Exhibit 10.91
AGREEMENT ON THE TERMINATION OF GENERAL FACTORY LEASE
AGREEMENT (REF. NO.: JQ2001X106H-042)
| Party A: | Shanghai Jin Qiao Pte Ltd. |
| Party B: | i-STT Shanghai Co., Ltd |
Parties A and B arrived at the following consensus after friendly negotiations:
| 1. | Party A agrees to Party B’s request for an early termination of the “General Factory Lease Agreement” (hereinafter abbreviated as “Lease Agreement”) signed between both parties on 21 February 2001. |
| 2. | According to the Lease Agreement, Party B shall restore the factory to its original condition and attend to the procedures for returning the premises after it has been inspected by a property management company engaged by Party A. |
| 3. | As compensation for early termination of the Lease Agreement, Party B agrees to forfeit the deposit previously paid to Party A, being an amount of RMB 462,966. Party B further agrees to make a one time payment equivalent to one month’s rent, being RMB 231,483, to Party A as compensation within 30 working days from the date of signing this Agreement. |
| 4. | The date of termination for the Lease Agreement shall be 31 March 2003. As Party B’s sub-tenant Jinying International Freight Agent Co., Ltd has yet to pay the rent for the month of March, Party B agrees to deduct one month’s rent from the deposit paid by Jinying International Freight Agent Co., Ltd for direct remittance to Party A. |
| 5. | With effect from the date of this Agreement, Parties A and B shall abandon all rights, claims and right of recourse that they may have against each other under the said Lease Agreement and other related agreements or provided by the law. |
| 6. | This Agreement shall take effect upon the signing and official seal by the legal representative or authorised representative from both parties. |
| 7. | This Agreement shall be signed in duplicate. Parties A and B shall retain a copy each. |
| Party A: | Shanghai Jin Qiao Pte Ltd. |
| (official seal) |
Legal or authorised representative: (signature)
21 May 2003
| Party B: | i-STT Shanghai Co., Ltd |
Legal or authorised representative: (signature)
| (official seal) |
21 May 2003
Certified true translation
Translated by: Teh Choon Bin