Document:

EX-4.90

 Exhibit 4.90 

Exclusive Equity Purchase and Transfer Option Agreement 

This Exclusive Equity Purchase and Transfer Option Agreement (this “Agreement”) is entered into by and among the following parties in
Beijing, PRC on October 30, 2019: 
  

			
	 Party A:
	  	 Baidu, Inc.

	 Address:
	  	 M&C Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104,

	 Cayman Islands

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

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

		
	 Party C:
	  	 Shanshan Cui

	 ID No.:
	  	
		
	 Party D:
	  	 Beijing Perusal Technology Co., Ltd.

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

Haidian District, Beijing

 In this Agreement, Party A, Party B, Party C and Party D are called collectively as the “Parties” and
each of them is a “Party.” 
 WHEREAS: 

1. Party A is a Cayman Islands company incorporated under the laws of Cayman Islands and an affiliate of Party B; 

2. Party B is a wholly foreign-owned enterprise incorporated under the laws of the People’s Republic of China (the “PRC”); 

3. Party D is a liability limited company incorporated in Beijing, the PRC; 

4. Party C is a shareholder of Party D, owning 50% equity interests in Party D (the “Equity Interest”); 

5. Party B and Party C entered into a Loan Agreement dated October 30, 2019, whereby Party C obtains a loan up to RMB1,598,440,000 from Party B in
connection with its acquiring 50% equity interests in Party D;     
 6. Party B and Party D entered into a series of agreement dated
June 23, 2006, including the Exclusive Technology Consulting and Services Agreement (the “Services Agreements”), whereby Party B provides exclusive technology consulting and services to Party D; and 

7. Party B and Party C entered into an Equity Pledge Agreement (the “Equity Pledge Agreement”) dated October 30, 2019, whereby
Party C transfers all of the Equity Interest to Party B; and 
 8. Party A and Party C entered into a Proxy Agreement dated October 30, 2019 (the
“Proxy Agreement”), whereby Party C authorizes the entity or individual designated by Party A to exercise all voting and other rights of Party C as a shareholder at the shareholders meeting of Party D. 

NOW, THEREFORE, the Parties agree as follows through negotiations and to be bound hereby: 

1. Purchase and Sale of Equity Interest 
 1.1
Granting of Rights 
 Party C hereby irrevocably grants to Party A an option to purchase or cause any one or more designated persons (“Designated
Persons”) to purchase, to the extent permitted under PRC law, according to the steps determined by Party A, at the price specified in Section 1.3 of this Agreement, and at any time from Party C (the
“Transferor”), a portion or all of the equity interests held by Party C in Party D (the “Option”). No Option shall be granted to any third party other than Party A and/or the Designated Persons. Party
D hereby agrees to granting of the Option by Party C to Party A and/or the Designated Persons. For purpose of this Section 1.1 and this Agreement, “person” means any individual, corporation, joint venture, partnership, enterprise,
trust or unincorporated organization. 

 1.2 Exercise Steps 

Subject to PRC law and regulations, Party A and/or the Designated Persons may exercise the Option by issuing a written notice (the “Option
Notice”) to the Transferor, specifying the equity interest to be purchased from the Transferor (the “Purchased Equity Interest”) and the manner of such purchase. 

1.3 Purchase Price 
 1.3.1 If Party A exercises the Option, the
purchase price of the Purchased Equity Interest (“Purchase Price”) shall be equal to the actual paid-in capital paid by the Transferor for the Purchased Equity Interest,
unless then applicable PRC laws and regulations require appraisal of the Purchased Equity Interest or other restrictions on the Purchase price. 
 1.3.2 If
the applicable PRC laws require appraisal of the Purchased Equity Interest or other restrictions on the Purchase Price at the time that Party A exercises the Option, the Parties agree that the Purchase Price shall be set at the lowest price
permissible under applicable law. 
 1.4 Transfer of the Purchased Equity Interest 

At each exercise of the Option: 
 1.4.1 The Transferor shall, in
accordance the terms and conditions of this Agreement and the Option Notice in connection with the Purchased Equity Interest, enter into an equity transfer agreement with Party A and/or the Designated Persons (as applicable) for each transfer in the
substance and form satisfactory to Party A; 
 1.4.2 The Transferor shall execute all other requisite contracts, agreements or documents, obtain all
requisite government approvals and consents, and take all necessary actions to unconditionally transfer the valid ownership of the Purchased Equity Interest to Party A and/or the Designated Persons free of any security interest, and cause Party A
and/or the Designated Persons to be the registered owner(s) of the Purchased Equity Interest. For purpose of this Section 1.4.2 and this Agreement, “Security Interest” includes without limitation guaranty, mortgage, pledge,
third-party right or interest, any share option, right of acquisition, right of first refusal, right of set-off, ownership retention or other security arrangements; provided,
however, that it does not include any security interest arising under the Equity Pledge Agreement. 
 1.5 Payment 

Payment of the Purchase Price shall be made in the manner determined through negotiations between Party A and/or the Designated Persons and the Transferor in
accordance with then applicable laws at the exercise of the Option. The Parties hereby agree that, Transferor shall repay to Party B any amount that is paid by Party A and/or the Designated Persons to the Transferor in connection with the Purchased
Equity Interest pursuant to the Loan Agreement. 
 2. Covenants Relating to the Equity Interest 

2.1 Covenants Relating to Party D 
 Party C and Party D hereby
covenant, in relation to Party D: 
 2.1.1 Not to supplement, amend or modify Party D’s articles of association in any way, or to increase or decrease
its registered capital, or to change its registered capital structure in any way without Party A’s prior written consent; 
 2.1.2 To maintain the
corporate existence of Party D and operate its business and deal with matters prudently and effectively according to good financial and business rules and practices; 

2.1.3 Not to sell, transfer, mortgage or otherwise dispose of, or permit any other security interest to be created on, any of Party D’s assets, business
or legal or beneficial interests in its revenue at any time after the signing of this Agreement without Party A’s prior written consent; 
 2.1.4 Not to
incur, succeed to, guarantee or permit the existence of any liability, without Party A’s prior written consent, except (i) liabilities arising from the normal course of business, but not arising from loans; and (ii) liabilities
disclosed to Party A and approved by Party A in writing; 
 2.1.5 To operate persistently all the business in the normal course of business to maintain the
value of Party D’s assets, and not to commit any act or omission that would affect its operations and asset value; 

  
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 2.1.6 Without prior written consent by Party A, not to enter into any material agreement, other than
agreements entered into in Party D’s normal course of business (for purpose of this paragraph, an agreement will be deemed material if its value exceeds RMB500,000); 

2.1.7 Not to provide loans or credit to any person without Party A’s prior written consent; 

2.1.8 To provide all information relating to Party D’s operations and financial conditions upon the request of Party A; 

2.1.9 To purchase and maintain insurance from insurance companies accepted by Party A. The amount and category of the insurance shall be the same as those of
the insurance normally procured by companies engaged in similar businesses and possessing similar properties or assets in the area where Party D is located; 

2.1.10 Not to merge or consolidate with, or acquire or invest in, any person without Party A’s prior written consent; 

2.1.11 To promptly notify Party A of any pending or threatened suit, arbitration or administrative proceedings concerning Party D’s assets, business or
revenue; 
 2.1.12 To execute all necessary or appropriate documents, take all necessary or appropriate actions and to bring all necessary or appropriate
claims or to make all necessary and appropriate defenses against all claims in order for Party D to maintain the ownership over all its assets; 
 2.1.13 Not
to distribute dividends to Party D’s shareholders in any way without Party A’s prior written consent; provided, however, that Party D shall promptly distribute all or part of its distributable profits to its shareholders
upon Party A’s request; and 
 2.1.14 At the request of Party A, to appoint persons nominated by Party A to be executive directors of Party D. 

2.2 Covenants Relating to the Transferor 
 Party C hereby
covenants: 
 2.2.1 Not to sell, transfer, mortgage or otherwise dispose of, or allow any other security interest to be created on, the legal or beneficial
interest in the Equity Interest at any time after the signing of this Agreement without Party A’s prior written consent, other than the pledge created on the Transferor’s Equity Interest in accordance with the Equity Pledge Agreement; 

2.2.2 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at Party D’s shareholders’ meetings to
approve the sale, transfer, mortgage or disposition in any other manner of, or the creation of any other security interest on, any legal or beneficial interest in the Equity Interest, except to or for the benefit of Party A or its designated
persons; 
 2.2.3 Without Party A’s prior written consent, not to vote for or sign any shareholders’ resolution at Party D’s
shareholders’ meetings to approve Party D’s merger or consolidation with, acquisition of or investment in, any person; 
 2.2.4 To promptly notify
Party A of any pending or threatened suit, arbitration or administrative proceedings concerning the Equity Interest owned by it; 
 2.2.5 To execute all
necessary or appropriate documents, to take all necessary or appropriate actions and to bring all necessary or appropriate claims or to make all necessary and appropriate defenses against all claims in order to maintain his ownership over the Equity
Interest; 
 2.2.6 At the request of Party A, to appoint persons nominated by Party A to be executive directors of Party D; 

2.2.7 At any time upon the request of Party A, to transfer its Equity Interest immediately and unconditionally to the representative designated by Party A, and
waive its preemptive right with respect to the transfer of equity interest by the other shareholder of Party D; 
 2.2.8 To fully comply with the provisions
of this Agreement and the other agreements entered into jointly or respectively by and among the Transferor, Party D and Party A, perform all obligations under these agreements and not commit any act or omission that would affect the validity and
enforceability of these agreements; and 
 2.2.9 To transfer to Party A all dividends and any other form of profit distributed to it by Party D. 

2.3 Covenants Relating to Party A 
 Party A hereby covenants: 

2.3.1 If Party D needs any loan or other capital support in its business, under acceptable and reasonable scope, Party A shall provide such capital support
without imposing any condition or restriction; and 

  
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 2.3.2 If Party D cannot repay the loan from Party A as loss incurred and has sufficient evidence to prove,
Party A agrees that it will unconditionally give up its right to require Party D to repay the loan. 
 3. Representations and Warranties

 As of the date of this Agreement and each transfer date, each of the Transferor and Party D hereby represents and warrants to Party A as follows: 

3.1 It has the power and authority to execute and deliver this Agreement, and any equity transfer agreement (the “Transfer Agreement”)
to which it is a party for each transfer of the Purchased Equity under this Agreement and to perform its obligations under this Agreement and any Transfer Agreement. Once executed, this Agreement and any Transfer Agreement to which it is party will
constitute a legal, valid and binding obligation of it enforceable against it in accordance with its terms; 
 3.2 The execution, delivery and performance of
this Agreement or any Transfer Agreement by it will not: (i) violate any relevant PRC laws and regulations; (ii) conflict with its articles of association or other organizational documents; (iii) violate or constitute a default under
any contract or instrument to which it is party or that binds upon it; (iv) violate any condition for the grant and/or continued effectiveness of any permit or approval granted to it; or (v) cause any permit or approval granted to it to be
suspended, cancelled or attached with additional conditions; 
 3.3 Party D has good and marketable ownership of all of its assets and has not created any
security interest on the said assets; 
 3.4 Party D has no outstanding liabilities, except (i) liabilities arising in its normal course of business;
and (ii) liabilities disclosed to Party A and approved by Party A in writing; 
 3.5 There are currently no existing, pending or threatened litigations,
arbitrations or administrative proceedings related to the Equity Interest, Party D’s assets or Party D; and 
 3.6 The Transferor has good and
marketable ownership interest in the Equity Interest and has not created any security interest on such Equity Interest, other than the security interest pursuant to the Equity Pledge Agreement and the restrictions provided under the Proxy Agreement
and hereunder. 
 4. Assignment of Agreement 

4.1 Neither Party C or Party D may assign its rights and obligations under this Agreement to any third party without the prior written consent of Party A. 

4.2 Party C and Party D hereby agree that Party A may assign all its rights and obligation under this Agreement to a third party as Party A sees fit, in which
case Party A only needs to give a written notice to Party C and Party D and no further consent of Party C or Party D is required. 

5. Effectiveness and Term 
 5.1 This Agreement
shall be effective as of the date first set forth above and expire when all Equity Interest held by Party B is transferred to Party A and/or Designated Persons in accordance with this Agreement. 

5.2 If the duration of operation (including any extension thereof) of Party A or Party D is expired or terminated for other reasons within the term set forth
in Section 5.1, this Agreement shall be terminated simultaneously, except in the situation where Party A has assigned its rights and obligations in accordance with Section 4.2 hereof. 

6. Applicable Law and Dispute Resolution 
 6.1
Applicable Law 
 The formation, validity, interpretation and performance of and resolution of any dispute arising from this Agreement shall be protected and
governed by the laws of the PRC. 

  
 4 

 6.2 Dispute Resolution 

Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement shall be resolved by the Parties in good faith
through negotiations. In case no resolution can be reached by the Parties within thirty (30) days after either party makes a request for dispute resolution through negotiations, either party may refer such dispute to China International
Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be Beijing and language of proceedings shall be Chinese. The arbitral
award shall be final and binding upon the Parties. 
 7. Taxes and Expenses 

Every Party shall, in accordance with PRC laws, bear any and all transfer and registration taxes, expenses and charges incurred by or levied on it with respect
to the preparation and execution of this Agreement and each Transfer Agreement and the consummation of the transactions contemplated under this Agreement and each Transfer Agreement. 

8. Notices 
 Any notice or other communication
forms which is given by the parties hereto shall be in Chinese and delivered personally to the addresses listed as below or the addresses designated by the Parties. The notice time which is deemed as the time when the notice actually reaches the
addressee follows: (a) the notice time of the notice delivered personally shall be the day when the person conducts the delivery; (b) the notice time of the notice delivered as mail shall be the tenth (10th) day following the mailing date of the registered mail by air (marked by seal) or shall be the fourth (4th) day following the day handing to
internally recognized delivery services organizations; (c) the notice time of the notice delivered by facsimile shall be the acceptance time on the delivery confirmation; and (d) on the day of successful delivery if it is delivered by
electronic mail evidenced by the confirmation generated from the mail delivery system or without receipt of delivery failure or return message from the mail delivery system within 24 hours. 

 

			
	 Party A:
	  	 Baidu, Inc.

	 Address:
	  	 M&C Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104,
 Cayman Islands

	 Attention:
	  	 Yanhong Li

	 Facsimile:
	  	
	 Telephone:
	  	
		
	 Party B:
	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

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

	 Attention:
	  	 Shanshan Cui

	 Facsimile:
	  	
	 Telephone:
	  	
		
	 Party C:
	  	 Shanshan Cui

	 Address:
	  	
	 Facsimile:
	  	
	 Telephone:
	  	
		
	 Party C:
	  	 Beijing Perusal Technology Co., Ltd.

	 Address:
	  	 A2 2/F No. 17 Building Zhongguancun Software Park, 8 East Bei Wang Road

(W), Haidian District, Beijing

		
	 Attention:
	  	 Shanshan Cui

	 Facsimile:
	  	
	 Telephone:
	  	

  
 5 

 9. Confidentiality 

The Parties acknowledge and confirm any oral or written materials exchanged by the Parties in connection with this Agreement are confidential. The Parties
shall maintain the confidentiality of all such materials. Without the written approval by the other Parties, any Party shall not disclose to any third party any relevant materials, but the following circumstances shall be excluded: 

 

	 	a.	 Materials that are or will become known by the public (through no fault of the receiving party);

  

	 	b.	 Materials required to be disclosed by the applicable laws or rules of the stock exchange; and

  

	 	c.	 Materials disclosed by each Party to its legal or financial advisors relating the transactions contemplated by
this Agreement, and such legal or financial advisors shall comply with the confidentiality provisions similar to this article. 

 The
disclosure of information by the staff or consultants of any party shall be deemed as disclosure by the party itself. This Article 9 shall survive any invalidity, termination, expiration or unenforceability of this Agreement. 

10. Further Assurances 
 The Parties agree to
promptly execute documents and take further actions that are reasonably required for, or beneficial to, the purpose of performing the provisions and carrying out the intent of this Agreement. 

11. Breach Liabilities 
 11.1 Party A shall
have the right to terminate this Agreement and/or hold Party C or Party D liable for any damages if Party C or Party D is in material breach of any provision under this Agreement. This Section 11.1 shall not be prejudicial to any other
right of Party A under this Agreement. 
 11.2 Unless otherwise legally required, neither Party C or Party D may terminate or otherwise end this Agreement
under any circumstance. 
 12. Miscellaneous 

12.1 Amendment, Modification or Supplement 
 Any amendment or
supplement to this Agreement shall be made by the Parties in writing. The amendments or supplements duly executed by each Party shall be deemed as a part of this Agreement and shall have the same legal effect as this Agreement. 

12.2 Entire Agreement 
 Notwithstanding Article 5 of this
Agreement, the Parties acknowledge that once this Agreement becomes effective, it shall constitute the entire agreements of the Parties with respect to the subject matters hereof and shall supersede all prior oral and/or written agreements and
understandings by the Parties with respect to the subject matters hereof. 
 12.3 Severability 

If any provision of this Agreement is judged to be invalid, illegal or unenforceable in any respect according to any applicable law or regulation, the
validity, legality and enforceability of the other provisions hereof shall not be affected or impaired in any way. The Parties shall, through good-faith negotiations, replace those invalid, illegal or unenforceable provisions with valid provisions
that may bring about economic effects as similar as possible to those from such invalid, illegal or unenforceable provisions. 
 12.4 Headings 

The headings contained in this Agreement are for the convenience of reference only and shall not be used for the interpretation or explanation or otherwise
affect the meaning of the provisions of this Agreement. 
 12.5 Language and counterparts 

This Agreement is executed in Chinese in four originals; each Party holds one original and each original has the same legal effect. 

12.6 Successor 
 This Agreement shall bind upon and inure to the
benefit of the successors and permitted assigns of each Party. 

  
 6 

 12.7 Survival 

Any obligation arising from or becoming due under this Agreement before its expiration or premature termination shall survive such expiration or early
termination. Articles 6, 8 and 9 and this Section 12.7 shall survive the termination of this Agreement. 
 12.8 Waiver 

Any Party may waive the terms and conditions of this Agreement by a written instrument signed by the Parties. Any waiver by a Party to a breach by the other
Parties in a specific situation shall not be construed as a waiver to any similar breach by the other Parties in other situations. 
 (No text below) 

  
 7 

 (Signature page) 

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

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

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

	Title:	 	Legal Representative
	
	Party C:
	
	Shanshan Cui
		
	Signature:	 	 /s/ Shanshan Cui

	
	Party D:
	
	Beijing Perusal Technology Co., Ltd. (seal)
		
	Signature:	 	 /s/ Shanshan Cui

	Title:	 	Legal Representative

  
 8EX-4.91

 Exhibit 4.91 

EQUITY PLEDGE AGREEMENT 
 This Equity
Pledge Agreement (this “Agreement”) is made as of October 30, 2019 in Beijing, PRC by and between: 
  

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

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

		
	 And
	  	
		
	 Pledgor:
	  	
		
	 Party B:
	  	 Shanshan Cui

	 ID No.
	  	
	 Address:
	  	

 WHEREAS: 
 1. Party A is
a wholly foreign-owned enterprise registered in Beijing, the People’s Republic of China (the “PRC”). 
 2. Party B is a citizen of the PRC
holding 50.0% equity interests in Beijing Perusal Technology Co., Ltd. (“Beijing Perusal”), a limited liability company registered in Beijing, the PRC. 

3. Party A and Party B entered into a Loan Agreement dated October 30, 2019 (the “Loan Agreement”), whereby Party B obtains a loan (the
“Loan Arrangement”) up to a total amount of RMB1,598,440,000 (the “Loan”). 
 4. Party A and Beijing Perusal entered into an Exclusive
Technology Consulting and Services Agreement dated June 23, 2006 (the “Services Agreement”) with permanent term, pursuant to which Beijing Perusal shall pay Party A technical consulting and services fees (the “Service Fees”)
for the technology consulting and services provided by Party A. 
 5. In order to ensure that Party B will perform its obligations under the Loan Agreement
and Party A will be able to collect the Service Fees from Beijing Perusal, Party B agrees to pledge its equity interests in Beijing Perusal (i.e., a registered capital equal to RMB1,580,000,000) as security for the Loan (i.e., RMB1,598,440,000) and
other obligations under the Loan Arrangement and the Service Agreement. Party A and Party B intend to enter into this Agreement to specify their respective rights and obligations in respect of such pledge. 

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

1. Definitions 
 Unless otherwise provided in this
Agreement, the following terms shall have the following meanings: 
 1.1 “Pledge”: refers to the full content of Article 2 hereunder. 

1.2 “Equity Interests”: refers to all of the equity interests in Beijing Perusal legally held by the Pledgor (for purpose of this Agreement, the
Equity Interests pledged herein means the registered capital equal to RMB1,580,000,000). 
 1.3 “Ratio of Pledge”: refers to the proportion of the
value of the Pledge under this Agreement to the total amount of the Service Fees and the Loan. 
 1.4 “Term of Pledge”: refers to the period
provided for under Article 3.2 hereunder. 
 1.5 “Principal Agreement”: refers to the Services Agreements and the agreements under the Loan
Arrangement. 
 1.6 “Event of Default”: refers to any event listed in Article 7.1 hereunder. 

1.7 “Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

 2. Pledge 

The Pledgor will pledge all of his Equity Interests in Beijing Perusal (i.e., a registered capital equal to RMB1,580,000,000) to the Pledgee as security for
(i) all his obligations under the Loan Arrangement (i.e., RMB1,598,440,000) and (ii) all obligations of Beijing Perusal under the Services Agreement (the “Secured Obligations”). “Pledge” refers to the priority entitled
to the Pledgee in receiving proceeds from disposal of all or part of the Equity Interests at a discounted value, or auction or sale of the Equity Interests pledged hereunder. 

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

3.2 Term of the Pledge 
 3.2.1 The Pledge shall take effect as of
the date when the pledge of the Equity Interest is recorded in the Register of Shareholders of Beijing Perusal and registered with the competent industrial and commercial authority, and shall remain in effect until two (2) years after all
Secured Obligations under the Principal Agreement have been fulfilled. 
 3.2.2 During the term of the Pledge, the Pledgee shall be entitled to dispose of
the Pledge in accordance with this Agreement in the event that the Pledgor fails to perform his obligations under the Loan Arrangement or Beijing Perusal fails perform its obligations under the Services Agreement. 

4. Possession of Pledge Documents 
 4.1 During the
Term of Pledge under this Agreement, the Pledgor shall deliver its capital contribution certificate and the register of shareholders of Beijing Perusal to the possession of the Pledgee within one (1) week from the date of this Agreement. 

4.2 The Pledgee shall be entitled to receiving dividends arising from the Equity Interests. 

4.3 The Pledge under this Agreement will be recorded in the Register of Shareholders of Beijing Perusal (See Appendix I) after the date of this Agreement. 

5. Representations and Warranties of the Pledgor 

5.1 The Pledgor is the legal owner of the Equity Interests and has approved the Pledge with resolutions adopted at its shareholders meeting (See Appendix II).

 5.2 Except for the benefit of the Pledgee, no other pledge or security has been created upon the Equity Interests. 

6. Covenants of the Pledgor 
 6.1 During the term of
this Agreement, the Pledgor covenants for its benefits of the Pledgee that the Pledgor shall: 
 6.1.1 not transfer or assign the Equity Interests, create or
permit creation of any other pledge which could affect the rights or benefits of the Pledgee without prior written consent of the Pledgee; 
 6.1.2 comply
with and implement the laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by relevant government authorities within five (5) days upon
receiving such notices, orders or suggestions; comply with such notices, orders or suggestions or, alternatively, at the reasonable request of the Pledgee or with consent from the Pledgee, raise objection to such notices, orders or suggestions; and

 6.1.3 timely notify the Pledgee of any event or any notice to its knowledge which may affect the Pledgor’s right to all or any part of the Equity
Interests, and any event or any notice to its knowledge which may change the Pledgor’s warranties and obligations under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement. 

  
 2 

 6.2 The Pledgor agrees that the Pledgee’s right to the Pledge under this Agreement shall not be
disrupted or prejudiced by any legal proceeding initiated by the Pledgor or any successor of the Pledgor or any person authorized by the Pledgor or any other person. 

6.3 The Pledgor promises to the Pledgee that in order to protect or perfect the security for the payment of the Loan and the Services Fees, the Pledgor shall
execute in good faith and cause other parties who have interests in the Pledge to execute, all title certificates and contracts and/or to perform any other actions (and cause other parties who have interests to take action) as required by the
Pledgee and facilitate the exercise of the rights and authorization vested in the Pledgee under this Agreement. 
 6.4 The Pledgor promises to the Pledgee
that he will execute all amendment (if applicable and necessary) in connection with the certificate of the Equity Interests with the Pledgee or its designated person (being a natural person or a legal entity) and, within a reasonable period, provide
to the Pledgee all notices, orders and decisions about the Pledge as the Pledgee deems necessary. 
 6.5 The Pledgor promises to the Pledgee that he will
comply with and perform all the guarantees, covenants, warranties, representations and conditions for the benefit of the Pledgee. The Pledgor shall indemnify the Pledgee for all losses suffered by the Pledgee due to the Pledgor’s failure to
perform in whole or in part its guarantees, covenants, warranties, representations and conditions. 
 6.6 During the term of this Agreement, the Pledgor will
not make any action/omission which may affect the value of the Equity Interests so as to maintain or increase the value. The Pledgor shall timely notify the Pledgee of any event which may decrease the value of the Equity Interests or affect the
Pledgor’s performance of the obligations under this Agreement, and shall provide assets acceptable to the Pledgee as guarantee for the decreased value of the Equity Interests upon the Pledgee’s request. 

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

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

7.1.1 Pledgor fails to perform its obligations under the Loan Arrangement, including without limitation the obligation to repay the Loan of RMB1,598,440,000
under the Loan Agreement; 
 7.1.2 Beijing Perusal fails to make due and full payment of the Services Fees or perform other obligations under the Services
Agreement; 
 7.1.3 Any representation or warranty made by the Pledgor in Article 5 hereof is materially misleading or erroneous, and/or the Pledgor breaches
any warranty in Article 5 hereof; 
 7.1.4 The Pledgor breaches any covenant under Article 6 hereof; 

7.1.5 The Pledgor breaches any other provision of this Agreement; 

7.1.6 The Pledgor waives the pledged Equity Interests or transfers or assigns the pledged Equity Interests without prior written consent from the Pledgee; 

7.1.7 Any of the Pledgor’s external loans, guaranties, compensations, undertakings or other obligations (1) is accelerated for repayment due to any
default; or (2) fails to be duly repaid or performed and makes the Pledgee believe that the Pledgor’s ability to perform the obligations hereunder has been affected; 

7.1.8 Beijing Perusal is incapable of repaying its general debts or other debts; 

7.1.9 This Agreement becomes illegal or the Pledgor is not capable of continuing to perform the obligations hereunder due to any reason other than a Force
Majeure event; 
 7.1.10 There have been adverse change to the properties owned by the Pledgor, causing the Pledgee to believe that the capability of the
Pledgor to perform the obligations hereunder has been affected; 
 7.1.11 The successor or receiver of Beijing Perusal only partially performs or refuses to
perform the payment obligation under the Services Agreement; and 
 7.1.12 The breach of the other provisions of this Agreement by the Pledgor due to its
action or omission. 
 7.2 The Pledgor shall immediately give a written notice to the Pledgee if it becomes knowledge of the Pledgor that any event specified
under Article 7.1 hereof or any event that may result in the foregoing events has occurred. 

  
 3 

 7.3 Unless an event of default under Article 7.1 hereof has been resolved to the Pledgee’s
satisfaction, the Pledgee, at any time when the event of default occurs thereafter, may give a written Notice of Default to the Pledgor, requiring the Pledgor to immediately make full payment of the outstanding amount under the Loan Arrangement or
under the Services Agreement or requesting to exercise the Pledge in accordance with Article 8 hereof. 
 8. Exercise of the Pledge 

8.1 The Pledgor shall not transfer or assign the Equity Interest without prior written consent from the Pledgee prior to the full performance of his
obligations under the Loan Arrangement and supplementary agreement and full payment of all Service Fees under the Services Agreement, whichever is later. 

8.2 The Pledgee shall give a Notice of Default to the Pledgor when the Pledgee exercises the Pledge. 

8.3 Subject to Article 7.3, the Pledgee may exercise the Pledge when the Pledgee gives a Notice of Default in accordance with Article 7.3 or at any time
thereafter. 
 8.4 The Pledgee is entitled to priority in receiving payment in the form of all or part of the Equity Interest at a discounted value, or from
the proceeds from the auction or sale of all or part of the Equity Interest in accordance with legal procedure, until the outstanding debt and all other payables of the Pledgor under Loan Arrangement and Services Agreement are repaid. 

8.5 The Pledgor shall not hinder the Pledgee from exercising the Pledge in accordance with this Agreement and shall give necessary assistance so that the
Pledgee could fully exercise its Pledge. 
 9. Assignment 

9.1 The Pledgor shall not assign or transfer its rights and obligations hereunder without prior consent from the Pledgee. 

9.2 This Agreement shall be binding upon the Pledgor and his successors and be binding on the Pledgee and each of its successors and permitted assigns. 

9.3 To the extent permitted by law, the Pledgee may transfer or assign any or all of its rights and obligations under the Loan Arrangement and supplementary
agreements to any person (natural person or legal entity) designated by it at any time. In that case, the assignee shall have the same rights and obligations as those of the Pledgee as if the assignee were an original party hereto. When the Pledgee
transfers or assigns the rights and obligations under the Services Agreement, Loan Arrangement and supplementary agreements, it is only required to provide a written notice to the Pledgor, and at the request of the Pledgee, the Pledgor shall execute
the relevant agreements and/or documents with respect to such transfer or assignment. 
 9.4 After the Pledgee has been changed as a result of a transfer or
an assignment, the new parties to the Pledge shall execute a new pledge contract. 
 10. Effectiveness and Term 

This Agreement is executed on the date first set forth above and becomes effective from the date when the pledge is recorded on Beijing Perusal’s Register
of Shareholders. 
 11. Termination 
 This
Agreement shall terminate when the loan under the Loan Arrangement and the Services Fees under the Services Agreement have been fully repaid and the Pledgor no longer has any outstanding obligations under the Loan Arrangement and Beijing Perusal no
longer has any outstanding obligations under the Services Agreement. The Pledgee shall cancel or terminate this Agreement as soon as reasonably practicable thereafter, . 

12. Fees and Other Charges 
 12.1 The Pledgor shall
be responsible for all of the fees and actual expenses in relation to this Agreement including, but not limited to, legal fees, production costs, stamp tax and any other taxes and charges. If the Pledgee pays the relevant taxes in accordance with
the laws, the Pledgor shall fully indemnify the Pledgee for such taxes paid by the Pledgee. 

  
 4 

 12.2 In the event that the Pledgee has to make a claim against the Pledgor by any means as a result of the
Pledgor’s failure to pay any tax or expense payable by the Pledgor under this Agreement, the Pledgor shall be responsible for all the expenses arising from such claim (including but not limited to any taxes, handling fees, management fees,
litigation fees, attorney’s fees, and various insurance premiums in connection with the disposition of the Pledge). 
 13. Force Majeure 

13.1 A Force Majeure event refers to any unforeseen event that is beyond a party’s reasonable control and cannot be prevented with reasonable care, which
includes but is not limited to acts of governments, changes of law, acts of God, fires, explosions, typhoons, floods, earthquake, tides, lightning or war; provided, however, that any insufficiency of creditworthiness, capital or financing shall not
be regarded as an event beyond a party’s reasonable control. The affected party by Force Majeure shall promptly notify the other party of such event resulting in exemption. 

13.2 In the event that the affected party is delayed or prevented from performing its obligations under this Agreement by Force Majeure, and only to the extent
of such delay and prevention, the affected party shall not be liable for obligations under this Agreement. The affected party shall take appropriate measures to minimize or remove the effects of Force Majeure and attempt to resume performance of the
obligations that were delayed or prevented by the event of Force Majeure. After the event of Force Majeure is removed, both Parties agree to resume the performance of this Agreement using their best efforts. 

14. Confidentiality 
 The Parties acknowledge and
confirm that all the oral and written materials exchanged relating to this Agreement are confidential. Each party must keep such materials confidential and cannot disclose such materials to any other third party without the other party’s prior
written approval, unless: (a) the public knows or will know the materials (not due of the disclosure by the receiving party); (b) the disclosed materials are required by law or stock exchange rules to be disclosed; or (c) materials
relating to the transactions under this Agreement are disclosed to the Parties’ legal or financial advisors, who must keep them confidential as well. Disclosure of the confidential information by employees or institutions hired by the Parties
is deemed as an act by the Parties, therefore, subjecting them to liability. 
 15. Dispute Resolution 

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

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

Any notice which is given by the Parties hereto for the purpose of performing the rights and obligations hereunder shall be in writing. If such notice is
delivered personally, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex or facsimile, the notice time is the time when such notice is transmitted. If such notice does not reach
the addressee on a business day or reaches the addressee after business hours, the next business day following such day is the date of notice. The delivery place is the address first written above for each of the Parties hereto or the address
advised by such party in writing, including facsimile and telex, from time to time. 

  
 5 

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

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

	 Fax:
	  	
	 Telephone:
	  	
		
	 Party B:
	  	 Shanshan Cui

	 Address:
	  	
	 Telephone:
	  	

 17. Entire Agreement 

Notwithstanding provisions in Article 10 hereof, the Parties agree that this Agreement constitutes the entire agreements of the Parties hereto with respect to
the subject matter herein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and understandings relating to the subject matters of this Agreement. 

18. Severability 
 Should any provision of this
Agreement be held invalid or unenforceable because of inconsistency with applicable laws, such provision shall be invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder
of this Agreement. 
 19. Appendices 
 The
appendices to this Agreement shall constitute an integral part of this Agreement. 
 20. Amendment or Supplement 

20.1 The Parties may amend or supplement this Agreement by written agreement. The amendments or supplements to this Agreement duly executed by both Parties
shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 
 20.2 This Agreement and any amendments,
modifications, supplements, additions or changes hereto shall be in writing and shall be effective upon being executed and sealed by the Parties hereto. 

21. Counterparts 
 This Agreement is made in Chinese
in three originals, with each Party holding one thereof and the remainder filed with competent authority. All originals shall have the same legal effect. 

(No text below) 

  
 6 

 (Signature page only) 

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

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

			
		
	Signature:	 	 /s/ Shanshan Cui

		
	Party B:	 	
		
	Shanshan Cui	 	
		
	Signature:	 	 /s/ Shanshan Cui

  
 7 

 Appendices: 
  

	1.	 Register of Shareholders of Beijing Perusal Technology Co., Ltd. 

 

	2.	 Resolutions of the Shareholders’ Meeting of Beijing Perusal Technology Co., Ltd. 

  
 8 

 Appendix I 

Register of shareholders of Beijing Perusal Technology Co., Ltd. 

 

			
	 Name of the Shareholder:
	  	Zhixiang Liang
	 ID number:
	  	
	 Residence:
	  	
	 Contribution Amount:
	  	RMB1,580,000,000.00
	 Percentage of Share Capital:
	  	50%

  

			
	 Name of the Shareholder:
	  	Shanshan Cui
	 ID number:
	  	
	 Residence:
	  	
	 Contribution Amount:
	  	RMB1,580,000,000.00
	 Percentage of Share Capital:
	  	50%

 Zhixiang Liang holds 50% equity interests in Beijing Perusal Technology Co., Ltd., the entirety of which has been pledged to
Baidu Online Network Technology (Beijing) Co., Ltd. 
 Shanshan Cui holds 50% equity interests in Beijing Perusal Technology Co., Ltd., the entirety of
which has been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100%
of the equity interests in Beijing Perusal Technology Co., Ltd. 
  

			
	 Beijing Perusal Technology Co., Ltd. (seal)

	
	 Signature: /s/ Shanshan
Cui                                        
                    

	 Name:
	  	 Shanshan Cui

	 Title:
	  	 Legal representative

	 Date:
	  	 October 30, 2019

  
 9 

 Appendix II 

Resolutions of the Shareholders’ Meeting of Beijing Perusal Technology Co., Ltd. 

In respect of the Equity Pledge Agreement dated October 30, 2019 between the shareholders of Beijing Perusal Technology Co., Ltd. (the
“Company”) and Beijing Online Network Technology (Beijing) Co., Ltd., a resolution is unanimously adopted at the shareholders’ meeting of the Company as follows: 

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

 The resolution was signed and delivered dated October 30, 2019 by the undersigned shareholders. 

 

			
	 Shareholders:

	
	 Zhixiang Liang

	 Signature:
	  	 /s/ Zhixiang
Liang                                       
 

		
	 Shanshan Cui
	  	
	 Signature:
	  	 /s/ Shanshan
Cuiang                                    

  
 10

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