Document:

EX-10.21

 Exhibit 10.21 

Beijing QIYI Century Science & Technology Co., Ltd. 

and 
 Shanghai Zhong Yuan Network
Co., Ltd. 
 and 
 GONG Yu 

BUSINESS OPERATION AGREEMENT 

  
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 Business Operating Agreement 

This Business Operating Agreement (hereinafter referred to as this “Agreement”) is executed by and among the following parties on January 14,
2014 in Beijing: 
  

	(1)	Beijing QIYI Century Science & Technology Co., Ltd. (hereinafter referred to as “Party A”) 

Address: F10\11, No.2 Haidian North First Street, Haidian District, Beijing 

 

	(2)	Shanghai Zhong Yuan Network Co., Ltd. (hereinafter referred to as “Party B”) 

Address: Room 701, Building 3, No. 33 Leshan Road, Xuhui District, Shanghai 

 

	(3)	Gong Yu (hereinafter referred as “Party C”) 

 Address: ****** 

WHEREAS, 
  

	1.	Party A, a wholly foreign-owned enterprise incorporated and validly existing under the law of the People’s Republic of China (“PRC”), specializes and is practically experienced in software development and
design, and it also has rich experience and professional staff in information technology and service; 

  

	2.	Party B is a limited liability company incorporated and validly existing in PRC; 

  

	3.	Party C is shareholder of Party B and holds 100% of the shares in Party B in total. 

  

	4.	According to the Exclusive Technology Consulting and Service Agreement entered into by and between Party A and Party B, Party B shall pay a certain amount to Party A, but the day-to-day operation of Party B will have a substantial impact on the ability of Party B to pay Party A the amounts payable. 

THEREFORE, NOW, all Parties hereto, through mutual consultation, reach the following agreement upon consensus: 

 

	1.	In order to ensure performance of all business agreements entered into by and between Party A and Party B, including but not limited to Exclusive Technology Consultation and Service Agreement, and payment of all
amounts payable by Party B to Party A, Party B and shareholder of Party B (Party C) hereby covenant that, unless consented by Party A in writing in advance, Party B will not conduct any transaction that may substantially affect its assets,
obligations, rights, or company management, including but not limited to: 

  

	 	1.1	Occurrence of, inheritance of, guarantee for, or tolerance of existence of any liability, except (i) liabilities incurred during normal or
day-to-day business course rather than from loans; and (ii) liabilities that have been disclosed to Party A and for which Party A has given its written consent;

  
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	 	1.2	Conclusion of any material contract, except the contracts concluded during normal business management (for the purpose of this provision, a contract of which the value exceeds RMB one hundred thousand yuan only (in
figure RMB 100,000.00) is defined as a material contract); 

  

	 	1.3	Sales of any asset, or grant or transfer of any right to any third party; 

  

	 	1.4	Provision of loan or guarantee in any form to any third party; 

  

	 	1.5	Transfer of its business agreements to any third party. 

  

	2.	Party C further covenants to Party A that: 

  

	 	2.1	Without the written consent of Party A, Party C shall not sell, transfer, mortgage, or otherwise dispose the legal or beneficial interest of any stock right or agree to the above disposal methods at shareholders’
meetings of Party B, or allow placement of any other encumbrance on such stock rights, except for selling, transferring, or mortgaging such interests to Party A and/or its designated persons; 

 

	 	2.2	Without the written consent of Party A, Party C shall not make any shareholders’ resolution that will cause Party B to be merged or allied with any person, to acquire any person, to invest in any person, or to be
acquired by any person, except for acquisition by Party A or its designated persons; 

  

	 	2.3	Without the written consent of Party A, Party C shall not conduct any act and/or omission that may have major impact on the assets, businesses, and liabilities of Party B; without the written consent of Party A in
advance, Party C shall not sell, transfer, mortgage, or otherwise dispose the legal or beneficial interests of any assets, business, or income of Party B or allow placement of any encumbrance on such assets, businesses, and incomes at any time after
the execution date of this Agreement; 

  

	 	2.4	In order to retain their stock rights in Party B, Party C shall execute all necessary or proper documents, take all necessary or proper actions and make all necessary or proper claims, or file necessary or proper pleas
against all claims; 

  

	 	2.5	Without the written consent of Party A, Party C shall not require Party B to or agree at shareholders’ meetings to distribute dividends or profits to shareholders; 

 

	 	2.6	Without the written consent of Party A, Party C shall not supplement, change, or amend the articles of association of Party C in any form, increase or decrease the registered capital of Party B, or change the registered
capital structure of Party B in any form; 

  
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	 	2.7	Party C agrees to execute a shareholder voting rights trust agreement according to the requirements of Party A on the date of execution of this Agreement and within the term of this Agreement; 

 

	 	2.8	Party C, only under the special written authorization of Party A and according to the requirements of Party A, shall exercise their rights as shareholders of Party A. 

 

	3.	Where Party B needs any performance guarantee or guarantee for working capital loan during its business management, Party B will first request Party A to provide such guarantee for it. Under such circumstance, Party A
has the right but is not obliged to provide proper guarantee to Party B at its own discretion. Where Party A decides not to provide such guarantee, it shall timely notify Party B in writing and Party B may request other third parties agreed by Party
A in writing to provide the aforesaid guarantee. 

  

	4.	In order to ensure performance of all business agreements entered into by and between Party A and Party B and payment of all amounts payable to Party A by Party B, Party B and its shareholders (Party C) hereby agree to
accept the suggestions and guidelines proposed by Party A from time to time on company policies regarding employment and dismissal of Party B’s employees,
day-to-day operation and management, and financial management system of the company. 

 

	5.	Party B and Party C hereby agree that, Party C will appoint the candidates recommended by Party A to be directors of Party B and Party B will appoint the senior executives employed and recommended by Party A to be its
General Manager, CFO, and other senior executives. The aforesaid senior executives of Party A will become disqualified for any position in Party B when they resign from or are dismissed by Party A. Under such circumstance, Party B will appoint other
senior executives who are employed and recommended by Party A to take the posts. The candidates recommended by Party A to Party B according to this provision shall be agreed to by Qiyi.com, Inc. and shall be qualified for directors, general manager,
chief financial officer, or other senior executives according to the legal job qualifications as provided in applicable laws. 

  

	6.	Party A may, at any time, require Party B to transfer its intellectual properties to Party A and/or its designated persons. Transfer price will be determined by Party A and Party B through negotiation at that time.

  

	7.	When any of the agreements entered into by and between Party A and Party B is terminated or expires, Party A will have the right but not be obliged to terminate all agreements entered by and between Party A and Party B.

  

	8.	Amendments and supplementation to this Agreement shall be made in writing. Amended agreements and supplemental agreements relating to this Agreement, upon execution by legal representatives or authorized representatives
of all Parties hereto, shall constitute an integral part of this Agreement and shall have the same legal effect as this Agreement. 

  
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	9.	If any provision hereunder becomes ineffective, invalid, or unenforceable due to its inconsistency with applicable laws, such provision shall be deemed ineffective to the extent governed by applicable laws and will not
affect the legal effect of other provisions hereof. 

  

	10.	Party B and Party C shall not transfer their rights or obligations hereunder to any third party, unless consented by Party B in writing in advance; Party B and Party C hereby agree that, Party A may transfer its rights
and obligations hereunder to other third parties when necessary and Party A only needs to notify Party B in writing at the time of such transfer, without the consent of Party B or Party C in this regard. 

 

	11.	All Parties acknowledge and confirm that any oral or written material relating to this Agreement communicated among them is confidential. They shall keep such materials confidential and shall not disclose any of such
materials to any third party without the written consent of the other Parties, except that: (a) such materials have become or will become known to the public (not disclosed by receiving parties without consent); (b) such materials are required
to be disclosed according to applicable laws or rules or regulations of stock exchanges; or (c) any Party needs to disclose such materials to its legal or financial advisers with respect to the transactions as stated in this Agreement and such
legal or financial advisers shall be bound by similar confidentiality responsibilities to those hereunder. Disclosure by the employee or engaged agencies of any Party shall be deemed as disclosure by such Party and it shall be liable for breach of
contract according to this Agreement. This provision will survive whether this Agreement is invalidated, modified, rescinded, terminated, or inoperable for any reason. 

 

	12.	This Agreement shall be governed by and construed according to the laws of PRC. 

  

	13.	Any dispute arising out of, or relating to, the construal or performance of the provisions hereunder shall be settled by the Parties hereto through amicable negotiation. Where such negotiation fails, any Party may
submit the dispute to China International Economic and Trade Arbitration Commission for arbitration according to the arbitration rules effective at the time. The place of arbitration shall be Beijing and the language of arbitration shall be Chinese.
The award of arbitration shall be final and binding on all Parties. 

  

	14.	This Agreement becomes effective on January 14, 2014. 

  

	15.	Once this Agreement becomes effective, it constitutes the entire agreement and consensus reached by all Parties hereto with respect to the contents herein and supersedes all agreements and consensus, either oral or
written, reached by the Parties with respect to the contents herein before this Agreement. 

  

	16.	Unless this Agreement is terminated early according to this Agreement or applicable provisions in related agreements otherwise entered into by and among the Parties, the term of this Agreement shall be ten
(10) years; this Agreement can be renewed upon written confirmation of Party A before its expiration and the term of the renewal shall be unilaterally determined by Party A in writing. If the term of operation (including any renewal) of Party A
or Party B expires or is terminated for any reason before the expiry of this Agreement, this Agreement will be terminated with termination of Party A or Party B, unless they transfer their rights and obligations according to Article 9 of this
Agreement. 

  
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	17.	Unless this Agreement is renewed according to applicable provisions herein, this Agreement will be terminated on the expiry date. During the term of this Agreement, Party B and Party C shall not terminate this Agreement
early. Notwithstanding the aforesaid agreement, Party A has the right to terminate this Agreement at any time by notifying Party B and Party C in writing thirty (30) days in advance. 

This Agreement is made in four counterparts, with each party holding one counterpart. All counterparts shall have the same legal effect. 

[The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Parties have signed or caused this Agreement to be signed by their respective legal or
authorized representatives on the first date written above. 
 Party A:     Beijing QIYI Century Science &Technology Co.,
Ltd. 
 [Company seal is affixed] 

Legal / Authorized Representative: /s/ Gong Yu                 

Party B:    Shanghai Zhong Yuan Network Co., Ltd. 

[Company seal is affixed] 

Legal / Authorized Representative: /s/ Gong Yu                 

Party C:     Gong Yu 

By:             /s/ Gong
Yu                 

  
 7EX-10.22

 Exhibit 10.22 

Beijing QIYI Century Science & Technology Co., Ltd. 

(as Lender) 
 and 

GONG Yu 
 (as Borrower) 

LOAN AGREEMENT 

 Loan Agreement 

This Loan Agreement (this “Agreement”) is executed by and between the following two parties in Beijing, the People’s Republic of China
(“China”) on January 14, 2014: 
 Lender: Beijing QIYI Century Science & Technology Co., Ltd., its registered address
is Floor 10 and 11, 2 Haidian North First Street, Haidian District, Beijing, its legal representative is GONG Yu

; and 
 Borrower: GONG Yu

, address: *** ID Card No. *** 
 Whereas, 
  

	1.	The Lender is a wholly foreign owned enterprise legally established and validly existing in China according to the laws of China; 

  

	2.	The Borrower is a citizen of China, and as a shareholder of Shanghai Zhong Yuan Network Co., Ltd. (“Zhong Yuan”), holds 100% of the shares in Zhong Yuan in total. 

 

	3.	The Lender agrees to lend RMB 20 million (RMB 20,000,000.00) interest-free to the Borrower. 

 Therefore,
the two Parties reach the following agreement through friendly negotiation to specify their rights and obligations: 
  

	1.	Loan 

 In accordance with the terms and conditions provided in this Agreement, the Lender
agrees to lend the Borrower with an interest-free loan amounting to RMB 20 million (RMB 20,000,000.00), and the Borrower agrees to accept the aforesaid loan. 
  

	2.	Term of the Loan 

  

	 	2.1	The term of the loan under this Agreement shall begin from January 14, 2014 to ten (10) years after the execution of this Agreement (“Term of the Loan”); the Term of the Loan may be extended
upon the Lender’s written confirmation; the extended term shall be determined by the Lender. 

  

	 	2.2	During the Term of the Loan or any extended Term of the Loan, in the event that any of the following events occur as to any of the Borrowers, the lender shall be entitled to decide, in the manner of written notice, that
the loan hereunder becomes due immediately, and demand the Borrower to repay the loan in the manner provided by the provisions hereof: 

  

	 	(1)	the Borrower resigns from or is dismissed by the Lender or its affiliated company (refers to all the companies which have affiliated relations with the Lender during the term of this Agreement); 

  
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	 	(2)	the Borrower dies or loses capacity for civil conduct, or his/her capacity for civil conduct becomes limited; 

  

	 	(3)	the Borrower commits or is involved in any crime; 

  

	 	(4)	any third party claims against the Borrower damages exceeding one hundred thousand (RMB 100,000.00); 

  

	 	(5)	any representation or warranty by the Borrower herein is proven to be untrue or inaccurate in any material aspect at the time when it is made; or the Borrower breaches any obligation hereof; 

 

	 	(6)	to the extent permitted by the laws of China, in the event that the Lender or its designated person may invest in the business of designing, making, handling and publishing advertisements and other businesses conducted
by Zhong Yuan, and Qiyi.com, Inc., in accordance with the provisions of the Exclusive Purchase Option Agreement that it entered into with the Borrower on January 14, 2014 (the “Exclusive Purchase Option Agreement”), has issued
a written notice to the Borrower to purchase the shares in Zhong Yuan held by the Borrower and has exercised such option. 

  

	3.	Repayment of the Loan 

  

	 	3.1	Both Parties hereby agree and confirm that the Borrower must and may only repay the loan in the manner as follows: when the loan hereof becomes due, the Borrower (or his/her successors, heirs or assigns) shall at the
request of the written notice by the Lender, subject to the provisions of the laws of China, transfer all his/her shares in Zhong Yuan to the Lender and/or its designated persons, and repay the loan hereunder by the proceeds received from the
transfer. 

  

	 	3.2	The Borrower may not repay the loan in whole or in part without prior written consent of Party A. 

  

	 	3.3	Both Parties agree that the share transfer hereunder shall be deemed completed when the formalities for the change of shareholder with the relevant industry and administrative authorities are completed and the Lender or
its designated persons have become the legal holders of the aforementioned target shares. 

  

	4.	Interest of the Loan 

 Both Parties hereby agree and acknowledge that unless this
Agreement provides otherwise, the loan hereunder shall bear no interest. However, when the loan becomes due and the Borrower transfers his/her shares to the Lender or its designated persons in the manner of repayment provided by this Agreement, if
the actual price for share transfer is higher than the principal of the loan to the Borrower because of the requirements of the laws or other reasons, the difference between the transfer price and the principal shall be deemed interest or capital
occupation expense, and shall be paid to the Lender together with the principal. 

  
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	5.	Representations, Warranties and Undertakings of the Borrower 

  

	 	5.1	the Borrower shall respectively provide copy of his/her capital contribution certificate as to 100% of the shares in Zhong Yuan to the Lender. 

 

	 	5.2	To secure repayment of the loan, the Borrower agrees to pledge all his/her shares in Zhong Yuan with the Lender, and grant an option to purchase the abovementioned shares to the Lender. The Borrower agrees to execute
the Share Pledge Agreement at the Lender’s request. 

  

	 	5.3	the Borrower undertakes not to request Zhong Yuan to distribute dividend or profit to him/her, and not to pass any resolution as the shareholder of Zhong Yuan to distribute dividend or profit to shareholders.

  

	 	5.4	the Borrower shall maintain Zhong Yuan’s existence and prudentially and validly operate the business and handle the matters of Zhong Yuan, following sound financial and business standards and practices. Upon the
Lender’s request, the Borrower shall provide the Lender with all the materials relating to operation and financial condition of Zhong Yuan. The Borrower shall operate all businesses of Zhong Yuan in the normal course of business to maintain the
value of Zhong Yuan’s assets. 

  

	 	5.5	To keep his/her title of the shares in Zhong Yuan, he/she shall execute all the necessary or appropriate documents, take all the necessary or appropriate actions, make all the necessary or appropriate accusations, and
raise all necessary or appropriate defenses against all claims; the Borrower shall immediately notify the Lender of any litigation, arbitration or administrative procedure that has occurred or may occur with respect to Zhong Yuan. 

 

	 	5.6	the Borrower shall strictly comply with the provisions hereof and duly perform his/her obligations hereunder, and shall not conduct any act or omission that may affect the validity and enforceability of this Agreement.

  

	6.	Taxes and Expenses 

 Unless this Agreement provides otherwise, both Parties shall respectively pay their
respective taxes and expenses regarding this Agreement pursuant to relevant laws and regulations. All the other taxes and reasonable expenses relating to the loan shall be borne by the Lender. 

 

	7.	Effectiveness and Termination of this Agreement 

  

	 	7.1	Both Parties agree and confirm that this Agreement shall become effective from January 14, 2014. 

  

	 	7.2	Both Parties agree and confirm that this Agreement shall terminate when both Parties fully perform their respective obligations hereunder. Both Parties agree and confirm that the Borrower’s obligations hereunder
shall only be deemed fullyperformed when all of the following conditions are met: 

  
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	 	(1)	the Borrower has transferred all his/her shares in Zhong Yuan to the Lender and/or its designated persons; and 

  

	 	(2)	the Borrower has repaid all the proceeds received from the transfer hereunder or the proceeds specified in the Exclusive Purchase Option Agreement to the Lender, and the Lender shall repay the proceeds to Qiyi.com, Inc.
under the premise that the laws and regulations of China are complied with and all the necessary approvals are obtained. 

  

	 	7.3	Unless (1) the Lender commits gross negligence, fraud or other serious illegal acts; or (2) the Lender is terminated for bankruptcy, dissolution or order to close, the Borrower shall not unilaterally revoke or
terminate this Agreement in any circumstance. 

  

	8.	Breaching Liabilities 

  

	 	8.1	In the event that either Party (“Breaching Party”) breaches any provision hereof, and thus causes any damage to the other Party (“Non-breaching
Party”), the Non-breaching Party may send a written notice to the Breaching Party, requesting the Breaching Party to immediately correct and remedy its breach. If the Breaching Party fails to take
measures satisfactory to the Non-breaching Party to remedy and correct its breach within fifteen (15) days after the Non-breaching Party receives the abovementioned
written notice, the Non-breaching Party may immediately take other remedial measures according to the provision hereof or through legal means. 

 

	 	8.2	In the event that the Borrower fails to repay the loan to the Lender according hereto, the Borrower shall pay to the Lender the liquidated damages for late payment at the daily rate of 0.02% over the outstanding amount
(counted from the date requested by the Lender for repayment of the loan), and shall compensate the Lender for any direct economic loss caused by the Borrower’s breach (including but not limited to the market value of the shares held by the
Borrower in Zhong Yuan which is not transferred, or the outstanding loan amount, whichever is higher). 

  

	9.	Confidentiality 

 9.1 Both Parties acknowledge and confirm that any oral or written
information communicated with each other regarding this Agreement is confidential information. The Parties shall keep such information confidential, and may not disclose such information to any third party without written consent by the other Party,
except: 
  

	 	(1)	Any information that has been known or will be known to the public (not through any disclosure by the receiving Party to the public without the other Party’s consent); 

  
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	 	(2)	Any information disclosed according to the requirements of applicable laws and stock exchange rules; or 

  

	 	(3)	In case that any information is disclosed to either Party’s legal or financial consultant with respect to the transaction contemplated hereunder, such legal or financial consultant is obliged to perform similar
obligations of confidentiality to those specified herein. Any disclosure by any employee of or institution engaged by either Party shall be deemed disclosure by such Party, and such Party shall be liable for breach of contract according to this
Agreement. This Article 9 shall survive the invalidity, rescission, termination or unenforceability of this Agreement for whatever reasons. 

  

	10.	Notice 

 Any notice or other communication sent by either Party hereunder shall be made
in writing, and sent by personal delivery, letter or fax to the following address of the other Party or to other addresses designated by the other Party by notice from time to time. The notice shall be deemed serviced (a) in case of personal
delivery, when it is delivered; (b) in case of letter, on the seventh (7th) day after it is mailed by the airmail with postage paid, or on the fourth (4th) day after it is posted with the express delivery recognized internationally; and
(c) in case of fax, at the time shown on the transmission confirmation of relevant documents. 
 the Lender: Beijing QIYI Century
Science & Technology Co., Ltd. 
 Address: 10th and 11th Floor, No. 2 Haidian North First Street, Haidian District, Beijing 
 Postal code:
100080 
 Tel: 010-62677171 

Fax: 
 the Borrower: GONG Yu

 
 Address: *** 

Postal code: 
 Tel: 

Fax: 
  

	11.	Applicable Law and Dispute Resolution 

  

	 	11.1.	The execution, validity, performance and interpretation of and the dispute resolution regarding this Agreement shall be governed by the laws of China. 

 

	 	11.2.	Any dispute arising from performance hereof or relating to this Agreement shall be resolved by the Parties through friendly negotiation. 

  
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	 	11.3.	If no dispute resolution agreement is reached within thirty (30) days after one Party brings up the request to resolve the dispute(s) through negotiation, either Party may submit the relevant dispute(s) to Beijing
Arbitration Commission for arbitration in Beijing, pursuant to the arbitral rules then effective. The arbitration award shall be final and shall have binding force upon all the parties. When any dispute occurs or any dispute is under arbitration
proceeding, except for the part submitted to arbitration, both Parties may still exercise other rights hereunder and shall still perform other obligations hereunder. 

 

	12.	Miscellaneous 

  

	 	12.1	Both Parties agree and confirm that the Lender’s “written consent” mentioned in this Agreement means that the matter is subject to the approval of the Lender’s board of directors. If such matter is
only approved by the Borrower, the approval shall not constitute the Lender’s “written consent” hereunder. 

  

	 	12.2	The headings herein are for convenience only, and may not be used to interpret, explain or affect in other aspects the meaning of any provisions hereof. 

 

	 	12.3	Both Parties confirm that this Agreement once effective shall constitute the entire agreement and consensus between them with respect to the subject matters hereof, and shall replace all the oral and/or written
agreements and consensuses reached by the Parties with respect to the subject matters hereof. 

  

	 	12.4	This Agreement shall be binding upon and inure to the benefit of both Parties and their respective successors, heirs or permitted assigns, and be executed only for the benefit of the above persons. The Borrower may not
assign, pledge or otherwise transfer in other manners any right, interest or obligation hereunder to others without prior written consent of the Lender. 

  

	 	12.5	the Borrower hereby agrees that (i) if the Borrower dies, the Borrower agrees to immediately assign the rights and obligations hereunder to the entity designated by the Lender; (ii) the Lender may assign its
rights and obligations hereunder to any third party when necessary. The Lender only needs to send a written notice to the Borrower when the such assignment occurs, and is not required to obtain the Borrower’s consent on such assignment.

  

	 	12.6	Either Party’s failure to exercise promptly any right hereunder shall not be deemed waiver of such right, nor shall it affect the Party’s future exercise thereof. 

 

	 	12.7	If any provision hereof is decided by any competent court or arbitral institution as invalid, void or unenforceable, it shall not affect or impair the validity or enforceability of other provisions hereof. The Parties
shall stop performance of such invalid, void or unenforceable provision, and shall amend it so that the original intention will be achieved as much as possible and the provision becomes valid and effective only to the extent of relevant fact and
circumstance. 

  

	 	12.8	The Parties shall negotiate to decide any matter not covered herein. The Parties shall amend or supplement this Agreement through written agreements. The written amendments and supplemental agreements duly signed by
both Parties are an integral part hereof, and have same legal force as this Agreement. 

  
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	 	12.9	This Agreement is made in four (4) counterparts, and each Party holds two (2). All counterparts have equal legal force. 

In witness whereof, this Agreement is entered into by both Parties or their legal representatives or authorized representatives on the date first written
above. 
 [The remainder of this page is intentionally left blank.] 

  
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 [Signature page for the Loan Agreement] 

Lender: Beijing QIYI Century Science & Technology Co., Ltd.(seal) 

[Company seal is affixed] 

Signature:     /s/ GONG Yu 
 Legal
Representative / Authorized Representative: GONG Yu 
 Position: 

Borrower: GONG Yu

 
 Signature:     /s/ GONG
Yu             

  
 9

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