Document:

Exhibit 4.32

 

EXECUTION VERSION

 

MASTER TRANSACTION AGREEMENT

 

Between

 

SINA CORPORATION

 

And

 

WEIBO CORPORATION

 

Dated as of March 14, 2014

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1
    	
 
    
	
 
    	
 
    
	
DEFINITIONS.
    	
 
    
	
Section 1.1
    	
Defined   Terms
    	
1
    
	
ARTICLE 2
    	
 
    
	
 
    	
 
    
	
DOCUMENTS AND ITEMS TO BE   DELIVERED PRIOR TO F-1 FILING.
    	
 
    
	
 
    	
 
    
	
Section 2.1
    	
Documents   to be delivered by SINA
    	
6
    
	
Section 2.2
    	
Documents   to be delivered by Weibo
    	
6
    
	
 
    	
 
    	
 
    
	
ARTICLE 3
    	
 
    
	
 
    	
 
    
	
THE IPO AND ACTIONS   PENDING THE IPO.
    	
 
    
	
 
    	
 
    
	
Section 3.1
    	
Transactions   prior to the IPO
    	
6
    
	
Section 3.2
    	
Cooperation
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE 4
    	
 
    
	
 
    	
 
    
	
COVENANTS AND OTHER   MATTERS
    	
 
    
	
 
    	
 
    
	
Section 4.1
    	
Other   Agreements and Instruments
    	
7
    
	
Section 4.2
    	
Further   Instruments
    	
7
    
	
Section 4.3
    	
Agreement   on Exchange of Information
    	
8
    
	
Section 4.4
    	
Agreement   on Share of Information and Data
    	
10
    
	
Section 4.5
    	
Auditors   and Audits; Financial Statements; Accounting Matters
    	
10
    
	
Section 4.6
    	
Confidentiality
    	
13
    
	
Section 4.7
    	
Privileged   Matters
    	
15
    
	
Section 4.8
    	
Future   Litigation and Other Proceedings
    	
17
    
	
Section 4.9
    	
Mail   and other Communications
    	
17
    
	
Section 4.10
    	
Other   Inter-Company Services Agreements
    	
18
    
	
Section 4.11
    	
Payment   of Expenses
    	
18
    
	
 
    	
 
    	
 
    
	
ARTICLE 5
    	
 
    
	
 
    	
 
    
	
MUTUAL RELEASES;   INDEMNIFICATION
    	
 
    
	
 
    	
 
    
	
Section 5.1
    	
Release   of Claims
    	
18
    
	
Section 5.2
    	
Indemnification   by Weibo
    	
19
    
	
Section 5.3
    	
Indemnification   by SINA
    	
20
    
	
Section 5.4
    	
Procedures   for Defense, Settlement and Indemnification of the Third Party Claims
    	
21
    
	
Section 5.5
    	
Additional   Matters
    	
21
    
	
Section 5.6
    	
Survival   of Indemnities
    	
22
    

 

i

 

	
ARTICLE 6
    	
 
    
	
 
    	
 
    
	
DISPUTE RESOLUTION
    	
 
    
	
 
    	
 
    
	
Section 6.1
    	
Dispute   Resolution
    	
22
    
	
 
    	
 
    	
 
    
	
ARTICLE 7
    	
 
    
	
 
    	
 
    
	
MISCELLANEOUS.
    	
 
    
	
 
    	
 
    
	
Section 7.1
    	
Consent   of SINA
    	
23
    
	
Section 7.2
    	
Limitation   of Liability
    	
23
    
	
Section 7.3
    	
Entire   Agreement
    	
24
    
	
Section 7.4
    	
Governing   Law and Jurisdiction
    	
24
    
	
Section 7.5
    	
Termination;   Amendment
    	
24
    
	
Section 7.6
    	
Notices
    	
24
    
	
Section 7.7
    	
Counterparts
    	
25
    
	
Section 7.8
    	
Binding   Effect; Assignment
    	
25
    
	
Section 7.9
    	
Severability
    	
25
    
	
Section 7.10
    	
Failure   or Indulgence not Waiver; Remedies Cumulative
    	
25
    
	
Section 7.11
    	
Authority
    	
25
    
	
Section 7.12
    	
Interpretation
    	
26
    
	
Section 7.13
    	
Conflicting   Agreements
    	
26
    
	
Section 7.14
    	
Third   Party Beneficiaries
    	
26
    

 

ii

 

MASTER TRANSACTION AGREEMENT

 

This Master Transaction Agreement is dated as of March 14, 2014, by and between SINA Corporation, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“SINA”), and Weibo Corporation, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Weibo”) (each of SINA and Weibo a “Party” and, together, the “Parties”).

 

Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in Article 1 hereof.

 

R E C I T A L S

 

WHEREAS, as of the date hereof, SINA owns 140,000,000 issued and outstanding Ordinary Shares of Weibo, representing 77.6% of total number of Ordinary Shares of Weibo on an as-converted basis;

 

WHEREAS, SINA has been engaged in the Weibo Business through Weibo and/or Weibo’s subsidiaries and VIE, as more fully described in a draft Registration Statement on Form F-1 confidentially submitted for review and comment by the SEC under the Securities Act (as so submitted and as amended from time to time prior to the Public Filing Date, the “Draft IPO Registration Statement”) to be filed publicly with the SEC via its EDGAR system (the date of such public filing, the “Public Filing Date”) following the substantial completion of such review and comment and as financial market conditions permit (as so filed, and as amended thereafter from time to time, the “IPO Registration Statement”);

 

WHEREAS, prior to the date hereof, all the then existing assets and liabilities in connection with the Weibo Business have already been transferred to or assumed by Weibo and/or its subsidiaries and VIE;

 

WHEREAS, the Parties currently contemplate that Weibo will make an initial public offering (“IPO”) pursuant to the IPO Registration Statement;

 

WHEREAS, the Parties intend in this Agreement, including the Exhibits and Schedules hereto, to set forth and memorialize the principal arrangements between SINA and Weibo regarding the relationship of the Parties from and after the filing of the IPO Registration Statement and the consummation of the IPO; and

 

NOW, THEREFORE, in consideration of the mutual agreements, covenants and provisions contained in this Agreement, the Parties, intending to be legally bound, agree as follows:

 

ARTICLE 1

 

DEFINITIONS.

 

Section 1.1                                    Defined Terms. The following capitalized terms have the meanings given to them in this Section 1.1:

 

1

 

“Action” means any demand, action, suit, countersuit, claim, counterclaim, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal.

 

“ADSs” has the meaning set forth in Section 3.1(c) of this Agreement.

 

“Sales and Marketing Services Agreement” has the meaning set forth in Section 2.1 of this Agreement.

 

“Agreement” means this Master Transaction Agreement, together with the Schedules and Exhibits hereto, as the same may be amended from time to time in accordance with the provisions hereof.

 

“Confidential Business Information” has the meaning set forth in Section 4.6(b)(iii) of this Agreement.

 

“Confidential Information” has the meaning set forth in Section 4.6(b)(i) of this Agreement.

 

“Confidential Technical Information” has the meaning set forth in Section 4.6(b)(ii) of this Agreement.

 

“Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument or other commitment that is binding on any Person or any part of its property under applicable law.

 

“Control Ending Date” means the earlier of (i) the first date upon which members of the SINA Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of Weibo and (ii) the first date upon which SINA, collectively with the other members of the SINA Group, ceases to be the largest beneficial owner of the then outstanding voting securities of Weibo (for purposes of this clause (ii), without considering holdings of institutional investors that have acquired Weibo securities in the ordinary course of their business and not with a purpose nor with the effect of changing or influencing the control of Weibo).

 

“Direct Costs” has the meaning set forth in Section 4.10 of this Agreement.

 

“Dispute” has the meaning set forth in Section 6.1(a) of this Agreement.

 

“Dispute Resolution Commencement Date” has the meaning set forth in Section 6.1(a) of this Agreement.

 

“Draft IPO Registration Statement” has the meaning set forth in the recitals to this Agreement.

 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 

“Governmental Authority” shall mean any national, state or local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority.

 

2

 

“Indemnifying Party” means any party which may be obligated to provide indemnification to an Indemnitee pursuant to Section 5.2 or Section 5.3 hereof or any other section of this Agreement or any Inter-Company Agreement.

 

“Indemnitee” means any party which may be entitled to indemnification from an Indemnifying Party pursuant to Article 5 hereof or any other section of this Agreement or any Inter-Company Agreement.

 

“Indirect Costs” has the meaning set forth in Section 4.10 of this Agreement.

 

“Information” means information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business information or data.

 

“Inter-Company Agreements” means the Transitional Services Agreement, Non-Competition Agreement and Sales and Marketing Services Agreement.

 

“IPO” has the meaning set forth in the recitals to this Agreement.

 

“IPO Registration Statement” has the meaning set forth in the recitals to this Agreement.

 

“Liabilities” means all debts, liabilities, guarantees, assurances, commitments and obligations, whether fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including, without limitation, whether arising out of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by U.S. GAAP to be reflected in financial statements or disclosed in the notes thereto.

 

“Loss” and “Losses” mean any and all damages, losses, deficiencies, Liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs and expenses (including, without limitation, the costs and expenses of any and all Actions and demands, assessments, judgments, settlements and compromises relating thereto and the reasonable costs and expenses of attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder), but excluding punitive damages (other than punitive damages awarded to any third party against an indemnified party).

 

“Non-Competition Agreement” has the meaning set forth in Section 2.1 of this Agreement.

 

“Ordinary Shares” means the shares of Weibo, par value $0.00025 per share (including shares represented by ADSs and held of record by the depositary bank for the ADSs).

 

3

 

“Party” or “Parties” has the meaning set forth in the preamble of this Agreement.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.

 

“Privileged Information” has the meaning set forth in Section 4.7(a) of this Agreement.

 

“Public Filing Date” has the meaning set forth in the recitals to this Agreement.

 

“Privileges” has the meaning set forth in Section 4.7(a) of this Agreement.

 

“Rule 10A-3(b)(2)” means Rule 10A-3(b)(2) (or any successor rule to similar effect) promulgated under the Exchange Act.

 

“SEC” means the U.S. Securities and Exchange Commission.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“SINA” has the meaning set forth in the preamble to this Agreement.

 

“SINA’s Auditors” has the meaning set forth in Section 4.5(a)(i) of this Agreement.

 

“SINA Business” means any business that is conducted by SINA and its subsidiaries and VIEs and described in its periodic filings with the SEC, other than the Weibo Business.

 

“SINA Group” means SINA and its subsidiaries and VIEs, other than Weibo and its subsidiaries and VIE.

 

“SINA Indemnitees” means SINA and its subsidiaries and VIEs (excluding Weibo and its subsidiaries and VIE) and each of their respective directors, officers and employees.

 

“SINA Liabilities” means (without duplication) the following Liabilities:

 

(i)                  all Liabilities, whether arising before, on or after the Public Filing Date, that relate to, arise or result from the operation of the SINA Business, other than Weibo Liabilities; and

 

(ii)               Liabilities of SINA and its subsidiaries and VIEs under this Agreement or any of the Inter-Company Agreements.

 

“Third Party Claim” has the meaning set forth in Section 5.4(a) of this Agreement.

 

4

 

“Transitional Services Agreement” has the meaning set forth in Section 2.1 of this Agreement.

 

“U.S. GAAP” means generally accepted accounting principles in the United States as in effect from time to time.

 

“Underwriters” has the meaning set forth in Section 3.1(a) of this Agreement.

 

“Underwriting Agreement” has the meaning set forth in Section 3.1(a) of this Agreement.

 

“VIE” of any Person means any entity that controls, is controlled by, or is under common control with such Person and is deemed to be a variable interest entity consolidated with such Person for purposes of U.S. GAAP. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise.

 

“Weibo” has the meaning set forth in the preamble to this Agreement.

 

“Weibo’s Auditors” has the meaning set forth in Section 4.5(a)(i) of this Agreement.

 

“Weibo Balance Sheet” means Weibo’s unaudited consolidated balance sheet as of the end of the most recently completed fiscal quarter prior to the Public Filing Date.

 

“Weibo Business” means the provision of the microblogging and social networking platforms, products, applications, and services in online and mobile formats, as more completely described in the IPO Registration Statement.

 

“Weibo Indemnitees” means Weibo and its subsidiaries and VIE and each of their respective directors, officers and employees.

 

“Weibo Liabilities” means (without duplication) the following Liabilities:

 

(i)                  all Liabilities reflected in the Weibo Balance Sheet;

 

(ii)               all Liabilities of SINA or its subsidiaries and VIEs that arise after the date of the Weibo Balance Sheet that would be reflected in a Weibo balance sheet as of the date of such Liabilities, if such balance sheet was prepared using the same principles and accounting policies under which the Weibo Balance Sheet was prepared;

 

(iii)            all Liabilities that should have been reflected in the Weibo Balance Sheet but are not reflected in the Weibo Balance Sheet due to mistake or unintentional omission;

 

(iv)           all Liabilities, whether arising before, on or after the Public Filing Date, that relate to, arise or result from: (1) the operation of the Weibo Business or (2) the operation of any business conducted by Weibo and its subsidiaries and VIE at any time after the Public Filing Date; and

 

(v)              Liabilities of Weibo and its subsidiaries and VIE under this Agreement or any of the Inter-Company Agreements.

 

5

 

ARTICLE 2

 

DOCUMENTS AND ITEMS TO BE DELIVERED PRIOR TO F-1 FILING.

 

Section 2.1                                    Documents to be delivered by SINA. SINA has delivered and its subsidiaries have delivered, as appropriate, or SINA will deliver, or will cause its subsidiaries to deliver, as appropriate, prior to the Public Filing Date, to Weibo and/or its subsidiaries, as appropriate: (a) a duly executed Transitional Services Agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Transitional Services Agreement”); (b) duly executed Non-Competition Agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Non-Competition Agreement”); (c) a duly executed Sales and Marketing Services Agreement, substantially in the form attached to the Draft IPO Registration Statement as an exhibit, with such changes, if any, to such form as may be agreed to by the Parties prior to such execution (the “Sales and Marketing Services Agreement”); and (d) such other agreements, documents or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes hereof. For purposes of this Agreement, Weibo and its subsidiaries and VIE will not be considered subsidiaries and VIE of SINA.

 

Section 2.2                                    Documents to be delivered by Weibo. Weibo has delivered and its subsidiaries and VIE have delivered, as appropriate, or Weibo will deliver, or will cause its subsidiaries and VIE to deliver, as appropriate, prior to the Public Filing Date, on the closing date of the IPO, to SINA or its subsidiaries, as appropriate: (a) in each case where Weibo or any of its subsidiaries or VIE is a party to any agreement or instrument referred to in Section 2.1, a duly executed counterpart of such agreement or instrument; and (b) such other agreements, documents or instruments as the Parties may agree are necessary or desirable in order to achieve the purposes hereof.

 

ARTICLE 3

 

THE IPO AND ACTIONS PENDING THE IPO.

 

Section 3.1                                    Transactions prior to the IPO. Subject to the occurrence of the events described in this Article 3, the Parties intend to consummate the IPO and to take, or cause to be taken, the actions specified in this Section 3.1.

 

(a)                       Registration Statement. Weibo has submitted or plans to submit on a confidential basis for review by the SEC the Draft IPO Registration Statement, and intends to submit such amendments or supplements thereto as may be requested by the SEC staff in connection with such review and agreed to by Weibo, and subsequently to file with the SEC the IPO Registration Statement and make such amendments and supplements thereto as may be necessary or desirable in order to cause the same to comply with the Securities Act and other applicable law, to become and remain effective under the Securities Act, or as may be requested by the representatives of the underwriters for the IPO (the “Underwriters”), including, without limitation, filing such amendments or supplements to the IPO Registration Statement as may be required by the underwriting agreement to be entered into among Weibo  and the Underwriters (the “Underwriting Agreement”) following the effectiveness of the IPO Registration Statement under the Securities Act.

 

6

 

(b)                       Underwriting Agreement. Following the effectiveness of the IPO Registration Statement, Weibo will enter into the Underwriting Agreement, which shall in form and substance be satisfactory to Weibo, as determined by its board of directors or authorized designees, as appropriate, and Weibo shall comply with its obligations thereunder.

 

(c)                        NASDAQ Global Market or NYSE Listing. Weibo plans to prepare, file and have approved an application for listing on the NASDAQ Global Market or the New York Stock Exchange of the American depositary shares, representing Ordinary Shares, to be offered and sold in the IPO (the “ADSs”).

 

Section 3.2                                    Cooperation. SINA and Weibo shall each consult with, and cooperate in all respects with, the other in connection with the marketing, including any roadshow presentations, and pricing of the ADSs and shall take any and all actions as may be reasonably necessary or desirable to consummate the IPO as contemplated by the IPO Registration Statement and the Underwriting Agreement.

 

ARTICLE 4

 

COVENANTS AND OTHER MATTERS

 

Section 4.1                                    Other Agreements and Instruments. Each of the Parties agrees to execute or cause to be executed by the appropriate parties and deliver, as appropriate, such other agreements, instruments and other documents as may be necessary or desirable in order to effect the purposes of this Agreement and the Inter-Company Agreements.

 

Section 4.2                                    Further Instruments

 

(a)                       To the extent it has not been done prior to the date hereof, SINA will execute and deliver, and will cause its subsidiaries to execute and deliver, to Weibo and/or its subsidiaries and VIE, as the case may be, such instruments of transfer, conveyance, assignment, substitution and confirmation, and will take such action as may be reasonably necessary or desirable in order to transfer, convey and assign to Weibo and/or its subsidiaries and VIE and confirm Weibo’s and/or its subsidiaries’ and VIE’ title to all assets, rights, interests and other things of value used in or necessary for the conduct and operation of the Weibo Business on or prior to the Public Filing Date or to be transferred or licensed to Weibo and/or its subsidiaries and VIE pursuant to this Agreement or any document referred to herein, to put Weibo and its subsidiaries and VIE in actual possession and operating control thereof and to permit Weibo and its subsidiaries and VIE to exercise all rights with respect thereto (including, without limitation, rights under Contracts and other arrangements as to which the consent of any third party to the transfer thereof have not previously been obtained) relating to the Weibo Business; provided, however, that in the absence of such execution and delivery by SINA and/or its subsidiaries, such execution and delivery shall be deemed for all purposes to have occurred subject only to Weibo’s obligation to pay to SINA or its applicable subsidiary an amount equal to the book value thereof to the extent not previously so paid.

 

(b)                       SINA will execute and deliver, and will cause its appropriate subsidiaries to execute and deliver, to Weibo and/or its subsidiaries and VIE, as the case may be, all instruments, assumptions, novations, undertakings, substitutions or other documents and take such other action as may be reasonably necessary or desirable in order to have SINA and/or its subsidiaries, as the case may be, fully and unconditionally assume and discharge the SINA Liabilities; provided, however, that in the absence of such execution and delivery by SINA and/or such appropriate subsidiaries, such execution and delivery shall be deemed for all purposes to have occurred.

 

7

 

(c)                        Weibo will, and will cause its appropriate subsidiaries and VIE to, execute and deliver to SINA and its subsidiaries all instruments, assumptions, novations, undertakings, substitutions or other documents and take such other action as may be reasonably necessary or desirable in order to have Weibo and/or its subsidiaries and VIE, as the case may be, fully and unconditionally assume and discharge the Weibo Liabilities; provided, however, that in the absence of such execution and delivery by Weibo and/or such appropriate subsidiaries and VIE, such execution and delivery shall be deemed for all purposes to have occurred.

 

(d)                       Except as hereinabove provided, neither SINA, Weibo, nor their respective subsidiaries and VIEs shall be obligated, in connection with the foregoing matters set forth in this Section, to expend money other than reasonable out-of-pocket expenses, attorneys’ fees and recording or similar fees, unless reimbursed by the other relevant Party. Furthermore, each Party, at the request of the other Party hereto, shall execute and deliver such other instruments and do and perform such other acts and things as may be necessary or desirable for effecting completely the consummation of the transactions contemplated hereby.

 

Section 4.3                                    Agreement on Exchange of Information.

 

(a)                       Generally. Each of the Parties agrees to provide, or cause to be provided, to the other Party, at any time, promptly after written request therefor, all reports and other Information regularly provided by one Party to the other Party prior to the Public Filing Date and any Information in the possession or under the control of such Party to the extent reasonably requested by the requesting Party (i) to comply with reporting, disclosure, filing or other requirements imposed on the requesting Party (including under applicable securities laws) by a Governmental Authority having jurisdiction over the requesting Party, (ii) for use in any other judicial, regulatory, administrative or other proceeding or in order to satisfy audit, accounting, claims, regulatory, litigation or other similar requirements, (iii) to comply with its obligations under this Agreement or any Inter-Company Agreement or (iv) at any time after the Public Filing Date to the extent such Information and cooperation are necessary to comply with such reporting, filing and disclosure obligations, for the preparation of financial statements or completing an audit, and as reasonably necessary to conduct the ongoing businesses of SINA or Weibo, as the case may be. Each of the Parties agrees to make their respective personnel available to discuss the Information exchanged pursuant to this Section 4.3. In the event that any Party determines that any such provision of Information or other actions contemplated by this Section 4.3 could be commercially detrimental, violate any law or agreement, or waive any attorney-client privilege, the Parties shall take all reasonable measures to permit the compliance with such obligations in a manner that avoids any such harm or consequence.

 

(b)                       Internal Accounting Controls; Financial Information. After the Public Filing Date, (i) each Party shall maintain in effect at its own cost and expense adequate systems and controls for its business to the extent necessary to enable the other Party to satisfy its reporting, tax return, accounting, audit and other obligations, and (ii) each Party shall provide, or cause to be provided, to the other Party and its subsidiaries and VIE(s) in such form as such requesting Party shall request, at no charge to the requesting Party, all financial and other data and information as the requesting Party determines necessary or advisable in order to prepare its financial statements and reports or filings with any Governmental Authority.

 

8

 

(c)                        Ownership of Information. Any Information owned by a Party that is provided to a requesting Party pursuant to this Section 4.3 shall be deemed to remain the property of the providing Party. Unless specifically set forth herein, nothing contained in this Agreement shall be construed as granting or conferring rights of license or otherwise in any such Information.

 

(d)                       Record Retention. To facilitate the possible exchange of Information pursuant to this Section 4.3 and other provisions of this Agreement, each Party agrees to use its reasonable best efforts for a period of ten years to retain all Information in its respective possession or control substantially in accordance with its respective record retention policies and/or practices as in effect on the Public Filing Date, and for such longer period as may be required by any Governmental Authority, any litigation matter, any applicable law or any Inter-Company Agreement. However, at any time after such 10-year period each Party may amend its respective record retention policies at such Party’s discretion; provided, however, that the amending Party must give thirty (30) days prior written notice of such change in the policy to the other Party. No Party will destroy, or permit any of its subsidiaries or VIE(s) to destroy, any Information that exists on the Public Filing Date (other than Information that is permitted to be destroyed under the current respective record retention policies of each Party) and that falls under the categories listed in Section 4.3(a), without first notifying the other Party of the proposed destruction and giving the other Party the opportunity to take possession or make copies of such Information prior to such destruction.

 

(e)                        Limitation of Liability. Each Party will use its reasonable best efforts to ensure that Information provided to the other Party hereunder is accurate and complete; provided, however, that no Party shall have any liability to the other Party if any Information exchanged or provided pursuant to this Section 4.3 is found to be inaccurate, in the absence of gross negligence, bad faith, or willful misconduct by the Party providing the Information. No Party shall have any liability to the other Party if any Information is destroyed or lost after the relevant Party has complied with the provisions of Section 4.3(d).

 

(f)                         Other Agreements Providing For Exchange of Information. The rights and obligations granted under this Section 4.3 are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange or confidential treatment of Information set forth in this Agreement and any Inter-Company Agreement.

 

(g)                        Production of Witnesses; Records; Cooperation. For a period of five (5) years after the Control Ending Date, and except in the case of a legal or other proceeding by one Party against the other Party, each Party shall use its reasonable best efforts to make available to the other Party, upon written request, the former, current and future directors, officers, employees, other personnel and agents of such Party as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available, to the extent that any such individual (giving consideration to business demands of such directors, officers, employees, other personnel and agents) or books, records or other documents may reasonably be required in connection with any legal, administrative or other proceeding in which the requesting Party may from time to time be involved, regardless of whether such legal, administrative or other proceeding is a matter with respect to which indemnification may be sought hereunder. The requesting Party shall bear all costs and expenses in connection therewith.

 

9

 

Section 4.4                                    Agreement on Share of Information and Data. To the extent permitted under applicable laws and regulations, each Party agrees to share with the other Party and its Affiliates information and data that such Party acquires in the ordinary course of its business operation, including without limited to user information and data relating to user activities, free of charge in the following manners:

 

(a)                       each Party agrees to provide the other Party and its Affiliates with interfaces of its database or the data base operated by its Affiliates such that the other Party and its Affiliates will have unlimited access to these databases;

 

(b)                       each Party agrees to provide, or cause to be provided, to the other Party, at any time, promptly after written request therefor, all information and data regularly provided by one Party to the other Party prior to the Public Filing Date and any information in the possession or under the control of such Party to the extent reasonably requested by the requesting Party.

 

Section 4.5                                    Auditors and Audits; Financial Statements; Accounting Matters. Each Party agrees that:

 

(a)                       Selection of Auditors.

 

(i)                         Until the first SINA fiscal year end occurring after the Control Ending Date, Weibo shall use its reasonable best efforts to select the independent registered public accounting firm used by SINA (“SINA’s Auditors” and, for the avoidance of doubt, should SINA at any time change the independent registered public accounting firm serving as its auditors, “SINA’s Auditors” shall thereafter mean the new firm serving as SINA’s auditors) to serve as its auditors (“Weibo’s Auditors”) for purposes of providing an opinion on its consolidated financial statements; provided, however, that Weibo’s Auditors may be different from SINA’s Auditors if necessary to comply with applicable laws regarding auditor independence and qualifications (provided, however, that Weibo shall not take any actions, and shall use its reasonable best efforts to cause its directors, officers and employees not to take any actions, that could reasonably be expected to require Weibo to engage auditors other than SINA’s Auditors). After the Public Filing Date, the foregoing shall not be construed so as to unlawfully limit any responsibility of the audit committee of Weibo’s board of directors, pursuant to SEC Rule 10A-3(b)(2) and rules of the NASDAQ Global Market or the New York Stock Exchange, as applicable, to appoint, compensate, retain and oversee the work of the registered public accounting firm Weibo engages.

 

(ii)                      Until the first SINA fiscal year end occurring after the Control Ending Date, Weibo shall provide to SINA as much prior notice as reasonably practical of any change in Weibo’s Auditors for purposes of providing an opinion on its consolidated financial statements.

 

10

 

(b)                       Date of Auditors’ Opinion and Quarterly Reviews. Until the first SINA fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, Weibo shall use its reasonable best efforts to enable Weibo’s Auditors to complete their audit such that they will date their opinion on Weibo’s audited annual financial statements no later than the date that SINA’s Auditors date their opinion on SINA’s audited annual financial statements, and to enable SINA to meet its timetable for the printing, filing and public dissemination of SINA’s annual financial statements. Until the first SINA fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, Weibo shall use its reasonable best efforts to enable Weibo’s Auditors to complete their annual audit and quarterly review procedures such that they will provide clearance on such Party’s annual and quarterly financial statements no later than the date that SINA’s Auditors provide clearance on SINA’s annual and quarterly financial statements.

 

(c)                        Annual and Quarterly Financial Statements. Until the Control Ending Date, Weibo shall not change its fiscal year and, until the first SINA fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the purpose of preparing financial statements or completing a financial statement audit, shall provide to SINA on a timely basis all Information that SINA reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of SINA’s annual and quarterly financial statements. Without limiting the generality of the foregoing, Weibo will provide all required financial Information with respect to Weibo and its subsidiaries and VIE to Weibo’s Auditors in a sufficient and reasonable time and in sufficient detail to permit Weibo’s Auditors to take all steps and perform all procedures necessary to provide sufficient assistance to SINA’s Auditors with respect to financial Information to be included or contained in SINA’s annual and quarterly financial statements. Without limiting the generality of the foregoing, Weibo shall provide to SINA its audited annual consolidated financial statements within 60 days after the close of each fiscal year, and its unaudited quarterly consolidated financial statements within 30 days after the end of each fiscal quarter. Similarly, SINA shall provide to Weibo on a timely basis all financial Information that Weibo reasonably requires to meet its schedule for the preparation, printing, filing, and public dissemination of Weibo’s annual and quarterly financial statements. Without limiting the generality of the foregoing, SINA will provide all required financial Information with respect to SINA and its subsidiaries and VIE to SINA’s Auditors in a sufficient and reasonable time and in sufficient detail to permit SINA’s Auditors to take all steps and perform all procedures necessary to provide sufficient assistance to Weibo’s Auditors with respect to Information to be included or contained in Weibo’s annual and quarterly financial statements.

 

(d)                       Certifications and Attestations.

 

(i)                         Until the first SINA fiscal year end occurring after the Control Ending Date, and thereafter to the extent necessary for the timely filing by SINA of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods, Weibo shall cause its principal executive officer and principal financial officer to provide to SINA on a timely basis and as reasonably requested by SINA (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002 to be filed with such annual and quarterly reports, (B) any certificates or other written Information which such principal executive officer or principal financial officer received as support for the certificates provided to SINA and (C) a reasonable opportunity to discuss with such principal financial officer and other appropriate officers and employees of Weibo any issues reasonably related to the foregoing.

 

11

 

(ii)                      To the extent necessary for the timely filing by Weibo of annual and quarterly reports under the Exchange Act or in connection with any investigations of prior periods, SINA shall cause its appropriate officers and employees to provide to Weibo on a timely basis and as reasonably requested by such Party (A) any certificates requested as support for the certifications and attestations required by Sections 302, 906 and 404 of the Sarbanes-Oxley Act of 2002 to be filed with such annual and quarterly reports, (B) any certificates or other Information which such appropriate officers and employees received as support for the certificates provided to Weibo and (C) a reasonable opportunity to discuss with such appropriate officers and employees any issues reasonably related to the foregoing.

 

(e)                        Compliance With Laws, Policies and Regulations. Until the Control Ending Date, Weibo shall comply with all financial accounting and reporting rules, policies and directives of SINA, to the extent such rules, policies and directives have been previously communicated to Weibo, and fulfill all timing and reporting requirements, applicable to SINA subsidiaries and VIEs that are consolidated with SINA for financial statement purposes. Without limiting the foregoing, Weibo shall comply with all financial accounting and reporting rules and policies, and fulfill all timing and reporting requirements, under applicable federal securities laws and the rules of the NASDAQ Global Market or the New York Stock Exchange, as applicable. Weibo shall not be deemed to be in breach of its obligations set forth in this provision to the extent that it is unable to comply with such obligations as a result of the actions or inactions of SINA.

 

(f)                         Identity of Personnel Performing the Annual Audit and Quarterly Reviews. Until the Control Ending Date, and thereafter to the extent such information and cooperation is necessary for the preparation of financial statements or completing a financial statements audit, Weibo shall authorize Weibo’s Auditors to make available to SINA’s Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of Weibo and work papers related to the annual audits and quarterly reviews of Weibo, in all cases within a reasonable time prior to Weibo’s Auditors’ opinion date, so that SINA’s Auditors are able to perform the procedures they consider necessary to take responsibility for the work of Weibo’s Auditors as it relates to SINA’s Auditors’ report on SINA’s financial statements, all within sufficient time to enable SINA to meet its timetable for the printing, filing and public dissemination of SINA’s annual and quarterly financial statements. Similarly, SINA shall authorize SINA’s Auditors to make available to Weibo’s Auditors both the personnel who performed or will perform the annual audits and quarterly reviews of SINA and work papers related to the annual audits and quarterly reviews of SINA, in all cases within a reasonable time prior to SINA’s Auditors’ opinion date, so that Weibo’s Auditors are able to perform the procedures they consider necessary to take responsibility for the work of SINA’s Auditors as it relates to Weibo’s Auditors’ report on Weibo’s financial statements, all within sufficient time to enable Weibo to meet its timetable for the printing, filing and public dissemination of Weibo’s annual and quarterly financial statements.

 

(g)                        Access to Books and Records. Until the Control Ending Date, and thereafter to the extent such information and cooperation is necessary for the preparation of financial statements or completing a financial statements audit all governmental audits are complete and the applicable statute of limitations for tax matters has expired, Weibo shall provide SINA’s internal auditors, counsel and other designated representatives of SINA access during normal business hours to (i) the premises of Weibo and its subsidiaries and VIE and all Information (and duplicating rights) within the knowledge, possession or control of Weibo and its subsidiaries and VIE and (ii) the officers and employees of Weibo and its subsidiaries and VIE, so that SINA may conduct reasonable audits relating to the financial statements provided by Weibo pursuant hereto as well as to the internal accounting controls and operations of Weibo. Similarly, SINA shall provide Weibo’s internal auditors, counsel and other designated representatives of Weibo access during normal business hours to (x) the premises of SINA and its subsidiaries and VIE and all Information (and duplicating rights with respect thereto) within the knowledge, possession or control of SINA and its subsidiaries and VIEs and (y) the officers and employees of SINA and its subsidiaries and VIEs, so that Weibo may conduct reasonable audits relating to the financial statements provided by SINA pursuant hereto as well as to the internal accounting controls and operations of SINA and its subsidiaries and VIEs.

 

12

 

(h)                       Notice of Change in Accounting Principles. Until the Control Ending Date, and thereafter if a change in accounting principles by a Party would affect the historical financial statements of the other Party, no such Party shall make or adopt any significant changes in its accounting estimates or accounting principles from those in effect on the Public Filing Date without first consulting with the other Party, and if requested by the other Party, such other Party’s independent registered public accounting firm with respect thereto. SINA shall give Weibo as much prior notice as reasonably practical of any proposed determination of, or any significant changes in, its accounting estimates or accounting principles from those in effect on the Public Filing Date. SINA will consult with Weibo and, if requested by Weibo, Weibo’s independent registered public accounting firm with respect thereto. Weibo shall give SINA as much prior notice as reasonably practical of any proposed determination of, or any significant changes in, its accounting estimates or accounting principles from those in effect on the Public Filing Date. Weibo will consult with SINA and, if requested by SINA, SINA’s independent registered public accounting firm with respect thereto.

 

(i)                           Conflict With Third-Party Agreements. Nothing in Section 4.3 or this Section 4.5 shall require a Party to violate any agreement with any third party regarding the confidentiality of confidential and proprietary Information relating to that third party or its business; provided, however, that in the event that a Party is required under Section 4.3 or this Section 4.5 to disclose any such Information, such Party shall use its reasonable best efforts to seek to obtain such third party’s consent to the disclosure of such Information.

 

Section 4.6                                    Confidentiality. Each of the Parties shall hold and shall cause each of their respective subsidiaries and VIE(s) to hold, and shall each cause their respective officers, employees, agents, consultants and advisors and those of their respective subsidiaries and VIE(s) to hold, in strict confidence and not to disclose or release without the prior written consent of the other Party, any and all Confidential Information concerning such other Party and its respective subsidiaries and VIE(s); provided, that each of the Parties may disclose, or may permit disclosure of, Confidential Information (i) to their respective subsidiaries and VIE(s), auditors, attorneys, financial advisors, bankers and other appropriate consultants and advisors who have a need to know such information and, in each case, are informed of their obligation to hold such information confidential to the same extent as is applicable to the Parties hereto and in respect of whose failure to comply with such obligations, Weibo or SINA, as the case may be, will be responsible, (ii) if the Parties or any of their respective subsidiaries or VIE(s) are compelled to disclose any such Confidential Information by judicial or administrative process or (iii) if the Parties reasonably determine in good faith that such disclosure is required by other requirements of law. Notwithstanding the foregoing, in the event that any demand or request for disclosure of Confidential Information is made in connection with any judicial or administrative process, or a Party determines in good faith that disclosure is otherwise required by law, such Party shall promptly notify the other Party of the existence of such request, demand, or conclusion, and shall provide such other Party a reasonable opportunity to seek an appropriate protective order or other remedy, which the notifying Party will cooperate in obtaining. In the event that an appropriate protective order or other remedy is not obtained, the Party whose Confidential Information is required to be disclosed shall or shall cause the notifying Party to furnish, or cause to be furnished, only that portion of the Confidential Information that is required to be disclosed and shall use its reasonable best efforts to obtain reasonable assurances that confidential treatment will be accorded to such Information.

 

13

 

(b)                       As used in this Section 4.6:

 

(i)                         “Confidential Information” shall mean Confidential Business Information and Confidential Technical Information concerning one Party which, prior to, on or following the Public Filing Date, has been disclosed by such Party or its subsidiaries or VIE(s), that (1) is in written, recorded, graphical or other tangible form and is marked “Proprietary,” “Confidential” or “Trade Secret,” or where it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, (2) is in oral form and identified by the disclosing Party as “Proprietary”, “Confidential” or “Trade Secret” at the time of oral disclosure, including pursuant to the access provisions of Section 4.3 or Section 4.5 hereof or any other provision of this Agreement or where it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, or (3) in the case of such Information disclosed on or prior to the date hereof, either such Information is identified by the owning Party to the other relevant Party as Confidential Business Information or Confidential Technical Information, orally or in writing on or prior to the Public Filing Date, or it is evident from the nature and content of such Information that the disclosing Party considers it to be confidential, and includes any modifications or derivatives prepared by the receiving Party that contain or are based upon any Confidential Information obtained from the disclosing Party, including any analysis, reports, or summaries of the Confidential Information. Confidential Information may also include Information disclosed to a disclosing Party by third parties. Confidential Information shall not, however, include any information which (A) was publicly known and made generally available in the public domain prior to the time of disclosure by the disclosing Party; (B) becomes publicly known and made generally available after disclosure by the disclosing Party to the receiving Party through no action or inaction of the receiving Party; (C) is obtained by the receiving Party from a third party without a breach of such third party’s obligations of confidentiality; or (D) is on or after the Public Filing Date independently developed by the receiving Party without use of or reference to the disclosing Party’s Confidential Information.

 

14

 

(ii)                      “Confidential Technical Information” shall mean all proprietary scientific, engineering, mathematical or design information, data and material of the disclosing Party including, without limitation, (a) specifications, ideas, concepts, models, and strategies for products or services, (b) quality assurance policies, procedures and specifications, (c) source code and object code, (d) training materials and information, and (e) all other know-how, methodology, processes, procedures, techniques and trade secrets related to product or service design, development, manufacture, implementation, use, support and maintenance.

 

(iii)                   “Confidential Business Information” shall mean all proprietary information, data or material of the disclosing Party other than Confidential Technical Information, including, but not limited to (a) proprietary earnings reports and forecasts, (b) proprietary macro-economic reports and forecasts, (c) proprietary business plans, (d) proprietary general market evaluations and surveys, (e) proprietary financing and credit-related information, and (f) customer information.

 

(c)                        Nothing in this Agreement shall restrict (i) the disclosing Party from using, disclosing, or disseminating its own Confidential Information in any way, or (ii) reassignment of the receiving Party’s employees. Moreover, nothing in the Agreement supersedes any restriction imposed by third parties on their Confidential Information, and there is no obligation on the disclosing Party to conform third party agreements to the terms of this Agreement except as expressly set forth therein.

 

(d)                       Notwithstanding anything to the contrary set forth herein, (i) a Party and its subsidiaries and VIE(s) shall be deemed to have satisfied their obligations hereunder with respect to Confidential Information if they exercise the same degree of care (but no less than a reasonable degree of care) as they take to preserve confidentiality for their own similar Information and (ii) confidentiality obligations provided for in any agreement between a Party or any of its subsidiaries or VIE(s) and any employee of such Party or any of its subsidiaries or VIE(s) shall remain in full force and effect.

 

(e)                        Confidential Information of a Party and its subsidiaries and VIE(s) in the possession of and used by the other Party as of the Public Filing Date may continue to be used by such Party in possession of the Confidential Information in and only in the operation of the SINA Business, in the case of SINA and its subsidiaries and VIEs, or the Weibo Business, in the case of Weibo and its subsidiaries and VIE, and may be used only so long as the Confidential Information is maintained in confidence and not disclosed in violation of Section 4.6(b). Such continued right to use Confidential Information may not be transferred, including by merger, consolidation, reorganization, operation of law, or otherwise, to any third party unless such third party (A) purchases all or substantially all of the business or business line and assets in one transaction or in a series of related transactions for which or in which the relevant Confidential Information is used or employed and (B) expressly agrees in writing to be bound by the provisions of this Section 4.6. In the event that such right to use is transferred in accordance with the preceding sentence, the transferring Party shall not disclose the source of the relevant Confidential Information.

 

Section 4.7                                    Privileged Matters. The Parties agree that their respective rights and obligations to maintain, preserve, assert or waive any or all privileges belonging to each such Party or its subsidiaries or VIE(s) including but not limited to the attorney-client and work product privileges (collectively, “Privileges”), shall be governed by the provisions of this Section 4.7. With respect to Privileged Information (as defined below) of SINA, SINA shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and Weibo shall take no action (nor permit any of its subsidiaries or VIE(s) to take action) without the prior written consent of SINA that could result in any waiver of any Privilege that could be asserted by SINA or any of its subsidiaries or VIEs under applicable law and this Agreement. With respect to Privileged Information of Weibo, Weibo shall have sole authority in perpetuity to determine whether to assert or waive any or all Privileges, and SINA shall take no action (nor permit any of its subsidiaries or VIEs to take action) without the prior written consent of Weibo that could result in any waiver of any Privilege that could be asserted by Weibo or any of its subsidiaries or VIE under applicable law and this Agreement.

 

15

 

(a)                       The rights and obligations created by this Section 4.7 shall apply to all Information as to which the Parties or their respective subsidiaries or VIE(s) would be entitled to assert or has asserted a Privilege (“Privileged Information”). Privileged Information of SINA includes but is not limited to (i) any and all Information regarding the business of SINA and its subsidiaries and VIEs (other than Information regarding the Weibo Business), whether or not it is in the possession of Weibo or any of its subsidiaries and VIE; (ii) all communications subject to a Privilege between counsel for SINA (including in-house counsel) and any individual who, at the time of the communication, was an employee of SINA, regardless of whether such employee is or becomes an employee of Weibo or any of its subsidiaries and VIE and (iii) all Information generated, received or arising after the Public Filing Date that refers or relates to Privileged Information of SINA generated, received or arising prior to the Public Filing Date. Privileged Information of Weibo includes but is not limited to (x) any and all Information regarding the Weibo Business, whether or not it is in the possession of SINA or any of its subsidiaries and VIEs; (y) all communications subject to a Privilege occurring after the Public Filing Date between counsel for Weibo (including in-house counsel and former in-house counsel who are or were employees of SINA) and any person who, at the time of the communication, was an employee of Weibo, regardless of whether such employee was, is or becomes an employee of SINA or any of its subsidiaries or VIEs and (z) all Information generated, received or arising after the Public Filing Date that refers or relates to Privileged Information of Weibo generated, received or arising prior to the Public Filing Date.

 

(b)                       Upon receipt by a Party or its subsidiaries or VIE(s) of any subpoena, discovery or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other Party or its subsidiaries or VIE(s), or if a Party or any of its subsidiaries or VIE(s) obtains knowledge that any of its current or former employees has received any subpoena, discovery or other request from any third party that actually or arguably calls for the production or disclosure of Privileged Information of the other Party or its subsidiaries or VIE(s), such Party shall promptly notify that other Party of the existence of the request and shall provide that other Party a reasonable opportunity to review the Information and to assert any rights such other Party may have under this Section 4.7 or otherwise to prevent the production or disclosure of Privileged Information. SINA or its subsidiaries or VIEs, or Weibo or its subsidiaries and VIE, as the case may be, will not produce or disclose to any third party any of the other Party’s Privileged Information under this Section 4.7 unless (a) such other Party has provided its express written consent to such production or disclosure or (b) a court of competent jurisdiction has entered an order not subject to interlocutory appeal or review finding that the Information is not entitled to protection from disclosure under any applicable privilege, doctrine or rule.

 

16

 

(c)                        SINA’s transfer of books and records pertaining to the Weibo Business and other Information pertaining to Weibo, if any, SINA’s agreement to permit Weibo to obtain Information existing prior to the Public Filing Date, Weibo’s transfer of books and records and other Information pertaining to SINA, if any, and Weibo’s agreement to permit SINA to obtain Information existing prior to the Public Filing Date are made in reliance on SINA’s and Weibo’s respective agreements, as set forth in Section 4.6 and this Section 4.7, to maintain the confidentiality of such Information and to take the steps provided herein for the preservation of all Privileges that may belong to or be asserted by SINA, or Weibo, as the case may be. The access to Information, witnesses and individuals being granted pursuant to Section 4.3 and Section 4.5 and the disclosure to one Party of Privileged Information relating to the other Party’s businesses pursuant to this Agreement shall not be asserted by SINA or Weibo to constitute, or otherwise be deemed, a waiver of any Privilege that has been or may be asserted under this Section 4.7 or otherwise. Nothing in this Agreement shall operate to reduce, minimize or condition the rights granted to, or the obligations imposed upon, SINA and Weibo by this Section 4.7.

 

Section 4.8                                    Future Litigation and Other Proceedings. In the event that Weibo (or any of its subsidiaries or VIE or any of its or their respective officers or directors) or SINA (or any of its subsidiaries or VIEs or any of its or their respective officers or directors) at any time after the date hereof initiates or becomes subject to any litigation or other proceedings before any Governmental Authority or arbitration panel with respect to which the Parties have no prior agreements (as to indemnification or otherwise), the Party (and its subsidiaries and VIE(s) and its and their respective officers and directors) that has not initiated and is not subject to such litigation or other proceedings shall comply, at the litigant Party’s expense, with any reasonable requests by the litigant Party for assistance in connection with such litigation or other proceedings (including by way of provision of Information and making available of employees as witnesses). In the event that Weibo (or any of its subsidiaries or VIE or any of its or their respective officers or directors) and SINA (or any of its subsidiaries or VIEs or any of its or their respective officers or directors), or any combination thereof, at any time after the date hereof initiate or become subject to any litigation or other proceedings before any Governmental Authority or arbitration panel with respect to which the litigant Parties have no prior agreements (as to indemnification or otherwise), each litigant Party (and its officers and directors) shall, at their own expense, coordinate their strategies and actions with respect to such litigation or other proceedings to the extent such coordination would not be detrimental to their respective interests and shall comply, at the expense of the requesting Party, with any reasonable requests of such Party for assistance in connection therewith (including by way of provision of information and making available of employees as witnesses).

 

Section 4.9                                    Mail and other Communications. Each of SINA and Weibo may receive mail, facsimiles, packages and other communications properly belonging to the other. Accordingly, each Party authorizes each of the other Party to receive and open all mail, telegrams, packages and other communications received by it and not unambiguously intended for the other Party or any of the other Party’ officers or directors, and to retain the same to the extent that they relate to the business of the receiving Party or, to the extent that they do not relate to the business of the receiving Party, the receiving Party shall promptly deliver such mail, telegrams, packages or other communications, including, without limitation, notices of any liens or encumbrances on any asset transferred to Weibo or its subsidiaries or VIE in connection with the separation from SINA, if any, (or, in case the same relate to both businesses, copies thereof) to the other Party as provided for in Section 7.6 hereof. The provisions of this Section 4.9 are not intended to, and shall not, be deemed to constitute (a) an authorization by either SINA or Weibo to permit the other to accept service of process on its behalf and no Party is or shall be deemed to be the agent of the other Party for service of process purposes or (b) a waiver of any Privilege with respect to Privileged Information contained in such mail, telegrams, packages or other communications.

 

17

 

Section 4.10                             Other Inter-Company Services Agreements. To the extent not covered under the Inter-Company Agreements, SINA and its subsidiaries and VIEs, on the one hand, and Weibo and its subsidiaries and VIE, on the other, may enter into interim services agreements from time to time covering the provision of various interim services, if any, including financial, accounting, legal, and other services by SINA (and its subsidiaries and VIEs) to Weibo (and its subsidiaries and VIE) or, in certain circumstances, vice versa. Such services will generally be provided for a fee equal to the actual Direct Costs and Indirect Costs of providing such services plus an additional amount as agreed to by the Parties, subject to other consideration’s being agreed to by the Parties. “Direct Costs” shall include labor-related compensation and travel expenses, materials and supplies consumed and agency fees arising from performing the services. “Indirect Costs” shall include occupancy, information technology support and other overhead costs of the department incurring the direct costs of providing the service. Payment for any such services will be due within thirty (30) days after SINA renders an invoice for such services.

 

Section 4.11                             Payment of Expenses. Except as otherwise provided in this Agreement, the Inter-Company Agreements or any other agreement between the Parties relating to the IPO, (i) all costs and expenses of the Parties in connection with the IPO (including costs associated with drafting this Agreement, the Inter-Company Agreements and the documents relating to the formation of Weibo and its subsidiaries and VIE) shall be paid by Weibo and (ii) all costs and expenses of the Parties in connection with any matter not relating to the IPO shall be paid by the Party which incurs such cost or expense. Notwithstanding the foregoing, Weibo and SINA shall each be responsible for their own internal fees, costs and expenses (e.g., salaries of personnel) incurred in connection with the IPO.

 

ARTICLE 5

 

MUTUAL RELEASES; INDEMNIFICATION

 

Section 5.1                                    Release of Claims.

 

(a)                       Weibo Release. Except as provided in Section 5.1(c), Weibo, for itself and as agent for each of its subsidiaries and VIE, does hereby assume, and does hereby remise, release and forever discharge the SINA Indemnitees from, any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract or agreement, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Public Filing Date, including in connection with the transactions and all other activities to implement the IPO.

 

18

 

(b)                       SINA Release. Except as provided in Section 5.1(c), SINA, for itself and as agent for each of its subsidiaries and VIEs, does hereby remise, release and forever discharge the Weibo Indemnitees from any and all Liabilities whatsoever, whether at law or in equity (including any right of contribution), whether arising under any contract or agreement, by operation of law or otherwise, existing or arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Public Filing Date, including in connection with the transactions and all other activities to implement the IPO.

 

(c)                        No Impairment. Nothing contained in Section 5.1(a) or Section 5.1(b) shall limit or otherwise affect any Party’s rights or obligations pursuant to or contemplated by this Agreement or any Inter-Company Agreement, in each case in accordance with its terms, including, without limitation, any obligations relating to indemnification, including indemnification pursuant to Section 5.2 and Section 5.3 of this Agreement.

 

Section 5.2                                    Indemnification by Weibo. Except as otherwise provided in this Agreement, Weibo shall, for itself and as agent for each of its subsidiaries and VIE(s), indemnify, defend (or, where applicable, pay the defense costs for) and hold harmless the SINA Indemnitees from and against, and shall reimburse the SINA Indemnitees with respect to, any and all Losses that any third party seeks to impose upon the SINA Indemnitees, or which are imposed upon the SINA Indemnitees, and that relate to, arise or result from, whether prior to, on or following the Public Filing Date, any of the following items (without duplication):

 

(a)                       any Weibo Liability;

 

(b)                       any breach by Weibo or any of its subsidiaries and VIE of this Agreement or any of the Inter-Company Agreements; and

 

(c)                        any Liabilities relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement (other than information provided in writing by SINA or any of its subsidiaries or VIEs to Weibo specifically for inclusion in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement), (ii) contained in any public filings made by Weibo with the SEC following the Public Filing Date or (iii) provided in writing by Weibo or its subsidiaries or VIE to SINA specifically for inclusion in SINA’s annual or quarterly reports following the Public Filing Date to the extent (A) such information pertains to (x) Weibo or its subsidiaries or VIE or (y) the Weibo Business or (B) SINA has provided prior written notice to Weibo that such information will be included in one or more annual or quarterly reports, specifying how such information will be presented, and the information is included in such annual or quarterly reports; provided that this sub-clause (B) shall not apply to the extent that any such Liability arises out of or results from, or in connection with, any action or inaction of SINA or any of its subsidiaries or VIEs, including as a result of any misstatement or omission of any information by SINA or its subsidiaries or VIEs to Weibo.

 

19

 

In the event that Weibo or any of its subsidiaries or VIE makes a payment to the SINA Indemnitees hereunder, and any of the SINA Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from SINA or its subsidiaries or VIEs), SINA will promptly repay (or will procure an SINA Indemnitee to promptly repay) Weibo (or its subsidiary or VIE that has made the payment) the amount by which the payment made by Weibo (or its subsidiary or VIE that has made the payment) exceeds the actual cost of the associated indemnified Liability.

 

Section 5.3                                    Indemnification by SINA. Except as otherwise provided in this Agreement, SINA shall, for itself and as agent for each of its subsidiaries and VIEs, indemnify, defend (or, where applicable, pay the defense costs for) and hold harmless the Weibo Indemnitees from and against, and shall reimburse each such Weibo Indemnitee with respect to, any and all Losses that any third party seeks to impose upon the Weibo Indemnitees or which are imposed upon the Weibo Indemnitees to the extent relating to, arising from or resulting from, whether prior to, on or following the Public Filing Date, any of the following items (without duplication):

 

(a)                       any Liability of SINA or its subsidiaries or VIEs and all Liabilities arising out of the operation or conduct of the SINA Business (in each case excluding the Weibo Liabilities);

 

(b)                       any breach by SINA or any member of the SINA Group of this Agreement or any of the Inter-Company Agreements; and

 

(c)                        any Liabilities relating to, arising out of or resulting from any untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, with respect to all information (i) contained in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement and provided in writing by SINA or any of its subsidiaries or VIEs to Weibo specifically for inclusion in the IPO Registration Statement, any issuer free writing prospectus or any preliminary, final or supplemental prospectus forming a part of the IPO Registration Statement), (ii) contained in any public filings made by SINA with the SEC following the Public Filing Date or (iii) provided in writing by SINA or its subsidiaries or VIEs to Weibo specifically for inclusion in Weibo’s annual or quarterly reports following the Public Filing Date to the extent (A) such information pertains to (x) SINA or any of its subsidiaries or VIEs or (y) the SINA Business or (B) Weibo has provided prior written notice to SINA that such information will be included in one or more annual or quarterly reports, specifying how such information will be presented, and the information is included in such annual or quarterly reports; provided that this sub-clause (B) shall not apply to the extent that any such Liability arises out of or results from, or in connection with, any action or inaction of Weibo or any of its subsidiaries or VIE, including as a result of any misstatement or omission of any information by Weibo or any of its subsidiaries or VIE to SINA.

 

In the event that SINA or any of its subsidiaries or VIEs makes a payment to the Weibo Indemnitees hereunder, and any of the Weibo Indemnitees subsequently diminishes the Liability on account of which such payment was made, either directly or through a third-party recovery (other than a recovery indirectly from Weibo or its subsidiaries or VIE), Weibo will promptly repay (or will procure a Weibo Indemnitee to promptly repay) SINA (or its subsidiary or VIE that has made the payment) the amount by which the payment made by SINA (or its subsidiary or VIE that has made the payment) exceeds the actual cost of the indemnified Liability.

 

20

 

Section 5.4                                    Procedures for Defense, Settlement and Indemnification of the Third Party Claims.

 

(a)                       Notice of Claims. If an Indemnitee shall receive notice or otherwise learn of the assertion by a Person (including any Governmental Authority) other than SINA, Weibo and their subsidiaries and VIE(s) of any claim or of the commencement by any such Person of any Action (collectively, a “Third Party Claim”) with respect to which an Indemnifying Party may be obligated to provide indemnification, SINA or Weibo, as applicable, will ensure that such Indemnitee shall give such Indemnifying Party written notice thereof within thirty (30) days after becoming aware of such Third Party Claim. Any such notice shall describe the Third Party Claim in reasonable detail. Notwithstanding the foregoing, the delay or failure of any Indemnitee or other Person to give notice as provided in this Section 5.4 shall not relieve the related Indemnifying Party of its obligations under this Article 5, except to the extent that such Indemnifying Party is actually and substantially prejudiced by such delay or failure to give notice.

 

(b)                       Defense by Indemnifying Party. An Indemnifying Party shall be entitled to participate in the defense of any Third Party Claim and, to the extent that it wishes, at its cost, risk and expense, to assume the defense thereof, with counsel reasonably satisfactory to the Indemnitee, unless the Indemnifying Party is also a party to such proceeding and the Indemnitee determines in good faith that joint representation would be materially prejudicial to the Indemnitee’s defense. After timely notice from the Indemnifying Party to the Indemnitee of such election to so assume the defense thereof, the Indemnifying Party shall not be liable to the Indemnitee for any legal expenses of other counsel or any other expenses subsequently incurred by the Indemnitee in connection with the defense thereof. The Indemnitee agrees to cooperate in all reasonable respects with the Indemnifying Party and its counsel in the defense against any Third Party Claim. The Indemnifying Party shall be entitled to compromise or settle any Third Party Claim as to which it is providing indemnification, provided that any compromise or settlement shall be made only with the written consent of the Indemnitee, such consent not to be unreasonably withheld.

 

(c)                        Defense by Indemnitee. If an Indemnifying Party fails to assume the defense of a Third Party Claim within thirty (30) days after receipt of notice of such claim, the Indemnitee will, upon delivering notice to such effect to the Indemnifying Party, have the right to undertake the defense, compromise or settlement of such Third Party Claim on behalf of and for the account of the Indemnifying Party subject to the limitations as set forth in this Section 5.4; provided, however, that such Third Party Claim shall not be compromised or settled without the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld. If the Indemnitee assumes the defense of any Third Party Claim, it shall keep the Indemnifying Party reasonably informed of the progress of any such defense, compromise or settlement. The Indemnifying Party shall reimburse all such costs and expenses of the Indemnitee in the event it is ultimately determined that the Indemnifying Party is obligated to indemnify the Indemnitee with respect to such Third Party Claim. In no event shall an Indemnifying Party be liable for any settlement effected without its consent, which consent shall not be unreasonably withheld.

 

21

 

Section 5.5                                    Additional Matters.

 

(a)                       Cooperation in Defense and Settlement. With respect to any Third Party Claim that implicates both Weibo and SINA in a material way due to the allocation of Liabilities, responsibilities for management of defense and related indemnities set forth in this Agreement or any of the Inter-Company Agreements, the Parties agree to cooperate fully and maintain a joint defense (in a manner that will preserve the attorney-client privilege, joint defense or other privilege with respect thereto) so as to minimize such Liabilities and defense costs associated therewith. Any Party that is not responsible for managing the defense of such Third Party Claims shall, upon reasonable request, be consulted with respect to significant matters relating thereto and may, if necessary or helpful, engage counsel to assist in the defense of such claims.

 

(b)                       Subrogation. In the event of payment by or on behalf of any Indemnifying Party to or on behalf of any Indemnitee in connection with any Third Party Claim, such Indemnifying Party shall be subrogated to and shall stand in the place of such Indemnitee, in whole or in part based upon whether the Indemnifying Party has paid all or only part of the Indemnitee’s Liability, as to any events or circumstances in respect of which such Indemnitee may have any right, defense or claim relating to such Third Party Claim against any claimant or plaintiff asserting such Third Party Claim or against any other person. Such Indemnitee shall cooperate with such Indemnifying Party in a reasonable manner, and at the cost and expense of such Indemnifying Party, in prosecuting any subrogated right, defense or claim.

 

Section 5.6                                    Survival of Indemnities. The rights and obligations of the Parties under this Article 5 shall survive the sale or other transfer by any Party of any of its assets or businesses or the assignment by it of any Liabilities or the acquisition of control of such Party (by sale of capital stock or other equity interests, merger, consolidation or otherwise).

 

ARTICLE 6

 

DISPUTE RESOLUTION

 

Section 6.1                                    Dispute Resolution.

 

(a)                       Any dispute, controversy or claim arising out of or relating to this Agreement, Transitional Service Agreement or Non-Competition Agreement, or the breach, termination or validity thereof (“Dispute”) which arises between the Parties shall first be negotiated between appropriate senior executives of each Party who shall have the authority to resolve the matter. Such executives shall meet to attempt in good faith to negotiate a resolution of the Dispute prior to pursuing other available remedies, within ten (10) days of receipt by a Party of written notice of a Dispute, which date of receipt shall be referred to herein as the “Dispute Resolution Commencement Date.” Discussions and correspondence relating to trying to resolve such Dispute shall be treated as Confidential Information and Privileged Information of each of SINA and Weibo developed for the purpose of settlement and shall be exempt from discovery or production and shall not be admissible in any subsequent proceeding between the Parties.

 

(b)                       If the senior executives are unable to resolve the Dispute within 60 days from the Dispute Resolution Commencement Date, then, the Dispute will be submitted to the boards of directors of SINA and Weibo. Representatives of each board of directors shall meet as soon as practicable to attempt in good faith to negotiate a resolution of the Dispute.

 

22

 

(c)                        If the representatives of the two boards of directors are unable to resolve the Dispute within 120 days from the Dispute Resolution Commencement Date, on the request of any Party, the Dispute will be mediated by a mediator appointed pursuant to the mediation rules of the American Arbitration Association. Both Parties will share the administrative costs of the mediation and the mediator’s fees and expenses equally, and each Party shall bear all of its other costs and expenses related to the mediation, including but not limited to attorney’s fees, witness fees, and travel expenses. The mediation shall take place in Beijing, China or in whatever alternative forum on which the Parties may agree.

 

(d)                       If the Parties cannot resolve any Dispute through mediation within 45 days after the appointment of the mediator (or the earlier withdrawal thereof), each Party shall be entitled to seek relief in a court of competent jurisdiction.

 

Unless otherwise agreed in writing, the Parties will continue to provide service and honor all other commitments under this Agreement and each Inter-Company Agreement during the course of dispute resolution pursuant to the provisions of this Section 6.1 with respect to all matters not subject to such dispute, controversy or claim.

 

ARTICLE 7

 

MISCELLANEOUS.

 

Section 7.1                                    Consent of SINA.

 

(a)                       Any consent of SINA pursuant to this Agreement or any of the Inter-Company Agreements shall not be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of SINA (or such other person that the Chief Executive Officer, Chief Financial Officer or board of directors of SINA has specifically authorized in writing to give such consent).

 

(b)                       Any consent of Weibo pursuant to this Agreement or any of the Inter-Company Agreements shall not be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of Weibo (or such other person that the Chief Executive Officer, Chief Financial Officer or board of directors of Weibo has specifically authorized in writing to give such consent).

 

Section 7.2                                    Limitation of Liability. IN NO EVENT SHALL SINA OR ANY MEMBER OF THE SINA GROUP OR WEIBO OR ANY OF ITS SUBSIDIARIES OR VIE BE LIABLE TO THE OTHER PARTY, OR ITS AFFILIATED COMPANIES FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN THIS AGREEMENT OR IN ANY INTER-COMPANY AGREEMENT.

 

23

 

Section 7.3                                    Entire Agreement. This Agreement, the Inter-Company Agreements and the Exhibits and Schedules referenced or attached hereto and thereto constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof and thereof.

 

Section 7.4                                    Governing Law and Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, U.S.A. Subject to Section 6.1, each of the Parties hereby submits unconditionally to the jurisdiction of, and agrees that venue shall lie exclusively in, the federal and state courts located in the City of New York for purposes of the resolution of any disputes arising under this Agreement.

 

Section 7.5                                    Termination; Amendment.This Agreement may be terminated or amended by mutual consent of the Parties, evidenced by an instrument in writing signed on behalf of each of the Parties. In the event of termination pursuant to this Section 7.5, no Party shall have any liability of any kind to the other Party. This Agreement shall terminate on the date that is five (5) years after the first date upon which members of the SINA Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of Weibo; provided, however, that (i) the provisions of Section 4.8 shall survive for a period of seven (7) years after the termination of this Agreement, (ii) the provisions of Section 4.6, Article 5, Article 6 and Article 7 shall survive indefinitely after the termination of this Agreement; and (iii) the provision of Section 4.4 shall terminate on the earlier of (i) the fifteenth anniversary of the commencement of the cooperation period, or (ii) five (5) years after the first date upon which members of the SINA Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of Weibo. For avoidance of doubt, the termination of this Agreement shall not affect the validity and effectiveness of the Transitional Services Agreement, the Non-Competition Agreement and the Sales and Marketing Services Agreement.

 

Section 7.6                                    Notices. Notices, offers, requests or other communications required or permitted to be given by a Party pursuant to the terms of this Agreement shall be given in writing to the other Party to the following addresses:

 

if to SINA:

20/F, Ideal International Plaza,
 No. 58 Northern 4th Ring Road West, Haidian District
 Beijing 100080
 People’s Republic of China
 Attention: 
 Facsimile:
 Email:

 

if to Weibo:

7/F, Shuohuang Development Plaza,

No. 6 Caihefang Road, Haidian District, 
 Beijing, 100080
 People’s Republic of China
 Attention: 
 Facsimile: 
 Email:

 

24

 

or to such other address, facsimile number or email address as the Party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination shall be sent by hand delivery or recognized overnight courier. All other notices may also be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight courier; and upon receipt if mailed.

 

Section 7.7                                    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.

 

Section 7.8                                    Binding Effect; Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. This Agreement may be enforced separately by each Party’s subsidiaries and VIE(s). No Party may assign this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such assignment shall be void; provided, however, each Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form.

 

Section 7.9                                    Severability. If any term or other provision of this Agreement or the Exhibits or Schedules attached hereto is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.

 

Section 7.10                             Failure or Indulgence not Waiver; Remedies Cumulative. No failure or delay on the part of any Party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Exhibits or Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

Section 7.11                             Authority. Each of the Parties hereto represents to the others that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles.

 

25

 

Section 7.12                             Interpretation. The headings contained in this Agreement, in any Exhibit or Schedule hereto and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Any capitalized term used in any Exhibit or Schedule but not otherwise defined therein, has the meaning assigned to such term in this Agreement. . For all purposes of this Agreement: (i) all references in this Agreement to designated “Sections”, “Schedules”, “Exhibits” and other subdivisions are to the designated Sections, Schedules, Exhibits and other subdivisions of the body of this Agreement unless otherwise indicated; (ii) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; (iii) “or” is not exclusive; (iv) “including” and “includes” will be deemed to be followed by “but not limited to” and “but is not limited to”, respectively; (v) any definition of, or reference to, any law, agreement, instrument or other document herein will be construed as referring to such law, agreement, instrument or other document as from time to time amended, supplemented or otherwise modified; and (vi) any definition of, or reference to, any statute will be construed as referring also to any rules and regulations promulgated thereunder.

 

Section 7.13                             Conflicting Agreements. None of the provisions of this Agreement is intended to supersede any provision in any Inter-Company Agreement or any other agreement with respect to the respective subject matters thereof. In the event of conflict between this Agreement and any Inter-Company Agreement or other agreement executed in connection herewith, the provisions of such other agreement shall prevail.

 

Section 7.14                             Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party, including any creditor of any Person. No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any Liability (or otherwise) against either Party hereto.

 

[Signature page follows]

 

26

 

WHEREFORE, the Parties have signed this Master Transaction Agreement effective as of the date first set forth above.

 

 

	
 
    	
/s/ SINA   Corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Weibo   CorporationExhibit 4.33

 

Execution Version

 

TRANSITIONAL SERVICES AGREEMENT

 

Between

 

SINA CORPORATION

 

and

 

WEIBO CORPORATION

 

Dated as of March 14, 2014

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1
    
	
 
    
	
DEFINITIONS.
    
	
 
    
	
Section 1.1
    	
Capitalized   terms
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 2
    
	
 
    
	
SERVICES.
    
	
 
    
	
Section 2.1
    	
Initial   Services
    	
 
    	
4
    
	
Section 2.2
    	
Additional   Services
    	
 
    	
4
    
	
Section 2.3
    	
Scope   of Services
    	
 
    	
5
    
	
Section 2.4
    	
Limitation   on Provision of Services
    	
 
    	
5
    
	
Section 2.5
    	
Standard   of Performance; Standard of Care
    	
 
    	
6
    
	
Section 2.6
    	
Prices   for Services
    	
 
    	
7
    
	
Section 2.7
    	
Changes   in Services
    	
 
    	
8
    
	
Section 2.8
    	
Services   Performed by Third Parties
    	
 
    	
8
    
	
Section 2.9
    	
Responsibility   for Provider Personnel
    	
 
    	
8
    
	
Section 2.10
    	
Services   Rendered as a Work-For-Hire; Return of Equipment; Internal Use; No Sale,   Transfer, Assignment; Copies
    	
 
    	
8
    
	
Section 2.11
    	
Cooperation
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 3
    
	
 
    
	
CHARGES AND PAYMENT.
    
	
 
    
	
Section 3.1
    	
Procedure
    	
 
    	
9
    
	
Section 3.2
    	
Late   Payments
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 4
    
	
 
    
	
TERM AND TERMINATION.
    
	
 
    
	
Section 4.1
    	
Termination   Dates
    	
 
    	
9
    
	
Section 4.2
    	
Early   Termination by the Recipient
    	
 
    	
9
    
	
Section 4.3
    	
Termination   by the Provider
    	
 
    	
10
    
	
Section 4.4
    	
Effect   of Termination of Services
    	
 
    	
10
    
	
Section 4.5
    	
Data   Transmission
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE 5
    
	
 
    
	
MISCELLANEOUS.
    
	
 
    
	
Section 5.1
    	
DISCLAIMER   OF WARRANTIES
    	
 
    	
11
    
	
Section 5.2
    	
Limitation   of Liability; Indemnification
    	
 
    	
11
    
	
Section 5.3
    	
Compliance   with Law and Governmental Regulations
    	
 
    	
12
    

 

i

 

	
Section 5.4
    	
No   Partnership or Joint Venture; Independent Contractor
    	
 
    	
13
    
	
Section 5.5
    	
Non-Exclusivity
    	
 
    	
13
    
	
Section 5.6
    	
Expenses
    	
 
    	
13
    
	
Section 5.7
    	
Further   Assurances
    	
 
    	
13
    
	
Section 5.8
    	
Confidentiality
    	
 
    	
13
    
	
Section 5.9
    	
Headings
    	
 
    	
14
    
	
Section 5.10
    	
Interpretation
    	
 
    	
14
    
	
Section 5.11
    	
Amendments
    	
 
    	
14
    
	
Section 5.12
    	
Inconsistency
    	
 
    	
15
    
	
Section 5.13
    	
Notices
    	
 
    	
15
    
	
Section 5.14
    	
Assignment;   No Third-Party Beneficiaries
    	
 
    	
16
    
	
Section 5.15
    	
Entire   Agreement
    	
 
    	
16
    
	
Section 5.16
    	
Counterparts
    	
 
    	
16
    
	
Section 5.17
    	
Severability
    	
 
    	
16
    
	
Section 5.18
    	
Incorporation   by Reference
    	
 
    	
16
    
	
Section 5.19
    	
Governing   Law and Jurisdiction
    	
 
    	
16
    

 

ii

 

TRANSITIONAL SERVICES AGREEMENT

 

This Transitional Services Agreement is dated as of March 14, 2014, by and between, SINA Corporation, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“SINA”), on behalf of itself and other members of SINA Group, and Weibo Corporation, an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Weibo”), on behalf of itself and other members of Weibo Group.

 

R E C I T A L S

 

WHEREAS, as of the date hereof, SINA owns 140,000,000 issued and outstanding Ordinary Shares of Weibo, representing 77.6% of total number of Ordinary Shares of Weibo on an as-converted basis;

 

WHEREAS, the parties currently contemplate that Weibo will make an initial public offering (“IPO”) pursuant to a Registration Statement on Form F-1 confidentially submitted for review and comment by the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, to be filed publicly with the U.S. Securities and Exchange Commission via its EDGAR system (the date of such public filing, the “Public Filing Date”) following the substantial completion of such review and comment and as financial market conditions permit (as so filed, and as amended thereafter from time to time, the “IPO Registration Statement”);

 

WHEREAS, SINA and Weibo have entered into that certain Master Transaction Agreement, dated as of March 14, 2014 (the “Master Transaction Agreement”), which sets forth and memorializes the principal arrangements between SINA and Weibo regarding their relationship from and after the filing of the IPO Registration Statement and the consummation of the IPO, including the entering into of this Agreement; and

 

WHEREAS, the parties desire that members of SINA Group will continue to provide certain services to members of Weibo Group and that members of Weibo Group will also provide certain services to members of SINA Group.

 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and undertakings contained herein and the transactions contemplated by the Master Transaction Agreement, the receipt and sufficiency of which are acknowledged, the parties hereby mutually agree as follows:

 

ARTICLE 1

 

DEFINITIONS.

 

Section 1.1                                    Capitalized terms used and not otherwise defined herein will have the meanings ascribed to such terms in the Master Transaction Agreement. Capitalized terms used in the Schedule but not otherwise defined therein, will have the meaning ascribed to such word in this Agreement. For purposes of this Agreement, the following words and phrases will have the following meanings:

 

“Actual Cost” has the meaning set forth in Section 2.6 of this Agreement.

 

1

 

“Additional Services” has the meaning set forth in Section 2.2 of this Agreement.

 

“Sales and Marketing Services Agreement” has the meaning set forth in Section 2.1 of the Master Transaction Agreement.

 

“Affiliate” of any Person means a Person that controls, is controlled by, or is under common control with such Person; provided that, under this Agreement, “Affiliate” of any member of SINA Group excludes members of Weibo Group, and “Affiliate” of any member of Weibo Group excludes members of SINA Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise.

 

“Agreement” means this Transitional Services Agreement, together with the Schedule hereto, as the same may be amended from time to time in accordance with the provisions hereof.

 

“Ancillary Agreement” means any agreement between SINA and Weibo including the Master Transaction Agreement, Non-Competition Agreement and Sales and Marketing Services Agreement.

 

“Claims” has the meaning set forth in Section 5.2(d) of this Agreement.

 

“Dispute” has the meaning set forth in Section 6.1(a) of the Master Transaction Agreement.

 

“Force Majeure Event” has the meaning set forth in Section 2.4(b) of this Agreement.

 

“Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority.

 

“Historical Levels” has the meaning set forth in Section 2.4(a) of this Agreement.

 

“Indemnitee” has the meaning set forth in Section 5.2(d) of this Agreement.

 

“Indemnitor” has the meaning set forth in Section 5.2(d) of this Agreement.

 

“Information” means information in written, oral, electronic or other tangible or intangible forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts, know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged communications), memoranda and other materials prepared by attorneys or under their direction (including attorney work product), and other technical, financial, employee or business information or data.

 

“Initial Services” has the meaning set forth in Section 2.1 of this Agreement.

 

2

 

“IPO” has the meaning set forth in the recitals to this Agreement.

 

“IPO Registration Statement” has the meaning set forth in the recitals to this Agreement.

 

“Law” means any law, statute, rule, regulation or other requirement imposed by a Governmental Authority.

 

“Public Filing Date” has the meaning set forth in the recitals to this Agreement.

 

“Master Transaction Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Non-Competition Agreement” has the meaning set forth in Section 2.1 of the Master Transaction Agreement.

 

“Person” means an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization, a limited liability entity, any other entity and any Governmental Authority.

 

“PRC” means the People’s Republic of China, which, for purposes of this Agreement only, does not include the Hong Kong Special Administrative Region, the Macau Special Administrative Region and Taiwan.

 

“Provider” means, with respect to any particular Service, the entity or entities identified on the Schedule as the party to provide such Service.

 

“Provider Personnel” has the meaning set forth in Section 2.9 of this Agreement.

 

“Recipient” means, with respect to any particular Service, the entity or entities identified on the Schedule as the party to receive such Service.

 

“Registration Rights Agreement” has the meaning set forth in Section 2.1 of the Master Transaction Agreement.

 

“Review Meetings” has the meaning set forth in Section 2.11 of this Agreement.

 

“Schedule” has the meaning set forth in Section 2.1 of this Agreement.

 

“Service Period” means, with respect to any Service, the period commencing on the Public Filing Date and ending on the earlier of (i) the date the Recipient terminates the provision of such Service pursuant to Section 4.2, (ii) the date the Provider terminates the provision of such Service pursuant to Section 4.3, or (iii) the fifth anniversary of the Public Filing Date.

 

“Services” has the meaning set forth in Section 2.2 of this Agreement.

 

“SINA” has the meaning set forth in the preamble of this Agreement.

 

3

 

“SINA Group” means SINA and its subsidiaries and VIEs, other than Weibo and its subsidiaries and VIE.

 

“System” means the software, hardware, data store or maintenance and support components or portions of such components of a set of information assets identified in a Schedule.

 

“Tax” means all forms of direct and indirect taxation or duties imposed, or required to be collected or withheld, including charges, together with any related interest, penalties or other additional amounts.

 

“Termination Fees” has the meaning set forth in Section 4.2 of this Agreement.

 

“U.S. GAAP” means generally accepted accounting principles in the United States as in effect from time to time.

 

“VAT” means value added tax, goods and services tax and any sales, transfer, services, consumption, business, use or transaction tax.

 

“VIE” of any Person means any entity that controls, is controlled by, or is under common control with such Person and is deemed to be a variable interest entity consolidated with such Person for purposes of U.S. GAAP.

 

“Weibo” has the meaning set forth in the preamble of this Agreement.

 

“Weibo Group” means Weibo and its subsidiaries and VIE.

 

“Work Product” has the meaning set forth in Section 2.10 of this Agreement.

 

ARTICLE 2

 

SERVICES.

 

Section 2.1                                    Initial Services. Except as otherwise provided herein, during the applicable Service Period, each Provider agrees to provide, or with respect to any service to be provided by an Affiliate of the Provider, to cause such Affiliate to provide, to the Recipient, or with respect to any service to be provided to an Affiliate of the Recipient, to such Affiliate, the services that have been provided by the Provider and/or its Affiliates to the Recipient or its Affiliate (the “Initial Services”), including but not limited to the services set forth on the Schedule (the “Schedule”) annexed hereto.

 

Section 2.2                                    Additional Services. From time to time during the applicable Service Period, the parties may identify additional services that the Provider will provide to the Recipient in accordance with the terms of this Agreement (the “Additional Services” and, together with the Initial Services, the “Services”). If the parties agree to add any Additional Services, the parties will mutually create a Schedule or amend the existing Schedule for each such Additional Service setting forth the identities of the Provider and the Recipient, a description of such Service, the term during which such Service will be provided, the cost, if any, for such Service and any other provisions applicable thereto. In order to become a part of this Agreement, such amendment to the Schedule must be executed by a duly authorized representative of each party, at which time such Additional Service will, together with the Initial Services, be deemed to constitute a “Service” for the purposes hereof and will be subject to the terms and conditions of this Agreement. The parties may, but will not be required to, agree on Additional Services during the applicable Service Period. Notwithstanding anything to the contrary in the foregoing or anywhere else in this Agreement, any service actually performed by the Provider upon written or oral request by the Recipient in connection with this Agreement will be deemed to constitute a “Service” for the purposes of Article 3 and Section 5.2, but such “Service” will only be incorporated into this Agreement by an amendment as set forth in this Section 2.2 and Section 5.11. Notwithstanding the foregoing, neither party will have any obligation to agree to provide Additional Services.

 

4

 

Section 2.3                                    Scope of Services. Notwithstanding anything to the contrary herein, (i) neither the Provider nor any of its Affiliates will be required to perform or to cause to be performed any of the Services for the benefit of any third party or any other person other than the applicable Recipient or its Affiliates, and (ii) the Provider makes no warranties, express or implied, with respect to the Services, except as provided in Section 2.5.

 

Section 2.4                                    Limitation on Provision of Services

 

(a)                       Except as expressly contemplated in the Schedule, neither the Provider nor any of its Affiliates will be obligated to perform or to cause to be performed any Service in a volume or quantity that exceeds on an annualized basis 150 percent of the historical volumes or quantities of Services performed by it or its Affiliates for the business of the Recipient during calendar year 2013, without reference to the transactions contemplated by the Master Transaction Agreement (“Historical Levels”); provided, however, that if the Recipient wishes to increase the volume or quantity of such Services provided under this Agreement by more than such amount, the Recipient will make a request to the appropriate Provider in writing in accordance with Section 5.13 at least fifteen (15) days prior to the next Review Meeting setting out in as much detail as reasonably possible the change requested and the reason for requesting the change, which request will be considered at the next Review Meeting. The Provider may, in its sole discretion, choose to accommodate or not to accommodate any such request in part or in full.

 

(b)                       In case performance of any terms or provisions hereof will be delayed or prevented, in whole or in part, because of, or related to, compliance with any Law, decree, request or order of any Governmental Authority, either local, state, federal or foreign, or because of riots, war, public disturbance, strike, labor dispute, fire explosion, storm, flood, acts of God, major breakdown or failure of transportation, manufacturing, distribution or storage facilities, or for any other reason which is not within the control of the party whose performance is interfered with and which by the exercise of reasonable diligence such party is unable to prevent (each, a “Force Majeure Event”), then upon prompt notice by the party so suffering to the other party, the party suffering will be excused from its obligations hereunder during the period such Force Majeure Event continues, and no liability will attach against either party on account thereof. No party will be excused from performance if such party fails to use reasonable diligence to remedy the situation and remove the cause and effect of the Force Majeure Event.

 

(c)                        If the Provider is unable to provide a Service hereunder because it does not have the necessary assets because such asset was transferred from the Provider to the Recipient, the parties will determine a mutually acceptable arrangement to provide the necessary access to such asset and until such time as access is provided, the Provider’s failure to provide such Service will not be a breach of this Agreement.

 

5

 

(d)                       Notwithstanding anything to the contrary contained herein, this Agreement will not constitute an agreement for the Provider to provide Services to the Recipient to the extent that the provision of any such Services would not be in compliance with applicable Laws.

 

Section 2.5                                    Standard of Performance; Standard of Care

 

(a)                       The Provider will use its commercially reasonable efforts to provide and cause its Affiliates to provide the Services in a manner which is substantially similar in nature, quality and timeliness to the services provided by the applicable Provider to the applicable Recipient immediately prior to the date hereof; provided, however, that nothing in this Agreement will require the Provider to prioritize or otherwise favor the Recipient over any third parties or any of the Provider’s or the Provider’s Affiliates’ business operations. The Recipient acknowledges that the Provider’s obligation to provide the Services is contingent upon the Recipient (A) providing in a timely manner all information, documentation, materials, resources and access requested by the Provider and (B) making timely decisions, approvals and acceptances and taking in a timely manner such other actions requested by the Provider, in each case that the Provider (in its reasonable business judgment) believes is necessary or desirable to enable the Provider to provide the Services; provided, however, that the Provider requests such approvals, information, materials or services with reasonable prior notice to the extent practicable. Notwithstanding anything to the contrary herein, the Provider shall not be responsible for any failure to provide any Service in the event that the Recipient has not fully complied with the immediately preceding sentence. The parties acknowledge and agree that nothing contained in the Schedule will be deemed to (A) increase or decrease the standard of care imposed on the Provider, (B) expand the scope of the Services to be provided as set forth in Article 2, except to the extent that the Schedule references a Service that was not provided immediately prior to the date hereof, or (C) limit Sections 5.1 and 5.2.

 

(b)                       In providing the Services, except to the extent necessary to maintain the level of Service provided on the date hereof (or with respect to any Additional Service, the agreed-upon level), the Provider will not be obligated to: (A) hire any additional employees or (B) purchase, lease or license any additional equipment, software or other assets; and in no event will the Provider be obligated to (x) maintain the employment of any specific employee or (y) pay any costs related to the transfer or conversion of the Recipient’s data to the Provider or any alternate supplier of Services. Further, the Provider will have the right to designate which personnel it will assign to perform the Services, and it will have the right to remove and replace any such personnel at any time or designate any of its Affiliates or a third party provider at any time to perform the Services. At the Recipient’s request, the Provider will consult in good faith with the Recipient regarding the specific personnel to provide any particular Services; provided, however, that the Provider’s decision will control and be final and binding.

 

(c)                        The Provider’s sole responsibility to the Recipient for errors or omissions committed by the Provider in performing the Services will be to correct such errors or omissions in the Services at no additional cost to the Recipient; provided, however, that the Recipient must promptly advise the Provider of any such error or omission of which it becomes aware after having used commercially reasonable efforts to detect any such errors or omissions.

 

6

 

(d)                       The parties and their respective Affiliates will use good faith efforts to cooperate with each other in connection with the performance of the Services hereunder, including producing on a timely basis all information that is reasonably requested with respect to the performance of Services; provided, however, that such cooperation not unreasonably disrupt the normal operations of the parties and their respective Affiliates; provided further, that the party requesting cooperation will pay all reasonable out-of-pocket costs and expenses incurred by the party furnishing cooperation, unless otherwise expressly provided in this Agreement or the Master Transaction Agreement. Such cooperation will include exchanging information, providing electronic access to systems used in connection with the Services and obtaining or granting all consents, licenses, sublicenses or approvals necessary to permit each party to perform its obligations hereunder. Notwithstanding anything in this Agreement to the contrary, the Recipient will be solely responsible for paying for the costs of obtaining such consents, licenses, sublicenses or approvals, including reasonable legal fees and expenses. Either party providing electronic access to systems used in connection with Services may limit the scope of access to the applicable requirements of the relevant matter through any reasonable means available, and any such access will be subject to the terms of Section 5.8. The exchange of information or records (in any format, electronic or otherwise) related to the provision of Services under this Agreement will be made to the extent that (A) such records/information exist and are created in the ordinary course, (B) do not involve the incurrence of any material expense, and (C) are reasonably necessary for any such party to comply with its obligations hereunder or under applicable Law. Subject to the foregoing terms, the parties will cooperate with each other in making information available as needed in the event of a Tax audit or in connection with statutory or governmental compliance issues, whether in the PRC or any other country; provided, however, that the provision of such information will be without representation or warranty as to the accuracy or completeness of such information. For the avoidance of doubt, and without limiting any privilege or protection that now or hereafter may be shared by the Provider and the Recipient, neither party will be required to provide any document if the party who would provide such document reasonably believes that so doing would waive any privilege or protection (e.g., attorney-client privilege) applicable to such document.

 

(e)                        If the Provider reasonably believes it is unable to provide any Service because of a failure to obtain necessary consents (e.g., third-party approvals or instructions or approvals from the Recipient required in the ordinary course of providing a Service), licenses, sublicenses or approvals contemplated by Section 2.5(d), such failure shall not constitute a breach hereof by the Provider and the parties will cooperate to determine the best alternative approach; provided, however, that in no event will the Provider be required to provide such Service until an alternative approach reasonably satisfactory to the Provider is found or the consents, licenses, sublicenses or approvals have been obtained.

 

Section 2.6                                    Prices for Services. Services provided to any Recipient pursuant to the terms of this Agreement will be charged at the prices set forth for such Service on the Schedule. At the end of each twelve (12) months during the Service Period, the Provider will review the charges, costs and expenses actually incurred by the Provider in providing any Service (collectively, “Actual Cost”) during the previous twelve (12) months. In the event the Provider determines that the Actual Cost for any service materially differs from the aggregate costs charged to Recipient for that Service for that period, the Provider will deliver to Recipient documentation for such Actual Cost and the parties will renegotiate in good faith to adjust the appropriate costs charged to the Recipient prospectively.

 

7

 

Section 2.7                                    Changes in Services. The parties agree and acknowledge that any Provider may make changes from time to time in the manner of performing the applicable Services if such Provider is making similar changes in performing similar services for itself, its Affiliates or other third parties, if any, and if such Provider furnishes to the Recipient substantially the same notice (in content and timing) as such Provider provides to its Affiliates or other third parties, if any, respecting such changes. In addition, and without limiting the immediately preceding sentence in any way, and notwithstanding any provision of this Agreement to the contrary, such Provider may make any of the following changes without obtaining the prior consent of the Recipient: (i) changes to the process of performing a particular Service that do not adversely affect the benefits to the Recipient of such Provider’s provision or quality of such Service in any material respect or materially increase the charge for such Service; (ii) emergency changes on a temporary and short-term basis; and (iii) changes to a particular Service in order to comply with applicable Law or regulatory requirements.

 

Section 2.8                                    Services Performed by Third Parties. Nothing in this Agreement will prevent the Provider from using its Affiliates or third parties to perform all or any part of a Service hereunder. The Provider will remain fully responsible for the performance of its obligations under this Agreement in accordance with its terms, including any obligations it performs through its Affiliates or third parties, and the Provider will be solely responsible for payments due any such Affiliates or third parties.

 

Section 2.9                                    Responsibility for Provider Personnel. All personnel employed, engaged or otherwise furnished by the Provider in connection with its rendering of the Services will be the Provider’s employees, agents or subcontractors, as the case may be (collectively, “Provider Personnel”). The Provider will have the sole and exclusive responsibility for Provider Personnel, will supervise Provider Personnel and will cause Provider Personnel to cooperate with the Recipient in performing the Services in accordance with the terms and conditions of Section 2.5. The Provider will pay and be responsible for the payment of any and all premiums, contributions and taxes for workers’ compensation insurance, unemployment compensation, disability insurance, and all similar provisions now or hereafter imposed by any Governmental Authority with respect to, or measured by, wages, salaries or other compensation paid, or to be paid, by the Provider to Provider Personnel.

 

Section 2.10                             Services Rendered as a Work-For-Hire; Return of Equipment; Internal Use; No Sale, Transfer, Assignment; Copies. All materials, software, tools, data, inventions, works of authorship, documentation, and other innovations of any kind, including any improvements or modifications to the Provider’s proprietary computer software programs and related materials, that the Provider, or personnel working for or through the Provider, may make, conceive, develop or reduce to practice, alone or jointly with others, in the course of performing Services or as a result of such Services, whether or not eligible for patent, copyright, trademark, trade secret or other legal protection (collectively the “Work Product”), as between the Provider and the Recipient, will be solely owned by the Provider. Upon the termination of any of the Services, (i) the Recipient will return to the Provider, as soon as practicable, any equipment or other property of the Provider relating to such terminated Services which is owned or leased by the Provider and is, or was, in the Recipient’s possession or control; and (ii) the Provider will transfer to the Recipient, as soon as practicable, any and all supporting, back-up or organizational data or information of the Recipient used in supplying the Service to the Recipient. In addition, the parties will use good-faith efforts at the termination of this Agreement or any specific Service provided hereunder, to ensure that all user identifications and passwords related thereto, if any, are canceled, and that any other data (as well as any and all back-up of that data) pertaining solely to the other party and related to such Service will be returned to such other party and deleted or removed from the applicable computer systems. All systems, procedures and related materials provided to the Recipient are for the Recipient’s internal use only and only as related to the Services or any of the underlying Systems used to provide the Services, and unless the Provider gives its prior written consent in each and every instance (in its sole discretion), the Recipient may not sell, transfer, assign or otherwise use the Services provided hereunder, in whole or in part, for the benefit of any person other than an Affiliate of the Recipient. The Recipient will not copy, modify, reverse engineer, decompile or in any way alter Systems without the Provider’s express written consent (in its sole discretion).

 

 

8

 

Section 2.11                             Cooperation. Each party will designate in writing to the other party one (1) representative to act as a contact person with respect to all issues relating to the provision of the Services pursuant to this Agreement. Such representatives will hold review meetings by telephone or in person, as mutually agreed upon, approximately once every quarter to discuss issues relating to the provision of the Services under this Agreement (“Review Meetings”). In the Review Meetings such representatives will be responsible for (A) discussing any problems identified relating to the provision of Services and, to the extent changes are agreed upon, implementing such changes and (B) providing notice that any Service has since the prior Review Meeting for the first time exceeded, or is anticipated to exceed, the usual and customary volume for such Service as described in the Schedule.

 

ARTICLE 3

 

CHARGES AND PAYMENT.

 

Section 3.1                                    Procedure. Charges for the Services will be charged to and payable by the Recipient. Amounts payable pursuant to the terms of this Agreement will be paid to the Provider on a quarterly basis.

 

Section 3.2                                    Late Payments. Charges not paid within twenty-five (25) days after the date when payable will bear interest at the rate of 0.75% per month for the period commencing on the due date and ending on the date that is twenty-five (25) days after such due date, and thereafter at the rate of 1.5% per month until the date payment is received in full by the Provider.

 

ARTICLE 4

 

TERM AND TERMINATION.

 

Section 4.1                                    Termination Dates. Unless otherwise terminated pursuant to this Article 4, this Agreement will terminate with respect to any Service at the close of business on the last day of the Service Period for such Service, unless the parties have agreed in writing to an extension of the Service Period.

 

Section 4.2                                    Early Termination by the Recipient. As provided in the Schedule (regarding the required number of days for written notice), the Recipient may terminate this Agreement with respect to either all or any one or more of the Services, at any time and from time to time (except in the event such termination will constitute a breach by Provider of a third party agreement related to providing such Services), by giving the required written notice to the Provider of such termination (each, a “Termination Notice”). Early termination by the Recipient will obligate the Recipient to pay to the Provider a termination fee equal to the direct costs incurred by the Provider and/or its Affiliates in connection with their provision of Services at the time of the early termination (the “Termination Fees”). Unless provided otherwise in the Schedule, all Services of the same type must be terminated simultaneously. As soon as reasonably practicable after its receipt of a Termination Notice, the Provider will advise the Recipient as to whether early termination of such Services will require the termination or partial termination, or otherwise affect the provision of, certain other Services. If this will be the case, the Recipient may withdraw its Termination Notice within ten (10) days. If the Recipient does not withdraw the Termination Notice within such period, such termination will be final and the Recipient will be deemed to have agreed to the termination, partial termination or affected provision of such other Services and to pay the Termination Fees.

 

9

 

Section 4.3                                    Termination by the Provider. The Provider may terminate this Agreement with respect to either all or any one or more of the Services, at any time and from time to time, by giving the required written notice to the Recipient of such termination, if (i) members of the SINA Group no longer collectively own at least twenty percent (20%) of the voting power of the then outstanding securities of Weibo, or (ii) SINA, collectively with the other members of the SINA Group, ceases to be the largest beneficial owner of the then outstanding voting securities of Weibo (for purposes of this clause (ii), without considering holdings of institutional investors that have acquired Weibo securities in the ordinary course of their business and not with a purpose nor with the effect of changing or influencing the control of Weibo). Additionally, the Provider may terminate this Agreement by giving written notice of such termination to the Recipient, if the Recipient breaches any material provision of this Agreement (including a failure to timely pay an invoiced amount); provided, however, that the Recipient will have thirty (30) days after receiving such written notice to cure any breach which is curable before the termination becomes effective.

 

Section 4.4                                    Effect of Termination of Services. In the event of any termination with respect to one or more, but less than all, of the Services, this Agreement will continue in full force and effect with respect to any Services not so terminated. Upon the termination of any or all of the Services, the Provider will cease, or cause its applicable Affiliates or third-party providers to cease, providing the terminated Services. Upon each such termination, the Recipient will promptly (i) pay to the Provider all fees accrued through the effective date of the Termination Notice, and (ii) reimburse the Provider for the termination costs actually incurred by the Provider resulting from the Recipient’s early termination of such Services, if any, including those costs owed to third-party providers, but excluding costs related to the termination of any particular Provider employees in connection with such termination of Services (including wrongful termination claims) unless the Recipient was notified in writing that such particular employees were being engaged in order for the Provider to provide such Services.

 

Section 4.5                                    Data Transmission. In connection with the termination of a particular Service, on or prior to the last day of each relevant Service Period, the Provider will cooperate fully and will cause its Affiliates to cooperate fully to support any transfer of data concerning the relevant Services to the applicable Recipient. If requested by the Recipient in connection with the prior sentence, the Provider will deliver and will cause its Affiliates to deliver to the applicable Recipient, within such time periods as the parties may reasonably agree, all records, data, files and other information received or computed for the benefit of such Recipient during the Service Period, in electronic and/or hard copy form; provided, however, that (i) the Provider will not have any obligation to provide or cause to provide data in any non-standard format and (ii) if the Provider, in its sole discretion, upon request of the Recipient, chooses to provide data in any non-standard format, the Provider and its Affiliates will be reimbursed for their reasonable out-of-pocket costs for providing data electronically in any format other than its standard format, unless expressly provided otherwise in the Schedule.

 

10

 

ARTICLE 5

 

MISCELLANEOUS.

 

Section 5.1                                    DISCLAIMER OF WARRANTIES. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE PROVIDER MAKES NO AND DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT, WITH RESPECT TO THE SERVICES, TO THE EXTENT PERMITTED BY APPLICABLE LAW. THE PROVIDER MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE QUALITY, SUITABILITY OR ADEQUACY OF THE SERVICES FOR ANY PURPOSE OR USE.

 

Section 5.2                                    Limitation of Liability; Indemnification

 

(a)                       Each party acknowledges and agrees that the obligations of the other party hereunder are exclusively the obligations of such other party and are not guaranteed directly or indirectly by such other party’s shareholders, members, managers, officers, directors, agents or any other person. Except as otherwise specifically set forth in the Master Transaction Agreement, and subject to the terms of this Agreement, each party will look only to the other party and not to any manager, director, officer, employee or agent for satisfaction of any claims, demands or causes of action for damages, injuries or losses sustained by any party as a result of the other party’s action or inaction.

 

(b)                       Notwithstanding (A) the Provider’s agreement to perform the Services in accordance with the provisions hereof, or (B) any term or provision of the Schedule to the contrary, the Recipient acknowledges that performance by the Provider of the Services pursuant to this Agreement will not subject the Provider, any of its Affiliates or their respective members, shareholders, managers, directors, officers, employees or agents to any liability whatsoever, except as directly caused by the gross negligence or willful misconduct on the part of the Provider or any of its members, shareholders, managers, directors, officers, employees and agents; provided, however, that the Provider’s liability as a result of such gross negligence or willful misconduct will be limited to an amount not to exceed the lesser of (i) the price paid for the particular Service, (ii) the Recipient’s or its Affiliate’s cost of performing the Service itself during the remainder of the applicable Service Period or (iii) the Recipient’s cost of obtaining the Service from a third party during the remainder of the applicable Service Period; provided further that the Recipient and its Affiliates will exercise their commercially reasonable efforts to minimize the cost of any such alternatives to the Services by selecting the most cost effective alternatives which provide the functional equivalent of the Services replaced.

 

(c)                        NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, IN NO EVENT WILL EITHER PARTY OR ITS RESPECTIVE AFFILIATES BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS SUFFERED BY THE OTHER PARTY OR ITS AFFILIATES, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, IN CONNECTION WITH ANY DAMAGES ARISING HEREUNDER; PROVIDED, HOWEVER, THAT TO THE EXTENT EITHER PARTY OR ITS RESPECTIVE AFFILIATES IS REQUIRED TO PAY (A) ANY AMOUNT ARISING OUT OF THE INDEMNITY SET FORTH IN Section 5.2(b) AND (B) ANY SPECIAL, INCIDENTAL, INDIRECT, COLLATERAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS TO A THIRD PARTY WHO IS NOT AN AFFILIATE OF EITHER PARTY, IN EACH CASE IN CONNECTION WITH A THIRD-PARTY CLAIM, SUCH DAMAGES WILL CONSTITUTE DIRECT DAMAGES OF THE INDEMNIFIED PARTY AND WILL NOT BE SUBJECT TO THE LIMITATION SET FORTH IN THIS Section 5.2(c).

 

11

 

(d)                       The Recipient agrees to indemnify and hold harmless the Provider, the Provider or its Affiliates and their respective members, shareholders, managers, directors, officers, employees and agents with respect to any claims or liabilities (including reasonable attorneys’ fees) (“Claims”), which may be asserted or imposed against the Provider or such persons by a third party who is not an affiliate of either party, as a result of (A) the provision of the Services pursuant to this Agreement, or (B) the material breach by the Recipient of a third-party agreement that causes or constitutes a material breach of such agreement by the Provider, except (with respect to both of the foregoing) for any claims which are directly caused by the gross negligence or willful misconduct of the Provider or such persons. Each party as indemnitee (“Indemnitee”) will give the other party as indemnitor (“Indemnitor”) prompt written notice of any Claims. If Indemnitor does not notify Indemnitee within a reasonable period after Indemnitor’s receipt of notice of any Claim that Indemnitor is assuming the defense of Indemnitee, then until such defense is assumed by Indemnitor, Indemnitee shall have the right to defend, contest, settle or compromise such Claim in the exercise of its reasonable judgment and all costs and expenses of such defense, contest, settlement or compromise (including reasonable outside attorneys’ fees and expenses) will be reimbursed to Indemnitee by Indemnitor. Upon assumption of the defense of any such Claim, Indemnitor will, at its own cost and expense, select legal counsel, conduct and control the defense and settlement of any suit or action which is covered by Indemnitor’s indemnity. Indemnitee shall render all cooperation and assistance reasonably requested by the Indemnitor and Indemnitor will keep Indemnitee fully apprised of the status of any Claim. Notwithstanding the foregoing, Indemnitee may, at its election and sole expense, be represented in such action by separate counsel and Indemnitee may, at its election and sole expense, assume the defense of any such action, if Indemnitee hereby waives Indemnitor’s indemnity hereunder. Unless Indemnitee waives the indemnity hereunder, in no event shall Indemnitee, as part of the settlement of any claim or proceeding covered by this indemnity or otherwise, stipulate to, admit or acknowledge any liability or wrongdoing (whether in contract, tort or otherwise) of any issue which may be covered by this indemnity without the consent of the Indemnitor (such consent not to be unreasonably withheld or delayed).

 

Section 5.3                                    Compliance with Law and Governmental Regulations. The Recipient will be solely responsible for (i) compliance with all Laws affecting its business and (ii) any use the Recipient may make of the Services to assist it in complying with such Laws. Without limiting any other provisions of this Agreement, the parties agree and acknowledge that neither party has any responsibility or liability for advising the other party with respect to, or ensuring the other party’s compliance with, any public disclosure, compliance or reporting obligations of such other party (including the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002 and rules and regulations promulgated under such Acts or any successor provisions), regardless of whether any failure to comply results from information provided hereunder.

 

12

 

Section 5.4                                    No Partnership or Joint Venture; Independent Contractor. Nothing contained in this Agreement will constitute or be construed to be or create a partnership or joint venture between the parties or any of their respective Affiliates, successors or assigns. The parties understand and agree that this Agreement does not make either of them an agent or legal representative of the other for any purpose whatsoever. No party is granted, by this Agreement or otherwise, any right or authority to assume or create any obligation or responsibilities, express or implied, on behalf of or in the name of any other party, or to bind any other party in any manner whatsoever. The parties expressly acknowledge that the Provider is an independent contractor with respect to the Recipient in all respects, including with respect to the provision of the Services.

 

Section 5.5                                    Non-Exclusivity. The Provider and its Affiliates may provide services of a nature similar to the Services to any other Person. There is no obligation for the Provider to provide the Services to the Recipient on an exclusive basis.

 

Section 5.6                                    Expenses. Except as otherwise provided herein, each party will pay its own expenses incident to the negotiation, preparation and performance of this Agreement, including the fees, expenses and disbursements of their respective investment bankers, accountants and counsel.

 

Section 5.7                                    Further Assurances. From time to time, each party will use its commercially reasonable efforts to take or cause to be taken, at the cost and expense of the requesting party, such further actions as may be reasonably necessary to consummate or implement the transactions contemplated hereby or to evidence such matters.

 

Section 5.8                                    Confidentiality.

 

(a)                       Subject to Section 5.8(c), each party, on behalf of itself and its respective Affiliates, agrees to hold, and to cause its respective directors, officers, employees, agents, accountants, counsel and other advisors and representatives to hold, in strict confidence, with at least the same degree of care that applies to such party’s confidential and proprietary information pursuant to policies in effect as of the date hereof, all Information concerning the other party and its Affiliates that is either in its possession (including Information in its possession prior to the date hereof) or furnished by the other party, its Affiliates or their respective directors, officers, managers, employees, agents, accountants, counsel and other advisors and representatives at any time pursuant to this Agreement or otherwise, and will not use any such Information other than for such purposes as will be expressly permitted hereunder or thereunder, except, in each case, to the extent that such Information has been (i) in the public domain through no fault of such party or its Affiliates or any of their respective directors, officers, managers, employees, agents, accountants, counsel and other advisors and representatives, (ii) later lawfully acquired from other sources by such party (or its Affiliates) which sources are not themselves bound by a confidentiality obligation, or (iii) independently generated without reference or prior access to any proprietary or confidential Information of the other party.

 

13

 

(b)                       Each party agrees not to release or disclose, or permit to be released or disclosed, any Information of the other party or its Affiliates to any other Person, except its directors, officers, employees, agents, accountants, counsel and other advisors and representatives who need to know such Information (who will be advised of their obligations hereunder with respect to such Information), except in compliance with Section 5.8(c); provided, however, that any Information may be disclosed to third parties (who will be advised of their obligation hereunder with respect to such Information) retained by the Provider as the Provider reasonably deems necessary to perform the Services.

 

(c)                        In the event that any party or any of its Affiliates either determines on the advice of its counsel that it is required to disclose any Information pursuant to applicable Law (including pursuant to any rule or regulation of any Governmental Authority) or receives any demand under lawful process or from any Governmental Authority to disclose or provide Information of any other party (or of the other party’s Affiliates) that is subject to the confidentiality provisions hereof, such party will notify the other party prior to disclosing or providing such Information and will cooperate at the expense of such other party in seeking any reasonable protective arrangements (including by seeking confidential treatment of such Information) requested or required by such other party. Subject to the foregoing, the person that received such a request or determined that it is required to disclose Information may thereafter disclose or provide Information to the extent required by such Law (as so advised by counsel) or by lawful process or such Governmental Authority; provided, however, that such Person provides the other party upon request with a copy of the Information so disclosed.

 

Section 5.9                                    Headings. The Section and paragraph headings contained in this Agreement or in the Schedule hereto and in the table of contents to this Agreement are for reference purposes only and will not affect in any way the meaning or interpretation of this Agreement.

 

Section 5.10                             Interpretation. For all purposes of this Agreement and the Schedule delivered pursuant to this Agreement: (i) the terms defined in Section 1.1 have the meanings assigned to them in Section 1.1 and include the plural as well as the singular; (ii) all accounting terms not otherwise defined herein have the meanings assigned under U.S. GAAP; (iii) all references in this Agreement to designated “Sections”, “Schedule” and other subdivisions are to the designated Sections, Schedule and other subdivisions of the body of this Agreement; (iv) pronouns of either gender or neuter will include, as appropriate, the other pronoun forms; (v) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision; (vi) “or” is not exclusive; (vii) “including” and “includes” will be deemed to be followed by “but not limited to” and “but is not limited to”, respectively; (viii) “party” or “parties” refer to a party or parties to this Agreement unless otherwise indicated; (ix) any definition of, or reference to, any law, agreement, instrument or other document herein will be construed as referring to such law, agreement, instrument or other document as from time to time amended, supplemented or otherwise modified; and (x) any definition of, or reference to, any statute will be construed as referring also to any rules and regulations promulgated thereunder.

 

Section 5.11                             Amendments. This Agreement (including the Schedule) may not be amended except by an instrument in writing executed by a duly authorized representative of each party. By an instrument in writing, the Provider, on the one hand, or the Recipient, on the other hand, may waive compliance by the other with any term or provision of this Agreement (including the Schedule) that such other party was or is obligated to comply with or perform. Any such waiver will only be effective in the specific instance and for the specific and limited purpose for which it was given and will not be deemed a waiver of any other provision of this Agreement (including the Schedule) or of the same breach or default upon any recurrence thereof. No failure on the part of any party to exercise and no delay in exercising any right hereunder will operate as a waiver thereof nor will any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

 

14

 

Section 5.12                             Inconsistency. Neither the making nor the acceptance of this Agreement will enlarge, restrict or otherwise modify the terms of the Master Transaction Agreement or constitute a waiver or release by any party of any liabilities, obligations or commitments imposed upon them by the terms of the Master Transaction Agreement, including the representations, warranties, covenants, agreements and other provisions of the Master Transaction Agreement. In the event of any conflict between the terms of this Agreement (including the Schedule), on the one hand, and the terms of the Master Transaction Agreement, on the other hand, with respect to the subject matters of this Agreement, the terms of this Agreement will control. In the event of any inconsistency between the terms of this Agreement, on the one hand, and any of the Schedule, on the other hand, the terms of this Agreement (other than charges for Services) will control.

 

Section 5.13                             Notices. Notices, offers, requests or other communications required or permitted to be given by a party pursuant to the terms of this Agreement shall be given in writing to the other party to the following addresses:

 

if to SINA:

 

20/F, Ideal International Plaza,
 No. 58 Northern 4th Ring Road West, Haidian District
 Beijing 100080
 People’s Republic of China
 Attention: 
 Facsimile: 
 Email:

 

if to Weibo:

 

7/F, Shuohuang Development Plaza,

No. 6 Caihefang Road, Haidian District,

Beijing, 100080

People’s Republic of China
 Attention: 
 Facsimile: 
 Email:

 

or to such other address, facsimile number or email address as the party to whom notice is given may have previously furnished to the other in writing as provided herein. Any notice involving non-performance or termination shall be sent by hand delivery or recognized overnight courier. All other notices may also be sent by facsimile or email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or email; upon confirmation of delivery, if sent by recognized overnight courier; and upon receipt if mailed.

 

15

 

Section 5.14                             Assignment; No Third-Party Beneficiaries. Neither this Agreement nor any of the rights and obligations of the parties may be assigned by any party without the prior written consent of the other party, except that (i) the Recipient may assign its rights under this Agreement to any Affiliate or Affiliates of the Recipient without the prior written consent of the Provider, (ii) the Provider may assign any rights and obligations hereunder to (A) any Affiliate or Affiliates of the Provider capable of providing such Services hereunder or (B) third parties to the extent such third parties are routinely used to provide the Services to Affiliates and businesses of the Provider, in either case without the prior written consent of the Recipient, and (iii) an assignment by operation of Law in connection with a merger or consolidation will not require the consent of the other party. Notwithstanding the foregoing, each party will remain liable for all of its respective obligations under this Agreement. Subject to the first sentence of this Section 5.14, this Agreement will be binding upon and inure to the benefit of the parties and their respective successors and assigns and no other person will have any right, obligation or benefit hereunder. Any attempted assignment or transfer in violation of this Section 5.14 will be void.

 

Section 5.15                             Entire Agreement. This Agreement, the Ancillary Agreements, the Schedule and appendices hereto and thereto contain the entire agreement between the parties with respect to the subject matter hereof, supersede all previous agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter and there are no agreements or understandings between the parties with respect to such subject matter other than those set forth or referred to herein or therein.

 

Section 5.16                             Counterparts. This Agreement may be executed in one or more counterparts, all of which will be considered one and the same agreement, and will become effective when one or more such counterparts have been signed by each of the parties and delivered to the other party. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means will be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 5.17                             Severability. If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable Law or public policy, all other conditions and provisions of this Agreement will nonetheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally contemplated to the fullest extent possible.

 

Section 5.18                             Incorporation by Reference. The Schedule to this Agreement is incorporated herein by reference and made a part of this Agreement as if set forth in full herein.

 

Section 5.19                             Governing Law and Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, U.S.A.  Subject to Section 6.1 of the Master Transaction Agreement, each of the parties hereby submits unconditionally to the jurisdiction of, and agrees that venue shall lie exclusively in, the federal and state courts located in the City of New York for purposes of the resolution of any disputes arising under this Agreement.

 

[Signature page follows]

 

16

 

 

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of the date first written above.

 

 

	
 
    	
/s/ SINA   Corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Weibo   Corporation
    

 

 

SCHEDULE 1
 SERVICES

 

Types of Services:

 

1.                                      Administrative Support Services, including but not limited to secretarial support, event management, conference management, and other day-to-day office support services.

 

2.                                      Operational Management Support Services, including but not limited to management, supervision and instruction of the operation of sales and marketing, product development and general administration.

 

3.                                      Legal Support Services, including but not limited to support services in respective of contract management, risk control, compliance and other corporate legal matters.

 

4.                                      Technology Support Services, including but not limited to network design, optimization and maintenance, system (such as EPR and CRM systems) support and upgrade, technology and infrastructure support (such as IDC rental), management of information technology equipment, technical support and disaster recovery, and complementary product development.

 

5.                                      Provision of office space and facilities.

 

Provider: SINA or an Affiliate of SINA

 

Recipient: Weibo or an Affiliate of Weibo

 

Scope and Annual Volume of Each Type of Services: Based on the Recipient’s reasonable request subject to the terms of this Agreement, provided that the Provider actually performs such Service for itself or its Affiliates.

 

Price: The actual Direct Costs and Indirect Costs of providing such Services. “Direct Costs” shall include labor-related compensation and travel expenses, materials and supplies consumed and agency fees arising from performing the Services. “Indirect Costs” shall include occupancy, information technology support and other overhead costs of the department incurring the direct costs of providing the Service.

 

Required Notice Period for Termination by Recipient Pursuant to Section 4.2 of this Agreement: 90 days

 

Required Notice Period for Termination by Recipient Pursuant to Section 4.3 of this Agreement: 90 days

 

Schedule-1-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00230-of-00352.parquet"}]]