Document:

EX-4.85

 EXHIBIT 4.85 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT 

This Equity Pledge Agreement (this “Agreement”) is made as of July 10, 2019 in Beijing, PRC by and between: 

Pledgee: 
  

			
	Party A:	  	Baidu Online Network Technology (Beijing) Co., Ltd.
	Registered Address:	  	3/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing;
		
	And	  	
		
	Pledgor:	  	
		
	Party B:	  	Robin Yanhong Li
	ID No.	  	
	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 holding 99.5% equity interests in Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), a limited liability company registered in Beijing, the PRC. 

3. Party A and Party B entered into an Amended and Restated Loan Agreement dated July 10, 2019 (the “Loan Agreement”), whereby
Party B obtains a loan (the “Loan Arrangement”) in an aggregate amount of RMB13,354,173,600 (the “Loan”). 

4. Party A and Baidu Netcom entered into an Exclusive Technology Consulting and Services Agreement dated March 22, 2005 (the “Services
Agreement”), pursuant to which Baidu Netcom shall pay Party A technical consulting and services fees (the “Service Fees”) for the technology consulting and services provided by Party A. 

5. In order to ensure that Party B will repay the Loan of RMB13,354,173,600 under the Loan Agreement and Party A will be able to collect the Service Fees from
Baidu Netcom, Party B agrees to pledge its equity interests in Baidu Netcom (i.e., a registered capital equal to RMB13,354,173,600) as security for the Loan and other obligations under the Loan Arrangement and the Service Agreement. Party A and
Party B intend to enter into this Agreement to specify their respective rights and obligations in respect of such pledge. 
 6. The Parties have entered into
an Amended and Restated Equity Pledge Agreement dated May 7, 2018 (the “Original Equity Pledge Agreement”). The Parties hereby agree to enter into this Agreement to amend and restate the Original Equity Pledge Agreement,
and this Agreement shall replace and supersede the Original Equity Pledge Agreement as of the date of its becoming effective. 

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

1. Definitions 
 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 hereunder.

 1.2 “Equity Interests”: refers to all of the equity interests in Baidu Netcom legally held by the Pledgor (for purpose of this
Agreement, the Equity Interests pledged herein means the registered capital equal to RMB13,354,173,600). 
 1.3 “Ratio of Pledge”:
refers to the proportion of the value of the Pledge under this Agreement to the total amount of the Service Fees and the Loan. 
 1.4 “Term of
Pledge”: refers to the period provided for under Article 3.2 hereunder. 
 1.5 “Principal Agreement”: refers to the
Services Agreements and the agreements under the Loan Arrangement. 
 1.6 “Event of Default”: refers to any event listed in Article
7.1 hereunder. 
 1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement.

 2. Pledge 
 The Pledgor will pledge all of his Equity
Interests in Baidu Netcom to the Pledgee as security for (i) all his obligations under the Loan Arrangement (i.e., RMB13,354,173,600) and (ii) all obligations of Baidu Netcom under the Services Agreement (the “Secured
Obligations”). “Pledge” refers to the priority entitled to the Pledgee in receiving proceeds from disposal of all or part of the Equity Interests at a discounted value, or auction or sale of the Equity Interests pledged
hereunder. 
 3. Ratio of Pledge and Term of Pledge 

3.1 Ratio of the Pledge 
 The Ratio of the Pledge shall be
approximately 100%. 
 3.2 Term of the Pledge 

  
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 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 Baidu Netcom and registered with the competent industrial and commercial authority, and shall remain in effect until two (2) years after all Secured Obligations under the Principal Agreement have been fulfilled. 

3.2.2 During the term of the Pledge, the Pledgee shall be entitled to dispose of the Pledge in accordance with this Agreement in the event that the Pledgor
fails to perform his obligations under the Loan Arrangement or Baidu Netcom fails perform its obligations under the Services Agreement. 
 4. Possession
of Pledge Documents 
 4.1 During the Term of Pledge under this Agreement, the Pledgor shall deliver its capital contribution certificate and the
register of shareholders of Baidu Netcom to the possession of the Pledgee within one (1) week from the date of this Agreement. 
 4.2 The Pledgee shall
be entitled to receiving dividends arising from the Equity Interests. 
 4.3 The Pledge under this Agreement will be recorded in the Register of Shareholders
of Baidu Netcom (See Appendix I) after the date of this Agreement. 
 5. Representations and Warranties of the Pledgor 

5.1 The Pledgor is the legal owner of the Equity Interests and has approved the Pledge with resolutions adopted at its shareholders meeting (See Appendix
II). 
 5.2 Except for the benefit of the Pledgee, no other pledge or security has been created upon the Equity Interests. 

6. Covenants of the Pledgor 
 6.1 During the term of this
Agreement, the Pledgor covenants for its benefits of the Pledgee that the Pledgor shall: 
 6.1.1 not transfer or assign the Equity Interests, create or
permit creation of any other pledge which could affect the rights or benefits of the Pledgee without prior written consent of the Pledgee; 
 6.1.2 comply
with and implement the 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; and

  
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 6.1.3 timely notify the Pledgee of any event or any notice to its knowledge which may affect the
Pledgor’s right to all or any part of the Equity Interests, and any event or any notice to its knowledge 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 under this Agreement shall not be disrupted or
prejudiced by any legal proceeding initiated by the Pledgor or any successor 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 and the Services Fees, the Pledgor shall
execute in good faith and cause other parties who have interests in the Pledge to execute, all title certificates and contracts and/or to perform any other actions (and cause other parties who have interests to take action) as required by the
Pledgee and facilitate the 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 (if applicable and necessary) in connection with the certificate of the Equity Interests 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 will
comply with and perform all the guarantees, covenants, warranties, representations and conditions for the benefit of the Pledgee. The Pledgor shall indemnify the Pledgee for all losses suffered by the Pledgee due to 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 make any action/omission which may affect the value of the Equity Interests so as to maintain or increase the value. The Pledgor shall timely notify the Pledgee of any event which may decrease the value of the Equity Interests or affect the
Pledgor’s performance of the obligations under this Agreement, and shall provide assets acceptable to the Pledgee as guarantee for the decreased value of the Equity Interests upon the Pledgee’s request. 

6.7 To the extent permitted under applicable laws or regulations, the Pledgor shall make best efforts to cooperate with all the registration, filing or other
procedures relating to the Pledge as required by relevant laws and regulations. 
 7. Event of Default 

7.1 Each of the following events shall be regarded as an Event of Default: 

7.1.1 Pledgor fails to perform its obligations under the Loan Arrangement, including without limitation the obligation to repay the Loan of RMB13,354,173,600
under the Loan Agreement; 

  
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 7.1.2 Baidu Netcom fails to make due and full payment of the Services Fees or perform other obligations
under the Services Agreement; 
 7.1.3 Any representation or warranty made by the Pledgor in Article 5 hereof is materially misleading or erroneous, and/or
the Pledgor breaches any warranty in Article 5 hereof; 
 7.1.4 The Pledgor breaches any covenant 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 Interests or transfers or assigns the pledged Equity Interests 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 accelerated for repayment due to any
default; or (2) fails to be duly repaid or performed and makes the Pledgee believe that the Pledgor’s ability to perform the obligations hereunder has been affected; 

7.1.8 Baidu Netcom is incapable of repaying its general 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 a Force
Majeure event; 
 7.1.10 There have been adverse change 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 The successor or receiver of Baidu Netcom only partially performs or refuses to
perform the payment obligation under the Services Agreement; and 
 7.1.12 The breach of the other provisions of this Agreement by the Pledgor due to its
action or omission. 
 7.2 The Pledgor shall immediately give a written notice to the Pledgee if it becomes knowledge of the Pledgor 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 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 Loan Arrangement or under the Services Agreement or requesting to exercise the Pledge in accordance with Article 8 hereof. 

  
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 8. Exercise of the Pledge 

8.1 The Pledgor shall not transfer or assign the Equity Interest without prior written consent from the Pledgee prior to the full performance of his
obligations under the Loan Arrangement and supplementary agreement and full payment of all Service Fees under the Services 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 any time
thereafter. 
 8.4 The Pledgee is entitled to priority in receiving payment in the form of all or part of the Equity Interest at a discounted value, 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 Loan Arrangement and Services Agreement are repaid. 

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 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 Loan Arrangement and supplementary
agreements 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 were an original party hereto. When the Pledgee
transfers or assigns the rights and obligations under the Services Agreement, Loan Arrangement and supplementary agreements, 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 executed on the date first set forth above and becomes effective from the date when the pledge is recorded on Baidu Netcom’s Register of
Shareholders. 

  
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 11. Termination 

This Agreement shall terminate when the loan under the Loan Arrangement and the Services Fees under the Services Agreement have been fully repaid and the
Pledgor no longer has any outstanding obligations under the Loan Arrangement and Baidu Netcom no longer has any outstanding obligations under the Services Agreement. The Pledgee shall cancel or terminate this Agreement as soon as reasonably
practicable thereafter. 
 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 A Force Majeure event refers to any unforeseen event that is beyond a party’s reasonable control and cannot be prevented with reasonable care, which
includes but is not limited to acts of governments, changes of law, acts of God, fires, explosions, typhoons, floods, earthquake, tides, lightning or war; provided, however, that 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 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 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 cannot 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. 

  
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 15. Dispute Resolution 

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

15.2 The Parties shall strive to resolve any dispute arising from the interpretation or performance of this Agreement through negotiations in good faith. If
the negotiations fail, either Party may submit such matter to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its rules then in effect. The arbitration
proceedings shall be conducted in Chinese and shall take place in Beijing, PRC. The arbitral 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. If
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.

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

	 Fax:
	  	
	 Telephone:
	  	
		
	 Party B:
	  	 Robin Yanhong Li

	 Address:
	  	
	 Telephone:
	  	

 17. Entire Agreement 

Notwithstanding provisions in Article 10 hereof, the Parties agree that this Agreement constitutes the entire agreements of the Parties hereto with respect to
the subject matter 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. 

  
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 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. 
 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 made in Chinese in two originals, with each Party holding one thereof. All originals shall have the same legal effect. 

(No text below) 

  
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 (Signature page only) 

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

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

	Legal Representative/Authorized Representative
	
	Party B:
	
	Robin Yanhong Li
		
	Signature:	 	 /s/ Robin Yanhong Li

  
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 Appendices: 
  

	1.	 Register of Shareholders of Beijing Baidu Netcom Science Technology Co., Ltd. 

 

	2.	 Resolution of the Shareholders of Beijing Baidu Netcom Science Technology Co., Ltd. 

  
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 Appendix I 

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

 

			
	Name of the Shareholder:	  	Robin Yanhong Li
	ID number:	  	
	Residence:	  	
	Contribution Amount:	  	RMB13,354,173,600
	Percentage of Share Capital:	  	99.5%
	 Number of capital contribution

certificate:
	  	001

 Robin Yanhong Li holds 99.5% equity interests in Beijing Baidu Netcom Science Technology Co., Ltd., the entirety of which has
been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
  

			
	Name of the Shareholder:	  	Hailong Xiang
	ID number:	  	
	Residence:	  	
	Contribution Amount:	  	RMB67,106,400
	Percentage of Share Capital:	  	0.5%
	 Number of capital contribution

certificate:
	  	002

 Hailong Xiang holds 0.5% equity interests in Beijing Baidu Netcom Science Technology Co., Ltd., the entirety of which has been
pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% of the equity
interests in Beijing Baidu Netcom Science Technology Co., Ltd. 
  

			
	Beijing Baidu Netcom Science Technology Co., Ltd. (seal)
		
	Signature:	 	 /s/ Zhixiang Liang

	Title:	 	Legal representative
	Date:	 	July 10, 2019

  
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 Appendix II 

Resolution of the Shareholders of Beijing Baidu Netcom Science Technology Co., Ltd. 

In respect of the Amended and Restated Equity Pledge Agreement dated July 10, 2019 by and between the shareholders of Beijing Baidu Netcom Science
Technology Co., Ltd. (the “Company”) and Baidu Online Network Technology (Beijing) Co., Ltd., a resolution is unanimously adopted at the shareholders’ meeting of the Company as follows: 

It is approved that the shareholders of the Company pledge all of their equity interests in the Company to Baidu Online Network Technology (Beijing) Co., Ltd.

 The resolution was signed and delivered dated July 10, 2019 by the undersigned shareholders. 

 

			
	 Shareholders:

	
	 Robin Yanhong Li

	 Signature:
	 	 /s/ Robin Yanhong Li

	
	 Hailong Xiang

	 Signature:
	 	 /s/ Hailong Xiang

  
 13EX-4.86

 EXHIBIT 4.86 

Termination Agreement of Current Control Documents 

This Termination Agreement of Current Control Documents (this “Agreement”) is made as of August 20, 2019 in Beijing, the
People’s Republic of China (the “PRC”, for purposes of this Agreement excluding Hong Kong, Macau and Taiwan) by and among: 

Party A: Baidu Inc., a company duly formed and validly existing under the laws of the Cayman Islands, with its registered address at M&C
Corporate Services Limited, P.O. Box 309 GT, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. 
 Party B:
Baidu Online Network Technology (Beijing) Co., Ltd., a limited liability company duly formed and validly existing under the PRC laws, with its registered address at 3/F, Baidu Plaza, No. 10 Shangdi 10th Street, Haidian District, Beijing; 
 Party C: Beijing Baidu Netcom Science Technology Co.,
Ltd., a limited liability company duly formed and validly existing under the PRC laws, with its registered address at 2/F, Baidu Plaza, No. 10 Shangdi 10th Street, Haidian District,
Beijing; 
 Party D: Robin Yanhong Li, a PRC citizen, ID No. ; 

And 
 Party E: Hailong Xiang, a PRC citizen, ID No.
    . 
 In this Agreement, each of the Parties above are collectively referred to as the “Parties” and
individually as a “Party”. 
 WHEREAS: 
  

	(1)	 Party B, Party C, Party D and Party E have entered into a Business Operating Agreement dated June 13,
2016, as attached hereto as Appendix 1 (the “Business Operating Agreement”); 

  

	(2)	 Party A and Party E have entered into a Proxy Agreement dated March 31, 2018, as attached hereto as
Appendix 2 (the “Proxy Agreement”); 

  

	(3)	 Party A, Party B, Party C and Party E have entered into an Amended and Restated Exclusive Equity Purchase and
Transfer Option Agreement dated July 10, 2019, as attached hereto as Appendix 3 (the “Option Agreement”); 

  

	(4)	 Party B and Party E have entered into an Amended and Restated Equity Pledge Agreement dated July 10, 2019,
as attached hereto as Appendix 4 (the “Pledge Agreement”); 

	(5)	 Party B and Party E have entered into an Amended and Restated Loan Agreement dated July 10, 2019, as
attached hereto as Appendix 6 (the “Loan Agreement”); 

  

	(6)	 Each of Party D and Party E has issued a Power of Attorney dated March 31, 2018, as attached hereto as
Appendix 6 (the “Power of Attorney”); 

 (The above agreements are collectively referred as the
“Current Control Documents”) 
  

	(7)	 Pursuant to the Current Control Documents, Party E, as required by Party A, Party B and Party C, has
transferred all of its equity interests in Party C to the permitted assigns of Party A, Party B and Party C, and agreed to pay the entire transfer price of the equity interest to Party A or any party designated by Party A; and 

 

	(8)	 Each Party agrees to terminate all of the current Control Documents as agreed herein. 

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

	1.	 Termination of Current Control Documents 

 

	1.1	 Party B, Party C, Party D and Party E hereby irrevocably agree and acknowledge that the Business Operating
Agreement shall terminate and cease to have any effect as of the date hereof. 

  

	1.2	 Party A and Party E hereby irrevocably agree and acknowledge that the Proxy Agreement shall terminate and cease
to have any effect as of the date hereof. 

  

	1.3	 Party A, Party B, Party C and Party D hereby irrevocably agree and acknowledge that the Option Agreement shall
terminate and cease to have any effect as of the date hereof. 

  

	1.4	 Party B and Party E hereby irrevocably agree and acknowledge that the Pledge Agreement shall terminate and
cease to have any effect as of the date hereof, and the Parties shall immediately apply to competent AIC to handle registration for release of the pledge. 

  

	1.5	 Party B and Party E hereby irrevocably agree and acknowledge that the Loan Agreement shall terminate and cease
to have any effect as of the date hereof. 

  

	1.6	 Party D and Party E hereby irrevocably agree and acknowledge that the Power of Attorney shall terminate and
cease to have any effect as of the date hereof 

  

	1.7	 As of the date hereof, none of the Parties will have any right under the Current Control Documents and be
required to fulfill any of its obligations under the Current Control Documents. 

	1.8	 Each of the Parties hereby irrevocably and unconditionally waives any dispute, claim, demand, right,
obligation, liability, action, contract or cause of action of any kind or nature it had, has or may have against any other Party, arising directly or indirectly in connection with or as a result of the Current Control Documents.

  

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

  

	2.	 Consideration 

 

	2.1	 The Parties understand the precondition for the above Article 1 to become effective is that Party E has
executed relevant equity transfer document as required by Party A, Party B and Party C to transfer all of its equity interests in Party C to a transferee acceptable to Party A, Party B and Party C, and agreed to pay the entire transfer price of such
equity transfer to Party A or any party designated by Party A (by way of Party E’s designating the transferee in writing to pay the transfer price directly to the account of Party A or any party designated by Party A), and Party A or its
designated party has received such transfer price in full amount. 

  

	3.	 Representations and Warranties 

As of the date hereof, each of the Parties hereby represents and warrants to the other Parties, jointly and severally, that: 

 

	3.1	 it has obtained necessary authorizations to execute this Agreement; its execution and performance of this
Agreement will not constitute a conflict, limitation or breach of any law, regulation or agreement by which it is bound or affected; 

  

	3.2	 this Agreement, once executed, constitutes a legal, valid and binding obligation of it, enforceable against it
in accordance with the provisions hereof; and 

  

	3.3	 there are no litigations, arbitrations or legal, administrative or other proceedings or government
investigations relating to the subject matters hereof. 

	4.	 Covenants 

  

	4.1	 To smoothly terminate the rights and obligations under the Current Control Documents, each party shall execute
all documents and take all actions that are necessary or appropriate, actively assist the other Parties in obtaining relevant government approvals and/or registration documents and go through relevant termination procedures. 

 

	5.	 Liabilities for Breach 

 

	5.1	 Any Party who is in breach of this Agreements and thus renders this Agreement not performable in whole or in
part shall take the liabilities for breach and indemnify the other Parties for any loss thus incurred. 

  

	6.	 Confidentiality 

 

	6.1	 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, no Party shall disclose to any third party any relevant materials, but the following
circumstances shall be excluded: (a) materials that are or will become known by the public (through no fault of the receiving party); (b) materials required to be disclosed by the applicable laws or rules; and (c) materials disclosed by
each Party to its potential investors, legal or financial advisors relating the transactions contemplated by this Agreement, and such investors, 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 Article 6 shall survive any termination of this Agreement for any reason whatsoever. 

 

	7.	 Governing Law and Dispute Resolution 

 

	7.1	 The conclusion, validity, interpretation, performance, amendment and resolution of disputes hereunder shall be
governed by the laws of the PRC. 

  

	7.2	 All controversies, claims, disputes arising from the interpretation or performance of this Agreement, or in
case of breach, termination or invalidity, shall first be resolved by the Parties through amicable consultation. In case no resolution can be reached by the Parties within thirty (30) days after either party makes a written 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. The arbitral award shall be final and binding upon the Parties. The arbitration cost shall be decided by the arbitral award. 

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

  

	8.	 Miscellaneous 

 

	8.1	 This Agreement shall become effective upon signature of each Party as of the date first written above.

  

	8.2	 This Agreement is made in five counterparts, one for each Party, and all counterparts shall be equally binding.

  

	8.3	 The Parties may amend or supplement this Agreement with a written agreement. Any such amendment and/or
supplement is an integral part of, and shall be equally binding as this Agreement. 

  

	8.4	 The invalidity of any provision hereof shall not affect the validity of the other provisions hereof.

 (No text below) 

 (Signature page only) 

IN WITNESS WHEREOF, the Parties have executed or caused this Termination Agreement of Current Control Documents to be executed by its authorized
representative on its behalf as of the date first written above. 
  

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

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

	Name:	 	
	Title:	 	
		
	Party C:	 	
	
	Beijing Baidu Netcom Science Technology Co., Ltd. (seal)
		
	Signature:	 	 /s/ Zhixiang Liang

	Name:	 	
	Title:	 	
		
	Party D:	 	
	
	Robin Yanhong Li
		
	Signature:	 	 /s/ Robin Yanhong Li

		
	Party E:	 	
	
	Hailong Xiang
		
	Signature:	 	 /s/ Hailong Xiang

 BEIJING BAIDU NETCOM SCIENCE TECHNOLOGY CO., LTD. 

RESOLUTION OF SHAREHOLDERS 
  

 
 All shareholders of Beijing Baidu Netcom Science
Technology Co., Ltd. (the “Company”) convened an extraordinary meeting at the conference room of the Company on August 20, 2019 with presence of two shareholders, representing the quorum required for such meeting and
100% votes of the shareholders of the Company. It is resolved at the meeting that: 
 1. It is agreed for the Company to, jointly with Baidu, Inc., Baidu
Online Network Technology (Beijing) Co., Ltd., Robin Yanhong Li and Hailong Xiang, execute, deliver and perform the Termination Agreement of Current Control Documents in the form and substance of Schedule I attached hereto (the
“Termination Agreement”), as well as any other agreement and document to be executed in connection with consummation of the transaction contemplated under the Termination Agreement. 

2. It is agreed that the current control documents (as listed in Schedule II attached hereto) shall terminate and cease to have any effect as of the date of
the Termination Agreement as provided thereunder. 
 3. It is approved for the Company to execute, deliver and perform the Business Operating Agreement made
by and among the Company, Baidu Online Network Technology (Beijing) Co., Ltd., and shareholders of the Company, and the Exclusive Equity Purchase and Transfer Option Agreement made by and among the Company, Shanshan Cui as a new shareholder of the
Company, Baidu, Inc., and Baidu Online Network Technology (Beijing) Co., Ltd. 
 4. It is agreed to authorize the legal representative of the Company to sign
the above agreement and document on behalf of the Company, and take any and all actions necessary to consummate the transaction contemplated hereunder. 

(No text below) 

			
	Signature of All Shareholders
	
	Robin Yanhong Li
		
	Signature:	 	 /s/ Robin Yanhong Li

	
	Shanshan Cui
		
	Signature:	 	 /s/ Shanshan Cui

 BAIDU ONLINE NETWORK TECHNOLOGY (BEIJING) CO., LTD. 

RESOLUTION OF SHAREHOLDERS 
  

 
 The sole shareholder of Baidu Online Network
Technology (Beijing) Co., Ltd. (the “Company”) hereby resolved as follows in writing in accordance with the articles of the Company on August 20, 2019: 

1. It is agreed for the Company to, jointly with Baidu, Inc., Beijing Baidu Netcom Science Technology Co., Ltd., Robin Yanhong Li and Hailong Xiang, execute,
deliver and perform the Termination Agreement of Current Control Documents in the form and substance of Schedule I attached hereto (the “Termination Agreement”), as well as any other agreement and document to be executed in
connection with consummation of the transaction contemplated under the Termination Agreement. 
 2. It is agreed that the current control documents (as
listed in Schedule II attached hereto) shall terminate and cease to have any effect as of the date of the Termination Agreement as provided thereunder. 
 3.
It is approved for the Company to execute, deliver and perform the Business Operating Agreement made by and among the Company, Beijing Baidu Netcom Science Technology Co., Ltd., and/or shareholders of Beijing Baidu Netcom Science Technology Co.,
Ltd. 
 4. It is approved for the Company to execute, deliver and perform the Loan Agreement and the Equity Pledge Agreement, each made by and between the
Company and Shanshan Cui as a new shareholder of Beijing Baidu Netcom Science Technology Co., Ltd. 
 5. It is approved for the Company to execute, deliver
and perform the Exclusive Equity Purchase and Transfer Option Agreement made by and among the Company, Baidu, Inc., Baidu Online Network Technology (Beijing) Co., Ltd., and/or Shanshan Cui as a new shareholder of Baidu Online Network Technology
(Beijing) Co., Ltd. 
 6. It is agreed to authorize the legal representative of the Company to sign the above agreement and document on behalf of the
Company, and take any and all actions necessary to consummate the transaction contemplated hereunder. 
 (No text below) 

 Signature of Shareholder 
  

			
	Baidu Holdings Limited
		
	Signature:	 	 /s/ Robin Yanhong Li

	Title:	 	Director

 BAIDU ONLINE NETWORK TECHNOLOGY (BEIJING) CO., LTD. 

RESOLUTION OF PRESIDENT 
  

 
 Shanshan Cui, as President of Baidu Online Network
Technology (Beijing) Co., Ltd. (the “Company”), hereby resolved as follows in writing in accordance with the articles of the Company on August 20, 2019: 

1. It is agreed for the Company to, jointly with Baidu, Inc., Beijing Baidu Netcom Science Technology Co., Ltd., Robin Yanhong Li and Hailong Xiang, execute,
deliver and perform the Termination Agreement of Current Control Documents in the form and substance of Schedule I attached hereto (the “Termination Agreement”), as well as any other agreement and document to be executed in
connection with consummation of the transaction contemplated under the Termination Agreement. 
 2. It is agreed that the current control documents (as
listed in Schedule II attached hereto) shall terminate and cease to have any effect as of the date of the Termination Agreement as provided thereunder. 
 3.
It is approved for the Company to execute, deliver and perform the Business Operating Agreement made by and among the Company, Beijing Baidu Netcom Science Technology Co., Ltd., and/or shareholders of Beijing Baidu Netcom Science Technology Co.,
Ltd. 
 4. It is approved for the Company to execute, deliver and perform the Loan Agreement and the Equity Pledge Agreement, each made by and between the
Company and Shanshan Cui as a new shareholder of Beijing Baidu Netcom Science Technology Co., Ltd. 
 5. It is approved for the Company to execute, deliver
and perform the Exclusive Equity Purchase and Transfer Option Agreement made by and among the Company, Baidu, Inc., Baidu Online Network Technology (Beijing) Co., Ltd., and/or Shanshan Cui as a new shareholder of Baidu Online Network Technology
(Beijing) Co., Ltd. 
 6. It is agreed to authorize the legal representative of the Company to sign the above agreement and document on behalf of the
Company, and take any and all actions necessary to consummate the transaction contemplated hereunder. 
 (No text below) 

			
	Shanshan Cui
		
	Signature:	 	 /s/ Shanshan Cui

 Equity Transfer Agreement 

This Equity Transfer Agreement (this “Agreement”) is entered into as of August 20, 2019 in Beijing, the People’s Republic of
China (the “PRC”), by and between Hailong Xiang, a PRC citizen with PRC ID No. (the “Transferor”), and Shanshan Cui, a PRC citizen with PRC ID No. (the
“Transferee”). 
 Transferor and Transferee are hereinafter collectively referred to as the “Parties,” individually as a
“Party.” 
 Definitions 
 Unless otherwise
agreed hereunder, the following terms shall have the following meanings: 
 “Target” means Beijing Baidu Netcom Science Technology
Co., Ltd., with registered address at 2/F Baidu Plaza, No. 10 Shangdi 10th Street, Haidian District, Beijing. 
 “Transfer
Subject” means an aggregate of 0.5% equity interests of the Target held by the Transferor (corresponding to the registered capital of RMB67,106,400). 

WHEREAS 
 1. The Target is a limited liability company
duly incorporated and validly existing under the PRC laws, with registered capital of RMB13,421,280,000. As of the date hereof the shareholding structure of the Target is set forth as follows: 

 

											
	No.	  	Shareholder	  	 Amount of Contribution

(RMB10,000)
	 	  	Shareholding Percentage	 
	1	  	Robin Yanhong Li	  	 	1,335,417.36	 	  	 	99.5	% 
	2	  	Hailong Xiang	  	 	6,710.64	 	  	 	0.5	% 
	 Total
	  	 	1,342,128.00	 	  	 	100	% 

 2. The Transferor intends to transfer to the Transferee, and the Transferee is willing to accept the transfer of, the
aggregate 0.5% equity interests of the Target the Transferor holds. 

 NOW THEREFORE, in accordance with the relevant PRC laws, rules and regulations, based on the principals of
voluntariness, fairness and honesty and upon friendly consultation, with respect to the matters regarding the transfer of the 0.5% equity interest in the Target, the Parties agree as follows: 

 

	1.	 Transfer Subject 

 

	1.1	 The Transfer Subject of this Agreement is the aggregate 0.5% of the equity interests it holds in the
Target, and the Transferor agrees to transfer the Transfer Subject to the Transferee. 

  

	2.	 Target 

  

	2.1	 The Target is legally existing and has independent legal person status. 

 

	2.2	 The Target owns legal approval or licensing documents involved in its conduct of business.

  

	3.	 Transfer Price and Payment 

 

	3.1	 Transfer price: the Parties agree that the price of the Transfer Subject hereunder shall be RMB67,106,400.

  

	3.2	 Means of payment: the Transferee will pay the price in cash to the bank account designated by the Transferor in
writing. 

  

	4.	 Chang of Registration 

 

	4.1	 The Transferor shall cause the Target to handle the equity change registration procedures of the Target with
the registration authority. The date when the registration authority completes the equity change registration procedures and issues new business license of the Target shall be deemed as the date when the transaction is accomplished.

  

	5.	 Representations and Warranties of the Transferor 

 

	5.1	 The Transferor has fully paid up its contribution to the registered capital of the Target, and its contribution
has been verified and a capital verification report has been obtained therefor. There are no fake or escaped contributions. 

  

	5.2	 The Transferor owns legal, valid and full right of disposal on the Transfer Subject hereunder, and the Transfer
Subject it holds is free of pledge or any other form of security or third party interest. 

	6.	 Representations and Warranties of the Transferee 

 

	6.1	 The acceptance of the Transfer Subject hereunder by the Transferee is in compliance with the provisions of law
and regulations and does not violate any industrial policy in the PRC. 

  

	6.2	 All certificates and materials submitted to the Transferor for purposes of executing this Agreement are true
and complete. 

  

	6.3	 All approval procedures necessary for execution of this Agreement have been duly and validly obtained.

  

	7.	 Transaction Expenses 

The transaction expenses arising in connection with the transaction hereunder shall be borne in accordance with provisions of relevant law.

  

	8.	 Liabilities for Breach 

 

	8.1	 Any Party in violation of this Agreement shall take full compensation responsibilities for any loss incurred to
the other Parties as a result of its breach. 

  

	8.2	 The liabilities to be taken by any Party for its breach of this Agreement shall not be relieved due to
termination of this Agreement. 

  

	9.	 Amendment and Termination of Agreement 

 

	9.1	 The Parties may amend or terminate this Agreement through negotiations. Matters not covered herein may be
subject to a written supplementary agreement between the Parties. 

  

	9.2	 In any of the following cases, this Agreement may be terminated: 

9.2.1 by either Party, if the purposes of this Agreement cannot be realized for an event of force majeure or any reason not contributable to
either Party; 
 9.2.2 by a Party, if the other Party is incapacitated for performance of this Agreement; 

 9.2.3 by a Party, if the purposes of this Agreement cannot be realized due to the other
Party is in serious breach; 
 9.2.4 by a Party, if the other Party breaches any of its representations and warranties of Articles 5 and 6
hereof. 
  

	10.	 Governing Law and Dispute Resolution 

 

	10.1	 This Agreement shall be governed by the laws of the People’s Republic of China. 

 

	10.2	 Any disputes arising from the interpretation and performance of the terms hereunder shall first be resolved by
the Parties through consultation in good faith. In case of a failure to reach an agreement to resolve a dispute between the Parties, either Party may submit the dispute to China International Economic and Trade Arbitration Commission for arbitration
in accordance with its then effective arbitration rules. The arbitration shall be held in Beijing. The arbitral award shall be final and binding upon both Parties. 

 

	11.	 Effectiveness 

This Agreement shall become effective upon executed by the Parties on the date first written above. 

 

	12.	 Miscellaneous 

 

	12.1	 The Parties may amend and supplement this Agreement in writing, which shall be attached to this Agreement as
appendices. The appendices shall have equal legal effect as this Agreement. 

  

	12.2	 This Agreement is made in four counterparts, one for each Party and the others shall be filed to relevant
registration authority for record. 

 (Signature page only) 

 

			
	Transferor:
	
	Hailong Xiang
		
	Signature:	 	 /s/ Hailong Xiang

	
	Transferee:
	
	Shanshan Cui
		
	Signature:	 	 /s/ Shanshan Cui

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