Document:

English translation of Business Operation Agreement, dated September 1, 2010

 English Translation 
 Exhibit 4.42 
 BUSINESS OPERATION AGREEMENT 

This Business Operation Agreement (hereinafter referred to as “this Agreement”) is entered into among the following parties in Beijing,
People’s Republic of China (“China” or “PRC”) as of September 1, 2010: 
  

			
	Party A:	  	Beijing Changyou Gamespace Software Technology Co., Ltd., with the registered address of Rm. 158, Building 1, No. 3 Xijing Road, Badachu High-Tech Zone, Shijingshan
District, Beijing; and the legal representative of Tao Wang;
		
	Party B:	  	Beijing Guanyou Gamespace Digital Technology Co., Ltd., with the registered address of Rm. 810, 7/F, Building 1, No. 18 Shijingshan Road, Shijingshan District, Beijing;
and the legal representative of Tao Wang;
		
	Party C:	  	Tao Wang, with the address of East Tower, Jingyan Hotel, No. 20 Shijingshan Road, Shijingshan District, Beijing; and ID number of 352101197504300812.
		
	Party D:	  	Dewen Chen, with the address of No. 24-5-401, Tianlongyuan, East Huilongguan Street, Changping District, Beijing; and ID number of
352101197504040811.

 (In this Agreement, each Party is called respectively as “Party” or “Other Party”, and
all Parties are called collectively as the “Parties”) 
 WHEREAS: 

 

	1.	Party A is a wholly foreign-owned enterprise duly incorporated and validly existing under the PRC law, which has the technology expertise and the practical experience
on the development and design of computer software, and rich experience and professional technicians on information technology and services; 

  

	2.	Party B is a limited liability company duly incorporated and validly existing under the PRC law, engaging in the value-added communication business including Internet
information services; 

  

	3.	Party C and Party D are PRC citizens and the shareholders of Party B, in which Party C owns 60% and Party D owns 40% equity interests of Party B;

  

	4.	Party A has established a business relationship with Party B by entering into an Operating Maintenance Service Agreement, Technology Development and Technology
Application Service Agreement (collectively, “Services Agreement”) and etc.; Party B, pursuant to such agreements, is liable to pay a certain amount of money to Party B. Therefore, both parties are aware that the daily operation of Party B
will have a material effect on its capacity to pay such payable account to Party A; 

  

	5.	The parties hereby agree to further clarify, through this Agreement, the matters in connection with Party B’s operation pursuant to provisions herein.

 NOW, THEREFORE, through friendly negotiations and abiding by the principle of equality and mutual benefit, the Parties
hereby agree as follows: 
  

	1.	To assure the performance of the various operation agreements between Party A and Party B and the payment of the payables accounts by Party B to Party A, Party B
together with its shareholders Party C and Party D hereby jointly agree that Party B shall not conduct any transaction which may materially affects its assets, obligations, rights or the company’s operation (excluding the business contracts,
agreements, sell or purchase assets during Party B’s regular operation and the lien obtained by relevant counter parties due to such transactions) unless the obtainment of a prior written consent from Party A, including but not limited to the
following contents: 

  

	 	1.1	to borrow money from any third party or assume any debt; 

  
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	 	1.2	to sell to or acquire from any third party any asset or right, including but not limited to any intellectual property right; 

 

	 	1.3	to provide real guarantee for any third party with its assets or intellectual property rights; 

 

	 	1.4	to assign to any third party its business agreements. 

  

	2.	Party C and Party D, as Party B’s shareholders, further covenant that 

 

	 	2.1	not sell, transfer, pledge, dispose in any other manners of their equity interests of Party B or other interests, or not allow to create other security interests on it
without Party A’s prior written consent, except for Party A and/or its designated person; 

  

	 	2.2	not to approve the shareholders’ resolution which may result in the Party B’s merger or combination with, buy or investment in, be purchased (other than Party
A or its designated person) any other person without Party A’s prior written consent; 

  

	 	2.3	not do anything that may materially affect the assets, business and liabilities of Party B without Party A’s prior written consent; not, upon the execution of this
Agreement, to sale, transfer, mortgage or dispose, in any other form, any asset, legitimate or beneficial interest of business or income of Party B, or to approve any other security interest set on it without prior written consent by Party A;

  

	 	2.4	not to request Party B or approved at shareholder’s meeting to distribute dividends or profits to shareholders without Party A’s prior written consent;

  

	 	2.5	not to supplement, amend or modify its articles of association, or to increase or decrease its registered capital, or to change the capital structure of Party B in any
way without Party A’s prior written consent; and 

  

	 	2.6	agree to execute the Power of Attorney attached hereto as requested by Party A upon the execution of this Agreement and within the term of this Agreement.

  

	3.	In order to ensure the performance of the various operation agreements between Party A and Party B and the payment of the various payables by Party B to Party A, Party
B together with its shareholders Party C and Party D hereby jointly agree to accept, from time to time, the corporate policy advise and guidance provided by Party A in connection with the employment and dismissal of the company’s employees,
company’s daily operating, financial management and so on. 

  

	4.	Party B together with its shareholders Party C and Party D hereby jointly agree that Party C and Party D shall appoint the person recommended by Party A as the
directors of Party B, and Party B shall appoint Party A’s senior managers as Party B’s General Manager, Chief Financial Officer, and other senior officers. If any of the above senior officers leaves or is dismissed by Party A, he or she
will lose the qualification to take any position in Party B and Party B shall appoint other senior officers of Party A recommended by Party A to assume such position. In this circumstance, the person recommended by Party A should comply with the
stipulation on the statutory qualifications of directors, General Manager, chief financial controller, and other senior officers pursuant to applicable law. 

 

	5.	Party B together with its shareholders Party C and Party D hereby jointly agree and confirm that Party B shall seek the guarantee from Party A first if it needs any
guarantee for its performance of any contract or loan of flow capital in the course of operation. In such case, Party A shall have the right but not the obligation to provide the appropriate guarantee to Party B on its own discretion. If Party A
decides not to provide such guarantee, Party A shall issue a written notice to Party B in a timely manner and Party B shall seek a guarantee from other third party. 

  
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	6.	In the event that any of the agreements between Party A and Party B terminates or expires, Party A shall have the right but not the obligation to terminate all
agreements between Party A and Party B including but not limited to the Services Agreement.  

  

	7.	Any amendment and supplement of this Agreement shall be made in writing. The amendment and supplement duly executed by all parties shall be deemed as a part of this
Agreement and shall have the same legal effect as this Agreement. 

  

	8.	If any clause hereof is judged as invalid or non-enforceable according to relevant laws, such clause shall be deemed invalid only within the applicable area of the laws
without affecting other clauses hereof in any way. 

  

	9.	Party B shall not assign its rights and obligations under this Agreement to any third party without the prior written consent of Party A; Party B hereby agrees that
Party A may assign its rights and obligations under this Agreement as it needs and such transfer shall only be subject to a written notice sent to Party B by Party A, and no any further consent from Party B will be required.

  

	10.	All parties acknowledge and confirm that any oral or written materials communicated pursuant to this Agreement are confidential documents. All parties shall keep secret
of all such documents and not disclose any such documents to any third party without prior written consent from other parties unless under the following conditions: (a) such documents are known or shall be known by the public (excluding the
receiving party discloses such documents to the public without authorization); (b) any documents required to be disclosed in accordance with applicable laws or rules or regulations of stock exchange; or (c) if any documents required to be
disclosed by any party to its legal counsel or financial consultant for the purpose of the transaction of this Agreement by any party, such legal counsel or financial consultant shall also comply with the confidentiality as stated hereof. Any
disclosure by employees or agencies employed by any party shall be deemed the disclosure of such party and such party shall assume the liabilities for its breach of contract pursuant to this Agreement. This Article shall survive whatever this
Agreement is void, amended, cancelled, terminated or unable to perform. 

  

	11.	This conclusion, validity, performance and interpretation of Agreement shall be governed by the PRC law. 

 

	12.	The parties hereto shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly consultation. In case no
settlement can be reached through consultation within thirty (30) days after such dispute is raised, each party can submit such matter to Beijing Arbitration Commission in accordance with its then effective rules. The arbitration shall take
place in Beijing. The arbitration award shall be final conclusive and binding upon both parties. If there is any dispute is in process of arbitration, other than the matters in dispute, the Parties shall perform the other rights and obligation
pursuant to this Agreement. 

  

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

  

	14.	Notwithstanding Article 13 hereof, the parties confirm that this Agreement shall constitute the entire agreement of the parties with respect to the subject matters
therein and supersedes and replaces all prior or contemporaneous verbal and written agreements and understandings. 

  
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 English Translation 

 

	15.	The term of this agreement is ten (10) years unless early termination occurs in accordance with relevant provisions herein or in any other relevant agreements
reached by all parties. This Agreement may be extended only upon Party A’s written confirmation prior to the expiration of this Agreement and the extended term shall be determined by Party A at its sole discretion. During the aforesaid term, if
Party A or Party B is terminated at expiration of the operation term (including any extension of such term) or by any other reason, this Agreement shall be terminated upon such termination of such party, unless such party has already assigned its
rights and obligations in accordance with Article 9 hereof. 

  

	16.	The Parties agree and confirm the meaning of “Party A’s (written) notice” pursuant to this Agreement means the consent shall be approved by the board of
Party A, but if such consent only approved by Party C, such consent shall not be deemed as satisfied with the obtaining of written notice from Party A. 

  

	17.	This Agreement shall be terminated on the expiring date unless it is renewed in accordance with the relevant provision herein. During the valid term of this Agreement,
Party B shall not terminate this Agreement. Notwithstanding the above stipulation, Party A shall have the right to terminate this Agreement at any time by issuing a thirty (30) days prior written notice to Party B. 

 

	18.	The original of this Agreement is in four (4) copies, each party holds one and all original are equally valid. 

IN WITNESS THEREOF each party hereto have caused this Agreement duly executed by itself or a duly authorized representative on its behalf as of
the date first written above. 
 [No text below] 

  
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 English Translation 

 

 [Signature Page] 
 Party A: Beijing Changyou Gamespace Software Technology Co., Ltd. 
 Legal Representative: /s/ Tao
Wang 
 Party B: Beijing Guanyou Gamespace Digital Technology Co., Ltd. 
 Legal Representative: /s/ Tao Wang 
 Party C: /s/ Tao Wang 

Party D: /s/ Dewen Chen 

  
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 English Translation 

 

 Appendix: Power of Attorney 

Power of Attorney 
 I,
Tao Wang, citizen of the People’s Republic of China (the “PRC”) with ID No. of 352101197504300812, is the shareholder of Beijing Guanyou Gamespace Digital Technology Co., Ltd. (“Guanyou Gamespace”) holding 60% equity
interest of Guanyou Gamespace, hereby irrevocably appoint              with the following powers and rights during the term of this Power of Attorney: 

I hereby appoint             , to exercise, on my behalf, all shareholder’s
rights corresponding to the 60% equity interests of Guanyou Gamespace in accordance with PRC laws and Guanyou Gamespace’s Articles of Association at the shareholders’ meetings of Guanyou Gamespace, including but not limited to the right to
call the shareholder’s meeting, accept the notice regarding the shareholder’s meeting and its agenda, participate in the shareholder’s meeting and exercise the voting right (including elect, designate or appoint the director, general
manager, financial controller or other senior management personnel, the matters of distribution of dividend), to sell or transfer any or all of equity interests of Guanyou Gamespace. 
 Such authorization and appointment are based upon the precondition that              is acting as an employee of Beijing Changyou
Gamespace Software Technology Co., Ltd. (“Changyou Gamespace”) and Changyou Gamespace agrees in written such authorization and appointment. Once              loses his
title or position in Changyou Gamespace or Changyou Gamespace notifies of the termination of such authorization and appointment, I shall withdraw such authorization and appointment to him immediately and designate/authorize the other individual
nominated by Changyou Gamespace to exercise the full aforesaid rights on behalf of myself at the shareholders’ meetings of Guanyou Gamespace. If I die, I agree to transfer the right and obligation pursuant to this Power of Attorney to the
person designated by Changyou Gamespace. 
 The initial term of this Power of Attorney is ten (10) years upon the execution date of this
Power of Attorney during the duly existing term of Guanyou Gamespace unless the early termination of Operation Agreement jointly executed by Changyou Gamespace and Guanyou Gamespace by any reason. If the term expires, upon the request by Changyou
Gamespace, I will extend the term of this Power of Attorney. Within the term of this Power of Attorney, this Power of Attorney shall not be revised or terminated without the consent of Changyou Gamespace. 

 

	
	/s/ Tao Wang
	
	 Date: September 1, 2010

 Power of Attorney 
 I, Dewen Chen, citizen of the People’s Republic of China (the
“PRC”) with ID No. of 352101197504040811, is the shareholder of Beijing Guanyou Gamespace Digital Technology Co., Ltd. (“Guanyou Gamespace”) holding 40% equity interest of Guanyou Gamespace, hereby irrevocably appoint
             with the following powers and rights during the term of this Power of Attorney: 
 I hereby appoint              to exercise, on my behalf, all shareholder’s rights corresponding to the 40% equity interests of
Guanyou Gamespace in accordance with PRC laws and Guanyou Gamespace’s Articles of Association at the shareholders’ meetings of Guanyou Gamespace, including but not limited to the right to call the shareholder’s meeting, accept the
notice regarding the shareholder’s meeting and its agenda, participate in the shareholder’s meeting and exercise the voting right (including elect, designate or appoint the director, general manager, financial controller or other senior
management personnel, the matters of distribution of dividend), to sell or transfer any or all of equity interests of Guanyou Gamespace. 

  
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 English Translation 

 

 Such authorization and appointment are based upon the precondition that
                 is acting as an employee of Beijing Changyou Gamespace Software Technology Co., Ltd. (“Changyou Gamespace”) and Changyou Gamespace
agrees in written such authorization and appointment. Once                  loses his title or position in Changyou Gamespace or Changyou Gamespace notifies of
the termination of such authorization and appointment, I shall withdraw such authorization and appointment to him immediately and designate/authorize the other individual nominated by Changyou Gamespace to exercise the full aforesaid rights on
behalf of myself at the shareholders’ meetings of Guanyou Gamespace. If I die, I agree to transfer the right and obligation pursuant to this Power of Attorney to the person designated by Changyou Gamespace. 

The initial term of this Power of Attorney is ten (10) years upon the execution date of this Power of Attorney during the duly existing term of
Guanyou Gamespace unless the early termination of Operation Agreement jointly executed by Changyou Gamespace and Guanyou Gamespace by any reason. If the term expires, upon the request by Changyou Gamespace, I will extend the term of this Power of
Attorney. Within the term of this Power of Attorney, this Power of Attorney shall not be revised or terminated without the consent of Changyou Gamespace. 
 /s/ Dewen Chen 
 Date: September1,
2010             

  
 7English translation of Services and Maintenance Agreement

 English Translation 
 Exhibit 4.43 
 Beijing Guanyou Gamespace Digital Technology Co., Ltd.

 (as Service Receiver) 
 and 
 Beijing Changyou Gamespace Software Technology Co., Ltd. 

(as Service Provider) 
 Services and Maintenance Agreement 
 September 1, 2010 

 English Translation 

 

 TABLE OF CONTENTS 

 

							
	1.	  	 Definition
	  	 	1	  
	2.	  	 Exclusive Commission
	  	 	2	  
	3.	  	 Scope of Integrated Service
	  	 	2	  
	4.	  	 Authorization
	  	 	2	  
	5.	  	 Payment and Settlement of Integrated Service Fee
	  	 	3	  
	6.	  	 Party A’s Promises
	  	 	4	  
	7.	  	 Party B’s Promises
	  	 	4	  
	8.	  	 Tax
	  	 	5	  
	9.	  	 Representations and Warrants
	  	 	5	  
	10.	  	 Indemnification and Limitation of Liability
	  	 	5	  
	11.	  	 Breach of Contract
	  	 	6	  
	12.	  	 Force Majeure
	  	 	6	  
	13.	  	 Termination
	  	 	6	  
	14.	  	 Governing Law and Dispute Resolution
	  	 	7	  
	15.	  	 Notice
	  	 	7	  
	16.	  	 Miscellaneous
	  	 	7	  

 English Translation 

 

 Services and Maintenance Agreement 

This Services and Maintenance Agreement (“Agreement”) is entered into by and between following two parties as of September 1, 2010:

  

	(1)	Beijing Guanyou Gamespace Digital Technology Co., Ltd., with its registered address of Rm. 810, 7/F, Building 1, No. 18 Shijingshan Road, Shijingshan District,
Beijing and its legal representative of Tao Wang (“Party A”); and 

  

	(2)	Beijing Changyou Gamespace Software Technology Co., Ltd., with its registered address of Rm. 158, Building 1, No. 3 Xijing Road, Badachu High-Tech Zone,
Shijingshan District, Beijing and its legal representative of Wang Tao (“Party B”). 

 (In this Agreement, Party A and
Party B are called collectively as the “Parties” and respectively as “Party” or “Other Party”) 
 WHEREAS:

 Party A is a liability company duly incorporated and validly existing under the PRC law, engaging in Internet information services and
other value-added telecom services. 
  

	1.	Party B has experience and human resources in respect of research and development of online game technology, marketing and day to daily operation and maintenance of
online game facilities and system. 

  

	2.	Party A intends to retain Party B to provide operation and maintenance services related to online game, and Party B agrees to provide Party A such relevant services.

 NOW, THEREFORE, after friendly consultations between two parties, it is hereby agreed as follows: 

 

	1.	Definition 

 Unless
otherwise provided herein, the following terms as used in this Agreement shall have the meanings set forth below: 
  

	 	1.1	“Online Game” refers to Internet online games operated by Party A during the cooperation term, including but not limited to The Deer of Mount Deer.

  

	 	1.2	“Online Game Facilities and System” refers to hardware facilities and software systems purchased by Party A or Party B related to online game business,
including but not limited to servers, computers and application software. 

  

	 	1.3	“Market Promotion” refers to market promotion services related to online game that are provided by Party B to Party A pursuant to this Agreement, and the
purpose of these services is to raise brand recognition of Party B and its online games and expand the player base of Party B’s online games. 

  

	 	1.4	“Operation and Maintenance Service” refers to operation and maintenance services provided by Party B to Party A related to online game facilities and systems.

  

	 	1.5	“Integrated Service” refers to Market Promotion Service and Operation and Maintenance Service. 

 

	 	1.6	“Integrated Service Fee”: refers to the fees and expenses payable by Party A to Party B under Article 5.1 herein for the provision of Integrated Service by
Party A under Article 3. 

  
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 English Translation 

 

	 	1.7	“Cooperation Term” refers to the term starting on September 1, 2010 and ending on the date that Party B ceases its operations or on such earlier
termination date agreed upon in writing by both parties. 

  

	 	1.8	“Prudent Industry Practice” refers to those practices in the operation, maintenance and management of online-game facilities and systems to meet requirements
in terms of security, efficiency, cost-effectiveness and reliability and other requirements of manufacturers or developers, that are widely recognized and followed by enterprises in the same industry as Party B , which practices may be changed from
time to time. 

  

	2.	Exclusive Commission 

Party A hereby appoints Party B as Party A’s exclusive and sole provider of Integrated Service; Party B accepts such retention by
Party A and agrees to provide the Integrated Service in accordance with terms and conditions of this Agreement. 
  

	3.	Scope of Integrated Service 

  

	 	3.1	During the Cooperation Term, Party B shall, in loyal and efficient manner, provide to Party A following Market Promotion Service: 

 

	 	3.1.1	to design market promotion plans for Party A’s online game business subject to market practices; 

 

	 	3.1.2	to implement market promotion plans contemplated by Section 3.1.1; 

  

	 	3.1.3	to identify, communicate and negotiate with offshore operators for Party A’s online games; 

 

	 	3.1.4	to coordinate and handle the matters of Party A’s online game business, which involve third parties. 

 

	 	3.2	During the Cooperation Term, Party B shall, in loyal and efficient manner, provide to Party A following Operation and Maintenance Service: 

 

	 	3.2.1	to purchase required hardware facilities and software systems from appropriate suppliers in accordance with Party A’s online game development plan and construction
plan; 

  

	 	3.2.2	to be responsible for the daily operation and maintenance of online game facilities and system according to the Prudent Industry Practice and the operation procedures
approved by both parties; 

  

	 	3.2.3	to be responsible for the maintenance such as daily inspection, examination and repair, of online game facilities and system; 

 

	 	3.2.4	to manage the coordination, communication and commercial negotiation with IDC service providers. 

 

	 	3.3	Other services requested by Party A. 

  

	4.	Authorization 

  

	 	4.1	To ensure the efficient provision of the Integrated Service by Party B, Party A hereby irrevocably authorizes Party B (and its designated agent or an agent of such
designated agent) as Party A’s agent to represent Party A on behalf of Party A or in other manner (at the agent’s discretion): 

  

	 	4.1.1	to execute relevant documents or other documents with the third party (including supplier and customer); 

  
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	 	4.1.2	to handle any matters under this Agreement that Party A is liable to do, but have not done by Party; and 

 

	 	4.1.3	to execute all necessary documents and do any and all necessary acts and things in order for Party B to fully exercise any or all of its power authorized pursuant to
this Agreement. 

  

	 	4.2	If necessary, Party A may issue a separate power of attorney to Party B regarding certain matters upon Party B’s request at any time. 

 

	 	4.3	Party A shall confirm and ratify any and all actions taken or contemplated actions to be taken by Party B or any of its designated agents pursuant to this Agreement.

  

	5.	Payment and Settlement of Integrated Service Fee 

  

	 	5.1	In consideration of Integrated Service provided by Party B to Party A, Party A shall pay Party B the Integrated Service Fee equal to the amount of the cost of each of
following items plus 10% of such cost: 

  

	 	5.1.1	The wages, salaries and welfare of following personnel of Party B who provide the services to Party A: 

 

	 	(a)	operation management personnel of online game; 

  

	 	(b)	customer service stuff; 

  

	 	(c)	online game test personnel; 

  

	 	(d)	personnel for marketing and business development; 

  

	 	5.1.2	The purchase price of any outsourcing software, servers, computers or other electronic equipments by Party B in order to provide services to Party A. the above expense
shall be paid in depreciation method according to Chinese accounting principle and relevant regulations of tax law. 

  

	 	5.1.3	The expense for renting the bandwidth and IDC escrow fee paid by Party B to the Internet access service provider for providing services to Party A. Party B shall not
enter into the agreements with Internet access service provider to determine rent of bandwidth and IDC escrow fee without Party A’s prior approval. 

  

	 	5.1.4	The rent of offices and decoration fee (including furniture) of offices paid by Party B for providing services to Party A. Both parties agree that rent of offices and
decoration fee shall be determined as the product of (x) the proportion between the number of employee who provides services to Party A and the total number of Party B’s employee and (y) the total expenses of rent and decoration fee.

  

	 	5.1.5	The advertising fee and Market Promotion fee paid by Party B for promoting Party A’s products. 

 

	 	5.1.6	Other reasonable expense regarding operation incurred by Party B’s stuffs providing service to Party A, including but not limited to the expense of travel,
transportation, call, mail and so on. 

  

	 	5.1.7	The expense incurred by Party B’s logistics supporting department, including wages, salaries and welfare of logistics stuffs and other reasonable fee regarding
operation. The expense shall be calculated as 50% of its total actual expense incurred. 

  
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 English Translation 

 

	 	5.2	Settlement 

Party B shall submit the amount of above fees to Party A for Party A’s verification before the 20th day of each month. If necessary, Party A may examine fees submitted
by Party B by itself or registered accountant engaged by Party A, and Party B shall provide assistance. 
  

	 	5.3	Payment 

 Party A shall pay
Integrated Service Fee to the bank account designated by Party B within 30 days after the monthly settlement is verified. 
  

	 	5.4	Deferred Payment 

 If any of
Party A’s payment under this Agreement is delayed, it shall pay penalty for deferred payment to Party B pursuant to this Agreement. The penalty shall be 0.4‰ per day and daily calculated from the payment date until the date which
Party B receives all payment (including the penalty). 
  

	6.	Party A’s Promises 

Party A agrees and undertakes during the Cooperation Term: 

 

	 	6.1	Party A shall, upon reasonable requests by Party B from time to time, allow Party B or the person designated by it to review and obtain the financial report, financial
statement or other material with regard to Party A’s financial status, business and operation; 

  

	 	6.2	Party A shall obtain all government approvals, permits and licenses related to the projects and other business operated at its own expense and keep them fully
effective; 

  

	 	6.3	If Party A acknowledges any event of default, it shall notify promptly Party B of any event of default, and provide Party A with the detailed information regarding any
measures to remedy or alleviate the effect of such event and protect Party B’s interests; 

  

	 	6.4	During the Cooperation Term, Party A shall comply with terms and conditions of this Agreement; and Party A shall not cause or permit the operation of online game
business in any manner which violates the PRC laws or regulations; 

  

	 	6.5	Party A shall pay up any due debt and damages, or cause the payment of these debt to be settled or paid; 

 

	 	6.6	Party A shall pay in due course any registration fee, tax, fine, penalty or their interest payable in accordance with laws; 

 

	 	6.7	Party A shall provide Party B with all agreements with respect to relative projects upon Party B’s reasonable requests from time to time, and keep relevant
accurate, complete and latest records. 

  

	7.	Party B’s Promises 

Party B agrees and undertakes during the Cooperation Term: 

 

	 	7.1	Party B shall obtain all government approvals, permits and licenses in order to provide Integrated Service and keep them fully effective; 

 

	 	7.2	If Party B acknowledges any event of default, it shall notify promptly Party A of any event of default, and provide Party B with the detailed information regarding any
measures to remedy or alleviate the effect of such event and protect Party A’s interests; 

  

	 	7.3	During the Cooperation Term, Party B shall comply with terms and conditions of this Agreement; and would not provide the Integrated Service in any manner which may
violates PRC laws or regulations; 

  
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 English Translation 

 

	 	7.4	Party B shall employ sufficient and qualified employees to perform duty of providing Integrated Service. Party B shall guarantee its employees will provide services to
Party A in loyal and efficient manner; 

  

	 	7.5	Party B shall constitute detailed management and Integrated Services procedure in accordance with the Prudent Industry Practice. Party B shall also establish, record
and keep the data and files of outsourcing management and Integrated Services; 

  

	 	7.6	Party B shall establish and keep accurate, complete and latest records of provision of Integrated Service. 

 

	8.	Tax 

  

	 	8.1	Both parties agree each party shall pay taxes incurred by performing this Agreement in accordance with PRC laws and regulations. 

 

	 	8.2	Both parties shall pay respectively relevant expenses with respect to this Agreement. 

 

	9.	Representations and Warrants 

 Each Party represents and warrants to other party upon the execution of this Agreement: 
  

	 	9.1	This party has all power and authorization to execute this Agreement and perform the obligation hereunder; 

 

	 	9.2	The provisions of this Agreement constitutes legal, valid and binding obligations to this party; 

 

	 	9.3	The execution of this Agreement and performance of its duties hereunder will not violate or conflict with the terms, provision or condition of its articles of
association, or cause the violation or default of above terms, provisions or conditions. 

  

	10.	Indemnification and Limitation of Liability 

  

	 	10.1	Indemnification 

  

	 	10.1.1	Party B shall hold harmless and indemnify Party A against any and all losses, damages, expenses, liabilities, litigation, penalty, or any other relevant expenses,
including but not limited to the legal fee or expense paid by Party A, arising from any breach of duty by Party B’s employee in purpose or due to material mistake. 

 

	 	10.1.2	Party A shall hold harmless and indemnify Party B against any and all losses, damages, expenses, liabilities, litigation, penalty, or any other relevant expenses,
including but not limited to the legal fee or expense paid by Party A, arising from any breach of duty by Party A’s employee in purpose or due to material mistake. 

 

	 	10.2	Limitation of Liability 

  

	 	10.2.1	Notwithstanding the provision of Article 10.1.1, during each of contract terms, Party B’s liabilities for indemnification in accordance with Article 10.1.1 shall
be capped to the actual Integrated Service Fee collected by Party B in the year the breach event is finished. 

  

	 	10.2.2	Notwithstanding the provision of Article 10.1.1, during each of contract terms, Party A’s liabilities for indemnification in accordance with Article 10.1.1 shall
be capped to the actual Integrated Service Fee collected by Party B in the year the breach event is finished. 

  
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 English Translation 

 

	11.	Breach of Contract 

  

	 	11.1	Both parties shall perform this Agreement in good faith. Unless otherwise provided herein, any party who breaches the contract shall bear the liabilities for breach of
contract pursuant to this Agreement and applicable laws; if more than one party breaches the Agreement, each party shall be responsible for the liability incurred by its breach of contract respectively. Notwithstanding above provision, neither party
shall be responsible to the other party for any indirect loss or damage pursuant to this Agreement. 

  

	 	11.2	Both Parties agree and confirm, during the Cooperation Term, the request for compensation and actual performance are all remedies titled to the non-defaulting party;
the non-defaulting party shall waive the right to terminate this Agreement due to the breach of contract by defaulting party in any circumstance during the Cooperation Term. 

 

	12.	Force Majeure 

 Force
majeure under this Agreement refers to the disasters, wars, politic events, changes of laws, regulations and state policies. If the force majeure influences directly the performance of this Agreement by either or both parties, this affected party
shall promptly inform the other party and its authorized appointee the circumstance of event, and shall furnish the detailed information of force majeure or the reason or effective certificate for failing to perform fully or partially this Agreement
(such certificate shall be issued by the local notary authority where the force majeure occurs) within 15 days. Both parties will consult with each other to determine the performance of this Agreement to the extent affected by the force majeure and
further decide whether the failure to perform fully or partially this Agreement by the Party affected from the force majeure would be agreed. 
  

	13.	Termination 

  

	 	13.1	This Agreement may only be terminated under following circumstances: 

  

	 	13.1.1	The terminate of this Agreement agreed by both parties; 

  

	 	13.1.2	The expiration of Cooperation Term and no intention for extending the Cooperation Term by both parties; or 

 

	 	13.1.3	Failure of performance of this Agreement due to force majeure. 

  

	 	13.2	Rights and Obligations of Both Parties upon Termination 

  

	 	13.2.1	If this Agreement is terminated in accordance to Article 13.1.1, rights and obligations of both parties shall be determined in accordance with termination agreement
entered into by both parties; 

  

	 	13.2.2	If this Agreement is terminated in accordance to Article 13.1.2, both parties shall settle promptly according to the annual settlement provision under this Agreement;
or 

  

	 	13.2.3	If this Agreement is terminated in accordance to Article 13.2.3, both parties shall promptly settle according to the annual settlement provision under this Agreement,
either party shall not be liable to the other party as of the complete date of settlement and the liability for breach of contract before the occurrence of force majeure shall not be waived. 

  
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 English Translation 

 

	14.	Governing Law and Dispute Resolution 

  

	 	14.1	This Agreement shall be governed by and construed under the PRC laws which has been promulgated and been available in public, but if the promulgated and available PRC
laws have no stipulation for the relevant matters, it shall refer to the general international commercial practice. 

  

	 	14.2	If any dispute arises out of or related to this Agreement, the Parties hereto shall firstly settle such dispute through friendly negotiations. 

 

	 	14.3	Should the disputes fail to be settled through negotiations within 60 days after one party notifies the other party of dispute matters, each Party may submit such
dispute to the Beijing Arbitration Commission for arbitration in Beijing according to its then applicable arbitration rules. The arbitration award shall be final and binding upon all the Parties. 

 

	15.	Notice 

 Unless otherwise
specified, any notifications or correspondences sent by either Party to the other pursuant to this Agreement shall be in written and shall be sent by courier or via facsimile, and the correspondence by courier service shall be the authentic. If
notification, communication or correspondence pursuant to this Agreement is sent by courier, 7 days after the date of dispatch shall be deemed to have been delivered; if by fax, upon the next day after being sent shall be deemed to have been
delivered, and confirmation of transmission report. All the notifications or correspondences shall be delivered to the following address, until one party notifies the other in written for changing the address: 

 

			
	Party A:	  	Beijing Guanyou Gamespace Digital Technology Co., Ltd.
		  	Address: Rm. 810, 7/F, Building 1, No. 18 Shijingshan Road, Shijingshan District, Beijing
		  	Post Code: 100043
		
	Party B:	  	Beijing Changyou Gamespace Software Technology Co., Ltd.
		  	Address: Rm. 158, Building 1, No. 3 Xijing Road, Badachu High-Tech Zone, Shijingshan District, Beijing
		  	Post Code: 100043

  

	16.	Miscellaneous 

  

	 	16.1	This Agreement shall become effective upon its execution. Any amendment, waiver, cancellation or termination made to any provision of this Agreement shall be in
written, which shall take effect upon the execution by the Parties. 

  

	 	16.2	Unless one party of this Agreement agrees, the other party shall not disclose, use or apply any form of information relating to any party and/or this Agreement,
including but not limited to the execution and the content of this Agreement. After the termination of this Agreement, the obligations of confidentiality under this Clause shall still be valid. However, this Clause provides herein: (1) not
apply to such material or information that one party discloses the confidential data to its affiliated companies, professional consultants and employees, but on this circumstance, one party shall only provide them to persons or entities that are
necessary to know them due to reasonable business; (2) shall not prevent any party from issuing or disclosing them in accordance with applicable laws, regulations or the relevant rules of the securities exchange. 

 

	 	16.3	This Agreement hereto constitutes the entire agreement between the Parties hereto with respect to the subject matter of this Agreement, and supersedes any prior intent,
representation and understanding, and no modification or revision shall be made without the execution by the authorized representative of Parties in writing. 

 

	 	16.4	To the extent permitted by PRC laws, each Party’s failure to exercise or delay in exercising any right under this Agreement shall not operate as a waiver thereof,
and any single or partial exercise of any right shall not preclude the exercise of any other right. 

  
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 English Translation 

 

	 	16.5	All provisions of this Agreement are severable. If any provision of this Agreement is judged as invalid, illegal or non-enforceable, and the validity, legality and
enforceability of any other provisions of this Agreement hereof shall not be affected or impaired in any way. 

  

	 	16.6	The original copy is in 4 copies; each party holds 2 copies respectively. 

  

	 	16.7	The appendix hereto constitutes an integral part of this Agreement and has the same legal effect with this Agreement. 

(No Text Below) 

  
 8 

 English Translation 

 

 (Signature Page) 
 IN WITNESS THEREFORE, the Parties hereof have caused this Agreement to be executed as of the date first written above in Beijing, China. 
 Party A: Beijing Guanyou Gamespace Digital Technology Co., Ltd. 
 Legal Representative: /s/ Tao
Wang 
 Party B: Beijing Changyou Gamespace Software Technology Co., Ltd. 
 Legal Representative: /s/ Tao Wang 

  
 9

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