对 赌

Valuation Adjustment Mechanism (VAM)

目标公司C在2011年度的税后净利润不低于1000万元人民币，2012年度税后净利润不低于1500万元人民币，2013年度税后净利润不低于2000万元人民币，若净利润低于上述标准，则C、D对A、B进行现金补偿（补偿方式为：补偿金额=投资总额×每年未完成的净利润÷承诺净利润）。

The Target Company C’s net profits after tax in 2011, 2012 and 2013 should not be less than RMB 10 million Yuan, RMB 15 Million Yuan and RMB 20 Million Yuan respectively; if these net profits were less than the aforesaid standards, C and D should compensate A and B in cash (the compensation formula: Amount of Compensation = Aggregate Investment × Unaccomplished Net Profit Per Year ÷ Committed Net Profit).

当目标公司C任何一年净利润低于业绩承诺标准的80%或在2011年底前未取得特定的M业务或N业务的代理权，D有义务按20%的年收益率受让A和B持有的目标公司股权，C对受让义务承担无限连带责任，股权回购价格为拟回购股份所对应之实际投资额×（1+20%×自出资完成之日起至回购之日止的天数÷365）。

When the net profit of the Target Company C in any year was less than 80% of the committed performance or it had failed to obtain the dealership for Business M or Business N before the end of 2011, D should be obliged to acquire the equities of the Target Company held by A and B at an annual rate of return equal to 20%, and C should assume unlimited joint and several liabilities for the aforesaid acquisition obligation. The equity repurchase price should be the actual investment amount corresponding to the equities to be repurchased × (1 + 20% × the number of days from the date when the contribution of capital was accomplished to the date when equities were repurchased ÷ 365).