Document:

Exhibit 4.34

 

EXECUTION VERSION

 

NON-COMPETITION 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
    	
 
    
	
 
    	
 
    
	
NON-COMPETITION.
    	
 
    
	
 
    	
 
    	
 
    
	
Section 2.1
    	
Undertaking of the SINA Group
    	
3
    
	
Section 2.2
    	
Undertaking of the Weibo Group
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE 3
    	
 
    
	
 
    	
 
    
	
NON-SOLICITATION.
    	
 
    
	
 
    	
 
    	
 
    
	
Section 3.1
    	
Non-Solicitation by SINA
    	
3
    
	
Section 3.2
    	
Non-Solicitation by Weibo
    	
4
    
	
 
    	
 
    	
 
    
	
ARTICLE 4
    	
 
    
	
 
    	
 
    
	
MISCELLANEOUS.
    	
 
    
	
 
    	
 
    	
 
    
	
Section 4.1
    	
Consent of SINA
    	
4
    
	
Section 4.2
    	
Consent of Weibo
    	
4
    
	
Section 4.3
    	
Entire Agreement
    	
4
    
	
Section 4.4
    	
Governing Law and Jurisdiction
    	
4
    
	
Section 4.5
    	
Dispute Resolution
    	
4
    
	
Section 4.6
    	
Termination; Amendment
    	
5
    
	
Section 4.7
    	
Notices
    	
5
    
	
Section 4.8
    	
Counterparts
    	
6
    
	
Section 4.9
    	
Binding Effect; Assignment
    	
6
    
	
Section 4.10
    	
Severability
    	
6
    
	
Section 4.11
    	
Failure or Indulgence not Waiver; Specific Performance; Remedies   Cumulative
    	
6
    
	
Section 4.12
    	
Authority
    	
7
    
	
Section 4.13
    	
Interpretation
    	
7
    

 

i

 

NON-COMPETITION AGREEMENT

 

This Non-Competition 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 U.S. Securities Act of 1933, as amended, 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 of 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 (the “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 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:

 

“ADSs” means American depositary shares representing Ordinary Shares.

 

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“Agreement” means this Non-Competition Agreement, as the same may be amended from time to time in accordance with the provisions hereof.

 

“Inter-Company Agreements” has the meaning ascribed to it in the Master Transaction Agreement.

 

“IPO” has the meaning ascribed to it in the recitals to this Agreement.

 

“IPO Registration Statement” has the meaning ascribed to it in the recitals to this Agreement.

 

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

 

“Master Transaction Agreement” means the Master Transaction Agreement between the Parties dated the date hereof, as the same may be amended and supplemented in accordance with the provisions thereof.

 

“Non-Competition Period” means the period beginning upon the completion of the IPO and ending on the later of:

 

(a)                     the date that is five years after the first date upon which members of the SINA Group cease to own in the aggregate at least twenty percent (20%) of the voting power of the then outstanding securities of Weibo; and

 

(b)                     the fifteenth anniversary of the date of the completion of the IPO.

 

“Ordinary Shares” means the shares of Weibo, par value $0.0001 per share (including shares represented by ADSs and held of record by the depositary bank for the ADSs).

 

“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.

 

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

 

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

 

“SINA Business” means any business that is conducted by SINA and its subsidiaries and VIEs as of the date hereof and described in its periodic filings with the SEC filed prior to the date hereof, other than the Weibo Business.

 

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

 

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

 

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“Weibo Business” means the microblogging and social networking platforms, products, applications and services in online and mobile formats of the nature operated, managed, developed or serviced as of the date hereof by the Weibo Group, as more completely described in the IPO Registration Statement.

 

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

 

“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 generally accepted accounting principles in the United States as in effect from time to time. 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.

 

ARTICLE 2

 

NON-COMPETITION.

 

Section 2.1                                    Undertaking of the SINA Group. During the Non-Competition Period, SINA will not, and will cause each of the other members of the SINA Group not to, other than through the Weibo Group, directly or indirectly, sell or otherwise provide to any third party any product or service or otherwise engage or invest in any business that is of the same nature as the Weibo Business, whether as a principal or for its own account, or as a shareholder or other equity owner in any Person (other than Weibo); provided that the foregoing shall not prohibit any member of the SINA Group from owning beneficially or of record, non-controlling ownership (calculated on an aggregate basis combining any such ownership by any members of the SINA Group) of the equity or its equivalent of any company (other than Weibo) that sells or otherwise provides any product or service or otherwise engages in any business that is of the same nature as the Weibo Business.

 

Section 2.2                                    Undertaking of the Weibo Group. During the Non-Competition Period, Weibo will not, and will cause each of the other members of the Weibo Group not to, directly or indirectly, sell or otherwise provide to any third party any product or service or otherwise engage or invest in any business that competes in any way with the SINA 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 Weibo Group from owning beneficially or of record, non-controlling ownership (calculated on an aggregate basis combining any such ownership by any member of the Weibo Group) of the equity or its equivalent of any company that sells or otherwise provides any such product or service in competition with the SINA Business.

 

ARTICLE 3

 

NON-SOLICITATION.

 

Section 3.1                                    Non-Solicitation by SINA. During the Non-Competition Period, SINA will not, and will cause each other member of the SINA 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 Weibo Group, or any former employees of or individuals providing consulting services to any member of the Weibo Group within six months of the termination of their employment with or consulting services to the member of the Weibo Group, without Weibo’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 SINA Group within the Non-Competition Period.

 

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Section 3.2                                    Non-Solicitation by Weibo. During the Non-Competition Period, Weibo will not, and will cause each other member of the Weibo Group not to, directly or indirectly, solicit or hire any active employees of or individuals providing consulting services to any member of the SINA Group, or any former employees of or individuals providing consulting services to any member of the SINA Group within six months of the termination of their employment with or consulting to the member of the SINA Group, without SINA’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 Weibo Group within the Non-Competition Period.

 

ARTICLE 4

 

MISCELLANEOUS.

 

Section 4.1                                    Consent of SINA. Any consent of SINA 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 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).

 

Section 4.2                                    Consent of Weibo. Any consent of Weibo 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 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 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.

 

Section 4.4                                    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 of the Master Transaction Agreement, 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.

 

Section 4.5                                    Dispute Resolution(a). Any dispute, controversy or claim arising out of or relating to this 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.

 

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(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.

 

(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 honor all commitments under this Agreement during the course of dispute resolution pursuant to the provisions of this Section 4.5 with respect to all matters not subject to such dispute, controversy or claim.

 

Section 4.6                                    Termination; Amendment. This Agreement may be terminated or amended by mutual written consent of the Parties, evidenced by an instrument in writing signed on behalf of each of the Parties.

 

Section 4.7                                    Notices. Notices 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:

 

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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 4.8                                    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 4.9                                    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.

 

Section 4.10                             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.

 

Section 4.11                             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.

 

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Section 4.12                             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.

 

Section 4.13                             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. 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.

 

[Signature page follows]

 

7

 

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

 

 

	
/s/ SINA Corporation
    
	
 
    
	
 
    
	
/s/ Weibo CorporationExhibit 4.35

 

EXECUTION VERSION

 

SALES AND MARKETING SERVICES AGREEMENT

 

Between

 

SINA CORPORATION

 

And

 

WEIBO CORPORATION

 

Dated as of March 14, 2014

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1 DEFINITIONS
    	
1
    
	
ARTICLE 2 SALES AND MARKETING SERVICES
    	
2
    
	
ARTICLE 3 PARTIES’ AGREEMENTS
    	
3
    
	
ARTICLE 4 REPRESENTATIONS AND WARRANTIES
    	
3
    
	
ARTICLE 5 TERM
    	
4
    
	
ARTICLE 6 CONFIDENTIALITY
    	
4
    
	
ARTICLE 7 NOTICES
    	
5
    
	
ARTICLE 8 DEFAULTING LIABILITY
    	
5
    
	
ARTICLE 9 FORCE MAJEURE
    	
6
    
	
ARTICLE 10 MISCELLANEOUS
    	
6
    

 

i

 

SALES AND MARKETING SERVICES AGREEMENT

 

This Sales and Marketing Services Agreement (this “Agreement”) is entered into on March 14, 2014 by and between:

 

Party A:                           SINA Corporation (“SINA”)

 

Party B:                           Weibo Corporation (“Weibo”)

 

(In this Agreement, the above parties are referred to individually as a “Party” and collectively as the “Parties”.)

 

WHEREAS:

 

1.                                      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;

 

2.                                      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”);

 

3.                                      SINA and Weibo have entered into 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

 

4.                                      the Parties desire that members of SINA Group will continue to provide sales and marketing services to members of Weibo 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

 

Unless otherwise specified in this Agreement, in this Agreement, the following terms shall have the meanings prescribed thereto below.

 

“Advertising” or “Advertisement” means a promotional message in any format that appears on the social media platforms operated by Weibo and its Affiliates for the purpose of publicizing an advertiser’s products or services, whether such format is currently 

 

 

in use or hereafter developed.  Current Advertising formats include, without limitation, banner advertising, rich media advertisement, promoted feed, promoted topic and promoted account.

 

“Affiliate” means, with respect of SINA, an entity established in the PRC under the PRC laws which controls, is controlled by, or is under common control with SINA, and which is engaged in online media business, excluding any entity controlled by Weibo; with respect to Weibo, an entity incorporated in the PRC under the PRC laws, which controls, is controlled by or is under Weibo’s common control with Weibo, and which is engaged in microblogging and social networking business.

 

“Control” means the power to directly or indirectly direct the management and affairs of a person or entity, whether by ownership of voting equity interest or shares, contractual arrangements or otherwise.

 

“Public Filing Date” has the meaning assigned to such term in Recital.

 

“PRC” means the People’s Republic of China, for the purpose of this Agreement, excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan.

 

“SINA” means SINA Corporation, a company established under the laws of the Cayman Islands.

 

“SINA Group” means SINA and any entity controlled by SINA, excluding any member of the Weibo Group.

 

“Term” has the meaning prescribed thereto in Article Section 5.1 hereof.

 

“Weibo” means Weibo Corporation, a company established under the laws of the Cayman Islands.

 

“Weibo Group” means Weibo and any entity controlled by Weibo, excluding any member of the SINA Group.

 

ARTICLE 2
  
 SALES AND MARKETING SERVICES

 

Section 2.1            During the Term (as defined below), SINA agrees to provide, or with respect to any service to be provided by an Affiliate of SINA, to cause such Affiliate to provide, to Weibo, or with respect to any service to the provided to an Affiliate of Weibo, to such Affiliate, the Advertising sales and marketing services (the “Services”) in accordance with the terms and conditions hereunder.  For each Advertising campaign, the relevant parties shall enter into a separate advertising placement agreement in accordance with principles set forth hereunder.

 

Section 2.2            Weibo has the right to determine the Advertising price.  Weibo shall give a 30-day prior written notice to SINA on any adjustment of Advertising price.  In  addition, prior to publication of any Advertisements, Weibo has the right to review and to remove those Advertisements that it reasonably founds unacceptable.  Subject to Weibo’s right to review and remove Advertisements as provided in this paragraph, SINA shall have the right to decide whether to accept any Advertising or advertisers.

 

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Section 2.3            The Parties agree that the service fee (“Service Fee”) that Weibo shall pay SINA for its Services hereunder is the actual direct costs (“Direct Costs”) and indirect costs (“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.  Weibo shall pay the Service Fee of each calendar quarter to SINA by the last day of that calendar quarter.

 

Section 2.4            The Parties may enter into any supplemental agreement from time to time to amend the details of the Services, agree on specific amount of Service Fee and/or adjust the payment method of the Service Fee.

 

ARTICLE 3
  
 PARTIES’ AGREEMENTS

 

Section 3.1            SINA shall prepare various equipment and personnel as reasonably required to provide the Services, and shall purchase and install new equipment and employ new personnel as reasonably required by Weibo, in order to enable SINA to provide Services of good quality to Weibo under this Agreement. The Parties agree to work together to make periodic forecast of workforce needed to perform the Services so as to assist SINA in allocating sufficient resources for the performance of the Services.

 

Section 3.2            To facilitate SINA to provide the Services, Weibo shall provide SINA with the relevant materials necessary for offering the Services and as reasonably required by SINA. If SINA is unable to provide the complete Services due to the failure of Weibo or its Affiliate to disclose necessary materials, it shall not constitute SINA’s breach of this Agreement.

 

Section 3.3            Weibo shall pay the Service Fee to SINA in a timely manner and in full in accordance with this Agreement.

 

ARTICLE 4
  
 REPRESENTATIONS AND WARRANTIES

 

Section 4.1            Each Party represents and warrants to the other Party that:

 

(a)        it is a limited liability company lawfully incorporated and validly existing under the PRC laws, having independent legal person status;

 

(b)        it has full and independent legal status and legal capacity to execute, deliver and perform this Agreement, and may be an independent party to a lawsuit;

 

(c)        it has full internal corporate power and authorization to execute and deliver this Agreement and all other documents related to the transaction contemplated by this Agreement and to be executed by it; it has full power and authorization to consummate the transaction contemplated by this Agreement;

 

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(d)        this Agreement is lawfully and duly executed and delivered by it; this Agreement constitutes its lawful and binding obligations, enforceable against it according to the terms of this Agreement;

 

(e)        its execution, delivery and performance of this Agreement do not (i) violate its articles of association or any other constitutional documents, (ii) conflict with any agreement or contract or other document to which it is a party or its property is subject, or (iii) violate or conflict with any applicable law.

 

ARTICLE 5
  
 TERM

 

Section 5.1            This Agreement shall come into effect on the Public Filing Date. Unless this Agreement is terminated pursuant to the express provisions of this Agreement or as agreed by the Parties in writing, the valid term of this Agreement shall end on the earlier of (i) the fifteenth anniversary of the commencement of the cooperation period, or (ii) five years after the first date upon which the SINA Group ceases to collectively own in the aggregate at least 20% of the voting power of the then outstanding securities of Weibo (the “Term”). At least one (1) month before the expiration of the Term, the Parties shall consult on the extension of the Term.

 

Section 5.2            The Parties shall complete the approval and registration formalities to extend the business term three (3) months before the expiration of their respective business term, so as to enable the Term to continue.

 

Section 5.3            Within one (1) year after termination of this Agreement, the Parties shall still comply with the obligations under Article 6 of this Agreement.

 

ARTICLE 6
  
 CONFIDENTIALITY

 

Section 6.1            Regardless of whether this Agreement is terminated or not, each Party shall keep strictly confidential all the business secrets, proprietary information, customer information and all other information of a confidential nature about the other Party known by it during the execution and performance of this Agreement (collectively, the “Confidential Information”). Unless a prior written consent is obtained from the Party disclosing the Confidential Information (the “Disclosing Party”) or unless it is required to be disclosed to third parties according to the stipulation of relevant laws and regulations or the requirement of the place where its affiliate is listed on a stock exchange, the Party receiving the Confidential Information (the “Receiving Party”) shall not disclose to any third party any Confidential Information. The Receiving Party shall not use any Confidential Information other than for the purpose of performing this Agreement.

 

Section 6.2            The following information shall not be deemed part of the Confidential Information:

 

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(a)        any information that has been lawfully acquired by the receiving Party in advance, the evidence of which is substantiated in writing;

 

(b)        any information entering the public domain not attributable to the fault of the Party receiving the information; or

 

(c)        any information lawfully acquired by the Party receiving the information through other sources after its receipt of such information.

 

Section 6.3            For purpose of performing this Agreement, the Receiving Party may disclose the Confidential Information to its relevant employees, agents or professionals retained by it. However, the Receiving Party shall ensure that the aforesaid persons shall be bound by the relevant terms and conditions of this Article 6. In addition, the Receiving Party shall be responsible for any liability incurred as a result of such persons’ breach of the relevant terms and conditions of this Article 6.

 

ARTICLE 7
  
 NOTICES

 

Section 7.1            Any notice, request, demand and other correspondences required by this Agreement or made in accordance with this Agreement shall be delivered in writing to the relevant Party.

 

Section 7.2            If any of such notice or other correspondences is transmitted by facsimile or telex, it shall be treated as delivered immediately upon transmission; if delivered in person, it shall be treated as delivered at the time of delivery; if posted by mail, it shall be treated as delivered five (5) days after posting.

 

ARTICLE 8
  
 DEFAULTING LIABILITY

 

Section 8.1            The Parties agree and confirm that, if any Party (the “Defaulting Party”) substantially violates any agreement herein or substantially fails to perform or delays performance of any of the obligations hereunder, such violation, failure or delay shall constitute a default under this Agreement. The non-defaulting Party shall have the right to request the Defaulting Party to rectify or take remedial actions within a reasonable period. If the Defaulting Party fails to rectify or take remedial actions within such reasonable period or within fifteen (15) days after the non-defaulting Party notifies the Defaulting Party in writing requiring rectification, then the non-defaulting Party is entitled to decide at its own discretion to:

 

(a)        terminate this Agreement and require the Defaulting Party to indemnify all of its damages; or

 

(b)        request the Defaulting Party to perform its obligations under this Agreement and require the Defaulting Party to indemnify all of its damages.

 

Section 8.2            Notwithstanding any other provision herein, the effect of this Article 8 shall not be affected by the termination of this Agreement.

 

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ARTICLE 9
  
 FORCE MAJEURE

 

If the performance by one Party of this Agreement is directly affected or if one Party cannot perform this Agreement in accordance with the agreed conditions due to any unforeseeable force majeure event or an force majeure event whose consequences cannot be prevented or avoided, including earthquakes, typhoons, floods, fires, wars, computer viruses, design loopholes in software tools, hacker attacks on the Internet, changes to policies or laws, etc, the affected Party shall immediately give a notice by fax to the other Party and shall within fifteen (15) days provide the other Party with supporting documents issued by the relevant government authorities describing the details of the force majeure event and the reason why this Agreement cannot be performed or why the performance needs to be postponed. If the force majeure event lasts more than thirty (30) days, the Parties hereto shall negotiate amicably and as soon as possible determine whether or not part of this Agreement shall be released from performance or whether or not the performance of this Agreement shall be postponed, depending on the degree of impact of this force majeure event on the performance of this Agreement. Each Party shall not be held liable for any economic losses of the other Party caused by such Party’s failure to perform this Agreement completely due to a force majeure event.

 

ARTICLE 10
  
 MISCELLANEOUS

 

Section 10.1          This Agreement is executed in two (2) originals, with one (1) original to be retained by each Party hereto.

 

Section 10.2          The execution, effectiveness, performance, revision, interpretation and termination of this Agreement shall be governed by the laws of the PRC.

 

Section 10.3          Any dispute arising out of and in connection with this Agreement shall be resolved through consultations among the Parties. In case the Parties fail to reach agreement within thirty (30) days after the dispute arises, such dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration in Beijing in accordance with such Commission’s then-effective arbitration rules, and the arbitration award shall be final and binding on the Parties.

 

Section 10.4          None of the rights, powers or remedies granted to any Party by any provision herein shall preclude any other rights, powers or remedies available to such Party at law and under the other provisions of this Agreement. In addition, the exercising by one Party of any of its rights, powers and remedies shall not exclude such Party from exercising any of its other rights, powers and remedies.

 

Section 10.5          No failure or delay by a Party in exercising any rights, powers and remedies available to it hereunder or at law (hereinafter, the “Party’s Rights”) shall result in a waiver thereof, nor shall the waiver of any single or partial exercise of the Party’s  Rights shall exclude such Party from exercising such rights in any other way and exercising the other Party’s Rights.

 

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Section 10.6          Each provision contained herein shall be severable and independent from each of the other provisions. If any one or more provisions herein become(s) invalid, illegal or unenforceable at any time, the validity, legality and enforceability of the remaining provisions herein shall not be affected as a result thereof.

 

Section 10.7          Any amendment or supplement hereto shall be made in writing and shall become effective only upon due execution by the Parties hereto.

 

Section 10.8          Without the prior written consent of the other Party, each Party shall not transfer any of its rights and/or obligations hereunder to any third party.

 

Section 10.9          This Agreement shall be binding on the legal successors of the Parties.

 

Section 10.10       The headings herein are used for reference only, and in no event shall such headings be used for or affect the interpretation of the provisions hereof.

 

Section 10.11       Each Party shall pay its own costs and expenses incurred in connection with the negotiation, preparation and execution of this Agreement. Each Party shall be responsible for all taxes payable by it under applicable laws incurred from the execution, performance and consummation of transactions as contemplated hereby.

 

[Signature page follows]

 

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[EXECUTION PAGE]

 

IN WITNESS WHEREOF, this Sales and Marketing Services Agreement is executed by the following Parties on the date first written above.

 

 

	
 
    	
/s/ SINA Corporation
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Weibo Corporation

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