Document:

EX-4.87

 EXHIBIT 4.87 

Proxy Agreement 
 This Proxy Agreement
(this “Agreement”) is made as of August 20, 2019 in Beijing, the People’s Republic of China (“PRC,” for purposes of this Agreement, excluding Hong Kong, Macau and Taiwan) by and between: 

Party A: Baidu, Inc., with registered address at M&C Services Limited, PO Box 309, Ugland House, Grand Cayman,
KY1-1104, Cayman Islands; 
 And 

Party B: Shanshan Cui, with ID No. 
 WHEREAS:

  

	1.	 Party B is a citizen of the PRC and shareholder of Beijing Baidu Netcom Science Technology Co., Ltd.
(“Baidu Netcom”).    As of the date hereof, Party B holds 0.05% equity interests in Baidu Netcom (“Party B’s Equity”). 

 

	2.	 Pursuant to the terms and subject to the conditions of this Agreement, Party B agrees to authorize a PRC
company or individual designated by Party A to exercise its rights as a shareholder of Baidu Netcom on its behalf, and Party A agrees to accept such authorization. 

NOW, THEREFORE, the Parties hereby agree as follows: 
  

	1.	 Party B hereby agrees to irrevocably authorize any entity or individual designated by Party A to exercise on
its behalf all of the voting and other rights as a shareholder empowered by the law and Baidu Netcom’s articles of association at the shareholders’ meeting of Baidu Netcom, including without limitation any right regarding sale, transfer,
pledge or disposal of all or part of Party B’s equity interests in Baidu Netcom; convening, attending and presiding over shareholders’ meeting of Baidu Netcom as an authorized representative of Baidu Netcom’s shareholders, and
designating and electing directors and chairperson of Baidu Netcom as an authorized representative of the shareholders of Baidu Netcom at the shareholders’ meeting. 

 

	2.	 Party A agrees to designate any entity or individual permitted under applicable laws to accept the
authorization of Party B under Article 1 hereof, and such entity or individual shall exercise Party B’s voting and other rights as a shareholder on behalf of Party B under this Agreement. 

 

	3.	 Party B hereby acknowledges that, regardless of any change of its equity interests in Baidu Netcom, any entity
or individual designated by Party A shall be authorized to exercise all of the voting and other rights as a shareholder on behalf of Party B. 

  

	4.	 Party B hereby acknowledges that if Party A withdraws its designation of the authorized entity or individual,
it shall immediately withdraw its authorization to such entity or individual, and authorize any other entity or individual designated by Party A to exercise all of its voting and other rights as a shareholder at the shareholders’ meeting of
Baidu Netcom. 

	5.	 This Agreement shall be effective upon execution by the Parties or their respective legal or authorized
representatives as of the date first written above. This Agreement shall remain permanently valid unless otherwise expressly provided hereunder or terminated by Party A in writing. If any Party’s operating term expires during the term of this
Agreement, such Party shall timely renew its operating term to enable this Agreement to be continually valid and implementable. If any Party’s application to renew its operating term fails to obtain approval or consent from competent authority,
this Agreement shall terminate upon the end of such Party’s operating term, unless such Party has transferred its rights and obligations pursuant to Article 10 hereof. 

 

	6.	 This Agreement shall remain valid as long as Party B is a holder of any equity interest in Baidu Netcom. During
the term of this Agreement, unless otherwise required by law, Party B may not cancel, early terminate or end this Agreement. Notwithstanding the foregoing, Party A shall have the right to terminate this Agreement at any time with a written notice to
Party B no less than thirty (30) days in advance. 

  

	7.	 No amendment to this Agreement shall be made unless by agreement of the Parties in writing. Any duly executed
amendment or supplement hereto by the Parties is an integral part of, and shall have the same binding effect with, this Agreement. 

  

	8.	 Should any provision hereof be held invalid or unenforceable due to its inconsistency with any applicable law,
such provision shall be deemed invalid only to the extent governed by such law without affecting the validity of the remainder hereof. 

  

	9.	 All notices or other correspondences required to be sent by any Party hereunder shall be made in Chinese and
delivered to the following addresses of the other Party or any other address designated and notified to such Party from time to time by hand, mail or fax. The notices shall be deemed to have been duly served (a) on the day of delivery if it is
sent by hand, (b) on the tenth (10th) day after it is sent by post-prepaid registered airmail (with marking of the mailing day on the postmark), or on the fourth (4th) day after the notice is handed to an internationally recognized express delivery service; (c) at the time of receipt shown on the transmission acknowledgement if it is sent by fax; 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
		 	Fax:	  	
		 	Tel:	  	
			
		 	Party B:	  	Shanshan Cui
		 	Address:	  	
		 	Fax:	  	
		 	Tel:	  	

  
 2 

	10.	 Unless with Party A’s prior written consent, Party B shall not transfer its rights and obligations
hereunder to any third party. Party B hereby agrees that Party A may assign its rights and obligations under this Agreement at its own discretion provided that Party A is required to give a written notice to such effect to Party B, and no further
consent of Party B is required thereof. 

  

	11.	 Both Parties acknowledge and confirm that any oral or written information exchanged between the Parties in
connection with this Agreement are confidential, and both Parties shall keep all such information confidential and not disclose any such information to any third person, except for the information which: (a) is known or will be known by the
public (not resulting from unauthorized disclosure by the Party receiving such information); (b) is required to be disclosed by applicable laws or rules or regulations of a stock exchange; or (c) needs to be disclosed to a Party’s legal or
financial advisor in connection with the transaction contemplated hereby, provided that such advisor shall be subject to confidential obligations similar to those provided in this Article. Disclosure by any employee of or entity engaged by any Party
shall be deemed disclosure by such Party, and such disclosing Party shall be held liable for breach of this Agreement. This Article shall survive any invalidity, amendment, termination, dissolution or unenforceability of this Agreement for any
reason whatsoever. 

  

	12.	 

  

	 	(1)	 The formation, validity, interpretation, performance, amendment and termination of and resolution of any
dispute under this Agreement shall be governed by the laws of the PRC. 

  

	 	(2)	 Any dispute arising in connection with the interpretation and performance of the provisions of this Agreement
shall first be resolved by the Parties in good faith through negotiations. If negotiations fail, any Party may submit such dispute to China International Economic and Trade Arbitration Commission for arbitration in accordance with its arbitration
rules then in effect. The arbitration shall be held in Beijing and the arbitration language shall be Chinese. The arbitral award shall be final and binding upon both Parties. 

 

	13.	 This Agreement, once becoming effective, constitutes the entire agreements and understandings between the
Parties with respect to the subject matter hereof, and supersedes in their entirety all prior oral and written agreements and understandings between the Parties with respect to the subject matter hereof. 

 

	14.	 This Agreement shall be executed in two originals, and each Party shall hold one
thereof.    Both originals shall have the same legal effect. 

 (No text below) 

 

  
 3 

 (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:	 	
		
	Shanshan Cui	 	
		
	Signature:	 	 /s/ Shanshan Cui

  
 4 

 POWER OF ATTORNEY 

I, Shanshan Cui, a citizen of the People’s Republic of China (the “PRC”) with ID No. and a shareholder holding 0.05% equity
interests of Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), hereby irrevocably authorizes Shanshan Cui with the following powers and rights in respect of my existing and future equity holding in Baidu
Netcom (“My Equity”) during the term of this Power of Attorney: 
 Shanshan Cui is hereby authorized as my sole and exclusive agent
to exercise on my behalf all of my rights as a shareholder to vote at shareholders’ meetings of Baidu Netcom in accordance with PRC laws and the articles of Baidu Netcom , including without limitation the right to sell or transfer any or all of
My Equity, and to designate and appoint the general manager of Baidu Netcom as my authorized representative at the shareholders’ meeting of Baidu Netcom. 

Such authorization is premised on the condition that Shanshan Cui is an employee of Baidu, Inc. and its affiliates, and Baidu, Inc. agrees to such
authorization. Once Shanshan Cui’s employment with Baidu, Inc. and its affiliates terminates, or I am notified by Baidu, Inc. to terminate such authorization, I will withdraw the authorization made hereunder immediately and designate/authorize
any other person nominated by Baidu, Inc. to exercise all of my rights as a shareholder to vote at shareholders’ meetings of Baidu Netcom. 
 Unless
otherwise expressly provided herein, this Power of Attorney is irrevocable and continues to have effect as of the date hereof as long as I holds equity interests in Baidu Netcom. 

 

			
	Signature:	 	 /s/ Shanshan Cui

 Date: August 20, 2019 

  
 5 

 POWER OF ATTORNEY 

I, Robin Yanhong Li, a citizen of the People’s Republic of China (the “PRC”) with ID No. and a shareholder holding 99.5% equity
interests of Beijing Baidu Netcom Science Technology Co., Ltd. (“Baidu Netcom”), hereby irrevocably authorizes Shanshan Cui with the following powers and rights in respect of my existing and future equity holding in Baidu
Netcom (“My Equity”) during the term of this Power of Attorney: 
 Shanshan Cui is hereby authorized as my sole and exclusive agent
to exercise on my behalf all of my rights as a shareholder to vote at shareholders’ meetings of Baidu Netcom in accordance with PRC laws and the articles of Baidu Netcom , including without limitation the right to sell or transfer any or all of
My Equity, and to designate and appoint the general manager of Baidu Netcom as my authorized representative at the shareholders’ meeting of Baidu Netcom. 

Such authorization is premised on the condition that Shanshan Cui is an employee of Baidu, Inc. and its affiliates, and Baidu, Inc. agrees to such
authorization. Once Shanshan Cui’s employment with Baidu, Inc. and its affiliates terminates, or I am notified by Baidu, Inc. to terminate such authorization, I will withdraw the authorization made hereunder immediately and designate/authorize
any other person nominated by Baidu, Inc. to exercise all of my rights as a shareholder to vote at shareholders’ meetings of Baidu Netcom. 
 Unless
otherwise expressly provided herein, this Power of Attorney is irrevocable and continues to have effect as of the date hereof as long as I holds equity interests in Baidu Netcom. 

 

			
	Signature:	 	 /s/ Robin Yanhong Li

 Date: August 20, 2019 

  
 6EX-4.88

 EXHIBIT 4.88 

Business Operating Agreement 
 This
Business Operating Agreement (this “Agreement”) is entered into as of August 20, 2019 in Beijing, the People’s Republic of China (“PRC,” for purposes of this Agreement, excluding Hong Kong
Macau and Taiwan) by and among: 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. 

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

Party B: Beijing Baidu Netcom Science Technology Co., Ltd. 

Registered Address: 2/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing 

Party C: 
 Robin Yanhong Li, a PRC citizen, ID
No.                 ; and 
 Shanshan Cui, a PRC citizen, ID No. 

WHEREAS: 
  

	1.	 Party A is a wholly foreign-owned enterprise duly incorporated and validly existing under the laws of the PRC,
which has the technology expertise and practical experience in the development and design of computer software, and also has rich experience and human resources specializing in information technology and services; 

 

	2.	 Party B is a limited liability company duly incorporated and validly existing under PRC law;

  

	3.	 Party C is shareholders of Party B owning 100% equity interests in Party B; 

 

	4.	 Party A and Party B have established business relationship by entering into an Exclusive Technology Consulting
and Services Agreement (the “Services Agreement”); and 

  

	5.	 Pursuant to the above-mentioned agreement between Party A and Party B, Party B shall make certain payments to
Party A, and the daily operations of Party B will have a material effect on Party B’s ability to make such payment to Party A. 

NOW THEREFORE, through negotiations, all parties to this Agreement hereby agree as follows: 

 

	1.	 Party A agrees, subject to satisfaction of applicable provisions herein by Party B, to be the guarantor of
Party B in the contracts, agreements or transactions entered into between Party B and any third party in connection with Party B’s business and operations, to provide full guarantees for performance of such contracts, agreements or transactions
by Party B. As counter-guarantee, Party B agrees to pledge the accounts receivable in its operations and all of its assets to Party A. Under the aforesaid guarantee arrangement, Party A, when necessary, is willing to enter into written guarantee
contracts with Party B’s counterparties to assume the guarantor’s liabilities. Party B and Party C shall take all necessary actions (including, but not limited to, executing relevant documents and filing relevant registrations) to carry
out the counter-guarantee arrangement with Party A. 

	2.	 In consideration of the requirements of Article 1 hereof and to ensure performance of the various business
agreements between Party A and Party B and payment by Party B of the amounts payable to Party A thereunder, Party B and Party C hereby agree that, without Party A’s prior written consent, Party B shall not engage in any transaction that may
materially affect its assets, liabilities, rights or operations (other than execution of any business contract or agreement, sale or purchase of any asset by Party B in its ordinary course of business and receipt of legal rights by applicable
counterparties as a result thereof), including, but not limited to, the following: 

 2.1 To borrow money from any third
party or assume any debt; 
 2.2 To sell to or acquire from any third party any asset or right, including, but not limited to, any
intellectual property rights; 
 2.3 To provide guarantee for any third party using its assets or intellectual property rights as
collaterals; or 
 2.4 To assign to any third party its business contracts. 

 

	3.	 In order to ensure the performance of the various business agreements between Party A and Party B and the
payment by Party B of the amounts payable to Party A thereunder, Party B and Party C hereby agree to accept advice and guidance provided by Party A from time to time relating to its policies on matters such as employment and dismissal of employees,
daily operations and management, and financial management. 

  

	4.	 In the event that any agreement 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. 

  

	5.	 Any amendment or supplement to this Agreement shall be made in writing. The amendment or supplement duly
executed by all parties shall form an integral part of this Agreement and shall have the same legal effect as this Agreement. 

  

	6.	 Should any provision of this Agreement be held invalid or unenforceable because of inconsistency with
applicable laws, such provision shall be invalid or unenforceable only to the extent of jurisdiction of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 

 

	7.	 Neither Party B or Party C may assign its rights and obligations under this Agreement to any third party
without the prior written consent of Party A. Party B and Party C hereby agree that Party A may assign its rights and obligations under this Agreement as Party A considers it necessary to do so, in which case Party A only needs to give a written
notice to Party B and no further consent of Party B is required. 

  
 2 

	8.	 Each party acknowledges and confirms that any oral or written information exchanged pursuant to this Agreement
are confidential. Each party shall keep confidential all such information and not disclose any such information to any third party without the prior written consent from the other party except for any information which: (a) is or will become
known to the public (without any fault of the receiving party); (b) is required to be disclosed by the applicable laws or rules of stock exchange; or (c) is disclosed by each party to its legal or financial advisor relating to the transactions
contemplated by this Agreement, provided that such legal or financial advisor shall comply with the confidentiality provisions set forth in this Article 8. Disclosure of any confidential information by the employee of or any entity engaged by any
Party shall be deemed as disclosure by such Party, and such disclosing Party shall be liable for breach under this Agreement. This Article 8 shall survive the invalidity, cancellation, termination or unenforceability of this Agreement for any
reason. 

  

	9.	 This Agreement shall be governed by and interpreted in accordance with the laws of the PRC.

  

	10.	 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. IF no resolution is reached by the Parties through negotiations, any Party may submit such dispute to the China International Economic and Trade Arbitration Commission (the
“CIETAC”) for arbitration in accordance with CIETAC’s arbitration rules then in effect. The seat of arbitration shall be in Beijing, and the language of the proceedings shall be Chinese. The arbitral award shall be final
and binding upon all of the Parties. 

  

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

  

	12.	 Once effective, this Agreement shall constitute the entire agreement of the Parties with respect to the subject
matters hereof and supersede all prior oral and written agreements and understandings by the Parties with respect to the subject matters hereof. 

  

	13.	 This Agreement shall remain permanently valid unless early terminated as expressly agreed in this Agreement or
decided by Party A in writing. If the duration of operation (including any extension thereof) of Party A or Party B is expired or terminated for any other reason within the aforesaid term of this Agreement, such Party shall timely renew its duration
of operation to enable this Agreement to continue to be valid and implementable. If a Party’s application to renew its duration of operation fails to obtain the approval or consent of any competent authority, this Agreement shall be terminated
simultaneously with the expiration or termination of the duration of operation of such Party, unless such Party has transferred its rights and obligations pursuant to Article 7 of this Agreement. 

 

	14.	 During the term of this Agreement, unless otherwise required under applicable laws, neither Party B or Party C
may early terminate or end this Agreement. Notwithstanding the foregoing, 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 and Party C. During the term of
this Agreement, if Party B or Party C is found in breach of this Agreement and fails to correct such breach within fourteen (14) days upon receipt of written notice regarding such breach from Party A, Party A may terminate this Agreement with
notice to Party B and Party C in writing. 

  
 3 

	15.	 All notices or other correspondences required to be sent by any Party hereunder shall be written in Chinese and
delivered to the following addresses of the other Parties or other addresses designated and notified to such Party from time to time via personal delivery, registered mail, post prepaid mail, recognized express delivery service or fax. The notices
shall be deemed to have been duly served (a) upon sent if sent by personal delivery, (b) on the tenth (10th) day after the post-prepaid registered airmail is sent (shown on the postmark) if sent by mail, or on the fourth day after the
notice is handed to an internationally recognized express delivery service; and (c) at the time of receipt shown on the transmission acknowledgement if sent via fax. 

 

			
	 Party A:
	  	Baidu Online Network Technology (Beijing) Co., Ltd.
		
	 Address:
	  	3/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing
	 Attention:
	  	Shanshan Cui
	 Fax:
	  	
	 Tel:
	  	
		
	 Party B:
	  	Beijing Baidu Netcom Science Technology Co., Ltd.
		
	 Address:
	  	2/F, Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing
	 Attention:
	  	Zhixiang Liang
	 Fax:
	  	
	 Tel:
	  	
		
	 Party C:
	  	
		
	 Address:
	  	Baidu Building, No. 10 Shangdi 10th Street, Haidian District, Beijing
	 Attention:
	  	Robin Yanhong Li/Shanshan Cui
	 Fax:
	  	
	 Tel:
	  	

  

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

 (No text below) 

  
 4 

 (Signature page only) 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by himself or its duly authorized representative as of the date first
written above. 
 Party A: Baidu Online Network Technology (Beijing) Co., Ltd. (seal) 

 

			
	Signature:	 	 /s/ Shanshan Cui

	Title: Legal Representative

 Party B: Beijing Baidu Netcom
Science Technology Co., Ltd. (seal) 
  

			
	Signature:	 	 /s/ Zhixiang Liang

	Title: Legal Representative
		
	Party C:	 	
		
	Signature:	 	 /s/ Robin Yanhong Li

		
	Signature:	 	 /s/ Shanshan Cui

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]