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Exhibit 10.50
Repayment Agreement*
This Agreement is made in Haidian District, Beijing on August 16, 2001 among the
following parties:
Xxxxxx Xxx (Passport No.: 000000000);
Xxx Xxxx (ID No.: 110108720523143);
Yuanchao Yan (ID No.: 110102195110262316);
Xxxx Xxx (ID No.: 000000000000000);
Xxx Xxxx (ID No.: 110108620528223);
Xxxxxxx Xxx (ID No.: 110108620806184); and
Beijing Xxxxx Xxxx Sight Information Technology Co., Ltd., with official address
being: A1 Wanquanzhuang, Haidian District, Beijing (hereinafter "BSRS").
Whereas:
A. Xxxxxxx Xxxx entered into a three-year term loan agreement with BSRS on
October 18, 1999. Pursuant to the said loan Agreement, Xxxxxxx Xxxx has borrowed
RMB700,000 from BSRS to invest in the establishment of Beijing SINA Internet
Information Services Co., Ltd.
(hereinafter "ICP Company").
B. Xxx Xxxx entered into a three-year term loan agreement with BSRS on October
18, 1999. Pursuant to the said loan agreement, Xxx Xxxx has borrowed RMB300,000
from BSRS to invest in the establishment of the ICP Company.
C. The ICP Company was 70% owned by Xxxxxxx Xxxx and 30% owned by Xxx Xxxx right
after its establishment.
D. Xxxxxxx Xxxx entered into the share transfer agreement on August 15, 2001
with each of Xxxxxx Xxx, Yuanchao Yan, Xxxx Xxx, Xxx Xxxx and Xxxxxxx Xxx.
Pursuant to the said share transfer agreements, Xxxxxxx Xxxx has transferred 30%
of the shares of the ICP Company to Xxxxxx Xxx and 10% of the shares of the ICP
Company to each of Yuanchao Yan, Xxxx Xxx, Xxx Xxxx and Xxxxxxx Xxx.
E. A debt transfer and assumption agreement was entered into on August 15, 2001
among Xxxxxxx Xxxx, Xxxxxx Xxx, Xxxxxxxx Xxx, Xxxx Xxx, Xxx Xxxx, Xxxxxxx Xxx
and BSRS. Pursuant to the said debt transfer and assumption agreement, Xxxxxxx
Xxxx has transferred his repayment obligation under the aforementioned loan
agreement with BSRS to Xxxxxx Xxx, Xxxxxxxx Xxx, Xxxx Xxx, Xxx Xxxx, and Xxxxxxx
Xxx; Xxxxxx Xxx has assumed RMB300,000 loan obligation from Xxxxxxx Xxxx and
each of Yuanchao Yan, Xxxx Xxx, Xxx Xxxx and Xxxxxxx Xxx has assumed RMB100,000
loan obligation from Xxxxxxx Xxxx.
F. As of the date of this Agreement, each of Xxxxxx Xxx and Xxx Xxxx owns 30% of
the shares of the ICP Company and each of Yuanchao Yan, Xxxx Xxx, Xxx Xxxx and
Xxxxxxx Xxx owns 10% of the shares of the ICP Company. To maintain their
interest in the ICP Company, each of Xxxxxx Xxx and Xxx Xxxx owes XXXX
XXX000,000 and each of Yuanchao Yan, Xxxx Xxx, Xxx Xxxx and Xxxxxxx Xxx xxxx
XXXX XXX000,000.
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Therefore, the parties agree to the following regarding the repayment of loan
from each of Xxxxxx Xxx, Xxx Xxxx, Xxxxxxxx Xxx, Xxxx Xxx, Xxx Xxxx and Xxxxxxx
Xxx to BSRS:
1. Repayment of Loan
1.1 BSRS has the right to request each of Xxxxxx Xxx, Xxx Xxxx, Xxxxxxxx
Xxx, Xxxx Xxx, Xxx Xxxx and Xxxxxxx Xxx (each hereinafter "the borrowing
party") to transfer his/her interest in the ICP Company to BSRS or any
person specified by BSRS at any time; provided that such transfer will
not be in violation of PRC laws and regulations.
1.2 The borrowing party shall execute all necessary documents relating to
the transfer of the interest in the ICP Company within three days
following the receipt of the transfer request from BSRS and shall
cooperate with the designated transferee to complete all the procedures
relating to the transfer of the interest in the ICP Company.
1.3 Should the borrowing party transfer part of his/her interest in the ICP
Company to BSRS or the person specified by BSRS under BSRS' request, the
borrowing party shall be viewed as having repaid the amount of the loan
as calculated in accordance with the following formula:
X=T(multiplication symbol) (A degrees(division symbol)B). X means the
amount of the loan deemed repaid, T means the total amount of the loan,
A means the number of shares of the ICP Company being transferred to
BSRS or the person specified by BSRS, and B means the total number of
the shares of the ICP Company held by the borrowing party.
1.4 BSRS agrees that the borrowing party's fulfillment of the obligation to
transfer his/her full interest in the ICP Company to BSRS or the person
specified by BSRS shall be viewed as having repaid all of his/her loan.
1.5 Unless with the written consent of the borrowing party, BSRS shall not
request the borrowing party to repay his/her loan in any form other than
the transfer of the interest of the ICP Company.
1.6 Unless with the written consent of the BSRS, the borrowing party shall
not transfer any of his/her interest in the ICP Company to any third
party.
1.7 The parties, on the basis of equality, mutual benefit and both faith and
through friendly negotiations, shall determine the method of the
repayment if the borrowing party, under the PRC laws and regulations, is
not able to transfer his/her interest in the ICP Company to BSRS or the
person specified by BSRS.
2. Effective and Miscellaneous
2.1 This Agreement goes into effect as of the date of signature by the
parties.
2.2 Should there is any conflict between this Agreement and any other prior
agreements or arrangements among the parties, the terms of this
Agreement shall prevail.
2.3 This Agreement has seven original copies with equal legal force and each
to be held by one party.
2.4 Matters uncovered by this Agreement may be separately discussed and
decided by the parties.
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Xxxxxx Xxx Xxx Xxxx
/s/ Xxxxxx Xxx /s/ Xxx Xxxx
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(Signature) (Signature)
Yuanchao Yan Xxxx Xxx
/s/ Xxxxxxxx Xxx /s/ Xxxx Xxx
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(Signature) (Signature)
Xxx Xxxx Xxxxxxx Xxx
/s/ Xxx Xxxx /s/ Xxxxxxx Xxx
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(Signature) (Signature)
Beijing Xxxxx Xxxx Sight Information Technology Co., Ltd
Authorized Representative Signature: /s/ Xxx Xxxx
* This Agreement is originally written in Chinese and this is an English
translation.
