Document:

exv4w45

    Exhibit 4.45

 

    EXCLUSIVE
    EQUITY PURCHASE OPTION AGREEMENT

 

    This Exclusive Equity Purchase Option Agreement (this
    “Agreement”) is entered into as of December 28,
    2010 among the following parties in Beijing, PRC:

 

	 	 	 
	
 
	
 
	
 

	

    Party A:

	
 
	
    Baidu Online Network Technology (Beijing) Co., Ltd.

	
 
	
 
	
 

	

    Legal Address:

	
 
	
    Baidu Campus, No. 10, Shangdi 10th Street,, Haidian
    District, Beijing, PRC, 100085

	
 
	
 
	
 

	

    Party B:

	
 
	
    Yanhong Li

	
 
	
 
	
 

	

    ID Number:

	
 
	
    110108196811171874

	
 
	
 
	
 

	

    Legal Address:

	
 
	
 

	
 
	
 
	
 

	

    Party C:

	
 
	
    Baidu HR Consulting (Shanghai) Co., Ltd.

	
 
	
 
	
 

	

    Legal Address:

	
 
	
    No. 713-1, No. 200 Huiyuan Road, Jiading District, Shanghai,
    PRC, 201807

 

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

 

    WHEREAS:

 

    1. Party A, is a wholly foreign-owned enterprise
    incorporated under the laws of the People’s Republic of
    China (the “PRC”), which has technology expertise and
    practical experience in computer software development and
    design, and also has rich experience and expertise in
    information technology and service;

 

    2. Party C, a liability limited company incorporated in the
    Shanghai, PRC, whichcarry out the business ofvalue-added
    telecommunication services such as Internet information services;

 

    3. Party B is the shareholder of Party C. Party B has
    ownership
    of          100     %
    of the equity interest in Party C (the “Equity
    Interest”);

 

    4. Party A and Party B entered into a loan agreement (the
    “Loan Agreement”) on December 28, 2010, according
    to which Party B may get loan from Party A;

 

    5. Party A and Party B entered into Exclusive Technology
    Consulting and Services Agreement (the “Technology
    Agreement”) and other agreements; and

 

    6. Party A and Party B entered into an equity pledge
    agreement (the “Equity Pledge Agreement”) on
    December 28, 2010.

 

    NOW, THEREFORE, the Parties upon negotiation hereby agree
    as follows:

 

    1. Purchase and Sale of Equity Interest

 

    1.1 Granting of Rights

 

    Party B hereby irrevocably grants to Party A an option to
    purchase or cause any one or more designated persons
    (“Designated Persons”) to purchase, to the extent
    permitted under PRC law, according to the steps determined by
    Party A, at the price specified in Section 1.3 of this
    Agreement, and at any time from the Transferor, a portion of, or
    all of, the equity interests held by the Transferor in Party C
    (the “Option”).

 

    No Option shall be granted to any third party other than Party A
    and/or the
    Designated Persons. Party C hereby agrees to the granting of the
    Option by Party B to Party A
    and/or the
    Designated Persons. The “person” set forth in this
    clause and this Agreement means an individual person,
    corporation, joint venture, partnership, enterprise, trust or a
    non-corporation organization.

 

 

    1.2 Exercise Steps

 

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

 

    1.3.1 If Party A exercises the Option, the purchase price
    of the Purchased Equity Interest (“Purchase Price”)
    shall be equal to the original paid-in capital paid by the
    Transferor for the Purchased Equity Interest, unless then
    applicable PRC laws and regulations require appraisal of the
    Purchased Equity Interest or stipulate other restrictions on the
    Purchase price.

 

    1.3.2 If the applicable PRC laws require appraisal of the
    Purchased Equity Interest or stipulate other restrictions on the
    Purchase Price at the time that Party A exercises the Option,
    the Parties agree that the Purchase Price shall be set at the
    lowest price permissible under applicable law.

 

    1.4 Transfer of the Purchased Equity Interest

 

    At each exercise of the Option:

 

    1.4.1 The Transferor shall, in accordance the terms and
    conditions of this Agreement and the Notice in connection with
    the Purchased Equity Interest, enter into an equity transfer
    agreement, content and format of which should be satisfied by
    Party A, with Party A
    and/or the
    Designated Persons (as applicable) for each transfer;

 

    1.4.2 The Transferor shall execute all other requisite
    contracts, agreements or documents, obtain all requisite
    government approvals and consents, and take all necessary
    actions to transfer the valid ownership of the Purchased Equity
    Interest to Party A
    and/or the
    Designated Persons free of any security interest and other
    conditions, and cause Party A
    and/or the
    Designated Persons to be the registered owner(s) of the
    Purchased Equity Interest. In this clause and this Agreement,
    “Security Interest” includes, but not limited to,
    guaranty, mortgage, pledge, third-party right or interest, any
    share option, right of acquisition, right of first refusal,
    right of set-off, ownership, detainment or other security
    arrangements. However, it does not include any security interest
    arising under the Equity Pledge Agreement.

 

    1.5 Payment

 

    The manner of payment of the Purchase Price shall be determined
    through negotiations between Party A
    and/or the
    Designated Persons and the Transferor according to the
    applicable laws at the time of the exercise of the Option. The
    Parties hereby agree that, subject to applicable laws,
    Transferor shall repay to Party A any amount that is paid by
    Party A
    and/or the
    Designated Persons to the Transferor in connection with the
    Purchased Equity Interest (The taxes, if any, from the
    transaction according to the transfer agreement made by the
    transferor shall be deducted from such amount).

 

    2. Covenants Relating to the Equity Interest

 

    2.1 Covenants Relating to Party C

 

    Party B and Party C hereby covenant, for the issues involving
    Party C:

 

    2.1.1 Not to supplement, amend or modify Party C’s
    articles of association in any way, or to increase or decrease
    its registered capital, or to change its registered capital
    structure in any way without Party A’s prior written
    consent;

 

    2.1.2 To maintain the corporate existence of Party C and
    operate its business and deal with matters prudently and
    effectively according to good financial and business rules and
    practices;

 

    2.1.3 Not to sell, transfer, mortgage or otherwise dispose
    of, or permit any other security interest to be created on, any
    of Party C’s assets, business or legal or beneficial
    interests in its revenue at any time after the signing of this
    Agreement without Party A’s prior written consent;

 

    2.1.4 Not to create, succeed to, guarantee or permit any
    liability, without Party A’s prior written consent, except
    (i) liabilities arising from the normal course of business,
    but not arising from loans; and (ii) liabilities disclosed
    to Party A and approved by Party A in writing;

    

    2

 

 

    2.1.5 To operate persistently all the business in the
    normal course of business to maintain the value of Party
    C’s assets, and not to commit any act or omission that
    would affect its operations and asset value;

 

    2.1.6 Without prior written consent by Party A, not to
    enter into any material agreement, other than agreements entered
    into in Party C’s normal course of business (for purpose of
    this paragraph, an agreement will be deemed material if its
    value exceeds RMB[100,000]);

 

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

 

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

 

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

 

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

 

    2.1.11 To promptly notify Party A of any pending or
    threatened suit, arbitration or administrative proceedings
    concerning Party C’s assets, business or revenue;

 

    2.1.12 To execute all necessary or appropriate documents,
    to take all necessary or appropriate actions and to bring all
    necessary or appropriate claims or to make all necessary and
    appropriate defenses against all claims in order for Party C to
    maintain the ownership over all its assets;

 

    2.1.13 Not to distribute dividends to Party C’s
    shareholders in any way without Party A’s prior written
    consent. However, Party C shall promptly distribute all or part
    of its distributable profits to its shareholders upon Party
    A’s request;

 

    2.1.14 At the request of Party A, to appoint persons
    nominated by Party A to be the executive directors of
    Party C.

 

    2.2 Covenants Relating to the Transferor

 

    Party B hereby covenants:

 

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

 

    2.2.2 Without Party A’s prior written consent, not to
    vote for or sign any shareholders’ resolution at Party
    C’s shareholders’ meetings to approve the sale,
    transfer, mortgage or disposition in any other manner of, or the
    creation of any other security interest on, any legal or
    beneficial interest in the Equity Interest, except to or for the
    benefit of Party A or its designated persons;

 

    2.2.3 Without Party A’s prior written consent, not to
    vote for or sign any shareholders’ resolution at Party
    C’s shareholders’ meetings to approve Party C’s
    merger or consolidation with, acquisition of or investment in,
    any person;

 

    2.2.4 To promptly notify Party A of any pending or
    threatened suit, arbitration or administrative proceedings
    concerning the Equity Interest owned by it;

 

    2.2.5 To execute all necessary or appropriate documents, to
    take all necessary or appropriate actions and to bring all
    necessary or appropriate claims or to make all necessary and
    appropriate defenses against all claims in order to maintain
    his/her
    ownership over the Equity Interest;

 

    2.2.6 At the request of Party A, to appoint persons
    nominated by Party A to be the executive directors of
    Party C;

    

    3

 

 

    2.2.7 At any time, upon the request of Party A, to transfer
    its Equity Interest immediately and unconditionally to the
    representative designated by Party A, and waive its preemptive
    right with respect to the transfer of equity interest by the
    other shareholder of Party C;

 

    2.2.8 To fully comply with the provisions of this Agreement
    and the other agreements entered into jointly or respectively by
    and among the Transferor, Party C and Party A, perform all
    obligations under these agreements and not commit any act or
    omission that would affect the validity and enforceability of
    these agreements.

 

    2.2.9 Any and all earnings distributed from Party C and
    otherwise distributed shall be paid to Party A in full amount.

 

    2.3 Covenants Relating to Party A:

 

    Party A hereby covenants:

 

    2.3.1 To provide funding support unconditionally and
    unlimitedly to Party C within acceptable and reasonable scope if
    Party C needs any loan or other funding support during Party
    C’s business operations; and

 

    2.3.2 To waive unconditionally its claim for repayment of
    any loan from Party C if Party C fails to do so because Party C
    experiences loss in its business operations, provided that such
    loss may be sufficiently evidenced.

 

    3. Representations and Warranties

 

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

 

    3.1 It has the power and authority to execute and deliver
    this Agreement, and any equity transfer agreement
    (“Transfer Agreement”) to which it is party for each
    transfer of the Purchased Equity under this Agreement and to
    perform its obligations under this Agreement and any Transfer
    Agreement. Once executed, this Agreement and any Transfer
    Agreement to which it is party will constitute a legal, valid
    and binding obligation of it enforceable against it in
    accordance with its terms;

 

    3.2 The execution, delivery and performance of this
    Agreement or any Transfer Agreement by it will not:
    (i) violate any relevant PRC laws and regulations;
    (ii) conflict with its articles of association or other
    organizational documents; (iii) violate or constitute a
    default under any contract or instrument to which it is party or
    that binds upon it; (iv) violate any condition for the
    grant and/or
    continued effectiveness of any permit or approval granted to it;
    or (v) cause any permit or approval granted to it to be
    suspended, cancelled or attached with additional conditions;

 

    3.3 Party C has good and marketable ownership interest in
    all of its assets and has not created any security interest on
    the said assets;

 

    3.4 Party C has no outstanding liabilities, except
    (i) liabilities arising in its normal course of business;
    and (ii) liabilities disclosed to Party A and approved by
    Party A in writing;

 

    3.5 There are currently no existing, pending or threatened
    litigation, arbitration or administrative proceedings related to
    the Equity Interest, Party C’s assets or Party C; and

 

    3.6 The Transferor has good and marketable ownership
    interest in the Equity Interest and has not created any security
    interest on such Equity Interest, other than the security
    interest pursuant to the Equity Pledge Agreement.

 

    4. Assignment of Agreement

 

    4.1 Party B and Party C shall not assign their rights and
    obligations under this Agreement to any third party without the
    prior written consent of Party A.

 

    4.2 Party B and Party C hereby agree that Party A may
    assign all its rights and obligation under this Agreement to a
    third party without the consent of Party B and Party C, but such
    assignment shall be notified in writing to Party B and Party C.

 

    5. Effective Date and Term

 

    5.1 This Agreement shall be effective as of the date first
    set forth above.

    

    4

 

 

    5.2 The term of this Agreement is ten (10) years
    unless terminated earlier in accordance with the provisions of
    this Agreement or related agreements entered into by the
    Parties. Party B and Party C confirm that this Agreement may be
    extended with the written consent of Party A before its
    expiration and there is no need to get consent from Party B and
    Party C.

 

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

 

    6. Applicable Law and Dispute Resolution

 

    6.1 Applicable Law

 

    The formation, validity, interpretation and performance of and
    settlement of disputes under this Agreement shall be governed by
    the laws of the PRC.

 

    6.2 Dispute Resolution

 

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

 

    7. Taxes and Expenses

 

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

 

    8. Confidentiality

 

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

 

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

 

    8.2 Materials required to be disclosed by the applicable
    laws or rules of the stock exchange;

 

    8.3 Materials disclosed by each Party to its legal or
    financial advisors relating the transactions contemplated by
    this Agreement, and such legal or financial advisors shall
    comply with the confidentiality provisions set forth in this
    Article 8.

 

    9. Notices

 

    Notices or other communications required to be given by any
    party pursuant to this Agreement shall be written in Chinese and
    delivered personally or sent by mail or facsimile transmission
    to the address of each relevant party or both parties set forth
    below or such other address or addressees as specified by such
    party from time to time. The date when the notice is deemed to
    be duly served shall be determined as follows: (a) a notice
    delivered personally is deemed duly served upon delivery;
    (b) a notice sent by mail is deemed duly served the tenth
    (10th) day after the date when the postage prepaid registered
    airmail was sent out (as is shown on the postmark), or the
    fourth (4th) day after the delivery date to the
    internationally-recognized courier service agency; and
    (c) a notice sent by facsimile transmission is deemed duly
    served upon the receipt time as is shown on the transmission
    confirmation for relevant documents.

 

    

    5

 

	 	 	 
	

    Party A:

	
 
	
    Baidu Online Network Technology (Beijing) Co., Ltd.

	
 
	
 
	
    Address: Baidu Campus, No. 10,

    Shangdi 10th Street,, Haidian District, Beijing,

    PRC, 100085

	
 
	
 
	
    Attn:

	
 
	
 
	
    Fax:

	
 
	
 
	
    Tel:

	

    Party B:

	
 
	
    Yanhong Li

	
 
	
 
	
    ID No.: 110108196811171874

	
 
	
 
	
    Fax:

	
 
	
 
	
    Tel:

	

    Party C:

	
 
	
    Baidu HR Consulting (Shanghai) Co., Ltd.

	
 
	
 
	
    Address: No. 713-1, No. 200 Huiyuan Road, 

    Jiading District, Shanghai, 

    PRC, 201807

	
 
	
 
	
    Attn:

	
 
	
 
	
    Fax:

	
 
	
 
	
    Tel:

 

    10. Further Assurances

 

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

 

    11. Miscellaneous

 

    11.1 Amendment, Modification or Supplement

 

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

 

    11.2 Entire Agreement

 

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

 

    11.3 Severability

 

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

 

    11.4 Headings

 

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

 

    11.5 Language and Copies

 

    This Agreement is executed in Chinese in three copies; each
    Party holds one copy and each copy has the same legal effect.

    6

 

 

    11.6 Successor

 

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

 

    11.7 Survival

 

    Any obligation arising from or becoming due under this Agreement
    before its expiration or premature termination shall survive
    such expiration or premature termination. Articles 6, 8 and
    9 and this Section 11.7 shall survive the termination of
    this Agreement.

 

    11.8 Waiver

 

    Any Party may waive the terms and conditions of this Agreement
    by a written instrument signed by the Parties. Any waiver by a
    Party to a breach by the other Parties in a specific situation
    shall not be construed as a waiver to any similar breach by the
    other Parties in other situations.

 

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

    

    7

 

    [Signature Page]

 

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

 

		
	    Legal Representative/Authorized Representative: 	
    /s/  Haoyu
    Shen

 

    Seal: [Baidu Online Network Technology (Beijing) Co., Ltd. seal]

 

    Party B:
    Yanhong Li

 

		
	    Signature:  	
    /s/  Yanhong
    Li

 

    Party C: Baidu HR Consulting (Shanghai) Co., Ltd.

 

		
	    Legal Representative/Authorized Representative:  	
    /s/  Yanhong
    Li

 

    Seal: [Baidu HR Consulting (Shanghai) Co., Ltd seals]

    

    8exv4w46

    Exhibit
    4.46

 

    LOAN
    AGREEMENT

 

    This Loan Agreement (the “Agreement”) is entered into
    in Beijing, PRC as of December 28, 2010 by the following
    parties.

 

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

 

    Registration Address: Baidu Campus, No. 10, 

    Shangdi 10th Street,, 

    Haidian District, Beijing, 

    PRC, 100085

 

    Party B:
    Yanhong Li

 

    ID No.: 110108196811171874

    Address:

 

    WHEREAS,

 

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

 

    2. Party B is a citizen of the PRC and the shareholder of
    Baidu HR Consulting (Shanghai) Co., Ltd. (the
    “Company”).

 

    NOW THEREFORE, through friendly negotiations, the parties
    hereto agree as follows:

 

    1. Party A agrees to provide an interest-free loan to Party
    B with an aggregate principal amount of
    RMB 50,000,000 in accordance with the terms and
    conditions set forth in this Agreement.

 

    2. Party B confirms that he has received the total amount
    of the loan and has invested it into the Company as capital
    contribution.

 

    3. The Term of the loan starts from the date when Party B
    received the loan until ten (10) years after the execution
    of this Agreement and may be extended upon written agreement of
    the parties hereto. During the term of the loan or any extension
    thereof, Party A may notify Party B in writing that the loan
    under this Agreement is due and payable immediately and request
    Party B to repay the loan in the manner specified herein, if any
    of the following events occurs:

 

    (a) Party B resigns from or is dismissed by Party A or its
    affiliates;

 

    (b) Party B dies or becomes a person without capacity or
    with limited capacity for civil acts;

 

    (c) Party B commits a crime or is involved in a crime;

 

    (d) Any other third party claims more than RMB[100,000]
    against Party B; or

 

    (e) Subject to PRC laws, Party A or its designated person
    is permitted to invest in the business of value-added
    telecommunications services, such as Internet information
    services, as well as other businesses that the Company is
    engaged in, and Party A has given a written notice to the
    Company to exercise its purchase option in accordance with the
    exclusive equity purchase option agreement specified in
    Article 4 of this Agreement.

 

    4. Both parties hereby agree and confirm that, subject to
    PRC laws, Party A shall have the right, but not the obligation,
    to purchase, or designate other persons (including natural
    persons, legal persons or other entities) to purchase, at
    anytime all or part of the equity interests held by Party B in
    the Company (the “Option Right”), provided, however,
    that Party A shall notify Party B in writing of such purchase of
    equity interests. Once the written notice for exercising the
    Option Right is given by Party A, Party B shall, according to
    Party A’s intention or instruction, transfer his equity
    interests in the Company to Party A or other persons designated
    by Party A at his

 

    original investment price (the “Original Investment
    Price”) or, if otherwise specified by laws, at an other
    price agreed upon by Party A. Both parties agree and confirm
    that, if at the time of Party A’s exercise of the Option
    Right, the lowest price permitted under then applicable laws and
    regulations is higher than the Original Investment Price, the
    purchase price to be paid by Party A or its designated persons
    shall be the lowest price permitted by applicable law. Both
    parties agree to execute an Exclusive Equity Purchase Option
    Agreement (the “Option Agreement”) in connection with
    the above matters.

 

    5. Both parties hereby agree and confirm that Party B may
    repay the loan only in the following manner: if permitted by PRC
    laws, Party B or its successor or assign shall transfer the
    equity interests in the Company to Party A or its designated
    persons and use the proceeds from such transfer to repay the
    loan, or otherwise agreed by both parties, when the loan is due
    and Party A gives a written notice.

 

    6. Both parties hereby agree and confirm that, except as
    otherwise provided for herein, the loan under this Agreement is
    interest-free. However, if, at the time the loan is due and
    Party B needs to transfer his equity interests in the Company to
    Party A or its designated persons, the actual transfer price is
    higher than the loan principal due to legal requirements or
    other reasons, the amount in excess of the loan principal, to
    the extent permitted by law, shall be deemed as interests or
    capital utilization cost, which shall be repaid to Party A
    together with the loan principal.

 

    7. Both parties hereby agree and confirm that Party B shall
    be deemed to have fully performed his obligations under this
    Agreement only if the following requirements are met:

 

    (a) Party B has transferred all his equity interests in the
    Company to Party A
    and/or its
    designated persons; and,

 

    (b) Party B has paid the total proceeds from such transfer
    or the maximum amount (including principal and the highest loan
    interest permitted under then applicable law) allowed by
    applicable law as repayment of the loan to Party A.

 

    8. To secure the performance of his obligations under this
    Agreement, Party B agrees to pledge all his equity interests in
    the Company to Party A (the “Equity Pledge”). Both
    parties agree to execute an Equity Pledge Agreement (the
    “Equity Pledge Agreement”) in connection with the
    above matters.

 

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

 

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

 

    (b) Party A has the right to execute and perform this
    Agreement. The execution and performance of this Agreement by
    Party A comply with its business scope, articles of association
    and other organizational documents. Party A has obtained all
    necessary and appropriate approvals and authorizations for the
    execution and performance of this Agreement;

 

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

 

    (d) The execution and performance of this Agreement by
    Party A do not violate any laws, regulations, approvals,
    authorizations, notices, other governmental documents to which
    Party A is subject, any agreement signed by it with any third
    party or any undertaking made by it to any third party; and

 

    (e) When executed by the parties hereto, this Agreement
    shall constitute the legal, valid and binding obligations of
    Party A.

 

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

 

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

 

    (b) Party B has the right to execute and perform this
    Agreement. The execution and performance of this Agreement by
    Party B comply with its business scope, articles of association
    and other organizational

    

    2

 

    documents. Party B has obtained all necessary and appropriate
    approvals and authorizations for the execution and performance
    of this Agreement;

 

    (c) The execution and the performance of this Agreement by
    Party B do not violate any laws, regulations, approvals,
    authorizations, notices, other governmental documents to which
    Party B is subject, any agreement signed by Party B with any
    third party or any undertaking made by Party B to any third
    party;

 

    (d) When executed by the parties hereto, this Agreement
    shall constitute the legal, valid and binding obligations of
    Party B;

 

    (e) Party B has paid contribution in full for its equity
    interests in the Company in accordance with applicable laws and
    regulations;

 

    (f) Except pursuant to the Equity Pledge Agreement and
    Option Agreement, Party B has not pledged or created any other
    security interest on, made any offer to any third party to
    transfer, accepted the offer of any third party to purchase, or
    execute agreement with any third party to transfer, Party
    B’s equity interests in the Company;

 

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

 

    (h) The Company has completed all necessary governmental
    approval, license, registration and filing.

 

    11. Party B covenants that it shall, during the term of
    this Agreement:

 

    (a) Not sell, transfer, pledge or dispose in any other
    manner of his equity or other interests in the Company, or allow
    the creation of other security interests thereon, without Party
    A’s prior written consent, except for equity pledges or
    other rights created for the benefit of Party A;

 

    (b) Not vote for at shareholder’s meetings of the
    Company or execute any shareholders’ resolutions approving
    the sale, transfer, pledge, disposition in any other manner, or
    the creation of any other security interest on, any legal or
    beneficial interest in the equity of the Company without Party
    A’s prior written consent, except to or for the benefit of
    Party A or its designated persons;

 

    (c) Not vote for at shareholder’s meetings of the
    Company or execute any shareholders’ resolutions approving
    the Company to merge or combine with, acquire or invest in any
    person without Party A’s prior written consent;

 

    (d) Promptly inform Party A of any pending or threatened
    litigation, arbitration or regulatory proceeding concerning the
    equity interests of the Company;

 

    (e) Execute all necessary or appropriate documents, take
    all necessary or appropriate actions, bring all necessary or
    appropriate lawsuits or assert all necessary and appropriate
    defenses against all claims in order to maintain his equity
    interests of the Company;

 

    (f) Not commit any act or omission that may materially
    affect the assets, business and liabilities of the Company
    without Party A’s prior written consent;

 

    (g) Appoint any person nominated by Party A to be the
    executive director of the Company;

 

    (h) Upon Party A’s exercise of its Option Right,
    transfer promptly and unconditionally, all of Party B’s
    equity interests in the Company to Party A or a person
    designated by Party A, provided that such transfer is permitted
    under the laws of PRC;

 

    (i) Not request the Company to distribute dividends or
    profits;

 

    (j) Once he has transferred his equity interests in the
    Company to Party A or its designated persons, promptly repay,
    subject to applicable laws, the proceeds received for such
    transfer in full, as the loan principal and loan interests or
    capital utilization cost allowed by laws, to Party A; and

    

    3

 

    (k) Comply strictly with the terms of this Agreement, and
    perform the obligations pursuant to this Agreement and not
    commit any act or omission that would affect the validity and
    enforceability of this Agreement.

 

    12. Party B, as the shareholder of the Company, covenants
    that he shall cause the Company, during the term of this
    Agreement:

 

    (a) Not to supply, amend or modify its articles of
    association, or to increase or decrease its registered capital,
    or to change its capital structure in any way without Party
    A’s prior written consent;

 

    (b) To maintain and operate its business and deal with
    matters prudently and effectively, in accordance with good
    financial and business rules and practices;

 

    (c) Not to sell, transfer, mortgage, dispose of in any
    other manner, or to create other security interest on, any of
    its assets, business or legal or beneficial right to its
    revenues without Party A’s prior written consent;

 

    (d) Not to create, succeed to, guarantee or permit any
    liability, without the Party A’s prior written consent,
    except (i) the liability arising from the ordinary course
    of business, but not arising through Party B; and (ii) the
    liability reported to and approved by Party A in writing;

 

    (e) To operate persistently all the business and to
    maintain the value of its assets;

 

    (f) Not to execute any material contracts (for the purpose
    of this paragraph, a contract will be deemed material if the
    value of it exceeds RMB[100,000]), without Party A’s prior
    written consent, other than those executed during the ordinary
    course of business;

 

    (g) To provide information concerning all of its operation
    and financial affairs upon Party A’s request;

 

    (h) Not to merge or combine with, acquire or invest in, any
    other person without Party A’s prior written consent;

 

    (i) Not to issue dividends to shareholders in any form
    without Party A’s prior written consent. However, the
    Company shall promptly distributable all its distributable
    profits to each of its shareholders upon Party A’s request;

 

    (j) To inform promptly Party A of any pending or threatened
    suit, arbitration or regulatory proceeding concerning the
    assets, business or revenue of the Company;

 

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

 

    (l) To comply strictly with the terms of the Exclusive
    Technology Consulting and Service Agreement and other agreements
    between Party A and the Company, perform its obligations under
    aforesaid agreements, and not commit any act or omission that
    would affect the validity and enforceability of such agreements.

 

    13. This agreement shall inure to the benefit of and be
    binding upon the parties hereto and their respective successors
    and assignees. Without prior written approval of Party A, Party
    B can not assign, pledge or otherwise transfer any right,
    benefit or obligation under this agreement.

 

    14. Party B agrees that Party A can assign its rights and
    duties under this Agreement to a third party when it thinks
    necessary, in which case Party A only needs to give a written
    notice to Party B and no further consent of Party B is required.

 

    15. The execution, validity, interpretation, performance,
    amendment, termination and resolution of disputes in connection
    with this Agreement shall be governed by the laws of the PRC.

 

    16. Arbitration.

 

    Both parties shall strive to settle any dispute, conflict, or
    claim arising from the interpretation or performance (including
    any issue relating to the existence, validity and termination of
    this Agreement) in connection with this Agreement through
    friendly consultation. In case no settlement can be reached
    within thirty (30) day after one party

    

    4

 

    requests for the settlement, each party may submit such dispute
    to China International Economic and Trade Arbitration Commission
    (the “CIETAC”) for arbitration in accordance with its
    rules. The arbitration award shall be final and binding upon the
    parties.

 

    The seat of the arbitration shall be Beijing.

 

    The language for the arbitration proceedings shall be Chinese.

 

    17. This Agreement shall be formed on the date of
    execution. And both parties hereto agree that the terms and
    conditions of this Agreement shall be effective as of the date
    on which Party B has obtained the loan and shall expire when
    both parties have fully performed their obligations under this
    Agreement.

 

    18. Party B cannot terminate or revoke this Agreement
    unless (a) Party A commits a gross negligence, fraud or
    other material illegal acts; or (b) Party A goes bankrupt.

 

    19. This Agreement may not be amended or modified except
    with a written agreement reached by both parties. In case of
    anything not covered herein, both parties may sign a written
    supplementary agreement. Any amendment, modification, supplement
    or annex to this Agreement shall form an integral part of this
    Agreement.

 

    20. This Agreement constitutes the entire agreement of the
    parties hereto with respect to the subject matters hereof and
    supersedes all prior verbal discussions or written agreements
    between the parties with respect to subject matters hereof.

 

    21. This Agreement is severable. If any clause of this
    Agreement is held to be invalid or unenforceable, such
    invalidity or unenforceability shall have no effect on the
    validity or enforceability of the remainder of this Agreement.

 

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

 

    23. Any obligation arising from or becoming due under this
    Agreement before the expiration or early termination of this
    Agreement shall survive such expiration or early termination.
    The Articles 15, 16 and 22 of this Agreement shall survive
    the termination of this Agreement.

 

    24. This Agreement shall be executed in two originals, with
    each party holding one original. All originals shall have the
    same legal effect.

 

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

    

    5

 

    [Signature Page]

 

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

 

    Legal Representative/Authorized Representative:
    /s/  Haoyu Shen

 

    Seal: [Baidu Online Network Technology (Beijing) Co., Ltd. seal]

 

    Party B: Yanhong Li

 

    Signature: /s/  Yanhong
    Li

    

    6

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