Document:

exv4w31

    Exhibit 4.31

 

    Irrevocable
    Power of Attorney

 

    I, Jiping Liu, citizen of the People’s Republic of China
    (the ‘‘PRC”) with ID No 440301196306305512, is
    the shareholder holding 80% equity interests of Beijing Perusal
    Technology Co., Ltd.(the “Beijing Perusal”), hereby
    irrevocably appoint Xuyang Ren with the following powers and
    rights during the term of this Power of Attorney:

 

    I hereby appoint Xuyang Ren to exercise, on my behalf, all
    voting rights of shareholder in accordance with PRC laws and
    Beijing Perusal’s Articles at the shareholders’
    meetings of Beijing Perusal, including but not limited to the
    right to sell or transfer any or all of equity interests of
    Beijing Perusal and to designate and appoint the general manager
    of Beijing Perusal as my authorized representative on the
    shareholders’ meeting of the Beijing Perusal.

 

    Such authorization and appointment are based upon the
    precondition that Xuyang Ren is acting as an employee of Baidu
    Online Network Technology (Beijing) Co., Ltd (the “Baidu
    Online”) and Baidu Online agrees such authorization and
    appointment. Once Xuyang Ren loses his title or position in
    Baidu Online or Baidu Online notifies of the termination of such
    authorization and appointment, I will withdraw such
    authorization and appointment to him immediately and
    designate/authorize the other individual nominated by Baidu
    Online to exercise the full voting rights on behalf of myself at
    the shareholders’ meetings of Beijing Perusal.

 

    The term of this Power of Attorney is 10 years upon the
    execution date of this Power of Attorney during the duly
    existing term of Beijing Perusal unless the early termination of
    Operation Agreement jointly executed by Baidu Online and Beijing
    Perusal by any reason.

 

		
	    (Signature): 	
    /s/  Jiping
    Liu

 

    Date: June 23, 2006

 

    Exhibit 4.31

 

    Irrevocable
    Power of Attorney

 

    I, Yazhu Zhang, citizen of the People’s Republic of China
    (the “PRC”) with ID No140102196607194865, is the
    shareholder holding 20% equity interests of Beijing Perusal
    TechnologyCo., Ltd (the “Beijing Perusal”), hereby
    irrevocably appoint Xuyang Ren with the following powers and
    rights during the term of this Power of Attorney:

 

    I hereby appoint Beijing Perusal’s Articles at the
    shareholders’ meetings of Beijing Perusal, including but
    not limited to the right to sell or transfer any or all of
    equity interests of Beijing Perusal and to designate and appoint
    the general manager of Beijing Perusal as my authorized
    representative on the shareholders’ meeting of the Beijing
    Perusal.

 

    Such authorization and appointment are based upon the
    precondition that Xuyang Ren is acting as an employee of Baidu
    Online Network Technology (Beijing) Co., Ltd (the “Baidu
    Online”) and Baidu Online agrees such authorization and
    appointment. Once Xuyang Ren loses his title or position in
    Baidu Online or Baidu Online notifies of the termination of such
    authorization and appointment, I will withdraw such
    authorization and appointment to him immediately and
    designate/authorize the other individual nominated by Baidu
    Online to exercise the full voting rights on behalf of myself at
    the shareholders’ meetings of Beijing Perusal.

 

    The term of this Power of Attorney is 10 years upon the
    execution date of this Power of Attorney during the duly
    existing term of Beijing Perusal unless the early termination of
    Operation Agreement jointly executed by Baidu Online and Beijing
    Perusal by any reason.

 

		
	    (Signature): 	
    /s/  Yazhu
    Zhang

 

    Date: June 23, 2006

    

    1exv4w32

    Exhibit 4.32

 

    LOAN
    AGREEMENT

 

    This Loan Agreement (the “Agreement”) is entered into
    in Beijing, PRC as of May 19, 2006 by the following parties.

 

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

 

    Registration Address: 12/F., Ideal International Plaza,
    No. 58 North-West 4th Ring, Haidian District, Beijing,
    PRC, 100080

 

		
	    Party B: 	
    Jiping Liu

 

    ID No.: 440301196306305512

 

    Address: No. 201, Building N, Shahebotuofeinuochun Water front,
    Nanshan District, Shenzhen, Guangdong, 518053

 

    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 Perusal Technology Co., Ltd. (the “Company”).

 

    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 800,000 in
    accordance with the terms and conditions set forth in this
    Agreement.

 

    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 RMB[100,000]
    against Party B; or

 

    (e) Subject to PRC laws, Party A or its designated person
    is permitted to invest in the business of value-added
    telecommunications services, such as Internet information
    services, 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.

 

    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
    an other 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.

 

    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.

 

    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;

    

    2

 

    (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;

 

    (f) Except pursuant to the Equity Pledge Agreement and
    Exclusive Equity Purchase 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;

 

    (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.

    

    3

 

    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 the 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 RMB[100,000]), 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;

 

    (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 can not 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.

    

    4

 

    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.

 

    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.

 

    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.

    

    5

 

    [Signature Page]

 

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

 

		
	    Legal Representative/Authorized Representative: 	
    /s/  [manual
    signature]

 

    Seal: [Baidu Online Network Technology (Beijing) Co., Ltd. seal]

 

    Party B: Jiping Liu

 

		
	    Signature: 	
    /s/  Jiping
    Liu

    

    6

 

    Exhibit 4.32

 

    LOAN
    AGREEMENT

 

    This Loan Agreement (the “Agreement”) is entered into
    in Beijing, PRC as of May 19, 2006 by the following parties.

 

	 	 	 
	

    Party A:

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

	

    Registration Address:

	
 
	
    12/F., Ideal International Plaza, No. 58 North-West
    4th Ring, Haidian District, Beijing, PRC, 100080

	

    Party B:

	
 
	
    Yazhu Zhang

	
 
	
 
	
    ID No.: 140102196607194865

	
 
	
 
	
    Address: No. 201, Building N, Shahebotuofeinuochun Water
    front, Nanshan District, Shenzhen, Guangdong, 518053

 

    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 is a shareholder of
    Beijing Perusal Technology Co., Ltd. (the “Company”).

 

    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 200,000 in
    accordance with the terms and conditions set forth in this
    Agreement.

 

    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 RMB[100,000]
    against Party B; or

 

    (e) Subject to PRC laws, Party A or its designated person
    is permitted to invest in the business of value-added
    telecommunications services, such as Internet information
    services, 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.

 

    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
    an other 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.

 

    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.

 

    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;

    

    2

 

    (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;

 

    (f) Except pursuant to the Equity Pledge Agreement and
    Exclusive Equity Purchase 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;

 

    (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.

    

    3

 

    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 the 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 RMB[100,000]), 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;

 

    (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 can not 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.

    

    4

 

    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.

 

    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.

 

    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.

    

    5

 

    [Signature Page]

 

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

 

    Legal Representative/Authorized Representative: [manual
    signature]

 

    Seal: [Baidu Online Network Technology (Beijing) Co., Ltd.
    seal]

 

    Party B:  Yazhu Zhang

 

		
	    Signature: 	
    /s/  Yazhu
    Zhang

    

    6

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