私募投资条款清单

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 ag

2、reement 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 intended to be a binding agreement between PraxCapital and the Company with respect to the subject matter hereof, except for the pr

3、ovisions under the headings “Exclusivity”, “Confidentiality” and “Costs”. A binding agreement will not occur unless and until the Investor and the Company have negotiated, approved, executed and delivered the appropriate definitive agreements. Until execution and delivery of such definitive agreemen

4、ts, 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。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

5、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% equity interests in A Real Estate (China) Consulting Management Ltd. (“A WOFE”), a company registered in China.Prior to the Closing, A WOFE wi

6、ll hold 100% equity interests in Henan A Real Estate, 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%

7、的股权。A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-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

8、-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

9、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$合计： US$ 30mExpected 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) Comple

10、tion of business, legal & financial due diligence of the Company, including the obtaining of a NAV 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 substa

11、nce 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

12、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

13、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;

14、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

15、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。Stock Option Plan股票期权计划 After the Closing, the Company shall implement an Employee Stock Option Plan (“E

16、SOP”) 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。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 Conve

17、rsion 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 Companys Ordinary shares representing30%

18、of the Companys fully diluted share capital (assuming the conversion of all CN and the exercise of all options granted under the 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

19、 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： 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-annu

20、ally 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。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

21、 Company of all the 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 ye

22、ar ended on December 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 A

23、udited Net Profit After Tax achieved by the Company for the fiscal yearended 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 fo

24、rmula: 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 earnings rati

25、o 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 and principal

26、amount of CN held 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 Profit After Tax achieved by the Company for the fiscal year ended December 31, 2007 is less than the Y2007 Guaranteed NPAT, the Foun

27、ders 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2007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 th

28、e 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 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

29、 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 Shares, if any, transferred pursuant to this Valuation Adjustment clause (a) and principal amount of CN held by the relevant Investor on an as conve

30、rted 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 before the completion of a Qualified IPO (defined below), or upon writtenconsent of all the CN holders, the outstanding principal of all CNs shall be automatic

31、ally 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 immediate

32、ly prior to the IPO and that results 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 Market's National Market System

33、 or (ii) any other exchange of recognized international reputation and standing duly approved by the Company's 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

34、 time beginning on the 25th month 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 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 Foun