Termination Agreement to the Share Pledge Agreement
Exhibit
4.23
Termination
Agreement to the Share Pledge Agreement
This
Termination Agreement to the Share Pledge Agreement (hereinafter referred to as
this “Agreement”) is
entered into on this 1st day of
July, 2008 in Pudong New Area, Shanghai by and among:
Shanghai Xxxxxx Networking Co., Ltd.
(hereinafter referred to as “Xxxxxx”), a limited liability
company incorporated and existing in accordance with the laws of the People's
Republic of China (hereinafter referred to as the “PRC”) with its
principal business address at Xx. 000 Xxxx Xxxx, Xxxxxx Xxx Xxxx, Xxxxxxxx; and
Xxxxx Xxxx-xxxx (hereinafter
referred to as the “Holding
Employee”), a Chinese citizen with the ID Card No.: [XXX].
Xxxxxx
and the Holding Employee may collectively be referred to as the “Parties” and,
individually, as the “Party”.
Whereas, Xxxxxx and the
Holding Employee have entered into the Share Pledge Agreement (hereinafter
referred to as the “Original
Agreement”) on August 11, 2004, according to which the Holding Employee
has pledged all Share held by it in Shanghai
Shulong Technology Development Co., Ltd. as the security against all of
its obligations in favor
of Xxxxxx.
NOW THEREFORE, the Parties
have entered into the following terms and conditions in respect of the
termination of the Original Agreement through friendly negotiation, and on the
basis of willingness and equal footing on July 01, 2008.
1.
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The
Parties have agreed to terminate the Original Agreement on the date when
this Agreement is entered into, and to release their rights and
obligations under such Original Agreement. No Party shall bear any
breaching liability to any other
Party.
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2.
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The
rights and obligations of each Party under the Original Agreement shall
remain in force before this Agreement is entered
into.
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3.
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This
Agreement comes to effect immediately after it is entered into by the
Parties.
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4.
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Any
dispute in relation to the Original Agreement and this Agreement shall be referred to the China
International Economic and Trade Arbitration Commission Shanghai
Commission (“CIETACSC”) according to the Rules of
CIETACSC in force for the time
being.
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5.
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This Agreement is made in two (2)
counterparts with each Party holding one (1)
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counterpart. Each counterpart
shall have the same effect and force with the other
counterpart.
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2
IN WITNESS WHEREOF, the
Parties have duly caused their authorized representatives to enter into this
Agreement in Shanghai as of the day and year first above written.
Shanghai
Xxxxxx Networking Co., Ltd.
Authorized
Representative (Sign):
Name:
Title:
Signed
by:
Name:
Xxxxx Xxxx-xxxx
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