Document:

EX-4.89

 EXHIBIT 4.89 

Loan Agreement 
 This Loan Agreement (this
“Agreement”) is entered into on August 20, 2019 in Beijing, by and between: 
  

			
	Party A:	  	Baidu Online Network Technology (Beijing) Co., Ltd.
		  	Registered Address: 3/F, No. 10 Shangdi 10th Street, Haidian District, Beijing
		
	Party B:	  	Shanshan Cui
		  	ID Card No.

 WHEREAS: 
  

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

  

	 	2.	 Party B is a Chinese citizen holding 0.5% equity interests of Beijing Baidu Netcom Science Technology Co., Ltd.
(“Baidu Netcom”); 

 NOW, THEREFORE, Party A and Party B, through friendly negotiations, agree as follows
and intend to be bound hereby: 
  

	 	1.	 In accordance with the terms and conditions of this Agreement, Party A agrees to provide to Party B, and Party
B agrees to accept, a loan in an aggregate amount of RMB67,106,400. 

  

	 	2.	 Party B confirms the receipt of such loan and has applied the entirety of such loan toward payment of its
subscribed contribution in Baidu Netcom. 

  

	 	3.	 The term of the loan under this Agreement shall commence on the date Party B receives such loan to the date 10
years from the execution of this Agreement, which may be extended upon mutual written consent of the Parties. During the term of the loan or the extended term of the loan, Party A has the right to cause the loan to become due immediately by written
notice, and require Party B to repay the loan in accordance to this Agreement if: 

  

	 	(1)	 Party B resigns from or is dismissed by Party A or any of its affiliates; 

 

	 	(2)	 Party B is dead, without civil legal capacity or with limited civil legal capacity; 

 

	 	(3)	 Party B engages in criminal act or is involved in criminal activities; 

 

	 	(4)	 Any third party files a claim against Party B that exceeds RMB100,000; or 

	 	(5)	 Subject to compliance with the laws of the PRC, Baidu, Inc. or a person designated by Baidu, Inc. is permitted
to invest in Baidu Netcom to conduct internet information service business, value-added telecommunication business and other business, and Baidu, Inc. has issued a written notice relating to the equity purchase of Baidu Netcom to Party B pursuant to
the provisions of the Exclusive Equity Purchase and Transfer Option Agreement mentioned in article 4 hereof, to exercise the option. 

  

	 	4.	 It is agreed and acknowledged that, subject to and to the extent permitted by the laws of the PRC, Baidu, Inc.,
as the holding company of Party A, shall have the right but no obligation to purchase or nominate any other person (including any natural person, legal entity or other entity) to purchase all or any part of the equity interests in Baidu Netcom held
by Party B (the “Option”), provided that Baidu, Inc. shall issue a written notice to Party B to exercise the Option. Upon Baidu, Inc.’s issuance of such written notice, Party B shall, as requested and instructed by Party
A, immediately transfer all of its equity interests in Baidu Netcom to Baidu, Inc. or any of its nominees at the original investment price (the “Original Investment Price”) or any other price acceptable to Baidu, Inc.
required under applicable laws. It is agreed and acknowledged that upon exercising the Option by Baidu, Inc., if the lowest price of the equity interests permitted under applicable laws is higher than the Original Investment Price, the price payable
by Baidu, Inc. or any of its nominees shall be the lowest price permitted under applicable laws. The Parties agree to enter into an Exclusive Equity Purchase and Transfer Option Agreement with respect to the foregoing in this Article 4.

  

	 	5.	 It is agreed and acknowledged that Party B shall repay the loan only as follows: upon its maturity and at the
request of Party A in writing, the loan provided hereunder shall be repaid by Party B (or any of its heirs, successors or assigns) with the proceeds from transfer of its equity interests in Baidu Netcom to Baidu, Inc. or any of its nominees to the
extent permitted under the PRC laws, or otherwise agreed by the Parties. 

  

	 	6.	 It is agreed and acknowledged that in connection with transfer of the equity interests by Party B to Baidu,
Inc. or any of its nominees upon maturity of the loan, if the proceeds from such transfer are legally required to or otherwise exceed the principal of the loan, Party B agrees to pay such excess amount, net of any individual income tax and other
taxes and fees payable by Party B, to Baidu, Inc. or any of its nominees at sole decision of Baidu, Inc. to the extent permissible by the law. 

  

	 	7.	 It is agreed and acknowledged that Party B shall not be deemed to have fulfilled its obligations under this
Agreement until: 

  

	 	(1)	 Party B has transferred all his equity interests in Baidu Netcom to Baidu, Inc. and/or any of its nominees; and

  

	 	(2)	 Party B has paid the proceeds from such transfer to Party A under Articles 5 and 6 of this Agreement.

  
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	 	8.	 To secure performance of its obligations under this Agreement, Party B agrees to pledge all of its equity
interests in Baidu Netcom to Party A (the “Equity Pledge”). It is acknowledged that an Equity Pledge Agreement in respect of the foregoing in this Article 8 has been made as of August 20, 2019. 

 

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

  

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

  

	 	(2)	 Party A has the right to execute and perform this Agreement. The execution and performance by Party A of this
agreement comply with its business scope, Articles or other institutional documents, and Party A has obtained all necessary and appropriate approvals and authorizations in connection with the execution and performance of this Agreement;

  

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

 

	 	(4)	 The execution and performance of this Agreement by Party A does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party A and any third party, or any promise made by Party A to a third party; and 

 

	 	(5)	 This Agreement, once executed, shall constitute a legal, valid and enforceable obligations of Party A.

  

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

  

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

  

	 	(2)	 Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this
Agreement comply with its business scope, Articles or other institutional documents, and Party B has taken necessary actions to obtain all necessary and appropriate approvals and authorizations; 

 

	 	(3)	 The execution and performance of this Agreement by Party B does not violate any law, regulation, approval,
authorization, notice or other governmental document by which it is bound or affected, or any agreement between Party B and any third party, or any promise made by Party B to a third party; 

 

	 	(4)	 This Agreement, once executed, shall constitute a legal, valid and enforceable obligation of Party B;

  
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	 	(5)	 Party B has paid contribution in full for the equity interests he holds in Baidu Netcom in accordance with
applicable laws and regulations; 

  

	 	(6)	 Unless otherwise provided under the Equity Pledge Agreement and the Exclusive Equity Purchase and Transfer
Option Agreement, Party B does not create any mortgage, pledge or other security over his equity interest in Baidu Netcom, make any offer to a third party to transfer his equity, make acceptance for the offer to a third party to purchase his equity,
or execute any agreement with a third party to transfer his equity; 

  

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

  

	 	(8)	 Baidu Netcom has completed all necessary governmental approvals, licenses, registrations and filings.

  

	 	11.	 Party B undertakes, during the term of this Agreement: 

 

	 	(1)	 not to sell, transfer, pledge or otherwise dispose of his equity interests or other interests in Baidu Netcom,
nor to allow the creation of any other security interest over his equity interests without the prior written consent of Party A, except pledges or other rights created for the benefit of Party A; 

 

	 	(2)	 not to vote for, support or execute any shareholder resolutions at Baidu Netcom’s shareholder’s
meetings that permit the sale, transfer, pledge or other disposal of, or the creation of any other security interest on, any of his legal or beneficiary equity interests without the prior written consent of Party A, except those made to Party A or
its designated person; 

  

	 	(3)	 not to vote for, support or execute any shareholder resolutions at Baidu Netcom’s shareholder meetings
that permit Baidu Netcom to merge or combine with, or acquire or invest in, any person without Party A’s prior written consent; 

  

	 	(4)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to the equity interests of Baidu Netcom; 

  

	 	(5)	 to execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all
necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to maintain his ownership of equity interests in Baidu Netcom; 

 

	 	(6)	 to refrain from any act and/or omission that may materially affect the assets, business and liabilities of
Baidu Netcom without the prior written consent of Party A; 

  
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	 	(7)	 to appoint any person nominated by Party A as director/executive director of Baidu Netcom, upon Party A’s
request; 

  

	 	(8)	 in connection with Party A’s exercise of the subscription right provided hereunder, to transfer promptly
and unconditionally all equity interests in Baidu Netcom held by Party B to Party A and/or its designated person, to the extent and within the scope permissible under the laws of the PRC; 

 

	 	(9)	 not to request Baidu Netcom to distribute dividends or profits to it; 

 

	 	(10)	 once Party B transfers the equity interests in Baidu Netcom to Party A or any of its nominees, to pay all
proceeds from such transfer to Party A under Articles 5 and 6 of this Agreement; 

  

	 	(11)	 to strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain
from any act or omission that suffices to affect the validity and enforceability of this Agreement. 

  

	 	12.	 Party B, as the shareholder of Baidu Netcom, undertakes to cause Baidu Netcom, during the term of this
Agreement: 

  

	 	(1)	 not to supplement, amend or modify its articles of association, or increase or decrease its registered capital,
or to change its capital structure in any form without the prior written consent of Party A; 

  

	 	(2)	 to maintain its existence and handle matters prudently and affectively consistent with good financial and
business standards and practices; 

  

	 	(3)	 not to sell, transfer, mortgage or otherwise dispose of, nor to permit the creation of any other security
interest on, any of its legal or beneficial interests in its assets, business or income without the prior written consent of Party A, at any time as of the date of this Agreement; 

 

	 	(4)	 not to incur, succeed, guarantee or permit the existence of any liabilities without the prior written consent
of Party A, except the liabilities (i) arising from the ordinary or day-to-day course of business, rather than through Party B; and (ii) disclosed to Party A
or approved by Party A in writing; 

  

	 	(5)	 to operate all businesses on a continued basis and maintain the value of its assets; 

 

	 	(6)	 not to execute any material contracts (for the purpose of this item, a contract will be deemed material if its
value exceeds RMB500,000) without the prior written consent of Party A, other than those executed during the ordinary course of business; 

  
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	 	(7)	 to provide all information about its operations and financial affairs at Party A’s request;

  

	 	(8)	 not to merge or combine with, acquire or invest in, any other person without the prior written consent of Party
A; 

  

	 	(9)	 not to distribute dividends to the shareholders in any way without the prior written consent of Party A, and
upon Party A’s request, to promptly distribute all distributable profits to the shareholders; 

  

	 	(10)	 to promptly inform Party A of any pending or threatened litigation, arbitration or administrative proceeding
relating to its assets, business or revenue; 

  

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

  

	 	(12)	 to strictly comply with the terms of the Exclusive Technology Services Agreement dated March 1, 2004, the
Supplement to the Exclusive Technology Services Agreement dated August 9, 2004, and the Exclusive Technology Consulting and Services Agreement, each by Baidu Netcom and Party A (collectively, the “Services Agreements”)
and other agreements, duly perform its obligations thereunder, and refrain from any act or omission that could affect the validity and enforceability thereof. 

 

	 	13.	 This Agreement shall be binding on, and only for the benefits of, all parties hereto and their respective
successors and assignees. Without prior written consent of Party A, Party B shall not transfer, pledge or otherwise assign any of its rights, interests or obligations hereunder. 

 

	 	14.	 Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written
notice to Party B when it considers necessary. No further consent from Party B is required for such transfer. 

  

	 	15.	 The execution, validity, interpretation, performance, amendment, termination and dispute resolution of this
Agreement are governed by the laws of the PRC. 

  

	 	16.	 Arbitration 

  

	 	(1)	 Both Parties shall strive to settle any dispute, conflicts, or claims arising from the interpretation or
performance (including any issue relating to the existence, validity and termination) of this Agreement through friendly consultation. In case no settlement can be reached within thirty (30) days after one party requests for settlement, any
party can submit such matter to China International Economic and Trade Arbitration Commission (the “CIETAC”) in accordance with its then-current rules at the time of application. The arbitration award shall be final and
conclusive and binding upon the Parties. 

  
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	 	(2)	 The arbitration shall take place in Beijing. 

 

	 	(3)	 The arbitration language shall be Chinese. 

 

	 	17.	 This Agreement shall be concluded as of the date of execution, and the Parties agree and confirm that the terms
and conditions of this Agreement will become effective from the date when Party B receives the loan and end on the date when each Party has completed its obligations hereunder. 

 

	 	18.	 Party B shall not terminate or revoke this Agreement under any circumstances unless (i) Party A commits a
gross negligence, fraud, or other material misconduct; or (ii) upon Party A’s bankruptcy. 

  

	 	19.	 This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters
not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement.

  

	 	20.	 This Agreement constitutes the entire agreement of the Parties with respect to the transaction herein and
supersedes and replaces all prior verbal discussions and written agreements between the Parties. 

  

	 	21.	 This Agreement is severable. The invalidity or unenforceability of any one clause shall not affect the validity
or enforceability of other clauses herein. 

  

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

  

	 	23.	 Any obligation that is incurred or becomes due before the expiration or early termination of this Agreement
shall survive such expiration or early termination. Articles 15, 16, and 22 shall survive termination of this Agreement. 

  

	 	24.	 This Agreement shall be executed in two counterparts, and each Party shall hold one counterpart. Both
counterparts shall have the same legal effect. 

 (No Text Below) 

  
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 (Signature page only) 

IN WITNESS WHEREOF, the Parties have executed or caused this Agreement to be duly 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

		 	 Legal representative/authorized representative

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

  
 8EX-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 August 20, 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:         3/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 
 Party C:        Shanshan
Cui 
 ID No.: 
 Party
D:        Beijing Baidu Netcom Science Technology Co., Ltd. 

Address:        2/F, Baidu Building, No. 10 Shangdi 10th
Street, 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 0.05% equity interests in Party D (the “Equity Interest”); 

5. Party B and Party D entered into a series of agreement dated March 22, 2005, including the Exclusive Technology Consulting and Services Agreement (the
“Services Agreement”), whereby Party B provides exclusive technology consulting and services to Party D; 
 7. Party B and Party C
entered into an Equity Pledge Agreement (the “Equity Pledge Agreement”) dated August 20, 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 August 20, 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, with 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; 

  
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 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, subject to applicable laws, 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. 
 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; 
 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); 

  
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 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; 

  
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 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 
 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; 

  
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 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. 

  
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 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. 
 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:	  	Robin Yanhong Li
	Facsimile:	  	
	Telephone:	  	

  
 7 

			
	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 D:	  	Beijing Baidu Netcom Science Technology Co., Ltd.
	Address:	  	2/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing
	Attention:	  	Zhixiang Liang
	Facsimile:	  	

 Telephone: 
 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. 

  
 8 

 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. 

  
 9 

 12.6 Successor 

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

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) 

  
 10 

 (Signature page only) 

IN WITNESS WHEREOF, the Parties have 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/ Robin 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 Baidu Netcom Science Technology Co., Ltd. (seal)
			
	Signature:	  	 /s/ Zhixiang Liang
	  	
	Title:	  	Legal Representative	  	

  
 11

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