Document:

EX-10.17

 Exhibit 10.17 

MGM GROWTH PROPERTIES LLC 

FORM OF RESTRICTED SHARE UNITS AGREEMENT 

(MGM EMPLOYEES) 
  

 
 No. of Restricted Share Units: [●] 

This Restricted Share Units Agreement (including its Exhibit, the “Agreement”) is made by and between MGM Growth Properties
LLC, a Delaware limited liability company (the “Company”), and [●] (the “Participant”) with an effective date of [●]. 

RECITALS 
 A. The Board of
Directors of the Company (the “Board”) has adopted the MGM Growth Properties LLC 2016 Omnibus Incentive Plan (the “Plan”), which provides for the granting of Restricted Share Units (as that term is defined in
Section 1 below) to selected service providers. Capitalized terms used and not defined in this Agreement shall have the same meanings as in the Plan. 

B. The Board believes that the grant of Restricted Share Units will stimulate the interest of selected employees in, and strengthen their
desire to remain with, the Company or any of its Affiliates (as hereinafter defined). 
 C. The Board has determined that the Participant
has provided, or is expected to provide, services to the Company, and in consideration thereof, the Board has authorized the grant of Restricted Share Units to the Participant pursuant to the terms of the Plan and this Agreement. 

D. The Board and the Participant intend that the Plan and this Agreement constitute the entire agreement between the parties hereto with
regard to the subject matter hereof and shall supersede any other agreements, representations or understandings (whether oral or written and whether express or implied, and including, without limitation, any employment agreement between the
Participant and the Company or any of its Affiliates whether previously entered into, currently effective or entered into in the future) which relate to the subject matter hereof. 

 Accordingly, in consideration of the mutual covenants contained herein, the parties agree as
follows: 
 1. Definitions. 

1.1 “Change of Control” means, with respect to (x) the Company or (y) provided that it is an Affiliate of the
Company at the relevant time, MGM (each of (x) and (y), a “Referenced Entity”), the first to occur of: 
 (A) the
date that a reorganization, merger, consolidation, recapitalization, or similar transaction (other than a spinoff, exchange offer or similar transaction to or with the applicable Referenced Entity’s public shareholders) is consummated, unless:
(i) at least 50% of the outstanding voting securities of the surviving or resulting entity (including, without limitation, an entity which as a result of such transaction owns the Company either directly or through one or more subsidiaries)
(“Resulting Entity”) are beneficially owned, directly or indirectly, by the persons who were the beneficial owners of the outstanding voting securities of the Corporation immediately prior to such transaction in substantially the same
proportions as their beneficial ownership, immediately prior to such transaction, of the outstanding voting securities of the Corporation and (ii) immediately following such transaction no person or persons acting as a group beneficially owns
capital stock of the Resulting Entity possessing thirty-five percent (35%) or more of the total voting power of the stock of the Resulting Entity; 

(B) the date that a majority of members of the Referenced Entity’s Board is replaced during any twelve (12) month period by
directors whose appointment or election is not endorsed by a majority of the members of the Referenced Entity’s Board before the date of the appointment or election; provided that no individual shall be considered to be so endorsed if such
individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the Securities Exchange Act of 1934) or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Referenced Entity’s Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; 

(C) the date that any one person, or persons acting as a group, acquires (or has or have acquired as of the date of the most recent
acquisition by such person or persons) beneficial ownership of stock of the Referenced Entity possessing thirty-five percent (35%) or more of the total voting power of the stock of the Referenced Entity; or 

(D) the date that any one person acquires, or persons acting as a group acquire (or has or have acquired as of the date of the most recent
acquisition by such person or persons), assets from the Referenced Entity that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Referenced Entity
immediately before such acquisition or acquisitions. 
 1.2 “Code” means the U.S. Internal Revenue Code of 1986, as amended
from time to time. For purposes of the Plan and this Agreement, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 

1.3 “Current Employment Agreement” means the Participant’s employment agreement with the Company or any of its
Affiliates in effect as of the applicable date of determination. 
 1.4 “Disability” means that the Participant is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous

  
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period of not less than twelve (12) months or is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer. 

1.5 “Employer” means the Company and its Affiliates. 

1.6 “Employer’s Good Cause” shall have the meaning given such term or a comparable term in the Current Employment
Agreement; provided, that if there is no Current Employment Agreement or if such agreement does not include such term or a comparable term, “Employer’s Good Cause” means: 

A. Participant’s failure to abide by the Employer’s policies and procedures, misconduct, insubordination, inattention to the
Employer’s business, failure to perform the duties required of the Participant up to the standards established by the Employer’s senior management, or material breach of the Current Employment Agreement, which failure or breach is not
cured by the Participant within ten (10) days after written notice thereof from the Employer specifying the facts and circumstances of the alleged failure or breach, provided, however, that such notice and opportunity to cure
shall not be required if, in the good faith judgment of the Board, such breach is not capable of being cured within ten (10) days; 

B. Participant’s failure or inability to apply for and obtain any license, qualification, clearance or other similar approval which the
Employer or any regulatory authority which has jurisdiction over the Employer requests or requires that the Participant obtain; 
 C. the
Employer is directed by any governmental authority in Nevada, Michigan, Mississippi, Illinois, Macau S.A.R., or any other jurisdiction in which the Employer is engaged in a gaming business or where the Employer has applied to (or during the term of
the Participant’s employment under the Current Employment Agreement, may apply to) engage in a gaming business to cease business with the Participant; 

D. the Employer determines, in its reasonable judgment, that the Participant was, is or might be involved in, or is about to be involved in,
any activity, relationship(s) or circumstance which could or does jeopardize the Employer’s business, reputation or licenses to engage in the gaming business; or 

E. any of the Employer’s gaming business licenses are threatened to be, or are, denied, curtailed, suspended or revoked as a result of
the Participant’s employment by the Employer or as a result of the Participant’s actions. 
 1.7 “Fair Market
Value” or “FMV” shall have the meaning set forth for such term in the Plan. 
 1.8 “Participant’s
Good Cause” shall have the meaning given such term or a comparable term in the Current Employment Agreement; provided, that if there is no Current Employment Agreement or if such agreement does not include such term or a comparable
term, “Participant’s Good Cause” means: 
 A. The failure of the Employer to pay the Participant any compensation
when due; or 
 B. A material reduction in the scope of duties or responsibilities of the Participant or any reduction in the
Participant’s salary. 

  
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 Within ten (10) days following the first occurrence of a breach constituting
Participant’s Good Cause, the Participant shall give the Employer thirty (30) days’ advance written notice specifying the facts and circumstances of the alleged breach. During such thirty (30) day period, the Employer may either
cure the breach (in which case such notice will be considered withdrawn) or declare that the Employer disputes that Participant’s Good Cause exists, in which case Participant’s Good Cause shall not exist until the dispute is resolved in
accordance with the methods for resolving disputes specified in Exhibit A hereto. 
 1.9 “Restricted Share Units”
means an award of Restricted Share Units granted to a Participant pursuant to Article 8 of the Plan. 
 1.10 “Section 409A”
means Code Section 409A, the regulations thereunder promulgated by the United States Department of Treasury and other guidance issued thereunder. 

1.11 “Share” means a share of Class A common shares representing limited liability company interests of the Company.

 2. Grant to Participant. The Company hereby grants to the Participant, subject to the terms and conditions of the Plan and this
Agreement, and contingent upon the closing of the initial public offering of Shares as contemplated by that certain Form S-11 filed on March 22, 2016, an award of [●] Restricted Share Units (the “Award”). Except as
otherwise set forth in the Plan or this Agreement, (i) each Restricted Share Unit represents the right to receive one (1) Share upon vesting of such Restricted Share Units, (ii) unless and until the Restricted Share Units have vested
in accordance with the terms of this Agreement, the Participant shall not have any right to delivery of the Shares underlying such Restricted Share Units or any other consideration in respect thereof and (iii) each Restricted Share Unit that
vests, and any Dividend Equivalent Rights earned under Section 3.4(B), shall be paid to the Participant in Shares, less applicable withholding, within thirty (30) days following the date that the Restricted Share Unit vests or the date(s)
set forth in Sections 3.1 and 3.2, as applicable; provided, that any fractional Shares shall be paid in cash. 
 3. Terms and
Conditions. 
 3.1 Vesting Schedule. Subject to Section 3.2 and the Participant’s continued service with the Company or
one of its Affiliates through the Vesting Date, the Restricted Share Units shall vest in full on the first anniversary of the date of grant of the Restricted Share Units (the “Vesting Date”). The Restricted Share Units that vest on
the Vesting Date, and any Dividend Equivalent Rights earned under Section 3.4(B), shall be paid to the Participant in Shares within thirty (30) days following the Vesting Date, provided, that any fractional Shares shall be paid in
cash. 

  
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 3.2 Vesting at Termination. Upon termination of employment with the Employer for any
reason any unvested Restricted Share Units shall be forfeited without any consideration; provided, however, that, upon termination of employment by the Employer without Employer’s Good Cause, by the Participant with
Participant’s Good Cause, or due to the Participant’s death or Disability, any unvested Restricted Share Units, and any Dividend Equivalent Rights earned under Section 3.4(B), shall be paid on the same schedule determined in
Section 3.1 herein; provided, however, that such continued vesting shall immediately cease and unvested Restricted Share Units shall be forfeited in the event the Participant breaches any post-termination covenant with the Company
or its Affiliates in any employment agreement or otherwise (after taking into account any applicable cure period). 
 3.3 Board
Discretion. The Board, in its discretion, may accelerate the vesting of the balance, or some lesser portion, of the Participant’s unvested Restricted Share Units at any time, subject to the terms of the Plan and this Agreement. If so
accelerated, the Restricted Share Units will be considered as having vested as of the date specified by the Board or an applicable written agreement but the Board will have no right to accelerate any payment under this Agreement if such acceleration
would cause this Agreement to fail to comply with Section 409A. 
 3.4 No Rights as a Shareholder; Dividend Equivalent Rights.

 A. Participant will have no rights as a shareholder with respect to any Shares subject to Restricted Share Units until the Restricted
Share Units have vested and Shares relating thereto have been issued and recorded on the records of the Company or its transfer agent or registrars. 

B. In accordance with Article 13 of the Plan, this Award is granted together with Dividend Equivalent Rights. Whenever a dividend is paid
with respect to the Company’s Shares, a corresponding Dividend Equivalent Right shall be credited with respect to each outstanding Restricted Share Unit then held by the Participant in a number of additional full and fractional Restricted Share
Units calculated based on the Fair Market Value of the Shares at the time such dividend is paid. Any such additional Restricted Share Units shall be subject to the same vesting, forfeiture, settlement and other terms and conditions as the underlying
Restricted Share Units with respect to which they were credited. 
 3.5 Limits on Transferability. The Restricted Share Units granted
under this Agreement may be transferred solely to a trust in which the Participant or the Participant’s spouse control the management of the assets. With respect to Restricted Share Units, if any, that have been transferred to a trust,
references in this Agreement to vesting related to such Restricted Share Units shall be deemed to include such trust. Any transfer of Restricted Share Units shall be subject to the terms and conditions of the Plan and this Agreement and the
transferee shall be subject to the same terms and conditions as if it were the Participant. No interest of the Participant under this Agreement shall be subject to attachment, execution, garnishment, sequestration, the laws of bankruptcy or any
other legal or equitable process. 
 3.6 Adjustments. The Award shall be subject to adjustment by the Board in accordance with
Section 4.4 of the Plan in the case of certain corporate reorganization events. 

  
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 3.7 No Right to Continued Performance of Services. The grant of the Restricted Share Units
does not confer upon the Participant any right to continue to be employed by the Company or any of its Affiliates nor may it interfere in any way with the right of the Company or any of its Affiliates for which the Participant performs services to
terminate the Participant’s employment at any time. 
 3.8 Compliance With Law and Regulations. The grant and vesting of
Restricted Share Units and the obligation of the Company to issue Shares under this Agreement are subject to all applicable federal and state laws, rules and regulations, including those related to disclosure of financial and other information to
the Participant and to approvals by any government or regulatory agency as may be required. The Company shall not be required to issue or deliver any certificates for Shares prior to (A) the listing of such shares on any stock exchange on which
the Shares may then be listed and (B) the completion of any registration or qualification of such shares under any federal or state law, or any rule or regulation of any government body which the Company shall, in its sole discretion, determine
to be necessary or advisable. 
 3.9 Change of Control. Upon the occurrence of a Change of Control, the Board is authorized (but not
obligated) to make adjustments in the terms and conditions of the Award, including without limitation the following (or any combination thereof): (a) continuation or assumption of the Award under the Plan by the Company (if it is the surviving
company or corporation) or by the surviving company or corporation or its parent; (b) substitution by the surviving company or corporation or its parent of awards with substantially the same terms for the Award (with appropriate adjustments to
the type of consideration payable upon settlement of the Award); (c) accelerated exercisability, vesting and/or payment under the Award immediately prior to or upon the occurrence of such event or upon a termination of employment or other
service following such event; and (d) if all or substantially all of the Company’s outstanding Shares transferred in exchange for cash consideration in connection with such Change of Control, cancellation of all or any portion of the Award
for fair value (in the form of cash, shares, other property or any combination thereof) as determined in the sole discretion of the Board. 

4. Investment Representation. The Participant must, within five (5) days of demand by the Company furnish the Company an agreement
satisfactory to the Company in which the Participant represents that the Shares acquired upon vesting are being acquired for investment. The Company will have the right, at its election, to place legends on the certificates representing the Shares
so being issued with respect to limitations on transferability imposed by federal and/or state laws, and the Company will have the right to issue “stop transfer” instructions to its transfer agent. 

5. Participant Bound by Plan. The Participant hereby acknowledges receipt of a copy of the Plan and agrees to be bound by all the terms
and provisions thereof as amended from time to time. 
 6. Withholding. The Company or any of its Affiliates shall have the right,
and is hereby authorized, to withhold any applicable withholding taxes in respect of the Restricted Share Units awarded by this Agreement, their grant, vesting or otherwise, and to take such other 

  
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action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding taxes, which may include, without limitation, reducing the number of shares
otherwise distributable to the Participant by the number of Shares whose Fair Market Value is equal to the amount of tax required to be withheld by the Company or any of its Affiliates as a result of the vesting or settlement or otherwise of the
Restricted Share Units. 
 7. Notices. Any notice hereunder to the Company must be addressed to: MGM Growth Properties LLC, c/o MGM
Resorts, 3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Designated legal counsel for purposes of administration of the MGM Growth Properties LLC 2016 Omnibus Incentive Plan, and any notice hereunder to the Participant must be
addressed to the Participant at the Participant’s last address on the records of the Company, subject to the right of either party to designate at any time hereafter in writing some other address. Any notice shall be deemed to have been duly
given on personal delivery or three (3) days after being sent in a properly sealed envelope, addressed as set forth above, and deposited (with first class postage prepaid) in the United States mail. 

8. Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties hereto with regard to the subject
matter hereof and shall supersede any other agreements, representations or understandings (whether oral or written and whether express or implied, and including, without limitation, any employment agreement between the Participant and the Company or
any of its Affiliates whether previously entered into, currently effective or entered into in the future that includes terms and conditions regarding equity awards) which relate to the subject matter hereof. 

9. Waiver. No waiver of any breach or condition of this Agreement shall be deemed a waiver of any other or subsequent breach or
condition whether of like or different nature. 
 10. Participant Undertaking. The Participant agrees to take whatever additional
action and execute whatever additional documents the Company may deem necessary or advisable to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Share Units pursuant to this
Agreement. 
 11. Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the
Company and its successors and assigns and upon the Participant, the Participant’s assigns and the legal representatives, heirs and legatees of the Participant’s estate, whether or not any such person shall have become a party to this
Agreement and agreed in writing to be joined herein and be bound by the terms hereof. 
 12. Governing Law. The parties hereto agree
that the validity, construction and interpretation of this Agreement shall be governed by the laws of the state of Nevada. 
 13.
Arbitration. Except as otherwise provided in Exhibit A to this Agreement (which constitutes a material provision of this Agreement), disputes relating to this Agreement shall be resolved by arbitration pursuant to Exhibit A
hereto. 
 14. Clawback Policy. By accepting this award the Participant hereby agrees that this award and any other compensation paid
or payable to the Participant is subject to Company’s Policy on Recovery of Incentive Compensation in Event of Financial Restatement (or any 

  
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successor policy) as in effect from time to time, and that this award shall be considered incentive compensation for purposes of such policy. In addition, the Participant agrees that such policy
may be amended from time to time by the Board in a manner designed to comply with applicable law and/or stock exchange listing requirements. The Participant also hereby agrees that the award granted hereunder and any other compensation payable to
the Participant shall be subject to recovery (in whole or in part) by the Company to the minimum extent required by applicable law and/or stock exchange listing requirements. 

15. Amendment. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto;
provided that the Company may alter, modify or amend this Agreement unilaterally if such change is not materially adverse to the Participant or to cause this Agreement to comply with applicable law or avoid the imposition of any tax, interest
or penalty under Section 409A. 
 16. Severability. The provisions of this Agreement are severable and if any portion of this
Agreement is declared contrary to any law, regulation or is otherwise invalid, in whole or in part, the remaining provisions of this Agreement shall nevertheless be binding and enforceable. 

17. Execution. Each party agrees that an electronic, facsimile or digital signature or an online acceptance or acknowledgment will be
accorded the full legal force and effect of a handwritten signature under Nevada law. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. 
 18. Variation of Pronouns. All pronouns and any variations thereof contained herein shall be deemed to refer to
masculine, feminine, neuter, singular or plural, as the identity of the person or persons may require. 
 19. Tax Treatment;
Section 409A. The Participant shall be responsible for all taxes with respect to the Restricted Share Units. The terms of this Award shall be subject to Section 20.12 of the Plan (relating to Section 409A), which shall be
incorporated herein by reference. 
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 IN WITNESS WHEREOF, the parties hereto have executed this Restricted Share Units Agreement as of
the date first written above. 
  

			
	MGM GROWTH PROPERTIES LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	PARTICIPANT
		
	By:	 	  

		 	Name:

 [Signature Page to Restricted Share Units Agreement] 

 EXHIBIT A 

ARBITRATION 
 This Exhibit A sets forth the
methods for resolving disputes should any arise under the Agreement, and accordingly, this Exhibit A shall be considered a part of the Agreement. 
  

	1.	Except for a claim by either Participant or the Company for injunctive relief where such would be otherwise authorized by law, any controversy or claim arising out of or relating to the Agreement or the breach hereof
including without limitation any claim involving the interpretation or application of the Agreement or the Plan, shall be submitted to binding arbitration in accordance with the employment arbitration rules then in effect of the Judicial Arbitration
and Mediation Service (“JAMS”), to the extent not inconsistent with this paragraph. This Exhibit A covers any claim Participant might have against any officer, director, employee, or agent of the Company, or any of the
Company’s subsidiaries, divisions, and Affiliates, and all successors and assigns of any of them. The promises by the Company and Participant to arbitrate differences, rather than litigate them before courts or other bodies, provide
consideration for each other, in addition to other consideration provided under the Agreement. 

  

	2.	Claims Subject to Arbitration: This Exhibit A contemplates mandatory arbitration to the fullest extent permitted by law. Only claims that are justiciable under applicable state or federal law are covered by this
Exhibit A. Such claims include any and all alleged violations of any state or federal law whether common law, statutory, arising under regulation or ordinance, or any other law, brought by any current or former employees of the Company and its
Affiliates. 

  

	3.	Non-Waiver of Substantive Rights: This Exhibit A does not waive any rights or remedies available under applicable statutes or common law. However, it does waive Participant’s right to pursue those rights and
remedies in a judicial forum. By signing the Agreement and the acknowledgment at the end of this Exhibit A, the undersigned Participant voluntarily agrees to arbitrate his or her claims covered by this Exhibit A. 

 

	4.	Time Limit to Pursue Arbitration; Initiation: To ensure timely resolution of disputes, Participant and the Company must initiate arbitration within the statute of limitations (deadline for filing) provided for by
applicable law pertaining to the claim. The failure to initiate arbitration within this time limit will bar any such claim. The parties understand that the Company and Participant are waiving any longer statutes of limitations that would otherwise
apply, and any aggrieved party is encouraged to give written notice of any claim as soon as possible after the event(s) in dispute so that arbitration of any differences may take place promptly. The parties agree that the aggrieved party must,
within the time frame provided by this Exhibit A, give written notice of a claim pursuant to Section 7 of the Agreement. In the event such notice is to be provided to the Company, the Participant shall provide a copy of such notice of a claim
to the Company’s designated legal counsel for purposes of arbitration. Written notice shall identify and describe the nature of the claim, the supporting facts and the relief or remedy sought. 

  
 A-1 

	5.	Selecting an Arbitrator: This Exhibit A mandates Arbitration under the then current rules of the Judicial Arbitration and Mediation Service (JAMS) regarding employment disputes. The arbitrator shall be either a
retired judge or an attorney experienced in employment law and licensed to practice in the state in which arbitration is convened. The parties shall select one arbitrator from among a list of three qualified neutral arbitrators provided by JAMS. If
the parties are unable to agree on the arbitrator, each party shall strike one name and the remaining named arbitrator shall be selected. 

  

	6.	Representation/Arbitration Rights and Procedures: 

  

	 	a.	Participant may be represented by an attorney of his/her choice at his/her own expense. 

  

	 	b.	The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of Nevada (without regard to its choice of law provisions) and/or federal law when applicable. In all cases, this Exhibit A shall
provide for the broadest level of arbitration of claims between the Company and Participant under Nevada or applicable federal law. The arbitrator is without jurisdiction to apply any different substantive law or law of remedies. 

 

	 	c.	The arbitrator shall have no authority to award non-economic damages or punitive damages except where such relief is specifically authorized by an applicable state or federal statute or common law. In such a situation,
the arbitrator shall specify in the award the specific statute or other basis under which such relief is granted. 

  

	 	d.	The applicable law with respect to privilege, including attorney-client privilege, work product, and offers to compromise must be followed. 

 

	 	e.	The parties shall have the right to conduct reasonable discovery, including written and oral (deposition) discovery and to subpoena and/or request copies of records, documents and other relevant discoverable information
consistent with the procedural rules of JAMS. The arbitrator shall decide disputes regarding the scope of discovery and shall have authority to regulate the conduct of any hearing and/or trial proceeding. The arbitrator shall have the right to
entertain a motion to dismiss and/or motion for summary judgment. 

  

	 	f.	The parties shall exchange witness lists at least 30 days prior to the trial/hearing procedure. The arbitrator shall have subpoena power so that either Participant or the Company may summon witnesses. The arbitrator
shall use the Federal Rules of Evidence. Both parties have the right to file a post hearing brief. Any party, at its own expense, may arrange for and pay the cost of a court reporter to provide a stenographic record of the proceedings.

  

	 	g.	Any arbitration hearing or proceeding shall take place in private, not open to the public, in Las Vegas, Nevada. 

  

	7.	 Arbitrator’s Award: The arbitrator shall issue a written decision containing the specific issues
raised by the parties, the specific findings of fact, and the specific conclusions of 

  
 A-2 

	 	
law. The award shall be rendered promptly, typically within 30 days after conclusion of the arbitration hearing, or the submission of post-hearing briefs if requested. The arbitrator may not
award any relief or remedy in excess of what a court could grant under applicable law. The arbitrator’s decision is final and binding on both parties. Judgment upon an award rendered by the arbitrator may be entered in any court having
competent jurisdiction. 

  

	 	a.	Either party may bring an action in any court of competent jurisdiction to compel arbitration under this Exhibit A and to enforce an arbitration award. 

 

	 	b.	In the event of any administrative or judicial action by any agency or third party to adjudicate a claim on behalf of Participant which is subject to arbitration under this Exhibit A, Participant hereby waives the right
to participate in any monetary or other recovery obtained by such agency or third party in any such action, and Participant’s sole remedy with respect to any such claim shall be any award decreed by an arbitrator pursuant to the provisions of
this Exhibit A. 

  

	8.	Fees and Expenses: The Company shall be responsible for paying any filing fee and the fees and costs of the arbitrator; provided, however, that if Participant is the party initiating the claim, Participant will
contribute an amount equal to the filing fee to initiate a claim in the court of general jurisdiction in the state in which Participant is (or was last) employed by the Company. Participant and the Company shall each pay for their own expenses,
attorney’s fees (a party’s responsibility for his/her/its own attorney’s fees is only limited by any applicable statute specifically providing that attorney’s fees may be awarded as a remedy), and costs and fees regarding
witness, photocopying and other preparation expenses. If any party prevails on a statutory claim that affords the prevailing party attorney’s fees and costs, or if there is a written agreement providing for attorney’s fees and/or costs,
the arbitrator may award reasonable attorney’s fees and/or costs to the prevailing party, applying the same standards a court would apply under the law applicable to the claim(s). 

 

	9.	The arbitration provisions of this Exhibit A shall survive the termination of Participant’s employment with the Company and its Affiliates and the expiration of the Agreement. These arbitration provisions can only
be modified or revoked in a writing signed by both parties and which expressly states an intent to modify or revoke the provisions of this Exhibit A. 

  

	10.	The arbitration provisions of this Exhibit A do not alter or affect the termination provisions of this Agreement. 

  

	11.	Capitalized terms not defined in this Exhibit A shall have the same definition as in the Agreement to which this is Exhibit A. 

  

	12.	If any provision of this Exhibit A is adjudged to be void or otherwise unenforceable, in whole or in part, such adjudication shall not affect the validity of the remainder of Exhibit A. All other provisions shall remain
in full force and effect. 

  
 A-3 

 ACKNOWLEDGMENT 

BOTH PARTIES ACKNOWLEDGE THAT: THEY HAVE CAREFULLY READ THIS EXHIBIT A IN ITS ENTIRETY, THEY UNDERSTAND ITS TERMS, EXHIBIT A CONSTITUTES A MATERIAL TERM AND
CONDITION OF THE RESTRICTED SHARE UNITS AGREEMENT BETWEEN THE PARTIES TO WHICH IT IS EXHIBIT A, AND THEY AGREE TO ABIDE BY ITS TERMS. 
 The parties also
specifically acknowledge that by agreeing to the terms of this Exhibit A, they are waiving the right to pursue claims covered by this Exhibit A in a judicial forum and instead agree to arbitrate all such claims before an arbitrator without a court
or jury. It is specifically understood that this Exhibit A does not waive any rights or remedies which are available under applicable state and federal statutes or common law. Both parties enter into this Exhibit A voluntarily and not in reliance on
any promises or representation by the other party other than those contained in the Agreement or in this Exhibit A. 
 Participant further acknowledges that
Participant has been given the opportunity to discuss this Exhibit A with Participant’s private legal counsel and that Participant has availed himself/herself of that opportunity to the extent Participant wishes to do so. 

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 A-4EX-4.22

 Exhibit 4.22 

This document is a translation of the original text in Chinese 

Amended and Restated Equity Pledge Agreement 5 

This Amended and Restated Equity Pledge Agreement (this “Agreement”), dated December 16, 2015 is made in Beijing by and between: 

Pledgee: 
 Party A: Baidu Online Network Technology (Beijing)
Co., Ltd. 
 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Pledgor: 
 Party B: Yazhu Zhang 

Address: 
 WHEREAS: 

1. Party A is a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”). 

2. Party B is a citizen of the PRC and owns 20% of the equity interest in Beijing Perusal Technology Co., Ltd., a limited liability company registered in
Beijing, PRC (“Beijing Perusal”). 
 3. Party A and Party B entered into an Amended and Restated Loan Agreement 5 on December 16, 2015, pursuant
to which Party A made a loan in an amount of RMB251,000,000 (the “Loan”) to Party B (the “Loan Arrangement”). 
 4. Party A and Beijing
Perusal entered into an Exclusive Technology Consulting and Service Agreement (the “Service Agreement”) on June 23, 2006. The term of the Service Agreement is 10 years. Pursuant to the Service Agreement, Beijing Perusal shall pay
Party A consulting and service fees (the “Fees”) for the technology consulting and services provided by Party A. 
 5. In order to ensure
that Party B will perform the obligations under the Loan Agreement and Party A can collect the Fees from Beijing Perusal which is held by Party B, Party B agrees to pledge all the equity interest in Beijing Perusal as security for the Loan and the
Fees. Therefore, Party A (the “Pledgee”) and Party B (the “Pledgor”) intend to enter into this Agreement to specify their rights and obligations. 

 NOW THEREFORE, through friendly negotiation, the Pledgee and the Pledgor agree as follows: 

1. Definitions: 
 Unless otherwise provided in this Agreement,
the following terms shall have the following meanings: 
 1.1 “Pledge” shall have the meaning specified in Section 2 of this Agreement. 

1.2 “Equity Interest”: refers to all of the equity interest in Beijing Perusal legally held by the Pledgor. 

1.3 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Loan and the Fees. 

1.4 “Term of Pledge”: refers to the period specified in Section 3.2 of this Agreement. 

1.5 “Principal Agreements”: refers to the Service Agreement and the agreements under the Loan Arrangement. 

1.6 “Event of Default”: refers to any event listed in Section 7.1 of this Agreement. 

1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

2. Pledge 
 The Pledgor agrees to pledge the Equity Interest in
Beijing Perusal to the Pledgee as security for (i) the obligations under the Loan Arrangement; and (ii) the obligations of Beijing Perusal under the Service Agreement. “Pledge” refers to the right of the Pledgee to be entitled to priority
in receiving payment in the form of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of the Equity Interest pledged by the Pledgor to the Pledgee. 

3. Rate of Pledge and Term of Pledge 
 3.1 Rate of Pledge 

The rate of the Pledge shall be approximately 100%. 
 3.2 Term of
Pledge 
 3.2.1 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the register of shareholders of Beijing
Perusal and registered with the competent industrial and commercial authorities, and shall remain in effect until two (2) years after the obligations under the Principal Agreements have been fulfilled. 

  
 2 

 3.2.2 During the Term of Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance
with this Agreement in the event that Pledgor do not perform the obligation under the Loan Arrangement or Beijing Perusal fails to pay the Fees under the Service Agreement. 

4. Physical Possession Of Pledge Documents 
 4.1 During the Term
of Pledge under this Agreement, the Pledgor shall deliver the physical possession of the certificate of capital contribution and the register of shareholders of Beijing Perusal to the Pledgee within one (1) week after the date of this Agreement.

 4.2 The Pledgee shall be entitled to collect the dividends for the Equity Interest. 

4.3 The Pledge under this Agreement will be recorded in the register of shareholders of Beijing Perusal (see Appendix I). 

5. Representation and Warranty of the Pledgor 
 5.1 The Pledgor
is the legal owner of the Equity Interest pledged. The Pledge has been duly approved by the shareholders’ resolutions (see Appendix II). 
 5.2 The
Pledgor did not pledge the Equity Interest and the Equity Interest is not encumbered to any other person except for the Pledgee. 
 6. Undertaking of the
Pledgor 
 6.1 During the effective term of this Agreement, the Pledgor undertakes to the Pledgee for its benefit that the Pledgor shall: 

6.1.1 Not transfer the Equity Interest, create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Pledgee
without prior written consent from the Pledgee; 
 6.1.2 Comply with and implement laws and regulations with respect to the pledge of rights; present to the
Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by the competent authority within five (5) days upon receiving such notices, orders or suggestions; and comply with such notices, orders or suggestions; or object
to the foregoing matters at the reasonable request of the Pledgee or with consent from the Pledgee; 
 6.1.3 Timely notify the Pledgee of any events or any
received notices which may affect the Pledgor’s Equity Interest or any part of the Pledgor’s right, and any events or any received notices which may change the Pledgor’s any warranty and obligation under this Agreement or affect the
Pledgor’s performance of the obligations under this Agreement. 

  
 3 

 6.2 The Pledgor agrees that the Pledgee’s right to the Pledge under this Agreement shall not be suspended or
inhibited by any legal procedure launched by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any such other person. 

6.3 The Pledgor undertakes to the Pledgee that in order to protect or perfect the security for the payment of the Loan and the Fees, the Pledgor shall execute
in good faith and cause other parties who have interests in the Pledge to execute all the title certificates, contracts, and perform actions and cause other parties who have interests to take action, as required by the Pledgee, and facilitate the
Pledgee to exercise its rights under this Agreement. 
 6.4 The Pledgor undertakes to the Pledgee to execute all amendment documents (if applicable and
necessary) in connection with the certificate of the Equity Interest with the Pledgee or its designated person (natural person or a legal entity), and provide the notice, order and decision to the Pledgee within reasonable time if the Pledgee
considers necessary. 
 6.5 The Pledgor undertakes to the Pledgee to comply with and perform all the guarantees, covenants, warranties, representations and
conditions for the benefits of the Pledgee. The Pledgor shall compensate all the losses suffered by the Pledgee for the reasons that the Pledgor does not perform or fully perform such guarantees, covenants, warranties, representations and
conditions. 
 6.6 During the term of this agreement, in order to preserve and increase the value of the pledged Equity Interest, the Pledgor shall refrain
from any act or omission that may negatively affect the value of the pledged Equity Interest. If any events that may negatively affect the value of the pledged Equity Interest or the Pledgor’s obligation under this Agreement occurs, the Pledgor
shall notify the Pledgee immediately, and the Pledgor shall provide financial guarantee for the amount of decrease in the value of the pledged Equity Interest in a form satisfactory to the Pledgee, if so requested by the Pledgee. 

6.7 If permitted under applicable laws and regulations, the Pledgor shall undertake, or actively cooperate with the Pledgee to assist the Pledgee, to complete
the relevant registration, filing or any other procedures required by the law and regulations in respect of the pledged Equity Interest. 
 7. Event of
Default 
 7.1 The following events shall be regarded as events of default: 

7.1.1 The Pledgor fails to perform the obligations under the Loan Arrangement and its supplementary agreements; 

7.1.2 Beijing Perusal fails to make full payment of the Fees as scheduled under the Service Agreement; 

7.1.3 The Pledgor makes any material misleading or mistaken representations or warranties under Section 5, and/or the Pledgor breaches any warranties under
Section 5; 

  
 4 

 7.1.4 The Pledgor breaches the covenants under Section 6; 

7.1.5 The Pledgor breaches other terms or conditions herein; 

7.1.6 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without prior written consent of the Pledgee; 

7.1.7 The Pledgor’s any external loan, security, compensation, covenants or any other compensation liabilities (1) are required to be repaid or performed
prior to the scheduled date due to breach; or (2) are due but cannot be repaid or performed as scheduled and thereby cause the Pledgee to believe that the Pledgor’s capacity to perform the obligations herein is affected; 

7.1.8 Beijing Perusal is incapable of repaying the general debt or other debt; 

7.1.9 This Agreement is illegal or the Pledgor is not capable of continuing to perform the obligations herein due to any reason except force majeure; 

7.1.10 The property of the Pledgor is adversely changed causing the Pledgee to believe that the capability of the Pledgor to perform the obligations herein is
affected; 
 7.1.11 The successors or agents of Beijing Perusal are only able to perform a portion of or refuse to perform the payment obligation under the
Service Agreement; 
 7.1.12 The breach of the other terms by action or omission under this Agreement by the Pledgor. 

7.2 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or realize any event under Section 7.1 or any event that may
result in the foregoing events. 
 7.3 Unless the event of default under Section 7.1 has been solved to the Pledgee’s satisfaction, the Pledgee, at any
time when the event of default happens or thereafter, may give a written Notice of Default to the Pledgor and require the Pledgor to immediately make full payment of the Loan and the outstanding Fees under the Service Agreement and other payables or
exercise the Pledge right in accordance with Section 8. 
 8. Exercise of the Pledge 

8.1 The Pledgor shall not transfer the Equity Interest without prior written consent of the Pledgee prior to the full repayment of the Loan or the Fees under
the Service Agreement (whichever is later). 
 8.2 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the right of pledge.

 8.3 Subject to Section 7.3, the Pledgee may exercise the right of pledge at any time when the Pledgee gives a Notice of Default in accordance with
Section 7.3 or thereafter. 

  
 5 

 8.4 The Pledgee is entitled to a priority in receiving payment by the evaluation or proceeds from the auction or
sale of whole or part of the Equity Interest pledged herein in accordance with legal procedure until the unpaid Fees under the Service Agreement, the outstanding debt and all other payables of Pledgor under Loan Arrangement are repaid. 

8.5 The Pledgor shall not hinder the Pledgee from exercising the right of pledge in accordance with this Agreement and shall give necessary assistance so that
the Pledgee can realize the Pledge. 
 9. Assignment 
 9.1 The
Pledgor shall not donate or transfer the rights and obligations herein without prior consent of the Pledgee. 
 9.2 This Agreement shall be binding upon the
Pledgor and the successors of the Pledgor, and be binding on the Pledgee and its each successor and assignee. 
 9.3 The Pledgee may transfer or assign its
all or any rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary agreements to any individual it specifies (natural person or legal entity) at any time. In this case, the assignee shall enjoy and undertake
the same rights and obligations herein of the Pledgee as if the assignee is a party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary agreements, and such
transfer shall only be subject to a written notice serviced to the Pledgor, and at the request of the Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 

9.4 After the Pledgee’s change resulting from the transfer or assignment, the new parties to the pledge shall execute a new pledge contract. 

10. Effectiveness and Term 
 The agreement is executed as of the
date first set forth above and effective from the date when the pledge is recorded on the register of shareholders of Beijing Perusal. 
 11. Termination

 This Agreement shall not be terminated until the Loan under the Loan Arrangement and the Fees under the Service Agreement are paid off and the Pledgor
does not undertake any obligations under the Loan Arrangement and Beijing Perusal does not undertake any obligations under the Service Agreement any more, and the Pledgee shall cancel or terminate this Agreement within reasonable time as soon as
practicable thereafter. 

  
 6 

 12. Formalities Fees And Other Charges 

12.1 [The Pledgor] shall be responsible for all the fees and actual expenses in relation to this Agreement including but not limited to legal fees, cost of
production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, [the Pledgor shall fully indemnify the Pledgee such taxes paid by the Pledgee.] 

12.2 [The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities fees, management fees, litigation fees,
attorney’s fees, and various insurance premiums in connection with disposition of Pledge) incurred by the Pledgor for the reason that the Pledgor fails to pay any payable taxes, fees or charges for other reasons which cause the Pledgee to
recourse by any means or ways.] 
 13. Force Majeure 
 13.1
Force Majeure, which includes but not limited to acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning, war, refers to any unforeseen events beyond the party’s reasonable control and cannot be
prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable control. The affected party by Force Majeure shall notify the other party of such event resulting
in exemption promptly. 
 13.2 In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by Force
Majeure, only within the scope of such delay or prevention, the affected party will not be responsible for any damage by reason of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the
effects of Force Majeure and attempt to resume performance of the obligations delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both parties agree to resume the performance of this Agreement with their
best efforts. 
 14. Confidentiality 
 The parties of this
agreement acknowledge and make sure that all the oral and written materials exchanged relating to this contract are confidential. All the parties have to keep them confidential and cannot disclose them to any other third party without other
parties’ prior written approval, unless: (a) the public know and will know the materials (not because of the disclosure by any contractual party); (b) the disclosed materials are required by laws or stock exchange rules; or (c) materials
relating to this transaction are disclosed to parties’ legal consultants or financial advisors, however, who have to keep them confidential as well. Disclosure of the confidential by Employees or hired institutions of the parties is deemed as
the act by the parties, therefore, subjecting them to liability. 
 15. Dispute Resolution 

15.1 This Agreement shall be governed by and construed in accordance with the PRC law. 

  
 7 

 15.2 The parties shall strive to settle any dispute arising from the interpretation or performance, or in
connection with this Agreement through friendly consultation. In case no settlement can be reached through consultation, each party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration. The arbitration shall follow the current rules of CIETAC, and the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the parties. 

16. Notice 
 Any notice which is given by the parties hereto for
the purpose of performing the rights and obligations hereunder shall be in writing. Where such notice is delivered in person, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex
or facsimile, the notice time is the time when such notice is transmitted. If such notice does not reach the addressee on a business date or reaches the addressee after the business time, the next business day following such day is the date of
notice. The delivery place is the address first written above of the parties hereto or the address advised in writing including facsimile and telex from time to time. 

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

Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Telephone: 010-59928888 
 Party B: Yazhu Zhang 

Address: 
 Telephone: 

17. Entire Agreement 
 Notwithstanding the provisions under
Article 10, all parties agree that this Agreement constitute the entire agreement of the Parties with respect to the subject matters therein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and
understandings relating to this Agreement. 
 18. Severability 

Any provision of this Agreement which is invalid or unenforceable because of inconsistency with the relevant laws shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability, without affecting in any way the remaining provisions hereof. 

  
 8 

 19. Appendices 
 The
appendices to this Agreement are integral parts of this Agreement. 
 20. Amendment or Supplement 

20.1 The parties may amend and supply this Agreement with a written agreement. The amendment and supplement duly executed and signed by both parties shall be
part of this Agreement and shall have the same legal effect as this Agreement. 
 20.2 This Agreement and any amendments, modification, supplements,
additions or changes hereto shall be in writing and come into effect upon being executed and sealed by the parties hereto. 
 21. Counterparts 

This Agreement is executed in Chinese in two originals, each party holding one original. All the originals shall have the same legal effect. 

[No text below] 

  
 9 

 IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative
or authorized representative on its behalf as of the date first set forth above. 
 Pledgee: Baidu Online Network Technology (Beijing) Co., Ltd. 

Legal representative/authorized representative: /s/ Zhan Wang 

Company seal (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.) 

 

			
	Pledgor:	 	Yazhu Zhang
		
	Signature:	 	/s/ Yazhu Zhang

  
 10 

 Appendix: 
 1.
Register of shareholders of Beijing Perusal. 
 2. Resolutions of the General Shareholders’ Meeting of Beijing Perusal. 

  
 11 

 Appendix I 

Register of shareholders of Beijing Perusal 

Name of the shareholder: Jiping Liu 
 ID number: 

Residential address: 
 Capital contribution: RMB1,004,000,000

 Percentage of capital contribution: 80% 
 No. of the
certificate of capital contribution: 
 Name of the shareholder: Yazhu Zhang 

ID number: 
 Residential address: 

Capital contribution: RMB251,000,000,000 
 Percentage of capital
contribution: 20% 
 No. of the certificate of capital contribution: 

Jiping Liu holds 80% of the shares of Beijing Perusal Technology Co., Ltd. which have been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 

Yazhu Zhang holds 20% of the shares of Beijing Perusal Technology Co., Ltd. which have been pledged to Baidu Online Network Technology (Beijing) Co., Ltd.

 Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% of the shares in Beijing Perusal Technology Co., Ltd. 

 

			
	Beijing Perusal Technology Co., Ltd.
		
	Signature:	 	/s/ Zhan Wang
	Title:	 	Legal representative (with the company seal of Beijing Perusal Technology Co., Ltd.)
	
	Date: December 16, 2015

  
 12 

 Appendix II 

Resolutions of the General Shareholders’ Meeting of Beijing Perusal 

As for the Amended and Restated Equity Pledge Agreement executed on December 16, 2015 between the shareholders of Beijing Perusal Technology Co., Ltd. (the
“Company”) and Baidu Online Network Technology (Beijing) Co., Ltd., the general shareholders’ meeting of the Company made a resolution unanimously as follows: 

Approve the shareholders of the Company to pledge all their equity interest of the company to Baidu Online Network Technology (Beijing) Co., Ltd. 

The resolution was executed and submitted on December 16, 2015 by the following shareholders: 

 

			
	Shareholder:	 	Jiping Liu
		
	Signature:	 	/s/ Jiping Liu
		
	Shareholder:	 	Yazhu Zhang
		
	Signature:	 	/s/ Yazhu Zhang

  
 13 

 This document is a translation of the original text in Chinese 

Amended and Restated Equity Pledge Agreement 5 

This Amended and Restated Equity Pledge Agreement (this “Agreement”), dated December 16, 2015 is made in Beijing by and between: 

Pledgee: 
 Party A: Baidu Online Network Technology (Beijing)
Co., Ltd. 
 Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Pledgor: 
 Party B: Jiping Liu 

Address: 
 WHEREAS: 

1. Party A is a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”). 

2. Party B is a citizen of the PRC and owns 80% of the equity interest in Beijing Perusal Technology Co., Ltd., a limited liability company registered in
Beijing, PRC (“Beijing Perusal”). 
 3. Party A and Party B entered into an Amended and Restated Loan Agreement 5 on December 16, 2015, pursuant
to which Party A made a loan in an amount of RMB1,004,000,000 (the “Loan”) to Party B (the “Loan Arrangement”). 
 4. Party A and
Beijing Perusal entered into an Exclusive Technology Consulting and Service Agreement (the “Service Agreement”) on June 23, 2006. The term of the Service Agreement is 10 years. Pursuant to the Service Agreement, Beijing Perusal shall pay
Party A consulting and service fees (the “Fees”) for the technology consulting and services provided by Party A. 
 5. In order to ensure that
Party B will perform the obligations under the Loan Agreement and Party A can collect the Fees from Beijing Perusal which is held by Party B, Party B agrees to pledge all the equity interest in Beijing Perusal as security for the Loan and the Fees.
Therefore, Party A (the “Pledgee”) and Party B (the “Pledgor”) intend to enter into this Agreement to specify their rights and obligations. 

NOW THEREFORE, through friendly negotiation, the Pledgee and the Pledgor agree as follows: 

  
 14 

 1. Definitions: 

Unless otherwise provided in this Agreement, the following terms shall have the following meanings: 

1.1 “Pledge” shall have the meaning specified in Section 2 of this Agreement. 

1.2 “Equity Interest”: refers to all of the equity interest in Beijing Perusal legally held by the Pledgor. 

1.3 “Rate of Pledge”: refers to the ratio between the value of the Pledge under this Agreement and the total amount of the Loan and the Fees. 

1.4 “Term of Pledge”: refers to the period specified in Section 3.2 of this Agreement. 

1.5 “Principal Agreements”: refers to the Service Agreement and the agreements under the Loan Arrangement. 

1.6 “Event of Default”: refers to any event listed in Section 7.1 of this Agreement. 

1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

2. Pledge 
 The Pledgor agrees to pledge the Equity Interest in
Beijing Perusal to the Pledgee as security for (i) the obligations under the Loan Arrangement; and (ii) the obligations of Beijing Perusal under the Service Agreement. “Pledge” refers to the right of the Pledgee to be entitled to priority
in receiving payment in the form of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of the Equity Interest pledged by the Pledgor to the Pledgee. 

3. Rate of Pledge and Term of Pledge 
 3.1 Rate of Pledge 

The rate of the Pledge shall be approximately 100%. 
 3.2 Term of
Pledge 
 3.2.1 The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the register of shareholders of Beijing
Perusal and registered with the competent industrial and commercial authorities, and shall remain in effect until two (2) years after the obligations under the Principal Agreements have been fulfilled. 

  
 15 

 3.2.2 During the Term of Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance
with this Agreement in the event that Pledgor do not perform the obligation under the Loan Arrangement or Beijing Perusal fails to pay the Fees under the Service Agreement. 

4. Physical Possession Of Pledge Documents 
 4.1 During the Term
of Pledge under this Agreement, the Pledgor shall deliver the physical possession of the certificate of capital contribution and the register of shareholders of Beijing Perusal to the Pledgee within one (1) week after the date of this Agreement.

 4.2 The Pledgee shall be entitled to collect the dividends for the Equity Interest. 

4.3 The Pledge under this Agreement will be recorded in the register of shareholders of Beijing Perusal (see Appendix I). 

5. Representation and Warranty of the Pledgor 
 5.1 The Pledgor
is the legal owner of the Equity Interest pledged. The Pledge has been duly approved by the shareholders’ resolutions (see Appendix II). 
 5.2 The
Pledgor did not pledge the Equity Interest and the Equity Interest is not encumbered to any other person except for the Pledgee. 
 6. Undertaking of the
Pledgor 
 6.1 During the effective term of this Agreement, the Pledgor undertakes to the Pledgee for its benefit that the Pledgor shall: 

6.1.1 Not transfer the Equity Interest, create or permit to create any pledges which may have an adverse effect on the rights or benefits of the Pledgee
without prior written consent from the Pledgee; 
 6.1.2 Comply with and implement laws and regulations with respect to the pledge of rights; present to the
Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by the competent authority within five (5) days upon receiving such notices, orders or suggestions; and comply with such notices, orders or suggestions; or object
to the foregoing matters at the reasonable request of the Pledgee or with consent from the Pledgee; 
 6.1.3 Timely notify the Pledgee of any events or any
received notices which may affect the Pledgor’s Equity Interest or any part of the Pledgor’s right, and any events or any received notices which may change the Pledgor’s any warranty and obligation under this Agreement or affect the
Pledgor’s performance of the obligations under this Agreement. 

  
 16 

 6.2 The Pledgor agrees that the Pledgee’s right to the Pledge under this Agreement shall not be suspended or
inhibited by any legal procedure launched by the Pledgor or any successors of the Pledgor or any person authorized by the Pledgor or any such other person. 

6.3 The Pledgor undertakes to the Pledgee that in order to protect or perfect the security for the payment of the Loan and the Fees, the Pledgor shall execute
in good faith and cause other parties who have interests in the Pledge to execute all the title certificates, contracts, and perform actions and cause other parties who have interests to take action, as required by the Pledgee, and facilitate the
Pledgee to exercise its rights under this Agreement. 
 6.4 The Pledgor undertakes to the Pledgee to execute all amendment documents (if applicable and
necessary) in connection with the certificate of the Equity Interest with the Pledgee or its designated person (natural person or a legal entity), and provide the notice, order and decision to the Pledgee within reasonable time if the Pledgee
considers necessary. 
 6.5 The Pledgor undertakes to the Pledgee to comply with and perform all the guarantees, covenants, warranties, representations and
conditions for the benefits of the Pledgee. The Pledgor shall compensate all the losses suffered by the Pledgee for the reasons that the Pledgor does not perform or fully perform such guarantees, covenants, warranties, representations and
conditions. 
 6.6 During the term of this agreement, in order to preserve and increase the value of the pledged Equity Interest, the Pledgor shall refrain
from any act or omission that may negatively affect the value of the pledged Equity Interest. If any events that may negatively affect the value of the pledged Equity Interest or the Pledgor’s obligation under this Agreement occurs, the Pledgor
shall notify the Pledgee immediately, and the Pledgor shall provide financial guarantee for the amount of decrease in the value of the pledged Equity Interest in a form satisfactory to the Pledgee, if so requested by the Pledgee. 

6.7 If permitted under applicable laws and regulations, the Pledgor shall undertake, or actively cooperate with the Pledgee to assist the Pledgee, to complete
the relevant registration, filing or any other procedures required by the law and regulations in respect of the pledged Equity Interest. 
 7. Event of
Default 
 7.1 The following events shall be regarded as events of default: 

7.1.1 The Pledgor fails to perform the obligations under the Loan Arrangement and its supplementary agreements; 

7.1.2 Beijing Perusal fails to make full payment of the Fees as scheduled under the Service Agreement; 

7.1.3 The Pledgor makes any material misleading or mistaken representations or warranties under Section 5, and/or the Pledgor breaches any warranties under
Section 5; 

  
 17 

 7.1.4 The Pledgor breaches the covenants under Section 6; 

7.1.5 The Pledgor breaches other terms or conditions herein; 

7.1.6 The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without prior written consent of the Pledgee; 

7.1.7 The Pledgor’s any external loan, security, compensation, covenants or any other compensation liabilities (1) are required to be repaid or performed
prior to the scheduled date due to breach; or (2) are due but cannot be repaid or performed as scheduled and thereby cause the Pledgee to believe that the Pledgor’s capacity to perform the obligations herein is affected; 

7.1.8 Beijing Perusal is incapable of repaying the general debt or other debt; 

7.1.9 This Agreement is illegal or the Pledgor is not capable of continuing to perform the obligations herein due to any reason except force majeure; 

7.1.10 The property of the Pledgor is adversely changed causing the Pledgee to believe that the capability of the Pledgor to perform the obligations herein is
affected; 
 7.1.11 The successors or agents of Beijing Perusal are only able to perform a portion of or refuse to perform the payment obligation under the
Service Agreement; 
 7.1.12 The breach of the other terms by action or omission under this Agreement by the Pledgor. 

7.2 The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor is aware of or realize any event under Section 7.1 or any event
that may result in the foregoing events. 
 7.3 Unless the event of default under Section 7.1 has been solved to the Pledgee’s satisfaction, the
Pledgee, at any time when the event of default happens or thereafter, may give a written Notice of Default to the Pledgor and require the Pledgor to immediately make full payment of the Loan and the outstanding Fees under the Service Agreement and
other payables or exercise the Pledge right in accordance with Section 8. 
 8. Exercise of the Pledge 

8.1 The Pledgor shall not transfer the Equity Interest without prior written consent of the Pledgee prior to the full repayment of the Loan or the Fees under
the Service Agreement (whichever is later). 
 8.2 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the right of pledge.

 8.3 Subject to Section 7.3, the Pledgee may exercise the right of pledge at any time when the Pledgee gives a Notice of Default in accordance with
Section 7.3 or thereafter. 

  
 18 

 8.4 The Pledgee is entitled to a priority in receiving payment by the evaluation or proceeds from the auction or
sale of whole or part of the Equity Interest pledged herein in accordance with legal procedure until the unpaid Fees under the Service Agreement, the outstanding debt and all other payables of Pledgor under Loan Arrangement are repaid. 

8.5 The Pledgor shall not hinder the Pledgee from exercising the right of pledge in accordance with this Agreement and shall give necessary assistance so that
the Pledgee can realize the Pledge. 
 9. Assignment 
 9.1 The
Pledgor shall not donate or transfer the rights and obligations herein without prior consent of the Pledgee. 
 9.2 This Agreement shall be binding upon the
Pledgor and the successors of the Pledgor, and be binding on the Pledgee and its each successor and assignee. 
 9.3 The Pledgee may transfer or assign its
all or any rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary agreements to any individual it specifies (natural person or legal entity) at any time. In this case, the assignee shall enjoy and undertake
the same rights and obligations herein of the Pledgee as if the assignee is a party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service Agreement, the Loan Arrangement and its supplementary agreements, and such
transfer shall only be subject to a written notice serviced to the Pledgor, and at the request of the Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment. 

9.4 After the Pledgee’s change resulting from the transfer or assignment, the new parties to the pledge shall execute a new pledge contract. 

10. Effectiveness and Term 
 The agreement is executed as of the
date first set forth above and effective from the date when the pledge is recorded on the register of shareholders of Beijing Perusal. 
 11. Termination

 This Agreement shall not be terminated until the Loan under the Loan Arrangement and the Fees under the Service Agreement are paid off and the Pledgor
does not undertake any obligations under the Loan Arrangement and Beijing Perusal does not undertake any obligations under the Service Agreement any more, and the Pledgee shall cancel or terminate this Agreement within reasonable time as soon as
practicable thereafter. 

  
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 12. Formalities Fees And Other Charges 

12.1 [The Pledgor] shall be responsible for all the fees and actual expenses in relation to this Agreement including but not limited to legal fees, cost of
production, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with the laws, [the Pledgor shall fully indemnify the Pledgee such taxes paid by the Pledgee.] 

12.2 [The Pledgor shall be responsible for all the fees (including but not limited to any taxes, formalities fees, management fees, litigation fees,
attorney’s fees, and various insurance premiums in connection with disposition of Pledge) incurred by the Pledgor for the reason that the Pledgor fails to pay any payable taxes, fees or charges for other reasons which cause the Pledgee to
recourse by any means or ways.] 
 13. Force Majeure 
 13.1
Force Majeure, which includes but not limited to acts of governments, acts of nature, fire, explosion, typhoon, flood, earthquake, tide, lightning, war, refers to any unforeseen events beyond the party’s reasonable control and cannot be
prevented with reasonable care. However, any shortage of credit, capital or finance shall not be regarded as an event beyond a Party’s reasonable control. The affected party by Force Majeure shall notify the other party of such event resulting
in exemption promptly. 
 13.2 In the event that the affected party is delayed in or prevented from performing its obligations under this Agreement by Force
Majeure, only within the scope of such delay or prevention, the affected party will not be responsible for any damage by reason of such a failure or delay of performance. The affected party shall take appropriate means to minimize or remove the
effects of Force Majeure and attempt to resume performance of the obligations delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both parties agree to resume the performance of this Agreement with their
best efforts. 
 14. Confidentiality 
 The parties of this
agreement acknowledge and make sure that all the oral and written materials exchanged relating to this contract are confidential. All the parties have to keep them confidential and cannot disclose them to any other third party without other
parties’ prior written approval, unless: (a) the public know and will know the materials (not because of the disclosure by any contractual party); (b) the disclosed materials are required by laws or stock exchange rules; or (c) materials
relating to this transaction are disclosed to parties’ legal consultants or financial advisors, however, who have to keep them confidential as well. Disclosure of the confidential by Employees or hired institutions of the parties is deemed as
the act by the parties, therefore, subjecting them to liability. 
 15. Dispute Resolution 

15.1 This Agreement shall be governed by and construed in accordance with the PRC law. 

  
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 15.2 The parties shall strive to settle any dispute arising from the interpretation or performance, or in
connection with this Agreement through friendly consultation. In case no settlement can be reached through consultation, each party can submit such matter to China International Economic and Trade Arbitration Commission (“CIETAC”) for
arbitration. The arbitration shall follow the current rules of CIETAC, and the arbitration proceedings shall be conducted in Chinese and shall take place in Beijing. The arbitration award shall be final and binding upon the parties. 

16. Notice 
 Any notice which is given by the parties hereto for
the purpose of performing the rights and obligations hereunder shall be in writing. Where such notice is delivered in person, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex
or facsimile, the notice time is the time when such notice is transmitted. If such notice does not reach the addressee on a business date or reaches the addressee after the business time, the next business day following such day is the date of
notice. The delivery place is the address first written above of the parties hereto or the address advised in writing including facsimile and telex from time to time. 

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

Address: Baidu Campus, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Telephone: 010-59928888 
 Party B: Jiping Liu 

Address: 
 Telephone: 

17. Entire Agreement 
 Notwithstanding the provisions under
Article 10, all parties agree that this Agreement constitute the entire agreement of the Parties with respect to the subject matters therein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and
understandings relating to this Agreement. 
 18. Severability 

Any provision of this Agreement which is invalid or unenforceable because of inconsistency with the relevant laws shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability, without affecting in any way the remaining provisions hereof. 

  
 21 

 19. Appendices 
 The
appendices to this Agreement are integral parts of this Agreement. 
 20. Amendment or Supplement 

20.1 The parties may amend and supply this Agreement with a written agreement. The amendment and supplement duly executed and signed by both parties shall be
part of this Agreement and shall have the same legal effect as this Agreement. 
 20.2 This Agreement and any amendments, modification, supplements,
additions or changes hereto shall be in writing and come into effect upon being executed and sealed by the parties hereto. 
 21. Counterparts 

This Agreement is executed in Chinese in two originals, each party holding one original. All the originals shall have the same legal effect. 

[No text below] 

  
 22 

 IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative
or authorized representative on its behalf as of the date first set forth above. 
  

			
	Pledgee:	  	Baidu Online Network Technology (Beijing) Co., Ltd.

			
		
	Legal representative/authorized representative:	  	/s/ Zhan Wang

 Company seal (with the company seal of Baidu Online Network Technology (Beijing) Co., Ltd.) 

 

			
	Pledgor:	 	Yazhu Zhang
		
	Signature:	 	/s/ Yazhu Zhang

  
 23 

 Appendix: 
 1.
Register of shareholders of Beijing Perusal. 
 2. Resolutions of the General Shareholders’ Meeting of Beijing Perusal. 

  
 24 

 Appendix I 

Register of shareholders of Beijing Perusal 

Name of the shareholder: Jiping Liu 
 ID number: 

Residential address: 
 Capital contribution: RMB1,004,000,000

 Percentage of capital contribution: 80% 
 No. of the
certificate of capital contribution: 
 Name of the shareholder: Yazhu Zhang 

ID number: 
 Residential address: 

Capital contribution: RMB251,000,000,000 
 Percentage of capital
contribution: 20% 
 No. of the certificate of capital contribution: 

Jiping Liu holds 80% of the shares of Beijing Perusal Technology Co., Ltd. which have been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 

Yazhu Zhang holds 20% of the shares of Beijing Perusal Technology Co., Ltd. which have been pledged to Baidu Online Network Technology (Beijing) Co., Ltd.

 Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% of the shares in Beijing Perusal Technology Co., Ltd. 

 

			
	Beijing Perusal Technology Co., Ltd.
		
	Signature:	 	/s/ Zhan Wang
	Title:	 	Legal representative (with the company seal of Beijing Perusal Technology Co., Ltd.)
	
	Date: December 16, 2015

  
 25 

 Appendix II 

Resolutions of the General Shareholders’ Meeting of Beijing Perusal 

As for the Amended and Restated Equity Pledge Agreement executed on December 16, 2015 between the shareholders of Beijing Perusal Technology Co., Ltd. (the
“Company”) and Baidu Online Network Technology (Beijing) Co., Ltd., the general shareholders’ meeting of the Company made a resolution unanimously as follows: 

Approve the shareholders of the Company to pledge all their equity interest of the company to Baidu Online Network Technology (Beijing) Co., Ltd. 

The resolution was executed and submitted on December 16, 2015 by the following shareholders: 

 

			
	Shareholder:	 	Jiping Liu
		
	Signature:	 	/s/ Jiping Liu
		
	Shareholder:	 	Yazhu Zhang
		
	Signature:	 	/s/ Yazhu Zhang

  
 26

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