EX-4.86




 Exhibit 4.86 

Termination Agreement of Current Control Contracts 

This Termination Agreement of Current Control Contracts (this “Agreement”) is made as of October 30, 2019 in Beijing, the People’s
Republic of China (the “PRC,” for purposes of this Agreement excluding Hong Kong, Macau and Taiwan) by and among: 
 Party A: Baidu
Online Network Technology (Beijing) Co., Ltd., a wholly foreign owned enterprise duly formed and validly existing under the PRC laws, with its registered address at 3/F, Baidu Plaza, No. 10 Shangdi 10th Street, Haidian District, Beijing; 
 Party B: Beijing Perusal Technology Co., Ltd., a
limited liability company duly formed and validly existing under the PRC laws, with its registered address at A2, 2/F, Building 17, Zhongguancun Software Park, 8 Dong Bei Wang West Road, Haidian District, Beijing; 

Party C: Zhixiang Liang, a PRC citizen, ID No.    ; and 

Lu Wang, a PRC citizen, ID No.    ; 

And 
 Party D: Baidu Inc., a company duly
formed and validly existing under the laws of the Cayman Islands, with its registered address at M&C Corporate Services Limited, P.O. Box 309 GT, Ugland House, Grand Cayman, KY1-1104, Cayman
Islands. 
 In this Agreement, each of the Parties above are collectively referred to as the “Parties,” individually as a “Party,” and
mutually as “Other Parties.” 
 WHEREAS: 
  

	(1)	 Each of the Parties has signed the documents listed in Exhibit 1 attached hereto (collectively the
“Current Control Documents”) prior to the date hereof; and 


  

	(2)	 Pursuant to the terms and subject to the conditions herein, each of the Parties agrees to terminate all of the
Current Control Documents. 


 NOW, THEREFORE, the Parties agree as follows through negotiations: 

 

	1.	 Termination of Current Control Documents 



 

	1.1	 Each of the Parties hereby irrevocably agrees and acknowledges that all of the Current Control Documents shall
terminate and cease to have any effect as of the date hereof. 


  

	1.2	 As of the date hereof, each of the Parties shall have no right under all and/or any of the Current Control
Documents, or be required to fulfill any obligation thereunder; provided, however, that (i) any rights exercised and obligations fulfilled by each of the Parties on reliance of the Current Control Documents shall remain
valid, no Party is required to return any payment, income or interest of any kind received by it or in its actual possession on reliance of the Current Control Documents, and any amount which has become due and payable among Party A, Party B and
Party C shall be paid accordingly; notwithstanding the foregoing, Lu Wang shall return to Party A an amount of RMB1,598,440.00 equal to the entire principal and interest accrued thereupon under the Loan Agreement listed in
Exhibit 1 pursuant to the same Loan Agreement; and (ii) Party A, Party B and Party C shall make application with the competent industrial and commercial authority having jurisdiction over Party B within [30] business days as of the date hereof
to cancel the registered pledge of the equity interests in Party B made by Lu Wang in favor of Party A under the Current Control Documents. 


  

	1.3	 Unless otherwise provided in Section 1.2 above, each of the Parties hereby irrevocably and unconditionally
waives any dispute, claim, demand, right, obligation, liability, action, contract or cause of action of any kind or nature it had, has or may have against the Other Parties directly or indirectly in connection with or arising from all and/or any of
the Current Control Documents. 


  

	1.4	 Without prejudice to the generality of Sections 1.2 and 1.3 above, as of the date hereof, each of the Parties
hereby waives any commitment, debt, claim, demand, obligation and liability of any kind or nature that such Party or any of its successors, heirs, assigns or estate executors had, has or may have against the Other Parties and their respective
current and past directors, officers, employees, counsels and agents, affiliates of the forgoing persons and the respective successors and assigns of each of the foregoing, in connection with or arising from the Current Control Documents, including
claims and cause of action at law or equity, whether initiated or not, absolute or contingent, known or unknown. 














	2.	 Representations and Warranties 



 

	2.1	 Mutual Representations and Warranties. Each of the Parties represents and warrants to the Other Parties
that: 


 (1) it has full legal rights, powers and authorities to execute this Agreement and all contracts and documents
referenced herein to which it is a party, and execution of this Agreement represents expression of its genuine intent; 
 (2) none of its
execution and performance of this Agreement will constitute breach of any organizational document to which it is a party or by which it is bound, any agreement executed or permit obtained by it, or result in its breach of or requirement for it to
obtain any judgment, ruling, order or consent issued by a court, government authority or regulatory body; and 
 (3) it has obtained all
consents, approvals and authorizations necessary for its valid execution of this Agreement, all contracts and documents referenced herein to which it is a party, and for its compliance with and performance of its obligations hereunder and
thereunder. 
  

	3.	 Covenants 


  

	3.1	 In order to duly terminate the rights and obligations under the Current Control Documents, each Party shall
execute all documents and take all actions that are necessary or advisable, provide active support for the Other Parties in obtaining relevant government approvals and/or registration documents and effecting relevant termination procedures.



  

	4.	 Termination 


  

	4.1	 Except for the circumstances expressly provided herein, the Parties agree to terminate this Agreement:



 (1) by all of the Parties through negotiation, and all expenses and losses incurred therefrom shall be borne
respectively by the incurring Party; or 
 (2) by the non-defaulting Party if the intent of
this Agreement is incapable of fulfilment due to a Party’s breach of its obligations hereunder. 
  

	5.	 Breach Liabilities and Indemnification 



 

	5.1	 Any Party shall be deemed in breach of this Agreement if it breaches or fails to perform any of its
representations, warranties, covenants, obligations and liabilities set forth herein. 


  

	5.2	 Unless otherwise expressly agreed herein, any Party in breach of this Agreement shall indemnify the non-defaulting Party for any cost, liability or any loss (including without limitation any interest accrued therefrom and legal fees) incurred by
the non-defaulting Party. The total amount of indemnity payable by the defaulting Party to the non-defaulting Party shall be the loss arising from
such breach. 


  

	6.	 Governing Law and Dispute Resolution 



 

	6.1	 The formation of this Agreement and its validity, interpretation, performance and resolution of any dispute
arising from this Agreement shall be governed by and construed in accordance with the laws of the PRC. 


  

	6.2	 All disputes arising from the performance of this Agreement or in connection with this Agreement shall be
resolved by the Parties through negotiations in good faith. 


  

	6.3	 Any Party may submit any dispute arising from this Agreement to China International Economic and Trade
Arbitration Commission (CIETAC) for arbitration in Beijing in accordance with its arbitration rules and procedures then in effect. The arbitral tribunal shall consist of three arbitrators appointed in accordance with the arbitration rules, with one
arbitrator appointed by the claimant, one arbitrator by the respondent and the third arbitrator by the two appointed arbitrators after consultation or by the CIETAC. The arbitration shall proceed on confidential basis in Chinese. The arbitral award
shall be final and binding upon all Parties. 



  
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	6.4	 During the arbitration, except the matters under dispute and pending arbitration, each Party shall continue to
exercise its other rights and fulfill its other obligations hereunder. 


  

	7.	 Confidentiality 



 

	7.1	 The Parties shall be obliged to keep confidential this Agreement and matters relating to this Agreement, and
none of the Parties may disclose any matter relating hereto to a third party other than the Parties hereto without the written consent of the Other Parties, except for any disclosure: 



(1) to the auditor, legal advisor and any other person engaged by it in the ordinary course of business, provided that such person shall be
obliged to keep in confidence any information relating to this Agreement acquired by it during such engagement; and 
 (2) which could be
otherwise accessible by the public, or is expressly required by law, regulation or relevant stock exchange authority. 
  

	8.	 Miscellaneous 



 

	8.1	 This Agreement shall become effective upon signature of all of the Parties. 



 

	8.2	 The Parties may amend or modify this Agreement through negotiations. Any such amendment or modification shall
be made in writing and become effective upon signature of all of the Parties. 


  

	8.3	 If any provision hereof be held invalid or unenforceable, such provision shall be deemed to have never existed
herein and have no effect upon validity of the remainder of this Agreement, and the Parties shall negotiate to provide for a new provision to the extent permissible by law to ensure that the intent of the original provision be realized to the
maximum extent. 


  

	8.4	 Unless otherwise provided herein, no failure or delay in exercising any right, power or privilege hereunder by
a Party shall operate as its waiver of such right, power or privilege, nor shall single or partial exercise of such right, power or privilege preclude the exercise of any other right, power and privilege. 



 

	8.5	 This Agreement is made in five originals with one thereof for each Party, and each of the originals shall be
equally binding. 


 (No text below, Signatures to follow) 

  
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 IN WITNESS WHEREOF, each Party has executed or caused this Termination Agreement of Current Control
Contracts to be executed by its authorized representative on its behalf as of the date first written above with immediate effect. 
  

			
	Party A:
	
	Baidu Online Network Technology (Beijing) Co., Ltd. (seal)
		
	Signature:	 	 /s/ Shanshan Cui

	Name:	 	
	Title:	 	Legal Representative
	
	Party B:
	
	Beijing Perusal Technology Co., Ltd. (seal)
		
	Signature:	 	 /s/ Shanshan Cui

	Name:	 	
	Title:	 	Legal Representative
	
	Party C:
	
	Zhixiang Liang
		
	Signature:	 	 /s/ Zhixiang Liang

	
	Lu Wang
		
	Signature:	 	 /s/ Lu Wang

	
	Party D:
	
	Baidu, Inc.
		
	Signature:	 	 /s/ Yanhong Li

	Name:	 	
	Title:	 	Director


  
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 Exhibit 1 

List of Current Control Documents 
  

							
	 No.
	  	 Document Name
	  	 Signed by
	  	 Signed on

	1	  	Operating Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd.; Beijing Perusal Technology Co., Ltd.; and Lu Wang	  	June 28, 2018
				
	2	  	Loan Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd. and Lu Wang	  	June 28, 2018
				
	3	  	Exclusive Equity Purchase and Transfer Option Agreement	  	Baidu, Inc.; Baidu Online Network Technology (Beijing) Co., Ltd.; Lu Wang and Beijing Perusal Technology Co., Ltd.	  	June 28, 2018
				
	4	  	Proxy Agreement	  	Baidu, Inc. and Lu Wang	  	June 28, 2018
				
	5	  	Power of Attorney	  	Lu Wang	  	June 28, 2018
				
	6	  	Equity Pledge Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd. and Lu Wang	  	June 28, 2018


  
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