Document:

Non-Competition Agreement, dated January 1, 2009

 Exhibit 10.16 
 NON-COMPETITION AGREEMENT 

 NON-COMPETITION AGREEMENT 
 This Non-Competition Agreement is dated as of January 1, 2009, by and between Sohu.com Inc., a Delaware corporation (“Sohu”), and Changyou.com
Limited, a Cayman Islands corporation (“Changyou”). Sohu and Changyou are individually referred to as a “Party,” and together as the “Parties.” Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to such terms in Article I hereof. 
 RECITALS 
 WHEREAS, Sohu is the beneficial owner of a majority of the issued and outstanding ordinary shares of Changyou (“Ordinary Shares”); 

WHEREAS, Sohu has been engaged in the client-end installed massively multi-player online role-playing games (“MMORPGs”) business and, since
December 1, 2007, has conducted such business through Changyou, as more fully described in a draft Registration Statement on Form F-1 submitted or to be submitted for non-public review and comment by the U.S. Securities and Exchange Commission
(the “SEC”) under the U.S. Securities Act of 1933 and to be filed publicly with the SEC via its EDGAR system (the date of such filing, the “Live Filing Date”) following the satisfactory completion of such review and comment (as
so filed, and as amended thereafter from time to time, the “IPO Registration Statement); 
 WHEREAS, the Parties currently contemplate
that Changyou will make an initial public offering (“IPO”) pursuant to the IPO Registration Statement; and 
 WHEREAS, the Parties
intend in this Agreement to set forth the principal terms and conditions with respect to their agreement not to compete with each other or solicit the employees of each other following ; 
 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, and intending to be legally
bound, Sohu and Changyou mutually covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Defined Terms. The following capitalized terms shall
have the meanings given to them in this Section 1.1: 
 “ADSs” means American depositary shares representing Ordinary Shares.

 “Agreement” means this Non-Competition Agreement, as the same may be amended and supplemented from time to time in accordance
with the provisions thereof. 
 “Ancillary Game Services” means certain online game services of the type that the Sohu Group
provides on its 17173.com web site consisting of links to the games of online game companies that are customers of 17173.com, with Sohu generally being compensated by such customers according to, among other things, the revenues that such customers
earn from game players who reach the customers’ games using click-throughs from the 17173.com web site. 

 “Changyou” shall have the meaning set forth in the preamble to this Agreement. 
 “Changyou Business” means the development, operation and licensing of client-end installed MMORPGs and other support services, as previously
conducted by Sohu and as conducted and contemplated to be conducted by the Changyou Group on a world-wide basis as of the date hereof and the date that the IPO Registration Statement becomes effective under the U.S. Securities Act of 1933, as more
fully described in the IPO Registration Statement. 
 “Changyou Group” means Changyou and its subsidiaries and VIEs. 
 “Inter-Company Agreements” has the meaning ascribed to it in the Master Transaction Agreement. 
 “IPO” shall have the meaning set forth in the recitals to this Agreement. 
 “Live Filing Date” has the meaning set forth in the recitals to this Agreement. 
 “Master Transaction Agreement” means the Master Transaction Agreement by and among the Parties and certain other parties dated the date hereof,
as the same may be amended and supplemented in accordance with the provisions thereof. 
 “MMORPGs” shall have the meaning set
forth in the recitals to this Agreement. The term MMORPGs as used in this Agreement is intended to be strictly limited to client-end installed massively multi-player online role-playing games and to exclude, without limitation, Ancillary Game
Services and casual games. 
 “Non-Competition Period” means the period beginning on the date hereof and ending on the later of:

  

	 	(a)	the date that is three years after the first date upon which members of the Sohu Group cease to own in the aggregate at least ten percent (10%) of the voting power of the then
outstanding securities of Changyou; and 

  

	 	(b)	the fifth anniversary of the date of the Live Filing Date. 

 “Ordinary Shares” means the ordinary shares, par value $0.01 per share, of Changyou. 
 “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. 
 “SEC” shall have the meaning set forth in the recitals to this Agreement. 
 “Sohu” shall have the meaning set forth in the preamble to this Agreement. 

 “Sohu Business” means the online portal, search, mobile value-added services, and games
businesses and any other business conducted or contemplated to be conducted by the Sohu Group (other than the Changyou Business) as of the date hereof and the date that the IPO Registration Statement becomes effective under the U.S. Securities Act
of 1933, as more fully described in Sohu’s periodic filings with the SEC. 
 “Sohu Group” means Sohu.com Inc. and its
subsidiaries and VIES other than Changyou and its subsidiaries and VIEs. 
 “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. For the purpose of this Agreement, Beijing Gamease Age Digital
Technology Co., Ltd. is a VIE of Changyou. 
 ARTICLE II 
 NON-COMPETITION 
 2.1 Undertaking of the Sohu Group. During the Non-Competition Period,
Sohu will not, and will cause each of the other members of the Sohu Group not to, directly or indirectly, anywhere in the world sell or otherwise provide to any third party any product or service or otherwise engage in any business that competes in
any way with the Changyou Business, whether as a principal or for its own account, or as a shareholder or other equity owner in any Person (other than Changyou); provided that the foregoing shall not prohibit any member of the Sohu Group from owning
beneficially or of record, less than 2% (calculated on an aggregate basis combining any such ownership by any members of the Sohu Group) of the equity or its equivalent of any Person (other than Changyou) that sells or otherwise provides any product
or service in competition with the Changyou Business. Sohu’s undertaking under this Section 2.1 does not apply to the Ancillary Game Services, to the extent and for so long as the revenue earned for the Ancillary Game Services does not
exceed ten percent (10%) of the total revenue of the Sohu Group in the same fiscal year. 
 2.2 Undertaking of the Changyou
Group. During the Non-Competition Period, Changyou will not, and will cause each of the other members of the Changyou Group not to, directly or indirectly, anywhere in the world sell or otherwise provide to any third party any product or service
or otherwise engage in any business that competes in any way with the Sohu Business, whether as a principal or for its own account, or as a shareholder or other equity owner in any Person; provided that the foregoing shall not prohibit any member of
the Changyou Group from owning beneficially or of record, less than 2% (calculated on an aggregate basis combining any such ownership by any member of the Changyou Group) of the equity or its equivalent of any Person that sells or otherwise provides
any such product or service in competition with the Sohu Business. 

 ARTICLE III 
 NON-SOLICITATION 
 3.1 Non-Solicitation by Sohu. During the Non-Competition Period, Sohu will
not, and will cause each other member of the Sohu Group not to, directly or indirectly, hire, or solicit for hire, any active employees of or individuals providing consulting services to any member of the Changyou Group, or any former employees of
or individuals providing consulting services to any member of the Changyou Group within six months of the termination of their employment with or consulting services to the member of the Changyou Group, without Changyou’s consent; provided that
the foregoing shall not prohibit any solicitation activities through generalized non-targeted advertisement not directed to such employees or individuals that do not result in the hiring of any such employees or individuals by the Sohu Group within
the Non-Competition Period. 
 3.2 Non-Solicitation by Changyou. During the Non-Competition Period, Changyou will not, and will cause
each other member of the Changyou Group not to, directly or indirectly, solicit or hire any active employees of or individuals providing consulting services to any member of the Sohu Group, or any former employees of or individuals providing
consulting services to any member of the Sohu Group within six months of the termination of their employment with or consulting to the member of the Sohu Group, without Sohu’s consent; provided that the foregoing shall not prohibit any
solicitation activities through generalized non-targeted advertisement not directed to such employees or individuals that do not result in the hiring of any such employees or individuals by the Changyou Group within the Non-Competition Period.

 ARTICLE IV 
 MISCELLANEOUS 
 4.1 Consent of Sohu. Any consent of Sohu pursuant to this Agreement shall not be effective unless it
is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of Sohu (or such other person that the Chief Executive Officer, Chief Financial Officer or board of directors of Sohu has specifically authorized
in writing to give such consent). 
 4.2 Consent of Changyou. Any consent of Changyou.com pursuant to this Agreement shall not be
effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer of Changyou (or such other person that the Chief Executive Officer, Chief Financial Officer or board of directors of Changyou
has specifically authorized in writing to give such consent). 
 4.3 Entire Agreement. This Agreement constitutes the entire agreement
among the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 
 4.4 Governing Law and Jurisdiction. This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall
be construed in accordance with and all disputes hereunder shall be governed by the laws of the State of New York, U.S.A., applicable to contracts made and to be performed entirely in such state (without giving effect to the conflicts of laws

 
provisions thereof). Each of the Parties hereby submits unconditionally to 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. 
 4.5
Termination; Amendment. This Agreement may be terminated or amended by mutual written consent of the Parties. 
 4.6 Notices.
Notices and other communications to be given by any Party pursuant to the terms of this Agreement shall be given in writing to the respective Parties to the following addresses: 
 if to Sohu: 
 Level 12, Sohu.com Internet
Plaza 
 No. 1 Unit Zhongguancun East Road, Haidian District 
 Beijing 100084 
 People’s Republic of
China 
 Attention: Chief Financial Officer 
 Email: carol@sohu-inc.com 
 if to Changyou: 
 East Tower, JinYan Building 
 No. 29
Shijingshan Road, Shijingshan District 
 Beijing 100043 
 People’s Republic of China 
 Attention: Chief Financial Officer 
 Email: alex@sohu-inc.com 
 or to such other address 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 email, confirmed by mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by email; upon confirmation of delivery, if sent by recognized overnight courier;
and upon receipt if mailed. 
 4.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be
an original but all of which shall constitute one and the same agreement. 
 4.8 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. 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 without such consent shall be void;
provided, however, each Party may assign this Agreement to a successor entity in conjunction with the transfer of substantially all of the Party’s business, whether by sale of substantially all assets, merger, consolidation or otherwise.

 4.9 Severability. If any term or other provision of this Agreement 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 in order that transactions contemplated hereby are fulfilled to the fullest
extent possible. 
 4.10 Failure or Indulgence not Waiver; Specific Performance; Remedies Cumulative. No failure or delay on the part
of any Party 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. Each Party recognizes and agrees that the other Party’s remedy at law for any breach of this Agreement would be inadequate and that the non-breaching Party shall, in
addition to such other remedies as may be available to it at law or in equity, be entitled to injunctive relief and to enforce its rights by an action for specific performance to the extent permitted by law (without the posting of any bond and
without proof of actual damages). All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
 4.11 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. 
 4.12 Interpretation. The headings contained in this Agreement are
for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. When a reference is made in this Agreement to an Article or a Section, such reference shall be to an Article or Section of this Agreement
unless otherwise indicated. None of the provisions of this Agreement are intended to supersede any provision in any other Inter-Company Agreement or any other agreement with respect to the respective subject matters thereof. 
 [Signatures on Next Page] 

 WHEREFORE, the Parties have signed this Non-Competition Agreement effective as of the date first set
forth above. 
  

			
	SOHU.COM INC.
		
	By:	 	 /s/ Charles Zhang

	Name:	 	Charles Zhang
	Title:	 	Chief Executive Officer
	
	CHANGYOU.COM LIMITED
		
	By:	 	 /s/ Wang Tao

	Name:	 	Wang Tao
	Title:	 	Chief Executive OfficerMarketing Services Agreement, dated January 1, 2009

 Exhibit 10.17 
 MARKETING SERVICES AGREEMENT 
 This Marketing Services Agreement is dated as of January 1, 2009,
by and between Sohu.com Inc., a Delaware corporation (together with its subsidiaries and variable interest entities, “Sohu”), and Changyou.com Limited, a Cayman Islands corporation (together with its subsidiaries and variable interest
entity, “Changyou”). Sohu and Changyou are individually referred to as a “Party,” and together as the “Parties.” Capitalized terms used herein and not otherwise defined will have the meanings ascribed to such terms in
Article I hereof. 
 RECITALS 
 WHEREAS, Sohu operates a leading Chinese web portal, Sohu.com; 
 WHEREAS, Changyou develops, operates, and licenses MMORPGs (as
defined below), as more completely described in a draft Registration Statement on Form F-1 submitted on November 10, 2008 for confidential review and comment by the U.S. Securities and Exchange Commission (the “SEC”) under the
Securities Act and to be filed publicly with the SEC via its EDGAR system (the date of such filing, the “Live Filing Date”) following the satisfactory 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, the Parties currently
contemplate that Changyou will make an initial public offering (“IPO”) pursuant to the IPO Registration Statement; 
 WHEREAS, Sohu
and Changyou have undertaken various advertising and marketing efforts relating to their businesses and, after the IPO, desire to continue their advertising and marketing efforts in accordance with the terms and conditions of this Agreement; and

 WHEREAS, Sohu controls the voting power of the outstanding ordinary shares of Changyou; 
 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, and intending to be legally
bound, Sohu and Changyou mutually covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Defined Terms. The following capitalized terms have the
meanings given to them in this Section 1.1: 
 “Affiliate” means any entity that controls, is controlled by, or is under common
control with a Party. 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. Solely for purposes of this Agreement, however, Changyou and Sohu are deemed not to be Affiliates. 

 “Agreement” means this Marketing Services Agreement, as the same may be amended and
supplemented from time to time in accordance with the provisions hereof. 
 “Changyou” will have the meaning set forth in the
preamble to this Agreement. 
 “Changyou Business” means the development, operation and licensing of client-end installed MMORPGs
and other support services, as previously conducted by Sohu and as conducted and contemplated to be conducted by the Changyou Group on a world-wide basis as of the date hereof and the date that the IPO Registration Statement becomes effective under
the U.S. Securities Act of 1933, as more fully described in the IPO Registration Statement. 
 “Changyou MMORPGs” means MMORPGs
that are owned, controlled or maintained by Changyou or its Affiliates. 
 “Changyou Group” means Changyou and its subsidiaries and
VIEs. 
 “Changyou Links” has the meaning set forth in Section 2.1(a) of this Agreement. 
 “Changyou Websites” means all websites owned, controlled or maintained by Changyou. 
 “Deliverables” has the meaning set forth in Section 7.1 of this Agreement. 
 “IPO” has the meaning set forth in the preamble of this Agreement. 
 “Inter-Company Agreements” has the meaning ascribed to it in the Master Transaction Agreement. 
 “Live Filing Date” has the meaning set forth in the preamble of this Agreement. 
 “Master Transaction Agreement” means the Master Transaction Agreement the Parties dated as of January 1, 2009, as the same may be amended
from time to time. 
 “MMORPGs” means client-end installed massively multi-player online role-playing games. 
 “SEC” has the meaning set forth in the preamble to this Agreement. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Sohu” has the meaning set forth in the preamble to this Agreement. 
 “Sohu Websites” means all websites owned, operated or controlled by Sohu, including, without limitation, Sohu.com, Chinaren.com, and 17173.com,
but not including Changyou Websites. 

 ARTICLE II 
 LINKS AND ADVERTISING SERVICES 
 2.1 Links and Advertising Services. 
 (a) Links. Sohu will include at all times while this Agreement is in effect links (such links, collectively, “Changyou Links”) to
Changyou’s MMORPGs or to the Changyou.com homepage, on the Sohu.com homepage, in at least as prominent a location as Changyou Links are currently included. Exhibit I is a screenshot showing the two links that Changyou is using as of the date of
this Agreement. 
 (b) Advertising Services. Sohu will provide to Changyou at all times while this Agreement is in effect advertising
services on the Sohu Websites relating to Changyou’s MMORPGs’ promotional activities in the areas of online advertisements, banners, buttons, game zones and other online advertising mediums. 
 (c) By no later than January 31 of each year, Sohu and Changyou will discuss and agree on the number of Changyou links to be posted, the position of
each Changyou Link and the annual quota for Changyou online advertisements (“Online Advertisements”) on the Sohu Websites. The details of the Online Advertisements, such as the forms, position, period of display, and price, will be
determined quarterly based on sales orders within the annual quota as agreed between Sohu and Changyou. If, due to operational requirements, Sohu determines in its reasonable and sole discretion that it needs to make changes to the home page,
catalogue pages or channels on the Sohu Websites, and such changes will result in changes to the position and/or size of a Changyou Link and/or an Online Advertisement, then Sohu will notify Changyou in writing of its intended changes fifteen
(15) days in advance of making such changes, specifying the revised position and size of the Changyou Link and/or the Online Advertisements. Changyou will, within ten (10) days of receiving the aforementioned notice, confirm its
understanding of the same in writing to Sohu. Sohu will make reasonable efforts to accommodate any objections Changyou makes to such changes within such ten-day period, provided that Sohu will be under no obligation to make any such accommodation if
Sohu determines, in its sole reasonable discretion, that such accommodation is not practicable. If Changyou fails to reply to Sohu’s notice within the stipulated period, Changyou will be deemed to have accepted the changes. 
 (d) Sohu will provide monthly reports to Changyou stating, for each of the Sohu Websites where Changyou Links and Online Advertisements are included, the
number of “clicks” made on each Changyou Link and Online Advertisement. 
 2.2 Compensation. 
 (a) Links. In consideration of the rights granted to Changyou in this Section 2, Changyou will pay to Sohu, within 30 days after the end of
each calendar quarter, a fee of RMB800,000 for each Changyou link placed on the Sohu.com homepage, subject to Sohu’s providing to Changyou, by the end of each such quarter, an invoice and reasonably detailed documentation. The amount of such
fee will be increased (or decreased, as the case may be) effective each January 1 and July 1 in accordance with then-prevailing rates charged in the Peoples’ Republic of China for similar link services between unrelated third parties,
as reasonably agreed to by Sohu and Changyou. 

 (b) Advertising Services. In consideration of the advertising services provided to Changyou under
this Section 2, Changyou will pay an advertising fee, which will be charged at a discount off the publicly listed rates for advertisements on Sohu Websites then in effect. The discount will be discussed and agreed to by the parties by
January 31 of each year. The parties agree that the discount Sohu provides to Changyou will not be less favorable than any Sohu provides to any other third party under similar circumstances. The advertising fee will be paid to Sohu within 30
days after the end of each calendar quarter, subject to Sohu’s providing to Changyou, by the end of each such quarter, an invoice and reasonably detailed documentation. 
 2.3 Sohu Rejections. Sohu reserves the right to reject any Changyou Link that is not reasonably consistent with Sohu’s standards, provided
that Sohu notifies Changyou of the reason for rejection and accepts such Changyou Link if the reason for rejection is cured. 
 ARTICLE III

 PROMOTION AND TECHNICAL SERVICES 
 3.1 Identification as Part of Sohu Group and Use of Sohu Logo. Sohu grants to Changyou the non-exclusive right to use, during the term of this Agreement, the phrase “Changyou.com is a member of the Sohu
Group,” or a similar phrase approved by Sohu, and the Sohu logo, as the same may be in use by Sohu from time to time, in all Changyou Websites and in all advertising and promotional materials, including in any Changyou-sponsored advertising.
Changyou will pay to Sohu, within 30 days after the end of each calendar quarter, a fee of RMB 8,000,000 for such use of the Sohu logo by Changyou during the quarter, subject to an invoice provided by Sohu. 
 3.2 Sohu Passport. Sohu will provide all technical services necessary to enable the Changyou Websites to be accessed through Sohu Passport. In
consideration of Sohu’s providing such services, Changyou will pay to Sohu within 30 days after the end of each calendar quarter, a fee of RMB 38 for each new Changyou registered MMORPG user obtained through Passport accounts, subject to
Sohu’s providing to Changyou, by the end of each such quarter, an invoice and reasonably detailed documentation. The amount of such fee will be increased (or decreased, as the case may be) effective each January 1 and July 1 in
accordance with then-prevailing rates charged in the Peoples’ Republic of China for similar services between unrelated third parties, as reasonably agreed to by Sohu and Changyou. 
 3.3 Sohu PEAK System. Sohu will make available to Changyou Sohu’s PEAK system online payment platform, to allow Changyou MMORPG players to
connect from their accounts directly to their payment accounts, to make direct online purchases of virtual prepaid cards or game points for Changyou’s MMORPGs. For such services, Sohu will charge Changyou such amount as does not exceed the then
prevailing rates charged by third parties for similar services, the Parties acknowledging that the amount payable to Sohu by Changyou as of the date of this Agreement is 0.9% of the full face value (i.e., not reduced by any discount
offered by Changyou to its customers), of the virtual prepaid cards or the full face value of the game points purchased, as applicable. Amounts charged by Changyou to its customers will be collected by Sohu through its PEAK system and transferred to
Changyou, less a 0.1% service charge, within 30 days after the end of each calendar quarter. 

 3.4 Bulletin Board System (BBS). Sohu will build and maintain a BBS for each Changyou MMORPG, and
will provide “24/7” hosting and maintenance services for such BBS. In addition, Sohu will provide technical support to help Changyou to manage the BBS. In consideration of Sohu’s providing such services, Changyou will pay to Sohu,
within 30 days after the end of each calendar quarter, a fee of RMB400,000 for each BBS site used by Changyou. The parties acknowledge and agree that Sohu currently is operating three BBS sites for Changyou MMORPGs, as shown on Exhibit II to this
Agreement. The amount of the fee payable by Changyou to Sohu for such BBS sites and services will be increased (or decreased, as the case may be) effective each January 1 and July 1 in accordance with then-prevailing rates charged in the
Peoples’ Republic of China for similar services between unrelated third parties, as reasonably agreed to by Sohu and Changyou. 
 ARTICLE IV 
 DOMAIN NAMES 
 4.1 License. While this Agreement is in effect, Sohu grants to Changyou a license to: 
 (a) any domain
names that Sohu currently owns that at are used by Changyou in connection with Changyou MMORPGs or the Changyou Websites (other than domain names that it has transferred or is required to transfer to Changyou or its Affiliates pursuant to the Master
Transaction Agreement or the agreements referenced therein) (Exhibit III is a list of domain names that Changyou is currently using), and 
 (b) the use of the word “sohu” in domain names that are currently owned or used by Changyou or that Changyou may wish to own in the future, in each case limited to use by Changyou in connection with the development, operation, or
promotion of its MMORPG business. 
 4.2 For the use of such domain names, Changyou will pay to Sohu within 30 days after the end of each
calendar quarter, a fee of RMB 300,000 for each domain name used by Changyou during the quarter. The amount of such fee will be increased (or decreased, as the case may be) effective each January 1 and July 1 in accordance with
then-prevailing rates charged in the Peoples’ Republic of China for similar licenses between unrelated third parties, as reasonably agreed to by Sohu and Changyou. 
 ARTICLE V 
 INTELLECTUAL PROPERTY 
 5.1 Trademark License. Changyou retains all right, title and interest in and to the Changyou Websites, and Changyou’s trademarks, service
marks, trade names and logos worldwide. Changyou grants Sohu a non-exclusive limited-use license to use Changyou’s trademarks, service marks, trade names and logos only in connection with placing links to Changyou urls to be provided to Sohu by
Changyou, for performing its other advertising and promotional obligations to Changyou as set forth in this Agreement, and for joint promotions of the Sohu and Changyou brands. 

 5.2 Ownership. Each Party owns and will retain all right, title and interest in its names, logos,
trademarks and service marks, copyrights and proprietary technology, including without limitation, those names, logos, trademarks and service marks, copyrights and proprietary technology currently used or any which may be developed in the future.
Neither Party will copy, distribute, reproduce or use the other Party’s names, logos, trademarks and service marks, copyrights and proprietary technology except as expressly permitted under this Agreement. 
 ARTICLE VI 
 TERM 
 6.1 Termination. This Agreement may be terminated or amended by mutual written consent of the Parties. In addition, this Agreement will terminate
upon the later of: 
 (c) the date that is three years after the first date upon which Sohu ceases to own in the aggregate at least ten
percent (10%) of the voting power of the then outstanding securities of Changyou; and 
 (d) the fifth anniversary of the date of the
Live Filing Date. 
 Unless otherwise agreed to by the Parties in writing, the provisions of Article 5 and Articles 7 through 9 will survive
indefinitely after the termination of this Agreement. 
 ARTICLE VII 
 LIMITATION OF LIABILITY 
 7.1 No Warranty. Except as expressly stated in
this Agreement, all materials, documents, advertising, and services delivered under this agreement (“Deliverables”) are provided “as is.” Except as expressly stated in this agreement, neither party makes any representations or
warranties of any kind concerning the Deliverables, express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, non-infringement, or the absence of latent or other defects, whether or
not discoverable. Neither Party extends any warranties of any kind as to their content and/or websites being error free. 
 7.2 Limitation
of Damages. In no event will either Party, or their directors, officers, agents, employees or affiliates, be liable for incidental, special or consequential damages of any kind, including economic damages or injury to property and lost profits,
under any theory of law, regardless of whether such Party is advised, has other reason to know, or in fact does know of the possibility of the foregoing. 
 ARTICLE VIII 
 INDEMNITIES 
 8.1 Intellectual Property. Each Party (“Indemnifying Party”) will indemnify, defend and hold harmless the other Party, and its
subsidiaries and variable interest entities (except that, for purposed of this Artile VIII, Sohu.com Inc. subsidiaries and variable 

 
interest entities will not include Changyou and its subsidiaries and variable interest entity), and their respective directors, officers, employees and
agents (“Indemnitees”), against any and all claims, actions, liabilities, losses, and expenses (including reasonable attorneys’ fees) brought by a third party relating to or arising out of any claim that any content provided by such
Indemnifying Party and displayed on the Changyou Websites or the Sohu Websites constitutes a defamation or invasion of the right of privacy or publicity, or infringement of the copyright, trademark or other intellectual property right, of any third
party. This indemnity will specifically not apply to content provided by visitors to the Changyou Websites or Sohu Websites, including, but not limited to, such visitors who use chat rooms, bulletin boards, or other forums that allow visitors to
display material that is not within the control of the Indemnifying Party. 
 8.2 Procedure. The Indemnitee will promptly provide the
Indemnifying Party with written notice of any claim which the Indemnitee believes falls within the scope of this Section 8; provided, however, that, except to the extent the Indemnifying Party is actually prejudiced by the Indemnitee’s
failure to provide such prompt notice, such failure to provide prompt notice hereunder will not limit the Indemnitee’s rights under this Section 8. The Indemnitee may, at its own expense, assist in the defense of any such claim if it so
chooses, provided that the Indemnifying Party will control such defense and all negotiations relative to the settlement of any such claim. 
 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Consent. No consent or approval of either Party pursuant to this Agreement will be effective unless it is in writing and evidenced by the signature of the Chief Executive Officer or Chief Financial Officer
of the consenting or approving Party (or such other person that the Chief Executive Officer or Chief Financial Officer has specifically authorized in writing to give such consent or approval). 
 9.2 Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and will
supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 
 9.3 Governing Law and Jurisdiction. This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, will be construed in accordance with and all disputes hereunder will be governed by the laws
of the State of New York, U.S.A., applicable to contracts made and to be performed entirely in such state (without giving effect to the conflicts of laws provisions thereof). Each of the Parties hereby submits unconditionally to jurisdiction of, and
agrees that venue will 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. 
 9.4 Amendment. This Agreement may be amended only by mutual written consent of the Parties. 

 9.5 Notices. Notices and other communications to be given by any Party pursuant to the terms of
this Agreement will be given in writing to the respective Parties to the following addresses: 
 if to Sohu: 
 Level 12, Sohu.com Internet Plaza 
 No. 1
Unit Zhongguancun East Road, Haidian District 
 Beijing 100084 
 People’s Republic of China 
 Attention: Chief Financial Officer 
 Email: carol@sohu-inc.com 
 if to Changyou:

 East Tower, JinYan Hotel 
 No. 29 Shijingshan road, Shijingshan 
 Beijing 100043 
 People’s Republic of China 
 Attention:
Chief Financial Officer 
 Email: alex@sohu-inc.com 
 or to such other address 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 will be sent by hand delivery or
recognized overnight courier. All other notices may also be sent by email, confirmed by mail. All notices will be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by email; upon confirmation of delivery,
if sent by recognized overnight courier; and upon receipt if mailed. 
 9.6 Counterparts. This Agreement may be executed in
counterparts, each of which will be deemed to be an original but all of which will constitute one and the same agreement. 
 9.7 Binding
Effect; Assignment. This Agreement will 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. 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 without such consent will be void; provided, however, each Party may assign this Agreement to a successor entity in conjunction with the transfer of substantially all of the Party’s business, whether by sale of substantially all
assets, merger, consolidation or otherwise. 
 9.8 Severability. If any term or other provision of this Agreement 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 will 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 will 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. 
 9.9 Failure or Indulgence not Waiver; Remedies Cumulative. No
failure or delay on the part of any Party in the exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor will 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 are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 9.10 Interpretation. The headings contained in this Agreement are for reference purposes only and will not affect in any way the
meaning or interpretation of this Agreement. None of the provisions of this Agreement are intended to supersede any provision in any other Inter-Company Agreement or any other agreement with respect to the respective subject matters thereof.

 [Signatures on Next Page] 

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

			
	SOHU.COM INC.
		
	By:	 	 /s/ Charles Zhang

	Name:	 	Charles Zhang
	Title:	 	Chief Executive Officer
	
	CHANGYOU.COM LIMITED
		
	By:	 	 /s/ Tao Wang

	Name:	 	Tao Wang
	Title:	 	Chief Executive Officer

 Exhibit I: 
 Links
Currently Used by Changyou 
 Links currently used by Changyou on 
 Sohu.com’s homepage 
 

 

 Exhibit II: 
 BBS
Sites Used by Changyou as of the Date of Agreement 
 

 

 

 

 

 

 Exhibit III 
 Domain Names Used by Changyou as of The Date of The Agreement 
  

	•	 	 tl.sohu.com 

  

	•	 	 ldj.sohu.com 

  

	•	 	 bo.sohu.com 

  

	•	 	 blade.sohu.com 

  

	•	 	 bbs.tl.sohu.com

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