Document:

EX-4.86

 Exhibit 4.86 

Termination Agreement of Current Control Contracts 

This Termination Agreement of Current Control Contracts (this “Agreement”) is made as of October 30, 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
Online Network Technology (Beijing) Co., Ltd., a wholly foreign owned enterprise 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 B: Beijing Perusal Technology Co., Ltd., a
limited liability company duly formed and validly existing under the PRC laws, with its registered address at A2, 2/F, Building 17, Zhongguancun Software Park, 8 Dong Bei Wang West Road, Haidian District, Beijing; 

Party C: Zhixiang Liang, a PRC citizen, ID No.    ; and 

Lu Wang, a PRC citizen, ID No.    ; 

And 
 Party D: 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. 
 In this Agreement, each of the Parties above are collectively referred to as the “Parties,” individually as a “Party,” and
mutually as “Other Parties.” 
 WHEREAS: 
  

	(1)	 Each of the Parties has signed the documents listed in Exhibit 1 attached hereto (collectively the
“Current Control Documents”) prior to the date hereof; and 

  

	(2)	 Pursuant to the terms and subject to the conditions herein, each of the Parties agrees to terminate all of the
Current Control Documents. 

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

 

	1.	 Termination of Current Control Documents 

 

	1.1	 Each of the Parties hereby irrevocably agrees and acknowledges that all of the Current Control Documents shall
terminate and cease to have any effect as of the date hereof. 

  

	1.2	 As of the date hereof, each of the Parties shall have no right under all and/or any of the Current Control
Documents, or be required to fulfill any obligation thereunder; provided, however, that (i) any rights exercised and obligations fulfilled by each of the Parties on reliance of the Current Control Documents shall remain
valid, no Party is required to return any payment, income or interest of any kind received by it or in its actual possession on reliance of the Current Control Documents, and any amount which has become due and payable among Party A, Party B and
Party C shall be paid accordingly; notwithstanding the foregoing, Lu Wang shall return to Party A an amount of RMB1,598,440.00 equal to the entire principal and interest accrued thereupon under the Loan Agreement listed in
Exhibit 1 pursuant to the same Loan Agreement; and (ii) Party A, Party B and Party C shall make application with the competent industrial and commercial authority having jurisdiction over Party B within [30] business days as of the date hereof
to cancel the registered pledge of the equity interests in Party B made by Lu Wang in favor of Party A under the Current Control Documents. 

  

	1.3	 Unless otherwise provided in Section 1.2 above, 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 the Other Parties directly or indirectly in connection with or arising from all and/or any of
the Current Control Documents. 

  

	1.4	 Without prejudice to the generality of Sections 1.2 and 1.3 above, as of the date hereof, each of the Parties
hereby waives any commitment, debt, claim, demand, obligation and liability of any kind or nature that such Party or any of its successors, heirs, assigns or estate executors had, has or may have against the Other Parties 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, in connection with or arising from 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.	 Representations and Warranties 

 

	2.1	 Mutual Representations and Warranties. Each of the Parties represents and warrants to the Other Parties
that: 

 (1) it has full legal rights, powers and authorities to execute this Agreement and all contracts and documents
referenced herein to which it is a party, and execution of this Agreement represents expression of its genuine intent; 
 (2) none of its
execution and performance of this Agreement will constitute breach of any organizational document to which it is a party or by which it is bound, any agreement executed or permit obtained by it, or result in its breach of or requirement for it to
obtain any judgment, ruling, order or consent issued by a court, government authority or regulatory body; and 
 (3) it has obtained all
consents, approvals and authorizations necessary for its valid execution of this Agreement, all contracts and documents referenced herein to which it is a party, and for its compliance with and performance of its obligations hereunder and
thereunder. 
  

	3.	 Covenants 

  

	3.1	 In order to duly terminate the rights and obligations under the Current Control Documents, each Party shall
execute all documents and take all actions that are necessary or advisable, provide active support for the Other Parties in obtaining relevant government approvals and/or registration documents and effecting relevant termination procedures.

  

	4.	 Termination 

  

	4.1	 Except for the circumstances expressly provided herein, the Parties agree to terminate this Agreement:

 (1) by all of the Parties through negotiation, and all expenses and losses incurred therefrom shall be borne
respectively by the incurring Party; or 
 (2) by the non-defaulting Party if the intent of
this Agreement is incapable of fulfilment due to a Party’s breach of its obligations hereunder. 
  

	5.	 Breach Liabilities and Indemnification 

 

	5.1	 Any Party shall be deemed in breach of this Agreement if it breaches or fails to perform any of its
representations, warranties, covenants, obligations and liabilities set forth herein. 

  

	5.2	 Unless otherwise expressly agreed herein, any Party in breach of this Agreement shall indemnify the non-defaulting Party for any cost, liability or any loss (including without limitation any interest accrued therefrom and legal fees) incurred by
the non-defaulting Party. The total amount of indemnity payable by the defaulting Party to the non-defaulting Party shall be the loss arising from
such breach. 

  

	6.	 Governing Law and Dispute Resolution 

 

	6.1	 The formation of this Agreement and its validity, interpretation, performance and resolution of any dispute
arising from this Agreement shall be governed by and construed in accordance with the laws of the PRC. 

  

	6.2	 All disputes arising from the performance of this Agreement or in connection with this Agreement shall be
resolved by the Parties through negotiations in good faith. 

  

	6.3	 Any Party may submit any dispute arising from this Agreement to China International Economic and Trade
Arbitration Commission (CIETAC) for arbitration in Beijing in accordance with its arbitration rules and procedures then in effect. The arbitral tribunal shall consist of three arbitrators appointed in accordance with the arbitration rules, with one
arbitrator appointed by the claimant, one arbitrator by the respondent and the third arbitrator by the two appointed arbitrators after consultation or by the CIETAC. The arbitration shall proceed on confidential basis in Chinese. The arbitral award
shall be final and binding upon all Parties. 

  
 2 

	6.4	 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. 

  

	7.	 Confidentiality 

 

	7.1	 The Parties shall be obliged to keep confidential this Agreement and matters relating to this Agreement, and
none of the Parties may disclose any matter relating hereto to a third party other than the Parties hereto without the written consent of the Other Parties, except for any disclosure: 

(1) to the auditor, legal advisor and any other person engaged by it in the ordinary course of business, provided that such person shall be
obliged to keep in confidence any information relating to this Agreement acquired by it during such engagement; and 
 (2) which could be
otherwise accessible by the public, or is expressly required by law, regulation or relevant stock exchange authority. 
  

	8.	 Miscellaneous 

 

	8.1	 This Agreement shall become effective upon signature of all of the Parties. 

 

	8.2	 The Parties may amend or modify this Agreement through negotiations. Any such amendment or modification shall
be made in writing and become effective upon signature of all of the Parties. 

  

	8.3	 If any provision hereof be held invalid or unenforceable, such provision shall be deemed to have never existed
herein and have no effect upon validity of the remainder of this Agreement, and the Parties shall negotiate to provide for a new provision to the extent permissible by law to ensure that the intent of the original provision be realized to the
maximum extent. 

  

	8.4	 Unless otherwise provided herein, no failure or delay in exercising any right, power or privilege hereunder by
a Party shall operate as its waiver of such right, power or privilege, nor shall single or partial exercise of such right, power or privilege preclude the exercise of any other right, power and privilege. 

 

	8.5	 This Agreement is made in five originals with one thereof for each Party, and each of the originals shall be
equally binding. 

 (No text below, Signatures to follow) 

  
 3 

 IN WITNESS WHEREOF, each Party has executed or caused this Termination Agreement of Current Control
Contracts to be executed by its authorized representative on its behalf as of the date first written above with immediate effect. 
  

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

	Name:	 	
	Title:	 	Legal Representative
	
	Party B:
	
	Beijing Perusal Technology Co., Ltd. (seal)
		
	Signature:	 	 /s/ Shanshan Cui

	Name:	 	
	Title:	 	Legal Representative
	
	Party C:
	
	Zhixiang Liang
		
	Signature:	 	 /s/ Zhixiang Liang

	
	Lu Wang
		
	Signature:	 	 /s/ Lu Wang

	
	Party D:
	
	Baidu, Inc.
		
	Signature:	 	 /s/ Yanhong Li

	Name:	 	
	Title:	 	Director

  
 4 

 Exhibit 1 

List of Current Control Documents 
  

							
	 No.
	  	 Document Name
	  	 Signed by
	  	 Signed on

	1	  	Operating Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd.; Beijing Perusal Technology Co., Ltd.; and Lu Wang	  	June 28, 2018
				
	2	  	Loan Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd. and Lu Wang	  	June 28, 2018
				
	3	  	Exclusive Equity Purchase and Transfer Option Agreement	  	Baidu, Inc.; Baidu Online Network Technology (Beijing) Co., Ltd.; Lu Wang and Beijing Perusal Technology Co., Ltd.	  	June 28, 2018
				
	4	  	Proxy Agreement	  	Baidu, Inc. and Lu Wang	  	June 28, 2018
				
	5	  	Power of Attorney	  	Lu Wang	  	June 28, 2018
				
	6	  	Equity Pledge Agreement	  	Baidu Online Network Technology (Beijing) Co., Ltd. and Lu Wang	  	June 28, 2018

  
 5EX-4.87

 Exhibit 4.87 

Business Operating Agreement 
 This
Business Operating Agreement (this “Agreement”) is entered into as of October 30, 2019 in Beijing, the People’s Republic of China (“PRC,” for purposes of this Agreement, excluding Hong Kong
Macau and Taiwan) by and among: 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

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

Party B: Beijing Perusal Technology Co., Ltd. 
 Registered
Address: A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road (W), Haidian District, Beijing 
 Party C: Zhixiang Liang, a
PRC citizen, ID No. 
 And 
 Party D: Shanshan
Cui, a PRC citizen, ID No. 
 WHEREAS: 
  

	1.	 Party A is a wholly foreign-owned enterprise duly incorporated and validly existing under the laws of the PRC,
has the technology expertise and practical experience in the development and design of computer software, as well as rich experience and human resources specializing in information technology and services; 

 

	2.	 Party B is a limited liability company duly incorporated and validly existing under PRC law, is permitted by
Beijing Telecommunications Administration to provide internet information services and other value-added telecommunication services, and is permitted by Beijing Industrial and Commercial Administration to provide internet-based advertising services;

  

	3.	 Each of Party C and Party D is a shareholder of Party B owning 50% equity interests in Party B;

  

	4.	 Party A and Party B have established business relationship by entering into an Exclusive Technology Consulting
and Services Agreement and a supplement thereto (the “Services Agreement”), a Web Layout Copyright License Agreement, a Trademark License Agreement, and a Domain Name License Agreement; and 

 

	5.	 Pursuant to the above-mentioned agreements between Party A and Party B, Party B shall make certain payments to
Party A, and the business operations of Party B will have a material effect on Party B’s ability to make such payments to Party A. 

NOW THEREFORE, the Parties agree as follows through negotiations: 
  

	1.	 Party A agrees, subject to satisfaction of applicable provisions herein by Party B, to be the guarantor of
Party B in the contracts, agreements or transactions entered into between Party B and any third party in connection with Party B’s business operations, to provide full guarantees for performance of such contracts, agreements or transactions by
Party B. As counter-guarantee, Party B agrees to pledge the accounts receivable in its operations and all of its assets to Party A. Based on the above guarantee arrangement, Party A, when necessary, is willing to enter into written guarantee
contracts with Party B’s counterparties to assume the guarantor’s liabilities. Party B, Party C and Party D shall take all necessary actions (including without limitation executing relevant documents and filing relevant registrations) to
carry out the counter-guarantee arrangement with Party A. 

	2.	 In consideration of the requirements of Article 1 hereof and to ensure performance of the various business
agreements between Party A and Party B and payment by Party B of the amounts payable to Party A thereunder, Party B, Party C and Party D hereby agree that, without Party A’s prior written consent, Party B shall not engage in any transaction
that may materially affect its assets, liabilities, rights or operations (other than execution of any business contract or agreement, sale or purchase of any asset by Party B in its ordinary course of business and receipt of legal rights by
applicable counterparties as a result thereof), including without limitation the following: 

 2.1 To borrow money from any
third party or assume any debt; 
 2.2 To sell to or acquire from any third party any asset or right, including without limitation any
intellectual property rights; 
 2.3 To create any security upon any of its assets or intellectual property rights in favor of any third
party; or 
 2.4 To assign any of its business contracts to any third party. 

 

	3.	 In order to ensure the performance of all of the business agreements between Party A and Party B and the
payment by Party B of the amounts payable to Party A thereunder, Party B, Party C and Party D hereby agree to accept advice and guidance provided by Party A from time to time relating to Party B’s policies on matters such as employment and
dismissal of employees, daily operations and management, and financial management. 

  

	4.	 Party B, Party C and Party D hereby agree that Party C and Party D shall appoint the candidate recommended by
Party A as directors of Party B, and Party B shall appoint any member recommended by Party A from its senior management to serve as the general manager, financial director and any other senior management position of Party B. If such member of Party
A’s senior management terminates its employment with Party A voluntarily or by dismissal of Party A, such member shall be no longer qualified to serve at any position in Party B; under such circumstance, Party B shall appoint any other member
recommended by Party A from its senior management to fill the position vacated by such circumstance. Any candidate recommended by Party A to Party B shall meet the qualifications legally required for director, general manager, financial director or
any other senior management position. 

  

	5.	 Party B, Party C and Party D hereby agree and acknowledge that Party B shall seek guaranty from Party A in
priority if such guaranty is needed for its performing any contract or borrowing any working capital loan in connection with its business operations; under such circumstance, Party A shall be obliged to provide guaranty to Party B as appropriate in
its own discretion. 

  

	6.	 In the event that any agreement between Party A and Party B terminates or expires, Party A shall have the
right, but not the obligation, to terminate all agreements between Party A and Party B, including without limitation the Services Agreement. 

  

	7.	 Any amendment or supplement to this Agreement shall be made in writing. The amendment or supplement duly
executed by all parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 

  

	8.	 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 jurisdiction of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 

 

	9.	 None of Party B, Party C or Party D may assign its rights and obligations under this Agreement to any third
party without the prior written consent of Party A. Party B, Party C and Party D hereby agree that Party A may assign its rights and obligations under this Agreement as Party A considers it necessary to do so, in which case Party A only needs to
give a written notice to Party B and no further consent of Party B, Part C or Party D is required. 

  

	10.	 Each party acknowledges and confirms that any oral or written information exchanged pursuant to this Agreement
are confidential. Each party shall keep confidential all such information and not disclose any such information to any third party without the prior written consent from the other party except for any information which: (a) is or will become
known to the public (without any fault of the receiving party); (b) is required to be disclosed by the applicable laws or rules of stock exchange; or (c) is disclosed by each party to its legal or financial advisor relating to the transactions
contemplated by this Agreement, provided that such legal or financial advisor shall comply with the confidentiality provisions set forth in this Article 10. Disclosure of any confidential information by the employee of or any entity engaged by any
Party shall be deemed as disclosure by such Party, and such disclosing Party shall be liable for breach under this Agreement. This Article 10 shall survive the invalidity, cancellation, termination or unenforceability of this Agreement for any
reason. 

  
 2 

	11.	 This Agreement shall be governed by and construed in accordance with the laws of the PRC.

  

	12.	 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. If no resolution is reached by the Parties through negotiations, any Party may submit such dispute to the China International Economic and Trade Arbitration Commission (the
“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be in Beijing, and the language of the proceedings shall be Chinese. The arbitral award shall be final and binding
upon all of the Parties. 

  

	13.	 This Agreement shall be executed by a duly authorized representative of each Party and become effective as of
the date first written above. 

  

	14.	 Once effective, this Agreement shall constitute the entire agreement of the Parties with respect to the subject
matters hereof and supersede all prior oral and written agreements and understandings by the Parties with respect to the subject matters hereof. 

  

	15.	 This Agreement shall remain permanently valid unless early terminated as expressly agreed in this Agreement or
by Party A in writing. If the duration of operation (including any extension thereof) of Party A or Party B is expired or terminated for any other reason within the aforesaid term of this Agreement, such Party shall timely renew its duration of
operation to enable this Agreement to continue to be valid and implementable. If a Party’s application to renew its duration of operation fails to obtain the approval or consent of any competent authority, this Agreement shall be terminated
simultaneously with the expiration or termination of the duration of operation of such Party. 

  

	16.	 During the term of this Agreement, unless due to commitment of any gross negligence or fraud by Party A towards
Party B, none of Party B, Party C or Party D may early terminate or end this Agreement. Notwithstanding the foregoing, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) days’ prior written notice
to Party B, Party C and Party D. 

  

	17.	 All notices or other correspondences required to be sent by any Party hereunder shall be made in Chinese and
delivered to the following addresses of the other Parties or other addresses designated and notified to such Party from time to time via personal delivery, registered mail, post prepaid mail, recognized express delivery service or fax. The notices
shall be deemed to have been duly served (a) upon sent if sent by personal delivery, (b) on the tenth (10th) day after the post-prepaid registered airmail is sent (shown on the postmark)
if sent by mail, or on the fourth (4th) day after the notice is handed to an internationally recognized express delivery service; and (c) at the time of receipt shown on the transmission
acknowledgement if sent via fax. 

  

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

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

	 Attention:
	 	 Shanshan Cui

	 Fax:
	 	 Tel:

		
	 Party B:
	 	 Beijing Perusal Technology Co., Ltd.

		
	 Address:
	 	 A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road (W), Haidian
District, Beijing

	 Attention:
	 	 Shanshan Cui

	 Fax:
	 	
	 Tel:
	 	
		
	 Party C:
	 	
		
	 Address:
	 	 Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing

	 Attention:
	 	 Zhixiang Liang

	 Fax:
	 	
	 Tel:
	 	

  
 3 

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

	 Attention:
	 	 Shanshan Cui

  

	18.	 This Agreement is made in four originals, with each party holding one original. All originals shall have the
same legal effect. 

 (No text below) 

  
 4 

 (Signature page) 

IN WITNESS THEREOF, each Party 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

	Title:	 	Legal Representative
	
	Party B:
	
	 Beijing Perusal Technology Co., Ltd.

(seal)

		
	Signature:	 	 /s/ Shanshan Cui

	Title:	 	Legal Representative
	
	Party C:
	
	Zhixiang Liang
		
	Signature:	 	 /s/ Zhixiang Liang

	
	Party D:
	
	Shanshan Cui
		
	Signature:	 	 /s/ Shanshan Cui

  
 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00323-of-00352.parquet"}]]