私募投资条款清单(2)

开曼、

AWOFE

、河 南

A

统称

“

集 团

”

或

“A

集 团

”

。

Founders

创始人股东

- Mr. A:

80%

- Ms B: 20%

Securities

证券种类

Convertible Notes (“CN”)

可转换债券

(

简称

“ CN”)

Investment Amount

投资金额

US$$ 30 million

三千万美元

Investors

投资人

PraxCapital Fund II Ltd. and its co- investor

B

投资基金及其共同投资人

Use of Proceeds

募集资金使用

It

is

understood

and

agreed

that

there

is

no

cash-out

in

this

transaction.

If

the

Founders have ever received any proceeds from this transaction, they shall immediately return the

proceeds back to the Group, net of any transaction-related taxes, if applicable.

- Acquire land: US$$

- Property development cost: US$$

- Others (specify): US$$

TOTAL: US$$ 30m

双方同意本交易不产生任何现 金兑现。

如果创始人从本交易中获得任何收益，

则必须立即将< /p>

所得归还给

A

集团，并扣除任何相关交易 税（如果有）

。

购买土地款：

US$$

物业开发费：

US$$

其他（列明）

：

US$$

合计：

US$$ 30m

Expected Closing Date

预期交割完成日

Two months after signing this Term Sheet or another day mutually agreed by

the Investors and the Company

本投资条款书签署后两月内，或投资人与公司共同认可的其他日期

Closing Conditions

交割条件

1) Completion of business, legal & financial due diligence of the Company, including

the obtaining of a NA

V report prepared by an internationally reputable valuer;

2) Receipt of all investment committee approvals required by the Investors;

3)

Execution

and

delivery

of

legal

documentation

in

form

and

substance

satisfactory

to

the

Investors and their counsel;

4)

Delivery

of

audited

financial

statements

of

the

Company

prepared

by

Ernst

&

Young

in

accordance with US GAAP for the fiscal years ended December 31, 2003 and 2004 and 2005, and

the management accounts of the Company for the six months ended June 30, 2006;

5)

PRC/Cayman/BVI

legal

counsels

to

the

Company

and

the

Founders

have

issued

respective

legal

opinion

in

respect

of

the

Company

and

the

Founders,

addressed

to

the

Investors

and

in

a

form and substance reasonably satisfactory the Investors;

6) The Company having entered into three years non- compete agreements with the Founders and

other senior executives of the Company in form and substance satisfactory to the Investors;

7) No material adverse development affecting the business, financial conditions, management or

prospects of the Company;

8) The share charge has been duly executed; and

9)

Upon

fulfillme

nt

of

the

Closing

Conditions,

the

Investors’

legal

counsel

will

send

to

the

Company a Closing Condition notice acknowledging that all the Closing conditions are met.

1)

投资人完成对公司业务、法律和财务方面的尽职调查，包 括由一家国际知名的仲量行出

具的净资产评估报告；

2)

投资人得到其投资委员会的批准；

3)

执行并出具形式和内容上令投资人及其律师满意的法律文本；

4)

公司出具经安永会计师事务所依照美国会计准则所做的< /p>

2003

年、

2004

< br>年及

2005

年的审

计报告，以 及

2006

年１

-6

< br>月份的管理报表；

5)

公司 和发起人股东的中国、开曼群岛、维尔京群岛律师出具的法律意见书；

6)

公司与创始人股东及其他高管人员签订三年非竞争协议；

7)

公司在业务、财务、管理或前景方面无重大负面变化；

8)

股份抵押已执行；以及

9)

交割条件满足时，

投资人律师将 向公司呈送交割条件满足通知，

确认所有条件均已满足。

Stock Option Plan

股票期权计划

After the Closing, the Company shall implement an Employee Stock Option Plan

(“ESOP”)

which

represents

up

to

7%

of

the

total

number

of

shares,

as

if

the

CN

are

fully

converted.

公司将于交割完成后实施员工期权计划

（

“ESOP”

）

.

用于员工期权计划股份最多可达到

7

％，

其计算基数为视同可转换债券全部转换为股份后的股份数额。

< br>

Conversion Rights

转股权利

The holders of CN will have the right to convert part or all of CN into Ordinary shares

at any time at the Conversion Price in effect at the time of conversion.

可转换债券持有人有权在转股期限内依照转股时有效的转股价 格随时将部分或全部可转换

债券转换为普通股。

Conversion Price

转股价格

The Conversion Price shall be based on a valuation, pursuant to which the CN holders

may convert all outstanding principal of all CN into the Company’s Ordinary shares representing