Document:

Services Agreement, dated as of November 29, 2011

 EXHIBIT 10.3 
 SERVICES AGREEMENT 
 This Services Agreement (this
“Agreement”) is dated November 29, 2011 and effective as of January 1, 2012 by and between (i) Beijing Changyou Gamespace Software Technology Co., Ltd. (“Gamespace”), a company organized and existing under the laws
of the PRC with its registered address at Room 158, Building 1, No. 3 Xijing Road, Badachu Hi -technology Park, Shijingshan District, Beijing, China and its legal representative being Wang Tao, and (ii) Beijing Sohu New Media Information
Technology Co., Ltd. (“Sohu New Media”), a company organized and existing under the laws of the PRC with its registered address at Room 802, 8th Floor of Sohu.com Internet Plaza, No.1 Park, Zhongguancun East Road, Haidian District, Beijing, China and its legal
representative being Charles Zhang. Gamespace and Sohu New Media are individually referred to as a “Party,” and together as the “Parties.” Capitalized terms used herein and not otherwise defined will have the meanings ascribed to
such terms in the Master Transaction Agreement (as defined below). 
 RECITALS 

WHEREAS, Gamespace is an indirect wholly-owned subsidiary of Changyou.com Limited, a Cayman Islands corporation (together with its
subsidiaries (including Gamespace) and VIEs, “Changyou”); 
 WHEREAS, Sohu New Media is an indirect wholly-owned
subsidiary of Sohu.com Inc., a Delaware corporation (together with its subsidiaries (including Sohu New Media) and VIEs other than those subsidiaries and VIEs included in the definition of Changyou, “Sohu”); 

WHEREAS, Sohu and Changyou have entered into a Master Transaction Agreement dated as of November 29, 2011 (the “Master
Transaction Agreement”), pursuant to which Sohu has agreed to sell the 17173 Business (as defined below) to Changyou (the “17173 Acquisition”) and Changyou has agreed to purchase the 17173 Business from Sohu; and 

WHEREAS, Changyou desires to engage Sohu to provide certain technical support services with respect to the 17173 Business to support
Changyou’s operation of the 17173 Business, subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in
consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, and intending to be legally bound, the Parties mutually covenant and agree as follows: 

ARTICLE I 

DEFINITIONS 
 1.1 Defined Terms. The following capitalized terms have the meanings given to them in this Section 1.1: 
 “17173 Acquisition” has the meaning set forth in the recitals to this Agreement. 

  
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 “17173 Business” means the online game information portal, web-based game
platform, software applications development and distribution, and other game-related services conducted or engaged in by Sohu in connection with or through the 17173 Websites immediately prior to the closing of the 17173 Acquisition, consisting of,
among other things, (i) links to the games of online game companies that are customers of the 17173 Websites, with Sohu being compensated by such customers according to the revenues that such customers earn from game players who reach the
customers’ games using click-throughs from the Websites and (ii) advertising services provided by Sohu to advertisers on the 17173 Websites. 
 “17173 Websites” means the homepages of www.17173.com, and www.37wanwan.com, and all other websites associated with such URLs that are owned or operated by Changyou on and after the closing of
the 17173 Acquisition. 
 “Affiliate” means any entity that controls, is controlled by, or is under common control
with a Party. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through ownership of voting securities or other
interests, by contract or otherwise. Solely for purposes of this Agreement, however, Sohu shall not be deemed to an “Affiliate” of Changyou, and Changyou shall not be deemed to be an “Affiliate” of Sohu. “Agreement”
means this Services Agreement, as the same may be amended and supplemented from time to time in accordance with the provisions hereof. 
 “Changyou” has the meaning set forth in the recitals to this Agreement. 

“Changyou Websites” means all websites owned, controlled or maintained by Changyou, including without limitation the 17173
Websites after the closing date of the 17173 Acquisition. 
 “Gamespace” has the meaning set forth in the preamble of
this Agreement. 
 “PRC” means the People’s Republic of China, excluding Taiwan, the Hong Kong Special
Administrative Region and the Macao Special Administrative Region. 
 “Sohu” has the meaning set forth in the recitals
to this Agreement. 
 “Sohu New Media” has the meaning set forth in the preamble of this Agreement. 

“Sohu Websites” means all websites owned, operated or controlled by Sohu, including, without limitation, Sohu.com and
Chinaren.com, but not including Changyou Websites. 
 “VIE” means a variable interest entity, as such term is defined
for the purposes of generally accepted U.S. accounting principles. 

  
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 ARTICLE II 
 TECHNICAL SUPPORT SERVICES 
 2.1 Sohu PEAK System. 

(a) During a period of twenty-five (25) years starting from January 1, 2012, Sohu New Media will make, or cause other
Sohu’s Affiliates to make, available to Changyou, Sohu’s PEAK online payment platform system to allow registered users of the 17173 Websites to connect from their accounts directly to their payment accounts in order to make direct online
purchases of Sohu virtual currencies for playing, through click-throughs from the 37wanwan.com web site, and the web sites of the online game companies that are customers of 17173 Websites. 

(b) For the services provided by Sohu under Section 2.1(a) hereof, Sohu New Media will charge Gamespace a fee (the “PEAK
Service Fee”) equal to 1.1% of the full face value (i.e., not reduced by any discount offered by Changyou to its customers) of the Sohu virtual currencies purchased, it being acknowledged by the Parties that such rate does not
exceed the current prevailing rates charged by third parties for similar services as of the date hereof. Amounts charged by Changyou to its customers will be collected by Sohu through its PEAK system and transferred to Gamespace, within 30 days
after the end of each calendar quarter. Gamespace will make a one-time prepayment (payable in RMB) for such services in an amount of RMB1,906,500 (equivalent to US$300,000) to Sohu New Media no later than January 31, 2012, which amount will be
applied toward the payment by Gamespace of the PEAK Service Fee under this Section 2.1(b). For the avoidance of doubt, the conversion rate between US$ and RMB for this Agreement shall be 6.355:1. 

2.2 Back-Office Services. 
 (a) During a period of three (3) years starting from January 1, 2012 (the “Back-Office Service Period”), Sohu New Media will make, or cause other Sohu’s Affiliates to make,
available to Changyou the following technical services (the “Back-Office Services”) for the conduct of the 17173 Business by Changyou: 
  

	 	(i)	back-office supporting services through Sohu’s CRM system with respect to accounts of advertising customers of the 17173 Business, including without limitation
(i) tracking and allocation of advertisement resources on the 17173 Websites and the Sohu Game Information Channel, (ii) management of advertiser information, (iii) management and processing of advertisement contracts with advertisers
and orders therefrom, and (iv) generation of various contract performance reports; 

  

	 	(ii)	generation, through Sohu’s Goto system, of various reports regarding the effectiveness and efficiency of the performance of advertisement contracts; and

  

	 	(iii)	provision, maintenance and management of email accounts (“17173 Email Addresses”) registered by users of the 17173 Websites; and provision of technical
support services necessary to enable the 17173 Websites to be accessed through Sohu Passport by such users using their 17173 Email Addresses. 

  
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 (b) In consideration of Sohu’s providing such Back-Office Services for the entire
Back-Office Service Period, Sohu New Media will charge Gamespace a one-time service fee of RMB38,130,000 (equivalent to $6,000,000), which shall be paid in full in RMB by Gamespace to Sohu New Media no later than January 31, 2012. In addition,
if, during the Back-Office Service Period, Sohu upgrades any software system of Sohu underlying any services that are same or substantially similar to the Back-Office Services, the corresponding software system underlying the Back-Office Services
shall also be upgraded in substantially the same manner. 
 (c) After the expiration of the Back-Office Service Period,
Gamespace, on behalf of itself and Changyou, will have the right, but not the obligation, to obtain from Sohu a perpetual, worldwide, royalty free license, with the right to sublicense to any other Changyou’s Affiliate, to use the software
system underlying the Back-Office Services, by Gamespace’s giving 30-day prior written notice to Sohu New Media, and if Gamespace elects to obtain such a license, Sohu will have no further obligation to make any upgrade to the software system
subject to such license after the grant of such license. In consideration for such license, if obtained by Gamespace, Gamespace will pay a one-time license fee of RMB6,355,000 (equivalent to US$1,000,000), which shall be paid in full in RMB by
Gamespace to Sohu New Media no later than January 31, 2015. 
 ARTICLE III 

INDEMNITIES 
 3.1 Intellectual Property. Sohu New Media on behalf of itself and Sohu, or Gamespace on behalf of itself and Changyou, as the case may be (“Indemnifying Party”), will indemnify, defend
and hold harmless the other Party, and its Affiliates, and their respective directors, officers, employees and agents (“Indemnitees”), against all claims, actions, liabilities, losses, and expenses (including reasonable attorneys’
fees) with respect to or arising out of any claim by a third party that any content provided by such Indemnifying Party and displayed on the 17173 Websites or the Sohu Websites constitutes defamation or an invasion of the right of privacy or
publicity, or infringement of the copyright, trademark or other intellectual property right, of such third party. Expressly excluded from the indemnification obligations hereunder is any content provided by visitors to the 17173 Websites or Sohu
Websites, including, but not limited to, such visitors who use chat rooms, bulletin boards, or other forums that allow visitors to display material that is not within the control of the Indemnifying Party. 

3.2 Procedure. The Indemnitee will promptly provide the Indemnifying Party with written notice of any claim which the Indemnitee
believes falls within the scope of this Article IV; provided however, that, except to the extent the Indemnifying Party is actually prejudiced by the Indemnitee’s failure to provide such prompt notice, such failure to provide prompt
notice hereunder will not limit the Indemnitee’s rights under this Article III. The Indemnitee may, at its own expense, assist in the defense of any such claim if it so chooses, provided that the Indemnifying Party will control such defense and
all negotiations relative to the settlement of any such claim. 

  
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 ARTICLE IV 
 MISCELLANEOUS 
 4.1 Entire Agreement. This Agreement constitutes the
entire agreement between the Parties with respect to the subject matter hereof and will supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 

4.2 Governing Law and Jurisdiction. 
 (a) This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and all disputes hereunder shall be governed by the laws of
the PRC. 
 (b) Each of the Parties hereto irrevocably agrees that any dispute or controversy arising out of, relating to, or
concerning any interpretation, construction, performance or breach of this Agreement, shall first be settled by the Parties through friendly negotiation. If the Parties fail to settle such dispute or controversy within 30 days after a Party notifies
the other Party of such dispute or controversy, such dispute or controversy shall be submitted to the China international Economic and Trade Arbitration Commission for arbitration which shall be conducted in accordance with the Commission’s
arbitration rules in effect at the time of the application for arbitration (the “Arbitration Rules”). The arbitration shall be held in Beijing. The award of the arbitral tribunal shall be final, conclusive and binding on the parties to the
arbitration. The party against whom the award of the arbitral tribunal was entered shall bear all the costs and expenses of such arbitration, including counsel fees and expenses. 

4.3 Amendment. This Agreement may be amended only by mutual written consent of the Parties. 

4.4 Notices. Notices and other communications to be given by any Party pursuant to the terms of this Agreement will be given in
writing to the respective Parties to the following addresses: 
 if to Sohu New Media: 

Level 12, Sohu.com Internet Plaza 
 No. 1 Unit Zhongguancun East Road, Haidian District 
 Beijing 100084

 People’s Republic of China 
 Attention: Carol Yu 
 Email: carol@sohu-inc.com 

  
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 if to Gamespace: 
 East Tower, JinYan Hotel 
 No. 29 Shijingshan road, Shijingshan 

Beijing 100043 

People’s Republic of China 
 Attention: Alex Ho 
 Email: alex@cyou-inc.com 

or to such other address or email address as the Party to whom notice is given may have previously furnished to the other in writing as provided herein.
Any notice involving non-performance or termination will be sent by hand delivery or recognized overnight courier. All other notices may also be sent by email, confirmed by mail. All notices will be deemed to have been given when received, if hand
delivered; when transmitted, if transmitted by email; upon confirmation of delivery, if sent by recognized overnight courier; and upon receipt if mailed. 
 4.5 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed to be an original but all of which will constitute one and the same agreement. 

4.6 Binding Effect; Assignment. This Agreement will inure to the benefit of and be binding upon the Parties hereto and their
respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by reason of this Agreement. No Party may assign
this Agreement or any rights or obligations hereunder, without the prior written consent of the other Party, and any such assignment without such consent will be void; provided, however, each Party may assign this Agreement to its Affiliate or a
successor entity in conjunction with the transfer of substantially all of the Party’s business, whether by sale of substantially all assets, merger, consolidation or otherwise. 

4.7 Confidentiality. Each Party shall, and shall cause its Affiliates to, hold, and shall use their reasonable best efforts to
cause their respective Representatives to hold, in confidence, any and all information, whether written or oral, obtained from the other Party in connection with the execution and performance of this Agreement, except for such information which the
disclosing party can prove (a) is generally available to and known by the public through no fault of the disclosing party, any of their Affiliates or their respective Representatives; or (b) is lawfully acquired by the disclosing party,
any of their Affiliates or their respective Representatives from third party sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation (the “Confidential Information”). If the
disclosing party or any of their Affiliates or their respective Representatives are compelled to disclose any Confidential Information by judicial or administrative process or by other requirements of Law, the disclosing party shall promptly notify
the other party in writing and shall disclose only that portion of such information which the disclosing party, is advised by its counsel in writing is legally required to be disclosed. Each Party agrees not to, and shall use their reasonable best
efforts to cause their respective Representatives not to, use any of the Confidential Information except for the purposes of performing this Agreement. 

  
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 4.8 Severability. If any term or other provision of this Agreement is determined by a
court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
Parties hereto will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest
extent possible. 
 4.9 Failure or Indulgence not Waiver; Remedies Cumulative. No failure or delay on the part of any
Party in the exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor will any single or partial exercise of any such right
preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

[Signatures on Next Page] 

  
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 WHEREFORE, the Parties have signed this Services Agreement effective as of the date first
set forth above. 
  

			
	Beijing Sohu New Media Information Technology Co., Ltd.
		
	By:	 	  

		 	Name: Charles Zhang
		 	Title: Legal Representative
	
	Beijing Changyou Gamespace Software Technology Co., Ltd.
		
	By:	 	  

		 	Name: Wang Tao
		 	Title: Legal Representative

  
 8Online Links and Advertising Agreement, dated as of November 29, 2011

 Exhibit 10.4 
 Online Link and Advertising Agreement 
 This Online Link and
Advertising Agreement (“this Agreement”) is entered into as of November 29, 2011 in Haidian District, Beijing, People’s Republic of China by and between Beijing Guanyou Gamespace Digital Technology Co., Ltd.
(“Changyou”), with its registered address at Room 810 7th floor, Building 1, No 18 yard, Shijingshanlu Yi Shijingshan District, Beijing, P. R. China, and Beijing Sohu New Media Information Technology Co., Ltd (“Sohu”), with its address at
Sohu.com internet Plaza Room 802, 8th floor, No.1 Park, Zhongguancun East Road, Haidian District, Beijing, P. R. China. 
 Through amicable
negotiation, Sohu agrees to provide Changyou with the right and access to certain online links, channels, and space for advertising placements, and Changyou agrees to engage Sohu to provide such right and access, in each case subject to the terms
and conditions hereunder. 
  

	1.	Definitions 

  

	 	1.1	“17173 Business” means the online game information portal, web-based game platform, software applications development and distribution, and other
related services conducted or engaged in by Changyou.com Limited and its affiliates and VIEs in connection with or through the Changyou Websites. 

  

	 	1.2	“Fees” means fees to be paid by Changyou to Sohu for the provision of the right and access to online links, channels, and space for advertising
placements as provided in this Agreement. 

  

	 	1.3	“Changyou Websites” means all websites owned, controlled or maintained by Changyou, including without limitation 17173.com and 37wanwan.com.

  

	 	1.4	“Deliverables” means all links, channels, and space for advertising placements delivered under this Agreement. 

 

	 	1.5	“Sohu Websites” means all websites owned, operated or controlled by Sohu, including, without limitation, Sohu.com and Chinaren.com, but not including
Changyou Websites. 

  

	 	1.6	“VIE” means a variable interest entity, as such term is defined for the purposes of generally accepted U.S. accounting principles.

  

	2.	Links. 

  

	 	2.1	During the period from January 1, 2012 through December 31, 2014, Sohu will include a link (such link, the “Games Link”) to games.sohu.com
(which will be for the exclusive use of Changyou) on the navigation bar of the Sohu.com homepage, in at least as prominent a location as the Games Link is currently included. Exhibit I is a screenshot showing such link as of November 29, 2011.
Sohu will also provide Changyou with such physical storage space (if any) as Changyou may need for the Games Link files and give Changyou exclusive control and administration over such storage space (via the use of separate login credentials and
other similar mechanisms). Any such storage space shall be treated as leased to Changyou. Changyou personnel will design the Games Link and have complete and exclusive control over its content and format, subject only to Sohu policies applicable to
all advertisers. Changyou will pay to Sohu for the Games Link Fees of RMB11,439,000 in a single lump sum on or before January 31, 2012. Changyou will have the option at its sole election, exercisable by written notice to Sohu delivered during
the calendar month of December 2014 to purchase the right to continued inclusion of such links on the Sohu.com homepage for an additional 22 years (from January 1, 2015 through December 31, 2036) at a price of RMB16,967,850 payable in a
single lump sum on or before January 31, 2015. For the avoidance of doubt, following the payment of RMB16,967,850 in accordance with the preceding sentence, no additional fees will be payable by Changyou to Sohu for the inclusion of such links
on the Sohu.com homepage (and Sohu will continue to provide Changyou with such physical storage space (if any) as Changyou may need for the Games Links files and give Changyou exclusive control and administration over such storage space (via the use
of separate login credentials and other similar mechanisms) for an additional 22 years). 

  
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	 	2.2	During the period from January 1, 2012 through December 31, 2014, Sohu will provide Changyou with no fewer than six lines and at least one picture box in the
game information zone of the home page of each Sohu Website for the placement of links to be designated by Changyou (the “Game Zone Links”). Sohu will also provide Changyou with such physical storage space (if any) as Changyou may
be need for the Game Zone Links files and give Changyou exclusive control and administration over such storage space (via the use of separate login credentials and other similar mechanisms). Any such storage space shall be treated as leased to
Changyou. In addition, the Game Zone Links will be served through a separate domain name specific to Changyou (primarily expected to be 17173.com). Changyou personnel will design the Game Zone Links and have complete and exclusive control over their
content and format, subject only to Sohu policies applicable to all advertisers. Changyou will pay to Sohu, for all of such use and storage space, Fees of RMB5,719,500 payable in a single lump sum on or before January 31, 2012. Changyou will
have the option at its sole election, exercisable by written notice to Sohu delivered during the calendar month of December 2014, to purchase the right to continue to use specific space in the game information zone for Game Zone Links for an
additional 22 years (from January 1, 2015 through December 31, 2036) at a price of RMB8,452,150 payable in a single lump sum on or before January 31, 2015. For the avoidance of doubt, following the payment of RMB8,452,150 in
accordance with the preceding sentence, no additional fees will be payable by Changyou to Sohu for the use of such specific space in the game information zone (and Sohu will continue to provide Changyou with such physical storage space (if any) as
Changyou may need for the Game Zone Links files and give Changyou exclusive control and administration over such storage space (via the use of separate login credentials and other similar mechanisms)) for such additional 22 years.

  
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	3.	Game Channeal and Advertising Placement. Sohu will provide to Changyou the use of advertising space (which includes tangible and intangible properties, such as
space on web pages, audience and Web traffic, as well as storage space)on the Sohu Websites. The use of advertising space are related to Changyou’s operation of the 17173 Business in the areas of online advertisements, banners, buttons, game
zones and other online advertising mediums. It is the intent of the parties that such use will constitute a rental/licensing of the relevant advertising space from Sohu to Changyou. In particular, Sohu will provide to Changyou the use of advertising
space related to certain advertising and marketing efforts (collectively, the “Specified Transactions”) for the 17173 Business as follows: 

 

	 	3.1	During the period from January 1, 2012 through December 31, 2014, Sohu will provide to Changyou the sole and exclusive use of the entire game channel
games.sohu.com on the Sohu Websites. Sohu will also provide Changyou with physical storage space for Changyou files related to such channel and give Changyou exclusive control and administration over such storage space (via the use of separate login
credentials and other similar mechanisms). Such storage space will be treated as leased to Changyou. Changyou personnel will design all content to be placed on such channel and have complete and exclusive control over such content and its format,
subject only to Sohu policies applicable to all third-party users of space on its channels. Changyou will pay to Sohu, for all of such use and storage space, Fees of RMB19,065,000 payable in a single lump sum on or before January 31, 2012.

  

	 	3.2	Changyou may purchase additional advertising space or channels on the Sohu Websites (the “Additional Items”) from time to time as Changyou deems
necessary or desirable for the 17173 Business by delivering to Sohu standard Sohu advertising purchase orders on a quarterly basis. For each fiscal year, Sohu and Changyou will discuss and agree on the details of the Additional Items, such as the
position, period of display, and price by January 31 of such year. The price for Additional Items shall be based on standard Sohu pricing policies for third parties in effect from quarter to quarter, according to the actual amount of
advertising space ordered by Changyou. Sohu will grant to Changyou a priority right to purchase advertising space for the 17173 Business on the Sohu Websites during the period from January 1, 2012 through December 31, 2014. Changyou will
make an advance payment of RMB114,390,000 (the “Advance Payment”) to Sohu prior to January 31, 2012 against Fees payable under this Section 3.2. In the event that the actual Fees payable under this Section 3.2 for the period
from January 1, 2012 through December 31, 2014 are less than RMB114,390,000, the balance of the Advance Payment will be applied to future purchases of advertisements by Changyou from Sohu (whether or not for the 17173 Business); and in the
event that the actual Fees payable under this Section 3.2 for the period from January 1, 2012 through December 31, 2014 exceed RMB114,390,000, Changyou will pay the excess amount to Sohu within thirty (30) working days after the
end of each applicable quarter. In addition Changyou will be entitled to discounts and free advertisement space for the 17173 Business, in connection with and proportional to the advertisement space purchased by Changyou pursuant to its quarterly
purchase order under this Section 3.2, which will be determined in accordance with and on a basis no less favorable to Changyou than the discounts and free advertisement space that Sohu provides to other third parties under similar
circumstances. Sohu will also provide Changyou with such physical storage space (if any) as Changyou may need for the Additional Items files and give Changyou exclusive control and administration over such storage space (via the use of separate
login credentials and other similar mechanisms). Such storage space shall be treated as leased to Changyou. In addition, the Additional Items will be served, as applicable, through a separate domain name specific to Changyou. Changyou personnel will
design the Additional Items and have complete and exclusive control over their content and format, subject only to Sohu policies applicable to all advertisers. It is currently not contemplated that Sohu will provide services to Changyou under this
Agreement. In the event that Changyou determines that Changyou has a need for Sohu’s services in relation to Additional Items in the future, however, Sohu and Changyou will discuss such services and agree as to appropriate payment for, and the
scope of, any such services. 

  
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	 	3.3	If, due to operational requirements, Sohu determines in its reasonable and sole discretion that it needs to make changes to the home page, catalogue pages or channels
on the Sohu Websites, and such changes will result in changes to the position and/or size of a link and/or the Additional Items, then Sohu will notify Changyou in writing of its intended changes fifteen (15) days in advance of making such
changes, specifying the revised position and size of the link and/or the Additional Items. Changyou will, within ten (10) days of receiving the aforementioned notice, confirm its understanding of the same in writing to Sohu. Sohu will make
reasonable efforts to accommodate any objections Changyou makes to such changes within such ten-day period, provided that Sohu will be under no obligation to make any such accommodation if Sohu reasonably determines that such accommodation is not
practicable. If Changyou fails to reply to Sohu’s notice within the stipulated period, Changyou will be deemed to have accepted the changes. 

  

	 	3.4	Once any advertising resources are available, Sohu shall grant Changyou priority right of booking and purchasing any of such advertising resources.

  

	4.	Sohu Rejections. Sohu reserves the right to reject any content or link that is not reasonably consistent with Sohu’s standards, provided that Sohu notifies
Changyou of the reason for rejection and accepts such content or link if the reason for rejection is cured. 

  

	5.	Fees and Method of Payment. The Fees shall be paid in cash, by check or by wire transfer, as designated by Sohu, to the following account:

 Account name: Beijing Sohu New Media Information Technology Co., Ltd 

Account No.: 862281851810001 
 Bank name: China Merchants Bank-Bei San Huan Sub-Branch 

  
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 Bank code: 846 

 

	6.	No Warranty. Except as expressly stated in this Agreement, all Deliverables under this Agreement are provided “as is.” Except as expressly stated in
this agreement, neither party makes any representations or warranties of any kind concerning the Deliverables, express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, non-infringement, or
the absence of latent or other defects, whether or not discoverable. Neither party extends any warranties of any kind as to their content and/or websites being error free. 

 

	7.	Limitation of Damages. In no event will either party, or their directors, officers, agents, employees or affiliates, be liable for incidental,
special or consequential damages of any kind, including economic damages or injury to property and lost profits, under any theory of law, regardless of whether such party is advised, has other reason to know, or in fact does know of the possibility
of the foregoing. 

  

	8.	Indemnification for Intellectual Property. Each party (“Indemnifying Party”) will indemnify, defend and hold harmless the other party, and its
subsidiaries and variable interest entities (except that, for purposes of this Section 8, Sohu.com Inc. subsidiaries and variable interest entities will not include Changyou.com Limited and its subsidiaries and variable interest entity), and
their respective directors, officers, employees and agents (“Indemnitees”), against all claims, actions, liabilities, losses, and expenses (including reasonable attorneys’ fees) brought by a third party relating to or arising out of
any claim that any content provided by such Indemnifying Party and displayed on the Changyou Websites or the Sohu Websites constitutes a defamation or invasion of the right of privacy or publicity, or infringement of the copyright, trademark or
other intellectual property right, of any third party. This indemnity will specifically not apply to content provided by visitors to the Changyou Websites or Sohu Websites, including, but not limited to, such visitors who use chat rooms, bulletin
boards, or other forums that allow visitors to display material that is not within the control of the Indemnifying Party. The Indemnitee will promptly provide the Indemnifying Party with written notice of any claim which the Indemnitee believes
falls within the scope of this Section 8; provided, however, that, except to the extent the Indemnifying Party is actually prejudiced by the Indemnitee’s failure to provide such prompt notice, such failure to provide prompt notice
hereunder will not limit the Indemnitee’s rights under this Section 8. The Indemnitee may, at its own expense, assist in the defense of any such claim if it so chooses, provided that the Indemnifying Party will control such defense and all
negotiations relative to the settlement of any such claim. 

  

	9.	Dispute Resolution and Governing Law 

  

	 	9.1	Each of the Parties hereto irrevocably agrees that any dispute or controversy arising out of, relating to, or concerning any interpretation, construction, performance
or breach of this Agreement, shall first be settled by the parties through friendly negotiation. If the parties fail to settle such dispute or controversy within 30 days after a party notifies the other party of such dispute or controversy, such
dispute or controversy shall be submitted to the China international Economic and Trade Arbitration Commission for arbitration which shall be conducted in accordance with the Commission’s arbitration rules in effect at the time of the
application for arbitration (the “Arbitration Rules”). The arbitration shall be held in Beijing. The award of the arbitral tribunal shall be final, conclusive and binding on the parties to the arbitration. The party against whom the award
of the arbitral tribunal was entered shall bear all the costs and expenses of such arbitration, including counsel fees and expenses. 

  
 5 

	 	9.2	The execution, performance and interpretation of this Agreement shall be governed by the laws of People’s Republic of China. 

 

	10.	Notices and Modification 

  

	 	10.1	Any notices and communications between the parties shall be made in writing and delivered to the address specified in this Agreement by facsimile, e-mail, hand delivery
(including express courier service) or registered airmail. 

  

	 	10.2	For notices or communications sent by facsimile, the exact time as indicated by the system transmission records shall be deemed as the time of receipt, unless such
facsimile is sent after 5:00 PM or on a non-business day in the place of the recipient, in which case the date of receipt shall be deemed as the following business day. For those sent by e-mail, the date recorded in the sender’s e-mail system
shall be regarded as the time of receipt. For those sent by hand delivery, the date that the receiving party signs for the receipt of the documents shall be deemed as the time of receipt. For those sent by registered airmail, the date as recorded on
the post office’s way bill shall be deemed as the time of receipt. 

  

	 	10.3	Any modification on this Agreement shall be made in written and become effective after signing and chopping by both parties. This Agreement may be terminated in advance
provided that both parties reach and execute written termination agreement. 

  

	11.	Miscellaneous 

  

	 	11.1	The title of this Agreement and the headings of the terms herein are for reference only and shall not be used to interpret the provision of this Agreement.

  

	 	11.2	This Agreement shall become effective as of January 1, 2012. 

  

	 	11.3	This Agreement is executed in duplicates, with each party holding one copy. Both copies have the same legal effects. 

 

	 	11.4	The annotations, attachments, supplemental agreements shall be the integral part of this Agreement and has the same legal effect as this Agreement.

  
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 Exhibit I 
 The Games Link (circled in the screenshot below) currently shown on the navigation bar of the Sohu.com homepage: 
 

 

  
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 IN WITNESS WHEREOF, the parties have entered into this Online Link and Advertising Agreement
effective as of the date first set forth above. 
  

			
	Beijing Guanyou Gamespace Digital Technology Co., Ltd.
		
	By:	 	  

		 	Name: Tao Wang
		 	Title: Legal Representative
	
	Beijing Sohu New Media Information Technology Co., Ltd
		
	By:	 	  

		 	Name: Charles Zhang
		 	Title: Legal Representative

  
 8

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