Document:

EX-4.24 EQUITY PURCHASE OPTION AGREEMENT

Exhibit 4.24

TRANSLATION

EXCLUSIVE EQUITY PURCHASE OPTION AGREEMENT

This Exclusive Equity Purchase Option Agreement (this “Agreement”) is entered into as of [Date]
among the following parties in [Location]:

	 	 	 
	Party A:

	 	Baidu Online Network Technology (Beijing) Co., Ltd.
	 
	 	 
	Legal Address:

	 	12/F., Ideal International Plaza, No. 58 North-West 4th
Ring, Haidian District, Beijing, PRC, 100080
	 
	 	 
	Party B: 

ID Number:

	 	[An individual]
	Legal Address:
	 	 
	 
	 	 
	Party C:

	 	[Name of the consolidated affiliated PRC entity]
	Legal Address:
	 	 

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 PRC, is licensed by [Licensing
Agency] to carry out the business of [Business];
	 
	3.	 	Party B is the shareholder of Party C. Party B has ownership of ___% 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 [Date]; and
	 
	5.	 	Party A and Party B entered into an equity pledge agreement (the “Equity Pledge Agreement”)
on [Date].
	 
	 	 	NOW, THEREFORE, the Parties upon negotiation hereby agree as follows:
	 
	1.	 	Purchase and Sale of Equity Interest

	 	1.1	 	Granting of Rights
	 
	 	 	 	Party B (hereafter, the “Transferor”) 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
	 
	 	 	 	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.

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	 	1.3	 	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 cause Party C to convene a shareholders’
meeting. During the meeting, resolutions approving the transfer of the Equity
Interest from the Transferor to Party A and/or the Designated Persons shall be
adopted;
	 
	 	1.4.2	 	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 with Party A and/or the Designated Persons (as
applicable) for each transfer;
	 
	 	1.4.3	 	The related parties 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 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” means 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, as the repayment of the loan principal under the Loan
Agreement, as well as legally permitted interests or capital.

	2.	 	Covenants Relating to the Equity Interest

	 	2.1	 	Covenants Relating to Party C
	 
	 	 	 	Party B and Party C hereby covenant:

	 	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;

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	 	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;
	 
	 	2.1.5	 	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
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;

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	 	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 cause the shareholders’ meeting to approve the transfer of the
Purchased Equity Interest under this Agreement;
	 
	 	2.2.6	 	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;
	 
	 	2.2.7	 	At the request of Party A, to appoint persons nominated by Party A
to be the directors of Party C;
	 
	 	2.2.8	 	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;
	 
	 	2.2.9	 	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.

	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	 	Party C complies with all PRC laws and regulations applicable to the acquisition
of assets;
	 
	 	3.6	 	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
	 
	 	3.7	 	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.

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	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.
	 
	 	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. This Agreement may be extended with the written consent of Party A before
its expiration. The term of the extension shall be decided by the Parties through
negotiation.
	 
	 	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;

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	 	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. Any disclosure
of confidential information by the personnel of any Party or by the institutions engaged
by such Party shall be deemed as a disclosure by such Party, and such Party shall be
liable for the breach under this Agreement. This Article 8 shall survive the invalidity,
cancellation, termination or unenforceability of this Agreement for any reason.

	9.	 	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.
	 
	10.	 	Miscellaneous

	 	10.1	 	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.
	 
	 	10.2	 	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.
	 
	 	10.3	 	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.
	 
	 	10.4	 	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.
	 
	 	10.5	 	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.
	 
	 	10.6	 	Successor
	 
	 	 	 	This Agreement shall bind upon and inure to the benefit of the successors and permitted
assigns of each Party.
	 
	 	10.7	 	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.

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	 	10.8	 	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.

[No text below on this page]

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[Signature Page]

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

Legal Representative/Authorized Representative:                                                             

Seal:

Party B: [An individual]

Signature:                                                             

Party C: [Name of consolidated affiliated PRC entity]

Legal Representative/Authorized Representative:                                                             

Seal:

8EX-4.25 LOAN AGREEMENT

Exhibit 4.25

TRANSLATION

LOAN AGREEMENT

This Loan Agreement (the “Agreement”) is entered into in [Location] as of [Date] by the following
parties.

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

Registration Address: 12/F., Ideal International Plaza, No. 58 North-West 4th Ring, Haidian
District, Beijing, PRC, 100080

	 	 	 
	Party B:

	 	[An individual]
	 

	 	ID No.:
	 

	 	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 owns
                    %
of the equity interests of [Name of the
consolidated affiliated PRC entity] (the “Company”) incorporated in [Location].

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

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	 	(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 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;

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	 	(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
	 
	 	(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.

4

 

	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 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.

[No text below on this page]

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[Signature Page]

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

Legal Representative/Authorized Representative:                                                             

Seal:

Party B:

	 	 	 	 	 
	Signature:

	 	 	 	 
	 	 	 	 	 

6

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