Document:

exv10w5

 

EXHIBIT 10.5

SINA CORPORATION

1999 STOCK PLAN

NOTICE OF SHARE OPTION GRANT

«Optionee»

     You have been granted an option to purchase Ordinary Shares (“Ordinary Shares”) of
Sina Corporation (the “Company”) as follows:

	 	 	 
	Board Approval Date:

	 	«Boardapprovdate»
	 
	 	 
	Date of Grant (Later of Board
Approval Date or Commencement
of Employment/Consulting):

	 	«GrantDate»
	 
	 	 
	Vesting Commencement Date:

	 	«VestingCommencementDate»
	 
	 	 
	Exercise Price per Share:

	 	$«ExercisePrice», or the par value of Common Stock as of the date
of exercise, whichever is greater
	 
	 	 
	Total Number of Shares Granted:

	 	«NoofShares»
	 
	 	 
	Total Exercise Price:

	 	$                                        
	 
	 	 
	Type of Option:

	 	«ISO» Incentive Share Option
	

	 	«NSO» Nonstatutory Share Option
	 
	 	 
	Term/Expiration Date:

	 	«ExpirDate»
	 
	 	 
	Vesting Schedule:

	 	This Option shall vest in accordance with the following schedule:
	 
	 	 
	                    «VestingSchedule»
	 
	 	 
	Time When Option

Becomes Exercisable:

	 	Exercisable as to all Shares immediately.
	 
	 	 
	Termination Period:

	 	Option may be exercised for 30 days after termination of employment or
consulting relationship except as set out in Sections 6 and 7 of the Share Option
Agreement (but in no event later than the Expiration Date).

 

 

     Transfer Provision: In the event that Optionee exercises this Option as to Shares prior to
the date the Option has vested as to such Shares under the Vesting Schedule set forth above, any
Shares transferred by such Optionee subject to the Repurchase Option described in Section 3(a) of
the Early Exercise Notice and Restricted Share Purchase Agreement shall be deemed to vest (in
accordance with the Vesting Schedule and as set forth in Section 3(a)(iii) of the Early Exercise
Notice and Restricted Share Purchase Agreement) prior to Shares subject to the Option to the extent
not yet exercised and purchased and to the extent exercised and purchased but not transferred.

     By your signature and the signature of the Company’s representative below, you and the Company
agree that this option is granted under and governed by the terms and conditions of the 1999 Stock
Plan and the Share Option Agreement, both of which are attached and made a part of this document.

	 	 	 
	«OPTIONEE»

	 	SINA CORPORATION
	 
	 	 
	

	 	By:
	

	 	

	Signature
	 	 
	 

	 	Name:
	

	 	

	Print Name
	 	 
	 
	 	 
	Address (if different from above):

	 	Address:
	 
	 	 
	

	 	2988 Campus Drive, Suite 100
	 

	 	San Mateo, CA 94403
	 
	 	 
	 

	 	 

 

 

SINA CORPORATION

1999 STOCK PLAN

SHARE OPTION AGREEMENT

     1. Grant of Option. SINA CORPORATION, a Cayman Islands corporation (the
“Company”), hereby grants to «Optionee» (“Optionee”), an option (the
“Option”) to purchase a total number of Ordinary Shares (the “Shares”) set forth in
the Notice of Share Option Grant, at the exercise price per share set forth in the Notice of Share
Option Grant (the “Exercise Price”) subject to the terms, definitions and provisions of the
SINA CORPORATION 1999 Stock Plan (the “Plan”) adopted by the Company, which is incorporated
herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the
same defined meanings in this Option.

          If designated an Incentive Share Option, this Option is intended to qualify as an incentive
stock option as defined in Section 422 of the Code.

     2. Exercise of Option. This Option shall be exercisable during its Term in such times
as set forth in the Notice of Share Option Grant and in accordance with the provisions of Section 9
of the Plan as follows:

          (a) Right to Exercise.

               (i) This Option may not be exercised for a fraction of a share.

               (ii) In the event of Optionee’s death, disability or other termination of service, the
exercisability of the Option is governed by Sections 5, 6 and 7 below, subject to the limitation
contained in Section 2(a)(i).

               (iii) In no event may this Option be exercised after the date of expiration of the Term of
this Option as set forth in the Notice of Share Option Grant.

          (b) Method of Exercise. This Option shall be exercisable in whole or in part as to
Shares which have vested under the Vesting Schedule indicated on the Notice of Share Option Grant
by execution and delivery of an exercise notice in the form attached as Exhibit A (the
“Exercise Notice and Restricted Share Purchase Agreement”) or, if indicated on the Notice
of Share Option Grant that this Option is exercisable immediately as to all Shares, this Option
shall also be exercisable in whole or in part at any time by execution and delivery of an early
exercise notice and restricted share purchase agreement in the form attached as Exhibit B
(the “Early Exercise Notice and Restricted Share Purchase Agreement”), or by execution and
delivery of any other form of written notice approved for such purpose by the Company which shall
state the election to exercise the Option, the number of Shares in respect of which the Option is
being exercised, and such other representations and agreements as to the holder’s investment intent
with respect to such

 

 

Ordinary Shares as may be required by the Company pursuant to the provisions
of the Plan. Such written notice shall be signed by Optionee and shall be delivered in person or
by certified mail to the Secretary of the Company. The written notice shall be accompanied by
payment of the Exercise Price. This Option shall be deemed to be exercised upon receipt by the
Company of such written notice accompanied by the Exercise Price.

          No Shares will be issued pursuant to the exercise of an Option unless such issuance and such
exercise shall comply with all relevant provisions of applicable law and the requirements of any
stock exchange upon which the Shares may then be listed. Assuming such compliance, for income tax
purposes the Shares shall be considered transferred to Optionee on the date on which the Option is
exercised with respect to such Shares.

     3. Method of Payment. Payment of the Exercise Price shall be by any of the following,
or a combination thereof, at the election of Optionee:

          (a) cash;

          (b) check;

          (c) surrender of other Ordinary Shares of the Company which (i) in the case of Shares acquired
pursuant to the exercise of a Company option, have been owned by Optionee for more than six (6)
months on the date of surrender, and (ii) have a fair market value on the date of surrender equal
to the Exercise Price of the Shares as to which the Option is being exercised; or

          (d) if there is a public market for the Shares and they are registered under the Securities
Act, delivery of a properly executed exercise notice together with irrevocable instructions to a
broker to deliver promptly to the Company the amount of sale or loan proceeds required to pay the
exercise price.

     Payment of the Exercise Price may also be made by any of the following, or a combination
thereof, or in combination with the foregoing, upon request by the Optionee and approval by the
Administrator:

          (e) delivery of optionee’s promissory note with such recourse, interest, security and
redemption provisions as the Administrator determines to be appropriate;

          (f) cancellation of indebtedness of the Company to the Optionee; or

          (g) authorization by the Optionee for the Company to retain from the total number of Shares as
to which the Option is exercised that number of Shares having a Fair Market Value on the date of
exercise equal to the exercise price for the total number of Shares as to which the Option is
exercised.

     4. Restrictions on Exercise. This Option may not be exercised until such time as the
Plan has been approved by the shareholders of the Company, or if the issuance of such Shares upon
such exercise or the method of payment of consideration for such shares would constitute a
violation of any applicable federal or state securities or other law or regulation,

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including
any rule under Part 207 of Title 12 of the Code of Federal Regulations as promulgated by the
Federal Reserve Board. As a condition to the exercise of this Option, the Company may require
Optionee to make any representation and warranty to the Company as may be required by any
applicable law or regulation.

     5. Termination of Continuous Service. In the event of termination of Optionee’s
Continuous Service, Optionee may, to the extent otherwise so entitled at the date of such
termination (the “Termination Date”), exercise this Option during the Termination Period
set forth in the Notice of Share Option Grant (but in no event later than the Expiration Date set
forth in the Notice of Share Option Grant). To the extent that Optionee was not entitled to
exercise this Option at such Termination Date, or if Optionee does not exercise this Option within
the Termination Period, the Option shall terminate.

     6. Disability of Optionee.

          (a) Notwithstanding the provisions of Section 5 above, in the event of termination of
Optionee’s Continuous Service as a result of Optionee’s total and permanent disability (as
determined by the Administrator in its sole discretion), Optionee may, but only within twelve (12)
months from the Termination Date (but in no event later than the Expiration Date set forth in the
Notice of Share Option Grant), exercise this Option to the extent Optionee was entitled to exercise
it as of such Termination Date. To the extent that Optionee was not entitled to exercise the
Option as of the Termination Date, or if Optionee does not exercise such Option (to the extent so
entitled) within the time specified in this Section 6(a), the Option shall terminate.

          (b) In the event that Optionee’s total and permanent disability as determined by the
Administrator does not meet the definition of total and permanent disability as defined in Section
22(e)(3) of the Code, if this is an Incentive Share Option and Optionee fails to exercise this
Incentive Share Option within three (3) months from the Termination Date, this Option will cease to
qualify as an Incentive Share Option (as defined in Section 422 of the Code) and Optionee will be
treated for federal income tax purposes as having received ordinary income at the time of such
exercise in an amount generally measured by the difference between the Exercise Price for the
Shares and the fair market value of the Shares on the date of exercise.

     7. Death of Optionee. Notwithstanding the provisions of Section 5 above, in the
event of termination of Optionee’s Continuous Service on account of Optionee’s death or Optionee’s
death within thirty (30) days after Optionee’s Termination Date, the Option may be exercised at any
time within twelve (12) months following the date of death (but in no event later than the
Expiration Date set forth in the Notice of Share Option Grant), by Optionee’s estate or by a
person who acquired the right to exercise the Option by bequest or inheritance, but only to the
extent of the right to exercise that had accrued at the Termination Date.

     8. Non-Transferability of Option. This Option may not be transferred in any manner
otherwise than by will or by the laws of descent or distribution and may be exercised

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during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon
the executors, administrators, heirs, successors and assigns of Optionee.

     9. Term of Option. This Option may be exercised only within the Term set forth in the
Notice of Share Option Grant, subject to the limitations set forth in Sections 6 and 7 of the Plan.

     10. Tax Consequences. Set forth below is a brief summary as of the date of this
Option of certain of the federal tax consequences of exercise of this Option and disposition of the
Shares under the laws in effect as of the Date of Grant. THIS SUMMARY IS NECESSARILY INCOMPLETE,
AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD CONSULT A TAX ADVISER
BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES.

          (a) Exercise of Incentive Share Option. If this Option qualifies as an Incentive
Share Option, there will be no regular federal income tax liability upon the exercise of the
Option, although the excess, if any, of the fair market value of the Shares on the date of exercise
over the Exercise Price will be treated as an adjustment to the alternative minimum tax for federal
tax purposes and may subject Optionee to the alternative minimum tax in the year of exercise.

          (b) Exercise of Nonstatutory Share Option. If this Option does not qualify as an
Incentive Share Option, there may be a regular federal (and state) income tax liability upon the
exercise of the Option. Optionee will be treated as having received compensation income (taxable at
ordinary income tax rates) equal to the excess, if any, of the fair market value of the Shares on
the date of exercise over the Exercise Price. If Optionee is an employee, the Company will be
required to withhold from Optionee’s compensation or collect from Optionee and pay to the
applicable taxing authorities an amount equal to a percentage of this compensation income at the
time of exercise.

          (c) Disposition of Shares. In the case of a Nonstatutory Share Option, if Shares are
held for at least one year, any gain realized on disposition of the Shares will be treated as
long-term capital gain for federal income tax purposes. In the case of an Incentive Share Option,
if Shares transferred pursuant to the Option are held for at least one year after exercise and are
disposed of at least two years after the Date of Grant, any gain realized on disposition of the
Shares will also be treated as long-term capital gain for federal income tax purposes. If Shares
purchased under an Incentive Share Option are disposed of within such one-year period or within two
years after the Date of Grant, any gain realized on such disposition will be treated as
compensation income (taxable at ordinary income rates) to the extent of the difference between the
Exercise Price and the lesser of (i) the fair market value of the Shares on the date of exercise,
or (ii) the sale price of the Shares.

          (d) Notice of Disqualifying Disposition of Incentive Share Option Shares. If the
Option granted to Optionee herein is an Incentive Share Option, and if Optionee sells or otherwise
disposes of any of the Shares acquired pursuant to the Incentive Share Option on or before the
later of (i) the date two years after the Date of Grant, or (ii) the date one year after the date
of exercise, Optionee shall immediately notify the Company in

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writing of such disposition.
Optionee acknowledges and agrees that he or she may be subject to income tax withholding by
the Company on the compensation income recognized by Optionee from the early disposition by payment
in cash or out of the current earnings paid to Optionee.

     11. Withholding Tax Obligations. Optionee understands that, upon exercising a
Nonstatutory Share Option, he or she will recognize income for tax purposes in an amount equal to
the excess of the then fair market value of the Shares over the Exercise Price. However, the
timing of this income recognition may be deferred for up to six months if Optionee is subject to
Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). If
Optionee is an employee, the Company will be required to withhold from Optionee’s compensation, or
collect from Optionee and pay to the applicable taxing authorities an amount equal to a percentage
of this compensation income. Additionally, Optionee may at some point be required to satisfy tax
withholding obligations with respect to the disqualifying disposition of an Incentive Share Option.
Optionee shall satisfy his or her tax withholding obligation arising upon the exercise of this
Option by one or some combination of the following methods: (a) by cash payment, (b) out of
Optionee’s current compensation, (c) if permitted by the Administrator, in its discretion, by
surrendering to the Company Shares which (i) in the case of Shares previously acquired from the
Company, have been owned by Optionee for more than six months on the date of surrender, and (ii)
have a fair market value on the date of surrender equal to or greater than Optionee’s marginal tax
rate times the ordinary income recognized, or (d) if permitted by the Administrator, in its
discretion, by electing to have the Company withhold from the Shares to be issued upon exercise of
the Option that number of Shares having a fair market value equal to the amount required to be
withheld. For this purpose, the fair market value of the Shares to be withheld shall be determined
on the date that the amount of tax to be withheld is to be determined (the “Tax Date”).

     If Optionee is subject to Section 16 of the Exchange Act (an “Insider”), any surrender
of previously owned Shares to satisfy tax withholding obligations arising upon exercise of this
Option must comply with the applicable provisions of Rule 16b-3 promulgated under the Exchange Act
(“Rule 16b-3”).

     All elections by Optionee to have Shares withheld to satisfy tax withholding obligations shall
be made in writing in a form acceptable to the Administrator and shall be subject to the following
restrictions:

          (a) the election must be made on or prior to the applicable Tax Date;

          (b) once made, the election shall be irrevocable as to the particular Shares of the Option as
to which the election is made; and

          (c) all elections shall be subject to the consent or disapproval of the Administrator.

     12. Market Standoff Agreement. In connection with the initial public offering of the
Company’s securities and upon request of the Company or the underwriters managing

-5-

 

any underwritten
offering of the Company’s securities, Optionee hereby agrees not to sell, make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Shares
(other than those included in the registration) without the prior written consent of the Company or
such underwriters, as the case may be, for such period of time (not to exceed 180 days) from the
effective date of such registration as may be requested by the Company or such managing
underwriters and to execute an agreement reflecting the foregoing as may be requested by the
underwriters at the time of the public offering.

[Signature Page Follows]

-6-

 

     This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall constitute one document.

      

SINA CORPORATION

		
	By: 	

		
	Name: 	

		
	Title: 	

     OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE OPTION HEREOF IS
EARNED ONLY BY CONTINUING SERVICE AS AN EMPLOYEE OR CONSULTANT AT THE WILL OF THE COMPANY (NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER). OPTIONEE
FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN THE COMPANY’S STOCK PLAN
WHICH IS INCORPORATED HEREIN BY REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO
CONTINUATION OF SUCH EMPLOYMENT OR CONSULTING RELATIONSHIP BY THE COMPANY, NOR SHALL IT INTERFERE
IN ANY WAY WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S EMPLOYMENT OR
CONSULTING RELATIONSHIP AT ANY TIME, WITH OR WITHOUT CAUSE.

     Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms
and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had
an opportunity to obtain the advice of counsel prior to executing this Option and fully understands
all provisions of the Option. Optionee hereby agrees to accept as binding, conclusive and final
all decisions or interpretations of the Administrator upon any questions arising under the Plan or
this Option.

	 	 	 	 	 
	Dated:
	 	 	 	 
	

	 	

	 	

	

	 	 	 	«Optionee»

-7-

 

EXHIBIT A

(Form for Exercise of Vested Shares)

SINA CORPORATION

1999 STOCK PLAN

EXERCISE NOTICE AND RESTRICTED SHARE PURCHASE AGREEMENT

     This Agreement (“Agreement”) is made as of ___, by and between SINA
CORPORATION, a Cayman Islands company (the “Company”), and «Optionee»
(“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined,
they shall have the meaning ascribed to them in the 1999 Stock Plan.

     1. Exercise of Option. Subject to the terms and conditions hereof, Purchaser hereby
elects to exercise his or her option to purchase ___Ordinary Shares (the
“Shares”) of the Company under and pursuant to the Company’s 1999 Stock Plan (the
“Plan”) and the Share Option Agreement dated ___, ___(the “Option
Agreement”). The purchase price per share for the Shares shall be $«ExercisePrice», or the par
value of Common Stock as of the date of exercise, whichever is greater, for a total purchase price
of $___. The term “Shares” refers to the purchased Shares and all securities
received in replacement of the Shares or as share dividends or splits, all securities received in
replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and
all new, substituted or additional securities or other properties to which Purchaser is entitled by
reason of Purchaser’s ownership of the Shares.

     2. Time and Place of Exercise. The purchase and sale of the Shares under this
Agreement shall occur at the principal office of the Company simultaneously with the execution and
delivery of this Agreement by the parties, in accordance with the provisions of Sections 9 and 10
of the Plan and Section 2(b) of the Option Agreement, and full payment of the purchase price by
Purchaser in accordance with Section 2(b) of the Option Agreement (the “Purchase Date”).
On the Purchase Date or as soon as practicable thereafter, the Company will deliver to Purchaser a
certificate representing the Shares to be purchased by Purchaser (which shall be issued in
Purchaser’s name).

     3. Limitations on Transfer. In addition to any other limitation on transfer created
by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in
the Shares except in compliance with the provisions below and applicable securities laws.

          (a) Right of First Refusal. Before any Shares held by Purchaser or any transferee of
Purchaser (either being sometimes referred to herein as the “Holder”) may be sold or
otherwise transferred (including transfer by gift or operation of law), the Company or its
assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions
set forth in this Section 3(a) (the “Right of First Refusal”).

               (i) Notice of Proposed Transfer. The Holder of the Shares shall deliver to the
Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide

 

 

intention to
sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other
transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each
Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The
Holder shall offer the Shares at the same price (the “Offered Price”) and upon the same
terms (or terms as similar as reasonably possible) to the Company or its assignee(s).

               (ii) Exercise of Right of First Refusal. At any time within thirty (30) days after
receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the
Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to
any one or more of the Proposed Transferees, at the purchase price determined in accordance with
subsection (iii) below.

               (iii) Purchase Price. The purchase price (“Purchase Price”) for the Shares
purchased by the Company or its assignee(s) under this Section 3(a) shall be the Offered Price. If
the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash
consideration shall be determined by the Board of Directors of the Company in good faith.

               (iv) Payment. Payment of the Purchase Price shall be made, at the option of the
Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any
outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an
assignee, to the assignee), or by any combination thereof within 30 days after receipt of the
Notice or in the manner and at the times set forth in the Notice.

               (v) Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be
transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s)
as provided in this Section 3(a), then the Holder may sell or otherwise transfer such Shares to
that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or
other transfer is consummated within 60 days after the date of the Notice and provided further that
any such sale or other transfer is effected in accordance with any applicable securities laws and
the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to
apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the
Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes
to change the price or other terms to make them more favorable to the Proposed Transferee, a new
Notice shall be given to the Company, and the Company and/or its assignees shall again be offered
the Right of First Refusal before any Shares held by the Holder may be sold or otherwise
transferred.

               (vi) Exception for Certain Family Transfers. Anything to the contrary contained in
this Section 3(a) notwithstanding, the transfer of any or all of the Shares during Purchaser’s
lifetime or on Purchaser’s death by will or intestacy to Purchaser’s Immediate Family or a trust
for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section
3(a). “Immediate Family” as used herein shall mean spouse, lineal descendant or
antecedent, father, mother, brother or sister. In such case, the transferee or other
recipient shall receive and hold the Shares so transferred subject to the provisions of this
Section, and there shall be no further transfer of such Shares except in accordance with the terms
of this Section 3.

-2-

 

          (b) Involuntary Transfer.

               (i) Company’s Right to Purchase upon Involuntary Transfer. In the event, at any time
after the date of this Agreement, of any transfer by operation of law or other involuntary transfer
(including death or divorce, but excluding a transfer to Immediate Family as set forth in Section
3(a)(vi) above) of all or a portion of the Shares by the record holder thereof, the Company shall
have an option to purchase all of the Shares transferred at the greater of the purchase price paid
by Purchaser pursuant to this Agreement or the fair market value of the Shares on the date of
transfer. Upon such a transfer, the person acquiring the Shares shall promptly notify the
Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to
the Company for a period of thirty (30) days following receipt by the Company of written notice by
the person acquiring the Shares.

               (ii) Price for Involuntary Transfer. With respect to any shares to be transferred
pursuant to Section 3(b)(i), the price per Share shall be a price set by the Board of Directors of
the Company that will reflect the current value of the shares in terms of present earnings and
future prospects of the Company. The Company shall notify Purchaser or his or her executor of the
price so determined within thirty (30) days after receipt by it of written notice of the transfer
or proposed transfer of Shares. However, if the Purchaser does not agree with the valuation as
determined by the Board of Directors of the Company, the Purchaser shall be entitled to have the
valuation determined by an independent appraiser to be mutually agreed upon by the Company and the
Purchaser and whose fees shall be borne equally by the Company and the Purchaser.

          (c) Assignment. The right of the Company to purchase any part of the Shares may be
assigned in whole or in part to any shareholder or shareholders of the Company or other persons or
organizations; provided, however, that an assignee, other than a corporation that
is the parent or a 100% owned subsidiary of the Company, must pay the Company, upon assignment of
such right, cash equal to the difference between the original purchase price and fair market value,
if the original purchase price is less than the fair market value of the Shares subject to the
assignment.

          (d) Restrictions Binding on Transferees. All transferees of Shares or any interest
therein will receive and hold such Shares or interest subject to the provisions of this Agreement.
Any sale or transfer of the Company’s Shares shall be void unless the provisions of this Agreement
are satisfied.

          (e) Termination of Rights. The right of first refusal granted the Company by Section
3(a) above and the option to repurchase the Shares in the event of an involuntary transfer granted
the Company by Section 3(b) above shall terminate upon the first sale of Ordinary Shares of the
Company to the general public pursuant to a registration statement filed with and declared
effective by the Securities and Exchange Commission under the Securities Act. Upon termination of
the right of first refusal described in Section 3(a) above, a new certificate or certificates
representing
the Shares not repurchased shall be issued, on request, without the legend referred to in
Section 6(a)(ii) herein and delivered to Purchaser.

-3-

 

     4. Investment and Taxation Representations. In connection with the purchase of the
Shares, Purchaser represents to the Company the following:

          (a) Purchaser is aware of the Company’s business affairs and financial condition and has
acquired sufficient information about the Company to reach an informed and knowledgeable decision
to acquire the securities. Purchaser is purchasing these securities for investment for his or her
own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act.

          (b) Purchaser understands that the securities have not been registered under the Securities
Act by reason of a specific exemption therefrom, which exemption depends upon, among other things,
the bona fide nature of Purchaser’s investment intent as expressed herein.

          (c) Purchaser further acknowledges and understands that the securities must be held
indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Purchaser further acknowledges and understands that the Company is
under no obligation to register the securities. Purchaser understands that the certificate(s)
evidencing the securities will be imprinted with a legend which prohibits the transfer of the
securities unless they are registered or such registration is not required in the opinion of
counsel for the Company.

          (d) Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated under the
Securities Act, which, in substance, permit limited public resale of “restricted securities”
acquired, directly or indirectly, from the issuer thereof (or from an affiliate of such issuer), in
a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if
the issuer qualifies under Rule 701 at the time of issuance of the securities, such issuance will
be exempt from registration under the Securities Act. In the event the Company becomes subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
securities exempt under Rule 701 may be resold by the Purchaser ninety (90) days thereafter,
subject to the satisfaction of certain of the conditions specified by Rule 144, including, among
other things: (1) the sale being made through a broker in an unsolicited “broker’s transaction” or
in transactions directly with a market maker (as said term is defined under the Securities Exchange
Act of 1934); and, in the case of an affiliate, (2) the availability of certain public information
about the Company, and the amount of securities being sold during any three month period not
exceeding the limitations specified in Rule 144(e), if applicable. Notwithstanding this paragraph
(d), Purchaser acknowledges and agrees to the restrictions set forth in paragraph (f) hereof.

     In the event that the Company does not qualify under Rule 701 at the time of purchase, then
the securities may be resold by the Purchaser in certain limited circumstances subject to the
provisions of Rule 144, which requires, among other things: (1) the availability of certain public
information about the Company; (2) the resale occurring not less than two years after the party has
purchased, and made full payment of (within the meaning of Rule 144), the securities to be sold;
and, in the case of an affiliate, or of a non-affiliate who has held the securities less than
three years, (3) the sale being made through a broker in an unsolicited “broker’s transaction” or
in transactions directly with a market maker (as said

-4-

 

term is defined under the Securities Exchange
Act of 1934) and the amount of securities being sold during any three month period not exceeding
the specified limitations stated therein, if applicable.

          (e) Purchaser further understands that at the time he or she wishes to sell the securities
there may be no public market upon which to make such a sale, and that, even if such a public
market then exists, the Company may not be satisfying the current public information requirements
of Rule 144 or 701, and that, in such event, Purchaser would be precluded from selling the
securities under Rule 144 or 701 even if the two-year minimum holding period had been satisfied.

          (f) Purchaser further understands that in the event all of the applicable requirements of Rule
144 or 701 are not satisfied, registration under the Securities Act, compliance with Regulation A,
or some other registration exemption will be required; and that, notwithstanding the fact that
Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has
expressed its opinion that persons proposing to sell private placement securities other than in a
registered offering and otherwise than pursuant to Rule 144 or 701 will have a substantial burden
of proof in establishing that an exemption from registration is available for such offers or sales,
and that such persons and their respective brokers who participate in such transactions do so at
their own risk.

          (g) Purchaser understands that Purchaser may suffer adverse tax consequences as a result of
Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has
consulted any tax consultants Purchaser deems advisable in connection with the purchase or
disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

     5. Restrictive Legends and Stop-Transfer Orders.

          (a) Legends. The certificate or certificates representing the Shares shall bear the
following legends (as well as any legends required by applicable state and federal corporate and
securities laws):

	 	(i)  	THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A
VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION
THEREOF. NO SUCH SALE OR DISPOSITION MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL FOR THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.

-5-

 

	 	(ii)  	THE SHARES REPRESENTED BY THIS
CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE
TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

          (b) Stop-Transfer Notices. Purchaser agrees that, in order to ensure compliance with
the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions
to its transfer agent, if any, and that, if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records.

          (c) Refusal to Transfer. The Company shall not be required (i) to transfer on its
books any Shares that have been sold or otherwise transferred in violation of any of the provisions
of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay
dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

     6. No Employment Rights. Nothing in this Agreement shall affect in any manner
whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to
terminate Purchaser’s employment, for any reason, with or without cause.

     7. Market Stand-off Agreement. In connection with the initial public offering of the
Company’s securities and upon request of the Company or the underwriters managing any underwritten
offering of the Company’s securities, Purchaser agrees not to sell, make any short sale of, loan,
grant any option for the purchase of, or otherwise dispose of any Shares (other than those included
in the registration) without the prior written consent of the Company or such underwriters, as the
case may be, for such period of time (not to exceed 180 days) from the effective date of such
registration as may be requested by the Company or such managing underwriters and to execute an
agreement reflecting the foregoing as may be requested by the underwriters at the time of the
public offering.

8. Miscellaneous.

          (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in
accordance with the laws of the State of California, without giving effect to principles of
conflicts of law.

          (b) Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire
agreement and understanding of the parties relating to the subject matter herein and merges all
prior discussions between them. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, shall be effective unless in writing signed
by the parties to this Agreement. The failure by either party to enforce any rights under this
Agreement shall not be construed as a waiver of any rights of such party.

-6-

 

          (c) Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good
faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement
for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance
of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance
of the Agreement shall be enforceable in accordance with its terms.

          (d) Construction. This Agreement is the result of negotiations between and has been
reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this
Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be
construed in favor of or against any one of the parties hereto.

          (e) Notices. Any notice required or permitted by this Agreement shall be in writing
and shall be deemed sufficient when delivered personally or sent by telegram or fax or forty-eight
(48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage
prepaid, and addressed to the party to be notified at such party’s address as set forth below or as
subsequently modified by written notice.

          (f) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute one instrument.

          (g) Successors and Assigns. The rights and benefits of this Agreement shall inure to
the benefit of, and be enforceable by the Company’s successors and assigns. The rights and
obligations of Purchaser under this Agreement may only be assigned with the prior written consent
of the Company.

          (h) California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE
SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE
OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE
CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS
EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE.
THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING
OBTAINED, UNLESS THE SALE IS SO EXEMPT.

[Signature Page Follows]

-7-

 

     The parties have executed this Exercise Notice and Restricted Share Purchase Agreement as of
the date first set forth above.

      

COMPANY:

SINA CORPORATION

		
	By: 	

		
	Name: 	

		
	Title: 	

Address:

2988 Campus Drive, Suite 100

San Mateo, CA 94403

PURCHASER:

«OPTIONEE»

(Signature)

(Print Name)

		
	Address: 	

I, ___, spouse of «Optionee», have read and hereby approve the foregoing
Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares
as set forth in the Agreement, I hereby agree to be irrevocably bound by the Agreement and further
agree that any community property or other such interest shall hereby by similarly bound by the
Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or
exercise of any rights under the Agreement.

Spouse of «Optionee»

-8-

 

RECEIPT

     The undersigned hereby acknowledges receipt of Certificate No. ___for ___Ordinary
Shares of SINA CORPORATION (the “Company”).

	 	 	 	 	 
	Dated:
	 	 	 	 
	

	 	

	 	

	

	 	 	 	«Optionee»

 

 

RECEIPT

     Sina Corporation (the “Company”) hereby acknowledges receipt of a promissory note for
the amount of $___given by «Optionee» as consideration for Certificate No. ___
for «NoofShares» Ordinary Shares of Sina Corporation.

Dated:  

SINA CORPORATION

		
	By: 	

		
	Name: 	

		
	Title:exv10w48

 

EXHIBIT 10.48

Agreement on Short Message Service Cooperation

Party A: Guangdong Mobile Communications Corporation

Party B: Beijing SINA Internet Information Services Co., Ltd.

Guandong Mobile Communications Corporation (hereinafter referred to as “Party A”) is a network
operator approved by the competent authority in charge of information industry under the State
Council, mainly engaged in providing mobile network telephone service (including voice message,
data and multimedia) to the general public within Guangdong Province.

Beijing SINA Internet Information Services Co., Ltd. (hereinafter referred to as “Party B”) uses
wireless interconnections as its major platform to provide a range of mobile message services to
customers who can access the Internet via mobile terminal or PCs.

To fully bring into play each party’s advantage in its respective service area and to provide
Monternet short-message service to “GoTone” and “M-Zone” and “Shenzhouxing” subscribers in
Guangdong and other subscribers permitted by Party A, the parties hereby conclude the following
agreement with respect to short-message service cooperation based on the principles of equal
benefit, advantage sharing and mutual development.

Article 1 Contents of Cooperation Project

	1)  	As a provider of the short-messaging platform, Party A shall provide networking channels to
Party B with compensation.
	 
	2)  	Party B shall use Party A’s short-messaging system to provide the following information and
application services to Party A’s “GoTone” and “M-Zone” and “Shenzhouxing” subscribers, and
other subscribers permitted by Party A. Party B shall, according to subscribers’ subscription,
provide timely information services with quality to subscribers.
	 
	3)  	Party A shall use its billing and business supporting system to provide Party B with billing
and fee collection service. Service fees collected shall be shared by both parties.

Article 2 Party A’s Rights and Obligations

	1)  	Party A shall have the right to verify operation license for internet information services or
operation license for telecom value-added services, credit certificate, business license,
source of information, bank account and other materials relating to the normal operation of
business provided by Party B.
	 
	2)  	Party A shall provide short-message service to the short-message gateway provided by Party B,
and shall be responsible for providing Party B with short-message gateway and short-message
traffic volume control. Party A shall have the right to timely adjust short-message traffic
volume according to its short-message center’s capacity.
	 
	3)  	Any expansion of Party B’s business or its application to alter its business must be subject
to Party A’s review within 10 days upon submission of related materials by Party B.
	 
	4)  	Party A shall have the ownership of its mobile phone users and the right to learn the truth
about Party B’s business and have the right to request Party B to provide Party A with
customer information, business profile, log and statistics relating to Party B’s Monternet

 

 

	   	services.
	 
	5)  	Party A shall have the right to stipulate management regulations of the Monternet services,
performance examining items, and standards and documentation of customer services that Party B
shall comply with and implement according to Party A’s requests. Party A shall carry out
examines on Party B’s performance according to the above-mentioned management regulations.
Party A shall reward or penalize Party B accordingly in accordance with such evaluation
results, details included in Measures for Evaluation, Rewards and Penalty of Guangdong
Monternet SMS SPs. Party B shall develop its Monternet business in accordance with the
customer service requirements of Party A and any complaint against Party B shall be approached
with reference to Guangdong Administrative Regulations on Monternet Customer Services.
	 
	6)  	Party A shall provide Party B with a system to identify and verify user registration and
log-on information, which system shall be connected with Party B’s content service system, and
the subscriber data recorded by such system shall be the controlling information on the
subscribers’ using of Party B’s services.
	 
	7)  	Party A shall provide Party B with a customer service number for the customer to make
complaint and enquire calls. And Party A’s customer service center shall be the party to make
final confirmation and distribution of Monternet customer service problems, Party B’s customer
service personnel or customer service system shall assist Party A to analyze and deal with
customers’ business-related complaints and enquiries. Party A shall have the right to forward
to Party B customer enquiries and complaints caused by non-network communication problems
arising from such business. Party A shall be liable for such customer enquires and complaints
caused by network communication problems.
	 
	8)  	Party A shall collect the service fee from subscribers for Party B based on Party A’s billing
information.
	 
	9)  	Party A shall provide Party B with the traffic volume information of the short-messages sent
via the short-message gateway used by Party B. Such traffic volume information shall be the
basis for the settlement of short-message service fee.
	 
	10)  	Party A shall have the right to verify the profit forecast of the parties provided by Party B
to Party A prior to the commence of the service.
	 
	11)  	Party A and Party B may jointly engage in marketing and customer advertisement. Party A shall
have the right to request Party B to identify the brand of “MONTERNET” upon Party A’s
examination and approval. In the event that Party B’s promotion and advertisement involves
Party A’s corporate name and other brand specifications, it shall be subject to Party A’s
prior examination and approval.

Article 3 Party B’s Rights and Obligations

	1)  	Party B shall provide Party A with true and reliable operation license for internet
information services or operation license for telecom value-added services, credit
certificate, business license, source of information and bank account and other materials
relating to the normal operation of business, and guarantee that the billing for such
information services complies with relevant regulations of the state pricing authority.
	 
	2)  	Party B shall comply with relevant state policies, laws, decrees in regard to
telecommunication and internet information. Party B shall ensure the information content

 

 

	   	provided by it not to violate relevant state laws, regulations and policies, and ensure not to
use Party A’s system deliver nine categories of illegal information listed in Information
Source Networking Information Safety and Security Liability Statement (Appendix 4). Party B
shall be responsible for filtering the information content provided to subscribers (including
the information content edited by subscribers via Party B’s websites), and eliminating each
sort of unhealthy or illegal information.
	 
	3)  	In the event that Party A receives customers complaints with respect to transmitting illegal
information, Party B shall furnish Party A’s customer service department its preliminary
response within 2 hours and find out the reasons within one working day, and Party B shall be
responsible for immediately ceasing transmitting illegal information.
	 
	4)  	Party B shall verify subscribers’ true identity and display calling number along with the
short-message, and no anonymous short-message or short-message with only nick name displayed
shall be delivered to other subscribers’ mobile telephone (except chatting business of virtual
community).
	 
	5)  	Party B shall strictly control any function of group short-message service provided by it and
ensure a piece of short-message can be delivered to at most 1-2 calling numbers.
	 
	6)  	During the term of this Agreement, Party B shall not, through either channel and on either
level of business, communicate to third parties Party A’s mobile data application business.
Party B shall establish a separate database for Party A’s mobile subscribers (135-139), which
is separated from the subscribers of the third parties. Party B shall not, by means of any
sort of business (including short-message chatting, edited short-message and delivering
short-message via internet, etc.) and at its own discretion, realize disguised connection
between Monternet business and the third party.
	 
	7)  	Within the term of this Agreement, Party B shall not deliver advertisement or other
irrelevant information to subscribers. Any expansion or alternation of Party B’s business
shall be subject to Party A’s review and approval, and be verified by Party A’s billing
examination. Party B shall duly furnish Party A the business materials that need to be
accepted by Party B.
	 
	8)  	Within the term of this Agreement, Party B shall furnish Party A, according to Party A’s
requirement, a report with the data including status of subscriber development, subscriber
classification, subscriber using customs, and business forecast, etc., and duly transfer Party
A the subscribers materials necessary for managing such business, and ensure that Party A’s
subscriber database is upgraded. Party A shall keep such information confidential in according
with Article 6 “Confidential Clause”. Party B shall be responsible for providing system to
keep a log and shall keep historical records for at least one month.
	 
	9)  	Party B shall ensure that subscribers are well aware of the price, content and the means by
which such services are provided prior to the subscribers accept each service provided.
	 
	10)  	On the basis of the principle of voluntaries, Party B shall obtain subscriber’s consent prior
to Party B providing its services, and shall, according to subscribers’ customization
requirements, provide subscribers with duly information service with correct quality and
quantity.
	 
	11)  	Party B shall comply with and implement Party A’s management regulations, standards and
documentation of customer service with respect to Monternet business, and accept Party A’s
inspection and supervision. If Party B withdraws from providing Monternet service for whatever
reason (including compulsory withdraws in Party A’s examination), Party B shall be responsible
for providing a one-month grace period, within which Party B shall continue

 

 

	   	providing its service and make an announcement of ceasing service on its website (WWW/WAP) or
through other channels.
	 
	12)  	Party B shall be responsible for handling customer enquiries and complaints that are not
caused by internet gateway, and establish effective channels for complaints to which
Party A’s customer services center can forward the complaints. Party B shall assume the
ultimate liability to customer for those customer complaints for which neither Party A nor
Party B can reasonably explain.
	 
	13)  	Party B shall be responsible for include the characters of collecting service fee to each
message submitted according to format required by Party A.
	 
	14)  	Party B shall be solely liable for tax payment on its profit.
	 
	15)  	Party A shall issue a formal invoice to Party A for such information service fee collected
from Party A.
	 
	16)  	Party B shall actively engage itself in marketing and customer promotion. The content of
Party B’s promotion and advertisement shall include the “MONTERNET” brand as required by Party
A.
	 
	17)  	Within 6 months after the entry into force of this Agreement, Party B shall not, in Guangdong
Province, conduct the same or similar short-message business listed in the Appendix of this
Agreement with the third party.

Article 4 Maintenance Responsibilities

	1)  	Responsibilities for maintenance of the parties shall be divided at the point where the
parties’ equipments connect; each Party shall perform its respective obligations to ensure the
normal operation of its business.
	 
	2)  	Detailed responsibilities of the parties are listed in Appendix 1 hereto.

Article 5 Billing and Settlement

	1)  	Party A shall be entitled to the transmission fee arising from subscribers’ or Party B’s
using of short-message function. And Party A shall jointly share the service fees paid by
subscribers with Party B based on a certain ratio.
	 
	2)  	If subscribers refuse to pay the service fees due to the quality of Party B’s service, such
unpaid sum shall be deducted from Party B’s service fees.
	 
	3)  	In case Party B fails to include the characters of collecting service fee to each message
submitted according to format required, Party A shall not include such sum in the services
fees collected for Party B and Party B shall be solely liable for any consequence arising
therefrom.
	 
	4)  	Detailed method for billing and settlement is set forth in Appendix 2 hereto.

Article 6 Confidentiality

	1)  	Both parties shall be responsible to keep confidential all the customer materials obtained
from such services.
	 
	2)  	Proprietary information received by one Party from the other Party (the “Disclosing Party”)
that is developed, created, discovered or learned by the Disclosing Party, or transferred to
the Disclosing Party, and is of commercial value to the business of the Disclosing Party,
including but not limited to relevant commercial secret, computer program, design techniques,
idea, know-how, process, data, business and product development plan, customer information

 

 

	   	relating to the business of the Disclosing Party and other information, or confidential
information that the Disclosing Party receives from another party, shall remain the property of
the Disclosing Party, the other Party shall keep confidential any and all proprietary
information, and without prior written consent of the Disclosing Party, shall not use or
disclose such proprietary information to any individual or entity, except for the purpose of
normal performance of the obligations hereunder.
	 
	3)  	Both parties shall be responsible to keep confidential this cooperation and the terms and
conditions of this Agreement. Without prior written consent of the other Party, neither Party
shall disclose to any third party details of the cooperation between the parties and the terms
and conditions of this Agreement.

Article 7 Breach of Agreement

	1)  	If this Agreement cannot be performed due to any Party’s violation of this Agreement, the
other Party shall have the right to terminate this Agreement.
	 
	2)  	If any party breaches any obligations under this Agreement and incurs bad social impact or
economic losses to the other party, the other party shall have the right to hold the party in
breach responsible for such breach, requires the party in breach to reverse such impact and
make corresponding compensations, and to terminate this Agreement.

Article 8 Force Majeure

Any party hereto shall not be held responsible for the other party’s economic losses or the failure
or delay to perform all or any part of this Agreement due to force majeure events that could not be
predicted and the result of which cannot be controlled or prevented. However, the party affected by
such force majeure events shall promptly provide the other party with written notice of such
occurrence and, within 15 days thereafter, send a valid certificate issued by the relevant
authority explaining the details of such events and the reason for its failure or delay to perform
all or any part of this Agreement. Both parties shall negotiate the performance or termination of
this Agreement according to the degree of impact on the performance hereof caused by such events.

Article 9 Amendment or Modification

	 	1)  	During the cooperation between the Parties, relevant business management
requirements and relevant customer management requirements stipulated by Party A for the
Monternet shall be incorporated as a supplement hereto. If there is any conflict between
the provisions of this Agreement and the management requirements, the management
requirements shall prevail. Both parties agree to negotiate on the conflicting
provisions, and execute a supplemental agreement.
	 
	 	2)  	If any party hereof intends to modify or terminate this Agreement, it shall provide
written notice to the other party at least 15 days prior thereto. Notice in oral form
shall be invalid. Any dispute arising from the termination of this Agreement shall be
negotiated in order to reach a resolution between the parties.
	 
	 	3)  	Any issues not included in this Agreement shall, upon agreement through amicable
negotiations between the parties, be included as a written supplement hereto.
	 
	 	4)  	This Agreement shall be governed by the laws of the People’s Republic of China. If
the Parties hereto fail to resolve dispute by negotiation, either Party may file an
action in

 

 

	 	   	front of the court of the place where Party A is located.
	 
	 	5)  	This Agreement shall enter into force after being signed by the representatives of
the Parties and affixed with the official seal of the Parties; the term hereof shall be
two years, which is renewable upon agreement by both Party A and Party B through
consultation.
	 
	 	6)  	This Agreement and its Appendixes are made into four counterparts, every two for
each party, all with equal legal effect.

Appendix 1: Maintenance Responsibilities

Appendix 2: Billing and Settlement

Appendix 3: Company Information

Appendix 4: Information Source Networking Information Safety and Security Liability Statement

Party A: Guangdong Mobile Communications Corporation

Authorized Representative: /S/

Date: March 23, 2004

Party B: Beijing SINA Internet Information Services Co., Ltd.

Authorized Representative: /S/

Date: March 23, 2004

 

 

Appendix 1: Maintenance Responsibilities

A. Diagram of the Maintenance Sections:

	Translation

	¶ÌÏûÏ¢Íø1Ø Short message gateway
——  —

	ÒÆ¶ ̄1/4Æ·ÑÖÐÐÄ Mobile charging center
——  —

	¶ÌÏûÏ¢ÖÐÐÄ Short message center
——  —

	ÒÒ·1/2 Party B
——  —

	1«Íø£ ̈°üÀ ̈internet DDN μÈ£© Public net (including internet¡¢DDN)
——  —

	1/4×·1/2ÄÚ2¿Íø Intranet of Party A
——  —

	ÆäËû·1/2Ê1/2 Other ways
——  —

	ÓÃ»§ÉêÇë User application
——  —

	×øÏ ̄Ì ̈ Customer service center
——  —

	ÓÃ»§ÊÖ»ú User’s mobile
——  —

	1/4×·1/2ÔðÈÎ Party A’s obligation
——  —

	ÒÒ·1/2ÔðÈÎ Party B’s obligation
——  —

B. Party A’s Rights and Obligations

	1)  	Party A shall contribute necessary software and hardware required by its short-message
system.
	 
	2)  	Party A shall assist Party B to connect Party B’s server to its short-message gateway.
	 
	3)  	Party A shall be responsible for providing Party B with the relevant technical agreement
specifications and interface technical specifications.

 

 

	4)  	Party A shall be responsible for maintaining the normal operation of the network
telecommunications, and assume responsibility for network problems not caused by Party B.
Party A shall reserve his right to restrict delivery of any mass of short-messages abnormal
and overloaded, which may impact upon the operation safety and security of Party A’s network.
	 
	5)  	Party A shall provide Party B with the statistics for the information traffic volume through
the telecommunications channel used by Party B, and ensure the reliability and timeliness of
such statistics data, and assume responsibilities for any damages caused thereby.
	 
	6)  	Party A shall notify Party B in advance for any transmission interruption caused by testing,
maintenance or other foreseeable reasons, including the reason, time and period of such
transmission interruption.
	 
	7)  	Party A shall ensure to immediately notify Party B for any transmission interruption caused
by unforeseeable reasons such as gateway problem or other problems.

C. Party B’s Rights and Obligations

	1)  	Party B shall be responsible for construction and maintenance of its own “information
service” system, including all hardware equipment, system testing, activation, system
maintenance, daily service management, marketing promotion and expenses that relate to such
business.
	 
	2)  	Party B shall be responsible for the connection Party B’s system and Party A’s short-message
gateway, and expenses for the application, lease and maintenance of relevant telecommunication
lines.
	 
	3)  	Party B shall be responsible for editing, review and composition of the information it
provides, and ensure that the information is timely, exact, true, reliable and legal, and
assume corresponding liabilities thereto.
	 
	4)  	Party B shall be responsible for establishing the website column “Monternet – My Service”.
After the customers log in such website, the “Monternet – My Service” column shall be
displayed at remarkable place of the webpage. The items of the column shall include the list
of all services customized for such subscriber at such website, and following each specific
service list provide the function of enquiry and withdraw of such service. The set-up of the
customization interface during customizing short-message shall make convenient for customers
to know the items and services provided by SP, and the clear and specific billing standards
shall be stipulated and include at least verifying, adding, deleting, modifying, checking out
and other basic service functions; following the success of subscribers’ customizing service,
the system shall prompt the subscriber that “this service has been added to ‘Monternet-My
Service’ column, if you want to enquiry or withdraw this service, please click ‘Monternet-My
Service’.
	 
	5)  	Party B shall ensure that the testing, activation and modification of its system would not be
carried out at busy hours of Party A’s business. The works that may seriously impact
subscribers shall be conducted at late night. Party B shall ensure the above mentioned works
would not affect the normal operation of Party A’s network and assume corresponding
liabilities for any damages caused thereby to Party A’s network system.
	 
	6)  	Party B shall make prior notice to Party A in writing for the testing, activation and
modification of its system, and notify subscribers of the same through effective means such as
email, advertisement or short message upon Party A’s confirmation thereof, and shall reduce

 

 

	   	the impact on subscribers to the minimum degree.
	 
	7)  	During the cooperation, Party B shall observe Party A’s emergency adjustment to the volume of
short-message for the purpose to ensure the normal and stable operation of short-message
services.
	 
	8)  	Party B undertakes not to create any overload traffic volume that may harm to safety and
security of the network when transmitting short-messages to Party A’s communication platform.
	 
	9)  	Party B shall provide 7-days-a-week and 24-hours-a-day system maintenance.

 

 

Appendix 2: Billing and Settlement

	1)  	With respect to the local service, Party B shall include the characters of collecting
service fee to each message submitted according to Party A’s unified format requirements.
	 
	2)  	The means of payment of information fee is: Party A shall charge the subscribers service fee RMB
0.10 Yuan/message for uplink messages, and charge Party B service fee RMB 0.05-0.08 Yuan/message
for ill-balance downlink messages as follows:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	Mobile-terminated	 	 	 	 	 	 	 
	 	(MT) short message	 	 	Charge Standard	 	 	Calculation	 
	 	flow (usage/month)	 	 	(Yuan/usage)	 	 	X= (MT-MO) usage/month	 
	 	 	 	 	 	 	 	 	 
	 	Less than 100,000

	 	 	 	0.08	 	 	 	X×0.08, at least RMB 2000 Yuan	 
	 	 	 	 	 	 	 	 	 
	 	100,000 to 300,000

	 	 	 	0.07	 	 	 	(X-100,000) ×0.07+100,000×0.08	 
	 	 	 	 	 	 	 	 	 
	 	300,000 to 1,000,000

	 	 	 	0.06	 	 	 	(X-300,000) ×0.06+200,000×0.07-100,000×0.08	 
	 	 	 	 	 	 	 	 	 
	 	

	 	 	 	 	 	 	 	(X-1,000,000) ×0.05	 
	 	

	 	 	 	 	 	 	 	+	 
	 	Exceeding 1,000,000

	 	 	 	0.05	 	 	 	700,000×0.06+200,000×0.07+100,000×0.08	 
	 	 	 	 	 	 	 	 	 

	i)  	All MT short messages are free of charge during the testing period.
	 
	ii)  	Party B may be entitled to the lowest Fee principal for MT short messages in the first three
months of the service, i.e., RMB 2000 Yuan per month.
	 
	3)  	Range of Service Fee

	 
	i)  	 Minimum: no lower than the cost price, exclusive of special services.

	 
	ii)  	Maximum:
	 
	   	Not higher than 2 Yuan/usage for those short messages charged by usage;

	 
	   	30 Yuan per month at most for those monthly based packet services;

	 
	   	The total service fee shall be 30 Yuan per month at most for those subscribed
services charged by usage;

	 
	   	Some special services with high costs shall be applied separately.

	 
	iii)  	Free services
	 
	   	Service introduction, MT customer service messages;
	 
	   	MT messages for password delivery;
	 
	   	Instruction messages related to prices, subscription confirmation, customer
service hotline, subscription cancel, and etc.
	 
	iv)  	Price adjustment on service fee shall be conducted at least six months away from the
previous one.
	 
	4)  	Fee principals for monthly subscription based service
	 
	   	Regarding monthly subscription based SMS services, Party B may charge customers one month fee
if the period of its service provided to customer exceeds 15 days but less than a month. It
shall not charge customers when and if the period of its services provided to customer is less
than 15 days. Following is specific principals:

 

 

	i)  	Users shall not be charged in the first month if such monthly subscription based service is
provided by Party B after the 15th day of the month;
	 
	ii)  	Users shall not be charged in the first month if they subscribe the monthly subscription
based SMS service after the 20th day of the month.

	 
	   	Meanwhile, Party B shall send such monthly subscription based SMS billing to internet gateway
72 hours after the subscriptions had fulfilled the fee principals; and subscribers shall
not be charged if they cancel the subscription during such period.
	 
	5)  	Party A and Party B shall share SMS service fees on a 15:85 basis and Party A shall collect
Party B’s portion of fees from subscribers for the latter.
	 
	6)  	Billing for such services fee shall based on the daily successful translation record provided
by Party A to Party B. Settlement will be one month after the actual delivery of the services.
	 
	7)  	The parties hereto shall, on the 15th of each settlement month, jointly review and
check the due and actual service fee of previous month, and conduct settlement before the
25th of each settlement month upon confirmation.
	 
	8)  	In case of any dissent over statistic data between both parties, statistics of Party A shall
prevail where the deviation is no more than 6 %; otherwise the parties hereto shall re-check
the data and approach reasonably, and such recheck shall be conducted within 3 working days after the
settlement related data being available, or otherwise will be deemed as invalid.
	 
	9)  	Party A shall conduct settlement on message service fee with Party B on the date specified by
the Management Method, and Party A has the right to refuse such settlement in the event that
Party B fails to pay breach penalty and others related expenses promptly.

 

 

Appendix 3: Company Information

	1.  	Company’s Name in Full: Beijing SINA Internet Information Services Co., Ltd.

Legal representative: Wang Yan

Address: Floor 18, Building C, Soho, No.88 Jianguomen Road, Chaoyang District, Beijing
100022,PRC

Tel: 010-65665009
	 
	2.  	License No.: ICP Certificate No.: Jing ICP 000007

Valid period: From April 30th, 2002 to December 29th, 2005

Issued by: Beijing Communication Administration Bureau
	 
	3.  	License Serial No. of bank account opening: 0939140

Name: Beijing SINA Internet Information Services Co., Ltd.

Account No.:1587865910001

Accounting Bank: China Merchant Bank Shuangyushu Branch

Issuing Bank: Bank of China
	 
	4.  	Customer service (7×24hrs)

E-mail: gzkf@staff.sina.com.cn

Person in-charge: Yang Hongcai

Contact Tel (Mobile phone, not to be changed during the cooperation): 13826421332

Website: sms.sina.com.cn

	 
	5.  	Internet Access: SMS/WAP : sms/wap

Place: Provincial Center IOD platform/gateway provided by Asiainfo.

 

 

Appendix 4: Information Source Networking Information Safety and Security Liability Statement

     Information source Accountability Company accesses into China Mobile Internet
(CMNET) or short-message gateway (including short-message information platform IOD, short-message
center) of Guangdong Mobile Communications Corporation, and guarantees to abide by the following
regulations:

	1)  	Observe relevant law, administrative regulations and management regulations of the country;
strictly implement information safety and security management stipulations.
	 
	2)  	Shall not use China Mobile Internet (CMNET) or short-message gateway (including short-message
information platform IOD, short-message center) for any illegal or criminal activities that
may harm to national security, or disclose national secretes; shall not use China Mobile
Internet (CMNET) or short-message gateway (including short-message information platform IOD,
short-message center) to compose, refer, copy and transmit any information that may violate
constitution and law, hamper public security , disrupt national unification, disrupt
solidarity of the nationalities, or any pornographic or violent information; shall not use
China Mobile Internet (CMNET) or short-message gateway (including short-message information
platform IOD, short-message center) to transmit any information that may contain any of the
following:

	i)  	be against the basic principles established by the constitutional law;
	 
	ii)  	jeopardize state security, betray national secretes, subvert national political power, disrupt national unification;
	 
	iii)  	harm to national glory and benefit;
	 
	iv)  	incite hatred or discrimination of nationalities, disrupt solidarity of the nationalities;
	 
	v)  	disrupt national religious policies, advocate heresy and superstition;
	 
	vi)  	spread rumors, disturb social order, disrupt social stability;
	 
	vii)  	spread obscenity, pornography, gamble violence, homicide, terrorism, or solicit a crime;
	 
	viii)  	insult and slander others, infringe other’s legal rights and benefits;
	 
	ix)  	contain other items that are prohibited by laws and administration regulations.

If any above mentioned illegal or criminal activities and harmful information is found, measures
must be immediately taken to suppress, and report to relevant competent authorities in time.

	3)  	The information provided by information source Accountability Company must be compliance with
relevant state intellectual property regulations.
	 
	4)  	The information source accountability company shall establish effective information security
and confidentiality management system and technical safeguard measures, and accept the
management, supervision and inspection of relevant competent authorities.
	 
	5)  	If any violation on above provisions, Guangdong Mobile Communications Corporation shall have
the right to take measure shut access channel of relevant information source; meanwhile, hold
the accountability company for such violation, and terminate the cooperation with such
accountability company. Guangdong Mobile Communications Corporation shall keep this Liability
Statement.

 

 

Accountability Company: Beijing SINA Internet Information Services Co., Ltd.

Person In Charge: (signature & seal)

Date: March 23, 2004

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