Document:

EX-4.25

 Exhibit 4.25 

STRATEGIC COOPERATION AND ANTI-DILUTION FRAMEWORK AGREEMENT 

BETWEEN XIAOMI CORPORATION AND KINGSOFT CLOUD 

This Strategic Cooperation and Anti-Dilution Framework Agreement (the “Agreement”) dated January 29, 2022, is made and entered
into by and between the following parties in the People’s Republic of China (“PRC”, for the purpose of the Agreement, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan): 

 

							
	 Party A
	  	 	:	 	  	Kingsoft Cloud Holdings Limited (NASDAQ Stock Code: KC, hereinafter referred to as “Kingsoft Cloud”. Kingsoft Cloud, the subsidiaries included in its consolidated financial statements, and affiliated entities,
collectively referred to as “Kingsoft Cloud Group”)
			
	 Address
	  	 	:	 	  	Building E, Xiaomi Science and Technology Park, An Ning Zhuang Road, Haidian District, Beijing, the PRC
			
	 Party B
	  	 	:	 	  	Xiaomi Corporation (HKEX Stock Code: 01810, hereinafter referred to as “Xiaomi”; Xiaomi, the subsidiaries included in its consolidated financial statements, and affiliated entities, collectively referred to as
“Xiaomi Corporation”)
			
	 Address
	  	 	:	 	  	Xiaomi Science and Technology Park, An Ning Zhuang Road, Haidian District, Beijing, the PRC

 WHEREAS: 
 1. Xiaomi
Corporation and Kingsoft Cloud Group have established an in-depth partnership in cloud services, resources sharing and others. For the purpose of further clarifying, standardizing and deepening such
cooperation and establishing long-term and constructive partnership, both Parties, adhering to the principles of fairness, impartiality and integrity, unanimously agree to establish a strategic cooperative relationship and carry out all-round cooperation in potential fields in order to consolidate and expand the advantages in their respective fields, and hereby enter into the Agreement. 

2. The Agreement is a framework agreement, and both Parties may execute and perform the Agreement through their respective relevant entities to implement
specific service details according to actual business needs. 
 3. In the Agreement, the percentage of Xiaomi’s equity interest in Kingsoft Cloud is
calculated as follows: 
  

	 	•	 	 The numerator is the total number of ordinary shares and American depositary receipts (“ADRs”) of
Kingsoft Cloud held by Xiaomi as of the date of the Agreement; 

  

	 	•	 	 The denominator is the total number of shares issued by Kingsoft Cloud as of the date of the Agreement, which is
the total issued shares (including ordinary shares and ADRs) listed in the Register of Members of Kingsoft Cloud on the date of this Agreement. 

4. As of the date of the Agreement, the total number of ordinary shares and ADRs of Kingsoft Cloud held by Xiaomi is equivalent to 449,701,000 ordinary
shares. 
 Now, THEREFORE, in accordance with the provisions of the Civil Code of the People’s Republic of China and other relevant laws and
regulations, both Parties have entered into the Agreement through friendly negotiations in order to clarify their rights and obligations. Party A and Party B are herein each referred to as a “Party” and collectively the
“Parties”. The details are as follows: 
 Article 1 Details of Strategic Cooperation 

1.1 Purchase of products, services and solutions 

1.1.1 In light of the principle of fairness, impartiality and integrity, both Parties unanimously agree to establish a strategic partnership
with respect to the cloud business. On the premise of complying with listing rules of the places where the relevant securities are listed, the respective applicable corporate governance documents (articles of association, shareholder agreements,
etc.), transaction norms, internal procurement/transaction processes of the Parties, Xiaomi Corporation gives priority to the products, services and solutions provided by Kingsoft Cloud Group when purchasing cloud and relevant information system
products, services and solutions. Both Parties acknowledge that Xiaomi Corporation will make purchases according to the Purchase Contract subsequently signed by both Parties, where the prices will be fully referred to the quality and prices
of similar services and products provided by independent third parties, and shall be fair and reasonable, and in line with the fair market prices. 

 1.1.2 The potential priority areas of cooperation between the Parties shall include, without
limitation to: 
 (1) Products and services for cloud computing and cloud storage: 

(a) Kingsoft Cloud Group will give priority to Xiaomi Corporation in offering cloud storage and cloud computing services, exert its best
commercial efforts to guarantee the steadiness and sustainability of the service, and provide the service at a reasonable rate determined in the following manners: 

(i) based on the methods of determining fair market price in the cloud storage and cloud computing industry; 

(ii) based on the total cost incurred in connection with provision of such service plus a reasonable profit; and 

(iii) By full reference to the price and/or reasonable profit of independent third parties. 

(b) Subject to Kingsoft Cloud Group providing the cloud storage and cloud computing services at a reasonable price to Xiaomi Corporation,
Xiaomi Corporation shall give priority to purchasing services from Kingsoft Cloud and shall guarantee that 70% of the cloud storage and cloud computing services used in its MIUI image storage business is from Kingsoft Cloud. 

(2) Information system service (IT service) (ERP and non-ERP service); 

(3) Cloud products and services related to IoT business; 

(4) Cloud products and services related to overseas business; 

(5) Cloud products and services related to Xiaomi automobiles business, and 

(6) Other possible areas of cooperation to be subsequently confirmed by the Parties. 

1.2 Resources sharing 
 1.2.1 The Parties agree
to make full use of the advantageous resources of both Parties and prioritize to cooperate with the other Party under the same terms and conditions. 

1.2.2 Potential areas of cooperation between the Parties include but are not limited to: 

(1) Integration of solutions: Xiaomi Corporation and Kingsoft Cloud Group shall, reserve certain business development and technical resources
to form an integrated solution for integrating the enterprise service capacity of the Parties, and to conduct substantial discussion, analysis and development on the joint development and contract execution with corporate clients; 

(2) Client referral: Xiaomi Corporation shall, when referring to any cloud and related information technology products, services and solutions
to its customers and partners in its ecological chain, give priority to the products, services and solutions of Kingsoft Could Group under the same conditions, and vice versa; and 

(3) Sharing other resources. 

1.2.3 The Parties shall, based on this Agreement, explore more cooperation models in the cloud industry, enter into further negotiations on the
details of implementation, and enter into specific implementation agreements separately based on the cooperation details set forth above. The execution of specific implementation agreements entered into between the Parties shall be subject to the
applicable provisions of the listing rules of the place where the relevant securities are listed, and the necessary approval process in accordance with the entities’ applicable corporate governance documents (articles of association,
shareholder agreements, etc.), listing rules, transaction norms, internal procurement/transaction procedures. 
 1.2.4 Xiaomi Corporation
undertakes to support the execution and performance of the relevant agreements to the extent that it can exercise its voting right. 

 Article 2 Pricing Arrangement 

2.1 With respect to the details of the strategic cooperation between the Parties hereunder, the Parties shall make reference to the quality of similar services
and products provided by independent third parties and applicable historical prices in terms of pricing so as to ensure that they are fair and reasonable, in line with fair market prices, determined fairly and reasonably through friendly
negotiations, and will be in the best interests of the respective shareholders of the Xiaomi Corporation and Kingsoft Cloud Group. Such product prices and service fees shall be no higher than the prices on which the service provider relies to
provide similar services to independent third parties, thereby ensuring that the terms and conditions are fair and reasonable. 
 2.2 The specific pricing
arrangement and the amount of the service fees for the next three years shall be subject to the agreements that may be entered into by both Parties through their respective entities in accordance with the principles set forth herein, if any, based
on actual business needs. 
 Article 3 Anti-dilution Rights 

3.1 For the purpose of strengthening the strategic cooperation between the two Parties and implementing the aforesaid strategic partnership, Kingsoft Cloud
undertakes to grant Xiaomi Corporation anti-dilution rights during the term of the Agreement (as defined in Section 4.1 below), unless otherwise required for regulatory reasons. Xiaomi shall have rights to purchase a Pro Rata Share (as defined
in Section 3.4 below) in the allotment and issuance of New Securities (as defined in Section 3.5 below) of Kingsoft Cloud such that, following the completion of the relevant allotment and issuance, the percentage of Xiaomi’s
shareholding in Kingsoft Cloud shall be no less than the percentage of Xiaomi’s shareholding in Kingsoft Cloud (including ordinary shares and ordinary shares equivalent to ADRs) as of the date of the Agreement. Specifically, Kingsoft Cloud
agrees that, in accordance with applicable domestic and international laws and regulations, in the event the Company proposes to undertake any allotment and issuance of New Securities in a single transaction or a series of transactions, directly or
indirectly, including in both public and private offerings or placements of securities (including, without limitation, a listing on the Main Board of the Stock Exchange of Hong Kong), during the term of the Agreement, then Kingsoft Cloud undertakes
that, it shall not undertake such allotment and issuance of New Securities unless Kingsoft Cloud delivers a Participation Notice (as defined below) to Xiaomi and complies with the provisions set forth in Section 3.3 of the Agreement. The
Parties acknowledge that Xiaomi shall have the right to designate its affiliated entities (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, hereinafter referred to as the “Hong Kong
Listing Rules”) to exercise such anti-dilution rights. 
 3.2 Participation Notice. The Parties agree that prior to the allotment and
issuance of any New Securities by Kingsoft Cloud, Kingsoft Cloud shall notify Xiaomi in writing of its proposed offering of New Securities (the “Participation Notice”), describing the amount and type of New Securities, the price,
price range or pricing mechanism (as applicable and as practicable) and the terms upon which Kingsoft Cloud proposes to issue such New Securities, and Xiaomi’s Pro Rata Share (as defined below) of such New Securities (as determined in
accordance with Section 3.4). Kingsoft Cloud shall provide such Participation Notice to Xiaomi without delay as applicable and practicable. Such Participation Notice shall be delivered by Kingsoft Cloud to Xiaomi no later than forty
(40) days prior to the date on which Kingsoft Cloud enters into the definitive agreement with respect to the allotment and issuance of the New Securities (i.e. the Hong Kong Underwriting Agreement), unless the timing of such Notice may be
otherwise agreed upon by the Parties through friendly negotiations. 
 3.3 Exercise of anti-dilution rights. The Parties agree that during the term
of the Agreement (as defined in Section 4.1 hereof), Kingsoft Cloud grants anti-dilution rights to Xiaomi in connection with the allotment and issuance of New Securities of Kingsoft Cloud. The specific arrangements for the exercise of the
anti-dilution rights are as follows: 
 3.3.1 The Parties agree that Xiaomi shall, upon receipt of any such Participation Notice, notify
Kingsoft Cloud in writing without delay (the “Exercise Notice”) and state therein the quantity of New Securities to be purchased (which shall not exceed the Pro Rata Share of Xiaomi or its designated entity). Provided that
the final number of New Securities issued does not exceed the quantity set forth in the Participation Notice and Xiaomi has given an Exercise Notice, Xiaomi (or the entity it designates) shall irrevocably elect in writing to purchase the number of
such New Securities as set forth in the Exercise Notice in accordance with the pricing mechanism and the terms and conditions thereof stipulated in the Participation Notice. Pursuant to Article 3 hereof, the price payable for subscription for any
New Securities shall be equal to the price offered to and payable by all other investors participating in such offering, and such subscription shall be based on the same terms or conditions offered to and obtained by all other investors
participating in such offering. 

 3.3.2 The Parties agree that in the event Xiaomi fails to deliver an Exercise Notice in
writing to so elect to purchase any of its Pro Rata Share of New Securities pursuant to Section 3.3 hereof within the time limit of six (6) business days following Kingsoft Cloud’s Participation Notice, Xiaomi shall be deemed
to have forfeited and waived any right to purchase any New Securities held on such Pro Rata Share basis under Section 3.1 hereof on that occasion. Nevertheless, it shall not be deemed to forfeit or waive any right with respect to any
future issuance of New Securities under this Agreement. Where there is a practical need, Xiaomi may give a written notice to Kingsoft Cloud requesting an extension of such time limit, which shall not be unreasonably withheld by Kingsoft Cloud,
provided that such Exercise Notice is given no later than five (5) business days prior to Kingsoft Cloud entering into the definitive agreement with respect to the allotment and issuance of the New Securities. 

3.3.3 The Parties agree that, notwithstanding anything to the contrary in Section 4.3 of the Agreement, any purchase by Xiaomi of its Pro
Rata Share of any New Securities must be made in compliance with any applicable domestic and international laws, rules and regulations (including stock exchange rules), and any internal policies and procedures of the Parties. 

3.3.4 If the exercise of the anti-dilution rights by Xiaomi triggers Xiaomi’s obligation to obtain shareholders’ approval under the
Hong Kong Listing Rules, the Parties shall separately negotiate the exercise of Section 3.3 herein. The Parties may, upon negotiation, adjust the relevant period by agreement in order to meet the requirement for Xiaomi to obtain
shareholders’ approval, provided that such relevant approval of independent shareholders’ meeting must be obtained three (3) business days prior to Kingsoft Cloud entering into the definitive agreement with respect to the allotment
and issuance of the New Securities. Failure to do so shall result in Xiaomi being deemed to have forfeited and waived any right to purchase a pro rata share of the New Securities pursuant to Section 3.1 hereof. 

3.4 Pro rata share. For the purposes of the Agreement, Xiaomi’s “Pro Rata Share” shall be equal to (i) the total number of
shares issued by Kingsoft Cloud immediately after the issuance of New Securities, plus any equity securities issued or issuable upon exercise of all pre-existing anti-dilution rights or other similar rights to
obtain additional equity securities in connection with the issuance of the New Securities, multiplied by (ii) the percentage of equity interests (including ordinary shares and ADRs) held by Xiaomi in Kingsoft Cloud as of the date of the
Agreement; less the number of shares (including ordinary shares and ADRs) held by Xiaomi in Kingsoft Cloud immediately prior to the issuance of the New Securities. For the avoidance of doubt, rounding is also required to avoid fractional shares
regarding such calculations. 
 3.5 For the purposes of the Agreement, “New Securities” shall refer to any equity securities or convertible
securities (including ordinary shares, ADRs or any other equity securities) sold in any transaction (including but not limited to a public offering in connection with the listing of Kingsoft Cloud on the Main Board of the Stock Exchange of Hong
Kong) after the date of the Agreement, but excluding: 
 3.5.1 any options, grant rights, awards, restricted shares or any other share-based
awards issued or issuable under any employee equity incentive plan (the “Company Equity Incentive”) approved by the Board of Directors of Kingsoft Cloud (the “Board”), and any equity securities issuable upon
exercise, vesting or conversion of any company equity awards; 
 3.5.2 any equity securities issued pursuant to the cancelation or exchange
of any ADRs of Kingsoft Cloud by the holders thereof; 
 3.5.3 any equity securities issued pursuant to any acquisition of any entity through
a merger, acquisition, purchase of substantially all of the assets of such entity, reorganization or similar transaction, in each case, as approved by the Board; 

3.5.4 any equity securities issued in connection with any share split, share division, share dividend or distribution, reclassification or
other similar event as approved by the Board; and 
 3.5.5 any other equity securities issued upon the conversion, exchange or exercise of
any securities of Kingsoft Cloud outstanding as of the date of this Agreement or issued subsequent to the date hereof. 

 3.6 The Parties acknowledge that the anti-dilution rights in this section have not been taken into
consideration in the specific pricing arrangements and the determination of the maximum amount of the service fees for the next three years under the Strategic Cooperation Framework Agreement as set forth in Article 1 hereof between Kingsoft Cloud
and Xiaomi Corporation. The Parties acknowledge that the service fees payable by Kingsoft Cloud Group to Xiaomi Corporation and the pricing arrangements hereunder shall be governed by the relevant provisions in Article 2 hereof. 

Article 4 Term, Performance and Termination of the Agreement 

4.1 The Parties agree that the Agreement shall take effect upon signing by the authorized representatives of the Parties. The term of the Agreement shall be
valid from effective date to December 31, 2024 (the “Term”). Subject to the Agreement complying with relevant laws and regulations and listing rules, the Parties will review and decide on the renewal of the cooperation two
(2) months prior to the expiry of the Term. The Agreement may be renewed for three (3) years upon agreement between the Parties and subject to relevant approval procedures. 

4.2 The Parties agree that they will explore additional procurement and partnership models in potential areas of cooperation during the Term of the Agreement,
and negotiate and implement the details of the cooperation subject to applicable corporate governance documents (articles of association, shareholder agreements, etc.), listing rules, transaction norms, and internal procurement/transaction
procedures. 
 4.3 The Parties agree that during the cooperation period, both Parties may hold communication meetings regularly or irregularly and establish
a good communication mechanism to ensure timeliness of service and continuous improvement and optimization of business. 
 4.4 The Parties agree that if any
provision under the Agreement is ruled to be, or is deemed by the applicable entity’s regulatory authorities (including, without limitation, any government body, any applicable stock exchange (including those in connection with IPO)) to be,
inconsistent with the laws, regulations and listing requirements or rules governing such applicable entity (“Regulatory Reasons”), the Parties shall amend the provision of the Agreement through negotiations to ensure its compliance
with the requirements of the regulatory authorities. If some terms of the Agreement are terminated for any Regulatory Reason (e.g., Article 3 Anti-Dilution Rights), the Parties shall resolve with respect to the other terms of the Agreement through
separate negotiation. 
 4.5 The Parties agree that if either Party breaches any provision of the Agreement (the “Breaching Party”), the
other Party (the “Non-breaching Party”) may notify the Breaching Party in writing that it has committed a breach and require the Breaching Party to make remedies within a specified reasonable
period of time. If the Breaching Party fails to remedy such breach within the aforementioned period, the Non-breaching Party is entitled to terminate the Agreement immediately. The Non-breaching Party reserves the right to recover compensation and any other legally permissible claims against the Breaching Party. 

4.6 The Parties agree that, termination of this Agreement shall be without prejudice to the rights or obligations of either Party already accrued pursuant to
this Agreement. 
 Article 5 Representations and Warranties of the Parties 

5.1 Both Parties are duly incorporated and validly existing under the laws of the place of incorporation. 

5.2 The Parties hold the necessary licenses, permits, registrations, certificates, and other qualifications and approvals, whether domestic or overseas, to
provide the services hereunder. 
 5.3 The Parties have taken all required actions and (except as otherwise expressly provided herein) obtained all
consents, approvals, authorizations and permits necessary to enter into the Agreement. The execution of the Agreement shall not violate (i) the articles of association of the Parties, (ii) any other agreements or obligations of the
Parties, or (iii) any laws, regulations or ordinances in force of the PRC or other relevant jurisdictions. Their representatives who sign the Agreement have been fully authorized to sign the Agreement. 

5.4 The Parties undertake to comply with the applicable listing rules and other requirements of the applicable entities’ regulatory authorities, as well
as the applicable laws and regulations both within and outside China as amended and updated from time to time for the purpose of the transactions hereunder. 

 5.5 Each Party undertakes to procure its subsidiaries to enter into specific implementation agreements with
the other Party or its subsidiaries pursuant to this Agreement, and to procure its subsidiaries to take or do any act or thing or refrain from conducting anything as necessary for them to properly perform their obligations hereunder. 

5.6 One Party undertakes to the other Party to provide sufficient information and reasonable assistance to the other Party and the independent non-executive directors of the other Party and/or the independent financial adviser, auditor and legal adviser appointed by the other Party in order to ensure that the other Party is able to make the relevant
filings and disclosures (if required) in respect of the transactions hereunder in accordance with the applicable laws and regulations both within and outside China, applicable listing rules, and other requirements of the applicable entities’
regulatory authorities. 
 Article 6 Force Majeure 
 6.1
In the event that either Party fails to perform its obligations hereunder in whole or in part due to a force majeure event, performance of such obligations shall be suspended for the period of time during which the force majeure event hinders its
performance. A force majeure event shall mean any event which is beyond the reasonable control of the affected Party, could not have been foreseen or, if foreseen, could not have been avoided or overcome by such Party, and occurs after the date of
the Agreement and makes performance of the Agreement in whole or in part by such Party objectively impossible or impracticable (including, but not limited to, failure to perform at a reasonable cost). Such events include, but are not limited to,
floods, fires, droughts, windstorms, earthquakes and other natural disasters, traffic accidents, strikes, turmoil, riots, and wars (regardless of whether war is declared), and acts and omissions of government authorities. 

6.2 The Party claiming to be affected by the force majeure event shall notify the other Party of the occurrence of the force majeure event in writing within
the shortest possible time and provide the other Party with appropriate evidence of such force majeure event and its duration by courier, registered mail or facsimile within fifteen days of the occurrence of such force majeure event. The Party
claiming that a force majeure event makes its performance of the Agreement objectively impossible or impractical shall be obligated to make all reasonable efforts to eliminate or mitigate the effects of such force majeure event. 

6.3 In the event of a force majeure event, the Parties shall promptly decide how to implement the Agreement through friendly negotiations. Upon termination or
elimination of the force majeure event or its effects, the Parties shall immediately resume performance of their respective obligations hereunder. 

Article 7 Information Disclosure and Confidentiality 
 7.1
Neither Party shall make any disclosure of information (including but not limited to announcements, notices and circulars) in connection with the matters hereof without the prior written consent of the other Party, except where such disclosure is
made in accordance with the laws of the PRC or the regulations of the China Securities Regulatory Commission, the Stock Exchange of Hong Kong, the Securities and Futures Commission of Hong Kong or any other relevant regulations. 

7.2 Both Parties shall be obligated to keep confidential any trade secrets of the other Party known hereunder, and shall not disclose them to any third party
without the written consent of the other Party, except as required by laws and regulations or by the stock exchanges where the shares of both Parties and their affiliates are listed or by relevant laws and regulations. Either Party violating the
provisions of this Article shall fully compensate the other Party for all direct and indirect losses incurred therefrom. 
 7.3 Upon termination of the
Agreement, the Parties shall continue to be bound by the confidentiality obligations under this Article. 
 Article 8 Notice 

8.1 Notices or other communications made by a Party pursuant to the Agreement shall be in writing and in the Chinese language, and shall be delivered by hand
or registered mail to the address designated by the other Party. The date on which the notice is deemed to have been validly made shall be determined in accordance with the following provisions: 

8.1.1 A notice delivered by hand shall be deemed effective on the date it is signed for by the person designated by the other Party delivered
to by hand; 
 8.1.2 Notices sent by registered mail shall be deemed valid on the fifth (5th) day (or the next business day if the last day
falls on a Saturday, Sunday or legal holiday) after postage is paid (as determined by the postmark date); 

 8.1.3 The mailing addresses of both Parties are as follows: 

Party A: Kingsoft Cloud Holdings Limited 

Contact: Wang Yi 
 Address:
Building E, Xiaomi Science and Technology Park, An Ning Zhuang Road, Haidian District, Beijing, the PRC 
 Party B: Xiaomi 

Contact: Liu Zhen 
 Address:
Xiaomi Science and Technology Park, An Ning Zhuang Road, Haidian District, Beijing, the PRC 
 8.2 If one Party changes its mailing address, it shall notify
the other Party in writing of such change without delay as provided in this Article. 
 Article 9 Applicable Laws and Dispute Resolution 

9.1 The Agreement shall be governed by and construed in accordance with the laws of the PRC. 

9.2 Any dispute arising out of or in connection with the Agreement shall be resolved by the Parties at their own discretion through friendly negotiations. If
no mutually acceptable conclusion is reached upon negotiations within thirty (30) days, either Party may file an application with the Beijing Arbitration Commission. According to the arbitration rules of the Commission, the arbitration
proceeding shall take place in Beijing in Chinese. The arbitral award shall be final and binding on both Parties. 
 Article 10 Miscellaneous 

10.1 The Parties agree to separately bear all relevant costs and expenses arising from the execution of the Agreement in accordance with the relevant Chinese
laws. In the absence of legal provisions, such costs and expenses shall be shared equally between both Parties. 
 10.2 Except with the prior written
consent of one Party hereto, the other Party hereto is prohibited from assigning its rights and obligations hereunder. 
 10.3 The Agreement and the related
documents referred to herein shall constitute the entire agreement and understanding between the Parties with respect to all matters stated herein, and shall supersede all prior agreements, contracts, understandings and communications, whether oral
or written, between the Parties with respect to all matters described herein. 
 10.4 Unless otherwise provided, one Party’s failure to exercise or
delay in exercising its rights, powers or privileges hereunder shall not constitute a waiver of such rights, powers or privileges. Any single or partial exercise of such rights, powers, or privileges shall not preclude the exercise of any other
rights, powers, or privileges by such Party. 
 10.5 The Appendices hereto, if any, are an integral part of the Agreement and shall be as equally binding as
the Agreement. 
 10.6 The Agreement is made in two originals, one for each Party, and both have the same legal effect. 

(The remainder of this page is intentionally left blank as the signature and seal page) 

 (This page is intentionally left blank as the signature and seal page of the Strategic Cooperation and
Anti-Dilution Framework Agreement between Xiaomi Corporation and Kingsoft Cloud) 
 Party A: 

Kingsoft Cloud Holdings Limited 
  

                          
                                   

Authorized representative (Signature): 
 The
signature and seal page of the Strategic Cooperation and Anti-Dilution Framework Agreement between Xiaomi Corporation and Kingsoft Cloud 

 (This page is intentionally left blank as the signature and seal page of the Strategic Cooperation and
Anti-Dilution Framework Agreement between Xiaomi Corporation and Kingsoft Cloud) 
 Party B: 

Xiaomi Corporation 
  

                          
                           

Authorized representative (Signature): 
 The
signature and seal page of the Strategic Cooperation and Anti-Dilution Framework Agreement between Xiaomi Corporation and Kingsoft CloudDocument

EXHIBIT 10.1     
SOUTHWEST AIRLINES CO.
SENIOR EXECUTIVE SHORT TERM INCENTIVE PLAN

NOTICE OF GRANT OF RESTRICTED CASH AWARD

Pursuant to the terms of the Southwest Airlines Co. Senior Executive Short Term Incentive Plan (the “Plan”), Southwest Airlines Co. (the “Company”) hereby grants to you (the “Participant”) a restricted cash award (“Restricted Cash Award” or “Award”), in accordance with, and subject to, the following: 
						
		Participant:
		Date of Grant:
		Potential Aggregate Value:

						
	    Vesting Schedule

	Percentage of Restricted Cash Award Vesting	Vesting Date
		
		
		

Participant understands and agrees that the Restricted Cash Award is granted in accordance with, and subject to, the terms and conditions of the Plan and the Terms and Conditions accompanying this Notice of Grant. 

By asserting any rights with respect to this Award, the Participant (and any person who has acquired this Award by will or the laws of descent and distribution or intestacy) will be deemed to have understood and agreed to the terms and conditions of the Plan and the accompanying Terms and Conditions.

1

SOUTHWEST AIRLINES CO.
SENIOR EXECUTIVE SHORT TERM INCENTIVE PLAN
TERMS AND CONDITIONS

RESTRICTED CASH AWARD

By asserting any rights with respect to a Restricted Cash Award (“Restricted Cash Award” or “Award”) received pursuant to the Southwest Airlines Co. Senior Executive Short Term Incentive Plan (the “Plan”) and granted pursuant to the Notice of Grant  of Restricted Cash Award with which these Terms and Conditions are attached (the “Notice of Grant”), the recipient of the Award (the “Participant”) will be deemed to have understood and agreed to the terms and conditions of the Plan and the terms and conditions set forth below. Capitalized terms used and not otherwise defined in these Terms and Conditions or in the Notice of Grant shall have the meanings assigned to them in Appendix A to these Terms and Conditions. 
1.    Vesting. Subject to these Terms and Conditions and the provisions of the Plan, vesting of the Award will be subject to and in accordance with the schedule set forth in the Notice of Grant. 
2.    Interpretation.  The Participant’s Restricted Cash Award is subject to the terms and conditions of the Plan, which terms and conditions are incorporated herein by reference.  The Participant’s Restricted Cash Award is also subject to any rules promulgated pursuant to the Plan by the Company’s Board of Directors (the “Board”), the Compensation Committee of the Board (the “Committee”), or the persons designated by the Committee to administer the day-to-day administration of the Plan.  Any decisions or interpretations upon any questions with respect to a Restricted Cash Award or the Plan, including the cash amount(s) to be received (as permissible pursuant to applicable laws, rules, or regulations) shall be determined (i) by the Committee, (ii) by the Board, or (iii) where permitted by the Committee, by any person(s) to whom the Committee has delegated its authority. The Participant (and any person who has acquired the Restricted Cash Award by will or the laws of descent and distribution or intestacy) agrees to accept any such decisions or interpretations as binding, conclusive, and final in all respects.  

3.    Payment of Award.  Subject to these Terms and Conditions and the provisions of the Plan, upon each Vesting Date, the Participant (or any person who has acquired the Restricted Cash Award by will or the laws of descent and distribution or intestacy) will become entitled to a lump sum cash payment equal to the value of the vested portion of the Award (the “Vested Award Amount”).  Payment of the Vested Award Amount will be made as soon as is administratively and reasonably practicable after the applicable Vesting Date, but in any event, no later than 30 days thereafter, subject to the Participant’s satisfaction of any Tax Obligations (as defined in Section 5 below); provided, however, in the event any action required to satisfy the Participant’s Tax Obligations has not been completed by the Participant within 85 days following the applicable Vesting Date, the Vested Award Amount will be forfeited at 4:00 p.m., Eastern Time, on such date. 
4.    Rights Upon Termination of Service. Subject to the provisions of subsections 4(a) and (b) below, in the event of termination of the Participant’s Service, any percentage of the Participant’s outstanding Restricted Cash Award that has not vested as of the date of termination of Service shall automatically and without notice be forfeited at 4:00 p.m., Eastern Time, on the date of termination; provided that, notwithstanding anything in the Plan or the Notice of Grant to the contrary:

1

(a) in the event of the termination of the Participant’s Service as a result of death or Disability, any percentage of the Participant’s outstanding Restricted Cash Award that has not yet vested will fully vest as of the date of termination; and 
(b) provided that the Participant’s Service has terminated no earlier than 12 months after the Date of Grant, in the event of a “qualified retirement,” any percentage of the Participant’s outstanding Restricted Cash Award that has not yet vested will remain outstanding as if the Participant’s Service has not terminated and will continue to vest in accordance with the vesting schedule set forth in the Notice of Grant, these Terms and Conditions, and the terms of the Plan. 
For purposes of Section 4(b), a Participant’s termination of Service will be considered a “qualified retirement” if (a) the Participant has completed at least 10 years of continuous Service; (b) the Participant’s age plus completed years of continuous Service equal at least 65 at the time of the Participant’s termination of Service; and (c) the Participant has not been terminated for cause.

5.    Taxes.
a.In order to comply with any federal, state, local, or other laws or regulations of the United States or any other applicable jurisdiction, the Company or any Affiliate is authorized to take such action as it shall deem appropriate to provide that all applicable federal, state, local, or other income, employment, or other tax withholding or similar obligations (collectively, “Tax Obligations”) to which the Participant is subject in connection with the Award are withheld or collected from the Participant. If and to the extent permitted by the Committee from time to time, the Company is authorized to satisfy the Tax Obligations by any one or more of the following methods: (i) by requiring the Participant to pay such amount in cash or check; (ii) by withholding an amount that would otherwise be payable with respect to the Award that is equal to the amount of the Tax Obligations; (iii) by deducting the amount of the Tax Obligations out of any other remuneration otherwise payable by the Company to the Participant; or (iv) by such other method as may become available to the Company from time to time. 
b.The Participant is ultimately liable and responsible for all of the Participant’s Tax Obligations, regardless of any action taken by the Company in accordance with Section 5.a. The Company makes no representation or undertaking regarding the treatment of any Tax Obligation in connection with the grant, vesting, or payment of the Award. The Company does not commit, and is under no obligation, to structure the Plan and its administration to reduce or eliminate a Participant’s tax liability.  
c.The Participant agrees to release and indemnify the Company and its Affiliates from any liability or damages arising from or relating to the Participant’s failure to comply with his or her Tax Obligations.
6.    Restriction on Transfer.  The Participant’s Award and any rights with respect to the Participant’s Award may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of by the Participant except by will or the laws of descent and distribution or intestacy, and any attempt to sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Participant’s Award will be void and unenforceable against the Company or any Affiliate. 

7.    Section 409A Compliance.  The Plan and these Terms and Conditions are intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A"), including its exceptions, and shall be construed and administered in accordance with such intent.  Notwithstanding any other provision of the Plan, these Terms and Conditions, or the Notice of Grant, the Company may only make cash 

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payments pursuant to the Award upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments that may be excluded from Section 409A as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. Notwithstanding the foregoing, the Company makes no representations that the Award or any payments made pursuant to the Award comply with Section 409A, and the Company will not be liable for any portion of any taxes, penalties, interest, or other expenses that the Participant may incur because of non-compliance with Section 409A.

Notwithstanding any provision of the Plan, these Terms and Conditions, or the Notice of Grant to the contrary, if the Participant is a “specified employee” within the meaning of Section 409A as of the date of the Participant’s termination of Service, and the Company determines in good faith that immediate payments of any amounts under the Award would cause a violation of Section 409A, then any amount due upon the Participant’s “separation from service” within the meaning of Section 409A that (i) is subject to the provisions of Section 409A; (ii) is not otherwise excluded under Section 409A; and (iii) would otherwise be paid during the first six-month period following the Participant’s separation from service, shall become payable on the earlier of (1) the first business day after the date that is six months following the date of separation from service or (2) the date of the Participant’s death. 

8.    No Right to Continued Service and other Participant Acknowledgments.  Nothing herein shall be construed to confer upon the Participant any right to continue as an Employee, Director, or Advisor or to interfere with or restrict in any way the right of the Company or any Affiliate to discharge the Participant at any time (subject to any contractual rights of the Participant) for any reason whatsoever, with or without cause and with or without advance notice. Furthermore, nothing herein shall in any way be construed as imposing on the Company or any Affiliate a contractual obligation between the Company or any Affiliate and the Participant, other than with respect to the specific terms of the Participant’s Award. 
9.    Law Governing. The Participant’s Award shall be governed by, and construed in accordance with, the laws of the State of Texas, without regard to conflicts of laws principles thereof.
10.    Legal Construction. In the event that any one or more of these Terms and Conditions shall be held by a Court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term or condition shall not affect any other term or condition, and these Terms and Conditions shall be construed in all respects as if the invalid, illegal, or unenforceable term or condition had never been contained herein.

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Appendix A

Definitions

“Advisor” means any natural person performing advisory or consulting services for the Company or any Subsidiary, with or without compensation, to whom the Company chooses to grant an Award under the Plan; provided that (i) bona fide services must be rendered by such person; and (ii) such services are not rendered in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities. 

“Affiliate” means any corporation, partnership, limited liability company, or partnership, association, trust, or other organization that directly or indirectly controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50 percent of the securities having ordinary voting power for the election of directors of the controlled entity or organization; or (ii)  to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities or by contract or otherwise. 

“Director” means an individual who is a member of the Southwest Airlines Co. Board of Directors.

“Disability” means the inability of a Participant to continue to perform services for the Company because of the sickness or injury of the Participant, as determined by the Company’s Chief Executive Officer, Chief People Officer, Chief Financial Officer, and/or General Counsel. Such a determination will be made in good faith and in the sole discretion of one or more of these officers, who shall also have sole discretion to determine the effective date of a Participant’s termination of Service as a result of Disability. 

“Employee” means any person (including a Director) in an employment relationship with the Company or any Affiliate. 

“Service” means a Participant’s employment or service with the Company or any Affiliate of the Company, whether in the capacity of an Employee, a Director, or an Advisor. A Participant’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders Service to the Company or any Affiliate or because of a change in entity for which services are performed; provided, however, to the extent necessary to comply with the provisions of Section 409A, a termination of Service shall mean a “separation from service” within the meaning of Section 409A. 

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