Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 3 TO CREDIT AGREEMENT 

This Amendment No. 3 to Credit Agreement (this “Agreement”) dated as of September 27, 2013 (the “Effective
Date”) is among Nuverra Environmental Solutions, Inc. (formerly known as Heckmann Corporation), a Delaware corporation (the “Borrower”), the subsidiaries of the Borrower party hereto (the “Guarantors”),
Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), issuing lender (in such capacity, the “Issuing Lender”) and swing line lender (in such capacity, the
“Swing Line Lender”), and each other party hereto that is a Lender under the Credit Agreement referred to below (each in its individual capacity, a “Lender”). 

INTRODUCTION 
 A. The
Borrower, the Administrative Agent, the Issuing Lender, the Swing Line Lender and the Lenders are parties to that certain Credit Agreement dated as of April 10, 2012 (the “Closing Date”), as amended by the Master Assignment,
Agreement, Amendment No. 1 and Waiver to Credit Agreement and Related Documents dated November 30, 2012 and the Amendment No. 2 and Waiver to Credit Agreement and Related Documents dated June 27, 2013 (and as may be further
amended, restated, supplemented or modified from time to time, the “Credit Agreement”). 
 B. Section 5.17 of
the Credit Agreement sets forth various covenants providing Borrower time frames within which to complete certain items (the “Post-Closing Covenants”), including, without limitation, the requirement that Borrower satisfy the
requirements of Section 5.17(a)(iii) and (iv) of the Credit Agreement in connection with Material Real Property located in North Dakota and acquired in the Rough Rider Acquisition (the “North Dakota Title and Survey
Requirement”). 
 C. The Borrower has requested and the Administrative Agent, the Issuing Lender, the Swing Line Lender and the
Lenders party hereto have agreed to amend the Credit Agreement as set forth herein. 
 THEREFORE, the Borrower, the Administrative Agent,
the Issuing Lender, the Swing Line Lender and the other parties hereto hereby agree as follows: 
 Section 1. Defined Terms;
Other Definitional Provisions. As used in this Agreement, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein. Each term defined in the Credit Agreement and used
herein without definition shall have the meaning assigned to such term in the Credit Agreement, unless expressly provided to the contrary. Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits
to this Agreement, unless otherwise specified. The words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. The term “including” means “including, without limitation,”. Paragraph headings have been inserted in this Agreement as a matter of convenience for reference only and it is agreed that such paragraph
headings are not a part of this Agreement and shall not be used in the interpretation of any provision of this Agreement. 
 Section 2.
Acknowledgments. The Administrative Agent, Issuing Lender, Swing Lender, Lenders and Borrower hereby acknowledge and agree that (a) except for the North Dakota Title and Survey Requirement, the Administrative Agent has extended
the deadlines for satisfaction of the requirements set forth in Section 5.12, Section 5.16 and Section 5.17(a), (b) and (d) to October 31, 2013, (b) the Administrative Agent has extended the deadline for
satisfaction of the North Dakota Title and Survey Requirement to March 31, 2014, and (c) such dates may be further extended to such date as the Administrative Agent may determine in its sole discretion pursuant to the terms of
Section 5.12, Section 5.16 and Section 5.17(a), (b) and (d), respectively. 

 Section 3. Amendments to Credit Agreement. Upon the occurrence of the
conditions set forth in Section 6, the Credit Documents are hereby amended as follows: 
 (a) Section 1.1 of the Credit Agreement
is hereby amended to add the following definition: 
 “Third Amendment Effective Date” means September 27, 2013. 

(b) Section 1.1 of the Credit Agreement is hereby amended to replace the following definition to read in its entirety as follows: 

“Fee Letter” means each of (i) that certain Fee Letter dated as March 20, 2012 among the Borrower, Wells Fargo,
Wells Fargo Securities, LLC, Regions Bank, and Regions Securities, LLC, (ii) that certain Agent Fee Letter dated as October 26, 2012 among the Borrower, Wells Fargo and Wells Fargo Securities, LLC, and (iii) that certain Fee Letter
dated as of September 12, 2013 among the Borrower, Wells Fargo, and Wells Fargo Securities, LLC, and “Fee Letters” shall mean such fee letters collectively. 

(c) Section 6.16 is amended to read in its entirety as follows: 

“Section 6.16 Maximum Total Debt Leverage Ratio. Borrower shall not permit the Maximum Total Debt Leverage Ratio to be more than:

 (a) as of the fiscal quarter ending September 30, 2012, 4.50 to 1.00; 

(b) as of each fiscal quarter ending during the period from and including December 31, 2012 through and including June 30, 2013,
4.00 to 1.00; 
 (c) as of the fiscal quarter ending September 30, 2013, 4.75 to 1.00; 

(d) as of the fiscal quarter ending December 31, 2013, 4.50 to 1.00; 

(e) as of the fiscal quarter ending March 31, 2014, 4.25 to 1.00; 

(f) as of the fiscal quarter ending June 30, 2014, 4.00 to 1.00; and 

(g) for each fiscal quarter ending thereafter, 3.75 to 1.00.” 

(d) Schedule I is amended to replace the language “Notwithstanding the foregoing, the Borrower shall be deemed to be at Level IV
from the First Amendment Effective Date until delivery of its unaudited Financial Statements and corresponding Compliance Certificate for the fiscal quarter ending September 30, 2012.” with “Notwithstanding the foregoing, the Borrower
shall be deemed to be at Level VI from the Third Amendment Effective Date until delivery of its unaudited Financial Statements and corresponding Compliance Certificate for the fiscal quarter ending March 31, 2014”. 

Section 4. Borrower’s Representations and Warranties. Borrower represents and warrants that: (a) the
representations and warranties contained in the Credit Agreement, as amended hereby, and the representations and warranties contained in the other Credit Documents, are true and correct in all material respects on and as of the Effective Date as if
made on as and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all material respects as of such earlier
date (except that such materiality qualifiers shall not be applicable to the extent any representations and 

  
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warranties are already qualified or modified by materiality in the text thereof); (b) after giving effect to this Agreement, no Default has occurred and is continuing; (c) the
execution, delivery and performance of this Agreement are within the corporate power and authority of the Borrower and have been duly authorized by appropriate corporate action and proceedings; (d) this Agreement constitutes the legal, valid,
and binding obligation of Borrower enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of
equity; (e) there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Agreement, other than those which have been
obtained or made; and (f) the Liens under the Security Documents are valid and subsisting and secure the Borrower’s obligations under the Credit Documents. 

Section 5. Guarantors Representations and Warranties. Each Guarantor represents and warrants that: (a) after giving
effect to this Agreement, the representations and warranties contained in the Guaranty and the representations and warranties contained in the other Credit Documents to which such Guarantor is a party are true and correct in all material respects on
and as of the Effective Date as if made on as and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case such representation or warranty is true and correct in all
material respects as of such earlier date (except that such materiality qualifiers shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof); (b) after giving effect
to this Agreement, no Default has occurred and is continuing under any Credit Document to which such Guarantor is a party; (c) the execution, delivery and performance of this Agreement are within the corporate, limited liability company, or
partnership power and authority of such Guarantor and have been duly authorized by appropriate corporate, limited liability company, or partnership action and proceedings; (d) this Agreement constitutes the legal, valid, and binding obligation
of such Guarantor enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity;
(e) there are no governmental or other third party consents, licenses and approvals required in connection with the execution, delivery, performance, validity and enforceability of this Agreement, other than those which have been obtained or
made; and (f) the Liens under the Security Documents to which such Guarantor is a party are valid and subsisting and secure such Guarantor’s and the Borrower’s obligations under the Credit Documents. 

Section 6. Conditions to Effectiveness. This Agreement shall become effective on the Effective Date and enforceable against
the parties hereto upon the occurrence of the following conditions precedent: 
 (a) Documentation. The Administrative Agent shall
have received this Agreement, duly executed by all the parties hereto, in form and substance reasonably satisfactory to the Administrative Agent. 

(b) Payment of Fees. The Borrower shall have paid the fees set forth in the Fee Letter dated as September 12, 2013 among the
Borrower, the Agent and Wells Fargo Securities, LLC any other fees and expenses required to be paid as of or on the Effective Date by Section 9.1 of the Credit Agreement or any other provision of a Credit Document. 

(c) Other Proceedings and Contractual Restrictions. No action, suit, investigation or other proceeding (including, without limitation,
the enactment or promulgation of a statute or rule) by or before any arbitrator or any Governmental Authority shall be threatened or pending and no preliminary or permanent injunction or order by a state or federal court shall have been entered, and
no contractual or other restriction shall exist, in connection with this Agreement. 

  
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 (d) No Default. No Default shall have occurred and be continuing. 

Without limiting the generality of the provisions of Article 8 of the Credit Agreement, for determining compliance with the conditions specified above, each
party hereto shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required in this Section 6 to be consented to or approved by or acceptable or satisfactory to such party unless an
officer of the Administrative Agent responsible for the transactions contemplated by the Credit Documents shall have received written notice from such party prior to the Effective Date specifying its objection thereto and, if such party is a Lender,
such Lender shall not have made available to the Administrative Agent such Lender’s ratable portion of such Borrowings. 

Section 7. Acknowledgments and Agreements. 

(a) Borrower acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms and Borrower waives
any defense, offset, counterclaim or recoupment, in each case existing on the date hereof, with respect to such Obligations. Borrower, each Guarantor, Administrative Agent, Issuing Lender and each other party hereto does hereby adopt, ratify, and
confirm the Credit Agreement, as amended hereby, and acknowledges and agrees that the Credit Agreement, as amended hereby, is and remains in full force and effect, and the Borrower and the Guarantors acknowledge and agree that their respective
liabilities and obligations under the Credit Agreement, as amended hereby, and the Guaranty, are not impaired in any respect by this Agreement. 

(b) The Administrative Agent, the Collateral Agent and the Lenders hereby expressly reserve all of their rights, remedies, and claims under
the Credit Documents. Nothing in this Agreement shall constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Credit Documents, (ii) any of the agreements, terms or conditions contained in any of the
Credit Documents, (iii) any rights or remedies of the Administrative Agent or any Lender with respect to the Credit Documents, or (iv) the rights of the Administrative Agent or any Lender to collect the full amounts owing to them under the
Credit Documents. 
 (c) From and after the Effective Date, all references to the Credit Agreement and the Credit Documents shall mean the
Credit Agreement and such Credit Documents as amended by this Agreement. This Agreement is a Credit Document for the purposes of the provisions of the other Credit Documents. Without limiting the foregoing, any breach of representations, warranties,
and covenants under this Agreement shall be a Default or Event of Default, as applicable, under the Credit Agreement. 
 Section 8.
Reaffirmation of the Guaranty. Each Guarantor hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty are in full force and effect and that such Guarantor continues to unconditionally and irrevocably
guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Guaranteed Obligations (as defined in the Guaranty), as such Guaranteed Obligations may have been amended by this
Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by such Guarantor under the Guaranty in connection with the execution and delivery of amendments, consents or waivers to
the Credit Agreement, the Notes or any of the other Credit Documents. 
 Section 9. Reaffirmation of the Security
Documents. Each Credit Party hereby ratifies, confirms, acknowledges and agrees that its obligations under the Security Documents to which it is a party are in full force and effect and that such Security Documents as amended hereby continue
to secure the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Secured Obligations, as such Secured Obligations may have been amended by this

  
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Agreement, and its execution and delivery of this Agreement does not indicate or establish an approval or consent requirement by such Credit Party under any Security Document in connection with
the execution and delivery of amendments, consents or waivers to the Credit Agreement, the Notes or any of the other Credit Documents. 

Section 10. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original
and all of which, taken together, constitute a single instrument. This Agreement may be executed by facsimile signature and all such signatures shall be effective as originals. 

Section 11. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted pursuant to the Credit Agreement. 
 Section 12. Invalidity. In the
event that any one or more of the provisions contained in this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this
Agreement. 
 Section 13. Governing Law. This Agreement shall be deemed to be a contract made under and shall be governed
by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles (other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New
York). 
 Section 14. Entire Agreement. THIS AGREEMENT, THE CREDIT AGREEMENT AS AMENDED BY THIS AGREEMENT, THE NOTES, AND THE
OTHER CREDIT DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO. 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[The remainder of this page has been left blank intentionally.] 

  
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 EXECUTED to be effective as of the date first above written. 

 

			
	BORROWER:
	
	NUVERRA ENVIRONMENTAL SOLUTIONS, INC.
		
	By:	 	 /s/ Jay Parkinson

	Name:	 	 Jay Parkinson

	Title:	 	 Chief Financial Officer

	
	GUARANTORS:
	
	1960 WELL SERVICES, LLC
	HECKMANN ENVIRONMENTAL SERVICES, INC.
	HECKMANN WATER RESOURCES (CVR), INC.
	HECKMANN WATER RESOURCES CORPORATION
	HEK WATER SOLUTIONS, LLC
	APPALACHIAN WATER SERVICES, LLC
	THERMO FLUIDS INC.
	BADLANDS POWER FUELS, LLC (Delaware entity)
	BADLANDS POWER FUELS, LLC (North Dakota entity)
	LANDTECH ENTERPRISES, L.L.C.
	BADLANDS LEASING, LLC
		
	 Each By:
	 	 /s/ Jay Parkinson

	 Name:
	 	 Jay Parkinson

	 Title:
	 	 Chief Financial Officer

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	ADMINISTRATIVE AGENT/LENDERS:
	
	WELLS FARGO BANK,
		 	 NATIONAL ASSOCIATION
 as
Administrative Agent, Swing Line Lender, Issuing Lender, and Existing Lender

		
	By:	 	 /s/ T. Alan Smith

		 	T. Alan Smith
		 	Managing Director

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	LENDERS:
	
	 FIRST NATIONAL BANK OF PENNSYLVANIA

		
	By:	 	 /s/ Mark A. Turcsanyi

	Name:	 	Mark A. Turcsanyi
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	CITIZENS BANK OF PENNSYLVANIA
		
	By:	 	 /s/ Joseph F. King

	Name:	 	Joseph F. King
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	FIFTH THIRD BANK
		
	By:	 	 /s/ Matthew Lewis

	Name:	 	Matthew Lewis
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	FIRST NIAGARA BANK, N.A.
		
	By:	 	 /s/ Jeffery Kridler

	Name:	 	Jeffery Kridler
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Raju Patel

	Name:	 	Raju Patel
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	U.S. BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Gerald J. Holt

	Name:	 	Gerald J. Holt
	Title:	 	Vice President

  
 Signature Page to
Amendment No. 3 to Credit Agreement 

			
	TRISTATE CAPITAL BANK
		
	By:	 	 /s/ James P. Nickel

	Name:	 	     James P. Nickel
	Title:	 	     Senior Vice President

  
 Signature Page to
Amendment No. 3 to Credit AgreementEX-4.4

 Exhibit 4.4 
 EXECUTION VERSION 
 QUNAR CAYMAN ISLANDS LIMITED 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 among 
 QUNAR CAYMAN ISLANDS LIMITED 

BAIDU HOLDINGS LIMITED 
 THE PARTIES LISTED IN EXHIBIT A ATTACHED HERETO 
 and 

OTHER SHAREHOLDERS PARTY HERETO 
 dated as of 
 July 20, 2011 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 1.
	 	Registration Rights	  	 	1	  
		 	1.1	 	Definitions	  	 	1	  
		 	1.2	 	Request for Registration	  	 	3	  
		 	1.3	 	Company Registration	  	 	5	  
		 	1.4	 	Form S-3 or F-3 Registration	  	 	5	  
		 	1.5	 	Obligations of the Company	  	 	6	  
		 	1.6	 	Furnish Information	  	 	7	  
		 	1.7	 	Expenses of Registration	  	 	8	  
		 	1.8	 	Underwriting Requirements	  	 	9	  
		 	1.9	 	Delay of Registration	  	 	9	  
		 	1.10	 	Indemnification	  	 	9	  
		 	1.11	 	Reports Under the Exchange Act	  	 	11	  
		 	1.12	 	Assignment of Registration Rights	  	 	12	  
		 	1.13	 	Limitations on Subsequent Registration Rights	  	 	13	  
		 	1.14	 	Lock-Up Agreement	  	 	13	  
		 	1.15	 	Termination of Registration Rights	  	 	14	  
		 	1.16	 	Public Offering Rights (Non-U.S. Offerings)	  	 	14	  
			
	 2.
	 	Covenants of the Company	  	 	14	  
		 	2.1	 	Delivery of Financial Statements	  	 	14	  
		 	2.2	 	Inspection	  	 	15	  
		 	2.3	 	Preemptive Rights	  	 	15	  
		 	2.4	 	Restated Articles	  	 	17	  
		 	2.5	 	Incorporation of Certain Provisions from the Restated Articles	  	 	17	  
		 	2.6	 	[Reserved]	  	 	18	  
		 	2.7	 	Board Meetings; Board Committees	  	 	18	  
		 	2.8	 	Management	  	 	18	  
		 	2.9	 	Vesting of Ordinary Shares	  	 	19	  
		 	2.10	 	[Reserved]	  	 	19	  
		 	2.11	 	United States Tax Matters	  	 	19	  
		 	2.12	 	Control of Subsidiaries	  	 	19	  
		 	2.13	 	Future Holders of Shares	  	 	21	  
		 	2.14	 	Termination of Covenants	  	 	21	  
		 	2.15	 	Proprietary Information and Invention Assignment Agreement	  	 	21	  
		 	2.16	 	D&O Insurance	  	 	21	  
			
	 3.
	 	Other Covenants	  	 	21	  
		 	3.1	 	Undertakings on Domestic Entities	  	 	21	  
		 	3.2	 	Remedies	  	 	22	  
		 	3.3	 	Exit Events	  	 	24	  
			
	 4.
	 	Miscellaneous	  	 	24	  
		 	4.1	 	Termination	  	 	24	  
		 	4.2	 	Entire Agreement	  	 	24	  

  
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		 	4.3	 	Successors and Assigns	  	 	24	  
		 	4.4	 	Amendments and Waivers	  	 	25	  
		 	4.5	 	Notices	  	 	25	  
		 	4.6	 	Severability	  	 	25	  
		 	4.7	 	Governing Law	  	 	25	  
		 	4.8	 	Counterparts	  	 	25	  
		 	4.9	 	Titles and Subtitles	  	 	25	  
		 	4.10	 	Aggregation of Shares	  	 	25	  
		 	4.11	 	Termination of Prior Agreement	  	 	26	  
		 	4.12	 	Waiver of Right of First Offer and Notice	  	 	26	  
		 	4.13	 	Dispute Resolution	  	 	26	  

 LIST OF EXHIBITS 
 Exhibit A—List of Key Shareholders 
 Exhibit B—Form of Deed of Adherence 

 

  
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 QUNAR CAYMAN ISLANDS LIMITED 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (this “Agreement”) is made and entered into as of
July 20, 2011 and effective on the Closing (as defined in the Ordinary Shares Purchase Agreement) by and among (i) Qunar Cayman Islands Limited, a Cayman Islands exempted company (the “Company”), (ii) Baidu Holdings
Limited, a Biritsh Virgin Islands company (“Baidu”), (iii) the holders of Ordinary Shares listed on Exhibit A attached hereto (the “Key Shareholders”), and (iv) any other holders of Shares who shall
at any time be a party to or bound by this Agreement pursuant to the execution and delivery of this Agreement as of the date hereof or a Deed of Adherence substantially in the form of Exhibit B attached hereto (a “Deed of
Adherence”) after the date hereof (together with the Key Shareholders, each, a “Minority Shareholder” and collectively, the “Minority Shareholders,” and together with Baidu, the
“Shareholders”). 
 RECITALS 

A. The Company and Baidu are parties to that certain Ordinary Shares Purchase Agreement dated as of June 24, 2011 (the
“Ordinary Shares Purchase Agreement”), pursuant to which Baidu is purchasing ordinary shares, par value US$0.001 per share, in the share capital of the Company (“Ordinary Shares”). 

B. In connection with the consummation of the transactions contemplated by the Ordinary Shares Purchase Agreement, the parties hereto
desire to enter into this Agreement to govern certain of their rights, duties and obligations after consummation of such transactions. 
 C. The Company and certain of the Key Shareholders are parties to that certain Amended and Restated Investors’ Rights Agreement, dated as of October 29, 2009, as may be amended from time to time
(the “Prior Agreement”), and wish to amend and restate the rights and obligations set forth in the Prior Agreement, in each case as set forth herein. 
 AGREEMENT 
 In consideration of the foregoing premises and certain
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1. Registration Rights. The parties hereto hereby covenant and agree as follows: 

1.1 Definitions. For purposes of this Agreement: 

(a) The term “Exchange Act” means the United States Securities Exchange Act of 1934, as amended (and any
successor thereto) and the rules and regulations promulgated thereunder; 

 (b) The term “Form S-3” and “Form F-3”
means such respective forms under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public filings under the
Exchange Act; 
 (c) The term “Holder” means any of Baidu and the Key Shareholders owning or
having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement; 
 (d) The term “Qualified IPO” shall have the meaning ascribed to such term in the Restated Articles. In the event that an initial public offering or a liquidity event of the Company does
not satisfy the foregoing requirements, such initial public offering or liquidity event shall be deemed a Qualified IPO subject to the written approval of the Board (including the Directors designated by Baidu); 

(e) The terms “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document; 

(f) The term “Registrable Securities” means (i) the Ordinary Shares issuable, other than shares for
which registration rights have terminated pursuant to Section 1.15 hereof, and (ii) any other Ordinary Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as)
a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in clause (i); provided, however, that the foregoing definition shall exclude in all cases any Registrable Securities sold by
a person in a transaction in which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Ordinary Shares or other securities shall only be treated as Registrable Securities if and so long as (A) they have not
been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the
Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the Holder thereof is entitled to exercise any right
provided in Article 1 in accordance with Section 1.15 below; 
 (g) The number of shares of
“Registrable Securities then outstanding” shall be determined by the number of Ordinary Shares outstanding which are, and the number of Ordinary Shares issuable pursuant to then exercisable or convertible securities which are,
Registrable Securities; 
 (h) The term “Restated Articles” means the Company’s Amended
and Restated Memorandum and Articles of Association as in effect as of the date hereof and as may be amended from time to time in accordance with the terms thereof; 

  
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 (i) The term “SEC” means the United States Securities and
Exchange Commission; and 
 (j) The term “Securities Act” means the United States Securities
Act of 1933, as amended (and any successor thereto) and the rules and regulations promulgated thereunder. 
 1.2 Request
for Registration. 
 (a) If the Company shall receive at any time after the date that is six months
after the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a share option,
share purchase or similar plan or an SEC Rule 145 transaction), a written request from the Holders of at least ten percent (10%) of the Registrable Securities then outstanding that the Company file a registration statement under the Securities
Act with an anticipated aggregate offering price (before deduction of underwriting discounts, commissions and expenses) of at least $10,000,000, then the Company shall, within 10 days of the receipt thereof, give written notice of such requests to
all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to file as soon as practicable, and in any event within 90 days of the receipt of such requests, a registration statement under the Securities Act covering
all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such notice by the Company. 
 (b) If a majority in interest (by ownership percentage) of the Holders requesting registration hereunder (“Initiating Holders”) intend to distribute the Registrable Securities covered by
their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in subsection 1.2(a). The
underwriter will be selected by the holders of a majority-in-interest of the Registrable Securities and shall be reasonably acceptable to the Company. In such event, the right of any Holder to include its Registrable Securities in such registration
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest (by ownership percentage)
of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in subsection 1.5(e)) enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing factors
require a limitation of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable
Securities that may be included in the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company owned
by each participating Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the
underwriting. 

  
 -3 

 (c) Notwithstanding the foregoing, if the Company shall furnish to Holders
requesting a registration statement pursuant to this Section 1.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company (the “Board”), it would be
seriously detrimental to the Company and its shareholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing for a
period of not more than 120 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any 12-month period; provided further that during
such 120-day period, the Company shall not file any registration statement pertaining to the public offering of any securities of the Company (other than a registration relating solely to the sale of securities to participants in a Company share
option, share purchase or similar plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only shares being registered are Ordinary Shares issuable upon conversion of debt securities which are also being
registered, or any registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities). 

(d) In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant
to this Section 1.2: 
 (i) After the Company has effected three (3) registrations pursuant to this
Section 1.2 and such registrations have been declared or ordered effective; 
 (ii) During the period
starting with the date 90 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 1.3 hereof, unless such offering is the initial
public offering of the Company’s securities, in which case, ending on a date 180 days after the effective date of such registration subject to Section 1.3 hereof; provided that the Company is actively employing in good faith its
best efforts to cause such registration statement to become effective; or 
 (iii) If the Initiating Holders
propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 or Form F-3 pursuant to a request made pursuant to Section 1.4 below. 

  
 -4 

 1.3 Company Registration. If (but without any obligation to do so) the
Company proposes to register (including for this purpose a registration effected by the Company for shareholders other than the Holders) any of its shares under the Securities Act in connection with the public offering of such securities solely for
cash (other than a registration relating solely to the sale of securities to participants in a Company share option, share purchase or similar plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only
shares being registered are Ordinary Shares issuable upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially the same information as would be required to be included in
a registration statement covering the sale of the Registrable Securities), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of
such notice by the Company in accordance with Section 4.5, the Company shall, subject to the provisions of Section 1.8, use its best efforts to cause to be registered under the Securities Act all of the Registrable Securities that each
such Holder has requested to be registered. 
 Registration pursuant to this Section 1.3 shall not be deemed to be a
demand registration as described in Section 1.2 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 1.3. 

1.4 Form S-3 or F-3 Registration. In case the Company shall receive from any Holder or Holders of not less than 10% of the
Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 or Form F-3 or any comparable or successor form and any related qualification or compliance with respect to all or a part of the
Registrable Securities owned by such Holder or Holders, the Company will: 
 (a) promptly give written notice of
the proposed registration, and any related qualification or compliance, to all other Holders; and 
 (b) use its
best efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or
Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days
after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 or
Form F-3 is not available for such offering by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other
securities (if any) at an aggregate price to the public (after the deduction of any underwriters’ discounts or commissions) of less than US$2,000,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President
of the Company stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its shareholders for such Form S-3 or Form F-3 Registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 or Form F-3 registration statement for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 1.4; provided, however, that the
Company shall not utilize this right more than once in any 12-month period; provided further that during such 120-day period, the Company shall not file any registration statement pertaining to the public offering of any securities of
the Company (other than a registration relating solely to the sale of securities to participants in a Company share option, share purchase or similar plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the
only shares being registered are Ordinary Shares issuable upon conversion of debt securities which are also being registered, or any registration on any form which does not include substantially the same information as would be required to be
included in a registration statement covering the sale of the Registrable Securities); or (iv) during the period ending 180 days after the effective date of a registration statement subject to Section 1.3 (it being understood that there
shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 1.4). 

  
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 (c) Subject to the foregoing, the Company shall file a registration
statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4 shall not be
counted as demands for registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 
 1.5
Obligations of the Company. Whenever required under this Article 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best
efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 180 days or until the
distribution described in such registration statement is completed, if earlier. The Company shall not be required to file, cause to become effective or maintain the effectiveness of any registration statement that contemplates a distribution of
securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 
 (b) Prepare and
file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement for up to 180 days or until the distribution described in such registration statement is completed, if earlier. 

(c) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) Use its best efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions. 

  
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 (e) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an
agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any
time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue for 120 days. 

(g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which
similar securities issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 

(i) Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities
pursuant to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters,
(i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and
(ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
addressed to the underwriters. 
 1.6 Furnish Information. It shall be a condition precedent to the obligations
of the Company to take any action pursuant to this Article 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and
the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration requested pursuant to
Section 1.2 or Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration
does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b)(ii),
whichever is applicable. 

  
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 1.7 Expenses of Registration. 

(a) Demand Registration. All expenses (other than underwriting discounts and commissions and stock transfer
taxes) incurred in connection with registrations, filings or qualifications pursuant to Section 1.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of
counsel for the Company, and the reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company;
provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is subsequently withdrawn at the request of the Holders of
a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration
pursuant to Section 1.2; provided further, however, that if at the time of such withdrawal, the Holders (i) have learned of a material adverse change in the condition, business, or prospects of the Company that was not known
to the Holders at the time of their request and (ii) have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses
and shall not forfeit their rights pursuant to Section 1.2. 
 (b) Company Registration. All
expenses (other than underwriting discounts and commissions and stock transfer taxes) incurred in connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3 for each Holder (which right may be
assigned as provided in Section 1.12), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 

(c) Registration on Form S-3 or Form F-3. All expenses (other than underwriting discounts and commissions
and stock transfer taxes) incurred in connection with a registration requested pursuant to Section 1.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and the reasonable fees and
disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 

  
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 1.8 Underwriting Requirements. In connection with any offering involving an
underwriting of the Company’s capital shares, the Company shall not be required under Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between
the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the
Company. If the total amount of securities, including Registrable Securities, requested by shareholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole
discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion
will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling shareholders according to the total amount of securities entitled to be included therein owned by each selling shareholder or in
such other proportions as shall mutually be agreed to by such selling shareholders) but in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below 25% of the total amount of securities
included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case, the selling shareholders may be excluded if the underwriters make the determination described above and no other
shareholder’s securities are included or (ii) any securities held by any selling Holder be excluded unless any securities held by any other shareholder, including without limitation, any person who is an employee, officer or director of
the Company (or any subsidiary of the Company), be first excluded from such registration and underwriting before any securities held by any selling Holder are so excluded. For purposes of the preceding parenthetical concerning apportionment, for any
selling shareholder which is a holder of Registrable Securities and which is a venture capital fund, partnership or corporation, the partners, retired partners, the affiliated venture capital funds and shareholders of such holder, or the estates and
family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling shareholder,” and any pro-rata reduction with respect to such
“selling shareholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling shareholder,” as defined in this sentence. 

1.9 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise
delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 
 1.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, any underwriter (as defined
in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which
they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements,
omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus
contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any
violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to
each such Holder, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company
(which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a
Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or controlling person. 

  
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 (b) To the extent permitted by law, each selling Holder will indemnify and
hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling
securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the
Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent)
that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or other expenses
reasonably incurred by any person intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity
agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; provided, that in no event shall any indemnity under this subsection 1.10(b) plus any amount under subsection 1.10(d) exceed the net proceeds from the offering out of which such Violation arises received by such Holder,
except in the case of willful fraud by such Holder. 
 (c) Promptly after receipt by an indemnified party under
this Section 1.10 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.10, deliver to
the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed,
to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall
have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to
actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.10 to the extent the indemnifying party is prejudiced as a result
thereof, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10. 

  
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 (d) If the indemnification provided for in this Section 1.10 is held
by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder,
shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and
of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, that in no event shall any
contribution by a Holder under this Subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party
and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1,
and otherwise. 
 1.11 Reports Under the Exchange Act. With a view to making available to the Holders the
benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3
or Form F- 3, the Company agrees to: 
 (a) make and keep public information available, as those terms are
understood and defined in SEC Rule 144, at all times after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company remains subject to
the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 

  
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 (b) take such action, including the voluntary registration of its Ordinary
Shares under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 or Form F-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in
which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 
 (c) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 

(d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after the effective date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at any
time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 or Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or
quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling
of any such securities without registration or pursuant to such form. 
 1.12 Assignment of Registration Rights.
The rights to cause the Company to register Registrable Securities pursuant to this Article 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee, in connection with any direct transfer of Registrable
Securities, pursuant to and in accordance with the Transfer of Shares Agreement among the Company and the Shareholders party thereto dated as of the date hereof, as may be amended from time to time hereafter (the “Transfer of Shares
Agreement”), (i) of at least 1,000,000 shares of such securities (subject to adjustment for share splits, share dividends, reclassification or the like) (or if the transferring Holder owns less than 1,000,000 shares of such securities,
then all Registrable Securities held by the transferring Holder), provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities
with respect to which such registration rights are being assigned; and provided, further, that such assignment shall be effective only if the transferee agrees to be bound by this Agreement pursuant to the execution of a Deed of
Adherence and immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. 

  
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 1.13 Limitations on Subsequent Registration Rights. From and after the date
of this Agreement, the Company shall not, without the prior written consent of the Holders of at least a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the
Company which would allow such holder or prospective holder (a) to include such securities in any registration filed under this Article 1 hereof, unless under the terms of such agreement, such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of his, her, or its securities will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration which could
result in such registration statement being declared effective prior to the date set forth in subsection 1.2(a) or within 120 days of the effective date of any registration effected pursuant to Section 1.2. 

1.14 Lock-Up Agreement. 
 (a) Lock-Up Period; Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of
the Company’s securities, each Holder agrees not to lend, offer, pledge, sell, contract to sell, make any short sale of, loan, grant any option, right or warrant for the purchase of, or otherwise dispose of any securities of the Company,
however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days plus such additional period, not
to exceed 35 days after the expiration of the 180-day period, as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or
(ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the Financial Industry Regulatory Authority Inc. and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any
similar successor rules) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the Company or such underwriters at
the time of the Company’s initial public offering. The foregoing provisions of Section 1.14 shall apply only to the Company’s initial offering of equity securities and shall not apply to any sale of any shares pursuant to an
underwriting agreement. The underwriters in connection with the Company’s initial public offering are intended third-party beneficiaries of this Section 1.14 and shall have the right, power and authority to enforce the provisions hereof as
though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s initial public offering that are consistent with this Section 1.14 or that are
necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on the
number of shares subject to such agreements. 
 (b) Limitations. The obligations described in
Section 1.14(a) shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to Rule 145 under the Securities Act. 

(c) Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company may impose
stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in Section 1.14(a)). 

  
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 (d) Transferees Bound. Each Holder agrees that prior to the
Company’s initial public offering it will not transfer securities of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 1.14, provided that this Section 1.14(d) shall not
apply to transfers pursuant to a registration statement or transfers after the 12-month anniversary of the effective date of the Company’s initial registration statement subject to this Section 1.14. 

1.15 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Article 1
after the earlier of (i) five (5) years following the consummation of a Qualified IPO, (ii) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares
during a three-month period without registration or (iii) upon termination of such right, as provided in Section 4.1. 

1.16 Public Offering Rights (Non-U.S. Offerings). If shares of the Company are offered in an underwritten public offering
(whether or not a Qualified IPO) outside the United States for the account of any Shareholders, each Holder shall have the right to include a pro-rata number of shares (based on the number of shares (on an as converted basis) then held by such
Holder and all other shareholders of the Company selling in the offering) in the offering on terms and conditions no less favorable to the Holders than to any such selling Shareholders. 

2. Covenants of the Company. 
 2.1 Delivery of Financial Statements. The Company shall deliver to Baidu and each Key Shareholder that holds at least 3% of the outstanding stock on a fully-diluted basis (collectively, the
“Major Shareholders”): 
 (a) as soon as practicable, but in any event within 60 days after the
end of each fiscal year of the Company, a consolidated income statement for such fiscal year, a consolidated balance sheet of the Company and statement of shareholder’s equity as of the end of such year, and a consolidated statement of cash
flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”), and audited and certified by an independent public
accounting firm of internationally recognized standing selected by the Company and acceptable to the Board; 

(b) as soon as practicable, but in any event within 10 days after the end of each fiscal year of the Company, an
unaudited consolidated income statement for such fiscal year, an unaudited consolidated balance sheet of the Company and statement of shareholder’s equity as of the end of such year, and an unaudited consolidated statement of cash flows for
such year; 
 (c) as soon as practicable, but in any event within six days after the end of each fiscal quarter
of each fiscal year, an unaudited consolidated profit or loss statement, a consolidated statement of cash flows for such fiscal quarter and an unaudited consolidated balance sheet as of the end of such fiscal quarter; 

  
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 (d) as soon as practicable, but in any event within six days after the end
of each month, an unaudited consolidated profit or loss statement, a consolidated statement of cash flows for such fiscal month and an unaudited consolidated balance sheet as of the end of such fiscal month; 

(e) as soon as practicable, but in any event 45 days prior to the end of each fiscal year, a budget and business plan for
the next fiscal year, prepared on a monthly basis, and, as soon as prepared, any other budgets or revised budgets prepared by the Company; 
 (f) with respect to the financial statements called for in subsections (b), (c) and (d) of this Section 2.1, an instrument executed by the Chief Financial Officer or President of the
Company and certifying that such financials were prepared in accordance with U.S. GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be required by U.S. GAAP) and fairly present the financial
condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment, provided that the foregoing shall not restrict the right of the Company to change its accounting principles consistent with
U.S. GAAP, if the Board determines that it is in the best interest of the Company to do so; and 
 (g) upon
request, a current copy of the capitalization table and register of members. 
 2.2 Inspection. The Company shall
permit Baidu and each Major Shareholder, at such Shareholder’s expense, to visit and inspect the properties of the Group Companies (as such term is defined in the Ordinary Shares Purchase Agreement) (each, a “Group Company” and
collectively, the “Group Companies”), to examine the books of account and records of the Group Companies and to discuss the Group Companies’ affairs, finances and accounts with their respective officers, all at such reasonable
times as may be requested by such Shareholder; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be a trade secret or
similar confidential information. 
 2.3 Preemptive Rights. Subject to the terms and conditions specified in this
Section 2.3, the Company hereby grants to Baidu and each Major Shareholder (the “Preemptive Rights Holders”) a right of first offer with respect to future sales by the Company of its Shares. Each time the Company proposes to
offer any shares of, or securities convertible into or exercisable for any shares of, any class of its capital shares (“Shares”), the Company shall first make an offering of such Shares to each Preemptive Rights Holder in accordance
with the following provisions: 
 (a) The Company shall deliver a notice (the “RFO Notice”) to
the Preemptive Rights Holders stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 

  
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 (b) Within 15 calendar days after delivery of the RFO Notice, the
Preemptive Rights Holder may elect to purchase or obtain, at the price and on the terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of Ordinary Shares issued and held, or issuable upon
conversion, exercise and exchange of all convertible, exercisable or exchangeable securities then held, by such Preemptive Rights Holder bears to the total number of Ordinary Shares then outstanding (assuming full conversion, exercise and exchange
of all convertible, exercisable or exchangeable securities). Such purchase shall be completed at the same closing as that of any third party purchasers or at an additional closing thereunder. The Company shall promptly, in writing, inform each
Preemptive Rights Holder that purchases all the shares available to it (each, a “Fully-Exercising Holder”) of any other Preemptive Rights Holder’s failure to do likewise. During the 10-day period commencing after receipt of
such information, each Fully-Exercising Holder shall be entitled to obtain that portion of the Shares for which Preemptive Rights Holders were entitled to subscribe but which were not subscribed for by the Preemptive Rights Holders that is equal to
the proportion that the number of Ordinary Shares issued and held, or issuable upon conversion, exercise and exchange of all convertible, exercisable or exchangeable securities then held, by such Fully-Exercising Holder bears to the total number of
Ordinary Shares then outstanding (assuming full conversion, exercise and exchange of all convertible, exercisable or exchangeable securities) issued and held, by all Fully-Exercising Holders. 

(c) The Company may, during the 45-day period following the expiration of the period provided in subsection 2.3(b)
hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the RFO Notice. If the Company does not enter into an agreement
for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to
the Preemptive Rights Holders in accordance herewith. 
 (d) The right of first offer in this Section 2.3
shall not be applicable to (i) the issuance of securities in connection with share dividends, share splits or similar transactions; (ii) the grant, issuance or sale of the Unallocated Stock Options (as defined in the Ordinary Shares
Purchase Agreement), as determined as of the date hereof or stock options to employees, consultants and directors of the Company pursuant to any share option plan, restricted stock purchase plans or other share plan approved by Baidu and a Majority
of Minority Approval (as defined in the Restated Articles); (iii) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities outstanding as of the date of this Agreement, including without
limitation, warrants, notes or options; (iv) the issuance of securities in connection with a bona fide acquisition, merger or similar transaction, the terms of which are approved by the Board; (v) the issuance or sale of Ordinary Shares
pursuant to the Ordinary Shares Purchase Agreement or the Transaction Framework Agreement (as defined in the Ordinary Shares Purchase Agreement), including Section 8.04 thereof; (vi) the issuance of Ordinary Shares in a bona fide, firmly
underwritten public offering approved by the Board; (vii) the issuance of securities to an individual or entity as a component of any business relationship with such individual or entity primarily for the purpose of (A) joint venture,
technology licensing or development activities, (B) distribution, supply or manufacture of the Company’s products or services or (C) any other arrangements involving corporate partners, provided that such issuances are for
other than primarily equity financing purposes and the terms of which business relationship with such entity are approved by the Board; (viii) the issuance of securities which, with unanimous approval of the Board, are not offered to any
existing shareholder of the Company; or (ix) the issuance of Ordinary Shares to Baidu pursuant to the Baidu Majority Ownership Right. In addition to the foregoing, the right of first offer in this Section 2.3 shall not be applicable with
respect to any Preemptive Rights Holder and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Preemptive Rights Holder is not an “accredited investor,” as that term is then defined in
Rule 501(a) under the Securities Act, and (ii) such subsequent securities issuance is otherwise being offered only to accredited investors. 

  
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 (e) In no event shall the right of first offer set forth in this
Section 2.3 be waived by any Preemptive Rights Holder on behalf of any other Preemptive Rights Holder. 
 2.4
Restated Articles. The Company shall abide by, and take all actions necessary to achieve the economic effect of, all of its obligations under the Restated Articles; provided that each Shareholder shall vote its Shares or execute
proxies or written consents, as the case may be, and to take all other actions necessary to ensure that the Restated Articles at all times (i) facilitate, and do not at any time conflict with, any provision of this Agreement and
(ii) permit each Shareholder to receive the benefits to which each such Shareholder is entitled under this Agreement; provided further that, in the event of conflict between the provisions of this Agreement, on the one hand, and the
Restated Articles, on the other hand, each Shareholder shall vote its Shares or execute proxies or written consents, as the case may be, and to take all other actions necessary to amend the Restated Articles to remove such conflict. 

2.5 Incorporation of Certain Provisions from the Restated Articles. 

(a) The following provisions of the Restated Articles, as amended from time to time, shall be incorporated by reference
into this Agreement and shall be enforceable as if such provisions were part of this Agreement: 
 (i) Articles
40-59 (Meetings and Consents of Members); 
 (ii) Articles 62-64 (Matters Requiring Special Consent of
Shareholders); 
 (iii) Articles 66-67 (Directors); 

(iv) Article 77 (Matters Requiring Special Board Approval); 

  
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 (v) Articles 78-82 (Powers of Directors); 

(vi) Articles 83-91 (Proceedings of Directors); and 

(vii) Articles 98-103 (Indemnification; D&O Insurance). 

(b) Notwithstanding anything to the contrary in this Agreement, (i) any amendment or waiver of any of the foregoing
provisions of the Restated Articles may be effected in accordance with the terms of the Restated Articles and applicable law without regard to any terms of this Agreement (including without limitation the amendment or waiver provisions of this
Agreement), (ii) no amendment or waiver of any provision of the Restated Articles shall result in an amendment or waiver of any provision of this Agreement (except that in the case of an amendment or waiver of any of the foregoing provisions of
the Restated Articles, such provisions (as amended or waived) shall automatically be incorporated by reference herein as so amended or waived without the necessity of any further action or approval of the parties to this Agreement) and (iii) no
amendment or waiver of any provision of this Agreement (including without limitation this Section 2.5) shall be deemed to effect an amendment or waiver of any provision of the Restated Articles. 

2.6 [Reserved] 
 2.7 Board Meetings; Board Committees. The Board shall meet at least once every quarter (which may include meeting via teleconference or by telephone) unless otherwise agreed to by the Board.
The Company shall notify all the members of the Board prior to any scheduled Board meeting pursuant to the Restated Articles. The Company shall establish an Audit Committee and Compensation Committee and such other committees as the Board may from
time to time establish, each of which shall consist of two Baidu Director (as defined in the Amended and Restated Voting Agreement among the Company and the Shareholders dated as of the date hereof, as may be amended from time to time hereafter (the
“Voting Agreement”)) (“Baidu Directors”) and one Minority Shareholder Director (as defined in the Voting Agreement) (“Minority Shareholder Director”). The Company shall reimburse the members of the
Board and all committees thereof (other than any employee of any Group Company) for all reasonable expenses incurred in connection with their services as directors of the Company or committee members. 

2.8 Management. The Board shall appoint the Chief Executive Officer (“CEO”), Chief Financial Officer
(“CFO”), Chief Operating Officer (“COO”) of the Company. The remaining members of the management team of the Group Companies shall be proposed by the CEO or the CFO and shall have been approved by the Board. Any
material change in the compensation of the CEO, the CFO or any other officer of the Company shall require the prior consent of the Compensation Committee of the Board. 

  
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 2.9 Vesting of Ordinary Shares. 

(a) General. With respect to any shares issued or options or rights granted to an officer, director or employee of
the Company, unless otherwise approved by the Board, the Company shall cause each officer, director and employee of the Company to enter into a share restriction agreement or other similar agreement (i) providing for vesting of such shares or
options or rights over forty-eight (48) months, with no shares or options or rights being vested for twelve (12) months from the date of issuance or grant, as the case may be, at which time 12/48ths of the shares or options or rights shall
be vested; (ii) providing for the repurchase at cost of any unvested shares in the event the holder’s employment with or service to the Company terminates; (iii) under which the holder agrees to a market standoff requested by the
Company or the underwriters of any public offering of the Company’s securities, substantially as set forth in Section 1.14; and (iv) providing for a right of first refusal in favor of the Company with respect to both vested and
unvested shares, provided, that the Company’s right of first refusal with respect to vested shares shall terminate upon a Qualified IPO. 
 (b) Acceleration. Unless approved otherwise by the Board, the only acceleration of vesting for any Ordinary Shares, or options or rights therefor, shall be if both (x) control of the Company
is transferred, and (y) the repurchase option described in Section 2.9(a)(ii) or (b)(ii) above is not assumed by the acquiror. 
 (c) Transfers. No Ordinary Shares, or options or rights therefor, shall be transferred prior to vesting other than for estate planning or other similar purposes. 

2.10 [Reserved] 
 2.11 United States Tax Matters. For any year where a U.S. Major Shareholder (or a Major Shareholder that is a partnership for U.S. federal income tax purposes) reasonably believes that the
Company is or may be a “passive foreign investment company” for U.S. federal income tax purposes, the Company shall, following request of the Major Shareholder, use commercially reasonable efforts to provide the Major Shareholder, at the
Major Shareholder’s expense, such information as the Major Shareholder may reasonably request to assist the Major Shareholder in determining whether the Company was a passive foreign investment company for such year. 

2.12 Control of Subsidiaries. 
 (a) The Company shall at any time institute and shall keep in place arrangements reasonably satisfactory to the Board (including the Baidu Directors) such that the Company (i) shall control the
operations of any direct or indirect subsidiary or entity controlled by the Company, including, without limitation, the Group Companies and (ii) shall be permitted to consolidate properly the financial results for such entity in consolidated
financial statements for the Company prepared under U.S. GAAP. 
 (b) The Company shall cause any direct or
indirect subsidiary or entity controlled by the Company, including, without limitation, the Group Companies, whether now in existence or formed in the future, to have a board of directors as its governing and managing body (each, a
“Subsidiary Board”) and each member thereof shall serve at the pleasure of the Company and shall be reasonably acceptable to the Board (including the Baidu Directors); provided that a majority of each Subsidiary Board shall
consist of Baidu Directors or their nominees. 

  
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 (c) The Company shall, and shall cause any subsidiaries or entities it
controls to, comply with the US Foreign Corrupt Practices Act, as amended. Without limitation of the foregoing, the Company shall not, and shall not permit any of the other Group Companies or any of the officers, directors, employees or agents of
the Company or any other Group Company to, offer, promise, give, or authorize or approve the giving of, anything of value, directly or through a third party, to any officer or employee of a Governmental or Regulatory Authority, or of an
instrumentality or controlled enterprise thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such Governmental or Regulatory Authority, instrumentality, controlled enterprise or
public international organization, or any political party or official thereof, or candidate for political office in order to influence official action or otherwise obtain an improper business advantage relating to the business of the Company and/or
the Group Companies, and the Company shall, and shall cause the other Group Companies to, adopt as soon as practicable after the date hereof a compliance program and code of conduct in form and substance approved by Baidu (the “Compliance
Code”). In implementing the Compliance Code, the Company shall, and shall cause the other Group Companies and the directors, officers, employees and agents of each Group Company to follow the policies and procedures set forth in the
Compliance Code including (i) all training, education and certification procedures, (ii) all due diligence procedures related to agents of any Group Company, (iii) all audit and internal control procedures, (iv) adequate
commitment of human and financial resources to ensure the capacity to carry out the programs required by the Compliance Code, and (v) appropriate procedures to ensure accurate books and records, and other policies and procedures set forth in
the Compliance Code, and will cause compliance officers to be appointed and a chief compliance officer to be appointed by the Company (who shall be a suitable and competent person with relevant knowledge of and experience with applicable laws
applicable to the Group Companies to carry out the compliance function of the Group Companies), disciplinary procedures to be enforced and mechanisms for reporting suspected violations to be created for each such entity. 

(d) The Company shall take all necessary actions to maintain any direct or indirect subsidiary or entity controlled by
the Company, including, without limitation, the Group Companies, whether now in existence or formed in the future, as is necessary to conduct the business of the Company as conducted or as proposed to be conducted. The Company shall use its
reasonable best efforts to cause each direct or indirect subsidiary or entity controlled by the Company, including, without limitation, the Group Companies, whether now in existence or formed in the future, to comply in all material respects with
all applicable laws, rules and regulations. All material aspects of such formation, maintenance and compliance of any direct or indirect subsidiary or entity controlled by the Company, including, without limitation, the Group Companies, whether now
in existence or formed in the future, shall be subject to the review and approval by the Board (including the Baidu Directors) and the Company shall promptly provide Baidu and the Key Shareholders with copies of all material related documents and
correspondence. 

  
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 2.13 Future Holders of Shares. The Company shall cause each future holder of
Shares (including as a result of any issuance of Shares by the Company or transfer of Shares by any holder thereof), who is not a party to or bound by this Agreement (“Future Holders of Shares”) to enter into this Agreement pursuant
to the execution of a Deed of Adherence, and the Transfer of Shares Agreement and Voting Agreement pursuant to the execution of deeds of adherence thereto, and become subject to the terms and conditions hereof and thereof. Baidu hereby appoints any
Baidu Director and the Minority Shareholders hereby appoint any Minority Shareholder Director (together, the “IRA Representatives”), acting pursuant to a duly authorized Board resolution as the true and lawful attorney-in-fact for
and in the name of and on behalf of such party to (i) execute under hand, personal seal, as a deed, on behalf of and in the name of such party any Deed of Adherence executed by any person in connection with its acquisition of Shares or
(ii) execute any amendment of this Agreement pursuant to Section 4.4. The foregoing power of attorney is intended to secure an interest in property and, in addition, the obligations of the parties under this Agreement. 

2.14 Termination of Covenants. 
 (a) The covenants set forth in Sections 2.1 through 2.13 shall terminate and be of no further force or effect (i) immediately prior to the consummation of an Exit Event (as defined in the Restated
Articles), or (ii) upon termination of such provisions, as provided in Section 4.1. 
 (b) The
covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this
occurs earlier than the events described in Section 2.14(a) above. 
 2.15 Proprietary Information and Invention
Assignment Agreement. The Company will use its best efforts to solicit signatures from all former and future employees and consultants of the Company to execute the Company’s form proprietary information and assignment of inventions
agreement. 
 2.16 D&O Insurance. The Company shall use its commercially reasonable efforts to obtain and
retain director and officer liability insurance, the terms and conditions of which shall be to the reasonable satisfaction of Baidu and the Key Shareholders. 
 3. Other Covenants. 
 3.1 Undertakings on Domestic
Entities. As promptly as practicable after the date hereof the Closing, the Company shall, and shall cause the existing shareholders of Domestic TopCo, Zhuang Chenchao and Peng Xiaomei (each, and any other holder of shares of Domestic TopCo
from time to time hereafter, a “Domestic Shareholder”) to, take all actions necessary to cause the Domestic TopCo Equity Transfer (as defined in the Transaction Framework Agreement) (the “Domestic TopCo Equity
Transfer”) to be consummated in accordance with applicable law, including amendment of Domestic TopCo’s value-added telecommunications services license issued by the PRC Ministry of Information Industry or its local offices
(“ICP License”) and Articles of Association to reflect the Domestic TopCo Equity Transfer and the receipt or completion of all necessary corporate and other governmental authorizations and requirements. For purposes of this
Agreement, “Domestic TopCo” means Beijing Qu Na Information Technology Co., Ltd. (

), a limited liability company organized and existing under the laws of the PRC. 

  
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 (b) The Company shall cause each of Domestic TopCo and the Domestic
Shareholder to comply with all the terms of the following agreements to which it is a party: (i) the Exclusive Services Agreement dated as of October 27, 2006 between WFOE and Domestic TopCo; (ii) the Call Option Agreement as amended
and restated as of October 29, 2007 among the Company, WFOE and the Domestic Shareholders; (iii) the Loan Agreement as amended and restated as of October 29, 2007 among WFOE and the Domestic Shareholders; (iv) the Equity Pledge
Agreement as amended and restated as of October 29, 2007 among WFOE and the Domestic Shareholders (including the registration of such pledge); (v) the Proxy Agreement as amended and restated as of October 29, 2007 among WFOE, Alex Pan
(as WFOE’s authorized representative) and the Domestic Shareholders; (vi) the Letter of Undertaking of the Domestic Shareholders dated as of October 29, 2007; (vii) the Spousal Letter of the spouse of Zhuang Chenchao dated as of
October 26, 2007; and (viii) the Equity Transfer and Debt Reorganization Agreement dated October 29, 2007 among WFOE, the Domestic Shareholders and Qu Zhi. The documents described in clauses (i)-(viii) above are collectively
referred to herein as “Domestic Documents” and each a “Domestic Document.” In addition, the Company shall cause each Domestic Shareholder to make payment into such bank account as designated by the Company, within
14 days of the receipt, any and all consideration received by the Domestic Shareholder for the sale or transfer of his or its equity interest in Domestic TopCo, pursuant to the Call Option Agreement described in Section 2.04(c)(ii) or such
other acquisition agreement(s) to be entered into as provided in the Domestic Documents, less any withholding tax in respect of such consideration and any loan proceeds to be set off under the applicable Domestic Documents (the “Repayment
Amount”). 
 3.2 Remedies. The provisions of this Section 3.2 shall apply when any one of the
following events (a “Shareholder Triggering Event”) occurs: 
 (a) if the Company determines
that a Domestic Shareholder has materially violated any of the Domestic Documents to which it is a party and such violation is not cured to the satisfaction of the Company within 10 days of a written notice of the violation delivered to the
defaulting Domestic Shareholder by the Company, causing diminution in value of the shares of the Company (the “Diminished Share Value”); and/or 

(b) if any Domestic Shareholder fails to return to the Company any Repayment Amount. 

  
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 The total amount of Diminished Share Value and Repayment Amount in relation to a Shareholder
Triggering Event is referred to as the “Total Claim” in this Section 3.2. When a Shareholder Triggering Event occurs, the Company shall immediately give written notice (the “Triggering Event Notice”) to the
shareholders of the Company except the defaulting Domestic Shareholder or its affiliated entity (collectively, the “Non-Defaulting Holders”) notifying them of the default, and the following shall take place: 

(i) such shares and share options in the Company held by such defaulting Domestic Shareholder or its affiliated entity
(together, the “Defaulting Shareholder”) equal in value (as determined in good faith by the Board) to the Total Sum of the relevant Shareholder Triggering Event shall be surrendered to the Company for cancellation; and 

(ii) each Non-Defaulting Holder shall have the right to purchase from the Defaulting Shareholder, at the then current par
value (the “Purchase Option”), such number of the shares of the Company equal in market value (as determined in good faith by the Board) to the Total Sum of the Shareholder Triggering Event. The Non-Defaulting Holders shall
severally exercise the Purchase Option by delivering a written notice (the “Purchase Notice”) to the relevant party and applicable Defaulting Shareholder, copying the Company and the other Non-Defaulting Holders, within 20 days upon
receipt of a Shareholder Triggering Event Notice from the Company. A failure by a Non-Defaulting Holder to give a Purchase Notice within such time period shall be deemed to constitute a decision by such Non-Defaulting Holder not to exercise its
Purchase Option. The closing of the purchase and sale shall take place within 20 days after the delivery of all the Purchase Notices or as soon as practicable as determined by the parties. Each Non-Defaulting Holder shall have a right to purchase up
to its pro rata number of the shares that becomes available under the Purchase Option based on the Non-Defaulting Holder’s then current relative holding of the Ordinary Shares, with an oversubscription right to purchase up to all of the
shares available under the Purchase Option in the event any Non-Defaulting Holder elects not to exercise its Purchase Option for the full amount of shares it may purchase. Any Non-Defaulting Holder intending to exercise its oversubscription right
hereunder shall express its election to do so and the maximum amount of shares it will buy in the Purchase Notice. The Company shall have the right to repurchase up to all of the shares that become subject to the Purchase Option but are not
purchased by the Non-Defaulting Holders at the then current par value by delivering a notice to that effect to all the Non-Defaulting Holders and the Defaulting Shareholder. 
 Prior to any redemption of any Ordinary Shares held by any Domestic Shareholder or any of its affiliates pursuant to Article 125 or 126 of the Restated Articles, such Domestic Shareholder shall transfer
its shares in Domestic TopCo to a nominee of Baidu for nominal consideration. 
 Baidu acknowledges that, on and after the
closing of the Domestic TopCo Equity Transfer, (i) each Baidu Nominee (as defined in the Transaction Framework Agreement dated as of June 24, 2011 among the Company, Baidu, the Key Shareholders and any other parties thereto) shall be a
Domestic Shareholder and (ii) if any Shareholder Triggering Event occurs with respect to any such Domestic Shareholder, then (A) Baidu will be the Defaulting Shareholder with respect to such event and (B) the Company shall be entitled
to pursue the remedies specified in this Section against Baidu as the Defaulting Shareholder. 

  
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 3.3 Exit Events. 

(a) The Company and, subject to, and without limitation of, their respective rights under this Agreement and the Restated
Articles, Baidu (subject to compliance with Section 3.3(b)) and the Shareholders shall use commercially reasonable efforts to consummate a Qualified IPO on or prior to December 31, 2012. In the event the Board approves any Qualified IPO,
each of the Shareholders agrees to vote its Ordinary Shares and use commercially reasonable efforts to take all necessary actions to support the consummation of such Qualified IPO. 

(b) In connection with any Qualified IPO, if, upon the consummation of such Qualified IPO (and after giving effect to any
proposed sale by any Shareholders of Ordinary Shares in or in connection with such Qualified IPO), Baidu’s pro forma ownership percentage of the total number of Ordinary Shares then issued and outstanding (reflecting the issuance of Ordinary
Shares by the Company in such offering and those Ordinary Shares sold by the Shareholders in such offering) (the “Pro Forma Baidu Ownership Percentage”) would reasonably be expected to be less than 50.1%, then Baidu shall have the
right (the “Baidu Majority Ownership Right”), but not the obligation, to purchase from the Company such number of Ordinary Shares which would cause the Pro Forma Baidu Ownership Percentage to be equal to 50.1%, at a price per
Ordinary Share equal to the price based the mid-point of the final price per share range for the Ordinary Shares established by the global coordinator in respect of the Qualified IPO in effect as of the earlier of (x) the last day after which
issuance or Ordinary Shares by the Company to Baidu is prohibited under applicable law relating to the listing of the Ordinary Shares in connection with the Qualified IPO and (y) immediately prior to the consummation of the Qualified IPO.

 4. Miscellaneous. 
 4.1 Termination. The provisions of this Agreement shall terminate as follows: (i) the rights of the Holders under Article 1 shall terminate on the date one (1) year following the
consummation of a Qualified IPO, (ii) the covenants set forth in Sections 2.1 through 2.13 shall terminate and be of no further force or effect immediately prior to the consummation of a Qualified IPO, and (iii) any or all of the
provisions of this Agreement shall terminate and have no further force and effect upon the written agreement of the Company, Baidu and the holders of a majority in interest (by ownership percentage) of the Minority Shareholders. 

4.2 Entire Agreement. This Agreement, together with the other Transaction Documents (as such term is defined in the
Ordinary Shares Purchase Agreement), constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and thereof, and any and all other written or oral agreements relating to the subject matter hereof and thereof
existing between the parties hereto are expressly canceled. 
 4.3 Successors and Assigns. Except as otherwise
provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
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 4.4 Amendments and Waivers. Any term of this Agreement may be amended or
waived only with the written consent of the Company, Baidu, the holders of at least a majority in interest (by ownership percentage) of the Ordinary Shares held by the Minority Shareholders then outstanding; provided, that any amendment or
waiver that adversely affects any of the Key Shareholders or the Equity Holders, as the case may be, in a manner different from the other Key Shareholders or Equity Holders, as applicable, shall require the consent of such Minority Shareholder;
provided, further, that any amendment or waiver of a provision hereof requiring a certain percentage vote for approval shall require the written consent of holders of at least such percentage vote. Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable Securities, and the Company. 

4.5 Notices. Unless otherwise provided, any notice required or permitted by this Agreement shall be in writing and shall
be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by email or by facsimile, or 48 hours after being deposited in as certified or registered mail, with postage prepaid, and addressed to the party to be
notified at such party’s address or facsimile number as set forth below on the signature pages hereto or as subsequently modified by written notice. 
 4.6 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event
that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision
were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 
 4.7
Governing Law. This Agreement and all acts and transactions pursuant hereto shall be governed, construed and interpreted in accordance with the laws of the Cayman Islands, without giving effect to principles of conflicts of laws.

 4.8 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 4.9 Titles and Subtitles.
The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 4.10 Aggregation of Shares. All Ordinary Shares held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights
under this Agreement. 

  
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 4.11 Termination of Prior Agreement. Upon the effectiveness of this
Agreement, the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 
 4.12 Waiver of Right of First Offer and Notice. The undersigned Key Shareholders which are parties to the Prior Agreement, which holders together hold at least a majority of the Registrable
Securities (as such term is defined in the Prior Agreement) and the holders of at least a majority of the Registrable Securities that are held by the Preemptive Rights Holders (as such term is defined in the Prior Agreement), on behalf of themselves
and all Investors (as such term is defined in the Prior Agreement), hereby unconditionally waive all rights to notice and rights of first offer set forth in Section 2.3 of the Prior Agreement and Section 2.3 of this Agreement with respect
to all Ordinary Shares issued pursuant to the Ordinary Shares Purchase Agreement, and the Company consents to such waiver. 

4.13 Dispute Resolution. 
 (a) Negotiation between Parties; Mediations. The parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement. If the negotiations do not resolve the dispute to
the reasonable satisfaction of both parties, then each party that is a company shall nominate one authorized officer as its representative. The parties or their representatives, as the case may be, shall, within 30 days of a written request by
either party to call such a meeting, meet in person and shall attempt in good faith to resolve the dispute. If the disputes cannot be resolved by such senior managers in such meeting, the parties agree that they shall, if requested in writing by
either party, meet within 30 days after such written notification for one day with an impartial mediator and consider dispute resolution alternatives other than formal arbitration. If an alternative method of dispute resolution is not agreed upon in
the one day mediation, either party may begin formal arbitration proceedings to be conducted in accordance with subsection (b) below. This procedure shall be a prerequisite before taking any additional action hereunder. 

(b) Arbitration. In the event the parties are unable to settle a dispute between them regarding this Agreement in accordance with
subsection (a) above, such dispute shall be referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (“UNCITRAL Rules”) in effect, which
rules are deemed to be incorporated by reference into this subsection (b), subject to the following: (i) the arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules; and (ii) the language of
the arbitration shall be English. The prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

[Signature Pages Follow] 

  
 -26

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 COMPANY: 

 

			
	 QUNAR CAYMAN ISLANDS LIMITED
  

Executed as a deed:

		
	By:	 	/s/ Frederick Michael Demopoulos
	Name:	 	Frederick Michael Demopoulos
	Title:	 	CEO

 Address: Room 1602-1606, Tower B, China Electric Plaza, No.3 Danling Street, Haidian District, Beijing, I 00080, PRC

 Facsimile: 8610-57603530 
 E-mail
Address: ir@qunar.com 
 Date:
                    , 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 BAIDU: 

 

			
	 BAIDU HOLDINGS LIMITED
  

Executed as a deed.

		
	By:	 	/s/ Robin Li
	Name:	 	Robin Li
	Title:	 	Director

  

			
	Address:	  	P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands

 c/o Hesong Tang 
 No. 10 Shangdi 10th Street 
 Haidian District 

Facsimile: +86-10-59920022 
 E-mail Address:
tanghesong@baidu.com 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

	
	 FREDERICK DEMOPOULOS
  

Executed as a deed.

	
	/s/ Frederick Demopoulos

 Address: 
 17
Fl, Viva Plaza, Building 18, Yard29, Suzhou Street 
 Haidian District, Beijing, China 100080 

Date: July 9, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 Tenaya Capital V, LP (f/k/a/ Lehman Brothers Venture Partners V L.P.)

 
 Executed as a deed:

		
	By:	 	 Tenaya Capital V GP, LP
 Its:
General Partner

			
		
	By:	 	Tenaya Capital V GP, LP
	Its:	 	General Partner

			
		
	By:	 	/s/ Ben Boyer
	Name:	 	Ben Boyer
	Title:	 	Managing Director

  

			
	 Tenaya Capital V-P, LP (f/k/a/ Lehman Brothers Venture Partners V-P L.P.)

 
 Executed as a deed:

		
	By:	 	Tenaya Capital V GP, LP
	Its:	 	General Partner

			
		
	By:	 	Tenaya Capital V GP, LP
	Its:	 	General Partner

			
		
	By:	 	/s/ Ben Boyer
	Name:	 	Ben Boyer
	Title:	 	Managing Director

 Address: 
 2965
Woodside Road, Suite A 
 Woodside, CA 94062 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 GSR Ventures I, L.P.
  

Executed as a deed:

		
	 By:
 Its
	 	 GSR Partners l, L.P.
 General
Partner

		
	 By:
 Its
	 	 GSR Partners I, Lt
 General
Partner

			
		
	By:	 	/s/ Richard Lam
		 	Authorized Signatory

  

			
	 GSR Principals Fund I, L.P.
  

Executed as a deed:

		
	 By:
 Its
	 	 GSR Partners I, L.P.
 General
Partner

		
	 By:
 Its
	 	 GSR Pmtners I, Ltd.
 General
Partner

			
		
	By:	 	/s/ Richard Lam
		 	Authorized Signatory

 Address: 
 101
University Ave, 4th Floor 
 Palo Alto, CA 94301 
 Date: July 6, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 20 II. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 Mayfield XII,

a Delaware Limited Partnership

	
	Executed as a deed:
		
	 By:
  
 Its:
	 	 Mayfield XII Management, L.L.C., a Delaware limited liability company
 General Partner

		
	 By:
 Its:
	 	 [•]
 Managing
Director

		 	

  

			
	 Mayfield Principals Fund XII,
 a Delaware Multiple Series LLC

	  
 Executed as a deed:

		
	 By:
  
 Its:
	 	 Mayfield XI! Management, L.L.C.

a Delaware limited liability company
 Managing
Director

		
	 By:
 Its:
	 	 [•]
 Managing
Director

  

			
	 Mayfield Associates Fund XII,
 a Delaware Limited Partnership
  

Executed as a deed:

		
	 By:
  
 Its:
	 	 Mayfield XII Management, L.L.C.

a Delaware limited liability company
 General
Partner

		
	By:	 	 [•]
 Its: Managing
Director

 Address: 
 c/o
Mayfield Fund 
 Attn: Raj Kapoor 
 2800
Sand Hill Road, Suite 250, Menlo Parle, CA 94025 USA 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED 1’0 

THE EXECUTION VERSION OF THE AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 

The parties have executed this Amended and Restated Investors’ Rights Agreement as a deed as of the date first above written.

 MINORITY SHAREHOLDERS: 
  

			
	 Granite Global Ventures III L.P.
  

Executed as a deed:

		
	By:	 	 Granite Global Ventures III L.L.C.,
 its General Partner

			
		
	By:	 	/s/ Jixun Foo
		 	Jixun Foo
		 	Managing Director

  

			
	 GGV III Entrepreneurs Fund L.P.
  

Executed as a deed:

		
	By:	 	 Granite Global Ventures III L.L.C.,
 its General Partner

			
		
	By:	 	/s/ Jixun Foo
		 	Jixun Foo
		 	Managing Director

 Address: 
 2492
Sand Hill Road Suite 100, 
 Menlo Park, CA 94025 U.S.A. 
 Date:                     , 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 KERUBIM CAPITAL CORPORATION
  

Executed as a deed:

		
	By:	 	/s/ Jen-Pung Lin
	Name:	 	LIN Jen-Pung
	Title:	 	Director

 Address: 
 

 
 (293 JiangNing Rd, #12C, Shanghai, China 200041) 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

	
	 FOO, TEE KENG
  

Executed as a deed:

	
	/s/ Tee Keng Foo
	

 Address: 
 245
Orchard Boulevard #08-03 Orchard Bel-Air Singapore 248648 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 20 II. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

FORLONGWIZ HOLDINGS LIMITED 
 Executed as a
deed: 
  

			
		
	By:	 	/s/ Chenchao Zhuang
	Name:	 	ZHUANG, Chenchao
	Title:	 	President

 Address: 
 17
Fl, Viva Plaza, Building 18, Yard 29, Suzhou Street 
 Haidian District, Beijing, China I 00080 

Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 G & H Partners
  

Executed as a deed:

		
	By:	 	/s/ Jonathan Gleason
	Name:	 	Jonathan Gleason
	Title:	 	Partner

 Address: 
 1200
Seaport Blvd. 
 Redwood City, CA 94063 

Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

	
	 KHOO, DOUGLAS
  

Executed as a deed:

	
	/s/ Douglas Khoo
	

 Adcress: 
 4/F,
No. 16 Pokfield Road, Pokfulam, Hong Kong 
 Email: douglas@qunar.com 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 Mediaway Investments Limited
  

Executed as a deed:

		
	By:	 	/s/ Chris Reitermann
	Name:	 	Chris Reitermann
	Title:	 	Director

 Address: 
 Flat
16A Jing An Eslite Tower 
 No. 435 Haifang Road, Jing An District Shanghai 20040 
 China 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

	
	 TONG, MICHAEL SUI BAU
  

Executed as a deed:

	
	/s/ Michael Sui Bau Tong
	

 Address: 
 

 
 Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

			
	 Traveltech Investment Inc.
  

Executed as a deed:

		
	By:	 	/s/ David Wu
	Name:	 	David Wu
	Title:	 	Director

 Address: 
 17
Fl, Viva Plaza, Building 18, Yard 29, Suzhou Street 
 Haidian District, Beijing, China 100080 

Date: July 11, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 THE UNDERSIGNED AUTHORIZES THIS SIGNATURE PAGE TO BE ATTACHED TO THE EXECUTION VERSION OF THE AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT DATED IN OR ABOUT JULY 2011. 
 The parties have executed this Amended and Restated
Investors’ Rights Agreement as a deed as of the date first above written. 
 MINORITY SHAREHOLDERS: 

 

	
	 ELAINE GAR YEE WONG
  

Executed as a deed:

	
	/s/ Michael Sui Bau Tong
	

 Address:                 I 

3rd Floor, Block C, 9 Conduit Road, Hong Kong 

Date: July 10, 2011 

  
 [SIGNATURE
PAGE TO INVESTORS’ RIGHTS AGREEMENT] 

 EXHIBIT A 
 LIST OF KEY SHAREHOLDERS 
 Frederick Demopoulous Elaine Gar 

Yee Wong Forlongwiz Holdings 
 Limited Douglas
Khoo 
 GSR Ventures I, L.P. 
 GSR
Principals Fund I, L.P 
 Mayfield XII, a Delaware Limited Partnership 
 Mayfield Principals Fund XII, a Delaware Multiple Series LLC 
 Mayfield Associates Fund XII, a
Delaware Limited Partnership Tenaya 
 Capital V L.P. 
 Tenaya Capital V-P, L.P 
 Michael Tong Sui Bau G&H 

Partners 
 Granite Global Ventures III L.P. GGV
III 
 Entrepreneurs Fund L.P. Traveltech 
 Investment Inc. 

 EXHIBIT B 
 DEED OF ADHERENCE TO 
 AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT 
 This Deed of Adherence (this “Deed of Adherence”) is made as of the date written below by the
undersigned (the “Joining Party”) and the IRA Representatives, as attorneys-in-fact of the Existing Parties in accordance with the Amended and Restated Investors’ Rights Agreement dated as of
July        , 2011, as the same may be amended from time to time (the “Investors’ Rights Agreement”), among (i) Qunar Cayman Islands Limited, a Cayman Islands exempted
company, (ii) Baidu Holding Limited, a British Virgin Islands company, (iii) the Key Shareholders and (iv) any other Shareholders party thereto (the parties referred to in clauses (ii)-(iv), the “Existing Parties”).
Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Investors’ Rights Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution and delivery of this Deed of Adherence, the Joining Party shall be deemed to be a party to the Investors’ Rights
Agreement as of the date hereof and shall have all of the rights and obligations of a “Minority Shareholder” and “Shareholder” thereunder as if it had executed the Investors’ Rights Agreement. The Joining Party hereby
ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Voting Agreement, the Investors’ Rights Agreement, the Transfer of Shares Agreement and the Restated Articles. 

This Deed of Adherence shall be governed by and construed in accordance with the laws of the Cayman Islands, without giving effect to
principles of conflicts of laws, and any disputes will be subject to the provisions of Section 4.13 of the Investors’ Rights Agreement. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Deed of Adherence as a deed as of the
date written below. 
 Date: July         , 2011 

 

			
	 [NAME OF JOINING PARTY]
  

Executed as a deed:

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Address for Notices:
  

QUNAR CAYMAN ISLANDS LIMITED
  

Executed as a deed:

		
	By:	 	 
		 	Name:
		 	Title:

  

							
				
	[	 	 	 	],                        	 	
				
	[	 	 	 	],                        	 	
				
		 	for and on behalf of each Existing Party, as attorney-in-fact, executed as a deed:	 		 	

  

			
		
	By:	 	 
		 	Name:
		 	Title:

 March 4, 2013 
 Qunar Cayman Islands Limited 
 17th Floor, Viva Plaza, 

Building 18, Yard 29, Suzhou Street, 
 Haidian
District, Beijing 100080, China 
 Attention: ZHUANG, Chenchao 
 Re: Second Amendment to the Investors’ Rights Agreement 
 Ladies and Gentlemen:

 Reference is made to the Investors’ Rights Agreement (as amended from time to time, the “Investors’ Rights
Agreement”) dated as of July 20, 2011 among (i) Qunar Cayman Islands Limited, a Cayman Islands exempted company (the “Company”), (ii) Baidu Holdings Limited, a British Virgin Islands company
(“Baidu”), and (iii) the holders of Ordinary Shares listed on Exhibit A attached to the Investors’ Rights Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such
terms in the Investors’ Rights Agreement. 
 Pursuant to Section 4.4 of the Investors’ Rights Agreement, for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and accepted, the parties hereto, constituting the Company, Baidu and the holders of at least a majority in interest (by ownership percentage) of the Minority
Shareholders, hereby agree that Section 3.3(a) of the Investors’ Rights Agreement is hereby amended and restated in its entirety as follows: 
 “3.3(a) The Company and, subject to, and without limitation of, their respective rights under this Agreement and the Restated Articles, Baidu (subject to compliance with Section 3.3(b)) and the
Shareholders shall use commercially reasonable efforts to consummate a Qualified IPO on or prior to December 31, 2014. In the event the Board approves any Qualified IPO, each of the Shareholders agrees to vote its Ordinary Shares and use
commercially reasonable efforts to take all necessary actions to support the consummation of such Qualified IPO.” 
 This
amendment and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the Cayman Islands, without giving effect to principles of
conflicts of law. 

 This amendment may be executed in two or more counterparts, including counterparts delivered
by facsimile transmission or in scanned format through email, each of which shall be deemed an original and all of which together shall constitute one instrument. 
 {signature page follows} 

 AGREED AND ACCEPTED: 
 QUNAR CAYMAN ISLANDS LIMITED 
 Executed as a deed 

					
	By:	 		 	

		 	Name:	 
		 	Title:	 

 AGREED AND ACCEPTED: 
 BAIDU HOLDINGS LIMITED 
 Executed as a deed 

 

			
	By:	 	

		 	Name:
		 	Title:

 AGREED AND ACCEPTED: 
 TENAYA CAPITAL V, LP (F/K/A/ LEHMAN BROTHERS VENTURE PARTNERS V L.P.) 
 Executed as a deed

 By: Tenaya Capital V GP, LP 
 Its:
General Partner 
 By: Tenaya Capital V GP, LLC 
 Its: General Partner 
  

			
	By:	 	

	Name:	 	

	Title:	 

 TENAYA CAPITAL V-P, LP (F/K/A/ LEHMAN BROTHERS VENTURE PARTNERS V-P L.P.) 

Executed as a deed 
 By: Tenaya Capital V GP, LP

 Its: General Partner 
 By: Tenaya
Capital V GP, LLC 
 Its: General Partner 
  

			
	By:	 	

	Name:	 	

	Title:	 

 AGREED AND ACCEPTED: 
 GSR VENTURES I, L.P. 
 Executed as a deed 

 

					
	By:	 	GSR Partners I, L.P.	 	
		 	 Its General Partner
  
	 	

	By:	 	GSR Partners I, Ltd.	 
		 	Its General Partner	 
		
	By:	 	

		 	Authorized Signatory

 GSR PRINCIPALS FUND I, L.P. 
 Executed as a deed 
  

					
	By:	 	GSR Partners I, L.P.	 	
		 	 Its General Partner
  
	 	

	By:	 	GSR Partners I, Ltd.	 
		 	Its General Partner	 
		
	By:	 	

		 	Authorized Signatory

 AGREED AND ACCEPTED: 
 MAYFIELD XII, 
 a Delaware Limited Partnership 

Executed as a deed 
  

			
	 By: Mayfield XII Management, L.L.C.,
       a Delaware limited liability company
 Its: General
Partner

  

			
	By:	 	

	Its:	 	Managing Director

 MAYFIELD PRINCIPALS FUND XII, 
 a Delaware Multiple Series LLC 
 Executed as a deed 

 

			
	 By: Mayfield XII Management, L.L.C.,
       a Delaware limited liability company
 Its: Managing
Director

  

			
	By:	 	

	Its:	 	Managing Director

 MAYFIELD ASSOCIATES FUND XII, 
 a Delaware Limited Partnership 
 Executed as a deed 

 

			
	 By: Mayfield XII Management, L.L.C.,
       a Delaware limited liability company
 Its: General
Partner

  

			
	By:	 	

	Its:	 	Managing Director

 AGREED AND ACCEPTED: 
 GRANITE GLOBAL VENTURES III L.P. 
 Executed as a deed 

 

			
	By:	 	Granite Global Ventures III L.L.C., its General Partner

  

			
	By:	 	

	 Glenn Solomon

Managing Director

 GGV III ENTREPRENEURS FUND L.P. 
 Executed as a deed 
  

			
	By:	 	Granite Global Ventures III L.L.C., its General Partner

  

			
	By:	 	

	 Glenn Solomon

Managing Director

 AGREED AND ACCEPTED: 
 FORLONGWIZ HOLDINGS LIMITED 
 Executed as a deed 

 

			
		
	By:	 	 

  

	Name:	 
	Title:	 

 AGREED AND ACCEPTED: 
 FREDERICK DEMOPOULOS 
 Executed as a deed:

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