{"id":39564,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-sina-com-and-daniel-daolin-mao.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-sina-com-and-daniel-daolin-mao","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-sina-com-and-daniel-daolin-mao.html","title":{"rendered":"Employment Agreement &#8211; Sina.com and Daniel Daolin Mao"},"content":{"rendered":"<pre>                                    SINA.COM\n\n                              EMPLOYMENT AGREEMENT\n\n        This Employment Agreement (the \"Agreement\") is dated as of June 1, 2002\nby and between Daniel Daolin Mao (\"Executive\") and SINA.COM, a Cayman Islands\ncompany (the \"Company\").\n\n        1. TERM OF AGREEMENT. This Agreement shall commence on the date hereof\nand shall have a term of three years (the \"Original Term\"). This Agreement may\nbe terminated by either party, with or without cause, on 30 days' written notice\nto the other party. This Agreement may be extended for an additional one year\nafter the end of the Original Term if the parties mutually agree in writing to\nsuch extension.\n\n        2. DUTIES.\n\n               (a) POSITION. Executive shall be employed as Chief Executive\nOfficer, and as such will and report to the Company's Board of Directors.\n\n               (b) OBLIGATIONS TO THE COMPANY. Executive agrees to the best of\nhis ability and experience that he will at all times loyally and conscientiously\nperform all of the duties and obligations required of and from Executive\npursuant to the express and implicit terms hereof, and to the reasonable\nsatisfaction of the Company. During the term of Executive's employment\nrelationship with the Company, Executive further agrees that he will devote all\nof his business time and attention to the business of the Company, the Company\nwill be entitled to all of the benefits and profits arising from or incident to\nall such work services and advice, Executive will not render commercial or\nprofessional services of any nature to any person or organization, whether or\nnot for compensation, without the prior written consent of the Company's Board\nof Directors, and Executive will not directly or indirectly engage or\nparticipate in any business that is competitive in any manner with the business\nof the Company. Nothing in this Agreement will prevent Executive from accepting\nspeaking or presentation engagements in exchange for honoraria or from serving\non boards of charitable organizations, or from owning no more than 1% of the\noutstanding equity securities of a corporation whose stock is listed on a\nnational stock exchange or the Nasdaq National Market. Executive will comply\nwith and be bound by the Company's operating policies, procedures and practices\nfrom time to time in effect during the term of Executive's employment.\n\n        3. AT-WILL EMPLOYMENT. The Company and Executive acknowledge that\nExecutive's employment is and shall continue to be at-will, as defined under\napplicable law, and that Executive's employment with the Company may be\nterminated by either party at any time for any or no reason. If Executive's\nemployment terminates for any reason, Executive shall not be entitled to any\npayments, benefits, damages, award or compensation other than as provided in\nthis Agreement. The rights and duties created by this Section 3 may not be\nmodified in any way except by a written agreement approved by the Board of\nDirectors of the Company.\n\n        4. COMPENSATION. For the duties and services to be performed by\nExecutive hereunder, the Company shall pay Executive, and Executive agrees to\naccept, the salary, stock options, bonuses and other benefits described below in\nthis Section 4.\n\n\n\n\n\n               (a) SALARY. Executive shall receive a monthly salary of\nUS$25,000, which is equivalent to US$300,000 on an annualized basis. Executive's\nmonthly salary will be payable pursuant to the Company's normal payroll\npractices for payment of compensation to executives. Executive's salary will be\nreviewed at the time determined appropriate by the Board or Directors of the\nCompany or its Compensation Committee, and any increase will be effective as of\nthe date determined appropriate by the Board or its Compensation Committee.\n\n               (b) STOCK OPTIONS AND OTHER INCENTIVE PROGRAMS. Executive shall\nbe eligible to participate in any stock option or other incentive programs\navailable to officers or employees of the Company.\n\n               (c) BONUSES. Executive's entitlement to incentive bonuses from\nthe Company is discretionary and shall be determined by the Board of Directors\nof the Company, or its Compensation Committee, in good faith based upon the\nextent to which Executive's individual performance objectives and the Company's\nprofitability objectives and other financial and nonfinancial objectives are\nachieved during the applicable bonus period. In the event of Executive's\ntermination of employment on account of death or Disability during the term of\nthis Agreement, the Company shall pay to Executive or Executive's estate the\nbonus Executive would have earned during the entire year in which death or\nDisability occurred.\n\n               (d) ADDITIONAL BENEFITS. Executive will be eligible to\nparticipate in the Company's employee benefit plans of general application,\nincluding without limitation, those plans covering medical, disability and life\ninsurance in accordance with the rules established for individual participation\nin any such plan and under applicable law. Executive will be eligible for\nvacation and sick leave in accordance with the policies in effect during the\nterm of this Agreement and will receive such other benefits as the Company\ngenerally provides to its other employees of comparable position and experience.\n\n               (e) REIMBURSEMENT OF EXPENSES. Executive shall be authorized to\nincur on behalf and for the benefit of, and shall be reimbursed by, the Company\nfor reasonable expenses, provided that such expenses are substantiated in\naccordance with Company policies.\n\n        5. TERMINATION OF EMPLOYMENT AND SEVERANCE BENEFITS.\n\n               (a) TERMINATION OF EMPLOYMENT. This Agreement may be terminated\nduring its Original Term (or any extension thereof) upon the occurrence of any\nof the following events:\n\n                      (i) The Company's determination in good faith that it is\nterminating Executive for Cause (as defined in Section 6 below) (\"Termination\nfor Cause\");                          \n\n                      (ii) The Company's determination that it is terminating\nExecutive without Cause, which determination may be made by the Company at any\ntime at the Company's sole discretion, for any or no reason (\"Termination\nWithout Cause\");\n\n                      (iii) The effective date of a written notice sent to the\nCompany from Executive stating that Executive is electing to terminate his\nemployment with the Company (\"Voluntary Termination\");\n\n                      (iv) A change in Executive's status such that a\nConstructive Termination (as defined in Section 5(b)(iv) below) has occurred; or\n\n\n\n\n                                      -2-\n\n\n                      (v) Following Executive's termination of employment on\naccount of death or Disability (as defined in Section 7 below).\n\n               (b) SEVERANCE BENEFITS. Executive shall be entitled to receive\nseverance benefits upon termination of employment only as set forth in this\nSection 5(b):\n\n                      (i) VOLUNTARY TERMINATION. If Executive's employment\nterminates by Voluntary Termination, then Executive shall not be entitled to\nreceive payment of any severance benefits. Executive will receive payment(s) for\nall salary and unpaid vacation accrued as of the date of Executive's termination\nof employment and Executive's benefits will be continued under the Company's\nthen existing benefit plans and policies in accordance with such plans and\npolicies in effect on the date of termination and in accordance with applicable\nlaw.\n\n                      (ii) INVOLUNTARY TERMINATION. If Executive's employment is\nterminated under Section 5(a)(ii) or 5(a)(iv) above (such termination, an\n\"Involuntary Termination\"), Executive will be entitled to receive payment of\nseverance benefits equal to Executive's regular monthly salary for the larger of\n(i) 12 months or (ii) the remainder of the Term of this Agreement (the\n\"Severance Period\") provided that Executive agrees to release the Company from\nany and all claims arising from or related to the employment relationship or\nsuch termination and executes an release agreement as requested by the Company\nat the time of such termination. Such payments shall be made ratably over the\nSeverance Period according to the Company's standard payroll schedule. Executive\nwill also be entitled to receive payment on the date of termination of any bonus\npayable under Section 4(c). Health insurance benefits with the same coverage\nprovided to Executive prior to the termination (e.g. medical, dental, optical,\nmental health) and in all other respects significantly comparable to those in\nplace immediately prior to the termination will be provided at the Company's\ncost over the Severance Period. Any unvested stock options or shares of\nrestricted stock held by Executive as of the date of Executive's termination of\nemployment shall continue to vest through the end of the Severance Period\naccording to the vesting schedule set forth in any agreement between Executive\nand the Company governing the issuance to Executive of such securities.\n\n                      (iii) TERMINATION FOR CAUSE. If Executive's employment is\nterminated for Cause, then Executive shall not be entitled to receive payment of\nany severance benefits. Executive will receive payment(s) for all salary and\nunpaid vacation accrued as of the date of Executive's termination of employment\nand Executive's benefits will be continued under the Company's then existing\nbenefit plans and policies in accordance with such plans and policies in effect\non the date of termination and in accordance with applicable law.\n\n                      (iv) CONSTRUCTIVE TERMINATION. \"Constructive Termination\"\nshall be deemed to occur if (A)(1) there is an adverse change in Executive's\nposition causing such position to be of reduced stature or responsibility, or\n(2) a reduction of more than 10% of Executive's base compensation unless in\nconnection with similar decreases of other similarly situated employees of the\nCompany; and (B) within the 30-day period immediately following such change or\nreduction Executive elects to terminate his employment voluntarily.\n\n                      (v) TERMINATION BY REASON OF DEATH OR DISABILITY. In the\nevent that Executive's employment with the Company terminates as a result of\nExecutive's death or Disability (as defined in Section 7 below), Executive or\nExecutive's estate or representative will receive all salary and unpaid vacation\naccrued as of the date of Executive's death or Disability and any other benefits\npayable under the Company's then existing benefit plans and policies in\naccordance with such plans and policies in effect on the date of death or\nDisability and in accordance with applicable law. In addition,\n\n\n\n\n                                      -3-\n\n\nExecutive's estate or representative will receive the amount of Executive's\ntarget bonus for the fiscal year in which the death or Disability occurs to the\nextent that the bonus has been earned as of the date of Executive's death or\nDisability, as determined by the Board of Directors or its Compensation\nCommittee based on the specific corporate and individual performance targets\nestablished for such fiscal year.\n\n        6. DEFINITION OF CAUSE. For purposes of this Agreement, \"Cause\" for\nExecutive's termination will exist at any time after the happening of one or\nmore of the following events:\n\n               (a) Executive's willful misconduct or gross negligence in\nperformance of his duties hereunder, including Executive's refusal to comply in\nany material respect with the legal directives of the Company's Board of\nDirectors so long as such directives are not inconsistent with the Executive's\nposition and duties, and such refusal to comply is not remedied within 10\nworking days after written notice from the Board of Directors, which written\nnotice shall state that failure to remedy such conduct may result in Termination\nfor Cause;\n\n               (b) Dishonest or fraudulent conduct, a deliberate attempt to do\nan injury to the Company, or conduct that materially discredits the Company or\nis materially detrimental to the reputation of the Company, including conviction\nof a felony; or\n\n               (c) Executive's incurable material breach of any element of the\nCompany's Confidential Information and Invention Assignment Agreement, including\nwithout limitation, Executive's theft or other misappropriation of the Company's\nproprietary information.\n\n        7. DEFINITION OF DISABILITY. For purposes of this Agreement,\n\"Disability\" shall mean that Executive has been unable to perform his duties\nhereunder as the result of his incapacity due to physical or mental illness, and\nsuch inability, which continues for at least 120 consecutive calendar days or\n150 calendar days during any consecutive twelve-month period, if shorter, after\nits commencement, is determined to be total and permanent by a physician\nselected by the Company and its insurers and acceptable to Executive or to\nExecutive's legal representative (with such agreement on acceptability not to be\nunreasonably withheld).\n\n        8. CONFIDENTIALITY AGREEMENT. Executive shall sign, or has signed, a\nConfidential Information and Invention Assignment Agreement (the\n\"Confidentiality Agreement\") substantially in the form attached hereto as\nExhibit A. Executive hereby represents and warrants to the Company that he has\ncomplied with all obligations under the Confidentiality Agreement and agrees to\ncontinue to abide by the terms of the Confidentiality Agreement and further\nagrees that the provisions of the Confidentiality Agreement shall survive any\ntermination of this Agreement or of Executive's employment relationship with the\nCompany.\n\n        9. NONCOMPETITION COVENANT. Executive hereby agrees that he shall not,\nduring the term of his employment pursuant to this Agreement and the Severance\nPeriod, if any, do any of the following without the prior written consent of the\nCompany's Board of Directors:\n\n               (a) COMPETE. Carry on any business or activity (whether directly\nor indirectly, as a partner, stockholder, principal, agent, director, affiliate,\nemployee or consultant) which is competitive with the business conducted by the\nCompany (as conducted now or during the term of Executive's employment), nor\nengage in any other activities that conflict with Executive's obligations to the\nCompany.\n\n\n\n\n                                      -4-\n\n\n               (b) SOLICIT BUSINESS. Solicit or influence or attempt to\ninfluence any client, customer or other person either directly or indirectly, to\ndirect his or its purchase of the Company's products and\/or services to any\nperson, firm, corporation, institution or other entity in competition with the\nbusiness of the Company.\n\n               (c) SOLICIT PERSONNEL. During the term of this Agreement and for\na period of 12 months thereafter, solicit or influence or attempt to influence\nany person employed by the Company to terminate or otherwise cease his\nemployment with the Company or become an employee of any competitor of the\nCompany. This Section 9(c) is to be read in conjunction with Section 6 of the\nConfidential Information and Invention Assignment Agreement executed by\nExecutive.\n\n        10. CONFLICTS. Executive represents that his performance of all the\nterms of this Agreement will not breach any other agreement to which Executive\nis a party. Executive has not, and will not during the term of this Agreement,\nenter into any oral or written agreement in conflict with any of the provisions\nof this Agreement. Executive further represents that he is entering into or has\nentered into an employment relationship with the Company of his own free will\nand that he has not been solicited as an employee in any way by the Company.\n\n        11. SUCCESSORS. Any successor to the Company (whether direct or indirect\nand whether by purchase, lease, merger, consolidation, liquidation or otherwise)\nto all or substantially all of the Company's business and\/or assets shall assume\nthe obligations under this Agreement and agrees expressly to perform the\nobligations under this Agreement in the same manner and to the same extent as\nthe Company would be required to perform such obligations in the absence of a\nsuccession. The terms of this Agreement and all of Executive's rights hereunder\nshall inure to the benefit of, and be enforceable by, Executive's personal or\nlegal representatives, executors, administrators, successors, heirs,\ndistributees, devisees and legatees.\n\n        12. MISCELLANEOUS PROVISIONS.\n\n               (a) NO DUTY TO MITIGATE. Executive shall not be required to\nmitigate the amount of any payment contemplated by this Agreement (whether by\nseeking new employment or in any other manner), nor, except as otherwise\nprovided in this Agreement, shall any such payment be reduced by any earnings\nthat Executive may receive from any other source.\n\n               (b) AMENDMENTS AND WAIVERS. Any term of this Agreement may be\namended or waived only with the written consent of the parties.\n\n               (c) SOLE AGREEMENT. This Agreement, including any Exhibits\nhereto, constitutes the sole agreement of the parties and supersedes all oral\nnegotiations and prior writings with respect to the subject matter hereof.\n\n               (d) NOTICES. Any notice required or permitted by this Agreement\nshall be in writing and shall be deemed sufficient upon receipt, when delivered\npersonally or by a nationally-recognized delivery service (such as Federal\nExpress or UPS), or 48 hours after being deposited in the U.S. mail as certified\nor registered mail with postage prepaid, if such notice is addressed to the\nparty to be notified at such party's address as set forth below or as\nsubsequently modified by written notice.\n\n               (e) CHOICE OF LAW. The validity, interpretation, construction and\nperformance of this Agreement shall be governed by the laws of the State of\nCalifornia, without giving effect to the principles of conflict of laws.\n\n\n\n\n                                      -5-\n\n\n               (f) SEVERABILITY. If one or more provisions of this Agreement are\nheld to be unenforceable under applicable law, the parties agree to renegotiate\nsuch provision in good faith. In the event that the parties cannot reach a\nmutually agreeable and enforceable replacement for such provision, then (i) such\nprovision shall be excluded from this Agreement, (ii) the balance of the\nAgreement shall be interpreted as if such provision were so excluded and (iii)\nthe balance of the Agreement shall be enforceable in accordance with its terms.\n\n               (g) COUNTERPARTS. This Agreement may be executed in counterparts,\neach of which shall be deemed an original, but all of which together will\nconstitute one and the same instrument.\n\n               (h) ARBITRATION. Any dispute or claim arising out of or in\nconnection with this Agreement will be finally settled by binding arbitration in\nCalifornia in accordance with the rules of the American Arbitration Association\nby one arbitrator appointed in accordance with said rules. The arbitrator shall\napply California law, without reference to rules of conflicts of law or rules of\nstatutory arbitration, to the resolution of any dispute. Judgment on the award\nrendered by the arbitrator may be entered in any court having jurisdiction\nthereof. Notwithstanding the foregoing, the parties may apply to any court of\ncompetent jurisdiction for preliminary or interim equitable relief, or to compel\narbitration in accordance with this paragraph, without breach of this\narbitration provision. This Section 12(h) shall not apply to the Confidentiality\nAgreement.\n\n               (i) ADVICE OF COUNSEL. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES\nTHAT, IN EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK\nTHE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD ALL OF THE\nTERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED\nAGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.\n\n                            [Signature Page Follows]\n\n\n\n\n                                      -6-\n\n\n        The parties have executed this Agreement the date first written above.\n\n                                    SINA.COM\n\n\n                                    By:       \/s\/ Lip Bu Tan\n                                       -----------------------------------------\n                                               Lip Bu Tan\n                                    Title:  Director of the Board of the Company\n                                    Address:  2988 Campus Drive, Suite 100\n                                              San Mateo, CA 94403\n\n\n\n\n                                    THE EXECUTIVE:\n\n\n                                    Signature:       \/s\/ Daniel Daolin Mao\n                                              ----------------------------------\n\n                                    Address:  3176 Stelling Drive\n                                              Palo Alto, CA 94303\n\n\n                                      -7-\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8837],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-39564","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-sinacom","corporate_contracts_industries-technology__software","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39564"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39564"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39564"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}