Document:

EX-4.34

 Exhibit 4.34 
 AMENDED AND RESTATED EXCLUSIVE EQUITY PURCHASE OPTION AGREEMENT 
 This Amended and Restated Exclusive Equity Purchase Option Agreement (this “Agreement”) is entered into among the following parties in Beijing, PRC on September 16, 2014: 

 

					
		 	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:            Liang Zhixiang

		 	ID Number:
		
		 	 Party C:           Beijing BaiduPay Science and Technology Co., Ltd.

		 	 Legal Address:
	 	 5/F., Baidu Building B, 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 9 % 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 September 16, 2014;

  

	5.	 Party A and Party C entered into an exclusive technology consulting and services agreement (the “Services Agreement”) on February 28,
2008 and a series of agreements; and 

  

	6.	 Party A and Party B entered into an amended and restated equity pledge agreement (the “Equity Pledge Agreement”) on September 16, 2014.

  
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 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. The “person” set forth in this article and this Agreement 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. 

  

	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; 

  
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	 	1.4.2	 The related parties 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. In this article 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; 

  

	 	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; 

  
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	 	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; 

  
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	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;

  

	 	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. 

  
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	2.3	 Covenants Relating to Party A 

 Party A hereby convenant: 
  

	 	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. 

  

	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. 

  
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	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	 This Agreement is effective from the signing date, and will terminate after the newly created part of Equity Interest owned by Party B has been
fully and legally transferred to Party A and/or the Designated Persons according to this Agreement. 

  

	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. 

  
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	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 (10) day following the mailing date of the registered mail by air (marked by seal) or shall be the fourth (4) 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. 
  

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

		 	 Address: 3/F., Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

		 	 Facsimile: (010)5992-8888

		 	 Telephone: (010)5992-8888

		
		 	 Party B: Liang Zhixiang

		 	 Address: 

		 	 Facsimile: 

		 	 Telephone: 

		
		 	 Party C: Beijing BaiduPay Science and Technology Co., Ltd.

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

		 	 Facsimile: 

		 	 Telephone: 

  
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	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. 
  

	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. 

  
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	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 Copies 

 This Agreement is executed in Chinese in three copies; each Party holds one copy and each copy 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. 
  

	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. 
 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. 

  
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 [Signature Page] 

 

							
		 	 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: Zhixiang Liang
	 	
		 	 Signature: /s/ Zhixiang Liang
	 	
			
		 	 Party C: Beijing BaiduPay Science and Technology Co., Ltd.
	 	
		 	 Legal Representative/Authorized Representative:         /s/ Zhixiang Liang
	 	

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

  
 11EX-4.36

 Exhibit 4.36 
 AMENDED AND RESTATED LOAN AGREEMENT 
 This Loan Agreement (the
“Agreement”) is entered into in Beijing by the following parties on September 16, 2014. 
  

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

ID No.:
	  	 Zhixiang Liang

 

 WHEREAS, 
  

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

  

	2.	 Party B is a citizen of the PRC and a shareholder of Beijing BaiduPay Science and Technology Co., Ltd. (the “Company”).

  

	3.	 Party A provided to Party B an interest-free loan of RMB 9,000,000 on April 23, 2012 for Party B to invest in the Company. Party A and Party B
entered into the Loan Agreement on April 23, 2012 in connection with such loan (the “Original Loan Agreement”). 

  

	4.	 The parties intend to amend and restate the Original Loan Agreement. 

NOW THEREFORE, through friendly negotiations, the parties hereto agree as follows: 

 

	1.	 Party A agrees to provide an interest-free loan to Party B with an aggregate principal amount of RMB 31,500,000 in accordance with the terms
and conditions set forth in this Agreement, and Party B agrees to accept the loan. 

  

	2.	 Party B confirms that he has received the total amount of the loan and has invested it into the Company as capital contribution.

  

	3.	 The Term of the loan starts from the date when Party B received the loan until ten (10) years after the execution of this Agreement and may be
extended upon written agreement of the parties hereto. During the term of the loan or any extension thereof, Party A may notify Party B in writing that the loan under this Agreement is due and payable immediately and request Party B to repay the
loan in the manner specified herein, if any of the following events occurs: 

  

	 	(a)	 Party B resigns from or is dismissed by Party A or its affiliates; 

 

	 	(b)	 Party B dies or becomes a person without capacity or with limited capacity for civil acts; 

 

	 	(c)	 Party B commits a crime or is involved in a crime; 

 

	 	(d)	 Any other third party claims more than RMB100,000 against Party B; or 

 

	 	(e)	 Subject to PRC laws, Party A or its designated person is permitted to invest in the business of human resources consulting service as well as other
businesses that the Company is engaged in, and Party A has given a written notice to the Company to exercise its purchase option in accordance with the exclusive equity purchase option agreement specified in Article 4 of this Agreement.

  
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	4.	 Both parties hereby agree and confirm that, subject to PRC laws, Party A shall have the right, but not the obligation, to purchase, or designate
other persons (including natural persons, legal persons or other entities) to purchase, at anytime all or part of the equity interests held by Party B in the Company (the “Option Right”), provided, however, that Party A shall notify Party
B in writing of such purchase of equity interests. Once the written notice for exercising the Option Right is given by Party A, Party B shall, according to Party A’s intention or instruction, transfer his equity interests in the Company to
Party A or other persons designated by Party A at his original investment price (the “Original Investment Price”) or, if otherwise specified by laws, at another price agreed upon by Party A. Both parties agree and confirm that, if at the
time of Party A’s exercise of the Option Right, the lowest price permitted under then applicable laws and regulations is higher than the Original Investment Price, the purchase price to be paid by Party A or its designated persons shall be the
lowest price permitted by applicable law. Both parties agree to execute an Exclusive Equity Purchase Option Agreement (the “Option Agreement”) in connection with the above matters. 

 

	5.	 Both parties hereby agree and confirm that Party B may repay the loan only in the following manner: if permitted by PRC laws, Party B or its
successor or assign shall transfer the equity interests in the Company to Party A or its designated persons and use the proceeds from such transfer to repay the loan, when the loan is due and Party A gives a written notice, or through such other
method as may be mutually agreed to by the parties. 

  

	6.	 Both parties hereby agree and confirm that, except as otherwise provided for herein, the loan under this Agreement is interest-free. However, if, at
the time the loan is due and Party B needs to transfer his equity interests in the Company to Party A or its designated persons, the actual transfer price is higher than the loan principal due to legal requirements or other reasons, the amount in
excess of the loan principal, to the extent permitted by law, shall be deemed as interests or capital utilization cost, which shall be repaid to Party A together with the loan principal. 

 

	7.	 Both parties hereby agree and confirm that Party B shall be deemed to have fully performed his obligations under this Agreement only if the
following requirements are met: 

  

	 	(a)	 Party B has transferred all his equity interests in the Company to Party A and/or its designated persons; and, 

 

	 	(b)	 Party B has paid the total proceeds from such transfer or the maximum amount (including principal and the highest loan interest permitted under then
applicable law) allowed by applicable law as repayment of the loan to Party A. 

  

	8.	 To secure the performance of his obligations under this Agreement, Party B agrees to pledge all his equity interests in the Company to Party A (the
“Equity Pledge”). Both parties agree to execute an Equity Pledge Agreement (the “Equity Pledge Agreement”) in connection with the above matters. 

  
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	9.	 Party A hereby represents and warrants to Party B that, as of the execution date of this Agreement: 

 

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

 

	 	(b)	 Party A has the right to execute and perform this Agreement. The execution and performance of this Agreement by Party A comply with its business
scope, articles of association and other organizational documents. Party A has obtained all necessary and appropriate approvals and authorizations for the execution and performance of this Agreement; 

 

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

 

	 	(d)	 The execution and performance of this Agreement by Party A do not violate any laws, regulations, approvals, authorizations, notices, other
governmental documents to which Party A is subject, any agreement signed by it with any third party or any undertaking made by it to any third party; and 

 

	 	(e)	 When executed by the parties hereto, this Agreement shall constitute the legal, valid and binding obligations of Party A.

  

	10.	 Party B hereby represents and warrants to Party A that, from the execution date of this Agreement until this Agreement terminates:

  

	 	(a)	 The Company is a limited liability company incorporated and validly existing under the laws of PRC and Party B is a legal holder of the equity
interest of the Company; 

  

	 	(b)	 Party B has the right to execute and perform this Agreement. The execution and performance of this Agreement by Party B comply with its business
scope, articles of association and other organizational documents. Party B has obtained all necessary and appropriate approvals and authorizations for the execution and performance of this Agreement; 

 

	 	(c)	 The execution and the performance of this Agreement by Party B do not violate any laws, regulations, approvals, authorizations, notices, other
governmental documents to which Party B is subject, any agreement signed by Party B with any third party or any undertaking made by Party B to any third party; 

 

	 	(d)	 When executed by the parties hereto, this Agreement shall constitute the legal, valid and binding obligations of Party B;

  

	 	(e)	 Party B has paid contribution in full for its equity interests in the Company in accordance with applicable laws and regulations;

  
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	 	(f)	 Except pursuant to the Equity Pledge Agreement and Option Agreement, Party B has not pledged or created any other security interest on, made any
offer to any third party to transfer, accepted the offer of any third party to purchase, or execute agreement with any third party to transfer, Party B’s equity interests in the Company; 

 

	 	(g)	 There are no pending or threatened disputes, litigation, arbitration or other administrative proceedings or other legal proceedings in connection
with the equity interests of the Company held by Party B; and 

  

	 	(h)	 The Company has completed all necessary governmental approval, license, registration and filing. 

 

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

 

	 	(a)	 Not sell, transfer, pledge or dispose in any other manner of his equity or other interests in the Company, or allow the creation of other security
interests thereon, without Party A’s prior written consent, except for equity pledges or other rights created for the benefit of Party A; 

  

	 	(b)	 Not vote for at shareholder’s meetings of the Company or execute any shareholders’ resolutions approving the sale, transfer, pledge,
disposition in any other manner, or the creation of any other security interest on, any legal or beneficial interest in the equity of the Company without Party A’s prior written consent, except to or for the benefit of Party A or its designated
persons; 

  

	 	(c)	 Not vote for at shareholder’s meetings of the Company or execute any shareholders’ resolutions approving the Company to merge or combine
with, acquire or invest in any person without Party A’s prior written consent; 

  

	 	(d)	 Promptly inform Party A of any pending or threatened litigation, arbitration or regulatory proceeding concerning the equity interests of the
Company; 

  

	 	(e)	 Execute all necessary or appropriate documents, take all necessary or appropriate actions, bring all necessary or appropriate lawsuits or assert all
necessary and appropriate defenses against all claims in order to maintain his equity interests of the Company; 

  

	 	(f)	 Not commit any act or omission that may materially affect the assets, business and liabilities of the Company without Party A’s prior written
consent; 

  

	 	(g)	 Appoint any person nominated by Party A to be the director of the Company; 

 

	 	(h)	 Upon Party A’s exercise of its Option Right, transfer promptly and unconditionally, all of Party B’s equity interests in the Company to
Party A or a person designated by Party A, provided that such transfer is permitted under the laws of PRC; 

  
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	 	(i)	 Not request the Company to distribute dividends or profits; 

 

	 	(j)	 Once he has transferred his equity interests in the Company to Party A or its designated persons, promptly repay, subject to applicable laws, the
proceeds received for such transfer in full, as the loan principal and loan interests or capital utilization cost allowed by laws, to Party A; and 

  

	 	(k)	 Comply strictly with the terms of this Agreement, and perform the obligations pursuant to this Agreement and not commit any act or omission that
would affect the validity and enforceability of this Agreement. 

  

	12.	 Party B, as the shareholder of the Company, covenants that he shall cause the Company, during the term of this Agreement:

  

	 	(a)	 Not to supply, amend or modify its articles of association, or to increase or decrease its registered capital, or to change its capital structure in
any way without Party A’s prior written consent; 

  

	 	(b)	 To maintain and operate its business and deal with matters prudently and effectively, in accordance with good financial and business rules and
practices; 

  

	 	(c)	 Not to sell, transfer, mortgage, dispose of in any other manner, or to create other security interest on, any of its assets, business or legal or
beneficial right to its revenues without Party A’s prior written consent; 

  

	 	(d)	 Not to create, succeed to, guarantee or permit any liability, without Party A’s prior written consent, except (i) the liability arising
from the ordinary course of business, but not arising through Party B; and (ii) the liability reported to and approved by Party A in writing; 

  

	 	(e)	 To operate persistently all the business and to maintain the value of its assets; 

 

	 	(f)	 Not to execute any material contracts (for the purpose of this paragraph, a contract will be deemed material if the value of it exceeds RMB100,000),
without Party A’s prior written consent, other than those executed during the ordinary course of business; 

  

	 	(g)	 To provide information concerning all of its operation and financial affairs upon Party A’s request; 

 

	 	(h)	 Not to merge or combine with, acquire or invest in, any other person without Party A’s prior written consent; 

 

	 	(i)	 Not to issue dividends to shareholders in any form without Party A’s prior written consent. However, the Company shall promptly distributable
all its distributable profits to each of its shareholders upon Party A’s request; 

  
 5 

	 	(j)	 To inform promptly Party A of any pending or threatened suit, arbitration or regulatory proceeding concerning the assets, business or revenue of the
Company; 

  

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

  

	 	(l)	 To comply strictly with the terms of the Exclusive Technology Consulting and Service Agreement and other agreements between Party A and the Company,
perform its obligations under aforesaid agreements, and not commit any act or omission that would affect the validity and enforceability of such agreements. 

 

	13.	 This agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assignees. Without prior
written approval of Party A, Party B cannot assign, pledge or otherwise transfer any right, benefit or obligation under this agreement. 

  

	14.	 Party B agrees that Party A can assign its rights and duties under this Agreement to a third party when it thinks necessary, in which case Party A
only needs to give a written notice to Party B and no further consent of Party B is required. 

  

	15.	 The execution, validity, interpretation, performance, amendment, termination and resolution of disputes in connection with this Agreement shall be
governed by the laws of the PRC. 

  

	16.	 Arbitration. 

 Both parties shall strive to settle any dispute, conflict, or claim arising from the interpretation or performance (including any issue relating to the existence, validity and termination of this
Agreement) in connection with this Agreement through friendly consultation. In case no settlement can be reached within thirty (30) day after one party requests for the settlement, each party may submit such dispute to China International
Economic and Trade Arbitration Commission (the “CIETAC”) for arbitration in accordance with its rules. The arbitration award shall be final and binding upon the parties. 

The seat of the arbitration shall be Beijing. 

The language for the arbitration proceedings shall be Chinese. 

 

	17.	 This Agreement shall be formed on the date of execution. And both parties hereto agree that the terms and conditions of this Agreement shall be
effective as of the date on which Party B has obtained the loan and shall expire when both parties have fully performed their obligations under this Agreement. 

 

	18.	 Party B cannot terminate or revoke this Agreement unless (a) Party A commits a gross negligence, fraud or other material illegal acts; or
(b) Party A goes bankrupt. 

  
 6 

	19.	 This Agreement may not be amended or modified except with a written agreement reached by both parties. In case of anything not covered herein, both
parties may sign a written supplementary agreement. Any amendment, modification, supplement or annex to this Agreement shall form an integral part of this Agreement. 

 

	20.	 This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matters hereof and supersedes all prior verbal
discussions or written agreements between the parties with respect to subject matters hereof. 

  

	21.	 This Agreement is severable. If any clause of this Agreement is held to be invalid or unenforceable, such invalidity or unenforceability shall have
no effect on the validity or enforceability of the remainder of this Agreement. 

  

	22.	 Each party should protect the confidentiality of the information concerning the other party’s business, operation, financial situation or other
confidential information obtained under this Agreement or during the performance of this Agreement. 

  

	23.	 Any obligation arising from or becoming due under this Agreement before the expiration or early termination of this Agreement shall survive such
expiration or early termination. The Articles 15, 16 and 22 of this Agreement shall survive the termination of this Agreement. 

  

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

  
 7 

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

[Signature Page] 
  

			
	 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:
	  	Zhixiang Liang
	 Signature:
	  	/s/ Zhixiang Liang

  
 8

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