Document:

EX-4.42

 Exhibit 4.42 

This document is a translation of the original text in Chinese 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT 

This Amended and Restated Equity Pledge Agreement (this “Agreement”) is entered into in Beijing, PRC on December 31, 2015 by the following parties:

 Pledgee: 
  

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

 Legal Address: 3rd Floor, Baidu Campus, No. 10, Shangdi 10th Street,, Haidian District, Beijing, PRC 
 Pledgor: 

 

	Party B:	Zhan Wang 

 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 0.5% of the equity interest in Beijing Baidu Netcom Science and Technology Co., Ltd., a limited liability company registered in Beijing, PRC (the “Company”).

  

	3.	Party A and Party B signed an amended and restated loan agreement on December 31, 2015, according to which Party B receives a loan (the “Loan Arrangement”) in an amount of RMB 4,450,000.00 (the
“Loan”) from Party A. 

  

	4.	Party A and the Company signed an Exclusive Technology Consulting and Service Agreement (the “Service Agreement”) on December 31, 2015, according to which the Company shall pay Party A consulting and services
fees (the “Fees”) for the technology consulting and services provided by Party A. 

  

	5.	In order to ensure that Party B will perform its obligations under the Loan Agreement and Party A will be able to receive the Fees from the Company, Party B agrees to pledge all his equity interest in the Company as
security for the performance of his obligations under the Loan Agreement. Party A and Party B intend to enter into this Agreement to specify their respective rights and obligations. 

 

	6.	Each of Party A and Party B has entered into a number of equity pledge agreements set forth in Schedule I attached hereto with the parties thereto (collectively, the “Original Equity Pledge
Agreements”). The Parties hereby agree to enter into this Agreement to amend and restate the Original Equity Pledge Agreements. 

NOW THEREFORE, the Pledgee and the Pledgor through friendly negotiations hereby enter into this Agreement based upon the following terms: 

 

	1.	Definitions and Interpretation 

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

	 	1.1	“Pledge”: refers to the full content of Article 2. 

  

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

  

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

	 	1.4	“Term of Pledge”: refers to the period set forth under Article 3.2. 

  

	 	1.5	“Master Agreement”: refers to the Service Agreement and agreements under the Loan arrangement. 

  

	 	1.6	“Event of Default”: refers to any event listed in Article 7.1. 

  

	 	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 his Equity Interest in the Company to the Pledgee as
security for (i) all his obligations under the Loan arrangement and (ii) all the liabilities of the Company under Service Agreement. The term “Pledge” under this Agreement 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	The rate of the Pledge 

 The rate of the Pledge shall be approximately 100%. 

 

	 	3.2	The term of the 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 the Company and registered in authorized administration of industry and commerce, and
shall remain in effect until two (2) years after the obligations under the Master Agreement will have been fulfilled. 

  

	 	3.2.2	During the term of the Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the event that the Pledgor does not perform his obligations under the Loan arrangement
or the Company fails to pay services fees under the Service Agreement. 

  

	4.	Physical Possession of Documents 

  

	 	4.1	During the term of the Pledge under this Agreement, the Pledgor shall deliver the physical possession of his/her Certificate of Capital Contribution and the Register of Shareholders of the Company to the Pledgee within
one (1) week from the execution 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 the Company (See Schedule II). 

  

	5.	Representation and Warranty of the Pledgor 

  

	 	5.1	The Pledgor is the legal owner of the Equity Interest pledged and has received approval for the pledge under this agreement through resolutions of shareholders’ meetings (see Schedule III). 

 

	 	5.2	Except for the benefit of the Pledgee, the Pledgor has not pledged the Equity Interest or created other encumbrance on the Equity Interest. 

 

	6.	Covenants of the Pledgor 

  

	 	6.1	During the effective term of this Agreement, the Pledgor covenants to the Pledgee for its benefit that the Pledgor shall: 

  
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	 	6.1.1	Not transfer or assign the Equity Interest, create or permit the existence of any other pledges which may have an adverse effect on the rights or benefits of the Pledgee without prior written consent of the Pledgee;

  

	 	6.1.2	Comply with 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 relevant government authorities within five
(5) days upon receiving such notices, orders or suggestions; comply with such notices, orders or suggestions or, alternatively, at the reasonable request of the Pledgee or with consent from the Pledgee, raise objection to such notices, orders or
suggestions; 

  

	 	6.1.3	Timely notify the Pledgee of any events or any notices received which may affect the Pledgor’s right to all or any part of the Equity Interest, and any events or any received notices which may change the
Pledgor’s warranties and obligations under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement. 

  

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

  

	 	6.3	The Pledgor promises to the Pledgee that in order to protect or perfect the security for the payment of the Loan, the Pledgor shall execute in good faith and cause other parties who have interests in the Pledge to
execute, all title certificates and contracts or to perform any other actions (and cause other parties who have interests to take action) as required by the Pledgee and provide facilities for exercise of the rights and authorization vested in the
Pledgee under this Agreement. 

  

	 	6.4	The Pledgor promises to the Pledgee that he will execute all amendment documents (if applicable and necessary) in connection with the certificate of the Equity Interest with the Pledgee or its designated person (being a
natural person or a legal entity) and, within a reasonable period, provide to the Pledgee all notices, orders and decisions about the Pledge as the Pledgee deems necessary. 

 

	 	6.5	The Pledgor promises to the Pledgee that he/she will comply with and perform all the guarantees, covenants, warranties, representations and conditions for the benefit of the Pledgee. The Pledgor shall compensate the
Pledgee for all losses suffered by the Pledgee because of the Pledgor’s failure to perform in whole or in part its guarantees, covenants, warranties, representations and conditions. 

 

	 	6.6	During the term of this Agreement, the Pledgor will not conduct any act and omission that may influence the value of the pledged shares for the purpose to keep or increase the value of the pledged shares. The Pledgor
will notice the Pledgee immediately when there are issues that may decrease the value of the Pledged shares or influence the Pledgor’s performance of any obligations under this Agreement and, as required by the Pledgee, provide guarantee for
the difference of the decreased pledged shares to the Pledgee’s satisfaction. 

  

	 	6.7	To the extent permitted by applicable laws and regulations, the Pledgor shall assist the Pledgee with the registration, filing or any other processes as required by the laws and regulations. 

 

	7.	Event of Default 

  

	 	7.1	The following events shall be regarded as events of default: 

  

	 	7.1.1	Pledgor fails to perform his obligations under the Loan Arrangement; 

  

	 	7.1.2	The Company fails to fully pay the fees on schedule under the Service Agreement; 

  
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	 	7.1.3	Any representation or warranty made by the Pledgor in Article 5 hereof contains material misleading statements or errors and/or the Pledgor breaches any warranty in Article 5 hereof; 

 

	 	7.1.4	The Pledgor breaches the covenants under Article 6 hereof; 

  

	 	7.1.5	The Pledgor breaches any other provision of this Agreement; 

  

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

 

	 	7.1.7	Any of the Pledgor’s external loans, guaranties, compensations, undertakings or other obligations (1) is required to be repaid or performed prior to the scheduled due date because of a default; or (2) is due but
cannot be repaid or performed as scheduled, causing the Pledgee to believe that the Pledgor’s ability to perform the obligations hereunder has been affected; 

 

	 	7.1.8	The Company is incapable of repaying its ordinary debts or other debts; 

  

	 	7.1.9	This Agreement becomes illegal or the Pledgor is not capable of continuing to perform the obligations hereunder due to any reason other than force majeure; 

 

	 	7.1.10	There have been adverse changes to the properties owned by the Pledgor, causing the Pledgee to believe that the capability of the Pledgor to perform the obligations hereunder has been affected; 

 

	 	7.1.11	Successor or trustee of the Company can only perform part of, or refuses to perform, the payment obligations under the Service Agreement; 

 

	 	7.1.12	The breach of the other provisions of this Agreement by the Pledgor due to his/her act or omission. 

  

	 	7.2	The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor knows or discovers that any event specified under Article 7.1 hereof or any event that may result in the foregoing events has occurred.

  

	 	7.3	Unless an event of default under Article 7.1 hereof has been resolved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of default occurs or at anytime thereafter, may give a written notice of
default to the Pledgor, requiring the Pledgor to immediately make full payment of the outstanding amount under the Service Agreement and Loan arrangement or requesting to exercise the Pledge in accordance with Article 8 hereof. 

 

	8.	Exercise of the Pledge 

  

	 	8.1	The Pledgor shall not transfer or assign the Equity Interest without prior written approval from the Pledgee prior to the full repayment of the Fees under the Service Agreement or full performance of his/her obligations
under the Loan Agreement, whichever is later. 

  

	 	8.2	The Pledgee shall give a notice of default to the Pledgor when the Pledgee exercises the Pledge. 

  

	 	8.3	Subject to Article 7.3, the Pledgee may exercise the Pledge when the Pledgee gives a notice of default in accordance with Article 7.3 or at anytime thereafter. 

 

	 	8.4	The Pledgee is entitled to priority in receiving payment in the form of all or part of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of all or part of the
Equity Interest in accordance with legal procedure, until the outstanding debt and all other payables of the Pledgor under Service Agreement are repaid. 

  
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	 	8.5	The Pledgor shall not hinder the Pledgee from exercising the Pledge in accordance with this Agreement and shall give necessary assistance so that the Pledgee could fully exercise its Pledge. 

 

	9.	Assignment 

  

	 	9.1	The Pledgor shall not assign or transfer its rights and obligations hereunder without prior consent from the Pledgee. 

  

	 	9.2	This Agreement shall be binding upon the Pledgor and his/her successors and be binding on the Pledgee and each of its successors and permitted assigns. 

 

	 	9.3	To the extent permitted by law, the Pledgee may transfer or assign any or all of its rights and obligations under the Service Agreement and Loan arrangement to any person (natural person or legal entity) designated by
it at any time. In that case, the assignee shall have the same rights and obligations as those of the Pledgee as if the assignee was an original party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service
Agreement and Loan arrangement, it is only required to provide a written notice 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 has been changed as a result of a transfer or an assignment, the new parties to the Pledge shall execute a new pledge contract. 

 

	10.	Effectiveness and Term 

 This Agreement is effective as of the date first set forth above and
from the date when the pledge is recorded on the Company’s Register of Shareholders. 
  

	11.	Termination 

 This Agreement shall terminate when the Loan under the Loan arrangement the Fees
under Service Agreement have been fully repaid, and the Pledgor no longer has any outstanding obligations under the Loan Agreement. Thereafter, the Pledgee shall cancel or terminate this Agreement as soon as reasonably practicable. 

 

	12.	Fees and Other Charges 

  

	 	12.1	The Pledgor shall be responsible for all of the fees and actual expenses in relation to this Agreement including, but not limited to, legal fees, production costs, 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 for such taxes paid by the Pledgee. 

  

	 	12.2	In the event that the Pledgee has to make a claim against the Pledgor by any means as a result of the Pledgor’s failure to pay any tax or expense payable by the Pledgor under this Agreement, the Pledgor shall be
responsible for all the expenses arising from such claim (including but not limited to any taxes, handling fees, management fees, litigation fees, attorney’s fees, and various insurance premiums in connection with the disposition of the
Pledge). 

  

	13.	Force Majeure 

  

	 	13.1	Force Majeure, which includes but is not limited to acts of governments, change of laws and regulations, acts of nature, fires, explosions, typhoons, floods, earthquake, tides, lightning or war, refers to any unforeseen
event that is beyond a party’s reasonable control and cannot be prevented with reasonable care. However, any insufficiency of creditworthiness, capital or financing shall not be regarded as an event beyond a party’s reasonable control. The
affected party by Force Majeure shall promptly notify the other party of such event resulting in exemption. 

  

	 	13.2	 In the event that the affected party is delayed or prevented from performing its obligations under this Agreement by Force Majeure, and only to the
extent of such delay and prevention, the affected party shall not be liable for obligations under this Agreement. The affected party shall take appropriate measures to minimize or remove the effects of Force Majeure and attempt to

  
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resume performance of the obligations that were 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 using their best efforts. 

  

	14.	Confidentiality 

 The parties to this Agreement acknowledge and confirm that all the oral and
written materials exchanged relating to this Agreement are confidential. Each party must keep such materials confidential and can not disclose such materials to any other third party without the other party’s prior written approval, unless:
(a) the public knows or will know the materials (not due of the disclosure by the receiving party); (b) the disclosed materials are required by law or stock exchange rules to be disclosed; or (c) materials relating to the transactions under
this Agreement are disclosed to the parties’ legal or financial advisors, who must keep them confidential as well. Disclosure of the confidential information by employees or institutions hired by the parties is deemed as an 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 PRC law. 

  

	 	15.2	The parties shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly consultation. In case no settlement can be reached through consultation, each party can
submit such matter to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the current rules of CIETAC, the arbitration proceedings shall be conducted in Chinese and
shall take place in Beijing, PRC. 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 to the bellowing address. Where such notice is delivered personally, 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 day or reaches the addressee after business hours, the next business day following such day is the date of notice. The
delivery place is the address first written above for each of the parties hereto or the address advised by such party in writing, including facsimile and telex, from time to time. 

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

Legal Address: 3rd Floor, Baidu Campus, No. 10, Shangdi 10th Street,, Haidian District,
Beijing, PRC 
 Fax: 5992-7435 

Tel: 5992-8888 
 Party B:
Zhan Wang 
 Address:
 Fax:

 Tel: 
  

	17.	Entire Agreement 

 Notwithstanding the provisions in Article 10, the Parties agree that this
Agreement constitutes the entire agreement of the parties hereto with respect to the subject matters herein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and understandings relating to the subject
matters of this Agreement. 
  

	18.	Severability 

 Should any provision of this Agreement be held invalid or unenforceable because
of inconsistency with applicable laws, such provision shall be invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 

  
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	19.	Appendices 

 The appendices to this Agreement shall constitute an integral part of this
Agreement. 
  

	20.	Amendment or Supplement 

  

	 	20.1	The Parties may amend or supplement this Agreement by written agreement. The amendments or supplements to this Agreement duly executed by both parties shall form an integral part of this Agreement and shall have the
same legal effect as this Agreement. 

  

	 	20.2	This Agreement and any amendments, modifications, supplements, additions or changes hereto shall be in writing and shall be effective upon being executed and sealed by the parties hereto. 

 

	21.	Counterparts 

 This Agreement is executed in Chinese in duplicate, with each party hereto
holding one copy. Both originals have the same legal effect. 
 [no text below]

  
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 [Signature Page] 

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

Seal of Baidu Online Network Technology (Beijing) Co., Ltd. 

Legal/authorized representative:    /s/Zhan Wang 

Pledgor: Zhan Wang 
 Signature: /s/Zhan Wang 

 Schedule I 

Original Equity Pledge Agreements 
  

							
	Serial
number	  	Name	  	Parties	  	Date
	1	  	Amended and Restated Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Yanhong Li
 Yong Xu
	  	20050322
	2	  	Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Haoyu Shen
	  	20110119
	3	  	Supplement to the Amended and Restated Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Yanhong Li
 Haoyu Shen

Zhan Wang
	  	20110826
	5	  	Amended and Restated Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Zhan Wang
	  	20151130

 Schedule II 

Register of shareholders of Beijing Baidu Netcom Science and Technology Co., Ltd. 

Name of the Shareholder: Yanhong Li 
 ID number: 

Residential Address: 
 Capital contribution: RMB 885,550,000.00

 Percentage of capital contribution: 99.5% 
 No. of the
certificate of capital contribution: 001 
 Yanhong Li holds 99.5% of the shares of Beijing Baidu Netcom Science and Technology Co., Ltd., all of which have
been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Name of shareholder: Zhan Wang 

ID number: 
 Residential Address: 

Capital contribution: RMB 4,450,000.00 
 Percentage of capital
contribution: 0.5% 
 No. of the certificate of capital contribution: 002 

Zhan Wang holds 0.5% of the shares of Beijing Baidu Netcom Science and Technology Co., Ltd., all of which have been pledged to Baidu Online Network Technology
(Beijing) Co., Ltd. 
 Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% shares in Baidu Online Network Technology (Beijing) Co.,
Ltd. 
 Beijing Baidu Netcom Science Technology Co., Ltd. 

Signature: /s/ Zhixiang Liang 
 Name: Zhixiang Liang 

Title: Legal representative (with the company seal of Beijing Baidu Netcom Science Technology Co., Ltd.) 

Date: December 31, 2015 

 Schedule III 

Resolutions of the General Shareholders’ Meeting of Beijing Baidu Netcom Science and Technology Co., Ltd. 

In respect of the Amended and Restated Equity Pledge Agreement executed on December 31, 2015 between the shareholders of Beijing Baidu Netcom Science and
Technology Co., Ltd. (the “Company”) and Beijing Online Network Technology (Beijing) Co., Ltd., the general shareholders’ meeting of the Company made a resolution unanimously as follows: 

Approve each shareholder of the Company to pledge all of his equity interest in the Company to Baidu Online Network Technology (Beijing) Co., Ltd. 

The resolution was executed and submitted on December 31, 2015. 

Shareholders: 
 /s/ Yanhong Li 

/s/ Zhan WangEX-4.44

 Exhibit 4.44 

This document is a translation of the original text in Chinese 

AMENDED AND RESTATED EXCLUSIVE EQUITY PURCHASE AND TRANSFER OPTION AGREEMENT 

This Amended and Restated Exclusive Equity Purchase and Transfer Option Agreement (this “Agreement”) is entered into among the following parties in
Beijing, PRC on December 31, 2015: 
 Party A:                Baidu Online
Network Technology (Beijing) Co., Ltd. 
 Legal Address: 3/F., Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Party B:                Yanhong Li 

Address: 
 Party
C:                Beijing Baidu Netcom Science and Technology Co., Ltd. 

Registered Address: 2/F., Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 

In this Agreement, Party A, Party B and Party C are called collectively as the “Parties” and each of them is a “Party.” 

WHEREAS: 
 1. Party A, is a wholly foreign-owned enterprise
incorporated under the laws of the People’s Republic of China (the “PRC”), which has technology expertise and practical experience in computer software development and design, and also has rich experience and expertise in information
technology and service; 
 2. Party C, a liability limited company incorporated in the PRC, is licensed by is licensed by Beijing Communications
Administration to carry out the business of value-added telecommunication services such as Internet information services; 
 3. Party B is the shareholder
of Party C. Party B has ownership of 99.5% of the equity interest in Party C (the “Equity Interest”); 
 4. Party A and Party B entered into an
amended and restated loan agreement (the “Loan Agreement”) on December 31, 2015; 
 5. Party A and Party C entered into a number of agreements
including an exclusive technology consulting and services agreement (the “Services Agreement”) on March 22, 2005; 

 6. Party A and Party B entered into an amended and restated equity pledge agreement (the “Equity Pledge
Agreement”) on December 31, 2015; and 
 7. Each of Parties has entered into a number of exclusive equity purchase option agreements set forth in
Schedule I attached hereto with the parties thereto (collectively, the “Original Exclusive Equity Purchase Option Agreements”). The Parties hereby agree to enter into this Agreement to amend and restate the Original Equity Purchase Option
Agreements and this Agreement will replace and substitute the Original Equity Purchase Option Agreements as of the date of its effectiveness. 
 NOW,
THEREFORE, the Parties upon negotiation hereby agree as follows: 
 1. Purchase and Sale of Equity Interest 

1.1 Granting of Rights 
 Party B (hereafter, the
“Transferor”) hereby irrevocably grants to Party A an option to purchase or cause any one or more designated persons (“Designated Persons”) to purchase, to the extent permitted under PRC law, according to the steps determined by
Party A, at the price specified in Article 1.3 of this Agreement, and at any time from the Transferor, a portion of, or all of, the equity interests held by the Transferor in Party C (the “Option”). No Option shall be granted to any third
party other than Party A and/or the Designated Persons. Party C hereby agrees to the granting of the Option by Party B to Party A and/or the Designated Persons. For purpose of this Section 1.1 and this Agreement, “person” means an
individual person, corporation, joint venture, partnership, enterprise, trust or a non-corporation organization. 
 1.2 Exercise Steps 

Subject to PRC law and regulations, Party A and/or the Designated Persons may exercise the Option by issuing a written notice (the “Notice”) to the
Transferor, specifying the equity interest to be purchased from the Transferor (the “Purchased Equity Interest”) and the manner of such purchase. 

1.3 Purchase Price 
 1.3.1 If Party A exercises the Option, the
purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in capital paid by the Transferor for the Purchased Equity Interest, unless then applicable PRC laws and regulations require appraisal of
the Purchased Equity Interest or stipulate other restrictions on the Purchase price. 
 1.3.2 If the applicable PRC laws require appraisal of the Purchased
Equity Interest or stipulate other restrictions on the Purchase Price at the time that Party A exercises the Option, the Parties agree that the Purchase Price shall be set at the lowest price permissible under applicable law. 

  
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 1.4 Transfer of the Purchased Equity Interest 

At each exercise of the Option: 
 1.4.1 The Transferor shall, in
accordance the terms and conditions of this Agreement and the Notice in connection with the Purchased Equity Interest, enter into an equity transfer agreement with Party A and/or the Designated Persons (as applicable) for each transfer in form
satisfactory to Party A; 
 1.4.2 The Transferor shall execute all other requisite contracts, agreements or documents, obtain all requisite government
approvals and consents, and take all necessary actions to transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons free of any security interest, and cause Party A and/or the Designated Persons to be the
registered owner(s) of the Purchased Equity Interest. For purpose of this Section 1.4.2 and this Agreement, “Security Interest” means guaranty, mortgage, pledge, third-party right or interest, any share option, right of acquisition, right
of first refusal, right of set-off, ownership, detainment or other security arrangements. However, it does not include any security interest arising under the Equity Pledge Agreement. 

1.5 Payment 
 The manner of payment of the Purchase Price shall
be determined through negotiations between Party A and/or the Designated Persons and the Transferor according to the applicable laws at the time of the exercise of the Option. The Parties hereby agree that, subject to applicable laws, Transferor
shall repay to Party A any amount that is paid by Party A and/or the Designated Persons to the Transferor in connection with the Purchased Equity Interest (excluding the tax fees and other fees incurred by the proposed transaction according to
transfer agreements paid by the Transferor). 
 2. Covenants Relating to the Equity Interest 

2.1 Covenants Relating to Party C 
 Party B and Party C hereby
covenant, in relation to Party C: 
 2.1.1 Not to supplement, amend or modify Party C’s articles of association in any way, or to increase or decrease
its registered capital, or to change its registered capital structure in any way without Party A’s prior written consent; 
 2.1.2 To maintain the
corporate existence of Party C and operate its business and deal with matters prudently and effectively according to good financial and business rules and practices; 

2.1.3 Not to sell, transfer, mortgage or otherwise dispose of, or permit any other security interest to be created on, any of Party C’s assets, business
or legal or beneficial interests in its revenue at any time after the signing of this Agreement without Party A’s prior written consent; 

  
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 2.1.4 Not to create, succeed to, guarantee or permit any liability, without Party A’s prior written consent,
except (i) liabilities arising from the normal course of business, but not arising from loans; and (ii) liabilities disclosed to Party A and approved by Party A in writing; 

2.1.5 To operate persistently all the business in the normal course of business to maintain the value of Party C’s assets, and not to commit any act or
omission that would affect its operations and asset value; 
 2.1.6 Without prior written consent by Party A, not to enter into any material agreement,
other than agreements entered into in Party C’s normal course of business (for purpose of this paragraph, an agreement will be deemed material if its value exceeds RMB500,000); 

2.1.7 Not to provide loans or credit to any person without Party A’s prior written consent; 

2.1.8 To provide all information relating to Party C’s operations and financial conditions upon the request of Party A; 

2.1.9 To purchase and maintain insurance from insurance companies accepted by Party A. The amount and category of the insurance shall the same as those of the
insurance normally procured by companies engaged in similar businesses and possessing similar properties or assets in the area where Party C is located; 

2.1.10 Not to merge or consolidate with, or acquire or invest in, any person without Party A’s prior written consent; 

2.1.11 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning Party C’s assets, business or
revenue; 
 2.1.12 To execute all necessary or appropriate documents, to take all necessary or appropriate actions and to bring all necessary or appropriate
claims or to make all necessary and appropriate defenses against all claims in order for Party C to maintain the ownership over all its assets; 
 2.1.13
Not to distribute dividends to Party C’s shareholders in any way without Party A’s prior written consent. However, Party C shall promptly distribute all or part of its distributable profits to its shareholders upon Party A’s request;

 2.1.14 At the request of Party A, to appoint persons nominated by Party A to be the directors of Party C; 

2.2 Covenants Relating to the Transferor 
 Party B hereby
covenants: 
 2.2.1 Not to sell, transfer, mortgage or otherwise dispose of, or allow any other security interest to be created on, the legal or beneficial
interest in the Equity Interest at any time after the signing of this Agreement without Party A’s prior written consent, other than the pledge created on Party B’s Equity Interest in accordance with the Equity Pledge Agreement; 

  
 4 

 2.2.2 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at
Party C’s shareholders’ meetings to approve the sale, transfer, mortgage or disposition in any other manner of, or the creation of any other security interest on, any legal or beneficial interest in the Equity Interest, except to or for
the benefit of Party A or its designated persons; 
 2.2.3 Without Party A’s prior written consent, not to vote for or sign any shareholders’
resolution at Party C’s shareholders’ meetings to approve Party C’s merger or consolidation with, acquisition of or investment in, any person; 

2.2.4 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning the Equity Interest owned by it; 

2.2.5 To execute all necessary or appropriate documents, to take all necessary or appropriate actions and to bring all necessary or appropriate claims or to
make all necessary and appropriate defenses against all claims in order to maintain his ownership over the Equity Interest; 
 2.2.6 At the request of Party
A, to appoint persons nominated by Party A to be the directors of Party C; 
 2.2.7 At any time, upon the request of Party A, to transfer its Equity
Interest immediately and unconditionally to the representative designated by Party A, and waive its preemptive right with respect to the transfer of equity interest by the other shareholder of Party C; 

2.2.8 To fully comply with the provisions of this Agreement and the other agreements entered into jointly or respectively by and among the Transferor, Party C
and Party A, perform all obligations under these agreements and not commit any act or omission that would affect the validity and enforceability of these agreements; and 

2.2.9 To transfer all dividends and any other form of profit allocated by Party C to Party A. 

2.3 Covenants Relating to Party A 
 Party A hereby covenants:

 2.3.1 If Party C needs any loan or other capital support in its business, under acceptable and reasonable scope, Party A shall provide capital support;

 2.3.2 If Party C cannot repay the loan from Party A as loss incurred and has sufficient evidence to prove, Party A agrees that it shall give up the
rights of requiring Party C to repay the loan. 

  
 5 

 3. Representations and Warranties 

As of the execution date of this Agreement and every transfer date, each of the Transferor and Party C hereby represents and warrants to Party A as follows:

 3.1 It has the power and authority to execute and deliver this Agreement, and any equity transfer agreement (“Transfer Agreement”) to which it
is party for each transfer of the Purchased Equity under this Agreement and to perform its obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and any Transfer Agreement to which it is party will constitute a
legal, valid and binding obligation of it enforceable against it in accordance with its terms; 
 3.2 The execution, delivery and performance of this
Agreement or any Transfer Agreement by it will not: (i) violate any relevant PRC laws and regulations; (ii) conflict with its articles of association or other organizational documents; (iii) violate or constitute a default under any contract or
instrument to which it is party or that binds upon it; (iv) violate any condition for the grant and/or continued effectiveness of any permit or approval granted to it; or (v) cause any permit or approval granted to it to be suspended, cancelled or
attached with additional conditions; 
 3.3 Party C has good and marketable ownership interest in all of its assets and has not created any security
interest on the said assets; 
 3.4 Party C has no outstanding liabilities, except (i) liabilities arising in its normal course of business; and (ii)
liabilities disclosed to Party A and approved by Party A in writing; 
 3.5 There are currently no existing, pending or threatened litigation, arbitration
or administrative proceedings related to the Equity Interest, Party C’s assets or Party C; and 
 3.6 The Transferor has good and marketable ownership
interest in the Equity Interest and has not created any security interest on such Equity Interest, other than the security interest pursuant to the Equity Pledge Agreement. 

4. Assignment of Agreement 
 4.1 Party B and Party C shall not
assign their rights and obligations under this Agreement to any third party without the prior written consent of Party A. 
 4.2 Party B and Party C hereby
agree that Party A may assign all its rights and obligation under this Agreement to a third party without the consent of Party B and Party C, but such assignment shall be notified in writing to Party B and Party C. 

5. Effective Date and Term 
 5.1 This Agreement shall be
effective as of the date first set forth above. 
 5.2 The term of this Agreement shall be ten (10) years unless it is early terminated under this Agreement
or any other agreement separately agreed upon by the Parties. Party B and Party C hereby confirm that this Agreement may be extended by Party A in writing prior to its expiry without consent from Party B and Party C. The term to be extended
shall be subject to agreement of the Parties.

  
 6 

 5.3 If the duration of operation (including any extension thereof) of Party A or Party C is expired or terminated
for other reasons within the term set forth in Article 5.2, this Agreement shall be terminated simultaneously, except in the situation where Party A has assigned its rights and obligations in accordance with Article 4.2 hereof. 

6. Applicable Law and Dispute Resolution 
 6.1 Applicable Law

 The formation, validity, interpretation and performance of and settlement of disputes under this Agreement shall be governed by the laws of the PRC. 

6.2 Dispute Resolution 
 Any dispute arising in connection with
the interpretation and performance of the provisions of this Agreement shall be resolved by the Parties in good faith through negotiations. In case no resolution can be reached by the Parties within thirty (30) days after either party makes a
request for dispute resolution through negotiations, either party may refer such dispute to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in
effect. The seat of arbitration shall be Beijing and language of proceedings shall be Chinese. The arbitral award shall be final and binding upon the Parties. 

7. Taxes and Expenses 
 Every Party shall, in accordance with PRC
laws, bear any and all transfer and registration taxes, expenses and charges incurred by or levied on it with respect to the preparation and execution of this Agreement and each Transfer Agreement and the consummation of the transactions
contemplated under this Agreement and each Transfer Agreement. 
 8. Notices 

Any notice or other communication forms which is given by the parties hereto shall be in Chinese and delivered personally to the addresses listed as below or
the addresses designated by the Parties. The notice time which is deemed as the time when the notice actually reaches the addressee follows: (a) the notice time of the notice delivered personally shall be the day when the person conducts the
delivery; (b) the notice time of the notice delivered as mail shall be the tenth (10th) day following the mailing date of the registered mail by air (marked by seal) or shall be the fourth (4th) day following the day handing to internally recognized delivery services organizations; and (c) the notice time of the notice delivered by facsimile shall be the acceptance time on the delivery
confirmation. 

  
 7 

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

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

Facsimile: 5992-7435 
 Telephone: 5992-8888 

Party B: Yanhong Li 
 Address: 

Facsimile: 
 Telephone: 

Party C: Beijing Baidu Netcom Science and Technology Co., Ltd. 

Address: 2/F, Baidu Building B, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Facsimile: 5992-7435 
 Telephone: 5992-8888 

9. Confidentiality 
 The Parties acknowledge and confirm any oral
or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties shall maintain the confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose
to any third party any relevant materials, but the following circumstances shall be excluded: 
 9.1 Materials that are or will become known by the public
(through no fault of the receiving party); 
 9.2 Materials required to be disclosed by the applicable laws or rules of the stock exchange; 

9.3 Materials disclosed by each Party to its legal or financial advisors relating the transactions contemplated by this Agreement, and such legal or financial
advisors shall comply with the confidentiality provisions similar to this article. 
 The disclosure of information by the staff or consultants of any party
shall be deemed as disclosure by the party itself. This Section 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 

10. Further Assurances 
 The Parties agree to promptly execute
documents and take further actions that are reasonably required for, or beneficial to, the purpose of performing the provisions and carrying out the intent of this Agreement. 

  
 8 

 11. Miscellaneous 

11.1 Amendment, Modification or Supplement 
 Any amendment or
supplement to this Agreement shall be made by the Parties in writing. The amendments or supplements duly executed by each Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 

11.2 Entire Agreement 
 Notwithstanding Article 5 of this
Agreement, the Parties acknowledge that once this Agreement becomes effective, it shall constitute the entire agreement of the Parties with respect to the subject matters hereof and shall supersede all prior oral and/or written agreements and
understandings by the Parties with respect to the subject matters hereof. 
 11.3 Severability 

If any provision of this Agreement is judged to be invalid, illegal or unenforceable in any respect according to any applicable law or regulation, the
validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through good-faith negotiations, replace those invalid, illegal or unenforceable provisions with valid provisions
that may bring about economic effects as similar as possible to those from such invalid, illegal or unenforceable provisions. 
 11.4 Headings 

The headings contained in this Agreement are for the convenience of reference only and shall not be used for the interpretation or explanation or otherwise
affect the meaning of the provisions of this Agreement. 
 11.5 Language and counterparts 

This Agreement is executed in Chinese in three originals; each Party holds one original and each original has the same legal effect. 

11.6 Successor 
 This Agreement shall bind upon and inure to the
benefit of the successors and permitted assigns of each Party. 
 11.7 Survival 

Any obligation arising from or becoming due under this Agreement before its expiration or premature termination shall survive such expiration or premature
termination. Articles 6, 8 and 9 and this Article 11.7 shall survive the termination of this Agreement. 

  
 9 

 11.8 Waiver 
 Any
Party may waive the terms and conditions of this Agreement by a written instrument signed by the Parties. Any waiver by a Party to a breach by the other Parties in a specific situation shall not be construed as a waiver to any similar breach by the
other Parties in other situations. 
 [No text below] 

  
 10 

 IN WITNESS WHEREOF, each Party has caused this Agreement to be executed by himself/herself, its legal
representative or its duly authorized representative as of the date first written above. 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd.

 Legal Representative/Authorized Representative:            /s/ Zhan Wang 

Seal: /s/ Baidu Online Network Technology (Beijing) Co., Ltd. 

Party B: Yanhong Li 
 Signature: /s/ Yanhong Li 

Party C: Beijing Baidu Netcom Science and Technology Co., Ltd. 

Legal Representative/Authorized Representative:            /s/ Zhixiang Liang 

Seal: /s/ Beijing Baidu Netcom Science and Technology Co., Ltd. 

  
 11 

 Original Exclusive Equity Purchase Option Agreements 

 

							
	Serial
number	  	Name	  	Parties	  	Date
	1	  	Amended and Restated Exclusive
Equity Purchase Option Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Beijing Baidu Netcom Science and Technology Co., Ltd.
 Yanhong
Li
 Yong Xu
	  	20050322
	2	  	Exclusive Equity Purchase Option
Agreement regarding Additional
Shares	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Beijing Baidu Netcom Science and Technology Co., Ltd.
 Yanhong
Li
	  	20060210
	3	  	Exclusive Equity Purchase Option
Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Beijing Baidu Netcom Science and Technology Co., Ltd.
 Yanhong
Li
	  	20080306
	4	  	Supplement to Amended and
Restated Exclusive Equity Purchase
Option Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Beijing Baidu Netcom Science and Technology Co., Ltd.
 Yanhong
Li
 Yong Xu
	  	20100422
	5	  	Amendment to the Amended and
Restated Exclusive Equity Purchase
Option Agreement and the
Supplement thereto	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Beijing Baidu Netcom Science and Technology Co., Ltd.
 Yanhong
Li
 Haoyu Shen
 Zhan Wang
	  	20110826

  
 12 

							
	6	  	Restated and Amended Exclusive
Equity Purchase Option Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Beijing Baidu Netcom Science and Technology Co., Ltd.
 Yanhong
Li
	  	 20151130

  
 13

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