Document:

EX-4.88

 Exhibit 4.88 

Loan Agreement 
 This Loan Agreement (this
“Agreement”) is made as of October 30, 2019 in Beijing, by and between: 
  

	
	Party A: Baidu Online Network Technology (Beijing) Co., Ltd.
	                 Registered Address: 3/F, No. 10 Shangdi
10th Street, Haidian District, Beijing
  

	Party B: Shanshan Cui
	                ID Card No.

 WHEREAS: 
  

	 	1.	 Party A is a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China
(the “PRC”); 

  

	 	2.	 Party B is a Chinese citizen holding 50% equity interests in Beijing Perusal Technology Co., Ltd.
(“Beijing Perusal”); and 

  

	 	3.	 Party A agrees to provide to Party B, and Party B agrees to accept, a loan equal to RMB1,598,440,000 for the
purposes contemplated herein. 

 NOW, THEREFORE, Party A and Party B agree as follows through negotiations: 

 

	 	1.	 Pursuant to the terms and subject to the conditions of this Agreement, Party A confirms that it has provided to
Party B and Party B has agreed to accept, a loan at an aggregate amount of RMB1,598,440,000. 

  

	 	2.	 Party B confirms its receipt of the loan and has applied the loan in its entirety to pay the price for its
acquiring equity interests in Beijing Perusal. 

  

	 	3.	 The term of the loan under this Agreement shall commence on the day of receipt of the loan by Party B until the
10th anniversary of the date on which this Agreement is executed, which term is renewable upon agreement by the Parties in writing; provided, however, that the loan
provided hereunder could be accelerated for immediate repayment by Party B pursuant to this Agreement at the request of Party A in writing at any time during the term of the loan or any renewal thereof if: 

 

	 	(1)	 Party B resigns from or is dismissed by Party A or any affiliate of Party A; 

 

	 	(2)	 Party B is dead, without civil legal capacity or with limited civil legal capacity; 

 

	 	(3)	 Party B is found with criminal offense or involvement therein; 

 

	 	(4)	 A claim is raised against Party B by any third party for an amount exceeding RMB100,000; or

  

	 	(5)	 Subject to the laws of the PRC, Party A or any of its nominees may make investment in Beijing Perusal for
operation of value-added telecommunication services and other services, such as internet information services, and Baidu, Inc. or any of its nominees has elected to exercise its option by issuing a written notice to Party B to purchase the equity
interests in Beijing Perusal under the Exclusive Equity Purchase and Transfer Option Agreement referenced in article 4 hereof. 

  

	 	4.	 It is agreed and acknowledged that, subject to and to the extent permitted by the laws of the PRC, Baidu, Inc.,
as the holding company of Party A, shall have the right but no obligation to purchase or nominate any other person (including any natural person, legal entity or other entity) to purchase all or any part of the equity interests in Beijing Perusal
held by Party B (the “Call Option”), provided that Baidu, Inc. shall issue a written notice to Party B to exercise the Call Option. Upon Baidu, Inc.’s issuance of such written notice, Party B shall, as requested and instructed
by Party A, immediately transfer all of its equity interests in Beijing Perusal to Baidu, Inc. or any of its nominees at the original investment price (the “Original Investment Price”) or any other price acceptable to Baidu, Inc.
required under applicable laws. It is agreed and acknowledged that upon exercising the Call Option by Baidu, Inc., if the lowest price of the equity interests permitted under applicable laws is higher than the Original Investment Price, the price
payable by Baidu, Inc. or any of its nominees shall be the lowest price permitted under applicable laws. The Parties agree to enter into an Exclusive Equity Purchase and Transfer Option Agreement with respect to the foregoing in this Article 4.

	 	5.	 It is agreed and acknowledged that Party B shall repay the loan only as follows: upon its maturity and at the
request of Party A in writing, the loan provided hereunder shall be repaid by Party B (or any of its heirs, successors or assigns) with the proceeds from transfer of its equity interests in Beijing Perusal to Baidu, Inc. or any of its nominees to
the extent permitted under the PRC laws, or otherwise agreed by the Parties. 

  

	 	6.	 It is agreed and acknowledged that in connection with transfer of the equity interests by Party B to Baidu,
Inc. or any of its nominees upon maturity of the loan, if the proceeds from such transfer are legally required to or otherwise exceed the principal of the loan, Party B agrees to pay such excess amount, net of any individual income tax and other
taxes and fees payable by Party B, to Baidu, Inc. or any of its nominees at sole decision of Baidu, Inc. to the extent permissible by the law. 

  

	 	7.	 It is agreed and acknowledged that Party B shall not be deemed to have fulfilled its obligations under this
Agreement until: 

  

	 	(1)	 it has transferred all of its equity interests in Beijing Perusal to Baidu, Inc. or any of its nominees; and

  

	 	(2)	 it has paid to Party A all of the proceeds from the equity interest transfer pursuant to Articles 5 and 6 of
this Agreement. 

  

	 	8.	 To secure performance of its obligations under this Agreement, Party B agrees to pledge all of its equity
interests in Beijing Perusal to Party A (the “Equity Pledge”). It is acknowledged that an Equity Pledge Agreement in respect of the foregoing in this Article 8 has been made as of October 30, 2019. 

 

	 	9.	 As of the date hereof, Party A represents and warrants to Party B that: 

 

	 	(1)	 Party A is a wholly foreign-owned enterprise incorporated and validly existing under the laws of the PRC;

  

	 	(2)	 Party A has the right to execute and perform this Agreement. The execution and performance of this agreement by
Party A comply with its business scope, articles or any other organization document, and Party A has obtained all approvals and authorizations necessary and appropriate for its execution and performance of this Agreement; 

 

	 	(3)	 The principal of the loan to Party B is legally owned by Party A; 

 

	 	(4)	 Execution and performance of this Agreement by Party A does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party A and any third party, or any covenant made by Party A to any third party; and 

 

	 	(5)	 This Agreement, once executed, shall constitute legal, valid obligations of Party A and enforceable against
Party A in accordance with its terms. 

  

	 	10.	 As of the date hereof until the end of this Agreement, Party B represents and warrants to Party A that:

  

	 	(1)	 Beijing Perusal is a limited liability company incorporated and validly existing under the laws of the PRC and
Party B is a legal holder of the equity interests in Beijing Perusal; 

  

	 	(2)	 Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this
Agreement comply with the articles or any other organizational document of Beijing Perusal, and Party B has obtained all approvals and authorizations necessary and appropriate for its execution and performance of this Agreement;

  

	 	(3)	 Execution and performance of this Agreement by Party B does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party B and any third party, or any covenant made by Party B to any third party; 

 

	 	(4)	 This Agreement, once executed, shall constitute legal, valid obligations of Party B and enforceable against
Party B in accordance with its terms; 

  
 2 

	 	(5)	 Party B has made all contributions required by law for its holding equity interests in Beijing Perusal;

  

	 	(6)	 Unless otherwise provided under the Equity Pledge Agreement and the Exclusive Equity Purchase and Transfer
Option Agreement, Party B does not create any mortgage, pledge or other security over its equity interests in Beijing Perusal, or make any offer to any third party to transfer its equity interests, or make any promise as to any offer to purchase its
equity interests from any third party, or execute any agreement with any third party to transfer its equity interests; 

  

	 	(7)	 There are no pending or potential disputes, litigation, arbitration, administrative proceedings or other legal
proceedings in connection with the equity interests in Beijing Perusal held by Party B; and 

  

	 	(8)	 Beijing Perusal has completed all necessary governmental approvals, licenses, registrations and filings.

  

	 	11.	 Party B undertakes that during the term of this Agreement, it shall: 

 

	 	(1)	 not sell, transfer, pledge or otherwise dispose of its equity interests or other interests in Beijing Perusal,
or to allow creation of any other security interest thereupon without the prior written consent of Party A, except for the equity pledge or other right created for the benefit of Party A; 

 

	 	(2)	 not vote for, support or execute any shareholder resolutions at Beijing Perusal’s shareholder’s
meetings permitting sale, transfer, pledge or other disposal of any of its legal or beneficiary ownership of the equity interests in Beijing Perusal or creation of any other security interest thereupon without the prior written consent of Party A,
except for those made to Party A or any of its nominees; 

  

	 	(3)	 not vote for, support or execute any shareholder resolutions at Beijing Perusal’s shareholder meetings
permitting Beijing Perusal to merge or combine with, or acquire or invest in, any person without Party A’s prior written consent; 

  

	 	(4)	 promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to the equity interests of Beijing Perusal; 

  

	 	(5)	 execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain its ownership of equity interests in Beijing Perusal; 

 

	 	(6)	 refrain from any act and/or omission that may materially affect the assets, business and liabilities of Beijing
Perusal without the prior written consent of Party A; 

  

	 	(7)	 appoint any person nominated by Party A as executive director of Beijing Perusal, upon Party A’s request;

  

	 	(8)	 in connection with Party A’s exercise of the Call Option provided hereunder, transfer promptly and
unconditionally all equity interests in Beijing Perusal held by Party B to Party A and/or any of its nominees, to the extent and within the scope permissible under the laws of the PRC; 

 

	 	(9)	 not request Beijing Perusal to distribute dividends or profits to it; 

 

	 	(10)	 upon transfer of its equity interests in Beijing Perusal to Party A or any of its nominees, pay the entire
proceeds received by it from transfer of the equity interests to Party A as repayment of the loan or otherwise to the extent permitted under the laws of the PRC; and 

 

	 	(11)	 strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain
from any act or omission that could affect the validity and enforceability of this Agreement. 

  

	 	12.	 Party B undertakes that in its capacity of a shareholder of Beijing Perusal and during the term of this
Agreement, it shall procure Beijing Perusal: 

  
 3 

	 	(1)	 not to supplement, amend or modify its articles of association, or increase or decrease its registered capital,
or to change its capital structure in any form without the prior written consent of Party A; 

  

	 	(2)	 to maintain its existence and handle matters prudently and affectively in accordance with good financial and
business rules and practices; 

  

	 	(3)	 not to sell, transfer, mortgage or otherwise dispose of, nor to permit the creation of any other security
interest on, any of its legal or beneficial interests in its assets, business or income without the prior written consent of Party A, at any time as of the date of this Agreement; 

 

	 	(4)	 not to incur, succeed, guarantee or permit the existence of any liabilities without the prior written consent
of Party A, except for any liabilities (i) arising from the ordinary or day-to-day course of business instead of through Party B; and (ii) disclosed
to Party A or approved by Party A in writing; 

  

	 	(5)	 to operate all businesses on a continued basis and maintain the value of its assets; 

 

	 	(6)	 not to execute any material contracts (for the purpose of this Section 12(6), a contract will be deemed
material if its value exceeds RMB500,000) without the prior written consent of Party A, other than those executed during the ordinary course of business; 

  

	 	(7)	 to provide all information regarding its operations and financial affairs at Party A’s request;

  

	 	(8)	 not to merge or combine with, acquire or invest in, any other person without the prior written consent of Party
A; 

  

	 	(9)	 not to distribute dividends to the shareholders without the prior written consent of Party A, and upon Party
A’s request, to promptly distribute all distributable profits to the shareholders. 

  

	 	(10)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to its assets, business or revenue; 

  

	 	(11)	 to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain its ownership of its assets; and 

  

	 	(12)	 to strictly comply with the terms of the Exclusive Technology Consulting and Services Agreement dated
June 23, 2006 and the Exclusive Technology Consulting and Services Supplementary Agreement dated April 22, 2010, each by Beijing Perusal and Party A (collectively, the “Service Agreement”) and other agreements, duly
perform its obligations thereunder, and refrain from any act or omission that could affect the validity and enforceability thereof. 

  

	 	13.	 This Agreement is binding upon, and inures the benefit of, each of the Parties and their respective heirs,
successors and permitted assigns. Without prior written consent of Party A, Party B shall not transfer, pledge or otherwise assign any of its rights, interests or obligations hereunder. 

 

	 	14.	 Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written
notice to Party B when it considers necessary. No further consent from Party B is required for such transfer. 

  

	 	15.	 Execution, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement are governed by the laws of the PRC. 

  

	 	16.	 Arbitration 

  

	 	(1)	 Both Parties shall strive to resolve any dispute, conflicts, or claims arising from the interpretation or
performance (including any issue relating to the existence, validity and termination) of this Agreement through negotiations in good faith. If no resolution is made within thirty (30) days after one Party requests for such resolution, either
Party may submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its then-effect rules. The arbitration award shall be final and conclusive and binding upon the Parties.

  

	 	(2)	 The place of the arbitration shall be Beijing. 

  
 4 

	 	(3)	 The arbitration language shall be Chinese. 

 

	 	17.	 This Agreement shall be made as of the date of its execution, and the Parties agree and confirm that the terms
and conditions of this Agreement will become effective from the date when Party B receives the loan and expire on the date when each Party has completed its obligations hereunder. 

 

	 	18.	 Party B shall not terminate or revoke this Agreement under any circumstances unless (1) Party A is found
with gross negligence, fraud, or other material misconduct; or (2) Party A is in bankruptcy. 

  

	 	19.	 This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters
not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement.

  

	 	20.	 This Agreement constitutes the entire agreements of the Parties with respect to the transaction herein and
supersedes all prior verbal discussions and written agreements between the Parties. 

  

	 	21.	 This Agreement is severable. The invalidity or unenforceability of any term shall not affect the validity or
enforceability of the remainder of this Agreement. 

  

	 	22.	 Each Party shall strictly protect the confidentiality of any information regarding the other Party’s
business, operation, financial situation or other confidential information obtained under this Agreement or during the performance of this Agreement. 

  

	 	23.	 Any obligation that is accrued or becomes due prior to expiry or early termination of this Agreement shall
survive such expiry or early termination. Sections 15, 16, and 22 shall survive expiry or termination of this Agreement. 

  

	 	24.	 This Agreement shall be executed in two originals, and each Party shall hold one thereof. Both originals shall
have the same legal effect. 

 (No text below) 

  
 5 

 [Signature page only] 

IN WITNESS WHEREOF, each Party has executed or caused this Agreement to be executed by its legal or authorized representative on its behalf as of the
date first written above. 
  

			
	Party A:
	
	Baidu Online Network Technology (Beijing) Co., Ltd. (seal)

			
		
	Signature:	 	 /s/ Shanshan Cui

		
	Party B:	 	

			
	
	 Shanshan

Cui

			
		
	Signature:	 	 /s/ Shanshan Cui

  
 6EX-4.89

 Exhibit 4.89 

Proxy Agreement 
 This Proxy Agreement
(this “Agreement”) is made as of October 30, 2019 in Beijing, the People’s Republic of China (“PRC,” for purposes of this Agreement, excluding Hong Kong, Macau and Taiwan) by and between: 

Party A: Baidu, Inc., with registered address at M&C Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands; 
 And 

Party B: Shanshan Cui, with ID No. 
 WHEREAS: 

 

	1.	 Party B is a citizen of the PRC and shareholder of Beijing Perusal Technology Co., Ltd. (“Beijing
perusal”).    As of the date hereof, Party B holds 50% equity interests in Beijing Perusal (“Party B’s Equity”). 

 

	2.	 Pursuant to the terms and subject to the conditions of this Agreement, Party B agrees to authorize a PRC
company or individual designated by Party A to exercise its rights as a shareholder of Beijing Perusal on its behalf, and Party A agrees to accept such authorization. 

NOW, THEREFORE, the Parties hereby agree as follows: 
  

	1.	 Party B hereby agrees to irrevocably authorize any entity or individual designated by Party A to exercise on
its behalf all of the voting and other rights as a shareholder empowered by the law and Beijing Perusal’s articles of association at the shareholders’ meeting of Beijing Perusal, including without limitation any right regarding sale,
transfer, pledge or disposal of all or part of Party B’s equity interests in Beijing perusal; and designating and electing the executive director of Beijing Perusal as an authorized representative of the shareholders of Beijing Perusal at the
shareholders’ meeting. 

  

	2.	 Party A agrees to designate any entity or individual permitted under applicable laws to accept the
authorization of Party B under Article 1 hereof, and such entity or individual shall exercise Party B’s voting and other rights as a shareholder on behalf of Party B under this Agreement. As of the date hereof, Party A hereby designates
Shanshan Cui as the authorized individual to exercise voting and other rights as a shareholder on behalf of Party B under this Agreement. For avoidance of any doubt, Party A shall have the discretion to replace any entity or individual designated by
it or designate any other entity or individual to exercise such voting and other rights on behalf of Party B. 

  

	3.	 Party B hereby acknowledges that, regardless of any change of its equity interests in Beijing Perusal, any
entity or individual designated by Party A shall be authorized to exercise all of the voting and other rights as a shareholder on behalf of Party B. If Party B transfers its equity interests in Beijing Perusal to any individual or entity other
than Party A or any individual or entity designated by Party A (the “Transferee”), it shall procure and ensure that the Transferee shall authorize any individual or entity designated by Party A to exercise voting and any other
rights as a shareholder on its behalf by entering into an agreement which form and content are similar to those of this Agreement in conjunction with its signing any equity transfer agreement. 

 

	4.	 Party B hereby acknowledges that if Party A withdraws its designation of the authorized entity or individual,
it shall immediately withdraw its authorization to such entity or individual, and authorize any other entity or individual designated by Party A to exercise all of its voting and other rights as a shareholder at the shareholders’ meeting of
Beijing Perusal. 

  

	5.	 This Agreement shall be effective upon execution by the Parties or their respective legal or authorized
representatives as of the date first written above. 

  

	6.	 This Agreement shall remain permanently valid unless otherwise expressly provided hereunder or terminated by
Party A in writing. If any Party’s operating term expires during the term of this Agreement, such Party shall timely renew its operating term to enable this Agreement to be continually valid and implementable. If any Party’s application to
renew its operating term fails to obtain approval or consent from competent authority, this Agreement shall terminate upon the end of such Party’s operating term, unless such Party has transferred its rights and obligations pursuant to Article
10 hereof. 

	7.	 This Agreement shall remain valid as long as Party B is a holder of any equity interest in Beijing Perusal.
During the term of this Agreement, unless otherwise required by law, Party B may not cancel, early terminate or end this Agreement. Notwithstanding the foregoing, Party A shall have the right to terminate this Agreement at any time with a written
notice to Party B no less than thirty (30) days in advance. 

  

	8.	 No amendment to this Agreement shall be made unless by agreement of the Parties in writing. Any duly executed
amendment or supplement hereto by the Parties is an integral part of, and shall have the same binding effect with, this Agreement. 

  

	9.	 Should any provision hereof be held invalid or unenforceable due to its inconsistency with any applicable law,
such provision shall be deemed invalid only to the extent governed by such law without affecting the validity of the remainder hereof. 

  

	10.	 All notices or other correspondences required to be sent by any Party hereunder shall be made in Chinese and
delivered to the following addresses of the other Party or any other address designated and notified to such Party from time to time by hand, mail or fax. The notices shall be deemed to have been duly served (a) on the day of delivery if it is
sent by hand, (b) on the tenth (10th) day after it is sent by post-prepaid registered airmail (with marking of the mailing day on the postmark), or on the fourth (4th) day after the notice is handed to an internationally recognized express delivery service; (c) at the time of receipt shown on the transmission acknowledgement if it is sent by fax; and
(d) on the day of successful delivery if it is delivered by electronic mail evidenced by the confirmation generated from the mail delivery system or without receipt of delivery failure or return message from the mail delivery system within 24
hours. 

 Party A: Baidu, Inc. 

Address: M&C Services Limited, PO Box 309, Ugland House, Grand Cayman, 

KY1-1104, Cayman Islands 

Attention: Yanhong Li 
 Fax: 

Tel: 
 Party
B:     
 Shanshan Cui 

Address:     

Fax: 
 Tel: 

 

	11.	 Unless with Party A’s prior written consent, Party B shall not transfer its rights and obligations
hereunder to any third party. Party B hereby agrees that Party A may assign its rights and obligations under this Agreement at its own discretion provided that Party A is required to give a written notice to such effect to Party B, and no further
consent of Party B is required thereof. 

  

	12.	 Both Parties acknowledge and confirm that any oral or written information exchanged between the Parties in
connection with this Agreement are confidential, and both Parties shall keep all such information confidential and not disclose any such information to any third person, except for the information which: (a) is known or will be known by the
public (not resulting from unauthorized disclosure by the Party receiving such information); (b) is required to be disclosed by applicable laws or rules or regulations of a stock exchange; or (c) needs to be disclosed to a Party’s legal or
financial advisor in connection with the transaction contemplated hereby, provided that such advisor shall be subject to confidential obligations similar to those provided in this Article. Disclosure by any employee of or entity engaged by any Party
shall be deemed disclosure by such Party, and such disclosing Party shall be held liable for breach of this Agreement. This Article shall survive any invalidity, amendment, termination, dissolution or unenforceability of this Agreement for any
reason whatsoever. 

  

	13.	 

  

	 	(1)	 The formation, validity, interpretation, performance, amendment and termination of and resolution of any
dispute under this Agreement shall be governed by the laws of the PRC. 

  

	 	(2)	 Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement
shall first be resolved by the Parties in good faith through negotiations. If negotiations fail, any Party may submit such dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration
rules then in effect. The arbitration shall be held in Beijing and the arbitration language shall be Chinese. The arbitral award shall be final and binding upon both Parties. 

  
 2 

	 	14.	 This Agreement, once becoming effective, constitutes the entire agreements and understandings between the
Parties with respect to the subject matter hereof, and supersedes in their entirety all prior oral and written agreements and understandings between the Parties with respect to the subject matter hereof. 

 

	 	15.	 This Agreement shall be executed in two originals, and each Party shall hold one thereof. Both originals shall
have the same legal effect. 

 (No text below) 

  
 3 

 (Signature page) 

IN WITNESS WHEREOF, each Party has executed or caused this Agreement to be executed by its legal or authorized representative on its behalf as of the
date first written above. 
  

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

	Title:	 	Director
		
	Party B:	 	
		
	Shanshan Cui	 	
		
	Signature:	 	 /s/ Shanshan Cui

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]