Ltd., hereby irrevocably appoint ___________ (ID Card No.: ___________) to act as our attorney in fact to execute all legal documents necessary or desirable for the exercise by Zhejiang Tmall Technology Co., Ltd. of its rights under the Equity Pledge Agreement for Zhejiang Tmall Network Co., Ltd. by and among Zhejiang Tmall Technology Co., Ltd., us and Zhejiang Tmall Network Co., Ltd.

 

	
 
    	
Company Name: Hangzhou Zhenxi Investment Management   Co., Ltd. (Seal)
    
	
 
    	
 
    
	
 
    	
Date:
    

 

Schedule 2 to Equity Pledge Agreement for Zhejiang Tmall Network Co., Ltd.Exhibit 4.30

 

Execution Version

	
 
    

 

ZHEJIANG TMALL NETWORK CO., LTD.

 

AND

 

ZHEJIANG TMALL TECHNOLOGY CO., LTD.

 

 

EXCLUSIVE SERVICES AGREEMENT

 

 

January 10, 2018

	
 
    

 

 

EXCLUSIVE SERVICES AGREEMENT

 

THIS EXCLUSIVE SERVICES AGREEMENT (this “Agreement”) is made on January 10, 2018:

 

BY AND BETWEEN:

 

1.              Zhejiang Tmall Network Co., Ltd. (“Party A”)

Registered Address: Room 506, 5/F, Building No. 3, 969 West Wen Yi Road, Yu Hang District, Hangzhou

Legal Representative: Zhang Yong

 

2.              Zhejiang Tmall Technology Co., Ltd. (“Party B”)

Registered Address: Room 507, 5/F, Building No. 3, 969 West Wen Yi Road, Yu Hang District, Hangzhou

Legal Representative: Zhang Yong

 

In this Agreement, the aforementioned Parties are referred to individually as a “Party” and collectively as the “Parties”.

 

W I T N E S S E T H

 

WHEREAS, Party A is a limited liability company registered and lawfully existing in Hangzhou, the PRC, and its scope of business includes “value-added telecommunication, Internet drug trading services, Internet drug information services, commercial Internet culture, holding shows (programs) and performance; providing service platform for Internet publication dealings. services: mall network platform technology development; computer network technology development, technology consulting, technology services, product transfer, hosting conference and exhibition, translation, design, production, agency and publication of domestic advertisement (other than items requiring pre-approval); wholesale and retail of computer software, hardware and ancillary equipment, computer-related products, servers and corollary equipment, communication equipment, network equipment, electronic products, electric appliance, office equipment, office supplies and furniture; provision of advertisement and ticket agency services related technology services, and ticket agency (other than airline ticket agency)( business activities subject to approval according to laws may not be carried out until get approved by relevant authority)”;

 

WHEREAS, Party B is a wholly foreign-owned enterprise registered and lawfully existing in Hangzhou, the PRC, and its scope of business includes “research and development of network mall technology, computer software and hardware, network technology product, multimedia product; services: design, debugging and maintenance of system integration; provision of computer technology consulting and service as well as e-commerce platform support; economic information consulting (including commodity intermediary) (exclusive of business activities prohibited and restricted by the state and any business activity subject to the license system may not be carried out until relevant license is obtained)”;

 

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WHEREAS, Party A needs Party B to provide it with services relating to Party A Business (as defined below) and Party B agrees to provide such services to Party A.

 

NOW, THEREFORE, upon friendly discussions, the Parties agree as follows:

 

ARTICLE I                                                    DEFINITIONS

 

1.1                               Unless otherwise indicated herein or otherwise interpreted in the context, the following terms shall have the following meanings in this Agreement:

 

	
“Party A   Business”
    	
 
    	
means all of the business activities operated and   developed by Party A now and at any time during the validity term hereof.
    
	
 
    	
 
    	
 
    
	
“Services”
    	
 
    	
means the services to be provided by Party B on an   exclusive basis to Party A in relation to Party A Business, including,   without limitation:

 

(1)             licensing to Party   A of relevant software duly possessed by Party B and required for Party A   Business;

 

(2)             providing economic   information, computer technology, commerce and management consulting services   and advices to Party A;

 

(3)             providing business   plan, design and marketing proposal to Party A;

 

(4)             routine management,   maintenance and updating of hardware equipment and database/software   resources and customer resources;

 

(5)             providing to Party   A the information technology/overall management and operation solution as   required for Party A Business;

 

(6)             development,   maintenance and updating of relevant application software as required for   Party A Business;

 

(7)             providing business   training, support and assistance to relevant personnel of Party A; and
    

 

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(8)             other relevant services provided from   time to time at Party A’s request.
    
	
 
    	
 
    	
 
    
	
“Annual Business Plan”
    	
 
    	
means the Party A Business development plan and   budget report for the next calendar year to be prepared by Party A in   accordance with this Agreement by November 30 of each year with the   assistance of Party B.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
“Service Fees”
    	
 
    	
means all the fees payable by Party A to Party B   under Article III hereof in respect of the services provided by Party B.
    
	
 
    	
 
    	
 
    
	
“Business-Related   Intellectual Property”
    	
 
    	
means any and all intellectual properties developed   by Party A on the basis of the Services provided by Party B hereunder in relation   to Party A Business.
    
	
 
    	
 
    	
 
    
	
“Confidential Information”
    	
 
    	
has the meaning ascribed to it in Section 6.1   hereof.
    
	
 
    	
 
    	
 
    
	
“Defaulting Party”
    	
 
    	
has the meaning ascribed to it in Section 12.1   hereof.
    
	
 
    	
 
    	
 
    
	
“Default”
    	
 
    	
has the meaning ascribed to it in Section 12.1   hereof.
    
	
 
    	
 
    	
 
    
	
“Party’s Rights”
    	
 
    	
has the meaning ascribed to it in Section 14.5   hereof.
    

 

1.2                               In this Agreement, any reference to any laws and regulations (“Laws”) shall be deemed to include:

 

(1)                       a reference to such Laws as modified, amended, supplemented or reenacted, effective either before or after the date hereof; and

 

(2)                       a reference to any other decision, circular or rule made thereunder or effective as a result thereof.

 

1.3                               Unless otherwise required by the context, a reference to an article, section, clause or paragraph herein shall be a reference to an article, section, clause or paragraph of this Agreement.

 

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ARTICLE II                                               SERVICES

 

2.1                               During the validity term hereof, Party A exclusively entrusts Party B to provide the Services, and Party B shall, in accordance with the requirements of Party A Business, diligently provide the Services to Party A. The Parties understand that, the services actually provided by Party B shall be limited to the approved business scope of Party B; if the Services required by Party A from Party B exceed the approved business scope of Party B, Party B shall apply for an extension of business scope to the maximum extent permitted by Laws and may provide relevant Services after its application for extension of business scope being approved.

 

2.2                               For the purpose of the provision of the Services hereunder, Party B shall communicate and exchange with Party A information pertaining to Party A Business.

 

2.3                               Notwithstanding any other provisions hereof, Party B shall have the right to designate any third party to provide any or all of the Services hereunder or fulfill, in lieu of Party B, Party B’s obligations hereunder. Party A hereby agrees that Party B has the right to assign to any third party its rights and interests hereunder.

 

ARTICLE III                                          SERVICE FEES

 

3.1                               In connection with the Services provided by Party B hereunder, Party A shall pay the Services Fees to Party B in the following ways:

 

3.1.1                    The Parties agree upon negotiation that, as for the Services provided by Party B to Party A in each calendar year during the validity term hereof, Party A shall pay relevant Service Fees to Party B on an annual basis; and

 

3.1.2                    The Parties agree upon negotiation that, as for any specific services provided by Party B from time to time at Party A’s request, Party A shall otherwise pay Service Fees to Party B.

 

3.2                               Party B shall promptly issue the payment notice and the VAT special invoice to Party A and settle accounts on an annual basis. Party A shall pay the above Service Fees (inclusive of taxes) to Party B within one month after receiving the invoice.

 

3.3                               The Parties agree that, subject to compliance with mandatory provisions of Laws and regulations, the scope of Services specified in and the amount of Service Fees payable under Sections 3.1 and 3.2 hereof may be determined and adjusted by the Parties based on suggestions made by Party B from time to time. Party A shall not refuse Party B’s suggestions without reasonable grounds.

 

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3.4                               The Parties shall respectively assume their own tax payment and withholding obligations (if any) according to applicable Laws.

 

ARTICLE IV                                           OBLIGATIONS OF PARTY A

 

4.1                               Party B’s Services hereunder shall be exclusive; during the validity term hereof, without prior written consent of Party B, Party A shall not enter into any agreement with any third party or accept from such third party services identical or similar to the Services of Party B in any other ways.

 

4.2                               Party A shall, by November 30 of each year, provide to Party B its fixed Annual Business Plan for the next year such that Party B may prepare the relevant Services plan and procure required personnel and services resources. If Party A needs Party B to procure additional personnel on an ad hoc basis, it shall consult with Party B fifteen (15) days in advance so as to reach mutual agreement.

 

4.3                               In order to facilitate Party B’s provision of the Services, Party A shall at Party B’s request provide in a timely manner such information as required by Party B.

 

4.4                               Party A shall in accordance with Article III hereof pay the full amount of the Service Fees in a timely manner.

 

4.5                               Party A shall maintain its own good reputation, actively expand its business and seek maximization of its profits.

 

4.6                               During the validity term hereof, Party A agrees to cooperate with Party B and its (direct or indirect) parent company to carry out auditing of related party transactions and all kinds of auditing, provide information and materials relating to operation, business, customer, finance and employee of Party A to Party B, its parent company or its entrusted auditor, and agrees to the disclosure of such information and materials by Party B’s parent company for the purpose of satisfying the regulatory requirements of the place where its securities are listed.

 

ARTICLE V                                                INTELLECTUAL PROPERTY

 

5.1                               All of the work products which are either originally owned by Party B or acquired by it during the term hereof, including the intellectual property to and in the work results created during its provision of the Services, shall belong to Party B.

 

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5.2                               Considering that the conduct of Party A Business is dependent upon the Services provided by Party B hereunder, Party A agrees to the following arrangement with respect to the Business-Related Intellectual Property developed on the basis of such Services:

 

(i)                           If the Business-Related Intellectual Property is developed and derived by Party A under Party B’s entrustment or is derived by Party A through joint development with Party B, then such Business-Related Intellectual Property and relevant intellectual property application right shall be owned by Party B;

 

(ii)                        If the Business-Related Intellectual Property is derived by Party A through independent development, then it shall be owned by Party A, provided that: (A) Party A shall timely inform Party B of the details of such Business-Related Intellectual Property and shall provide relevant documents reasonably required by Party B; (B) if Party A intends to license or transfer such Business-Related Intellectual Property, Party A shall, to the extent not contrary to mandatory requirements of PRC Laws, transfer the same to Party B or grant an exclusive license to Party B on a preemptive basis, and Party B may use such Business-Related Intellectual Property within the specific scope of transfer or license (however, Party B may determine in its discretion whether to accept such transfer or license); if and only if Party B has waived its right to preemptive purchase or its right to exclusive license with respect to such Business-Related Intellectual Property, Party A may then transfer the title of, or license, such Business-Related Intellectual Property, to a third party on terms and conditions no more favorable than those proposed to Party B (including, without limitation, transfer price or royalty) but shall ensure that such third party shall fully comply with and perform the obligations to be performed by Party A hereunder; (C) except in the case of a circumstance described in (B), during the term hereof, Party B shall have the right to demand to purchase such Business-Related Intellectual Property, and in the event that such a request is so made, Party A shall, to the extent not contrary to mandatory requirements of PRC Laws, agree to such purchase request of Party B at the lowest purchase price then permissible by PRC Laws.

 

5.3                               In the event that Party B is granted, in accordance with Section 5.2(ii) hereof, an exclusive license to use the Business-Related Intellectual Property, such license shall comply with the following requirements:

 

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(i)                          The term of the license shall be no less than five (5) years (from the date of effectiveness of relevant license agreement);

 

(ii)                       The scope of the rights granted under the license shall be as broad as possible;

 

(iii)                    During the term of and within the scope of the license, no one (including Party A) other than Party B shall use or license another party to use such Business-Related Intellectual Property in any way;

 

(iv)                   To the extent not contrary to Section 5.3(iii) hereof, Party A shall have the right to relicense, in its discretion, such Business-Related Intellectual Property to any other party;

 

(v)                      Upon expiry of the term of the license, Party B shall have the right to demand to renew the license agreement and Party A shall grant its consent, and upon such renewal the terms of such license agreement shall remain unchanged other than amendments thereto which have been confirmed by Party B.

 

5.4                               Notwithstanding the above Section 5.2(ii), if, according to applicable Laws, any Business-Related Intellectual Property described therein cannot be established without any ownership registration, then application for such ownership registration shall be dealt with as follows:

 

(i)                          If Party A intends to file an application for ownership registration with respect to any Business-Related Intellectual Property described herein, it shall first obtain written consent from Party B;

 

(ii)                       If and only if Party B has waived its right to purchase the application for ownership registration for such Business-Related Intellectual Property, Party A may then file such application for ownership registration on its own or assign such right to a third party. If such ownership registration application right is so transferred to a third party, Party A shall ensure that such third party shall fully comply with and perform the obligations to be performed by Party A hereunder; in addition, the terms on which Party A transfers such ownership registration application right to a third party (including, without limitation, transfer price) shall not be more favorable than those proposed by Party A to Party B under Section 5.4(iii) hereof;

 

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(iii)                    During the term hereof, Party B may at any time request Party A to file an application for ownership registration with respect to such Business-Related Intellectual Property and may decide in its discretion whether to purchase the right to file an application for ownership registration. If so requested by Party B, Party A shall, to the extent not contrary to the mandatory requirements of PRC Laws, transfer such right to file applications for ownership registration to Party B at the lowest transfer price then permissible by PRC Laws; once Party B has been granted with the application right for ownership registration of Business-Related Intellectual Property, files the application for ownership registration and completes such registration, Party B shall become the lawful owner of such ownership registration.

 

5.5                               Each Party undertakes to the other Party that it will indemnify the other Party against any and all economic losses suffered by the other Party as a result of its infringement of third party intellectual properties (including copyrights, trademark rights, patent rights and know-hows).

 

ARTICLE VI                                           CONFIDENTIALITY OBLIGATIONS

 

6.1                               Irrespective of whether this Agreement has been terminated, each of the Parties shall maintain in strict confidence the business secrets, proprietary information, customer information and all other information of a confidential nature of the other Party coming into its knowledge during the entry into and performance of this Agreement (“Confidential Information”). Except where prior written consent has been obtained from the Party disclosing the Confidential Information or where disclosure to a third party is mandated by relevant laws or regulations or by the rules of the place of listing of an affiliate of a Party, the Party receiving the Confidential Information shall not disclose any Confidential Information to any third party; the Party receiving the Confidential Information shall not use, either directly or indirectly, any Confidential Information other than for the purpose of performing this Agreement.

 

6.2                               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;

 

(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.

 

6.3                               A receiving Party may disclose the Confidential Information to its relevant employees, agents or its appointed professionals, provided that such receiving Party shall ensure that such persons shall comply with relevant terms and conditions of this Agreement and that it shall assume any liability arising out of any breach by such persons of relevant terms and conditions of this Agreement.

 

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6.4                               Notwithstanding any other provisions of this Agreement, the validity of this article shall not be affected by any termination of this Agreement.

 

ARTICLE VII                                      REPRESENTATIONS AND WARRANTIES BY PARTY A

 

Party A hereby represents and warrants to Party B that:

 

7.1                               It is a limited liability company duly registered and lawfully existing under PRC Laws with independent legal personality, has full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party.

 

7.2                               It has full internal corporate power and authority to execute and deliver this Agreement and all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder. This Agreement will be lawfully and duly executed and delivered by it, and will constitute its legal and binding obligations enforceable against it in accordance with its terms.

 

7.3                               It shall timely inform Party B of any circumstance which has or is likely to have a material adverse effect on Party A Business or operation thereof and shall use its best efforts to prevent the occurrence of such circumstance and/or the expansion of losses.

 

7.4                               Without written consent of Party B, Party A will not dispose of its material assets or change its current shareholding structure in whatsoever manner.

 

7.5                               When this Agreement takes effect, it has complete licenses and certificates necessary for conduct of its business, full rights and qualifications to carry out Party A Business currently conducted by it within the PRC.

 

7.6                               Once requested by Party B in writing, Party A will use all receivables then in its possession and/or other assets lawfully owned by it and at its disposal to provide security for performance of its payment obligation of the Services Fees agreed in Article III hereof in a manner then permissible by Laws.

 

7.7                               It will indemnify and hold harmless Party B against all losses suffered or likely to be suffered by Party B as a result of provision of the Services, including, without limitation, any losses arising out of any suit, recourse, arbitration, claim brought by any third party against it or any administrative investigation or sanction by any governmental authorities, but exclusive of any losses arising out of any willful misconduct or gross negligence of Party B.

 

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7.8                               Without written consent of Party B, Party A shall not enter into any other agreement or arrangement conflicting with this Agreement or likely to impair the rights and interests of Party B hereunder.

 

ARTICLE VIII                                 REPRESENTATIONS AND WARRANTIES BY PARTY B

 

Party B hereby represents and warrants to Party A that:

 

8.1                               It is a limited liability company duly registered and lawfully existing under PRC Laws with independent legal personality, has full and independent legal status and capacity to execute, deliver and perform this Agreement and may sue or be sued as an independent party.

 

8.2                               It has full internal corporate power and authority to execute and deliver this Agreement and all other documents to be executed by it in connection with the transactions contemplated hereunder as well as full power and authority to consummate the transactions contemplated hereunder. This Agreement will be lawfully and duly executed and delivered by it, and will constitute its legal and binding obligations enforceable against it in accordance with its terms.

 

ARTICLE IX                                          TERM OF AGREEMENT

 

9.1                               This Agreement shall be formed as from the date when it is duly executed by the Parties. Once formed, the effectiveness of this Agreement shall be retrospective to January 10, 2018. The validity term of this Agreement shall be twenty (20) years, except as specifically specified hereunder or early terminated by Party B upon a written notice. Upon expiry of the term, unless Party B has by a thirty (30) days’ notice notified the Party A not to renew, this Agreement shall be automatically renewed for one (1) year and will continue to be so renewed.

 

9.2                               If either of Party A or Party B fails to complete relevant approval and registration procedures to extend its business term upon expiry thereof, this Agreement shall terminate on the expiry date of the business of Party A or Party B. The Parties shall complete the approval and registration procedures for extension of business term within three (3) months prior to expiry of their respective business terms so that this Agreement shall continue in effect.

 

9.3                               Upon termination hereof, Party A shall continue to comply with its obligations under Article VI hereof.

 

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ARTICLE X                                               INDEMNIFICATION

 

Party A will indemnify and hold harmless Party B against all losses suffered or likely to be suffered by Party B as a result of provision of Services, including, without limitation, any losses arising out of any suit, recourse, arbitration, claim brought by any third party against it or any administrative investigation or sanction by any governmental authorities, but exclusive of any losses arising out of any willful misconduct or gross negligence of Party B.

 

ARTICLE XI                                          NOTICES

 

11.1                        Any notice, request, demand and other correspondences required by or made pursuant to this Agreement shall be made in writing and delivered to the relevant Parties.

 

11.2                        Such notice or other correspondences shall be deemed delivered when it is transmitted if transmitted by fax or email; or upon delivery if delivered in person; or two (2) days after posting if delivered by mail.

 

ARTICLE XII                                     LIABILITY FOR DEFAULT

 

12.1                        The Parties agree and acknowledge that if any Party (“Defaulting Party”) substantially breaches any provision hereunder, or substantially fails to perform or substantially delays in performing any obligations hereunder, such breach, failure or delay shall constitute a default hereunder (“Default”) and that in such event, 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 within such reasonable time or within ten (10) days after the non-defaulting Party notifies the Defaulting Party in writing and requests it to cure such Default, and if the Defaulting Party is Party A, the non-defaulting Party may elect, in its discretion, to (1) terminate this Agreement and demand the Defaulting Party to fully indemnify for damage; or (2) demand enforced performance by the Defaulting Party of its obligations hereunder and full indemnification from the Defaulting Party for damage; if the Defaulting Party is Party B, the non-defaulting Party shall have the right to demand continued performance by the Defaulting Party of its obligations hereunder and full indemnification from the Defaulting Party for damage.

 

12.2                        Notwithstanding Section 12.1 above, the Parties agree and acknowledge that unless otherwise stipulated by Laws or this Agreement, Party A shall in no event be permitted to demand to terminate this Agreement on the ground of any reason.

 

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12.3                        Notwithstanding any other provisions of this Agreement, the validity of this Article XII shall not be affected by any termination of this Agreement.

 

ARTICLE XIII                                FORCE MAJEURE

 

If there occurs an earthquake, typhoon, flood, fire, war, computer virus, tool software design loophole, hacking attack on the Internet, change of policy or law or any other force majeure event which is unforeseeable and whose consequences are insurmountable or unavoidable and a Party is directly affected thereby in its performance of this Agreement or is prevented thereby from performing this Agreement on agreed terms, such prevented Party shall immediately notify the other Party by fax of the same and shall within thirty (30) days provide an evidencing document to be issued by the notary organ of the place of the force majeure event setting forth the details of such force majeure and the reasons for such failure to perform, or for the need for postponed performance of, this Agreement. The Parties shall in light of the extent of the effect of such force majeure event on the performance of this Agreement, agree on whether to waive performance of part of this Agreement or to permit postponed performance thereof. No Party shall be held liable to indemnify the other Party against its economic losses resulting from a force majeure event.

 

ARTICLE XIV                                 MISCELLANEOUS

 

14.1                        This Agreement is made in Chinese in five (5) originals, of which one (1) copy shall be held by the Company, one (1) copy shall be used for governmental approval/registration purposes and the remaining copies shall be kept by Party B.

 

14.2                        The entry into, effectiveness, performance, modification and interpretation of, and resolution of dispute under, this Agreement shall be governed by the Laws of the People’s Republic of China.

 

14.3                        Dispute Resolution

 

14.3.1       All disputes arising out of or in connection with this Agreement shall be first settled by the Parties through amiable consultations; if they fail to resolve the dispute through consultations, the dispute shall be submitted to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration according to CIETAC arbitration rules in effect at the time of applying for arbitration. The seat of arbitration shall be in Hangzhou. The arbitration award shall be final and binding on the Parties. Except as otherwise required by the arbitration award, the arbitration fees shall be borne by the losing party. The losing party shall also indemnify for the attorneys’ fee and other expenses incurred by the winning party.

 

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14.3.2       Pending the resolution of such dispute, the Parties shall continue to perform the remaining provisions of this Agreement other than the disputed matters.

 

14.4                        No right, power or remedy empowered to any Party by any provision of this Agreement shall preclude any other right, power or remedy enjoyed by such Party in accordance with Laws or any other provisions hereof and no exercise by a Party of any of its rights, powers and remedies shall preclude its exercise of its other rights, powers and remedies.

 

14.5                        No failure or delay by a Party in exercising any right, power or remedy under this Agreement or Laws (“Party’s Rights”) shall result in a waiver of such rights; and no single or partial waiver by a Party of the Party’s Rights shall preclude such Party from exercising such rights in any other way or exercising the remaining part of the Party’s Rights.

 

14.6                        The section headings herein are inserted for convenience of reference only and shall in no event be used in or affect the interpretation of the provisions hereof.

 

14.7                        Each provision contained herein shall be severable and independent of any other provisions hereof, and if at any time any one or more provisions hereof become invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof shall not be affected thereby.

 

14.8                        Once executed, this Agreement shall replace any other legal documents previously entered into by the Parties in respect of the same subject matter hereof. Any amendments or supplements to this Agreement shall be made in writing. Except for the transfer of rights hereunder by Party B according to Section 14.9 hereof, such amendments or supplements shall become effective only if they are duly signed by the Parties hereto.

 

14.9                        Without prior written consent of Party B, Party A shall not assign any of its rights and/or obligations hereunder to any third party. Party A agrees that Party B shall have the right to unilaterally transfer any right and/or obligation hereunder to any third party without prior written consent of Party A, provided that a written notification to this effect shall be sent to Party A.

 

14.10                 This Agreement shall be binding upon the legal assignees, successors, creditors and other persons that might consequently acquire the equity interests in or relevant rights of the Parties.

 

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14.11                 The Parties undertake to each file and pay, in accordance with Laws, the taxes involved in the transaction hereunder.

 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.  EXECUTION PAGE FOLLOWS]

 

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(EXECUTION PAGE ATTACHED SEPARATELY)

 

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[Signature Page to Zhejiang Tmall Network Co., Ltd. Exclusive Services Agreement]

 

 

	
Party A
    	
 
    
	
 
    	
 
    
	
[Seal of Zhejiang Tmall   Network Co., Ltd.]
    	
 
    
	
 
    	
 
    
	
Zhejiang Tmall Network   Co., Ltd.
    	
 
    
	
 
    	
 
    
	
(Seal)
    	
 
    

 

 

[Signature Page to Zhejiang Tmall Network Co., Ltd. Exclusive Services Agreement]

 

 

	
Party B
    	
 
    
	
 
    	
 
    
	
[Seal of Zhejiang Tmall   Technology Co., Ltd.]
    	
 
    
	
 
    	
 
    
	
(Seal)

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