Document:

Exhibit 4.53

 

 

Loan Agreement

 

 

among

 

Beijing Qunar Software Technology Co., Ltd.

 

CAO Hui

 

And

 

WANG Hui

 

2016

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Pages
    
	
Articles
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
1.
    	
DEFINITIONS AND   INTERPRETATIONS
    	
 
    	
3
    
	
 
    	
 
    	
 
    	
 
    
	
2.
    	
LOANS
    	
 
    	
4
    
	
 
    	
 
    	
 
    	
 
    
	
3.
    	
CONDITIONS PRECEDENT
    	
 
    	
6
    
	
 
    	
 
    	
 
    	
 
    
	
4.
    	
REPRESENTATIONS AND   WARRANTIES
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    
	
5.
    	
UNDERTAKINGS
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    
	
6.
    	
ENFORCEMENT
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
7.
    	
CONFIDENTIALITY
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
8.
    	
DISPUTE RESOLUTION
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    
	
9.
    	
INDEMNITY
    	
 
    	
13
    
	
 
    	
 
    	
 
    	
 
    
	
10.
    	
MISCELLANEOUS
    	
 
    	
13
    

 

2

 

THIS LOAN AGREEMENT (Agreement) is entered into on March 23, 2016 in Beijing, People’s Republic of China (PRC)

 

by and among

 

(1)                                  Beijing Qunar Software Technology Co., Ltd.(北京趣拿软件科技有限公司), a wholly foreign owned enterprise duly incorporated and validly existing under the laws of the PRC, with its registered address at Room 1701-1707, 1710-1720,17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District Beijing, China (Party A);

 

and

 

(2)                                  CAO Hui, a PRC citizen, ID card number 310110197908230424 of Room 1802, No. 6 of 710 Nong, Caoyang Road, Putuo District, Shanghai, China. (Party B).

 

and

 

(3)                                  WANG Hui, a PRC citizen, ID card number 310110197312240832 of Room 603, No. 4 of 57 Nong, Xuanhua Road, Changning District, Shanghai, China. (Party C)

 

Recitals

 

A.                                   Beijing Qu Na Information Technology Co., Ltd.  (北京趣拿信息技术有限公司, Company) is a domestic company of limited liability incorporated in Beijing, PRC. Party B and Party C hold 60% and 40% of the equity interest of the Company, respectively (Equity Interests);

 

B.                                   Party A, Party B, Party C, Zhuang Chenchao, Zhang Dongchen and other relevant parties have entered into a undertaking agreement on December 12, 2015, pursuant to which Zhuang Chenchao and Zhang Dongchen agree to transfer their equity interests of the Company to Party B and Party C respectively and Party B and Party C agree to undertake the liability and obligation of Zhuang Chenchao and Zhang Dongchen to repay a loan in the amount of RMB 11,000,000 to Party A(each a Loan, collectively Loans);

 

C.                                   Party A, Party B and Party C agree to sign this Agreement to reflect the intention of the Parties and specify the rights and liability of Parties.

 

NOW, THEREFORE, the parties agree as follows:

 

1.                                      DEFINITIONS AND INTERPRETATIONS

 

1.1                       Definitions.  Unless otherwise provided in this Agreement, the following terms shall have the meanings set forth below:

 

3

 

	
Designated Party
    	
 
    	
means a third party as designated by Party A;
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Event   of Default
    	
 
    	
means an event as described in Article 2.3;
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Equity   Option Agreement
    	
 
    	
means the Restated Equity Option Agreement by and   among Party A, Party B, Party C, the Company, and Qunar Cayman Islands   Limited dated the even date of this Agreement;
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Equity   Pledge Agreement
    	
 
    	
means the Equity Interest Pledge Agreement by and   among Party A, Party B, and Party C dated the even date of this Agreement;
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Power   of Attorney
    	
 
    	
means each of the Power of Attorney respectively   signed and issued by Party B and Party C dated the even date of this   Agreement conferring all his rights as a shareholder of the Company to Party   A or the Designated Party; and
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Repayment   Notice
    	
 
    	
means a written notice from Party A to Party B   and/or Party C for purposes of the repayment of the Loan(s).
    	
 
    

 

1.2                       Interpretations.  All headings used herein are for reference purposes only and do not affect the meaning or interpretation of any provision.  Any reference to an Article is to an article of this Agreement.  The use of the plural shall include the use of the singular, and vice versa. Unless otherwise indicated, a reference to a day, month or year is to a calendar day, month or year. The use of the masculine shall include the use of the feminine, and vice versa.

 

2.                                      LOANS

 

2.1                       Amount.  Party A has provided to Party B and Party C, and Party B and Party C have received from Party A, the Loans, respectively, in which Party B has received RMB 6,600,000 and Party C has received RMB 4,400,000. The Loans shall be interest free, unless otherwise provided in this Agreement.

 

2.2                       Term.  The term of the Loans shall continue indefinitely until such time as Party B and/or Party C receives a Repayment Notice and fully repays the Loan(s) in accordance with the Agreement, or an Event of Default occurs unless Party A has sent a notice indicating otherwise within 15 calendar days after it is aware of such event.

 

2.3                       Event of Default.  For purposes of this Agreement, an Event of Default is deemed to have occurred if any of the following were to apply to Party B and/or Party C:

 

4

 

2.3.1                          a proceeding is commenced against him under any applicable bankruptcy, insolvency, reorganization, court mediation, or other similar laws;

 

2.3.2                          he makes or attempts to make any fraudulent use or any unauthorized transfer of the Loan(s) or the Equity Interests;

 

2.3.3                          he dies or his capacity to perform civil acts is lost or limited;

 

2.3.4                          he is charged with a criminal offense;

 

2.3.5                          any third party institutes a court action against him claiming over RMB 5,000;

 

2.3.6                          Party B and/or Party C breaches any of its covenants or other obligations under this Agreement, and such breach has not been remedied within 15 calendar days after receiving Party A’s written notice requiring remedy;

 

2.3.7                          the representations and warranties made by Party B and/or Party C prove to be false or misleading in any material respect;

 

2.3.8                          any indebtedness, guarantee or other obligation of Party B and/or Party C, whether pursuant to a contract or otherwise, (i) is accelerated as a result of a default thereunder and is required to be repaid or performed prior to the scheduled date; or (ii) has become due and is not repaid or performed as scheduled and thereby causes Party A to regard Party B and Party C’s capacity to perform the obligations specified herein as having been adversely affected;

 

2.3.9                          Party B and/or Party C are incapable of repaying his debts as they become due;

 

2.3.10                   the Agreement is illegal as a result of any applicable laws or Party B and/or Party C is restricted from continuing to perform its obligations as specified herein;

 

2.3.11                   any approval, permits, licenses, authorization, registration or filing procedure from any applicable governmental entity required for the Company to provide value added telecommunications services in respect of its information services business via the Internet in the PRC are withdrawn, suspended, invalidated or materially amended;

 

2.3.12                   any approval, permits, licenses or authorization from any applicable government authority required to perform this Agreement or make this Agreement enforceable, legal and valid are withdrawn, suspended, invalidated or materially amended;

 

2.3.13                   any property owned by Party B and/or Party C is altered or damaged and thereby causes Party A to deem that the capability of Party B and/or Party C to perform the obligations stated herein have been adversely affected; or

 

5

 

2.3.14                   Party B and/or Party C defaults under either of the Equity Pledge Agreement, the Equity Option Agreement or the Power of Attorney.

 

2.4                       Repayment Date. Unless otherwise agreed by Party A in writing, the Loan(s) borrowed by Party B and/or Party C, any portion of the Loan(s) and any other payment in arrears, if applicable, under this Agreement shall become due and payable five Business Days after Party A gives written notice to Party B and/or Party C demanding repayment in accordance with Article 6.1 (Repayment Date).

 

Party A shall have its sole discretion to demand repayment of the Loans or any portion of the Loans and send a written notice accordingly.

 

Without Party A’s express prior written consent, the Loans shall not be repaid and shall continue indefinitely until the Repayment Date.

 

2.5                       Form of Repayment. Unless agreed by the parties in writing, the Loans may only be repaid in the form specified in Article 6.

 

2.6                       Purpose of Loans. Party B and Party C have accepted the Loans provided by Party A and hereby agree and covenant that the Loans shall be used only to acquire to the equity interests of the Company or repay their debts incurred in connection with their contribution of the registered capital of the Company.  Without Party A’s prior written consent, Party B and Party C shall not use the Loans for any other purpose, or sell, assign, transfer, pledge or otherwise dispose of any legal rights or benefits in connection with, or create any security interest over, the Equity Interest to any third party. Furthermore, Party B and Party C agree only to borrow money from Party A for future registered capital increase of the Company and not to contribute registered capital by themselves or borrow money from other third parties.

 

3.                                      CONDITIONS PRECEDENT

 

Drawdown of the Loans by Party B and Party C shall, unless specifically waived by Party A in writing, be conditional upon the fulfillment of all of the following conditions precedent:

 

3.1                       Representations and Warranties.  All the representations and warranties provided by Party B and Party C in Article 4.2 are true, complete and correct, and shall remain true, complete and correct on the date of such drawdown, as if they are provided on such date.

 

3.2                       No Breach.  Party B and Party C shall not have breached any of his undertakings provided in Article 5, and no event which may affect the performance of Party B’s obligations hereunder shall have occurred or be likely to occur.

 

6

 

4.                                      REPRESENTATIONS AND WARRANTIES

 

4.1                       Party A’s Representations and Warranties.  Party A represents and warrants as follows:

 

4.1.1                          it is a company incorporated and validly existing under the laws of PRC;

 

4.1.2                          it has the power to enter into and perform this Agreement, and its execution and performance of this Agreement is in compliance with its business scope and the provisions of its articles of association or other constituent documents;

 

4.1.3                          the execution and performance of this Agreement by it will not result in a breach of any laws, regulations, authorizations, or agreement to which it is subject; and

 

4.1.4                          this Agreement shall constitute its legal, valid, and binding obligations, and is to be enforceable against it.

 

4.2                       Party B and Party C’s Representations and Warranties.  Party B and Party C severally represent and warrant as follows:

 

4.2.1                          he has and shall maintain the full power and authority to enter into this Agreement and to perform his obligations hereunder;

 

4.2.2                          the execution and performance of this Agreement by him will not result in a breach of any laws, regulations, authorizations, or agreement to which he is subject;

 

4.2.3                          this Agreement shall constitute his legal, valid, and binding obligations, and is to be enforceable against him;

 

4.2.4                          there are no civil, criminal or administrative, claims, actions, suits, investigations or proceedings pending or threatened against him which, based on his knowledge, would materially and adversely affect his execution or performance of this Agreement;

 

4.2.5                          there is no provision of any agreement, enforceable judgment or order of any court binding on him or affecting his property, which would in any way prevent or materially and adversely affect his execution or performance of this Agreement;

 

4.2.6                          the execution and performance of this Agreement and the realization of Party A’s rights hereunder will not violate any mortgage right, contract, judgment, decree or law that is binding upon him or his property;

 

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4.2.7                          with the exception of the Equity Pledge Agreement, the Equity Option Agreement and the Power of Attorney, he has not: (a) created any pledge, charge or any other security over any of the Equity Interests; (b) offered to transfer any of the Equity Interests to any third party; (c) issued an undertaking to any third party regarding any offer to purchase any of the Equity Interests; or (d) entered into any agreement to transfer any of the Equity Interests to any third party; and

 

4.2.8                          no dispute, action, arbitration, administrative procedure or other legal proceeding (potential or actual) regarding himself and/or any of the Equity Interests in existence or pending.

 

5.                                      UNDERTAKINGS

 

5.1                       Party B and Party C’s Undertakings relating to the Company. Party B and Party C severally undertake to vote his total interest in the Company and to take all other necessary actions to ensure that the Company:

 

5.1.1                          will obtain or complete all the necessary governmental approvals, authorizations, licenses, registrations and filing procedures to own its assets and to engage in the value added telecommunications business in respect of its information services business via the Internet in the PRC and other businesses specified in the operational scope of its business license;

 

5.1.2                          will not supplement, change, or modify in any way its articles of association or other constituent documents, increase or reduce its registered capital, or alter its shareholding structure without the prior written consent of Party A;

 

5.1.3                          will not sell, transfer, mortgage, pledge, grant any option rights or otherwise dispose of any asset, business or legal or beneficial interest, or permit the creation of any other security interest over the same without the prior written consent of Party A;

 

5.1.4                          will not incur, inherit, warrant or permit the existence of any loans without the prior written consent of Party A;

 

5.1.5                          will not enter into any contracts or extend any loan or credit to any party or provide any guarantee or assume any obligation of any party without the prior written consent of Party A;

 

5.1.6                          will provide all information relating to its operations and financial affairs to Party A upon the request of Party A;

 

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5.1.7                                 will not merge, consolidate with any third party, or acquire or invest in any third party, without the prior written consent of Party A;

 

5.1.8                                 will notify Party A immediately should any legal action, arbitration or administrative procedure relating to its assets, operations or income arises or is likely to arise;

 

5.1.9                                 will execute all necessary or appropriate agreements, take all necessary or appropriate actions and make all necessary or appropriate defenses for the purpose of maintaining all rights and proprietary interests in respect of its assets;

 

5.1.10                          will not pay dividends or distributions of any kind to its shareholders without the prior written consent of Party A;

 

5.1.11                          will strictly observe all of the provisions under this Agreement, the Equity Pledge Agreement, the Equity Option Agreement and the Power of Attorney and shall not cause any act or omission to take place which may impair the validity and enforceability of those documents; and

 

5.1.12                          will promptly notify Party A in writing of the occurrence of any event which may materially affect its assets, obligations, rights or operations.

 

5.2                                    Undertakings of Party B and Party C.  Party B and Party C severally further undertakes as follows:

 

5.2.1                                 he will not sell, transfer, mortgage, pledge, grant any option rights or otherwise dispose of any of the Equity Interests, or permit the creation of any other security interest in the Company without the prior written consent of Party A;

 

5.2.2                                 he will ensure that the shareholders’ meeting of the Company shall not approve any sale, transfer, pledge or other disposal of the Equity Interests, or permit the creation of any other security interest over the same without the prior written consent of Party A;

 

5.2.3                                 he will ensure that the shareholders’ meeting of the Company shall not approve the increase or reduce of the registered capital, consolidation, merger or division of the Company without the prior written consent of Party A;

 

5.2.4                                 he will ensure that the shareholders’ meeting of the Company shall decide on any matter only with the prior written instruction of Party A;

 

9

 

5.2.5                                 he will notify Party A immediately if and when any legal action, arbitration, or administrative procedure relating to the Equity Interests arises or is likely to arise;

 

5.2.6                                 he will enter into all necessary or appropriate agreements, take all necessary or appropriate actions, file all necessary or appropriate charges and conduct all necessary or appropriate defenses for the purpose of maintaining ownership of the Equity Interests at the instruction of Party A;

 

5.2.7                                 he will not cause any actions and/or omissions which may materially and adversely affect the assets, operations or liability of the Company without the prior written consent of Party A;

 

5.2.8                                 he will, upon the request of Party A, appoint any person nominated by Party A as a director of , or to hold any other position in, the Company and take all necessary or appropriate actions to complete all the necessary governmental registrations and filing procedures required accordingly by the applicable laws;

 

5.2.9                                 in the event that the Party A or the Designated Party purchases the Equity Interests pursuant to the Equity Option Agreement, he shall apply the entire proceeds therefrom to repay the Loans to Party A;

 

5.2.10                          he will promptly notify Party A in writing of the occurrence of any event which may materially or adversely affect his assets, obligations, rights or operations;

 

5.2.11                          he shall issue the Power of Attorney simultaneously when entering into this Agreement;

 

5.2.12                          the Equity Option Agreement shall be validly executed, pursuant to which Party B and Party C shall grant Party A or the Designated Party with an exclusive option to purchase the Equity Interests, to the extent permitted under PRC laws;

 

5.2.13                          the Equity Pledge Agreement, the Equity Option Agreement, and the Power of Attorney shall be in full effect and free of default, and all relevant filing or registrations procedures, approvals, and governmental proceedings shall have been duly obtained or completed;

 

10

 

5.2.14                          he will strictly observe all the provisions and perform all of his obligations under this Agreement, the Equity Pledge Agreement,  the Equity Option Agreement and the Power of Attorney, causing no actions nor failing to take any actions that may impair the validity or enforceability of this Agreement, the Equity Pledge Agreement,  the Equity Option Agreement or the Power of Attorney;

 

5.2.15                          he shall maintain as strictly confidential the existence and provisions of this Agreement, as well as any correspondence, resolutions, ancillary agreements and any other documentation associated herewith; and

 

5.2.16                          he will not be entitled to any dividend or profit distribution of the Company and will not request or receive any of the same without the prior written consent of Party A. If such dividends or other distributions are distributed to him from the Company, he will immediately and unconditionally pay or transfer to Party A any such dividends or other distributions in whatsoever form obtained from the Company as a shareholder of the Company at the time such payables arise, after having deducted and paid any and all relevant taxes and expenses applicable as a result of his receipt of such dividends or other distributions. In the event that the profit, bonus, distribution or dividend he receives from the Company exceeds his repayment obligation under this Agreement, he shall immediately transfer such profit, bonus, distribution or dividend to Party A or to any party designated by Party A. If such transfer is prohibited by PRC laws, he shall remit the amount to Party A or to any party designated by Party A in a manner permitted under the applicable laws.

 

6.                                      ENFORCEMENT

 

6.1                              Repayment of Loans.

 

6.1.1                                       Upon the occurrence of either an Event of Default or a decision by Party A, in its sole discretion, to demand repayment of the entire Loans or any portion of the Loans, Party A may at its sole discretion issue a notice (Repayment Notice) to Party B and/or Party C requiring repayment of the entire Loans or any portion of the Loans and any other payment in arrears under this Agreement.

 

6.1.2                                       Party B and Party C shall repay the Loans by transferring the Equity Interest to Party A or the Designated Party, as directed by Party A, by signing and delivering an agreement for the transfer of the Equity Interest satisfactory to the Party A from the form to the substance.

 

6.1.3                                       Party B and Party C agree that if the total consideration to be received (if any) by Party B and Party C is higher than the registered capital of the Company corresponding to the transferred Equity Interests, the difference shall be deemed as interests and costs of Loan as much as permitted by PRC law and then the remaining consideration (if any) from the transfer of any part of the Equity Interests shall be remitted in full to Party A as a nonreciprocal transfer. If such transfer is prohibited by PRC law, Party B and Party C will remit the remaining consideration to Party A or its designees in a manner permitted under PRC law.

 

11

 

6.1.4                                       If Party B and/or Party C fail to comply with its repayment obligations under this Agreement, late payment interest shall be assessed at the rate of 0.3% per day upon the outstanding amount of the Loan(s) and shall be payable from the Repayment Date until the date on which the total amount of the overdue loan, overdue interest and other monies payable to Party A are fully settled.

 

6.2                              Notification.  Party B and Party C shall immediately notify Party A in writing of the occurrence of any event set forth in Article 2.3 or any circumstance which may lead to the occurrence of any such event as soon as Party B and Party C know or is aware of such event or circumstance.

 

7.                                      CONFIDENTIALITY

 

7.1                       Confidentiality Obligations.  The parties shall protect and maintain the confidentiality of all information relating to or arisen from this Agreement, or made available under this Agreement to a party or any associate thereof (Confidential Information).  Without the prior written consent of the other parties, no party shall disclose any Confidential Information to any third party unless the disclosure is required by law or by enforceable orders of the court or related government departments.  Under such circumstances, the party required to disclose the Confidential Information shall notify the other parties immediately, take all possible measures to minimize the disclosure, and notify the persons to whom information is being disclosed of the confidentiality obligation. Notwithstanding anything to the contrary above, Party A shall have the full right to disclose any Confidential Information to its shareholders, affiliates or professional advisors.

 

7.2                       Obligations upon Termination.  Upon termination of this Agreement, each party shall, at the request of the other party, return any document, material, database, equipment, or software containing the Confidential Information to the other party.  If, for any reason, such document, material, database, equipment, or software cannot be returned, each party shall destroy all the Confidential Information belonging to the other party and delete such Confidential Information from any memory devices.  No party shall be permitted to continue using the Confidential Information in any way after the termination of this Agreement.

 

7.3                       No Time Limit.  There is no time limit to the confidentiality obligations stipulated in this Article, which obligations will survive the termination of this Agreement unless the Confidential Information is disclosed to the public for reasons not due to the breach of this Agreement by any party.

 

12

 

8.                                      DISPUTE RESOLUTION

 

8.1                       Governing Law.  This Agreement shall be governed by the laws of the PRC.

 

8.2                       Consultation and Mediation.  If any dispute arises in connection with this Agreement, the parties shall attempt in the first instance to resolve such dispute through friendly consultation or mediation.

 

8.3                       Arbitration.   Any dispute, controversy or claim arising out of or in connection with this Agreement shall be submitted to the China International Economic and Trade Arbitration Commission (CIETAC) for arbitration, which shall be conducted in accordance with the CIETAC’s rules in effect at the time of applying for arbitration.  The place of arbitration shall be Beijing.  The language of the arbitration shall be English. The tribunal shall consist of 3 arbitrators.  The arbitral award is final and binding upon the parties. The cost of arbitration shall be allocated as determined by the arbitrators.

 

9.                                      INDEMNITY

 

Party A agrees to indemnify and hold harmless Party B and Party C for any damages, fines or penalties solely incurred in his capacity as a shareholder or any other positions (including, without limitation, those of legal representative and director) directly as a result of the establishment of the Company and the operation of the Company’s business in contravention of PRC law; provided, however, that in no instance will Party A provide such indemnification if Party B and Party C have engaged in fraud or willful misconduct or has breached or is in breach of this Agreement.

 

10.                               MISCELLANEOUS

 

10.1                Notices.  All notices or other communications sent by each party shall be written in English or Chinese, and delivered in person, by mail or telecopy, to the other party at the following addresses.  The date at which the communication shall be deemed to be duly given or made shall be confirmed as follows: (a) for notices delivered in person, the date of delivery shall be deemed as having been duly given or made; (b) for notices delivered by mail, the 10th day of the delivery date of air certified mail with postage prepaid (as shown on stamp) or the 4th day of the delivery date to an internationally certified delivery institution shall be deemed as having been duly given or made; and (c) for notices by telecopy, the receipt date showed on the delivery confirming paper of the relevant document shall be deemed as having been duly given or made.

 

	
Party A
    	
:
    	
 
    	
Beijing Qunar Software Technology Co., Ltd.
    
	
Address
    	
:
    	
 
    	
Room 1701-1707, 1710-1720, 17th Floor, Viva
    
	
 
    	
 
    	
 
    	
Plaza, Building 18, Yard 29, Suzhou Street,
    
	
 
    	
 
    	
 
    	
Haidian District Beijing,China
    

 

13

 

	
Tel
    	
:
    	
 
    	
010-5760 3000
    
	
 
    	
 
    	
 
    	
 
    
	
Party B
    	
:
    	
 
    	
CAO Hui
    
	
Address
    	
:
    	
 
    	
Room 1802, No. 6 of 710 Nong, Caoyang Road,
    
	
 
    	
 
    	
 
    	
Putuo District, Shanghai, China
    
	
Tel
    	
:
    	
 
    	
021-34064880
    
	
 
    	
 
    	
 
    	
 
    
	
Party C
    	
:
    	
 
    	
WANG Hui
    
	
Address
    	
:
    	
 
    	
Room 603, No. 4 of 57 Nong, Xuanhua Road,
    
	
 
    	
 
    	
 
    	
Changning District, Shanghai, China
    
	
Tel
    	
:
    	
 
    	
021-34064880
    

 

10.2                Entire Agreement.  This Agreement, the Restated Exclusive Technical Consulting and Services Agreement, the Equity Pledge Agreement, the Equity Option Agreement, and the Power of Attorney entered by the Parties herein and/or other relevant parties) shall constitute the entire agreement among the parties in respect of the subject matter hereof and shall supersede any previous discussions, negotiations and agreements related thereto.

 

10.3                Amendment.  Without the prior written consent of Party A, neither Party B or Party C shall not amend this Agreement.  If required by law, the parties shall obtain all requisite approvals from the relevant authorities to give effect to the amendment.

 

10.4                No Waiver.  Unless otherwise agreed upon by the parties in writing, any failure or delay on the part of each party to exercise any right, authority or privilege under this Agreement, or under any other agreement relating hereto, shall not operate as a waiver thereof; nor shall any single or partial exercise of any right, authority or privilege preclude any other future exercise thereof.

 

10.5                Severability.  The provisions of this agreement are severable from each other.  The invalidity of any provision of this agreement shall not affect the validity or enforceability of any other provision of this agreement.

 

10.6                Successors.  This Agreement shall be valid and binding on the parties, their successors and permitted assigns.

 

10.7                Assignment.  Party A may transfer or assign any or all of its rights and obligations under this Agreement to any of its designated parties (natural person or legal entity) at any time.  In such circumstances, the transferee or assignee shall enjoy and undertake the same rights and obligations herein of Party A as if the transferee or assignee is Party A hereunder. When Party A transfers or assigns the rights and obligations under this Agreement, at the request of Party A, Party B and Party C shall execute the relevant agreements and/or documents with respect to such transfer or assignment. Party B and Party C shall not assign any of its rights or obligations hereunder without the prior written consent of the Party A.

 

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10.8                Effectiveness:  This Agreement shall be effective upon its signing by all the parties or their respective authorized representative and shall be deemed terminated as of the date when the Loans has been repaid in full.

 

10.9                Language and Counterparts.  This Agreement is prepared in 3 sets of originals in English.  Each party shall hold 1 set.

 

[The space below has been intentionally left blank.]

 

15

 

IN WITNESS WHEREOF, each of the parties hereto has duly executed or has caused this Agreement to be duly executed in its name and on its behalf by the officer or representative duly authorized, on the day and year first above written.

 

	
Party   A:
    	
 
    
	
 
    	
 
    
	
Beijing   Qunar Software Technology Co., Ltd.
    (Company Seal)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By: 
    	
/s/ Wei Fang
    	
 
    	
 
    
	
Name: Wei Fang 
    	
 
    
	
Title: Legal   Representative
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party   B:
    	
 
    
	
 
    	
 
    
	
/s/ Cao Hui
    	
 
    
	
Cao Hui
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party   C:  
    	
 
    
	
 
    	
 
    
	
/s/ Wang Hui
    	
 
    
	
Wang HuiExhibit 4.54

 

 

Equity Option Agreement

 

 

Among

 

Qunar Cayman Islands Limited

 

Beijing Qunar Software Technology Co., Ltd.

 

CAO Hui

 

WANG Hui

 

And

 

Beijing Qu Na Information Technology Co., Ltd.

 

2016

 

 

TABLE OF CONTENTS

 

	
Articles
    	
 
    	
Pages
    
	
 
    	
 
    	
 
    
	
1.
    	
DEFINITIONS   AND INTERPRETATIONS
    	
4
    
	
2.
    	
PURCHASE AND SALE OF EQUITY INTEREST
    	
5
    
	
3.
    	
UNDERTAKINGS
    	
7
    
	
4.
    	
UNDERTAKINGS,   REPRESENTATIONS AND WARRANTIES
    	
10
    
	
5.
    	
FURTHER   WARRANTIES
    	
11
    
	
6.
    	
TERM
    	
11
    
	
7.
    	
APPLICABLE LAW AND DISPUTE RESOLUTION
    	
11
    
	
8.
    	
CONFIDENTIALITY
    	
12
    
	
9.
    	
MISCELLANEOUS
    	
12
    

 

2

 

THIS EQUITY OPTION AGREEMENT (Agreement) is entered into on March 23, 2016 in Beijing, People’s Republic of China (PRC).

 

by and among

 

(1)                                  Qunar Cayman Islands Limited, a Cayman Islands exempted company (“Qunar Cayman”);

 

(2)                                  Beijing Qunar Software Technology Co., Ltd.(北京趣拿软件科技有限公司), a wholly foreign owned enterprise duly incorporated and validly existing under the laws of the PRC, with its registered address at Room 1701-1707, 1710-1720,17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District Beijing, China. (Party A);

 

And

 

(3)                                  Cao Hui, a PRC citizen, ID card number 310110197908230424 of Room 1802, No. 6 of 710 Nong, Caoyang Road, Putuo District, Shanghai, China. (Party B);

 

And

 

(4)                                  Wang Hui, a PRC citizen, ID card number 310110197312240832 of Room 603, No. 4 of 57 Nong, Xuanhua Road, Changning District, Shanghai, China. (Party C);

 

And

 

(5)                                  Beijing Qu Na Information Technology Co., Ltd. (北京趣拿信息技术有限公司), a limited liability company duly incorporated and validly existing in the PRC, with its registered address at Room 1709 17th Floor, Viva Plaza, Building 18, Yard 29, Suzhou Street, Haidian District Beijing,China (Party D)

 

(Party B and Party C are hereinafter collectively referred to as the “Shareholders.”  Qunar Cayman, Party A, Party B, Party C and Party D are each hereinafter individually referred to as a “Party”, and collectively the “Parties”.)

 

Recitals

 

A.                                   Party B holds 60% of the equity interest in Party D, and Party C holds 40% of the equity interest in Party D.

 

B.                                   Party D, an operating vehicle of the website www.qunar.com, is a PRC domestic company duly incorporated and validly existing in the PRC and engaged in Internet information services.

 

3

 

C.                                   A Loan Agreement dated the even date of this Agreement was entered into among Party A, Party B and Party C (Loan Agreement), pursuant to which Party B took loans in the amount of 6,600,000 and Party C took loans in the amount of 4,400,000 (collectively “Loan”) from, and therefore owe a debt to, Party A to subscribe to the aforementioned 60% and 40% equity interest in Party D respectively.

 

D.                                   A Restated Exclusive Technical Consulting and Services Agreement dated the even date of this Agreement was entered into between Party A and Party D (Services Agreement), pursuant to which Party D will pay a service fee to Party A in consideration for services provided by Party A.

 

G.                                    Qunar Cayman, Party A, Party B, Party C and Party D agreed to sign this Agreement pursuant to which Party B and Party C have severally agreed to grant to Qunar Cayman and Party A (collectively “Qunar”) an exclusive option to acquire all the equity interests of Party D registered in Party B and Party C’s name, subject to the terms and conditions therein.

 

NOW THEREFORE, the parties agree as follows:

 

1.                                      DEFINITIONS AND INTERPRETATIONS

 

1.1                               Definitions.  Unless otherwise provided in this Agreement, the following terms shall have the meanings set forth below:

 

	
Designated Person(s)
    	
means 1 or more person(s) designated   by Party A;
    
	
 
    	
 
    
	
Equity Interest
    	
means 100% of the equity interest held by Party B and Party C in   Party D;
    
	
 
    	
 
    
	
Equity Pledge   Agreement
    	
means the Equity   Interest Pledge Agreement entered into by and among Party A, Party B and   Party C, dated the even date of this Agreement , under which Party B and Party C severally   pledge to Party A their Equity Interest in consideration for Party D’s   performance of its obligations under this Agreement, the Loan Agreement and   the Services Agreement;
    
	
 
    	
 
    
	
Power of Attorney
    	
means each of the Power of Attorney respectively   signed and issued by Party B and Party C dated the even date of this   Agreement conferring all his rights as a shareholder of the Company to Party   A or the Designated Party; and
    

 

4

 

	
Notice of Purchase
    	
means the   written notice sent by Party A to exercise the Purchase Right (as defined   below), as set forth in Article 2.2;
    
	
 
    	
 
    
	
Person
    	
means a person, corporation,   joint venture,   partnership, enterprise, trust, or non-corporate entity;
    
	
 
    	
 
    
	
Purchase Right
    	
means an exclusive and irrevocable right to purchase,   at any time, all or part of the Equity Interest held by Party B and/or Party C respectively at a price   equivalent to the lowest price permitted by then-current PRC laws; and
    
	
 
    	
 
    
	
Security Interest
    	
means any   third party’s security, right or interest, any right to purchase Party B and   Party C’s equity interest in Party D, or any right of acquisition, right of   set-off, or other security arrangement, including any security interest   subject to this Agreement, the Restated Equity Pledge Agreement or the Loan   Agreement.
    

 

1.2                               Interpretations.  All headings used herein are for reference purposes only and do not affect the meaning or interpretation of any provision. The use of the plural shall include the use of the singular, and vice versa. Unless otherwise indicated, a reference to a day, month or year is to a calendar day, month or year. The use of the masculine shall include the use of the feminine, and vice versa.

 

2.                                      PURCHASE AND SALE OF EQUITY INTEREST

 

2.1                                Authorization.  Party B hereby irrevocably grants Qunar or its Designated Person(s) the Purchase Right for his Equity Interest.  Party C hereby irrevocably grants Qunar or its Designated Person(s) the Purchase Right for his Equity Interest.  Qunar hereby agrees to accept the Purchase Right granted by the Shareholders. Party D hereby agrees that the Shareholders grant the Purchase Right to Qunar in accordance with the Agreement.

 

2.2                                Procedures.  Upon Qunar’s decision to exercise such Purchase Right, it shall send a written Notice of Purchase to Party B and/or Party C setting forth details for the purchase.

 

2.3                                Exercise of Purchase Right. Every time Qunar exercises the Purchase Right:

 

5

 

2.3.1                              Party B and Party C shall convene a shareholder meeting of Party D, and pass a resolution to transfer the Equity Interest from Party B and Party C to Qunar and/or the Designated Person;

 

2.3.2                              Party B and Party C shall, upon the terms and conditions of this Agreement and the Notice of Purchase, enter into all documents, including but not limited to the share purchase agreement relating to the Equity Interest, requested by Qunar;

 

2.3.3                              Party B, Party C and Party D shall execute all documents, obtain or complete all the necessary governmental approvals, authorizations, licenses, registrations and filing procedures , and perform all necessary and appropriate actions to transfer the valid ownership of the Equity Interest to Qunar and/or the Designated Person ; and

 

2.3.4                     Should Party B or Party C breach any clause in this Agreement, Qunar Cayman can unilaterally exercise its right to obtain the equity interests in Party D held by such breaching Shareholder as such equity interests have already been pledged to Party A.

 

2.3.5                     For the avoidance of doubt, Qunar Cayman, in its sole discretion, will decide whether the Options and other rights granted under this Agreement will be exercised by Qunar Cayman and/or by Party A.

 

2.4                                Method of Payment.

 

2.4.1                     Upon exercise of the Purchase Right by Qunar and/or its Designated Person(s), Qunar shall make payment by cancelling all or a portion of the Loan, in the same proportion that Qunar and/or its Designated Person(s) has acquired the Security Interest. In case PRC laws require Qunar and/or its Designated Person(s) to pay to Party B and Party C, Party B and Party C shall immediately and unconditionally pay or transfer to Qunar any proceeds in whatsoever form obtained from the Qunar and/or its Designated Person(s) at the time such payables arise, after having deducted and paid any and all relevant taxes and expenses applicable to such a shareholder as a result of his receipt of such proceeds. The method of payment of the total consideration shall be determined at the discretion of Qunar Cayman.

 

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2.4.2                    Party B, Party C or Party D agree that the total consideration received from the transfer of any part of the Equity Interests or sale of assets of Party D (if applicable) shall first be applied to the outstanding balance under the Loan Agreement and the Restated Exclusive Technical Consulting and Services Agreement. After full repayment of the outstanding balance, any remaining consideration (if any) will be remitted in full to Qunar s a nonreciprocal transfer. If such transfer is prohibited by PRC law, Party B and Party C will remit the remaining consideration to Qunar or its designees in a manner permitted under PRC law.

 

3.                                      UNDERTAKINGS

 

3.1                               Undertakings of Party D.  Party D hereby undertakes that:

 

3.1.1                              it will maintain its corporate existence, operate its business, and transact affairs prudently and efficiently in accordance with good financial and commercial standards and practices;

 

3.1.2                              without the prior written consent of Qunar, it will not sell, assign, mortgage, or otherwise dispose of any legal or beneficiary rights to any of its assets, business, or revenues, or permit the creation of any other Security Interest over such rights at any time after the execution date of this Agreement;

 

3.1.3                              without the prior written consent of Qunar, it will not incur, assume, guarantee or allow the existence of any debts, except for those to which Qunar has given its written consent;

 

3.1.4                              it will always operate its business to maintain the value of its assets, and will not do anything which will affect its business situation nor the value of its assets;

 

3.1.5                              without the prior written consent of Qunar, it will not enter into any contract at an amount exceedingly higher than or outside the ordinary business;

 

3.1.6                              without the prior written consent of Qunar, it will not provide any loan to any third party;

 

3.1.7                              at the request of Qunar, it will provide to Qunar all information relating to its operation and financial conditions;

 

3.1.8                              without the prior written consent of Qunar, it will not be consolidated or merged with any third party, acquire or invest in any third party, nor make a division;

 

3.1.9                              it will promptly inform Qunar of any existing or threatened litigation, arbitration, or administrative proceedings relating to its assets, business, or revenues;

 

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3.1.10                       in order to maintain the ownership of all its assets, it will execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate charges, and conduct all necessary or appropriate defenses against all claims;

 

3.1.11                       without the prior written consent of Qunar, it will not in any form whatsoever allocate dividends to shareholders; and

 

3.1.12                       if PRC laws requires it to be dissolved or liquidated, it shall sell all of its assets to the extent permitted by PRC laws to Qunar and/or the Designated Person, at the lowest selling price permitted by applicable PRC laws. Any obligation for Qunar to pay Party D as a result of such transaction shall be forgiven by Party D or any proceeds from such transaction shall be paid to Qunar in partial satisfaction of the service fee under the Services Agreement or remitted to Qunar and/or the Designated Person, as applicable under then-current PRC laws.

 

3.2                               Undertakings of Party B and Party C respectively. Party B and Party C undertake on their own behalf that:

 

3.2.1                              without the prior written consent of Qunar, he will not sell, transfer, mortgage, pledge, grant any option rights or otherwise dispose of any legal or beneficiary rights to the Equity Interest, or permit the creation of any other Security Interest over such rights at any time, except for the pledge under the Equity Pledge Agreement;

 

3.2.2                              without the prior written consent of Qunar, he will not vote in favor of, endorse, or sign any shareholders resolution approving the sale, assignment, mortgage, or other disposal of the legal or beneficiary rights of any shareholder or allowing the creation of any other Security Interest over such rights at the shareholders meeting of Party D;

 

3.2.3                              without the prior written consent of Qunar, he will not vote in favor of, endorse, or sign any shareholders resolution approving the consolidation or merger of Party D with any third party, the acquisition of or investment in any third party by Party D or the division of Party D at the shareholders meeting of Party D;

 

3.2.4                              without the prior written consent of Qunar, he will not vote in favor of, endorse, or sign any shareholders resolution approving the increase or decrease of Party D’s registered capital at the shareholders meeting of Party D;

 

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3.2.5                              he will promptly inform Qunar of any existing or threatened litigation, arbitration, or administrative proceedings relating to the Equity Interest;

 

3.2.6                              at the request of Qunar, he will cause the shareholders meeting of Party D to vote in favor of the transfer of the Equity Interest as contemplated hereunder;

 

3.2.7                              in order to maintain his ownership of the Equity Interest, he will execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate charges, or conduct all necessary or appropriate defenses against all claims;

 

3.2.8                              at the request of Qunar, he will appoint the person nominated by Qunar as the director of, or to hold any other position in, Party D, and take all necessary or appropriate actions to complete all the necessary governmental registrations and filing procedures required accordingly by the applicable laws;

 

3.2.9                              at the request of Qunar, he will immediately transfer the requested Equity Interest to the Designated Person(s);

 

3.2.10                       he will strictly comply with the provisions of this Agreement and any other contracts entered into jointly or separately by the parties hereto, strictly perform the obligations under such contracts, and will not do anything which will affect the validity and enforceability of such contracts;

 

3.2.11                       he shall not put forward, or vote in favor of, any shareholder resolution to, or otherwise request Party D to, issue any dividends or other distributions with respect to his equity interest in Party D; provided, however, in the event that he receives any profit, bonus, distribution or dividend from Party D, he shall, as permitted under PRC laws, immediately pay or transfer such profit, bonus, distribution or dividend to Qunar or to any party designated by Qunar in order to 1) first, to repay in part the Loan payable under the Loan Agreement; and 2) then, if there is any profit, bonus, distribution or dividend amount remaining, to pay in part the service fee under the Services Agreement on behalf of Party D; and

 

3.2.12                       after mandatory liquidation described in 3.1.12 above, he will remit in full to the Qunar any residual interest he receives in a nonreciprocal transfer or cause it happen. If such transfer is prohibited by PRC laws, he will remit the proceeds to Qunar or its Designated Person(s) in a manner permitted under PRC laws

 

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4.             UNDERTAKINGS, REPRESENTATIONS AND WARRANTIES

 

4.1                               Undertakings of Qunar:  To ensure that the cash flow requirements of the Party D’s ordinary operations are met and/or to set off any loss accrued during such operations, Qunar is obligated, only to the extent permissible under PRC laws, to provide financing support for Party D, whether or not Party B and/or Party C actually incur any such operational loss. Qunar’s financing support for Party B and Party C may take the form of bank entrusted loans or borrowings. Contracts for any such entrusted loans or borrowings shall be executed separately. Qunar will not request repayment if Party B and/or Party C are unable to do so.

 

4.2                                Representations and Warranties of Party B and Party C.

 

Party B and Party C hereby represent and warrant on their own behalf to Qunar that as of the date of this Agreement respectively:

 

4.2.1                              he has the power and right to sign, deliver, and perform his obligations under this Agreement, and that the said documents shall constitute his legal, valid, and binding obligations enforceable in accordance with their terms;

 

4.2.2                              the execution and delivery of this Agreement or any other contracts, and the performance of his obligations thereunder, will not violate PRC laws, breach or result in a default of any contract or instrument to which he is subject, or result in a breach, suspension, or revocation of any grant, license, or approval or result in the imposition of any additional conditions being imposed thereon; and

 

4.2.3                              he is the lawful owner of the Equity Interest held by himself and has not created any Security Interest over such Equity Interest other than the Equity Pledge Agreement.

 

4.3                                Representations and Warranties of Party D.  Party D represents and warrants to Qunar that:

 

4.3.1                              it has the power and right to sign, deliver, and perform its obligations under this Agreement, and said documents shall constitute its legal, valid, and binding obligations enforceable in accordance with their terms;

 

10

 

4.3.2                              the execution and delivery, of this Agreement or any other contracts, and the performance of its obligations thereunder, will not violate PRC law, conflict with its Articles of Association or other constituent documents, breach or result in a default of any contract or instrument to which it is subject, or result in a breach, suspension, or revocation of any grant, license, or approval or result in the imposition of any additional conditions being imposed thereon;

 

4.3.3                              it is the lawful owner of its assets, and has not created any Security Interest over such assets;

 

4.3.4                              it does not have any outstanding debts other than those incurred in the ordinary course of business and which have been disclosed to Qunar;

 

4.3.5                              it will comply with all PRC laws applicable to the acquisition of the Equity Interest; and

 

4.3.6                              there is no existing, pending or threatened litigation, arbitration, or administrative proceedings relating to the Equity Interest, its assets, or itself.

 

5.                                       FURTHER WARRANTIES

 

The parties to this Agreement agree to promptly execute documents reasonably requisite to the performance of the provisions and the aim of this Agreement or documents beneficial to it, and to take actions reasonably requisite to the performance of the provisions and the aim of this Agreement or actions beneficial to it.

 

6.                                       TERM

 

This Agreement shall take retroactive effect since Party B and Party C are registered as shareholders of Party D and shall remain in full force and effect until the earlier of (1) the date on which all of the Equity Interests have been acquired by Qunar directly and/or through its Designated Person(s); or (2) the unilateral termination by Qunar (at its sole and absolute discretion), by giving 30 days prior written notice to the Party B and/ or Party C of its intention to terminate this Agreement.

 

7.                                       APPLICABLE LAW AND DISPUTE RESOLUTION

 

7.1                               Governing Law.  This Agreement shall be governed by and construed in accordance with PRC law.

 

7.2                               Consultation and Mediation.  If any dispute arises in connection with this Agreement, the parties shall attempt in the first instance to resolve such dispute through friendly consultation or mediation.

 

11

 

7.3                               Arbitration.  Any dispute, controversy or claim arising out of or in connection with this Agreement shall be submitted to the China International Economic and Trade Arbitration Commission (CIETAC) for arbitration, which shall be conducted in accordance with the CIETAC’s rules in effect at the time of applying for arbitration. The place of arbitration shall be Beijing. The language of the arbitration shall be English.  The tribunal shall consist of 3 arbitrators. The arbitral award is final and binding upon the parties. The cost of arbitration shall be allocated as determined by the arbitrators.

 

8.                                      CONFIDENTIALITY

 

8.1                               Confidentiality Obligations.  The parties shall protect and maintain the confidentiality of all Confidential Information. Without the prior written consent of the other parties, no party shall disclose any Confidential Information to any third party unless the disclosure is required by law or by enforceable orders of the court or related government departments.  Under such circumstances, the party required to disclose the Confidential Information shall notify the other parties immediately, take all possible measures to minimize the disclosure, and notify the persons to whom information is being disclosed of the confidentiality obligation.

 

8.2                               Obligations upon Termination.  Upon termination of this Agreement, each party shall, at the request of the other parties, return any document, material, database, equipment, or software containing the Confidential Information to the other parties.  If, for any reason, such document, material, database, equipment, or software cannot be returned, the parties shall destroy all the Confidential Information and delete the Confidential Information from any memory devices.  No party shall be permitted to continue using the Confidential Information in any way after the termination of this Agreement.

 

8.3                               No Time Limit.  There is no time limit to the confidentiality obligations stipulated in this Article, which obligations will survive after the termination of this Agreement unless the Confidential Information is disclosed to the public for reasons not due to the breach of this Agreement by any party.

 

9.                                       MISCELLANEOUS

 

9.1                               Notices.  All notices or other communications sent by each party shall be written in English or Chinese, and delivered in person, by mail, or telecopy, to the other party at the following addresses.  The date at which the communication shall be deemed to be duly given or made shall be confirmed as follows: (a) for notices delivered in person, the date of delivery shall be deemed as having been duly given or made; (b) for notices delivered by mail, the 10th day of the delivery date of air certified mail with postage prepaid (as shown on stamp) or the 4th day of the delivery date to an internationally certified delivery institution shall be deemed as having been duly given or made; and (c) for notices by telecopy, the receipt date showed on the delivery confirming paper of the relevant document shall be deemed as having been duly given or made.

 

12

 

	
Qunar Cayman
    	
 
    	
 
    
	
and Party   A
    	
:
    	
Beijing Qunar   Software Technology Co., Ltd.
    
	
 
    	
 
    	
 
    
	
Address
    	
:
    	
Room 603 No. 4 of 57 Nong, Xuanhua 
   Road, Changning District, Shanghai, China
    
	
Tel
    	
:
    	
010-5760   3000
    
	
 
    	
 
    	
 
    
	
Party B
    	
:
    	
CAO Hui
    
	
Address
    	
:
    	
Room 1802, No. 6 of 710 Nong, Caoyang  
   Road, Putuo District, Shanghai, China
    
	
Tel
    	
:
    	
021-34064880
    
	
 
    	
 
    	
 
    
	
Party C
    	
:
    	
WANG Hui
    
	
Address
    	
:
    	
Room 603, No. 4 of 57 Nong, Xuanhua  
   Road, Changning District, Shanghai,   China
    
	
Tel
    	
:
    	
021-34064880
    
	
 
    	
 
    	
 
    
	
Party D
    	
:
    	
Beijing Qu Na   Information Technology Co., Ltd.
    
	
Address
    	
:
    	
Room 1709 17th   Floor, Viva Plaza, 
   Building 18, Yard 29, Suzhou Street, 
   Haidian District Beijing,China
    
	
Tel
    	
:
    	
010-5760   3000
    

 

9.2                               Entire Agreement.  This Agreement, the Services Agreement, the Loan Agreement, the Equity Pledge Agreement, and the Power of Attorney from Party B and Party C in favor of Party A (either original or restated) shall constitute the entire agreement among the parties in respect of the subject matter hereof and shall supersede any previous discussions, negotiations and agreements related thereto (including without limitation, the Original Agreement)..

 

9.3                               Amendment.  Without the prior written consent of Qunar, neither of Party B, Party C or Party D shall be entitled to amend this Agreement. If required by law, the parties shall obtain all requisite approvals from the relevant authorities to give effect to the amendment.

 

9.4                               No Waiver.  Unless otherwise agreed upon by the parties in writing, any failure or delay on the part of any party to exercise any right, authority or privilege under this Agreement, or under any other agreement relating hereto, shall not operate as a waiver thereof; nor shall any single or partial exercise of any right, authority or privilege preclude any other future exercise thereof.

 

13

 

9.5                               Severability.  The provisions of this agreement are severable from each other.  The invalidity of any provision of this agreement shall not affect the validity or enforceability of any other provision of this agreement.

 

9.6                               Successors.  This Agreement shall be valid and binding on the parties, their successors and permitted assigns.

 

9.7                               Assignment.  Qunar may transfer or assign any or all of its rights and obligations under this Agreement to any of its designated parties (natural person or legal entity) at any time.  In such circumstances, the transferee or assignee shall enjoy and undertake the same rights and obligations herein of Qunar as if the transferee or assignee is Qunar hereunder. When Qunar transfers or assigns the rights and obligations under this Agreement, at the request of Qunar, Party B and Party C shall execute the relevant agreements and/or documents with respect to such transfer or assignment. Party B, Party C and Party D shall assign any of its rights or obligations hereunder without the prior written consent of Qunar.

 

9.8                               Language and Counterparts.  This Agreement is prepared in 4 sets of originals in the English language.  Each party shall hold 1 set.

 

[The space below is intentionally left blank.]

 

14

 

IN WITNESS WHEREOF the parties hereof have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

 

	
QUNAR   CAYMAN ISLANDS LIMITED 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Yilu Zhao
    	
 
    
	
Name:Yilu Zhao
    	
 
    
	
Title:Chief   Financial Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party   A: Beijing Qunar Software Technology Co., Ltd.
    	
 
    
	
(Company Seal)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Wei Fang
    	
 
    
	
Name: Wei Fang
    	
 
    
	
Title: Legal   Representative
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party B:
    	
 
    
	
 
    	
 
    
	
/s/ Cao Hui
    	
 
    
	
Cao Hui
    	
 
    
	
 
    	
 
    
	
Party C:  
    	
 
    
	
 
    	
 
    
	
/s/ Wang Hui
    	
 
    
	
Wang Hui
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Party   D: Beijing Qu Na Information Technology Co., Ltd. (Company Seal)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Cao Hui
    	
 
    
	
Name: Cao   Hui
    	
 
    
	
Title: Legal   Representative

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