Document:

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                                                                   EXHIBIT 10.39

            AMENDED AND RESTATED HAZARDOUS MATERIALS UNDERTAKING AND
                              UNSECURED INDEMNITY

      This Amended and Restated Hazardous Materials Undertaking and Unsecured
Indemnity (this "Indemnity") is executed by CALPINE CORPORATION, a Delaware
corporation (the "Indemnitor") in favor of THE BANK OF NEW YORK, a New York
banking corporation ("BONY"), not in its individual capacity but solely as
Collateral Trustee under the Collateral Trust Agreement dated July 16, 2003 (the
"Collateral Trust Agreement") among Indemnitor, BONY, the 2007 Trustee, the 2010
Trustee, the 2013 Trustee, Credit Agreement Agent and Term Loan Administrative
Agent (collectively, with the Secured Debtholders and their successors and
assigns, the "Indemnified Parties"), whose address is 101 Barclay Street, New
York, New York 10286.

      Capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Collateral Trust Agreement.

                                    Recitals

      Indemnitor is party to that certain (i) Credit Agreement, dated as of
March 8, 2002 (herein, as the same may be amended, modified or supplemented from
time to time, called the "Existing 2002 Credit Agreement"), and (ii) Second
Amended and Restated Credit Agreement dated as of May 23, 2000 (herein, as the
same may be amended, modified, or supplemented from time to time, called the
"Existing 2000 Credit Agreement" and together with the Existing 2002 Credit
Agreement, collectively, the "Existing Credit Agreements").

      Indemnitor, as a condition to the making of the loans pursuant to the
Existing Credit Agreement has heretofore executed and delivered to The Bank of
Nova Scotia, for itself and as agent for the Lender Parties, that certain
Hazardous Materials Undertaking and Unsecured Indemnity, dated as of May 1, 2002
(the "Existing Hazardous Materials Indemnity").

      Indemnitor, the Existing Lenders and the Credit Agreement Agent have now
agreed to, among other things, (i) terminate the commitments under the Existing
2000 Credit Agreement, and (ii) amend and restate the Existing 2002 Credit
Agreement (as so amended and restated, and as the same may, from time to time
hereafter, be amended, supplemented, modified or amended and restated, the
"Amended and Restated Credit Agreement").

      Indemnitor also intends to issue the 2007 Notes, the 2010 Notes, and the
2013 Notes (collectively, the "Notes") and to borrow the Term Loans pursuant to
the Term Loan Agreement. The proceeds from the issuance of the Notes, and the
borrowing of the Term Loans will be used to refinance a portion of the loans and
other indebtedness outstanding under the Existing Credit Agreements.

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      The Secured Debt is secured by, among other things, all of the right,
title and interest of Indemnitor in the real property and interests comprising
the oil and gas reserves, gas, assets, power plants and any other real property
at any time owned by Indemnitor and now or hereafter mortgaged to BONY and all
fixtures, personal property and other improvements now existing or to be
constructed on any of such properties (such properties, descriptions of which
are attached hereto as Exhibit A, herein collectively called, the "Properties"),
with respect to which Indemnitor has executed counterparts of those certain
mortgages or deeds of trust dated July 16, 2003 (the "Mortgages").

      The Secured Debtholders have agreed to enter into the Secured Debt
Documents only if the Indemnified Parties are indemnified and held harmless with
respect to any risk that the Properties may now or in the future be in any way
contaminated, or its use or value impacted by any Hazardous Materials, as
defined below.

      It is a condition precedent to issuing the Secured Debt that Indemnitor
execute and deliver this Indemnity, which Indemnity amends and restates the
Existing Hazardous Materials Indemnity.

      In order to induce the Lenders to issue the Secured Debt, and with the
full intention and understanding that the Indemnified Parties will rely hereon,
Indemnitor represents, warrants, covenants and agrees as follows:

      1. CERTAIN DEFINITIONS. As used in this Indemnity, the following terms
shall have the following respective meanings:

      "Hazardous Materials" means crude or refined oil or fraction thereof,
petroleum substances, petrochemical products, PCBs, asbestos, asbestos
containing materials, urea formaldehyde, salts, flammable explosives,
radioactive materials, hazardous wastes, toxic, mutagenic or pathogenic
substances or related materials, including, without limitation, any substances
defined as or included in the definition of "hazardous substances," "hazardous
wastes," "hazardous materials," or "toxic substances" under any applicable
federal or state laws or regulations.

      "Hazardous Materials Laws" means all federal, state or local laws,
ordinances, regulations, orders and directives pertaining to Hazardous
Materials.

      2. REPRESENTATIONS AND WARRANTIES. Without limiting the generality of any
of the representations or warranties contained in the other Secured Debt
Documents, Indemnitor hereby represents and warrants to BONY and the other
Indemnified Parties that, except as disclosed on Exhibit B hereto, as of the
date of this Indemnity and continuing thereafter,

            (a) the Properties and each portion thereof (including the
      underlying groundwater) are not and have not been a site for the use,
      generation, manufacture, discharge, assembly, processing, storage,
      release, disposal or transportation to or from of any Hazardous Materials,
      except in connection with

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      the production, storage and transportation of crude oil, natural gas,
      other hydrocarbons and petroleum, and other petroleum products in the
      ordinary course of Indemnitor's business;

            (b) the Properties and each portion thereof (including the
      underlying groundwater) are presently in compliance in all material
      respects with all Hazardous Materials Laws, including, without limitation,
      those relating to exposure to Hazardous Materials, the labeling, storage
      and containment of Hazardous Materials, and air, soil and surface and
      ground water conditions;

            (c) there have been no past, and there are no pending or, to
      Indemnitor's knowledge, threatened

                  (i) claims, complaints, notices or requests for information
            received by Indemnitor with respect to any alleged violation of any
            Environmental Law, including Hazardous Materials Laws, that, singly
            or in the aggregate, may reasonably be expected to result in a
            Material Adverse Effect, or

                  (ii) complaints, notices or inquiries to Indemnitor regarding
            potential liability under any Environmental Law, including Hazardous
            Materials Laws, that, singly or in the aggregate, may reasonably be
            expected to result in a Material Adverse Effect;

            (d) there have been no unremediated Releases of Hazardous Materials
      at, on or under any property (including the Properties) now or previously
      owned or leased by Indemnitor that, singly or in the aggregate, result in,
      or may reasonably be expected to result in, a Material Adverse Effect;

            (e) Indemnitor has been issued and is in material compliance with
      all permits, certificates, approvals, licenses and other governmental
      authorizations relating to environmental matters and necessary for its
      businesses;

            (f) no property (including the Properties) now or previously owned
      or leased by Indemnitor is listed or proposed for listing (with respect to
      owned property only) on the National Priorities List pursuant to CERCLA,
      on the CERCLIS or on any similar state list of sites requiring
      investigation or clean-up;

            (g) Indemnitor has not directly transported or directly arranged for
      the transportation of any Hazardous Material to any location which is
      listed or proposed for listing on the National Priorities List pursuant to
      CERCLA, on the CERCLIS or on any similar state list or which is the
      subject of federal, state or local enforcement actions or other
      investigations which may lead to material claims against Indemnitor for
      any remedial work, damage to natural resources or personal injury,
      including claims under CERCLA;

            (h) there are no polychlorinated biphenyls or friable asbestos
      present at any property (including the Properties) now or previously owned
      or leased by

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      Indemnitor that, singly or in the aggregate, result in, or may reasonably
      be expected to result in, a Material Adverse Effect;

            (i) no conditions exist at, on or under any property (including the
      Properties) now or previously owned or leased by Indemnitor which, with
      the passage of time, or the giving of notice or both, would give rise to
      liability under any Environmental Law, which liability would reasonably be
      expected to result in a Material Adverse Effect; and

            (j) to the best of the knowledge of Indemnitor, no property owned,
      operated or leased by Indemnitor is located within two thousand (2,000)
      feet of a significant disposal of "hazardous waste" within the meaning of
      Section 25221 of the California Health and Safety Code.

      3. COVENANTS. Indemnitor hereby covenants and agrees that, so long as any
obligation under any of the Secured Debt Documents or otherwise in connection
with the Secured Debt is outstanding:

            (a) Indemnitor shall not permit the Properties or any portion of any
      parcel thereof to be a site for the use, generation, manufacture,
      discharge, assembly, processing, storage, Release, disposal or
      transportation to or from of Hazardous Materials except (i) as disclosed
      on Exhibit B hereto, (ii) in such quantities and as may be necessary for
      the production, storage and transportation of crude oil, natural gas and
      other Hydrocarbons (as defined in the Mortgages) in the ordinary course of
      Indemnitor's business as conducted on the Effective Date, (iii) as
      necessary or required to develop the Properties in the ordinary course of
      Indemnitor's business and (iv) as may be necessary to respond to any
      emergency, each of which excepted activities will be conducted in a manner
      designed to minimize environmental risk;

            (b) Indemnitor shall keep and maintain the Properties and each
      portion of any parcel thereof in compliance in all material respects with
      all Environmental Laws, including Hazardous Materials Laws (and to the
      extent there are violations of such laws existing as of the date hereof
      which are disclosed on Exhibit B, with the remediation plans and work
      plans listed on Exhibit B), and otherwise shall not cause or permit the
      Properties or any portion of any parcel thereof to be in violation, in any
      material respect, of such laws;

            (c) As to any claim or matter not disclosed on Exhibit B, Indemnitor
      shall immediately advise BONY and each of the Secured Debt Representatives
      in writing of:

                  (i) any and all enforcement, cleanup, removal or other
            governmental or regulatory actions instituted, completed or
            threatened against Indemnitor or the Properties pursuant to any
            applicable Environmental Laws, including Hazardous Materials Laws
            that, singly or in

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            the aggregate, have, or may reasonably be expected to have, a
            Material Adverse Effect;

                  (ii) any and all material claims made or threatened by any
            third party against Indemnitor or the Properties relating to any
            claim, liability, cause of action, nuisance, fine, penalty, charge,
            administrative or judicial order or proceeding, judgment, remedial
            action or cleanup requirement, enforcement, damage, contribution,
            cost recovery, compensation, loss or injury resulting from any
            Hazardous Materials that, singly or in the aggregate, have, or may
            reasonably be expected to have, a Material Adverse Effect (the
            matters set forth in Sections 3(c)(i) and (ii) hereof are
            hereinafter referred to as "Hazardous Materials Claims");

                  (iii) any change in any claim or matter disclosed in Exhibit B
            that, singly or in the aggregate, have, or may reasonably be
            expected to have, a Material Adverse Effect; and

                  (iv) Indemnitor's discovery of any occurrence or condition on
            any real property adjoining or in the vicinity of the Properties
            that could cause the Properties or any part thereof to be classified
            as "border-zone property" under the provisions of California Health
            and Safety Code, Sections 25220, et seq., or any regulation adopted
            in accordance therewith, or to be otherwise subject to any
            restrictions on the ownership, occupancy, transferability or use of
            the Properties under any Environmental Law, including Hazardous
            Materials Laws. For the purpose of protecting the collateral given
            to secure the Obligations, BONY and any Secured Debt Representative
            shall have the right to join and participate in, as a party if it so
            elects, any legal proceedings or actions initiated in connection
            with any Hazardous Materials Claims and to have its reasonable
            attorneys' fees and expenses in connection therewith paid by
            Indemnitor;

            (d) Indemnitor shall not, without the prior written consent (which
      consent shall not be unreasonably withheld or delayed) of a Secured Debt
      Representative, take any remedial action in response to the presence of
      any Hazardous Materials on, under, or about the Properties (except (i)
      with respect to oil, gas and other Hydrocarbons, in the ordinary course of
      Indemnitor's business, or (ii) as may be necessary to respond to any
      emergency), nor enter into any settlement agreement, consent decree, or
      other compromise in respect of any Hazardous Material Claim in excess of
      $250,000;

            (e) Annually, at the time Indemnitor's audited financial statements
      are required to be delivered pursuant to any Secured Debt Document,
      Indemnitor shall deliver to BONY and each Secured Debt Representative a
      report discussing significant issues or concerns arising, or measures
      taken, during the preceding year and those contemplated for the following
      year relating to compliance with Hazardous Materials Laws and
      Environmental Laws, including, without limitation,

                                      -5-
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      compliance with any then effective order of the Regional Water Quality
      Control Board (or other lead agency) pertaining to the characterization,
      abatement and remediation of soil and groundwater contamination of the
      Properties;

            (f) To the extent that Indemnitor has the right to do so, Indemnitor
      shall permit BONY and any Secured Debt Representative or its agents, at
      the cost and expense of Indemnitor, to enter upon the Properties and all
      parts thereof, for the purpose of investigating and inspecting the
      condition and operation thereof, and shall permit reasonable access to the
      field offices and other offices, including the principal place of
      business, of Indemnitor to inspect and examine the Properties and to
      inspect, review and reproduce as necessary any books, records, accounts,
      contracts or other documents of Indemnitor;

            (g) Without limiting the generality of the foregoing clause (f),
      BONY and any Secured Debt Representative shall have the right, subject to
      any existing contractual restrictions binding on Indemnitor and on
      twenty-four (24) hours prior notice to Indemnitor, to cause such persons
      and entities as such parties may designate to enter the Properties to
      conduct (at the cost and expense of Indemnitor), or to cause Indemnitor to
      conduct (at the cost and expense of Indemnitor), such tests and
      investigations as such parties deem necessary to determine whether any
      hazardous substance or solid waste is being generated, transported,
      stored, or disposed of in accordance with applicable Environmental Laws.
      Such tests and investigations may include, without limitation, underground
      borings, ground water analyses and borings from the floors, ceilings and
      walls of any improvements located on the Properties. This Section 3(g)
      shall not be construed to affect or limit the obligations of Indemnitor
      pursuant to Section 4 hereof;

            (h) Neither BONY nor any Secured Debt Representative shall have any
      duty to visit or observe the Properties or to conduct tests, and no site
      visit, observation or testing by such parties shall impose any liability
      on such parties, nor shall Indemnitor or any other Obligor be entitled to
      rely on any visit, observation or testing by BONY and/or any Secured Debt
      Representative in any respect. BONY and any Secured Debt Representative
      may, in its discretion, disclose to Indemnitor or any other Person,
      including any governmental agency, any report or finding made as a result
      of, or in connection with, any site visit, observation or testing by such
      parties. Indemnitor agrees that no warranty or representation is made by
      these parties to Indemnitor or any other Obligor regarding the truth,
      accuracy or completeness of any such report or findings that may be so
      disclosed. Indemnitor also acknowledges that, depending upon the results
      of any site visit, observation or testing by such parties and disclosed to
      Indemnitor, Indemnitor may have a legal obligation to notify one or more
      governmental agencies of such results, that such reporting requirements
      are site-specific, and are to be evaluated by Indemnitor without advice or
      assistance from such parties; and

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            (i) Cooperate fully with any environmental consultant retained by
      BONY and/or any Secured Debt Representative to prepare reports on the
      Properties.

      4. CONTINUING, UNSECURED INDEMNITY. Indemnitor hereby agrees to indemnify,
hold harmless and defend (by one law firm of counsel reasonably satisfactory to
BONY and/or any Secured Debt Representative unless an Event of Default shall
have occurred and be continuing) the Secured Debt Representatives and the
Indemnified Parties and their directors, officers, employees, agents, successors
and assigns (collectively, "Indemnitees") from and against any and all claims
(including without limitation third party claims for personal injury or real or
personal property damage), losses, damages, liabilities, fines, penalties,
charges, administrative and judicial proceedings (including informal
proceedings) and orders, judgments, remedial action requirements, enforcement
actions of any kind, and all costs and expenses incurred in connection therewith
(including but not limited to reasonable attorneys' and/or paralegals' fees and
expenses), including, but not limited to, all costs incurred in connection with
any investigation or monitoring of site conditions or any clean-up, remedial,
removal or restoration work by any federal, state or local government agency,
arising directly or indirectly, in whole or in part, out of (i) the presence on
or under the Properties of any Hazardous Materials, or any escape, seepage,
leakage, spillage, discharge, emission or Release of any Hazardous Materials on,
under or from the Properties, or (ii) any activity carried on or undertaken on
or off the Properties, whether prior to or during the term of the Secured Debt,
and whether by Indemnitor or any predecessor in title or any employees, agents,
contractors or subcontractors of Indemnitor or any predecessor in title, or any
third persons at any time occupying or present on the Properties, in connection
with the handling, treatment, removal, storage, decontamination, clean-up,
transport or disposal of any Hazardous Materials that at any time are located or
present on or under or that at any time migrate, flow, percolate, diffuse or in
any way move onto or under the Properties; provided however, that nothing herein
shall require Indemnitor to indemnify Indemnitees for any matter arising solely
from the gross negligence or wilful misconduct of BONY. The foregoing indemnity
shall further apply to any residual contamination on or under the Properties, or
affecting any natural resources, and to any contamination of any property or
natural resources arising in connection with the generation, use, handling,
storage, transport or disposal of any such Hazardous Materials, and irrespective
of whether any of such activities were or will be undertaken in accordance with
applicable laws, regulations, codes and ordinances. Indemnitor hereby
acknowledges and agrees that the obligations of Indemnitor under this Indemnity
shall be unlimited personal obligations and also shall NOT be secured by the
Mortgages. In this regard, BONY's appraisal of the value of the Properties is
such that BONY is not willing to accept the consequences, under California's
"one form of action" rule (i.e., Section 726 of the Code of Civil Procedure) and
"Anti-Deficiency Rules" (i.e., Sections 580(a), 580(b) and 580(d) of the Code of
Civil Procedure) of inclusion of the obligations under this Indemnity among the
obligations secured by the Mortgage, and that the BONY and the other Indemnified
Parties would not issue the Secured Debt in the absence of the personal
liability undertaken by Indemnitor for these obligations. It is expressly
understood and agreed that the indemnity provided for herein shall survive: (i)
the repayment of the Secured Debt and the release of or

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reconveyance (whether full or partial) of the Mortgages; or (ii) the acquisition
of title to all or any portion of the Properties by BONY, or any successor in
interest to BONY, or any nominee or designee of any of them, by foreclosure
under or transfer in lieu of foreclosure of the Mortgages, whether or not the
same is otherwise in satisfaction of Indemnitor's obligations in connection with
the Secured Debt.

      5. TIME OF THE ESSENCE. Time is of the essence of this Indemnity.

      6. GOVERNING LAW. This Indemnity shall be governed by and construed in
accordance with the laws of the State of New York, except to the extent
preempted by Federal Law. Indemnitor irrevocably agrees that any legal action or
proceeding with respect to this Indemnity may be brought in a court of competent
jurisdiction of the State of New York or of the United States of America, as
BONY may elect, and by execution and delivery of this Indemnity the Indemnitor
hereby irrevocably submits to each such jurisdiction; and agrees that final
judgment against the Indemnitor in any such action or proceeding shall be
conclusive and may be enforced in any jurisdiction within the United States
including, without limitation, the State of New York, by suit on the judgment, a
certified copy of which shall be conclusive evidence of the fact and of the
amount of the indebtedness owed. This Indemnity shall be governed by, construed
and enforced in accordance with the laws of the State of California. In any
action brought under or arising out of this Indemnity, Indemnitor hereby
consents to the jurisdiction of any competent court within the State of
California and consents to service of process by any means authorized by
California law.

      7. INDEMNITOR WAIVERS. Indemnitor waives: (a) any defense based upon any
legal disability to enter into the Secured Debt Documents or other defense of
Indemnitor under the Secured Debt Documents; (b) any defense based on any lack
of authority of the officers, directors, partners or agents acting or purporting
to act on behalf of Indemnitor or any principal of Indemnitor, or any defect in
the formation of Indemnitor or any principal of Indemnitor; (c) any defense
based upon the application of the Secured Debt by Indemnitor for purposes other
than the purposes represented by Indemnitor to BONY or intended or understood by
BONY or Indemnitor; (d) any and all rights and defenses arising out of an
election of remedies by BONY, even though that election of remedies, such as a
nonjudicial foreclosure with respect to security for a guaranteed obligation,
has destroyed Indemnitor's rights of subrogation and reimbursement against the
principal by the operation of Section 580(d) of the California Code of Civil
Procedure or otherwise; (e) any defense based upon BONY's election, in any
proceeding instituted under the Federal Bankruptcy Code, of the application of
Section 111(b)(2) of the Federal Bankruptcy Code or any successor statute; (f)
any defense based upon any borrowing or any grant of security interest under
Section 364 of the Federal Bankruptcy Code; (g) presentment, demand, protest and
notice of any kind; (h) and the benefit of any statute of limitations affecting
the liability of Indemnitor hereunder or the enforcement hereof. Indemnitor
further waives any and all rights and defenses that Indemnitor may have because
Indemnitor's debt is secured by real property; this means, among other things,
that: (1) BONY may collect from Indemnitor without first foreclosing on any real
or personal property pledged by Indemnitor; (2) if BONY forecloses on any real
property collateral pledged by Indemnitor, then the

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amount of the debt may be reduced only by the price for which that collateral is
sold at the foreclosure sale, even if the collateral is worth more than the sale
price. The foregoing sentence is an unconditional and irrevocable waiver of any
rights and defenses Indemnitor may have because its debt is secured by real
property. These rights and defenses being waived by Indemnitor include, but are
not limited to, any rights or defenses based upon Section 580(a), 580(b), 580(d)
or 726 of the California Code of Civil Procedure.

      8. OTHER PROVISIONS.

            (a) This Indemnity is executed pursuant to the Secured Debt
      Documents and shall be construed, administered and applied in accordance
      with the terms and provisions thereof.

            (b) All notices pursuant to this Indemnity shall be delivered at the
      times, in the manner and to the addressees as set forth in any Secured
      Debt Documents.

            (c) No amendment to or waiver of any provision of this Indemnity nor
      consent to any departure by Indemnitor herefrom shall be effective unless
      the same shall be in writing and signed by BONY or a Secured Debt
      Representative and Indemnitor.

            (d) This Indemnity shall be binding on and for the benefit of, the
      parties hereto, together with their respective successors and assigns.

            (e) The obligations of Indemnitor hereunder shall survive any
      termination of this Indemnity and the termination of all the Secured Debt
      Obligations. The representations and warranties made by Indemnitor in this
      Agreement shall survive the execution and delivery of this Indemnity.

            (f) Any provision of this Indemnity which is prohibited or
      unenforceable in any jurisdiction shall, as to such provision and such
      jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions of this
      Indemnity or affecting the validity or enforceability of such provision in
      any other jurisdiction.

            (g) The various headings of this Indemnity are inserted for
      convenience only and shall not affect the meaning or interpretation of
      this Indemnity or any provisions hereof.

                                      -9-
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Dated: as of July 16, 2003

                                        "Indemnitor"

                                        CALPINE CORPORATION, a Delaware
                                        corporation

                                        By: /s/ B.A. Berligen
                                            ------------------------------------
                                            Name:  B.A. Berilgen
                                            Title: Executive Vice President

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                                    EXHIBIT A
                                       to
             HAZARDOUS MATERIAL UNDERTAKING AND UNSECURED INDEMNITY

                         Legal Description of Properties

<PAGE>

                                    EXHIBIT B
                                       to
             HAZARDOUS MATERIAL UNDERTAKING AND UNSECURED INDEMNITY

                            Description of Hazardous
                          Materials On Properties, etc.

                                      None.Exhibit 4.1

 

Exhibit 4.1

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY AND THE ORDINARY SHARES (AND
ANY OTHER SECURITIES) ISSUABLE UPON CONVERSION THEREOF MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT
THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS
SECURITY AND THE ORDINARY SHARES (AND ANY OTHER SECURITIES) ISSUABLE UPON
CONVERSION THEREOF MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED,
ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO
A NON U.S. PERSON IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904
UNDER THE SECURITIES ACT, (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV)
PURSUANT TO AN EFFECTIVE

 

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH
(IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A) ABOVE. IN ANY CASE, THE HOLDER HEREOF WILL NOT DIRECTLY OR
INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH REGARD TO THE SECURITIES
EXCEPT AS PERMITTED UNDER THE SECURITIES ACT.

THE HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION
RIGHTS AGREEMENT TO WHICH THE COMPANY IS A PARTY DATED AS OF JULY 7, 2003
RELATING TO THE SECURITY AND, BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY
AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

2

 

	 	 	 	 	 
	No. 1	 	 	 	
$100,000,000

	 	 	 
	CUSIP No. 82922RAA1	 	
Issue Date: July 7, 2003

	 
	ISIN No. US82922RAA14

SINA CORPORATION

Zero Coupon Convertible Subordinated Notes Due July 15, 2023

     SINA Corporation, an exempted company with limited liability incorporated
under the laws of the Cayman Islands, for value received, promises to pay to
The Bank of New York as Trustee, or registered assigns, the principal sum of
one hundred million dollars (U.S.$100,000,000) or such greater or lesser amount
as is indicated on the Schedule of Exchanges of Securities on the reverse of
this Security on July 15, 2023.

3

 

Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

	 	 	 	 	 
	 	 	SINA CORPORATION
	 	 	 	 	 
	Dated:	 
	
By:
	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	Authenticated:	 
	 	 	 	 	 
	THE BANK OF NEW YORK, as Trustee	 
	 	 
	By: 	

	 	 	 
	Authorized Signer	 

 

 

(Reverse of Security)

SINA CORPORATION

Zero Coupon Convertible Subordinated Notes Due July 15, 2023

SINA CORPORATION (the “Company”), an exempted company with limited liability
incorporated under the laws of the Cayman Islands.

	 	1.	 	METHOD OF PAYMENT

SINA CORPORATION, (the “Company”), an exempted company with limited liability
incorporated under the laws of the Cayman Islands will pay principal and
interest, if any, in money of the United States that at the time of payment is
legal tender for payment of public and private debts. Holders must surrender
Securities to a Paying Agent to collect principal payments.

	 	2.	 	RANKING

This Security is a subordinated unsecured obligation of SINA and ranks pari
passu in right of payment with all existing and future subordinated
indebtedness of SINA.

	 	3.	 	PAYING AGENT, REGISTRAR, CONVERSION AGENT

Initially, The Bank of New York (the “Trustee”) will act as Paying Agent,
Registrar, Transfer Agent and Conversion Agent. The Company may change any
Paying Agent, Registrar, Transfer Agent, Conversion Agent or Co-Registrar by
giving notice to the Trustee. The Company may act as Paying Agent, Registrar,
Transfer Agent, Conversion Agent or Co-Registrar.

	 	4.	 	INDENTURE

The Company issued this Security as one of a duly authorized issue of Notes of
the Company designated as its Zero Coupon Convertible Subordinated Notes Due
July 15, 2023 (the “Securities”) under an Indenture dated as of July 7, 2003
(the “Indenture”), between the Company and the Trustee. The terms of the
Securities are qualified in their entirety by those stated in the Indenture.
The Securities are subject to all such terms, and Securityholders are referred
to the Indenture for a statement of such terms. Terms used herein that are
defined in the Indenture shall have the respective meanings assigned thereto in
the Indenture. The Securities are general subordinated unsecured obligations
of the Company limited to $100,000,000 in aggregate principal amount.

	 	5.	 	OPTIONAL REDEMPTION

The Securities may not be redeemed prior to July 15, 2012, and are redeemable,
subject to the subordination provisions described below, on such date and
thereafter at the option of the Company, as a whole at any time, or in part
from time to time, at 100% of the principal amount plus accrued and unpaid
interest, if any, up to, but not including, the redemption date.

5

 

	 	6.	 	PURCHASE AT OPTION OF HOLDER

Subject to the terms and conditions of the Indenture, the Company shall
purchase, at the option of the Holder, all or any portion of the Securities
held by such Holder, in any integral multiple of $1,000, on July 15 annually
from 2007 to 2013 and on July 15, 2018 (each, a “Purchase Date”) at a purchase
price per Security equal to 100% of the aggregate principal amount of the
Security (the “Purchase Price”), together with accrued and unpaid interest, if
any, up to but not including the Purchase Date upon delivery of a Purchase
Notice containing the information set forth in the Indenture, at any time from
the opening of business on the date that is 20 Business Days prior to such
Purchase Date until the close of business on the fifth Business Day prior to
such Purchase Date, and upon delivery of the Securities to the Paying Agent by
the Holder as set forth in the Indenture.

Holders have the right to withdraw any Purchase Notice by delivering to the
Paying Agent a written notice of withdrawal in accordance with the provisions
of the Indenture.

If a Change of Control (as defined below) occurs, each Holder of Securities
shall have the right, at the Holder’s option, to require the Company to
repurchase all of such Holder’s Securities, or any portion thereof that is an
integral multiple of $1,000, on the date (the “Change of Control Purchase
Date”) selected by the Company that is not less than 10 nor more than 30 days
after the Final Surrender Date (as defined below), at a price equal to 100% of
the principal amount thereof, plus accrued and unpaid interest, if any, to the
Change of Control Purchase Date (the “Change of Control Purchase Price”).

Unless the Company shall have theretofore called for redemption all the
outstanding Securities, on or before the 30th day after the occurrence of a
Change of Control, the Company shall mail or cause the Trustee to mail to all
Holders of record of the Securities a notice (the “Company Notice”) describing,
among other things, the occurrence of such Change of Control and of the
repurchase right arising as a result thereof as well as the Final Surrender
Date and the Repurchase Date. The Company must deliver a copy of the Company
Notice to the Trustee and cause a copy of such notice to be published in a
newspaper of general circulation in the Borough of Manhattan, The City of New
York which newspaper shall be The Wall Street Journal. To exercise the
repurchase right, a Holder of Securities must surrender, on or before the date
which, subject to any contrary requirements of applicable law, is 60 days after
the date of mailing of the Company Notice (the “Final Surrender Date”) the
Securities with respect to which the right is being exercised, which, in the
case of definitive Securities, must be duly endorsed for transfer to the
Company.

The term “Change of Control” shall mean a “person” or “group” (within the
meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)), becoming the “beneficial owner” (as defined
in Rule l3d-3 under the Exchange Act) of Voting Shares (as defined below) of
the Company entitled to exercise more than 50% of the total voting power of all
outstanding Voting Shares of the Company (including any right to acquire Voting
Shares that are not then outstanding of which such person or group is deemed
the beneficial owner).

6

 

The term “Voting Shares” shall mean all outstanding shares of any class or
series (however designated) of Capital Stock entitled to vote generally in the
election of members of the Board of Directors.

	 	7.	 	NOTICE OF REDEMPTION

Notice of redemption pursuant to paragraph 5 must be mailed at least 20 days,
but not more than 60 days, before the redemption date to each Holder of
Securities to be redeemed at his address as shown on the register kept by the
Registrar, and to beneficial owners as required by applicable law. Securities
in denominations larger than $1,000 may be redeemed in part, but only in
integral multiples of $1,000. On and after the redemption date, interest shall
cease to accrue on Securities or any portion of them called for redemption;
provided that funds in the requisite amount are paid or made available for
payment on that date.

	 	8.	 	CONVERSION

Subject to the terms of the Indenture, Holders may surrender Securities for
conversion into shares of Ordinary Shares at any time on or prior to July 15,
2023 at the Conversion Price then in effect. The conversion right with respect
to the Security or the portion of the Security being redeemed will expire: (i)
on the date that is two Business Days immediately preceding the redemption date
or the Purchase Date (provided, that the Holder has not withdrawn the Purchase
Notice), as the case may be, or (ii) if the Holder has elected to participate
in a repurchase upon a Change of Control, at 5:00 p.m. New York time on the
business day before the Change of Control Purchase Date unless, in any case,
the Company defaults in making the payment due upon such redemption or
repurchase date (in which case the conversion right will terminate at the close
of business on the date such default is cured). The number of shares issuable
upon conversion of a Security is determined by dividing the principal amount to
be converted by the Conversion Price in effect on the Conversion Date, and
rounding the result to the nearest 1/l00th of a share, with 500/1,000 of a
share to be rounded up. Upon conversion, no payment or adjustment for accrued
interest on a converted Security (other than the payment of accrued interest to
the Holder of a Security pursuant to paragraph 1 hereof) or for dividends or
distributions on the Ordinary Shares will be made. The Company will deliver
cash for the value of such fractional shares rounded to the nearest cent with
0.5 cents to be rounded up based on the current market price of the Ordinary
Shares.

A Security in respect of which a Holder has delivered a Purchase Notice
exercising the option of such Holder to require the Company to purchase such
Security may be converted only if such notice of exercise is withdrawn in
accordance with the terms of the Indenture.

The initial Conversion Price is $25.79 per share of Ordinary Shares, subject to
adjustment in certain events described in the Indenture. The initial
Conversion Price is equivalent to a conversion rate of approximately 38.7692
Ordinary Shares per $1,000 principal amount of Securities, and is subject to
adjustment as described in the Indenture.

Holders may only surrender their Securities for conversion if any of the
following conditions is satisfied:

7

 

	•	 	During the period from issuance to July 15, 2022, if the Sale Price of
the Ordinary Shares for each of any five consecutive Trading Days in
the immediately preceding fiscal quarter is more than 115% of the
Conversion Price per Ordinary Share;
	 
	•	 	During the period from July 15, 2022 to July 15, 2023, if the Sale
Price of the Ordinary Shares on the previous Trading Day is more than
115% of the Conversion Price per Ordinary Share;
	 
	•	 	If the Company has called the Securities for redemption;
	 
	•	 	If the average of the Trading Prices of the Securities for any five
consecutive Trading Day period is less than 100% of the average of the
Conversion Values of the Securities during that period; provided,
however, that no Securities may be converted based on the satisfaction
of this condition during the six month period immediately preceding
each specified date on which Holders may require the Company to
repurchase their Securities (for example, with respect to the July 15,
2007 put date, the Securities may not be converted from January 15,
2007 to July 15, 2007) if on any day during such five consecutive
Trading Day period, the Sale Price of the Ordinary Shares is between
the Conversion Price and 115% of the Conversion Price; or
	 
	•	 	If the Company makes certain significant distributions to the Holders
of the Company’s Ordinary Shares or the Company enters into specified
corporate transactions.

No adjustment in the Conversion Price will be required unless such adjustment
would require a change of at least 1% in the Conversion Price then in effect;
provided that any adjustment that would otherwise be required to be made shall
be carried forward and taken into account in any subsequent adjustment. The
Company from time to time may voluntarily reduce the Conversion Price for a
period of at least 20 days.
To convert a Security, a Holder must:

	(1)	 	complete and sign the conversion notice (the “Conversion Notice”) on the
reverse of the Security indicating, inter alia, the condition upon which
the conversion is based,
	 
	(2)	 	surrender the Security to the Conversion Agent,
	 
	(3)	 	furnish the appropriate endorsements and transfer documents if required
by the Registrar or Conversion Agent, and
	 
	(4)	 	pay any tax or duty which may be payable in respect of any transfer
involving the issue or delivery of Ordinary Shares in the name of a Person
other than the Holder thereof.

In the case of Global Securities, conversion notices may be delivered and such
Securities may be surrendered for conversion in accordance with the Applicable
Procedures. A Holder may convert a portion of a Security if the portion is
$1,000 or an integral multiple of $1,000.

If the Company is a party to a consolidation or merger, or a transfer or a
lease of all or substantially all of its assets or a merger which reclassifies
or changes its outstanding Ordinary

8

 

Shares, the right to convert a Security into Ordinary Shares may be changed
into a right to convert it into securities, cash or other assets of the Company
or another person.

	 	9.	 	DENOMINATIONS, TRANSFER, EXCHANGE

The Securities are in registered form without coupons in denominations of
$1,000 and integral multiples of $1,000. A Holder may register the transfer of
or exchange Securities in accordance with the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes or other governmental charges that may
be imposed in relation thereto by law or permitted by the Indenture.

	 	10.	 	AMENDMENT, SUPPLEMENT, WAIVER

Subject to certain exceptions, the Indenture or the Securities may be amended
or supplemented, with the consent of the Company and the Holders of a majority
in aggregate principal amount of the Securities at the time outstanding, and
any existing default may be waived with the consent of the Holders of a
majority in aggregate principal amount of the Securities at the time
outstanding. Without the consent of any Securityholder, the Indenture or the
Securities may be amended, inter alia, to cure any ambiguity, defect or
inconsistency, to provide for assumption of Company obligations to
Securityholders in the case of a merger or acquisition, or to make any change
that does not materially adversely affect the rights of any Securityholder.

	 	11.	 	DEFAULTS AND REMEDIES

The following are Events of Default under the Indenture:

	(1)	 	a default in the payment of principal of any Security or of the
Redemption Price, Purchase Price or Repurchase Price in respect of any
Security when due, whether or not such payment is prohibited by the
subordination provisions of the Indenture,
	 
	(2)	 	a default in the payment of interest, if any, on any Security which
continues for 30 days or more after such payment is due, whether or not
such payment is prohibited by the subordination provisions of the
Indenture,
	 
	(3)	 	a default in the performance of any other of the Company’s covenants or
agreements in the Indenture that continues for 60 days after written
notice to the Company by the Trustee or to the Company and the Trustee by
the holders of at least 25% in principal amount of outstanding Securities,
	 
	(4)	 	failure by the Company to make any payment when due, including any
applicable grace period, in respect of its indebtedness for borrowed
money, which payment is in an amount in excess of $15 million,
	 
	(5)	 	default by the Company, its subsidiaries or its Associated Operating
Companies with respect to an of its indebtedness for borrowed money, which
default results in acceleration of any such indebtedness that is an amount
in excess of $15 million, and
	 
	(6)	 	certain events relating to bankruptcy, insolvency or reorganization.

9

 

If an Event of Default occurs and is continuing, the Trustee or the Holders of
at least 25% in aggregate principal amount of the Securities at the time
outstanding may declare the principal of, and accrued interest, if any, on all
the Securities to be due and payable immediately. If the Event of Default
relates to bankruptcy, insolvency, or reorganization, the Securities shall
become due and payable immediately upon the occurrence of such Events of
Default, subject to applicable law.

Securityholders may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may require indemnity and security
satisfactory to it before it enforces the Indenture or the Securities. Subject
to certain limitations, Holders of a majority in aggregate principal amount of
the Securities may direct the Trustee in its exercise of any trust or power.
The Trustee may withhold from Securityholders notice of any continuing default
(except a default in payment of principal or premium, if any, or interest) if
it determines that withholding notice is in their interests. The Company must
furnish an annual compliance certificate to the Trustee.

	 	12.	 	TRUSTEE DEALINGS WITH COMPANY

The Trustee and any agent under the Indenture, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not Trustee or agent.

	 	13.	 	NO RECOURSE AGAINST OTHERS

A director, officer, employee or stockholder, as such, of the Company shall
have no liability for any obligations of the Company under the Securities or
the Indenture or for any claim based on, in respect of or by reason of, such
obligations or their creation. Each Holder by accepting a Security waives and
releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities.

	 	14.	 	AUTHENTICATION

This Security shall not be valid until authenticated by the manual signature of
the Trustee or an authenticating agent on the face hereof.

	 	15.	 	ABBREVIATIONS

Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as but not limited to: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

	 	16.	 	CUSIP NUMBERS

Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures the Company has caused CUSIP numbers to be printed on
the Securities and has directed the Trustee to use CUSIP numbers in notices of
redemption as a

10

 

convenience to Securityholders. No representation is made as to the accuracy
of such numbers either as printed on the Securities or as contained in any
notice of redemption.

	 	17.	 	GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE OF PROCESS.

The laws of the State of New York shall govern the Indenture and the Securities
without giving effect to such state’s conflicts of law principles. The Company
has irrevocably and unconditionally submitted to the non-exclusive jurisdiction
of any New York State or United States Federal court sitting in the Borough of
Manhattan in The City of New York over any suit, action or proceeding arising
out of or relating to the Indenture or the Securities. The Company has
irrevocably appointed Corporation Service Company as its authorized agent for
service of process and agrees that service of process in any suit, action or
proceeding may be made upon it at the office of such agent at 1172 Avenue of
the Americas, 17th Floor New York, NY 10036, United States of America.

THE COMPANY WILL FURNISH TO ANY SECURITYHOLDER UPON WRITTEN REQUEST AND WITHOUT
CHARGE A COPY OF THE INDENTURE. IT ALSO WILL FURNISH THE TEXT OF THIS SECURITY
IN LARGER TYPE. REQUESTS MAY BE MADE TO: SINA CORPORATION, 2988 CAMPUS DRIVE,
SUITE 100, SAN MATEO, CALIFORNIA, 94403, USA, ATTENTION: EDWARD WU, TEL:
(1-650) 638-9228, FAX NO: (1-650) 638-9268

11

 

CONVERSION NOTICE

To: SINA Corporation

     The undersigned owner of this Security hereby irrevocably exercises the
option to convert this Security, or the portion hereof (which is $1,000 or an
integral multiple thereof) below designated, into shares of SINA Corporation
Ordinary Shares in accordance with the terms of the Indenture referred to in
this Security, and directs that the Ordinary Shares issuable and/or deliverable
upon conversion, together with any payment for fractional shares and any
Securities representing any unconverted principal amount hereof, be issued
and/or delivered to the registered Holder hereof unless a different name has
been indicated below. If Ordinary Shares are to be issued in the name of a
Person other than the undersigned, the undersigned will pay all transfer taxes
payable with respect thereto.

     To convert this Security into SINA Corporation Ordinary Shares of the
Company, check the box: o.

     Indicate the condition on which your conversion is based:

	 	o	 	Conversion Upon Satisfaction of Market Price Condition: Section
11.01(a) of the Indenture
	 
	 	o	 	Conversion Upon Notice of Redemption: Section 11.01(b) of the
Indenture
	 
	 	o	 	Conversion Upon Trading Price of Notes Falling Below a Percentage of
the Trading Value of the Notes: Section 11.01(c) of the Indenture
	 
	 	o	 	Conversion Upon Specified Corporation Transactions: Section 11.01(d)
of the Indenture

     To convert only part of this Security, state the amount (must be $1,000 or
any whole multiple thereof): $                         
               .

12

 

     If you want the stock certificate made out in another Person’s name, fill
in the form below:

(Insert other Person’s social security or tax identification number)

(Print or type other Person’s name, address and zip code)

	 	 	 
	Date:      	Your signature: 	

(Sign exactly as your name appears on the face of this Security)

	 	 	 
	 	Signature Guaranteed:

13

 

ASSIGNMENT FORM

     To assign this Security or, in the event of conversion, shares of SINA
Corporation Ordinary Shares, fill in the form below:

     I or we assign and transfer this Security or,      shares of SINA
Corporation Ordinary Shares, to

(Insert assignee’s social security or tax identification number)

(Print or type assignee’s name, address and zip code)

	and irrevocably appoint	

	agent to

agent to
transfer
this Security on the books of the Company. The agent may substitute another to
act for him.

	 	 	 	 	 
	Date:	 	 
Your signature:
	 	

(Sign exactly as your name appears on the face of this Security)

	 	 	 	 	 
	 	 	
Signature Guaranteed:
	 	

14

 

SCHEDULE OF EXCHANGES OF SECURITIES(4)

     The following exchanges, redemptions, repurchases or conversions of a part
of this Global Security have been made:

	 	 	 	 	 
	Principal Amount of
	this Global Security
	Following Such	 	 	 	 	Amount of Decrease
	Decrease Date of	 	Authorized Signatory	 	 	in Principal Amount	 	 	Amount of Increase in
	Exchange (or	 	of Securities	 	 	of this Global	 	 	Principal Amount of
	Increase)	 	Custodian	 	 	Security	 	 	this Global Security
	
	 	
	 	 	
	 	 	

15

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OR

TRANSFER OF TRANSFER RESTRICTED SECURITIES(5)

	 	 	 
	Re:	 	
Zero Coupon Convertible Subordinated Notes due July 15, 2023 (the
“Securities”) of SINA Corporation.

     This certificate relates to $               principal amount of Securities
owned in (check applicable box)

     o book-entry or
o definitive form by                     (the “Transferor”).

     The Transferor has requested a Registrar or the Trustee to exchange or
register the transfer of such Securities.

     In connection with such request and in respect of each such Security, the
Transferor does hereby certify that the Transferor is familiar with transfer
restrictions relating to the Securities as provided in Section 2 of the
Indenture dated as of July 7, 2003 between SINA Corporation and The Bank of New
York (the “Indenture”), and the transfer of such Security is being made
pursuant to an effective registration statement under the Securities Act of
1933, as amended (the “Securities Act”) (check applicable box) or the transfer
or exchange, as the case may be, of such Security does not require registration
under the Securities Act because (check applicable box):

			
		o	Such Security is being transferred pursuant to an effective
registration statement under the Securities Act.

			
		o	Such Security is being acquired for the Transferor’s own account,
without transfer.

			
		o	Such Security is being transferred to the Company or a Subsidiary
(as defined in the Indenture)

			
		o	Such Security is being transferred to a person the Transferor
reasonably believes is a “qualified institutional buyer” (as
defined in Rule 144A or any successor provision thereto (“Rule
144A”) under the Securities Act) that is purchasing for its own
account or for the account of a “qualified institutional buyer”, in
each case to whom notice has been given that the transfer is being
made in reliance on such Rule 144A, and in each case in reliance on
Rule 144A.

			
		o	Such Security is being transferred to a non-U.S. person in an
offshore transaction in accordance with Rule 903 and Rule 904 under
the Securities Act.

			
		o	Such Security is being transferred pursuant to and in compliance
with an exemption from the registration requirements under the
Securities Act in accordance with Rule 144 (or any successor
thereto) (“Rule 144”) under the Securities Act.

16

 

			
		o	Such Security is being transferred pursuant to and in compliance
with an exemption from the registration requirements of the
Securities Act (other than an exemption referred to above) and as a
result of which such Security will, upon such transfer, cease to be
a “restricted security” within the meaning of Rule 144 under the
Securities Act.

     The Transferor acknowledges and agrees that, if the transferee will hold
any such Securities in the form of beneficial interests in a global Security
which is a “restricted security” within the meaning of Rule 144 under the
Securities Act, then such transfer can only be made (a) pursuant to Rule 144A
under the Securities Act and such transferee must be a “qualified institutional
buyer” (as defined in Rule 144A) or (b) to a non-U.S. person in an offshore
transaction in accordance with Rule 903 and Rule 904 under the Securities Act.

				
	Date:	  		

	 	 		(Insert Name of Transferor)

17

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