估值调整机制的合法性研究II——估值调整机制的分类

Notwithstanding anything to the contrary herein, if

即使本协议有任何相反规定，如果

(i) upon written request by any Series A Shareholder at any time after the 4th anniversary of the date of this Agreement or if

(i)   在本协议签署之日起四年后的任何时间，经持有A系列股的股东提出书面请求，或者，如果 

(ii)   prior to the 4th anniversary of the date of this Agreement, there is a   material breach by the Company or any other Representing Parties of any of   their respective warranties and undertakings set forth in the Subscription   Agreement thereto resulting in a material adverse effect on the operation of   the Group Companies as a whole, any breach of the requirements as set forth   in the Share Subscription Agreement by the Company, or there is any change   in, or amendment to the laws or regulations of the PRC or any political   subdivision or any authority thereof or therein, or any change in the general   application or official interpretation of such laws or regulations, which   change or amendment prevents the Investors from disposing of their holdings   of the Series A Shares through the Company’s closing of a Qualified IPO or   entering into a merger or acquisition transaction and any Series A   Shareholder so request in writing,  

(ii)   自本协议签署之日起未满四周年之前，目标公司或其代表方对其各自在认购协议中所做出的保证及承诺构成重大违约从而对集团公司整体的运营造成重大不利影响，或目标公司违反认股协议中所陈述的任何要求，或中华人民共和国、其行政区域或其任何政府部门颁布的法律、法规有任何变更或者修改，或前述法律、法规的普遍适用或官方解释发生任何变更，以至于在目标公司完成合格的首次公开发行或完成并购交易后， 投资人无法处分他们所持有的A系列股，经持有A系列股股东提出书面请求，

then the Company shall redeem up to all of the outstanding Series A Shares held by the requesting Series A Shareholder (the “Requesting Shareholder”) within ninety days after the date of receipt of such request (the “Redemption Date”) from any funds legally available for such purpose.

则目标公司须于收到该请求之日（赎回“赎回日”）起90天内以合法可用于该赎回目的的资金，回购提出请求的持有A系列股股东（“提出请求的股东”）所持有的所有A系列股。

The number of shares to be redeemed from the Requesting Shareholder shall equal the total number of Series A Shares requested to be redeemed by such Requesting Shareholder.

从提出请求的股东手中回购的股份数目应等于该股东请求赎回的A系列股的总数。

The   Company shall effect redemption by paying cash in an amount per share equal   to the original purchase price paid for such Series A Shares, plus all   accrued or declared but unpaid dividends on such shares (as adjusted   proportionally for share dividends, splits, combinations, recapitalizations   or similar events with respect to such shares) and interest on original   purchase price at the compounded rate of 25% per annum accrued from the   respective closing date (the “Redemption Price”).

目标公司回购A系列股应以现金支付，每股的回购额应相当于A系列股的原始购买价，加上所有已经产生或已分配但尚未支付的股利（并按与该等股份相关的股利、拆股、合股、增发等类似事件按比例进行调整）以及到相关交易结束日为止累计按年利率25％计算的原购买价款的利息（“回购价”）。

The parties agree that the subscription of the Series A Shares by the Investors at the respective Subscription Prices at Closing is based on the parties’ estimation that [the audited accumulative net profits after tax] of the Company for the period from [date] until [date] (on a consolidated basis) (the “Audited Accumulative Net Profits”) will not be less than [amount] (the “Targeted Accumulative Net Profits”).

各方同意，“投资人”于交易达成之时以各自的“认购价”认购A系列股是基于各方预计“目标公司”自（日期）起至（日期）止这一期间内（“经审计的并表税后累计净利润”）不少于（金额）（“目标累计净利润”）。

The parties agree that the Company shall engage an international accounting firm as selected by the Investor and approved by the Board to conduct an audit on the company as soon as practicable after [date] in order to determine [the Audited Accumulative Net Profits].

各方同意，“目标公司”应聘请一家经“投资人”选定并经董事会批准的国际会计师事务所，在（日期）后尽快对公司进行审计，以确定（“经审计的累计净利润”）。

If   the audited Accumulative Net Profits fall below ninety percent of the   [Targeted Accumulative Net Profits], each Investor and the holder of Series A   Warrants (if and when the holder of Series A Warrants has exercised its   rights under the Series A Warrants) shall be entitled to subscribe an   additional X percentage of Series A Shares at par value and such X percentage   shall be derived by applying the following formula, and the Company shall,   and each shareholder of the Company shall procure the Company to, issue such   additional X percentage of Series A Shares at par value to each Investor and   the holder of Series A Warrant (if applicable) on or before [date] (or if the   holder of Series A Warrants exercises its right under the Series A Warrants   after [date], within 6 months after the date of the holder of Series A   Warrants exercise its right under the Series A Warrant):

如果“经审计的累计净利润”低于“目标累计净利润”的百分之九十，每位“投资人”和A系列股认购权证的持有人（当且仅当A系列股认购权证的持有人依其权证行权时）有权按面值额外认购X%的A系列股，且“目标公司”及“目标公司”的每位股东须促使“目标公司”于（日期）或之前（或如果A系列股认购权证的持有人在（日期）之后依其权证行权，则在其行权日之后的6个月内）向“投资人”和A系列股认购权证的持有人（若有）按面值发行额外X%的A系列股，该百分比（X%）应按下述公式计算：   

X = the lesser amount of 25 or {[100 / (Audited Accumulated Net Profits / Targeted Accumulated Net Profits)] -100}

X=25或{[100/ (经审计的累计净利润/目标累计净利润)]-100}（取两者中较小数额）

For example, if the amount of the Audited Accumulative Net Profits is RMB 46 million, then an Investors which subscribed 1000 Series A Shares at the Subscription Price at Closing shall be entitled to subscribe an additional 23.47% of the number of Series A Shares such Investor subscribed at Closing at par value (i.e. 235 Series A Shares for USD 235)

例如，如果“经审计的累计净利润”为人民币4600万元，则按交易达成之时的“认购价格”认购了1000股A系列股的“投资人”有权按面值购买额外的A系列股，可以购买的股票数额为其在交易达成之时以面值认购的A系列股数量的23.47%（即：以235美元购买235股A系列股）。