1、上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/term sheet 中英文（ 1）INVESTMENT TERM SHEETBetween PRAXCAPITAL FUND II, L.P.andA REAL ESTATE, LTD. (CAYMAN ISLANDS)In relation to the offering of US$ 30M Convertible NotesB 投资基金与 A 置业（开曼群岛）有限公司关于三千万
2、美元可转换债券融资的投 资 条 款 书The intent of this document is to describe, for negotiation purposes only, some key terms of the proposed agreement between PraxCapital Fund II, L.P. (“PraxCapital” or the “Investor”) and A Real Estate, Ltd. (Cayman Islands) (“A Cayman” or the “Company”). This document is not inte
3、nded to be a binding agreement between PraxCapital and the Company with respect to the subject matter hereof, except for the provisions under the headings “Exclusivity”, “Confidentiality” and “Costs”. A binding agreement will not occur unless and until the Investor and the Company have negotiated, a
4、pproved, executed and delivered the appropriate definitive agreements. Until execution and delivery of such definitive agreements, both parties shall have the absolute right to terminate all negotiations for any reason.本文件是为了描述 B 投资基金（“B”或“投资人” ）和 A 地产（开曼群岛）有限公司（“A 开曼”或“公司” ）之间拟订立的协议中的一些重要条款，仅供谈判使用。
5、本文件并非意在成为 B 和 A 开曼之间就本文件的主题达成的具有约束力的协议，但“排他性” ， “保密”和“费用”标题下的条款除外。除非且直到投资人和公司已经谈判、批准、签署并递交了合适的、最终确定的协议，具有约束力的协议才得以达成。在双方签署并递交上述最终确定的协议之前，双方均有权以任何理由终止所有谈判。Company / Issuer公司/发行人 A REAL ESTATE, LTD. (“A Cayman” or the “Company”), a company registered in the Cayman Islands and currently holding 100% eq
6、uity interests in A Real Estate (China) Consulting Management Ltd. (“A WOFE”), a company registered in China.Prior to the Closing, A WOFE will hold 100% equity interests in Henan A Real 上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/Estate,
7、Ltd. (“Henan A”), a company registered in China.A Cayman, A WOFE and Henan A together refer to the “Group” or “A Group”.A 地产（开曼群岛）有限公司（“A 开曼”或“公司” ） ，一家注册于英属开曼群岛的公司，并拥有注册于中国的 A 地产（中国）咨询管理有限公司（“AWOFE” ）100%的股权。本投资交割完成前，AWOFE 将会拥有注册于中国的河南 A 置业有限公司（“河南 A”）100%的股权。A 开曼、 AWOFE、河南 A 统称“集团”或“A 集团” 。Founder
8、s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-investorB 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 Fou
9、nders 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
10、立即将所得归还给 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上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/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
11、 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 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) Delive
12、ry of audited financial statements of the Company prepared by Ernst 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 Inv
13、estors;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 th
14、e Company;8) The share charge has been duly executed; and9) Upon fulfillment 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
15、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 2003 年、2004 年及2005 年的审计报告，以及 2006 年-6 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。上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅
16、邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/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
17、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。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 Conversio
18、n Price shall be based on a valuation, pursuant to which the CN holders may convert all outstanding principal of all CN into the Companys Ordinary shares representing 30% of the Companys fully diluted share capital (assuming the conversion of all CN and the exercise of all options granted under the
19、entire ESOP).转股价格基于估值确定：可转换债券持有人可将全部已发行的可转换债券本金依照该转股价格转为代表公司全面摊薄股本（假定全部可转换债券均转股，且全部 ESOP 计划下的期权均行权） 30%的普通股。Post Closing Capitalization交割完成后的股权结构 Assuming the full conversion of CN immediately following the Closing, the Companys capitalization shall be as follows:假设交割完成后，全部可转换债券立即转为股份的情况下，公司的股权结构将为：
20、Pre-ESOP Post-ESOP不考虑期权摊薄 考虑期权摊薄Founders 创始股东： 67.74% 63.00%Investors 投资人： 32.26% 30.00%ESOP 员工期权： 0% 7.00%Total 总共： 100% 100%Interest Rate利率 5% per annum, payable semi-annually in cash to CN holders.年利率 5%，每半年以现金方式向可转换债券持有人支付。上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8
21、005 公司传真：021-62957517 公司网址：http:/Maturity期限 CN has a maturity of 24 months可转换债券的期限为 24 个月。Share Charge股票质押 Upon the Closing, the Company shall charge 20% of Ordinary Shares in favor of the Investors as a continuing security for the due and punctual performance and observance by the Company of all th
22、e obligations of the Company交割完成同时，公司须将 20%的普通股股票质押给投资人，作为公司及时履行全部义务的担保。Profit Guarantee利润保证 The Company and Founders undertake that the Audited Net Profit After Tax (“NPAT”) (excluding any exceptional or extraordinary income) of the Company based on US GAAP or IAS for the fiscal year ended on Decem
23、ber 31, 2006 and 2007 will be no less than US$16 million (“Y2006 Guaranteed NPAT”) and US$40 million (“Y2007 Guaranteed NPAT”), respectively.公司及创始人股东保证，公司 2006 和 2007 年基于美国或国际会计准则审计的税后净利润（不包括任何例外或非经常性收益）分别不低于 1600 万美元（“2006 年保证税后净利” ）和 4000 万美元（“2007 年保证税后净利” ） 。Share Adjustment股份调整 (a) If the Audit
24、ed Net Profit After Tax achieved by the Company for the fiscal year ended December 31, 2006 is less than the Y2006 Guaranteed NPAT, the Founders shall transfer to each of the Investors such number of Shares at an aggregate consideration of US$1.00 as determined in accordance with the following formu
25、la: 如果公司 2006 年截止 12 月 31 日经审计税后净利润低于所保证的税后净利润，创始股东应以 1 美元总价转让按如下公式计算出的股份给每个投资人：( A / B ) x C - DWhere 其中A is the principal amount of CN issued to the relevant Investor 发行给相关投资人可转换债券的本金B is the Audited Net Profit After Tax achieved by the Company for the fiscal year 2006 multiplied by a price earnin
26、gs ratio of 6.25 2006 年经审计后公司净利润乘以市盈率 6.25C is the fully diluted total number of Shares of the Company at 31 December, 2006, as if all the outstanding CN are converted and the ESOP are fully exercised 2006 年 12 月 31 号当日全面摊薄股份数额（视同所有可转换债券已经转换为普通股及员工股票期权完全行权）D is the aggregate of the number of Shares
27、and principal amount of CN held 上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/by the relevant Investor on an as converted basis at 31 December, 2006 2006年 12 月 31 日相关投资人持有普通股数额及可转换债本金按 2006 年 12 月 31日转换价转换为股份的数额之和(b) If the Audited Net Prof
28、it After Tax achieved by the Company for the fiscal year ended December 31, 2007 is less than the Y2007 Guaranteed NPAT, the Founders shall transfer to each of the Investors such number of Shares at an aggregate consideration of US$1.00 as determined in accordance with the following formula: 如果公司 20
29、07 年截止 12 月 31 日经审计税后净利润低于所保证的税后净利润，创始股东应以 1 美元总价转让按如下公式计算出的股份给每个投资人：( A / B ) x C - DWhere 其中A is the principal amount of CN issued to the relevant Investor 发行给相关投资人可转换债券的本金B is the Audited Net Profit After Tax achieved by the Company for the fiscal year 2007 multiplied by a price earnings ratio of
30、 2.50 2007 年经审计后公司净利润乘以市盈率 2.5C is the fully diluted total number of Shares of the Company at 31 December, 2007, as if all the outstanding CN are converted and the ESOP are fully exercised 2007 年 12 月 31 号当日全面摊薄股份数额（视同所有可转换债券已经转换为普通股及员工股票期权完全行权）D is the aggregate of the number of Shares excluding Sh
31、ares, if any, transferred pursuant to this Valuation Adjustment clause (a) and principal amount of CN held by the relevant Investor on an as converted basis at 31 December, 2007 2007 年 12 月 31 日相关投资人持有普通股数额（不包括按照本条（a）获得的股份）及可转换债本金按 2007 年 12 月 31 日转换价转换为股份的数额之和Automatic Conversion自动转股 Immediately be
32、fore the completion of a Qualified IPO (defined below), or upon written consent of all the CN holders, the outstanding principal of all CNs shall be automatically converted into Ordinary Shares of the Company at the Conversion Price then in effect.在即将完成合格 IPO（定义见下）实施之前，或经持全部可转换债券持有人的书面同意，所有已发行的可转换债券
33、本金将依照届时的转股价格自动转换为公司普通股。Qualified IPO合格 IPO “Qualified IPO” means an IPO on a Qualified Exchange that values the Company at no less than US$400,000,000 immediately prior to the 上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/IPO and that resul
34、ts in aggregate proceeds to the Company (net of Selling Expenses) of US$100,000,000.合格 IPO 是指：公司在合格证券交易所实施的 IPO，该 IPO 之前的公司估值不低于 4 亿美元，且公司募集资金（扣除募集费用后）不低于 1 亿美元。“Qualified Exchange” means (i) the New York Stock Exchange or the Nasdaq Stock Markets National Market System or (ii) any other exchange of
35、 recognized international reputation and standing duly approved by the Companys Board of Directors, including the affirmative vote of the Investor Directors.合格证券交易所是指：(i) 纽约证券交易所或 NASDAQ 股票市场的全国市场系统；或者 (ii) 其他具备国际知名度、并由公司董事会以应有程序批准（投资人董事须投赞成票）的交易所。Redemption赎回 At any time beginning on the 25th month
36、 following the Closing Date or upon an Event of Default, CN will be redeemable at the sole option of the CN holders at a redemption price which would give CN holders an internal rate of return of 15% per annum.自交割日之后第 25 个月起，或违约事项发生时，可转换债券持有人有权以保证年内部收益率 15%的赎回价格，要求公司赎回可转换债券。Events of Default违约事项 An
37、Event of Default includes:1) Failure to pay interest or principal in any amount when due2) Material breach of any covenants in the CN agreements3) Breach of any transfer restriction or non-competition of the Founders (“the “Events of Default”)违约事项包括：1) 不能按时支付利息或偿还本金；2) 任何违背可转换债券协议条款的重大违约行为；3) 创始人股东任
38、何违背股权转让限制或竞业禁止承诺的行为。（“违约事项” ）Board of Directors董事会成员 The Company would have a Board of Directors (the “Board“) consisting of 7 directors, upon the Closing Date. The Investors shall be entitled to elect 2 directors to the Board (“Investor Directors”). The Board of Directors of the PRC Subsidiary shal
39、l have the same number of directors and consist of the same directors as that of the Company.公司须于交割日设立由 7 名董事组成的董事会。投资人有权向董事会委派 2 名董事（“投资人董事” ） 。中国子公司的董事会须与公司有相同数量的董事，并上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：021-62957887-8005 公司传真：021-62957517 公司网址：http:/由与公司相同的董事组成。D increases, d
40、ecreases or alters the existing issued share capital股权或债权证券的发行，任何股权证券的赎回，已发行证券的重新分类，现有股本的增加、减少或改变7) Declaration or payment of dividends宣布发放或支付股利8) Enter into any joint venture, partnership or consortium arrangement签订任何合营或联营协议9) Termination, or material amendment to the terms of stock option plan inc
41、luding number of options, vesting period, and exercise price of options股票期权计划的终止，或其中条款的重大改变（包括期权总额、行权期、行权价格）10) Any loans to any director, officer or employee提供给任何董事、高管人员或雇员的贷款11) Any related party transaction outside the ordinary course of business任何非正常业务之外的关联交易12) Incurrence of any external borrow
42、ing by the Company which exceeds US$ , or a series of external borrowing by the Company which in the aggregate over any 12 month period exceed US$ .公司超过 美元的任何外部借贷，或 12 个月内累计超过 美元的一系列外部借贷的发生13) Change the terms of employment of any employee whose base salary is in excess of US$50,000 per annum任何底薪超过
43、5 万美元/年的雇员雇用条款的改变14) Hire or dismiss key management staff聘用或解雇关键管理人员15) Enter into any contract or arrangement which involves a consideration or payment exceeding US$ to be made within any one year任何 1 年内须支付对价超过 美元的合同或安排的达成16) Change of the Auditors or any material change in accounting practices or
44、policies审计师事务所的变更或任何会计制度或政策的重大改变17) Select the listing exchange or the underwriters for an IPO or approve the valuation and terms and conditions for the IPO, whether or not the IPO is a Qualified IPOIPO 上市交易所或承销商的选择，或 IPO（不管是否合格 IPO）估值以及条款上海棋道创业投资有限公司 公司地址：上海市虹桥路 1591 号虹桥迎宾馆加 9 别墅 邮政编码：200336公司电话：02
45、1-62957887-8005 公司传真：021-62957517 公司网址：http:/的批准18) Annual budget including capital expenditure.年度预算（包括资本支出） 。Undertakings by Founders创始人股东保证 The Founders undertakes with the Investors that, at all times after the Closing Date, they will not sell or transfer any of their shares prior to the completi
46、on of a Qualified IPO, unless the prior written consent is obtained from the Investors.创始人股东向投资人保证，投资交易完成日之后到合格 IPO 完成之前，不出售或转让任何持有的公司股份，除非事先得到投资人的书面许可。Pre-emptive Rights优先购买权 The Investors shall have a pro-rata right, based on their percentage equity ownership on a as-if converted basis, to partici
47、pate in any subsequent equity financing of the Company on the same price and terms and conditions as the Company proposes to offer such new securities. The Investors will have a right to subscribe any portion of the new issue that is not subscribed by the existing shareholders.投资人将有权优先按比例（根据假定转换为普通股
48、后在总股本中所占的比例） ，以相同价格和条件参与公司后续的权益融资。投资人将有权优先认购现有股东在新证券发行中未认购的股份。Right of First Refusal, and Co-Sale Rights优先受让权和共同出售权 The Investors shall have first refusal rights and co-sale rights whereby any holder of Ordinary Shares who proposed to sell all or a portion of his shares to a third party must first permit the investors at their option (i) to purchase such shares on the same terms as the proposed transferee, or (ii) sell a proporti
