Document:

EX-4.7

 Exhibit 4.7 
 EXECUTION VERSION 
 ORDINARY SHARES PURCHASE AGREEMENT

 between 
 QUNAR CAYMAN ISLANDS LIMITED 
 and 

BAIDU HOLDINGS LIMITED 
 dated as of 
 June 24, 2011 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 1.
	  	 Purchase and Sale of Ordinary Shares
	  	 	2	  
				
		  	1.1	  	 Sale and Issuance of Ordinary Shares
	  	 	2	  
		  	1.2	  	 Closing; Delivery
	  	 	2	  
		  	1.3	  	 Defined Terms Used in this Agreement
	  	 	3	  
			
	 2.
	  	 Representations and Warranties of the Company
	  	 	8	  
				
		  	2.1	  	 Organization, Good Standing and Qualification
	  	 	8	  
		  	2.2	  	 Capitalization
	  	 	8	  
		  	2.3	  	 Subsidiaries
	  	 	11	  
		  	2.4	  	 Authorization
	  	 	11	  
		  	2.5	  	 Valid Issuance of Securities
	  	 	11	  
		  	2.6	  	 Governmental Consents and Filings
	  	 	11	  
		  	2.7	  	 Litigation
	  	 	12	  
		  	2.8	  	 Intellectual Property
	  	 	12	  
		  	2.9	  	 Compliance with Other Instruments
	  	 	13	  
		  	2.10	  	 Agreements; Actions
	  	 	15	  
		  	2.11	  	 Disclosure
	  	 	17	  
		  	2.12	  	 No Conflict of Interest
	  	 	17	  
		  	2.13	  	 Rights of Registration and Voting Rights
	  	 	18	  
		  	2.14	  	 Title to Property and Assets
	  	 	18	  
		  	2.15	  	 Financial Statements
	  	 	18	  
		  	2.16	  	 Changes
	  	 	19	  
		  	2.17	  	 Employee Benefit Plans; Employees
	  	 	20	  
		  	2.18	  	 Taxes
	  	 	21	  
		  	2.19	  	 Labor Agreements and Actions
	  	 	21	  
		  	2.20	  	 Proprietary Information, Invention Assignment and Non-Competition Agreement
	  	 	22	  
		  	2.21	  	 Permits
	  	 	22	  
		  	2.22	  	 Corporate Documents
	  	 	22	  
		  	2.23	  	 Controlled Foreign Corporation
	  	 	23	  
		  	2.24	  	 83(b) Elections
	  	 	23	  
		  	2.25	  	 Real Property Holding Corporation
	  	 	23	  
		  	2.26	  	 Circular 75 Registration
	  	 	23	  
		  	2.27	  	 No Directed Selling Efforts
	  	 	23	  
		  	2.28	  	 Insurance Coverage
	  	 	23	  
		  	2.29	  	 Environment
	  	 	23	  
		  	2.30	  	 PRC Taxes and Subsidies
	  	 	24	  
		  	2.31	  	 Finder’s Fee
	  	 	24	  
			
	 3.
	  	 Representations and Warranties of the Purchaser
	  	 	24	  
				
		  	3.1	  	 Authorization
	  	 	24	  
		  	3.2	  	 Purchase Entirely for Own Account
	  	 	25	  

  
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 TABLE OF CONTENTS 
  

									
		  	3.3	  	 Disclosure of Information
	  	 	25	  
		  	3.4	  	 Restricted Securities
	  	 	25	  
		  	3.5	  	 No Public Market
	  	 	25	  
		  	3.6	  	 Legends
	  	 	26	  
		  	3.7	  	 Not U.S. Person
	  	 	26	  
		  	3.8	  	 Home Laws
	  	 	26	  
		  	3.9	  	 No General Solicitation
	  	 	26	  
		  	3.10	  	 Finder’s Fee
	  	 	26	  
		  	3.11	  	 Sufficient Funds Available
	  	 	26	  
			
	 4.
	  	 Pre-Closing Covenants
	  	 	27	  
				
		  	4.1	  	 Conduct of the Company
	  	 	27	  
		  	4.2	  	 Access to Information
	  	 	29	  
		  	4.3	  	 Notices of Certain Matters
	  	 	29	  
		  	4.4	  	 Reasonable Efforts to Complete
	  	 	29	  
		  	4.5	  	 Public Announcements
	  	 	30	  
		  	4.6	  	 Exclusivity
	  	 	30	  
			
	 5.
	  	 Conditions of the Purchaser’s Obligations at Closing
	  	 	31	  
				
		  	5.1	  	 Representations and Warranties
	  	 	31	  
		  	5.2	  	 Performance
	  	 	31	  
		  	5.3	  	 No MAE
	  	 	31	  
		  	5.4	  	 Compliance Certificate
	  	 	31	  
		  	5.5	  	 Qualifications
	  	 	31	  
		  	5.6	  	 Approvals and Consents
	  	 	31	  
		  	5.7	  	 Boards of Directors
	  	 	31	  
		  	5.8	  	 Restated Articles and Amended Share Plan
	  	 	32	  
		  	5.9	  	 Transaction Documents
	  	 	32	  
		  	5.10	  	 Employment Agreements
	  	 	32	  
		  	5.11	  	 Proprietary Information, Invention Assignment and Non-Competition Agreement
	  	 	32	  
		  	5.12	  	 Director’s Certificate
	  	 	32	  
		  	5.13	  	 [Reserved]
	  	 	32	  
		  	5.14	  	 Opinion of PRC Counsel
	  	 	32	  
		  	5.15	  	 Opinion of Cayman Counsel
	  	 	33	  
		  	5.16	  	 [Reserved]
	  	 	33	  
		  	5.17	  	 Proceedings and Documents
	  	 	33	  
		  	5.18	  	 Due Diligence
	  	 	33	  
		  	5.19	  	 Restructuring
	  	 	33	  
		  	5.20	  	 Termination of Shareholder Agreements
	  	 	33	  
		  	5.21	  	 Minimum Percentage Ownership
	  	 	33	  
			
	 6.
	  	 Conditions of the Company’s Obligations at Closing
	  	 	33	  
				
		  	6.1	  	 Representations and Warranties
	  	 	33	  
		  	6.2	  	 Performance
	  	 	33	  

  
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 TABLE OF CONTENTS 
  

									
		  	6.3	  	 Qualifications
	  	 	33	  
			
	 7.
	  	 Post-Closing Covenants
	  	 	34	  
				
		  	7.1	  	 Conduct of the Business of the Group Companies
	  	 	34	  
		  	7.2	  	 Notice of Breach
	  	 	34	  
		  	7.3	  	 Compliance with Law and Instruments
	  	 	34	  
		  	7.4	  	 Circular 75 Registration
	  	 	34	  
		  	7.5	  	 Investment Policy
	  	 	35	  
		  	7.6	  	 Circular 75 Modification Registration
	  	 	35	  
		  	7.7	  	 Delivery of Audited Financial Statements
	  	 	35	  
		  	7.8	  	 Certain PRC Licenses and Registrations
	  	 	35	  
		  	7.9	  	 Company Press Releases
	  	 	35	  
		  	7.10	  	 Termination of Covenants
	  	 	36	  
			
	 8.
	  	 Miscellaneous
	  	 	36	  
				
		  	8.1	  	 Survival of Warranties
	  	 	36	  
		  	8.2	  	 Termination
	  	 	36	  
		  	8.3	  	 Transfer; Successors and Assigns
	  	 	37	  
		  	8.4	  	 Governing Law
	  	 	37	  
		  	8.5	  	 Counterparts
	  	 	37	  
		  	8.6	  	 Titles and Subtitles
	  	 	37	  
		  	8.7	  	 Notices
	  	 	37	  
		  	8.8	  	 Attorney’s Fees
	  	 	37	  
		  	8.9	  	 Amendments and Waivers
	  	 	37	  
		  	8.10	  	 Severability
	  	 	38	  
		  	8.11	  	 Delays or Omissions
	  	 	38	  
		  	8.12	  	 Entire Agreement
	  	 	38	  
		  	8.13	  	 Dispute Resolution
	  	 	38	  
		  	8.14	  	 Transaction Fees and Expenses
	  	 	39	  
		  	8.15	  	 Schedule of Exceptions
	  	 	39	  

 INDEX OF SCHEDULES 
 Schedule of Exceptions 
  

			
	Schedule 5.11	  	Non-Compete Parties
		
	Schedule 5.18	  	Outstanding Due Diligence Items

  
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 TABLE OF CONTENTS 
  

 INDEX OF EXHIBITS 
 Exhibit A - Form of Amended Share Plan 
 Exhibit B - Form of Business Cooperation Agreement

 Exhibit C - List of Employees Executing Employment Agreements 
 Exhibit D - [Reserved] 
 Exhibit E - Form of First Restated Articles 

Exhibit F - Form of Investors’ Rights Agreement 
 Exhibit G - List of Key Shareholders 
 Exhibit H - Form of Second Restated Articles 

Exhibit I - List of Share Entitlement Holders and Stock Option Holders 
 Exhibit J - Form of Transaction Framework Agreement 
 Exhibit K - Form of Transfer of Shares
Agreement 
 Exhibit L - Form of Voting Agreement 
 Exhibit M - Form of Press Release 
 Exhibit N - List of Continuing Holders of Stock Options and/or
Share Entitlements 
 Exhibit O - List of Non-Continuing Holders Of Stock Options and/or Share Entitlements 

Exhibit P - [Reserved] 
 Exhibit Q - Form of
Legal Opinion of TransAsia Lawyers 
 Exhibit R - Form of Legal Opinion of Maples and Calder 

  
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 QUNAR CAYMAN ISLANDS LIMITED 

ORDINARY SHARES PURCHASE AGREEMENT 
 This Ordinary Shares Purchase Agreement (this “Agreement”) is made as of the 24th day of June, 2011 by and between Qunar Cayman Islands Limited, a Cayman Islands exempted company (the
“Company”) and Baidu Holdings Limited, a British Virgin Islands company (the “Purchaser”). 

WHEREAS, as of the date hereof, the issued and outstanding shares of share capital of the Company consists of 29,222,825 ordinary shares,
par value US$0.001 per share, in the share capital of the Company (“Ordinary Shares”), 25,248,600 Series A Preferred Shares, par value US$0.001 per share, in the share capital of the Company (“Series A Preferred
Shares”), 24,448,690 Series B Preferred Shares, par value US$0.001 per share, in the share capital of the Company (“Series B Preferred Shares”), and 11,600,055 Series C Preferred Shares, par value US$0.001 per share, in the
share capital of the Company (“Series C Preferred Shares”), and there are 9,121,221 Share Entitlements (as defined herein), 283,600 Vested Stock Options (as defined herein), 900,652 Unvested Stock Options (as defined herein) and
1,311,527 Unallocated Stock Options (as defined herein). 
 WHEREAS, pursuant to the First Conversion (as defined herein), as of
the Record Date (as defined herein), the issued and outstanding shares of share capital of the Company shall consist of 21,343,674 Ordinary Shares, 12,486,348 Class A Ordinary Shares, par value US$0.001 per share, in the share capital of the Company
(“Class A Ordinary Shares”), 49,971,749 Class B Ordinary Shares, par value US$0.001 per share, in the share capital of the Company (“Class B Ordinary Shares”) and 6,718,399 Class C Ordinary Shares, par value
US$0.001 per share, in the share capital of the Company (“Class C Ordinary Shares”), and there will be 9,121,221 Share Entitlements, 283,600 Vested Stock Options, 900,652 Unvested Stock Options and 1,311,527 Unallocated Stock
Options. 
 WHEREAS, pursuant to the Second Conversion (as defined herein), immediately prior to the Closing (as defined
herein), the issued and outstanding shares of the Company shall consist of 100,210,382 Ordinary Shares, and there will be 14,958,899 Share Entitlements, 283,600 Vested Stock Options, 1,599,612 Unvested Stock Options and 3,882,251 Unallocated Stock
Options. 
 WHEREAS, the parties contemplate a transaction pursuant to which, upon the terms and subject to the conditions set
forth in this Agreement, the Company will sell and issue to the Purchaser, and the Purchase shall purchase from the Company, at the Closing (as defined herein) 181,402,116 newly issued Ordinary Shares, representing 60% of the Ordinary Shares on a
Fully-Diluted (as defined herein) basis, for the purchase price as set forth herein. 
 WHEREAS, the parties hereto desire to
make certain representations, warranties, covenants and agreements, and to prescribe certain conditions, with respect to the consummation of the transactions contemplated by this Agreement. 

 NOW, THEREFORE, in consideration of the foregoing premises and the representations,
warranties, covenants and agreements set forth herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, the parties hereto hereby
agree as follows: 
 1. Purchase and Sale of Ordinary Shares. 

1.1 Sale and Issuance of Ordinary Shares. Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase
at the Closing and the Company agrees to sell and issue to the Purchaser at the Closing that number of Ordinary Shares equal to 181,402,116, representing 60% of the Ordinary Shares on a Fully-Diluted basis, for an aggregate purchase price of
US$306,000,000 (the “Purchase Price”). The Ordinary Shares issued to the Purchaser pursuant to this Agreement shall be hereinafter referred to as the “Shares.” 

1.2 Closing; Delivery. 
 (a) The purchase and sale of the Shares shall take place at the offices of Davis Polk & Wardwell, Hong Kong Solicitors, The Hong Kong Club Building, 3A Chater Road, Hong Kong, at 10:00 a.m. Hong
Kong time, as soon as possible, but in no event later than five Business Days, after fulfillment or waiver of the conditions set forth in Articles 5 and 6, or at such other time and place as the Company and the Purchaser mutually agree upon, orally
or in writing (which time and place are designated as the “Closing”). 
 (b) At least three Business Days
prior to the date of the Closing, the Company shall deliver to the Purchaser a certificate of the Company signed by the Chief Executive Officer and the Chief Financial Officer of the Company (the “Allocation Certificate”) certifying
as to the accuracy and completeness, in each case as of the Closing, of: (i) the amount of the Dividends (as defined in the Transaction Framework Agreement) payable to each Shareholder (and the payee thereof), (ii) the amount of the CERH
Fees (as defined in the Transaction Framework Agreement) payable to each Stock Option Holder and/or Share Entitlement Holder (and the payee thereof) and (iii) the amount and payee of all First Installments (as defined in the Transaction
Framework Agreement) payable to each Equity Holder (and the payee thereof). Upon approval of the Allocation Certificate by the Purchaser prior to the date of the Closing, the Allocation Certificate shall be deemed the definitive calculation of such
all amounts payable by the Company to each of the Equity Holders pursuant to, and subject to the terms of, the Transaction Framework Agreement. 
 (c) At the Closing, the Company shall deliver to the Purchaser a certificate representing the Shares (together with certified copy of register of members of the Company reflecting Purchaser as the owner
of Shares) against (i) payment of an amount equal to the Purchase Price minus the Escrow Amount to the Company (the “Closing Amount”), by wire transfer to a bank account designated by the Company at least three Business
Days prior to the date of the Closing, and (ii) as directed hereby by the Company, deposit of an amount equal to US$45,900,000 (the “Escrow Amount”) to JPMorgan Chase Bank, N.A., acting through its Hong Kong branch (the
“Escrow Agent”), by wire transfer to the Escrow Account (as defined in the Escrow Agreement) (the “Escrow Account”). 

  
 -2 

 1.3 Defined Terms Used in this Agreement. In addition to the terms defined above, the
following terms used in this Agreement shall be construed to have the meanings set forth or referenced below. 

“Acknowledgement Agreement” shall have the meaning ascribed to such term in the Transaction Framework Agreement.

 “Amended Share Plan” means the Share Plan as effective as of the Closing, substantially in the form of
Exhibit A attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

“Board” means the Board of Directors of the Company. 

“Business Cooperation Agreement” means the Business Cooperation Agreement to be entered into by and between the Company
and Baidu, Inc., dated as of the date of Closing, substantially in the form of Exhibit B attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

“Business Day” means a day other than Saturday, Sunday or any other day on which commercial banks in the PRC or the
Hong Kong Special Administrative Region are authorized or required by applicable law to close. 
 “Circular
75” means the Circular 75, issued by the State Administration of Foreign Exchange of the PRC on October 21, 2005, titled “Notice Regarding Certain Administrative Measures on Financing and Inbound Investments by PRC Residents
Through Offshore Special Purpose Vehicles,” (

) effective as of November 1, 2005, or any successor rule or regulation under PRC Law. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Consenting Holders” shall have the meaning ascribed to such term in the Transaction Framework Agreement. 

“Domestic Entities” means Domestic TopCo and Domestic Sub. 

“Domestic Sub” means Beijing Jiaxin Haoyuan Information Technology Co., Ltd. (

), a limited liability company organized and existing under the laws of the PRC and a wholly-owned subsidiary of Domestic TopCo. 
 “Domestic TopCo” means Beijing Qu Na Information Technology Co., Ltd. (

), a limited liability company organized and existing under the laws of the PRC. 

“Equity Holders” means all Shareholders, Stock Option Holders and Share Entitlement Holders. 

  
 -3 

 “Employment Agreements” mean the employment agreements to be entered into
by and between any Group Company and each of the employees listed in Exhibit C attached hereto, in each case, effective as of the date of Closing. 
 “Escrow Agreement” means the Escrow Agreement, dated as of the date of the Closing, to be entered into by and among the Purchaser, the Company, the Escrow Agent and the Holders’
Indemnification Representative reflecting the provisions of the Transaction Framework Agreement, as negotiated in good faith by the Purchaser and the Company prior to the date of the Closing. 

“Existing Articles” means Amended and Restated Memorandum and Articles of Association of the Company in effect as of
the date hereof. 
 “First Conversion” shall have the meaning ascribed to such term in the Transaction
Framework Agreement. 
 “First Restated Articles” means the Amended and Restated Memorandum and Articles of
Association of the Company giving effect to the First Conversion and Second Conversion, substantially in the form of Exhibit E attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

“Founders” means each of Frederick Demopolous and Zhuang Chenchao. 

“Fully-Diluted” means, with respect to the Ordinary Shares, all outstanding Ordinary Shares and all Ordinary Shares
issuable in respect of securities convertible into or exchangeable for Ordinary Shares (including any preference shares), all share appreciation rights, options, warrants, share entitlements and other rights to purchase or subscribe for Ordinary
Shares or securities convertible into or exchangeable for Ordinary Shares, including the Stock Options, the Share Entitlements and any Unallocated Stock Options. 
 “Fundamental Representations” means the representations and warranties of the Company contained in those Sections or Subsections set forth in Article 2 which are marked with an asterisk
(*). 
 “Governmental or Regulatory Authority” means any nation or government or any province or state or any
other political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board,
commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 
 “Group Companies” means the Company, WFOE, HK Entity, the Domestic Entities and any controlled affiliate any of the foregoing which that is not a natural person (each, a “Group
Company”). 

  
 -4 

 “HK Entity” means Queen’s Road Investment Management Limited, a
limited liability company legally organized and existing under the laws of the Special Administrative Region of Hong Kong. 

“Holders’ Indemnification Representative” shall have the meaning ascribed to such term in the Transaction
Framework Agreement. 
 “Intellectual Property” means any and all (i) patents, all patent rights and all
applications therefor and all reissues, reexaminations, continuations, continuations-in-part, divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and
industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, author’s rights and works of authorship (including artwork of any kind and software of all types in whatever medium, inclusive of
computer programs, source code, object code and executable code, and related documentation), (iv) URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols,
specifications for parts and devices, quality assurance and control procedures, design tools, manuals, research data concerning historic and current research and development efforts, including the results of successful and unsuccessful designs,
databases and proprietary data, (vi) proprietary processes, technology, engineering, formulae, algorithms and operational procedures, (vii) trade names, trade dress, trademarks, domain names, and service marks, and registrations and
applications therefor, (viii) the goodwill of the business symbolized or represented by the foregoing, customer lists and other proprietary information and common-law rights, (ix) any other intellectual property or proprietary rights, and
(x) all rights to sue or recover and retain damages, costs and attorneys’ fees for past, present and future infringement of misappropriation of any of the foregoing. 

“Investors’ Rights Agreement” means the Amended and Restated Investors’ Rights Agreement entered into by and
between the Company, the Purchaser and the Shareholders, dated as of the date of the Closing, in substantially the form of Exhibit F attached hereto, with such changes thereto as mutually agreed by the Company and the Purchaser. 

“Key Shareholder” means each of the Founders and the other Shareholders listed on Exhibit G attached hereto.

 “Knowledge,” including the phrase “to the Company’s Knowledge” or “to the
Group Company’s Knowledge” shall mean the actual knowledge of any of the officers of any of the Group Companies. 

“Law” means any constitutional provision, statute or other law, rule, regulation, official policy or interpretation of
any Governmental or Regulatory Authority applicable to the Company or any Group Company. 
 “Material Adverse
Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operations of the Company or any other Group Company taken as a whole. 

  
 -5 

 “Order” means any injunction, judgment, decree, order, ruling, assessment
or writ of any Governmental or Regulatory Authority. 
 “Person” means any individual, corporation,
partnership, trust, limited liability company, association or other entity. 
 “Restructuring” shall have the
meaning ascribed to such term in the Transaction Framework Agreement. 
 “PRC” means People’s Republic of
China but solely for purposes of this Agreement and the other Transaction Documents, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and the island of Taiwan. 

“PRC Resident” has the meaning as set forth in Circular 75. 

“Second Conversion” shall have the meaning ascribed to such term in the Transaction Framework Agreement. 

“Second Restated Articles” means the Amended and Restated Memorandum and Articles of Association of the Company adopted
with effect from Closing in substantially the form of Exhibit H attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended. 
 “Share Entitlement” means, as of the date of determination, any outstanding entitlement or right of any Person to be reflected in the register of members of the Company as the holder of
any shares of share capital in the Company pursuant to the exercise of any Stock Option by such Person prior to the date of determination. 
 “Share Entitlement Holders” means all Persons holding Share Entitlements immediately prior to the Closing and listed on Exhibit I attached hereto. 

“Shareholders” means all Persons holding shares of the Company and listed in the register of members of the Company
immediately prior to the Closing. 
 “Stock Option” means any outstanding option or right to purchase any
share of the Company. 
 “Stock Option Holders” means all Persons holding Stock Options immediately prior to
the Closing and listed on Exhibit I attached hereto. 
 “Tax” or “Taxes” means
(i) any tax, duty, custom, fee, assessment charge, or other levy separately or jointly due or payable to, or levied or imposed by any Governmental or Regulatory Authority, including income, gross receipts, license, wages, payroll, employment,
excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duty, capital, capital gains, capital stock, goods and services, franchise, profits, withholding, social security, unemployment, disability, real property,
personal property, sales, use, transfer, transaction, registration, value added, alternative/add-on minimum, estimated or other tax, duty, charge, custom, governmental fee, assessment or other levy of any kind whatsoever, including any interest,
penalty, fine or addition thereto, and any interest with respect to such addition or penalty, and (ii) any liability for the payment of any amounts described in clause (i) for or to any other Person as a result of being a member of an
affiliated, consolidated, combined or unitary group, or as a transferee or successor, by contract, or otherwise, including as a result of an express or implied obligation to indemnify any other Person with respect to the payment of any amounts
described in clause (i). 

  
 -6 

 “Tax Asset” means any net operating loss, net capital loss, foreign tax
credit, or any other credit or tax attribute that could be carried forward or back to reduce Taxes. 
 “Tax
Return” means any return, statement, report, election, declaration, disclosure, schedule or form relating to Taxes that is filed or required to be filed with any taxing authority. 

“Transaction Documents” means this Agreement, the Existing Articles, First Restated Articles, the Second Restated
Articles, the Allocation Certificate, the Amended Share Plan, the Business Cooperation Agreement, the Investors’ Rights Agreement, the Employment Agreements, the Escrow Agreement, the Transaction Framework Agreement, the Transfer of Shares
Agreement and the Voting Agreement. 
 “Transaction Framework Agreement” means the Transaction Framework
Agreement entered into by and between the Purchaser, the Company and the Consenting Holders, substantially in the form of Exhibit J attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

“Transfer of Shares Agreement” means the Transfer of Shares Agreement entered into by and among the Company, the
Purchaser and the Shareholders, dated as of the date of the Closing, substantially in the form of Exhibit K attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

“Unallocated Stock Options” means all option or right to purchase any share of the Company reserved for issuance under
any share option plan, restricted share purchase plan or other similar share plan of the Company, including pursuant to the Amended Share Plan, which shall not have been granted or issued to any Equity Holder as of the date of determination.

 “Unvested Stock Option” means each Stock Option which shall not have fully vested as of the relevant date
specified herein. 
 “Vested Stock Option” means each Stock Option which shall have fully vested as of the
relevant date specified herein. 
 “Voting Agreement” means the Amended and Restated Voting Agreement entered
into by and among the Company, the Purchaser and the Shareholders, dated as of the date of the Closing, substantially in the form of Exhibit L attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser.

  
 -7 

 “WFOE” means Beijing Qunar Software Technology Co., Ltd. (

) a wholly foreign owned enterprise organized and existing under the laws of the PRC. 
 2.
Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser that, except as set forth on the Schedule of Exceptions the delivered to the Purchaser concurrently with the execution of this
Agreement (the “Schedule of Exceptions”), the following representations are true and complete as of the date of the Closing. 
 2.1 Organization, Good Standing and Qualification.* The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and has all requisite
corporate power and authority necessary to own, lease and operate the assets and properties it now owns, leases and operates, and to carry on its business as presently conducted or proposed to be conducted. The Company is duly qualified to transact
business and is in good standing in each jurisdiction in which the failure so to qualify would have a Material Adverse Effect. The Company is permitted by the laws of the Cayman Islands to carry on business outside the Cayman Islands. Each of WFOE
and the Domestic Entities is duly organized, validly existing and in good standing with its business license and articles of association in full force and effect under, and in compliance with, the Laws of the PRC. Each of Group Companies (other than
the Company) has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted and is duly qualified to transact business and is in good standing in
each jurisdiction in which it conducts a material portion of its business in which failure to do so would have a Material Adverse Effect. 
 2.2 Capitalization.* 
 (A) Company. 

(a) As of the date hereof, (i) the authorized capital of the Company consists of (i) 121,927,965 Ordinary Shares, of which
29,222,825 are issued and outstanding, (ii) 26,350,960 Series A Preferred Shares, of which 25,248,600 are issued and outstanding, (iii) 24,828,360 Series B Preferred Shares, of which 24,448,690 are issued and outstanding, and (iv) 12,000,000
Series C Preferred Shares, of which 11,600,055 are issued and outstanding, in each case, held by the Persons and in the amounts listed in Section 2.2(A)(a) of the Schedule of Exceptions and (ii) the Company has reserved 11,617,000
Ordinary Shares for issuance to officers, directors, employees and consultants of the Company pursuant to the Company’s 2007 Share Plan, as amended (the “Share Plan”), of which 1,311,527 Ordinary Shares remain available for
grant of Stock Options or other equity awards, and there are 9,121,221 Share Entitlements, 283,600 Vested Stock Options, 900,652 Unvested Stock Options and 1,311,527 Unallocated Stock Options. Section 2.2(A)(a) of the Schedule of
Exceptions completely and accurately lists the holders of all such Share Entitlements, Vested Stock Options and Unvested Stock Options, the number and type of shares of the Company subject to such options, the exercise price of such options
(including with respect to any Share Entitlements, the method of exercise), and the vesting schedule for such options. 

  
 -8 

 (b) After giving effect to the First Conversion, as of the Record Date, (i) the
authorized capital of the Company will consist of (A) 115,930,789 Ordinary Shares, of which 21,343,674 will be issued and outstanding, (B) 12,486,348 Class A Ordinary Shares, of which 12,486,348 will be issued and outstanding,
(C) 49,971,749 Class B Ordinary Shares, of which 49,971,749 will be issued and outstanding, and (D) 6,718,399 Class C Ordinary Shares, of which 6,718,399 will be issued and outstanding, in each case, held by the Persons and in the amounts
listed in Section 2.2(A)(b) of the Schedule of Exceptions and (ii) the Company will have reserved 11,617,000 Ordinary Shares for issuance to officers, directors, employees and consultants of the Company pursuant to the Share Plan,
of which 1,311,527 Ordinary Shares will remain available for grant of Stock Options or other equity awards, and there will be 9,121,221 Share Entitlements, 283,600 Vested Stock Options, 900,652 Unvested Stock Options and 1,311,527 Unallocated Stock
Options. Section 2.2(A)(b) of the Schedule of Exceptions completely and accurately lists the holders of all such Share Entitlements, Vested Stock Options and Unvested Stock Options, the number and type of shares of the Company subject to
such options, the exercise price of such options (including with respect to any Share Entitlements, the method of exercise), and the vesting schedule for such options. 
 (c) After giving effect to the Second Conversion, immediately prior to the Closing, (i) the authorized capital of the Company will consist of 800,000,000 Ordinary Shares, of which 100,210,382 will be
issued and outstanding, held by the Persons and in the amounts listed in Section 2.2(A)(c) of the Schedule of Exceptions and (ii) the Company will have reserved 20,724,362 Ordinary Shares for issuance to officers, directors,
employees and consultants of the Company pursuant to the Amended Share Plan, of which 3,882,251 Ordinary Shares will remain available for grant of Stock Options or other equity awards, and there will be 14,958,899 Share Entitlements, 283,600 Vested
Stock Options, 1,599,612 Unvested Stock Options and 3,882,251 Unallocated Stock Options. Section 2.2(A)(c) of the Schedule of Exceptions completely and accurately lists the holders of all such Share Entitlements, Vested Stock Options and
Unvested Stock Options, the number and type of shares of the Company subject to such options, the exercise price of such options (including with respect to any Share Entitlements, the method of exercise), and the vesting schedule for such options.

 (d) Section 2.2(A)(d) of the Schedule of Exceptions sets forth the capitalization of the Company immediately
following the Closing including the number of shares of the following: (i) issued and outstanding Ordinary Shares, (ii) the Share Entitlements, (iii) Vested Stock Options and Unvested Stock Options, including vesting schedule and
exercise price, (iv) Unallocated Stock Options; and (v) warrants or share purchase rights, if any. Except (x) as set forth in Section 2.2(A)(d) of the Schedule of Exceptions and (y) for the rights provided in the
Transaction Documents, immediately following the Closing there will be no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, for the
purchase or acquisition from the Company of any shares. No share plan, share purchase, share option or other agreement or understanding between the Company and any holder of equity securities or rights to purchase equity securities provides for
acceleration or other changes in the vesting provisions or terms of such agreements or understandings, or the lapse of a Company repurchase right, upon the occurrence of any event. 

  
 -9 

 (B) WFOE, Domestic Entities and HK Entity. 

(a) The registered capital of each of WFOE and the Domestic Entities, and the shareholders of the HK Entity, are set forth opposite
their respective names on Section 2.2(B)(a) of the Schedule of Exceptions. The registered capital of the Domestic Entities and WFOE are fully paid. Section 2.2(B)(a) of the Schedule of Exceptions completely and accurately lists all
those who are the beneficial owners of the registered capital of WFOE and the Domestic Entities and the respective percentage of registered capital held thereby, and the shareholders of the HK Entity, and as will be held thereby immediately prior to
the Closing. 
 (b) Except as set forth in the Existing Domestic Documents, there are no outstanding options, warrants, rights
(including conversion or preemptive rights and rights of first refusal), subscriptions, or other rights, proxy or shareholders agreements or contracts of any kind, either directly or indirectly, entitling the holder thereof to purchase or otherwise
acquire or to compel any of WFOE, the Domestic Entities, and the HK Entity to increase or decrease its registered capital. 

(c) Section 2.2(B)(c) of the Schedule of Exceptions lists all currently effective (i) approval letters and Foreign
Investment Enterprise Approval Certificate issued by the PRC Ministry of Commerce or the relevant local officers to any Group Company which is a wholly foreign owned enterprise or Sino-foreign joint venture or Sino-foreign co-operative joint venture
(collectively, the “FIEs”) with respect to the establishment and change of such FIEs (including changes in registered capital, shareholding, business scope and equity interest, etc.), (ii) approval letters issued by the PRC
National Development and Reform Commission or its relevant local offices to any Group Company on the establishment of such Group Company or its operations or other project constructions, if any, (iii) business licenses issued by the PRC State
Administration of Industry and Commerce and any local administration for industry and commerce to any Group Company, (iv) registrations with the PRC State Administration of Foreign Exchange or its local counterparts (“SAFE”) on
the round-trip investment by any Founders or other Shareholders who are PRC residents or WFOE or the Domestic Entities, (v) tax registration certificates of WFOE or the Domestic Entities, (vi) Capital Verification Reports of WFOE and the
Domestic Entities with respect to its establishment and change of registered capital, (vii) valuation reports of the shareholders’ contribution in kind (if any) issued by a qualified PRC asset valuation institute (or, if relating to
state-owned assets, valuation reports by State-owned Assets Supervision and Administration Commission or its local counterparts, if any), (viii) Foreign Exchange Registration Certificates of any FIEs, and (ix) Organization Code
Certificates of WFOE and the Domestic Entities. The Company has made available to counsel to the Purchaser a true copy of each of the documents listed in Section 2.2(B)(c) of the Schedule of Exceptions. 

(d) All business licenses of WFOE and each Domestic Entity with the relevant AIC authorities in the PRC are valid and reflect the
current registered address of such Group Companies. 

  
 -10

 2.3 Subsidiaries. The Company does not currently own or control, directly or
indirectly, any interest in any other corporation, partnership, trust, joint venture, limited liability company, association or other business entity other than the WFOE, HK Entity and the Domestic Entities. Except as disclosed in Section 2.3
of the Schedule of Exceptions, none of the Company, WFOE and the Domestic Entities is a participant in any joint venture, partnership or similar arrangement. 
 2.4 Authorization.* All corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement and the
Transaction Documents, the performance of all obligations of the Company hereunder and thereunder, including the Restructuring, and the authorization, issuance and delivery of the Shares has been taken or will be taken prior to the Closing, and the
Transaction Documents, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state
securities laws. As of the Record Date, the First Restated Articles will be in full force and effect. Immediately after the Closing, the Second Restated Articles will be in full force and effect. 

2.5 Valid Issuance of Securities.* The Shares, when issued and sold in accordance with the terms hereof for the consideration
expressed herein, will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement or any other Transaction Agreement, applicable state and federal securities
laws and liens or encumbrances created by or imposed by such Purchaser. Based in part upon the representations of the Purchaser in Section 3.7 of this Agreement and subject to the provisions of Section 2.6 below, the Shares
will be issued in compliance with all applicable federal and state securities laws. Immediately after the Closing, the Shares shall represent 60% of the Ordinary Shares, calculated on a Fully-Diluted basis. 

2.6 Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchaser in Section 3.7
and 3.8 of this Agreement, no consent, approval, order or authorization of, or notification, registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of any
Group Company or any Key Shareholder in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable Cayman Islands, U.S. state and federal law. 

  
 -11

 2.7 Litigation. Except as set forth in Section 2.7 of the Schedule of
Exceptions, there is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against any Group Company, or any Key Shareholder in connection with his or her relationship with Group Company or, to the
Company’s Knowledge, currently threatened against any Group Company, any Key Shareholder or any officer, director or employee of any Group Company (in their capacity as such). None of the Group Companies, and to the Company’s Knowledge,
none of their officers or directors, is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any Governmental or Regulatory Authority (in the case of officers or directors, such as would affect any
Group Company). Except as set forth in Section 2.7 of the Schedule of Exceptions, there is no (i) action, suit or proceeding by any Group Company pending or which any Group Company intends to initiate, or (ii) disputes with or
claims against any Governmental or Regulatory Authority whether in respect of taxes, fines, penalties, administrative action, or otherwise. Except as disclosed in Section 2.7 of the Schedule of Exceptions, the foregoing includes, without
limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Company) involving the prior employment of any of the Key Shareholders, their services provided in connection with the
business of the Group Companies, or any information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with prior employers. Section 2.7 of the Schedule of Exceptions sets
forth all material consent decrees, judgments, other decrees or orders, settlement agreements or similar matters involving any Group Company within the last five fiscal years, if any. Section 2.7 of the Schedule of Exceptions sets forth,
to the Company’s Knowledge, a description of any litigation involving an executive officer or director of any Group Company concerning bankruptcy, crimes, violations of securities or commodity laws or business practices within the last five
fiscal years, if any. 
 2.8 Intellectual Property. 

(a) Each Group Company owns or possesses sufficient legal rights to all Intellectual Property used in connection with the business of
such Group Company as now conducted (the “Group Company IP”) without any conflict with, or infringement of, the rights of others. A Group Company is the sole and exclusive owner of all right, title and interest in and to all Group
Company IP and, other than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of
any kind relating to any Group Company IP, nor is any Group Company bound by or a party to any options, licenses or agreements of any kind with respect to the Intellectual Property and processes of any other Person. No Group Company has infringed,
misappropriated or otherwise violated any right in Intellectual Property of any third party, and none of the Group Companies has received any communications alleging that any Group Company has violated or, by conducting its business, would violate
any of the Intellectual Property or processes of any other Person. To the Company’s Knowledge, no third party is violating or infringing any Group Company IP. The Group Companies have taken reasonable measures to protect the proprietary nature
of the Group Company IP. Section 2.8(c) of the Schedule of Exceptions lists (i) all confidentiality, non- disclosure, non-competition, work-for-hire and invention and copyright assignment agreements to which any Group Company or any
employees or consultants of the foregoing are parties, and (ii) any current or former employees or consultants of any Group Company which are not parties to any such agreements. With respect to patent rights, trademark and service mark rights,
and any data or content provided or made available to any Group Company by a third party, the representations and warranties of this Section 2.8(a) are made only to the Company’s Knowledge and without having conducted any special
investigation or patent or trademark or service mark search. 

  
 -12

 (b) None of the Group Companies is aware that any of its employees is obligated under any
contract (including licenses, covenants or commitments of any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of such employee’s best efforts to
promote the interest of such Group Company or that would conflict with the business of such Group Company. Neither the execution or delivery of this Agreement, nor the carrying on of a Group Company’s business by the employees of such Group
Company, nor the conduct of such Group Company’s business as proposed, will, to the Company’s Knowledge, conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant
or instrument under which any such employee is now obligated. 
 (c) Each Group Company has obtained and possesses valid
licenses to use all of the software programs authorized by any Group Company for use on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection
with the business of such Group Company. To the Company’s Knowledge, it will not be necessary to use any inventions of any of the Group Companies’ employees or consultants (or Persons it currently intends to hire) made prior to their
employment by any Group Company. Section 2.8(c) of the Schedule of Exceptions lists (i) all Group Company IP that is the subject of an application, registration or other government filing in the PRC or in any other jurisdiction, and
(ii) all material databases and data collections used or controlled by any Group Company. The Group Companies are in material compliance with all of their license and disclosure obligations with respect to any open source, copyleft or community
source code in any of its products generally available or in development, including but not limited to any libraries or code licensed under any general public license, lesser general public license or similar license arrangement. None of the Group
Companies is a member of, has made any contribution to, or otherwise participated in, a standards body nor is it obligated, as a result of any such activities, to grant or offer any third party any license or right to Group Company IP, or otherwise
restricted in its ability to assert any rights to Group Company IP. 
 2.9 Compliance with Other Instruments. 

(a) Each Group Company is in compliance in all material respects with all Laws and Orders that are applicable to it or to the conduct or
operation of the business of the Group Companies as now conducted and as presently proposed to be conducted or the ownership or use of any of their respective assets, the violation of which would have a Material Adverse Effect. 

(b) No event has occurred or circumstance exists that (with or without notice or lapse of time) (i) may constitute or result in a
violation by any Group Company of, or a failure on the part of such Group Company to comply with, any Law or Order the violation of which would have a Material Adverse Effect or (ii) to the Company’s Knowledge, may give rise to any
obligation on the part of any Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature. 

  
 -13

 (c) To the Company’s Knowledge, none of the Group Companies has received any notice or
other communication (whether oral or written) from any Governmental or Regulatory Authority regarding (i) any actual, alleged, possible, or potential violation of, or failure to comply with, any Law or Order or (ii) any actual, alleged,
possible, or potential obligation on the part of such Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature. 
 (d) None of the Group Companies nor any director, officer, agent, employee, or any other Person associated with or acting for or on behalf of such Group Company, has, directly or indirectly (i) made
any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, regardless of form, whether in money, property, or services (A) to obtain favorable treatment in securing business, (B) to pay for
favorable treatment for business secured or (C) to obtain special concessions or for special concessions already obtained, for or in respect of such Group Company in violation of any Law where any Group Company does business or
(ii) established or maintained any fund or asset that has not been recorded in the Books and Records of such Group Company. 
 (e) None of the Group Companies is in violation of its business license, memorandum of association or articles of association, as appropriate, or equivalent constitutive documents as in effect where
failure to do so would result in a Material Adverse Effect. 
 (f) The execution, delivery, and performance of the Transaction
Documents by the parties thereto (other than the Purchaser) and by each Group Company and the consummation of the transactions contemplated hereby or thereby do not and will not (i) result in any violation of, be in conflict with, require a
consent under, or constitute a default under, with or without the passage of time or the giving of notice or otherwise, (A) any provision of the business license, memorandum of association or articles of association, as appropriate, or
equivalent constitutive documents of any Group Company as in effect at the Closing, the violation of which would result in a Material Adverse Effect, (B) any provision of any Order to which any Group Company is a party or by which it is bound,
the violation of which would result in a Material Adverse Effect, (C) any Material Contract (as defined below), the violation of which would result in a Material Adverse Effect, or (D) any Law applicable to any Group Company, the violation
of which would result in a Material Adverse Effect; (ii) accelerate or constitute an event entitling the holder of any indebtedness of any Group Company to accelerate the maturity of any such indebtedness or to increase the rate of interest
presently in effect with respect to such indebtedness; (iii) cause any Group Company to be in default of its obligations under any indebtedness agreement; or (iv) result in the creation of any encumbrance upon any of the properties or
assets of any Group Company. 
 (g) The Company has used commercially reasonable efforts to (i) notify all Equity Holders
of the execution of this Agreement and the transactions contemplated hereby and (ii) provide each Equity Holder with the opportunity to sign to the Transaction Framework Agreement. To the Knowledge of the Company, no Equity Holder has
(A) refused or indicated (orally or in writing) that it will refuse to sign the Transaction Framework Agreement, or (B) taken any action to dissent against or challenge any of the transactions contemplated by any of the Transaction
Documents, or allege breach of fiduciary duty relating to any of the transactions contemplated by any of the Transaction Documents. 

  
 -14

 2.10 Agreements; Actions. 

(a) Other than (i) standard employee benefits generally made available to all employees, (ii) standard director and officer
indemnification agreements approved by the Board of Directors, and (iii) the purchase of shares of the Company’s capital shares and the issuance of options to purchase shares of the Company’s Ordinary Shares, in each instance,
approved by the Board of Directors, there are no agreements, understandings or proposed transactions between the Company and any of its officers, directors, affiliates, or any affiliate thereof. 

(b) For purposes hereof, “Material Contract” means any currently effective agreement, written or otherwise (other than
the Transaction Documents), to which a Group Company is a party that (i) cannot be terminated on less than sixty (60) days notice, (ii) involves payments (or a series of payments), contingent or otherwise, of US$50,000 (or the
equivalent thereof in another currency) or more individually or in the aggregate with respect to a series of related agreements, in cash, property or services by or to any Group Company, (iii) is with a Governmental or Regulatory Authority,
(iv) materially limits or materially restricts any Group Company’s ability to compete or otherwise conduct its business as now conducted and as presently proposed to be conducted in any manner, time or place, or that contains any
exclusivity provision, (v) grants a power of attorney, agency or similar authority, (vi) relates to indebtedness for money borrowed, provides for an extension of credit, provides for indemnification or any guaranty, or provides for a
“keep well” or other agreement to maintain any financial statement condition of another Person, (vii) (A) includes a license of Intellectual Property, other than “shrink-wrap” or “off-the-shelf” software
commercially available on non-discriminating pricing terms, (B) is with any independent firms, consultants, or contractors for product research and development, (C) provides for any purchases or other acquisitions of Intellectual Property
by any Group Company, or (D) is a disaster recovery program or service agreement related thereto, (viii) is with an affiliate of any Group Company (other than a Group Company), including each of the “Transaction Documents” (as
defined in the Series C Preferred Shares Purchase Agreement dated as of October 29, 2009 among the Company and certain Key Shareholders) (the “Series C Transaction Documents”) and the “Domestic Documents” (as defined
in the Amended and Restated Investor’s Rights Agreement dated as of October 29, 2009 among the Company and certain Key Shareholders) (the “Existing Domestic Documents”), in each case, as amended, (ix) is a lease on
real or personal property, including operating leases (but excluding agreements relating exclusively to Intellectual Property), (x) is an insurance policy, (xi) grants the right to manufacture, produce, assemble, market or sells its
products to any other Person, (xii) contains any outstanding guarantee or warranty obligations of any Group Company, (xiii) (A) relates to material acquisitions or dispositions of substantial assets owned by a Group Company (including
spin-offs), restructurings or reorganizations, including any disclosure schedules attached to such agreements, if any, (B) is with a financial advisor, if any, (C) is a joint venture, partnership or similar agreement, if any,
(xiv) which will be terminated or which require the consent of a third party in connection with the transactions contemplated by the Transaction Documents, or (xv) is otherwise material to any Group Company or is an agreement on which any
Group Company is substantially dependent. Section 2.10(b) of the Schedule of Exceptions lists all Material Contracts to which any Group Company is a party or by which any of their respective properties or assets may be bound or affected.

  
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 (c) A true, fully-executed copy of each Material Contract has been made available to
counsel to the Purchaser. To the Company’s Knowledge, each Material Contract is a valid and binding agreement of the Group Company that is a party thereto, the performance of which does not and will not violate any applicable Law or Order, is
in full force and effect, and such Group Company has duly performed all of its obligations under each Material Contract to the extent that such obligations to perform have accrued, and, to the Company’s Knowledge, no breach or default, alleged
breach or alleged default, or event which would (with the passage of time, notice or both) constitute a breach or default thereunder by such Group Company or any other party or obligor with respect thereto, has occurred, or as a result of this
Agreement or performance hereof will occur. No Group Company has given notice (whether or not written) that it intends to terminate a Material Contract or that any other party thereto has breached, violated or defaulted under any Material Contract.
No Group Company has received any notice (whether or not written) that (i) it has breached, violated or defaulted under any Material Contract or (ii) any other party thereto intends to terminate such Material Contract. 

(d) Except as disclosed in Section 2.10(d) of the Schedule of Exceptions, none of the Group Companies has (i) declared or
paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock, (ii) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of US$50,000
or in excess of US$100,000 in the aggregate, (iii) made any loans or advances to any Person, other than ordinary advances for travel expenses, or (iv) sold, exchanged or otherwise disposed of any of its assets or rights, other than the
sale of its inventory or the licensing of its products in the ordinary course of business. 
 (e) None of the Group Companies
is a guarantor or indemnitor of any indebtedness of any other Person. 
 (f) For the purposes of subsections (b) and
(d) above, all indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are affiliated with that
person or entity) shall be aggregated for the purposes of meeting the individual minimum dollar amounts of each such subsection. 
 (g) The Company has made available to counsel to the Purchaser a true copy of its form of agreement with respect to each of its three business segments: hotel and travel agent services; advertising and
group sales. Each of the Group Company’s current revenue generating contracts is on terms consistent with the applicable form agreement described in the preceding sentence. 

  
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 2.11 Disclosure. 

(a) The Company and the Purchaser have engaged in a due diligence process, and in connection with that process the Company has made
available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested for deciding whether to acquire the Shares and all information that the Company believes is reasonably necessary to enable the
Purchaser to make such a decision, including certain of the Company’s projections describing its proposed business (collectively, the “Business Plan”). Assuming the accuracy of the Purchaser’s representations regarding its
sophistication with respect to investments in companies similar to the Company and in light of the due diligence process mentioned above, no representation or warranty of the Company contained in this Agreement and the exhibits attached hereto, any
certificate furnished or to be furnished to the Purchaser at the Closing, or the Business Plan (when read together) contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
contained herein or therein not misleading in light of the circumstances under which they were made. To the extent the Business Plan was prepared by management of the Company, the Business Plan and the financial and other projections contained in
the Business Plan were prepared in good faith; however, the Company does not warrant that it will achieve such projections. It is understood that this representation is qualified by the fact that the Company has not delivered to the Purchaser, and
has not been requested to deliver, a private placement or similar memorandum or any “Risk Factors” or “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the type typically contained
therein. 
 (b) As of the date hereof and the date of Closing, other than the Series C Transaction Documents and the Existing
Domestic Documents, there exists no partnership, joint venture, shareholder, voting or a similar agreement or side letter providing for the sharing of any profits, losses or liabilities, or the formation, creation of equity or other ownership
interests, or rights or obligations in relation to any of the foregoing or the voting of shares, or the operation, management or control, of any Group Companies, by or binding on any Group Company, any Equity Holder or any Person indirectly owning
any shares in the share capital of the Company (collectively, “Side Arrangements”). 
 2.12 No Conflict of
Interest. None of the Group Companies is indebted, directly or indirectly, to any of its officers or directors or to their respective family members, in any amount whatsoever other than in connection with expenses or advances of expenses
incurred in the ordinary course of business or relocation expenses of employees. Except as stated in Section 2.12 of the Schedule of Exceptions, none of the Group Company’s officers or directors, or any members of their immediate
families, are, directly or indirectly, indebted to any of the Group Companies (other than in connection with purchases of the Group Company’s shares) or, to the Group Company’s Knowledge, have any direct or indirect ownership interest in
any firm or corporation with which the Group Company is affiliated or with which the Group Company has a business relationship, or any firm or corporation which competes with the Group Company except that officers, directors and/or shareholders of
the Group Company may own shares in (but not exceeding two percent of the outstanding share capital) any publicly traded company that may compete with the Group Company. None of the Group Company’s officers or directors or any members of their
immediate families is, directly or indirectly, interested in any material contract with any of the Group Companies. 

  
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 2.13 Rights of Registration and Voting Rights. Except as provided in the
Investors’ Rights Agreement, the Company is not under any obligation to register under the Securities Act any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding
securities. To the Company’s Knowledge, no shareholder of the Company has entered into any agreements with respect to the voting of capital shares of the Company, other than the Voting Agreement. 

2.14 Title to Property and Assets. The property and assets (excluding Group Company IP) that each Group Company owns are free and
clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of business and do not
materially impair ownership or use of such property or assets by the Group Companies. With respect to the property and assets it leases, each Group Company is in compliance with such leases, holds a valid leasehold interest free of any liens, claims
or encumbrances other than those of the lessors of such property or assets and such leases have been registered with the relevant Governmental or Regulatory Authority in the PRC (which registrations are valid and in force). All properties and assets
of each Group Company are in a good state of repair and in good working condition other than any normal wear and tear. None of the assets of any Group Company is a state-owned asset, and inasmuch, none of the assets of any Group Company is required
by applicable Law to undergo any form of valuation procedure prior to the consummation of the transactions contemplated by the Transaction Documents. No Group Company owns title to any real property. 

2.15 Financial Statements. 
 (a) The Company has delivered to the Purchaser the unaudited financial statements (including balance sheet, statement of cash flow and income statement) of (i) the Group Companies (on a consolidated
basis) as of and for the fiscal years ended December 31, 2008, 2009, and 2010, in each case which have been prepared in accordance with US GAAP, and (ii) the Group Companies (on a consolidated basis) for the four-month period from
January 1, 2011 up to (and including) April 30, 2011, reviewed and approved by management of the Company (collectively, the “Financial Statements”). The Financial Statements fairly present in all material respects the
financial condition and operating results of the Group Companies (on a consolidated basis) as of the dates, and for the periods, indicated therein, subject to normal year- end audit adjustments. After the Closing, the Company shall deliver financial
statements (including balance sheet, statement of cash flow and income statement) of the Group Companies (on a consolidated basis) as of and for the fiscal years ended December 31, 2008, 2009, and 2010, certified and audited by the
Company’s current PRC audit firm and prepared in accordance with US GAAP (the “Audited Financials”), to the Purchaser pursuant to this Agreement, which Audited Financials shall not differ from the corresponding unaudited
Financial Statements described in clause (i) above in any material and adverse respect. 
 (b) Except as set forth in the
Financial Statements, none of the Group Companies has any material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course of business subsequent to April 30, 2011 and
(ii) obligations under applicable Law and contracts and commitments incurred in the ordinary course of business and not required under United States generally accepted accounting principles (“U.S. GAAP”) to be reflected in the
Financial Statements which, in both cases, individually or in the aggregate, are not material to the financial condition or operating results of the Company. The Company will maintain a standard system of accounting established and administered in
accordance with U.S. GAAP. 

  
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 2.16 Changes. Since April 30, 2011, there has not been: 

(a) any event, occurrence, fact, condition, change, development or effect that, individually or in the aggregate, has or could become or
result in a Material Adverse Effect; 
 (b) any damage, destruction or loss, whether or not covered by insurance, that would
reasonably be expected to have a Material Adverse Effect; 
 (c) any waiver or compromise by any Group Company of a valuable
right or of a material debt owed to it; 
 (d) any satisfaction or discharge of any lien, claim, or encumbrance or payment of
any obligation by any Group Company, except in the ordinary course of business and the satisfaction or discharge of which would not have a Material Adverse Effect; 
 (e) any material change to a contract or agreement to which any Group Company is a party or any of its assets is subject; 
 (f) any material change in any compensation arrangement or agreement with any employee, officer, director or shareholder of any Group Company; 

(g) any resignation or termination of employment of any officer or executive of any Group Company, including without limitation the
Founders; 
 (h) any mortgage, pledge, transfer of a security interest in, or lien, created by any Group Company, with respect
to any of its properties or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair such Group Company’s ownership or use of such property or assets; 

(i) any loans or guarantees made by any Group Company to or for the benefit of its employees, officers or directors, or any members of
their immediate families, other than travel advances and other advances made in the ordinary course of its business; 
 (j) any
declaration, setting aside or payment or other distribution in respect of any of the share capital of any Group Company, or any direct or indirect redemption, purchase, or other acquisition of any of such share capital by any Group Company;

 (k) any sale, assignment, license, transfer or other disposition of any Group Company IP outside the ordinary course of
business; 
 (l) receipt of notice that there has been a loss of, or material order cancellation by, any major customer of any
Group Company; 

  
 -19

 (m) receipt of notice that there has been a disruption of, or material delay in, the
delivery of products by any major supplier of any Group Company; 
 (n) any other event or condition of any character, other
than events affecting the economy or any Group Company’s industry generally, that could reasonably be expected to result in a Material Adverse Effect; or 
 (o) any arrangement or commitment by any Group Company to do any of the things described in this Section 2.16. 
 2.17 Employee Benefit Plans; Employees. 
 (a) The Company does not have
any Employee Benefit Plan as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 (b) Section 2.17(b) of the Schedule of Exceptions sets forth copies of standard form employment, confidentiality and non-compete contracts entered into with employees of the Group Companies.

 (c) Section 2.17(c) of the Schedule of Exceptions sets forth in respect of any for any Group Company
(i) copies of any Social Insurance and Welfare Registrations or Vouchers for Social Insurance and Welfare, (ii) a description of the social insurance payments and housing fund payments for the employees and all the relevant supporting
documents, (iii) copies of Housing Fund Contribution Registrations, and (v) latest receipts for the payments of social insurance and housing fund. 
 (d) The Company has made available to counsel to the Purchaser copies of (i) all employment, “change in control”, severance, retirement, retention or consulting agreements or arrangements
with the Founders, directors and key employees and consultants of the Group Companies, (ii) separation or termination agreements with former directors, officers or management employees, (iii) indemnification agreements or arrangements for
officers, directors and consultants, (iv) outstanding loans to employees (including all executive officers) or directors, 

(e) Section 2.17(e) of the Schedule of Exceptions sets forth copies of registration with SAFE and the PRC tax authorities
relating to the Share Plan. Other than those issued or granted pursuant to the Share Plan, there are no outstanding compensatory stock options, stock appreciation rights, restricted stock, restricted stock units and other forms of equity-based
compensation. 
 (f) Section 2.17(f) of the Schedule of Exceptions sets forth copies of all non-equity based
incentive compensation plans or agreements (e.g., annual bonus plans, special bonus, long-term incentives, profit-sharing, etc.), including summaries of related performance goals and targets. 

  
 -20

 (g) All required social insurance and housing fund registrations of WFOE or any Domestic
Entity with each relevant Governmental or Regulatory Authority in the PRC have been filed and are valid and in force. 
 2.18
Taxes.* 
 Except as disclosed in Section 2.18 of the Schedule of Exceptions: 

(a) All Tax Returns that are required to be filed by any Group Company have been filed when due in accordance with all applicable laws
and such Tax Returns were true and complete in all material respects. None of the Group Companies has granted any extension or waiver of the statute of limitations period applicable to any Tax Return, which period (after giving effect to such
extension or waiver) has not yet expired. 
 (b) Except to the extent of any charges, accruals and reserves for Taxes contested
in good faith and which are reflected on any Group Company’s books, all Taxes that are due and payable under any applicable law have been timely paid, or withheld and remitted, to the appropriate taxing authority. 

(c) The charges, accruals and reserves for Taxes reflected on any Group Company’s books are adequate to cover Tax liabilities
accruing through the end of the last period for which the relevant Group Company ordinarily records items on its books, and since the end of the last period for which any Group Company ordinarily records items on its books, none of the Group
Companies has engaged in any transaction, or taken any other action, other than in the ordinary course of business, that would materially impact any Tax Asset or Tax liability of any Group Company. 

(d) There is no claim, audit, action, suit, proceeding or investigation now pending or, to the Company’s Knowledge, threatened
against or with respect to any Group Company in respect of any Tax or Tax Asset. No adjustment that would increase the Tax liability or reduce any Tax Asset of any Group Company had been proposed or made by a Taxing Authority which could reasonably
be expected to be threatened, proposed or made in an audit of any Tax period ending on or following date of Closing. 
 (e) No
election with respect to Tax has been made by any Group Company with any taxing authority. 
 2.19 Labor Agreements and
Actions. None of the Group Companies is bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and, to the
Company’s Knowledge, no labor union has requested or has sought to represent any of the employees, representatives or agents of any Group Company which could have a Material Adverse Effect. There is no strike or other labor dispute involving
any Group Company pending or threatened which could have a Material Adverse Effect, nor is any Group Company aware of any labor organization activity involving its employees. Each Group Company has complied in all material respects with all
applicable employment Laws and with other Laws related to employment. Except as stated in Section 2.19 of the Schedule of Exceptions, no employee of any Group Company has been granted the right to continued employment by such Group
Company or to any compensation following termination of employment with such Group Company. None of the Group Companies is aware that any officer, key employee or group of employees intends to terminate his, her or their employment with any Group
Company, nor does any Group Company have a present intention to terminate the employment of any officer, key employee or group of employees. None of the Group Companies has made any representations regarding equity incentives to any officer,
employees, director or consultant that are inconsistent with the share amounts and terms set forth in such Group Company’s Books and Records. None of the Group Companies had any employee whose employment was terminated and who has not entered
into an agreement with such Group Company providing for the full release of any claims against such Group Company or any officer, director, employee or other related party of any Group Company arising out of such employment. 

  
 -21

 2.20 Proprietary Information, Invention Assignment and Non-Competition Agreement.
Except as set forth on the Schedule of Exceptions, each present and former employee, consultant and officer of each of the Group Companies has executed an agreement with the Group Company regarding proprietary information, assignment of inventions
and non- competition substantially in the form or forms delivered to the counsel for the Purchaser. None of the Group Companies is aware that any of its present or former employees or consultants is in violation thereof, and each Group Company will
use its best efforts to prevent any such violation. 
 2.21 Permits. Each Group Company has all material franchises,
permits, licenses, approvals, authorizations and any similar governmental authority or registration with any Governmental or Regulatory Authority necessary for the conduct of the business of such Group Company, the lack of which could have a
Material Adverse Effect (the “Material Licenses”). Section 2.21 of the Schedule of Exceptions contains a complete and correct list of all Material Licenses and the termination date of each such Material License. The
Material Licenses are in full force and effect and to the Company’s Knowledge, will remain in effect except if terminated or expired in the ordinary course of business. To the Company’s Knowledge, no other license is necessary for, or
otherwise material to, the conduct of the business by any Group Company. To the Company’s Knowledge, the consummation of the transactions contemplated under the Transaction Documents will not result in the termination or revocation of any of
the Material Licenses. None of the Group Companies is in default in any material respect under any of its Material Licenses and has not received any written notice relating to the suspension, revocation or modification of any such Material Licenses.
The Company has made available to counsel to the Purchaser copies of any license issued by any PRC regulatory agency or its local counterpart for the activities of any Group Company in the PRC, including without limitation, the Value-added
Telecommunication Business License, the approval or opinion rendered by competent administration of industry and commerce with respect to the business of advertisement operated by any FIEs. 

2.22 Corporate Documents. The Existing Articles, the First Restated Articles and the Second Restated Articles are in the form
provided to counsel for the Purchaser. The copy of the minute books of the Company provided to the Purchaser’s counsel contains minutes of all meetings of directors and shareholders and all actions by written consent without a meeting by the
directors and shareholders since the date of incorporation and reflects all actions by the directors (and any committee of directors) and shareholders with respect to all transactions referred to in such minutes accurately in all material respects.

  
 -22

 2.23 Controlled Foreign Corporation. The Company is not a controlled foreign
corporation (“CFC”) as defined in Section 957 of the Code. No Group Company will be a CFC immediately after the Closing. 
 2.24 83(b) Elections. To the Company’s Knowledge, all elections and notices under Section 83(b) of the Code, have been timely filed by all individuals that are taxable in the
United States and that have purchased Ordinary Shares of the Company. 
 2.25 Real Property Holding Corporation. No Group
Company is a “United States real property holding corporation” within the meaning of the Code and any applicable regulations promulgated thereunder. 
 2.26 Circular 75 Registration. Except as stated in Section 2.26 of the Schedule of Exceptions, each Person who directly or indirectly, through a holding company, holds any shares of the
Company as of the Closing and who is a PRC Resident has either (i) complied with the registration and any other requirements of Circular 75, or (ii) delivered to the Company a written confirmation in form and substance reasonably
satisfactory to such Purchaser that such Person (A) to such Person’s knowledge, is not subject to the registration requirements of Circular 75 or (B) to such Person’s knowledge, is subject to the registration requirements of
Circular 75 and has complied with the registration requirements of Circular 75. 
 2.27 No Directed Selling Efforts.
Neither the Company nor any of its affiliates or any other Person acting on its or their behalf has engaged or will engage in any directed selling efforts within the meaning of Regulation S under the Securities Act and all such Persons have complied
with the offering requirements of Regulation S under the Securities Act. 
 2.28 Insurance Coverage. Section 2.28 of
the Schedule of Exceptions sets forth (i) a true and complete description of all material insurance arrangements (including property damage, third-party liability, director and officer and key employee insurance) setting forth insurer, type of
insurance, nature of risks covered, insured amounts, policy expiration date, endorsements, annual premium and deductibles, relating to the assets, business, operations, employees, officers or directors of the Group Companies, and (ii) a summary
of claims experience under insurance policies for last five years. There is no claim by any Group Company pending under any of such insurance arrangements as to which coverage has been questioned, denied or disputed by the underwriters of such
policies or bonds or in respect of which such underwriters have reserved their rights. 
 2.29 Environment. No Group
Company has received any notices, investigations, complaints, notices of violations, fines, potentially responsible party notices, consent orders, requests for information, claims, lawsuits or other proceedings with respect to environmental or
hazardous material exposure matters, including any such proceedings arising under any contracts. Each Group Company has all required environmental permits, authorizations and licenses (including any related applications or renewals).
Section 2.30 of the Schedule of Exceptions sets forth (in each case, if any) (i) all environmental feasibility study reports of any Group Company issued by government recognized institutions, and any verification issued by the
environmental protection authorities approving the results of such reports, (ii) each Form of Declaration and Registration for Hazardous Waste (

) filed with local governmental authorities for environmental protection, (iii) each Operation Permit for Hazardous Waste (

) of third party service provider, if any China Sub engages a third party to dispose of the hazardous wastes, and (iv) approvals issued by the environmental protection authorities verifying that the waste discharge
facilities of any Group Company is effective and sufficient for the protection of the environment. 

  
 -23

 2.30 PRC Taxes and Subsidies.* 

(a) Section 2.30(a) of the Schedule of Exceptions sets forth all documentation of subsidies, preferential Tax treatments,
state aids or grants of whatever kind received or applied for by WFOE or the Domestic Entities as well as any repayment obligations. 
 (b) Neither WFOE nor the Domestic Entities has the benefit of any Tax holidays under PRC Tax law. The WFOE and Domestic TopCo are subject to a preferential enterprise income Tax rate of 15% and Domestic
Sub is subject to an enterprise income Tax rate of 25%. Section 2.30(b) of the Schedule of Exceptions sets forth the approvals or other documents granting the preferential tax rate to the Domestic Entities. 

(c) No filings are required pursuant to PRC Guo Shui Han 2009 No. 698 (“Circular 698”) in connection with the
transactions contemplated under this Agreement. 
 (d) The Group Companies have withheld all Taxes payable in connection with
the exercise of any Stock Options or Share Entitlements. 
 2.31 Finder’s Fee. There is no investment banker,
broker, finder or other intermediary which has been retained by or is authorized to act on behalf of any Group Company who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement. 

3. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company, that:

 3.1 Authorization. The Purchaser has full power and authority to enter into the Transaction Documents. The Transaction
Documents, when executed and delivered by such Purchaser, will constitute valid and legally binding obligations of such Purchaser, enforceable in accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of a specific performance, injunctive relief,
or other equitable remedies, or (b) to the extent the indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state securities laws. 

  
 -24

 3.2 Purchase Entirely for Own Account. This Agreement is made with the Purchaser in
reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the
account of the Purchaser or the Purchaser’s Affiliated Fund, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any
participation in, or otherwise distributing the same, other than to its Affiliated Funds. By executing this Agreement, the Purchaser further represents that it does not presently have any contract, undertaking, agreement or arrangement with any
person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares. 

3.3 Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Shares with the Company’s management and has had an opportunity to review the Company’s facilities. The Purchaser understands that such discussions, as well as the Business Plan
and any other written information delivered by the Company to the Purchaser, were intended to describe the aspects of the Company’s business which the Purchaser believes to be material. The foregoing, however, does not limit or modify the
representations or warranties in Section 2 of this Agreement or the right of Purchaser to rely thereon. 
 3.4
Restricted Securities. The Purchaser understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon,
among other things, the bona fide nature of the investment intent and the accuracy of such Purchaser’s representations as expressed herein. The Purchaser understands that the Shares are “restricted securities” under applicable U.S.
federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such
registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Shares for resale except as set forth in the Investors’ Rights Agreement. The Purchaser further
acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements
relating to the Company which are outside of such Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. 
 3.5 No Public Market. The Purchaser understands that no public market now exists for any of the securities issued by the Company, and that the Company has made no assurances that a public market
will ever exist for the Shares. 

  
 -25

 3.6 Legends. The Purchaser understands that the Shares, and any securities issued in
respect of or exchange for the Shares, may bear one or all of the following legends: 
 (a) “THE SHARES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.” 

(b) Any legend set forth in or required by the other Transaction Documents. 

(c) Any legend required by the securities laws of any state to the extent such laws are applicable to the shares represented by the
certificate so legended. 
 3.7 Not U.S. Person. The Purchaser is not a “U.S. Person” within the meaning of
Regulation S and is not acquiring the Shares for the account or benefit of any “U.S. Person”. The Purchaser is aware and agrees (i) that the sale to it is being made in an “off -shore transaction” (as defined in Regulation
S) in reliance on an exemption from registration under the Securities Act, (ii) that the Shares are being offered in transactions not involving any public offering within the meaning of the Securities Act, and (iii) that the Shares have
not been and will not be registered under the Securities Act. 
 3.8 Home Laws. The Purchaser hereby represents that it
has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within its jurisdiction of
incorporation for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax
consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. The Purchaser’s subscription and payment for and continued beneficial ownership of the Shares, will not violate any applicable
securities or other laws of the Purchaser’s jurisdiction of incorporation. 
 3.9 No General Solicitation. Neither
the Purchaser, nor any of its officers, employees, agents, directors, shareholders or partners has engaged the services of a broker, investment banker or finder to contact any potential investor nor has the Purchaser or any of the Purchaser’s
officers, employees, agents, directors, shareholders or partners, agreed to pay any commission, fee or other remuneration to any third party to solicit or contact any potential investor. Neither the Purchaser, nor any of its officers, directors,
employees, agents, shareholders or partners has (a) engaged in any general solicitation, or (b) published any advertisement in connection with the offer and sale of the Shares. 

3.10 Finder’s Fee. There is no investment banker, broker, finder or other intermediary which has been retained by or is
authorized to act on behalf of the Purchaser who might be entitled to any fee or commission in connection with the transactions contemplated by this Agreement. 
 3.11 Sufficient Funds Available. The Purchaser has, or will have as of the Closing, sufficient funds available to consummate the transactions completed by, and to perform its obligations to be
performed as of the Closing, including payment of the Purchase Price and any Contribution Amounts due under this Agreement or the Transaction Framework Agreement. 

  
 -26

 4. Pre-Closing Covenants. 

4.1 Conduct of the Company. Except for matters expressly contemplated and required by the Transaction Documents (including the
Restructuring) or as otherwise consented to in advance by the Purchaser (which consent will not unreasonably be withheld), from the date hereof until the earlier of termination of this Agreement or the date of the Closing, the Company shall, and
shall cause each of the other Group Companies to, conduct its business in the ordinary course consistent with past practice and use its reasonable best efforts to (i) preserve intact its present business organization, (ii) maintain in
effect all of its authorizations or permits from Governmental or Regulatory Authorities necessary to conduct its business in the ordinary course consistent with past practice, (iii) keep available the services of its directors, officers and key
employees, and (iv) maintain satisfactory relationships with its customers, lenders, suppliers and others having material business relationships with it. Without limiting the generality of the foregoing, except for matters expressly
contemplated by this Agreement (including the Restructuring) or as otherwise consented to in advance by the Purchaser (which consent will not unreasonably be withheld), the Company shall not, nor permit any of the other Group Companies to:

 (a) amend its articles of association, bylaws or other similar organizational documents (whether by merger, consolidation or
otherwise); 
 (b) (i) split, combine or reclassify any shares of share capital of any Group Company or authorize the
issuance of any other securities in respect of, in lieu of or in substitution for shares of its capital stock or any of its other securities, (ii) declare, set aside or pay any dividend or other distribution (whether in cash, stock or property
or any combination thereof) in respect of, or convertible into or exchangeable or exercisable for, any share capital of any Group Company, (iii) redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire any
shares of share capital or (iv) take any action that would result in any amendment, modification or change of any material term of any indebtedness; 
 (c) (i) issue, deliver or sell, or authorize the issuance, delivery or sale of, any shares of share capital or other equity interests, or (ii) amend any term of any shares of share capital or
other equity interests (in each case, whether by merger, consolidation or otherwise); 
 (d) adopt a plan or agreement of, or
resolutions providing for or authorizing, any complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization; 
 (e) make any capital expenditures or incur any liabilities in respect thereof, except for those contemplated by the Business Plans or in connection with the transactions contemplated by this Agreement or
the Transaction Framework Agreement; 
 (f) acquire (i) any business or Person or division thereof (whether by purchase of
stock, purchase of assets, merger, consolidation, or otherwise), or (ii) any other material assets (other than assets acquired in the ordinary course of business consistent with past practice); 

  
 -27

 (g) (i) sell, lease, license or otherwise transfer any of the Group Company’s
assets, securities, properties, interests or businesses, including any Group Company IP outside the ordinary course of business, or (ii) create any mortgage, pledge, transfer of security interest, or lien with respect to any of its properties
or assets of any Group Company, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair such Group Company’s ownership or use of such property or assets; 

(h) (i) make any material change in any compensation arrangement or agreement with any employee, officer, director or shareholder
of any Group Company, or (ii) establish, adopt, enter into or amend any employee benefit plan or agreement (other than offer letters that contemplate “at will” employment without severance benefits) or collective bargaining agreement;

 (i) hire any employee whose annualized compensation exceeds RMB500,000; 

(j) (i) repurchase, prepay or incur any Indebtedness, including by way of a guarantee, or any issuance or sale of debt securities
or any merger, business combination or other acquisition, or issue and sell options, warrants, calls or other rights to acquire any debt securities of any Group Company, or (ii) make any loans or guarantees made by any Group Company to or for
the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business; 

(k) terminate or make any material change to a contract or agreement to which any Group Company is a party or any of its assets is
subject, other than in the ordinary course of business; 
 (l) waive or compromise any valuable right or of a material debt
owed to any Group Company; 
 (m) any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation
by any Group Company, except in the ordinary course of business; 
 (n) make any change in any method of accounting principles,
method or practices, except for any such change required by generally accepted accounting principles or applicable law (in each case following consultation with the Company’s independent auditor); 

(o) make or change any Tax election, change any annual tax accounting period, adopt or change any method of Tax accounting, amend in any
material respect any Tax Returns or file claims for material Tax refunds, enter into any closing agreement, settle any material tax claim, audit or assessment, surrender any right to claim a material Tax refund, offset or other reduction in Tax
liability, or consent to any extension or waiver of the limitations period applicable to any Tax claim or assessment; 

  
 -28

 (p) institute, settle, or agree to settle any legal proceedings pending or threatened
before any arbitrator, court or other Governmental or Regulatory Authority; 
 (q) enter into any new line of business; or

 (r) authorize, resolve, commit or agree to do any of the things described in this Section 4.1. 

4.2 Access to Information. From the date hereof until the date of the Closing, the Company will (i) give, and will cause each
other Group Company to give, the Purchaser, its counsel, financial advisors, auditors and other authorized representatives full access during reasonable hours and upon reasonable notice to the offices, properties, books and records of the Group
Companies, (ii) furnish, and will cause each other Group Company to furnish, to the Purchaser, its counsel, financial advisors, auditors and other authorized representatives such financial and operating data and other information relating to
the Group Companies as such Persons may reasonably request and (iii) instruct the employees, counsel and financial advisors of the Group Companies to cooperate with the Purchaser in its investigation of the Group Companies. Any information
furnished pursuant to this Section shall be deemed to be confidential information pursuant to the Confidentiality and Non-Disclosure Agreement dated as of August 26, 2010 between Baidu Online Network Technology (Beijing) Co., Ltd. and WFOE. Any
investigation pursuant to this Section shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of the Group Companies. No investigation by the Purchaser or other information received by the Purchaser shall
operate as a waiver or otherwise affect any representation, warranty or agreement given or made by the Company hereunder. 
 4.3
Notices of Certain Matters. Prior to the Closing, (i) the Company shall give prompt written notice to the Purchaser of the occurrence or non-occurrence of any event known to the Company the occurrence or non-occurrence of which would
reasonably be expected to cause any representation or warranty contained in Article 2 to be materially untrue, or of the failure of the Company to comply with or satisfy any covenant or agreement under this Agreement, and (ii) the Purchaser
shall give prompt written notice to the Company of the occurrence or non-occurrence of any event known to the Purchaser the occurrence or non- occurrence of which would reasonably be expected to cause any representation or warranty contained in
Article 3 to be materially untrue, or of the failure of the Purchaser to comply with or satisfy any covenant or agreement under this Agreement; provided that the delivery of any notice pursuant to this Section shall not limit or otherwise
affect the remedies available hereunder to the party receiving that notice. 
 4.4 Reasonable Efforts to Complete.
Subject to the terms and conditions of this Agreement, each of the Purchaser and the Company will use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under
applicable laws to consummate the transactions contemplated by this Agreement, including (i) preparing and filing as promptly as practicable with any Governmental or Regulatory Authority or other third party all documentation to effect all
necessary filings, notices, petitions, statements, registrations, submissions of information, applications and other documents and (ii) obtaining and maintaining all approvals, consents, registrations, permits, authorizations and other
confirmations required to be obtained from any Governmental or Regulatory Authority or other third party that are necessary, proper or advisable to consummate the transactions contemplated by this Agreement. The Company and the Purchaser shall
cooperate with one another (i) in determining whether any action by or in respect of, or filing with, any Governmental or Regulatory Authority is required, or any actions, consents, approvals or waivers are required to be obtained from parties
to any material contracts, in connection with the consummation of the transactions contemplated by this Agreement and (ii) in taking such actions or making any such filings, furnishing information required in connection therewith and seeking
timely to obtain any such actions, consents, approvals or waivers. 

  
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 4.5 Public Announcements. On the date hereof or promptly thereafter, the Company and
the Purchaser shall issue a joint press release substantially in the form of Exhibit M attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser, in connection with the transactions contemplated by this
Agreement. The Purchaser shall be entitled to furnish a current report on Form 6-K to the U.S. Securities and Exchange Commission which exhibits such press release. The parties agree to consult with each other before issuing any other press release
or making any public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press releases and public statements the making of which may be required by applicable law, regulation or requirement of any
Governmental or Regulatory Authority or any listing agreement with any securities exchange, in which case the party required to make the press release or public statement shall use reasonable efforts to allow the other party hereto reasonable time
to comment on such release or announcement in advance of such issuance (it being understood that the final form and content of any such release or announcement, as well as the timing of any such release or announcement, shall be at the final
discretion of the disclosing party) will not issue any such press release or make any such public statement prior to such consultation. 
 4.6 Exclusivity. Prior to the Closing, neither the Company nor any other Group Company shall, nor shall the Company or any other Group Company authorize or permit any of its or their directors,
officers, affiliates or other representatives to, directly or indirectly, solicit, initiate or knowingly take any action to facilitate or encourage the submission of any offer, proposal, inquiry or indication of interest from any third party (other
than the Purchaser) relating to any transaction or series of related transactions involving (i) any acquisition or purchase, directly or indirectly, of any outstanding voting or equity securities of any Group Company, (ii) any merger,
consolidation, share exchange, business combination or other similar transaction involving any Group Company, (iii) any sale, lease (other than in the ordinary course of business), exchange, transfer, license (other than in the ordinary course
of business), acquisition or disposition of 5% or more of the consolidated assets of the Group Companies, or (iv) any liquidation, dissolution, recapitalization, extraordinary dividend or other significant corporate reorganization of any Group
Company (each, a “Transaction Proposal”) or any inquiry, indication of interest or the making of any proposal that could reasonably be expected to lead to any Transaction Proposal, or conduct or engage in any discussions or
negotiations with, disclose any non-public information relating to any Group Company to, afford access to the business, properties, assets, books or records of any Group Company to, or otherwise cooperate in any way with, or knowingly assist,
participate in, knowingly facilitate or encourage any effort by, any third party that is seeking to make, or has made, any Transaction Proposal, or enter into any contract relating to any Transaction Proposal. 

  
 -30

 5. Conditions of the Purchaser’s Obligations at Closing. The obligations
of the Purchaser to the Company to purchase Shares under this Agreement at the Closing are subject to the fulfillment, on or before such closing, of each of the following conditions, unless otherwise waived in writing by the Purchaser or specified
otherwise in this Section 5 
 5.1 Representations and Warranties. The representations and warranties of the
Company contained in Section 2 shall be true and correct in all material respects on and as of the Closing with the same effect as though such representations and warranties had been made on and as of the date of the Closing. 

5.2 Performance. The Company shall have performed and complied with all covenants, agreements, obligations and conditions
contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 
 5.3 No
MAE. No event, occurrence, change, effect or condition of any character shall have occurred following the date of this Agreement that, individually or in the aggregate, has had or could reasonably be expected to have a Material Adverse Effect.

 5.4 Compliance Certificate. The Chief Executive Officer of the Company shall deliver to the Purchaser at such Closing
a certificate certifying that the conditions set forth in Sections 5.1, 5.2 and 5.3 have been fulfilled. 
 5.5
Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the Cayman Islands, the United States or of any U.S. state that are required in connection with the lawful issuance and sale
of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing. 
 5.6 Approvals and
Consents. All authorizations, approvals, consents or permits of any competent Governmental or Regulatory Authority or of any third party that are required to be obtained by any Group Company or Key Shareholder before the Closing in connection
with the consummation of the transactions contemplated by this Agreement (including but not limited to those related to the lawful issuance and sale of the Shares), including without limitation any waivers for rights of first refusal, preemptive
rights, put or call rights, or other rights triggered, if any, shall have been duly obtained and effective as of the Closing. 

5.7 Boards of Directors. As of the Closing, (i) the authorized size of the Board shall be no less than seven (7) and no
more than nine (9), and the Board of Directors shall be comprised of such directors as shall have been designated by the Purchaser and the Shareholders prior to the Closing as contemplated by the Voting Agreement, (ii) the authorized size of
the Board of Directors of HK Entity shall be three, and the such Board of Directors shall be comprised of at least two designees of the Purchaser, (iii) the authorized size of the Board of Directors of WFOE shall be three, and such Board of
Directors shall be comprised of at least two designees of the Purchaser, (iv) the authorized size of the Board of Directors of Domestic TopCo shall be two, and such Board of Directors shall be comprised of two designees of the Purchaser, and
(v) the authorized size of the Board of Directors of Domestic Sub shall be two, and such Board of Directors shall be comprised of two designees of the Purchaser. 

  
 -31

 5.8 Restated Articles and Amended Share Plan. (i) The First Restated Articles
shall have been adopted by the Company simultaneously with the First Conversion and filed with the Registrar of Companies of the Cayman Islands, (ii) the Amended Share Plan shall have been adopted by the Company, and shall be in full force upon
and with effect from the Closing, and (iii) the Second Restated Articles shall have been adopted by the Company upon and with effect from the Closing and shall be filed with the Registrar of Companies of the Cayman Islands within one Business
Day after the Closing. 
 5.9 Transaction Documents. Each of the Company, the Shareholders, the Holders’
Indemnification Representative and the Escrow Agent shall have executed and delivered each of the Transaction Documents to which it is a party, and shall be in full force and effect. (i) Each of the Shareholders, (ii) each of the holders
of Stock Options or Share Entitlements listed on Exhibit N attached hereto and (iii) holders of at least 80% of all Stock Options or Share Entitlements held by any other Persons, including the Persons listed on Exhibit O attached
hereto shall have executed and delivered the Transaction Framework Agreement. Each of the holders described in clauses (ii) and (iii) above shall have executed and delivered Acknowledgement Agreements. 

5.10 Employment Agreements. The Company and the applicable employees listed in Exhibit C hereto shall have executed and
delivered the Employment Agreements, in form and substance acceptable to the Purchaser. 
 5.11 Proprietary Information,
Invention Assignment and Non-Competition Agreement. Each current employee, consultant and officer of each of the Group Companies and each former employee, consultant and officer who has provided services to any of the Group Companies within the
last 12 months shall have executed an agreement with such Group Company regarding confidentiality and proprietary information in form and substance acceptable to the Purchaser. Each employee listed on Schedule 5.11 has executed a non-competition
agreement in the form provided to Purchaser. All domain names included in the Group Company IP which are currently not held by a Group Company shall have been transferred to the WFOE. 

5.12 Director’s Certificate. A director of the Company shall deliver to the Purchaser at the Closing a certificate attaching
(i) the certified Memorandum and Articles as then in effect, (ii) copies of all resolutions approved by the shareholders and board of directors of each Group Company related to the transactions contemplated hereby (including the
Restructuring) and (iii) such other documents or certificates as the Purchaser may reasonably request. 
 5.13 [Reserved]

 5.14 Opinion of PRC Counsel. The Purchaser shall have received from TransAsia Lawyers, the Company’s PRC counsel,
an opinion, dated as of the Closing, substantially in the form of Exhibit Q attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

  
 -32

 5.15 Opinion of Cayman Counsel. The Purchaser shall have received from Maples and
Calder, the Cayman Islands’ counsel of the Company, an opinion, dated as of the Closing, substantially in the form of Exhibit R attached hereto with such changes thereto as mutually agreed by the Company and the Purchaser. 

5.16 [Reserved] 

5.17 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at the
Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to Purchaser, and Purchaser (or its counsel) shall have received all such counterpart original and certified or other copies of such documents as
reasonably requested. Such documents may include good standing certificates. 
 5.18 Due Diligence. The Purchaser shall
have completed all due diligence on the Group Companies to its reasonable satisfaction with respect to the matters listed on Schedule 5.18 hereto. 
 5.19 Restructuring. Each of the steps contemplated by the Restructuring shall have been consummated on terms acceptable to the Purchaser. 

5.20 Termination of Shareholder Agreements. Other than the Transaction Documents and any employment related agreements, all Series
C Transaction Documents and any other Side Arrangements, shall have been terminated and shall have no further force and effect. 

5.21 Minimum Percentage Ownership. Immediately after the Closing, the Shares shall represent at least 60% of the fully-diluted
equity ownership of the Company. 
 6. Conditions of the Company’s Obligations at Closing. The obligations of
the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived: 
 6.1 Representations and Warranties. The representations and warranties of the Purchaser contained in Section 3 shall be true and correct in all material respects on and as of the
Closing with the same effect as though such representations and warranties had been made on and as of the Closing. 
 6.2
Performance. All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects. 

6.3 Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the
Cayman Islands, the United States or of any U.S. state or of any other jurisdiction that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of the Closing.

  
 -33

 7. Post-Closing Covenants. From and after the Closing: 

7.1 Conduct of the Business of the Group Companies. The Company undertakes to the Purchaser that, unless otherwise provided by the
Board of Directors of the Company, the Company shall use commercially reasonable best efforts to, and cause WFOE and each other Group Company that is directly controlled by the Company or WFOE to use commercially reasonable best efforts to, cause
each of the other Group Companies (including without limitation the Domestic Entities) to conduct the business of such Person in the ordinary course and in a prudent manner consistent with best practices. 

7.2 Notice of Breach. The Company undertakes to promptly give notice to the Purchaser (i) of any notice or other
communication from any Governmental or Regulatory Authority in connection with the transactions contemplated by this Agreement and/or any other Transaction Documents (including any requirement to make any Circular 698 filing or notification), and
(ii) of any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement and/or any other Transaction Documents or purporting to
dissent or commence or threaten legal proceedings in connection with the transactions contemplated by this Agreement and/or any other Transaction Documents. 
 7.3 Compliance with Law and Instruments. The Company undertakes to the Purchaser to cause WFOE and any other Group Company that is controlled by the Company or WFOE through ownership of voting
securities or otherwise, and to use commercially reasonable best efforts to cause each of the other Group Companies, to comply with such Person’s memorandum of association, articles of association, business licenses, or other constitutional or
governance documents, each as may be amended from time to time, unless the Board of Directors of the Company directs otherwise. 

7.4 Circular 75 Registration. The Company undertakes to use commercially reasonable best efforts to cause the registration of the
Purchaser’s ownership of the Shares to be registered under Circular 75 as soon as practicable after the Closing, and the satisfaction of all other requirements of Circular 75 with respect the transactions contemplated by the Transaction
Documents (including the Restructuring). Without limitation of the foregoing, such registration under Circular 75 shall include details of the Purchaser’s nominees’ ownership of the Domestic Entities pursuant to the consummation of the
Restructuring and the shares reserved for issuance under the Amended Share Plan. The Company undertakes to use commercially reasonable best efforts to cause any Person who may in the future directly or indirectly hold any shares of the Company and
who is a PRC Resident to either (i) comply, as soon as possible, with the registration and any other requirements of Circular 75 as long as Circular 75 remains effective, or (ii) deliver to the Company and the Purchaser a written
confirmation in form and substance reasonably satisfactory to the Purchaser that such Person is not subject to the registration requirements of Circular 75. 

  
 -34

 7.5 Investment Policy. The Company shall maintain any cash of the Company which is
not required for daily operating needs of the Company in accordance with the then applicable investment policy of the Company, if any, approved by the Board of Directors of the Company. 

7.6 Circular 75 Modification Registration. Within ten (10) days after the Closing, Zhuang Chenchao shall submit an
application to file an updated registration to reflect his change of shareholding in the Company in compliance with Circular 75. Without limitation of the foregoing, such registration under Circular 75 shall include details of Zhuang Chenchao’s
ownership of the Domestic Entities pursuant to the consummation of the Restructuring and the shares reserved for issuance under the Amended Share Plan. 
 7.7 Delivery of Audited Financial Statements. The Company shall use reasonable best efforts to deliver the Audited Financial Statements to the Purchaser prior to July 31, 2011, and in any
event shall cause the Audited Financial Statements to be delivered to the Purchaser prior to August 31, 2011. 
 7.8
Certain PRC Licenses and Registrations. The Company shall use commercially reasonable efforts to obtain each of the following as soon as practicable after the Closing: 
 (a) registration of the trademarks reflected in the trademark applications listed in Section 2.8(c) of the Schedule of Exceptions; 

(b) a mobile value-added telecommunication business license (“MVAT License”) from the PRC Ministry of Industry and
Information Technology (the “MIIT”) with respect to the provision by the Group Companies of free mobile-phone applications to enable customers to use the Company’s website via their mobile phone, to the extent the Board
determines such MVAT License is required; 
 (c) an Internet Publication Permit from relevant Governmental or Regulatory
Authority in the PRC with respect to the tourism-related weblog published on the Company’s website, to the extent the Board determines such Internet Publication Permit License is required; 

(d) amendment of the business license of Domestic Sub with the relevant AIC authorities in the PRC to reflect its current registered
address; and 
 (e) tax registration and compliance with all other requirements of any relevant Governmental or Regulatory
Authority in the PRC with respect to the Group Companies’ operations in Shanghai, Chengdu and Guangzhou, to the extent the Board determines such tax registration and compliance is required. 

7.9 Company Press Releases. After the Closing, prior to the Company issuing any press release or announcement, the Company shall
submit its proposed final form of such press release or announcement to the Purchaser for its review and comment, and shall not issue such press release or announcement without the Purchaser’s prior approval. The Purchaser agrees to review and
comment on such draft press release within two Business Days. 

  
 -35

 7.10 Termination of Covenants. The covenants set forth in this Section 7
shall terminate as to the Purchaser and be of no further force or effect immediately prior to the consummation of an Exit Event (as defined in the Second Restated Articles). 
 8. Miscellaneous. 
 8.1 Survival of Warranties. The covenants
of the Company and the Purchaser contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing up to the until the latest date a claim may arise and/or be brought with respect to any
breach of such covenant under applicable law. The representations and warranties of the Company contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing up to the date that is
thirty-six (36) months following the Closing; provided that each Fundamental Representation shall survive the execution and delivery of this Agreement and the Closing up to the until the latest date a claim may arise and/or be brought
with respect to any breach of such Fundamental Representation under applicable law. 
 8.2 Termination. This Agreement
may be terminated at any time prior to the Closing: (a) by mutual written agreement of the parties hereto; (b) by either the Company or the Purchaser, if the Closing has not been consummated on or before August 31, 2011 (the
“End Date”); provided that the right to terminate this Agreement pursuant to this Section 8.2(b) shall not be available to any party whose material breach of any provision of this Agreement results in the failure of the
Closing to be consummated by the End Date; (c) there shall be any applicable law or requirement of any Governmental or Regulatory Authority that shall have become final and non-appealable that makes consummation of the Closing illegal or
otherwise prohibited, or enjoins the consummation of the Closing; (d) by the Purchaser, if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Company set forth in this Agreement shall
have occurred that would cause any of the conditions set forth in Article 5 not to be satisfied and is incapable of being cured by the Company or, if capable of being cured by the Company, the Company does not cure such breach or failure within 20
days after its receipt of written notice thereof from the Purchaser; or (e) by the Company, if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Purchaser set forth in this Agreement
shall have occurred that would cause any of the conditions set forth in Article 6 not to be satisfied and is incapable of being cured by the Purchaser or, if capable of being cured by the Purchaser, the Purchaser does not cure such breach or failure
within 20 days after its receipt of written notice thereof from the Company. If this Agreement is terminated pursuant to this Section 8.2, this Agreement shall become void and of no effect without liability of any party to each other party
hereto; provided that if such termination shall result from the willful or intentional (i) failure of any party to fulfill a condition to the performance of the obligations of any other party, or (ii) failure of any party to perform
a covenant hereof, such party shall be fully liable for any and all liabilities and damages incurred or suffered by any other party as a result of such failure. The provisions of Section 4.5 and this Article 8 shall survive any termination
hereof pursuant to this Section 8.2. 

  
 -36

 8.3 Transfer; Successors and Assigns. The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Neither party may assign or delegate this Agreement, or any of the rights or obligations hereunder, in whole or in part, nor voluntarily or by
operation of law, without the prior written consent of the other party which consent shall not unreasonably be withheld. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 8.4 Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with
the laws of the Cayman Islands, without giving effect to principles of conflicts of law. 
 8.5 Counterparts. This
Agreement may be executed in two or more counterparts, including counterparts delivered by facsimile transmission or in scanned format through e-mail, each of which shall be deemed an original and all of which together shall constitute one
instrument. 
 8.6 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only
and are not to be considered in construing or interpreting this Agreement. 
 8.7 Notices. Any notice required or
permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by email or by fax (upon customary confirmation of receipt), or 48 hours after being deposited as
certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth on the signature page hereto, or as subsequently modified by written notice, and (i) if to the Company, with a
copy to TransAsia Lawyers, Beijing, Suite 2218 China World Tower 1, 1 Jianguomenwai Avenue, Beijing 100004, People’s Republic of China and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP, 1200 Seaport Blvd., Redwood City,
California 94063, USA, Attention: Robert V. Gunderson, Jr., Brooks Stough and Bennett L. Yee, Fax: 650.321.2800; E-mail: rgunderson@gunder.com, bstough@gunder.com, byee@gunder.com and (ii) if to the Purchaser, with a copy to Davis Polk &
Wardwell, Hong Kong Solicitors, The Hong Kong Club Building, 3A Chater Road, Hong Kong, Attention: Howard Zhang, Kirtee Kapoor and Sam Kelso; Fax: +852 2533 3388; E-mail: howard.zhang@davispolk.com; kirtee.kapoor@davispolk.com;
sam.kelso@davispolk.com. 
 8.8 Attorney’s Fees. If any action at law or in equity (including arbitration) is
necessary to enforce or interpret the terms of any of the Transaction Documents, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be
entitled. 
 8.9 Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written
consent of the Company and the Purchaser. Any amendment or waiver effected in accordance with this Section 8.9 shall be binding upon the Purchaser and each transferee of the Shares, each future holder of all such securities, and the
Company. 

  
 -37

 8.10 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be
excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 

8.11 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 8.12 Entire Agreement. This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other
written or oral agreements relating to the subject matter hereof existing between the parties hereto are expressly canceled. 

8.13 Dispute Resolution. 
 (a) Negotiation Between Parties; Mediations. The parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement. If the negotiations do not resolve the
dispute to the reasonable satisfaction of both parties, then each party that is a company shall nominate one authorized officer as its representative. The parties or their representatives, as the case may be, shall, within 30 days of a written
request by either party to call such a meeting, meet in person and shall attempt in good faith to resolve the dispute. If the disputes cannot be resolved by such senior managers in such meeting, the parties agree that they shall, if requested in
writing by either party, meet within 30 days after such written notification for one day with an impartial mediator and consider dispute resolution alternatives other than formal arbitration. If an alternative method of dispute resolution is not
agreed upon in the one day mediation, either party may begin formal arbitration proceedings to be conducted in accordance with subsection (b) below. This procedure shall be a prerequisite before taking any additional action hereunder.

 (b) Arbitration. In the event the parties are unable to settle a dispute between them regarding this Agreement in
accordance with subsection (a) above, subject to subsection (c) below, such dispute shall be referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules
(“UNCITRAL Rules”) in effect, which rules are deemed to be incorporated by reference into this subsection (b), subject to the following: (i) the arbitration tribunal shall consist of three arbitrators to be appointed according
to the UNCITRAL Rules; and (ii) the language of the arbitration shall be English. The prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party
may be entitled. 

  
 -38

 (c) Specific Performance. The parties hereto agree that the Purchaser would suffer
irreparable damage if any provision of this Agreement were not performed in accordance with the terms hereof and that, notwithstanding anything to the contrary herein, the Purchaser shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which they are entitled at law or in equity. 

8.14 Transaction Fees and Expenses. Each party shall pay all of its own costs and expenses incurred in connection with the
negotiation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby. In the event that this Agreement does not proceed to Closing as a result of any willful breach
of this Agreement or the Transaction Framework Agreement by any of the Company or the Key Shareholders, the Company shall bear all documented third party costs and expenses incurred by or on behalf of the Purchaser in the preparation of the
agreements(s) and all other documents up to a maximum aggregate amount of US$1,500,000. In the event that this Agreement does not proceed to Closing as a result of any willful breach of this Agreement or the Transaction Framework Agreement by the
Purchaser, the Purchaser shall bear all documented third party costs and expenses incurred by or on behalf of the Company in the preparation of the agreements(s) and all other documents up to a maximum aggregate amount of US$1,500,000. In the event
that the Company commits any breach of Section 4.6, the Company shall pay to the Purchaser, within three Business Days after written demand therefor, an amount equal to three times the aggregate amount of costs and expenses incurred by the
Purchaser in connection with the negotiation, execution, delivery and performance of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby. 

8.15 Schedule of Exceptions. The parties hereto agree that any reference in a particular Section of the Schedule of Exceptions
shall be deemed to be an exception to (or, as applicable, a disclosure for purposes of) the representations and warranties (or covenants, as applicable) of the Company that are contained in the corresponding Section of this Agreement as well as to
each other Section of this Agreement, to the extent the relevance of the disclosure to such Section is reasonably apparent. 

[Signature Pages Follow] 

  
 -39

 The parties have executed this Ordinary Shares Purchase Agreement as of the date first
written above. 
  

					
	COMPANY:
	
	QUNAR CAYMAN ISLANDS LIMITED,
	
	a Cayman Islands exempted company
		
	By:	 	 /s/ Chenchao Zhuang

		 	Name:	 	Chenchao Zhuang
		 	Title:	 	President

 
					
	
	Address: Room 1602-1606, Tower B, China
	Electric Plaza, No. 3 Danling Street,
	Haidian District, Beijing, 100080, PRC

 
					
	
	Facsimile: +86-10-57603001
	
	E-mail Address: ir@qunar.com

 [Purchaser Signature Page to Ordinary Share Purchase Agreement] 

 The parties have executed this Ordinary Shares Purchase Agreement as of the date first
written above. 
  

					
	PURCHASER:
	
	BAIDU HOLDINGS LIMITED
		
	By:	 	 /s/ Robin Li

		 	Name:	 	Robin Li
		 	Title:	 	Chief Executive Officer
		 	Date:	 	June 24, 2011

 
					
	
	Address: P.O. Box 957, Offshore
	Incorporations Centre, Road Town, Tortola,
	British Virgin Islands
	
	c/o Hesong Tang
	
	No. 10 Shangdi 10th Street
	
	Haidian District
	
	Facsimile: +86-10-59920022
	
	E-mail Address: tanghesong@baidu.com

 [Purchaser Signature Page to Ordinary Share Purchase Agreement] 

 SCHEDULE 5.11 
 NON COMPETE PARTIES 
 Wang Aifeng (

) 
 Tang Xuejun (

) 
 Zhang Zhe (

) 

 SCHEDULE 5.18 
 OUTSTANDING DUE DILIGENCE MATTERS 
 None - No outstanding matters. 

 EXHIBIT C 
 LIST OF EMPLOYEES TO SIGN EMPLOYMENT AGREEMENTS 
 Chenchao (CC) Zhuang 

Xiaomei (Denise) Peng 
 Zheng (Dixon) Dai

 Yongqiang (David) Wu 
 Zhenyu (Larry)
Chen 
 Ze (Victory) Zhang 
 Hanhui
(Sam) Sun 
 Fei Cai 
 Wei Yang

 EXHIBIT G 
 LIST OF KEY SHAREHOLDERS 
 Frederick Demopoulous 

Elaine Gar Yee Wong 
 Forlongwiz Holdings Limited

 Douglas Khoo 
 GSR Ventures I, L.P.

 GSR Principals Fund I, L.P. 

Mayfield XII, a Delaware Limited Partnership 

Mayfield Principals Fund XII, a Delaware Multiple Series LLC 
 Mayfield Associates Fund XII, a Delaware Limited Partnership 
 Tenaya Capital V L.P. 

Tenaya Capital V-P, L.P. 
 Michael Tong Sui Bau

 G&H Partners 
 Granite Global
Ventures III L.P. 
 GGV III Entrepreneurs Fund L.P. 
 Traveltech Investment Inc. 

 EXHIBIT N 
 LIST OF CONTINUING HOLDERS OF 
 STOCK OPTIONS AND/OR SHARE ENTITLEMENTS

 Bing Hong 
 Zhou Qiang

 Peng Xiao Mei 
 Dixon Dai 

Hao Ruoyun 
 Sun Li 

Guo Wei 
 Feng Jie 

Zhe Xibo 
 Yang Miao 

Geng Yuwei 
 Gao Peng 

Li Fang 
 Jin Zhaohua 

Zhao Sibo 
 Zhang Ming 

Zhang Yu 
 Jiang Wenli 

Yan Kui 
 Zhang Yaya 

He Ping 
 Chen Xi 

Nan Nan 
 Zhang Ze 

Li Xinsen 
 Li Yan 

Yang Wei 
 Chen Xi 

Tang Xuejun 
 Chen Song 

David Wu 
 Kou Jianjian 

Shi Mingfang 
 Huo Yan 

Wang Ensheng 
 Liu Lianchun 

Zhang Yuqi 
 Lin Hao 

Wang Li 
 Zhang Yan 

Yi Yazhuo 

 Xie Shaoxiong 
 Cheng Ling 
 Feng Zhiming 
 Meng Xiangyu 
 Michelle Ong 
 Shi Shenyang 
 Zhang Jinfeng 
 Yang Yongsheng 
 Zhang Jing 
 Li Wenfang 
 Hong Cui 
 Wang Jing 
 Man Yunxia 
 Shi Yong 
 Chen Zhibo 
 Cui Yaju 
 Yao Hu 
 Ren Wanxi 
 Sun Hanhui “Sam” 
 Yang Wei 
 Jiang Wenli 
 Zhou Qiang 
 Bing Hong 
 Sun Li 
 Jin Jingjing 
 Li Li 
 Liu Yue 
 Xiao Yu 
 Li Weiyuan 
 Gao Cheng 
 Wang Yi 
 Wang Jing 
 Han Lili 
 Hu Jiang 
 Liang Guangyu 
 Li Xueshi 
 Song Wenyu 
 Wang Yang 
 Hu Yudong 
 Wang Zhiming 
 Cai Wenkai 
 Feng Gedong 
 Zhao Hui 
 Zhang Xiaomeng 
 Ren Zhixin 
 Li Wei 

 He Weiping 
 Chen Zhenyu 
 Liu Zizhong 
 Gan Quan 
 Wan Xunxin 
 Peng Zhifang 
 Xu Jiajia 
 Xu Jia 
 Zhou Yuxin 
 Chen Zhiwei 
 Huo Tao 
 Dai Wenjuan 
 Luo Xiaodong 
 Niu Xiuliang 
 Wang Yingni 
 Li Juan 
 Li Jingang 
 Li Xin 
 Wang Siming 
 Wei Changsong 
 Qiu Hui 
 Ping Haie 
 Wang Hao 
 Li Li 
 Liu Haibo Tan 
 Fanhua Zhang 
 Guangjie Sun 
 Bin 
 Miao Hongtao 
 Cai Huan 
 Li Yan 
 Xie Xin 
 Yang Changle 
 Wang Xiaoyi 
 Wang Dong 
 Zhu Xiang 
 Gou Zhipeng 
 Hu Jinpu 
 Liu Jianqiang 
 Ma Chao 
 Wang Mingyou 
 Luo Yi 
 Yu Cheng 
 Fu Liangliang 
 Huang Bo 
 Meng Xiangliang 

 Li Geng 
 Peng Xiaomei 
 Dai Zheng 
 Sun Li 
 Zhou Qiang 
 Bing Hong 
 Hao Ruoyun 
 Cai Fei 
 Luo Jian 
 Gao Xing 
 Gao Hanji 
 Zhang Yu 
 Huang Qing 
 Bian Fei 
 Li Yiqun 
 Yuan Bing 
 Nan Nan 
 Huo Yan 
 Zhang Yu 
 Hao Yiwei 
 Yang Xiaokun 
 Zhong Jin 
 Xu Yan 
 Wu Xuan 
 Liu Xin 
 Ren Yu 
 Song Yi 
 Guo Xin 
 Gao Zili 
 Tang Min 
 Zou Xiaodi 
 Li Yi 
 Wang Dong 
 Liu Bing 
 Zhang Ting 
 Zhang Gaolei 
 Liu Qi 
 Chen Yu 
 Li Xin 
 Zhang Hongwei 
 Wang Yaning 
 Meng Yuan 
 Xue Hua 
 Zhang Ying 
 Xu Hanhan 
 Xiong Feiru 

 Yang Guanghui 
 Zhao Zixiang 
 Zhang Yan 
 Wang Chunfeng 
 Tang Feng 
 Peng Shudan 
 Liu Mingying 
 Liu Jia 
 Zhuang Jing 
 Li Jia 
 Zhang Yumo 
 Chen Yanyan 
 Sun Zhihong 
 Cai Yuanjie 
 Tang Jian 
 Xu Darui 
 Xu Chuanshi 
 You Yue 
 Kang Jia 
 Cao Wenhua 
 Zhou Wei 
 Chen Kan 
 Shen Ye 
 Wu Shengjian 
 Cen Lifang 
 Huang Baowen 
 Feng Qiang 
 Cai Jihua 
 Huang Xiaodong 
 Cui Jie 
 Feng Ran 
 Yu Tao 
 Ma Guoqing 
 Jin Feng 
 Jiang Jialin 
 Wang Yi 
 Liu Xiaoxi 
 Wang Xuelei 
 Zhou Zhenbao 
 Zhang Fenlong 
 Luo Zhen 
 Gao Wenbin 
 He Yuanling 
 Yang Guang 
 Sun Li 
 Tang, Hsueh-Chun 

 Hong Cui 
 Wang Zhiming 
 Li Juan 
 Qiu Hui 
 Liu Bing 
 Feng Jie 
 Zhe Xibo 
 Yang Miao 
 Gao Peng 
 Wang Xiaolin 
 Wang Yue 
 Zhan Yunpeng 
 Yan Yejun 
 Liu Wei 
 Zhang Yang 
 Ma Xiaoqing 
 Tang Yang 
 Michelle, Ong Ai Hong 

 EXHIBIT O 
 LIST OF NON-CONTINUING HOLDERS OF STOCK 
 OPTIONS AND/OR SHARE
ENTITLEMENTS 
 Li Bo 
 Wang Tong

 Amy Zhang 
 Wang Chen 

Xiao Ming 
 Enman Ma 

Wang Chaodong 
 Fan Lina 

Sun Yue 
 Wu Dong 

Zhao Yudi 
 Lin Xiaojun 

Chen Zhong Hua 
 Liu Man 

Xu Qingyang 
 Tian Xiaoming 

Luo Nan 
 Charlene Ng 

Guo Xiaoqin 
 Wu Linsong 

Liu Yueming 
 Zhao Xin 

Kong Xianzhi 
 Wendy Foo 

Philip Qu 
 Kerry Wong 

Tom Soohoo 
 Michael Tong 

Herman Yu 
 Jerry LinEX-10.1

 Exhibit 10.1 

QUNAR CAYMAN ISLANDS LIMITED 

AMENDED AND RESTATED 2007 SHARE PLAN 

ADOPTED ON NOVEMBER 8, 2007 

AMENDED ON JULY 30, 2010 

AMENDED ON JUNE 22, 2011 

AMENDED ON DECEMBER 29, 2011 

AMENDED ON AUGUST 10, 2012 

AMENDED ON SEPTEMBER 24, 2013 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	SECTION 1.	 	Establishment And Purpose	  	 	1	  
			
	SECTION 2.	 	Administration	  	 	1	  
	 (a)
	 	Committees of the Board of Directors	  	 	1	  
	 (b)
	 	Authority of the Board of Directors	  	 	1	  
			
	SECTION 3.	 	Eligibility	  	 	1	  
	 (a)
	 	General Rule	  	 	1	  
	 (b)
	 	Ten-Percent Shareholders	  	 	1	  
			
	SECTION 4.	 	Shares Subject To Plan	  	 	2	  
	 (a)
	 	Basic Limitation	  	 	2	  
	 (b)
	 	Additional Shares	  	 	2	  
			
	SECTION 5.	 	Terms And Conditions Of Awards Or Sales	  	 	2	  
	 (a)
	 	Share Purchase Agreement	  	 	2	  
	 (b)
	 	Duration of Offers and Nontransferability of Rights	  	 	2	  
	 (c)
	 	Purchase Price	  	 	2	  
	 (d)
	 	Withholding Taxes	  	 	3	  
	 (e)
	 	Restrictions on Transfer of Shares	  	 	3	  
			
	SECTION 6.	 	Terms And Conditions Of Options	  	 	3	  
	 (a)
	 	Share Option Agreement	  	 	3	  
	 (b)
	 	Number of Shares	  	 	3	  
	 (c)
	 	Exercise Price	  	 	3	  
	 (d)
	 	Exercisability	  	 	3	  
	 (e)
	 	Term	  	 	4	  
	 (f)
	 	Restrictions on Transfer of Shares	  	 	4	  
	 (g)
	 	Transferability of Options	  	 	4	  
	 (h)
	 	Withholding Taxes	  	 	4	  
	 (i)
	 	No Rights as a Shareholder	  	 	4	  
	 (j)
	 	Modification, Extension and Assumption of Options	  	 	5	  
			
	SECTION 7.	 	Payment For Shares	  	 	5	  
	 (a)
	 	General Rule	  	 	5	  
	 (b)
	 	Services Rendered	  	 	5	  
	 (c)
	 	Promissory Note	  	 	5	  
	 (d)
	 	Surrender of Shares	  	 	5	  
	 (e)
	 	Exercise/Sale	  	 	5	  
	 (f)
	 	Other Forms of Payment	  	 	5	  
			
	SECTION 8.	 	Adjustment Of Shares	  	 	6	  
	 (a)
	 	General	  	 	6	  
	 (b)
	 	Change in Control	  	 	6	  

  
 i 

							
			
	SECTION 9.	 	Securities Law Requirements and Choice of Law	  	 	7	  
			
	SECTION 10.	 	No Retention Rights	  	 	7	  
			
	SECTION 11.	 	Duration and Amendments	  	 	7	  
	 (a)
	 	Term of the Plan	  	 	7	  
	 (b)
	 	Right to Amend or Terminate the Plan	  	 	7	  
	 (c)
	 	Effect of Amendment or Termination	  	 	8	  
			
	SECTION 12.	 	Definitions	  	 	8	  

  
 ii 

 QUNAR CAYMAN ISLANDS
LIMITED 
 AMENDED AND RESTATED 2007 SHARE
PLAN 
 SECTION 1. ESTABLISHMENT AND PURPOSE. 

The purpose of the Plan is to offer selected persons an opportunity to acquire a proprietary interest in the success of the Company, or to
increase such interest, by purchasing Shares of the Company’s Stock. The Plan provides for the direct award or sale of Shares, a Letter of Entitlement, the grant of Options to purchase Shares, and other equity-based awards. Options granted
under the Plan may include Nonstatutory Options as well as ISOs intended to qualify under Section 422 of the Code. 
 Capitalized terms
are defined in Section 12. 
 SECTION 2. ADMINISTRATION. 

(a) Committees of the Board of Directors. The Plan may be administered by one or more Committees. Each Committee shall consist of one or
more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors has assigned to it in accordance with the Articles. If
no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a
particular function. 
 (b) Authority of the Board of Directors. Subject to the provisions of the Plan and the Articles, the Board of
Directors shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. All decisions, interpretations and other actions of the Board of Directors shall be final and binding on all
Purchasers, all Optionees and all persons deriving their rights from a Purchaser or Optionee. 
 SECTION 3. ELIGIBILITY. 

(a) General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of Nonstatutory Options or the
direct award or sale of Shares or a Letter of Entitlement. Only common law employees of (i) the Company, (ii) any “parent corporation” of the Company within the meaning of Section 424(e) of the Code, and (iii) any
“subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code shall be eligible for the grant of ISOs. 

(b) Ten-Percent Shareholders. A person who owns more than 10% of the total combined voting
power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the Exercise Price is at least 110% of the Fair Market Value of a Share on the date of
grant and (ii) such ISO by its terms is not exercisable after the expiration of five years from the date of grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of Section 424(d) of the
Code shall be applied. 

 SECTION 4. SHARES SUBJECT TO PLAN. 

(a) Basic Limitation. Subject to Subsection (b) below and Section 8, the maximum number of Shares that may be issued under the
Plan is 36,352,134 as of September 24,2013, and shall increase by 1.5% of the Company’s then total outstanding Shares on January 1, 2014 and annually thereafter. All of these Shares may be issued upon the exercise of ISOs. The number
of Shares that are subject to Options or other rights outstanding at any time under the Plan shall not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times
reserve and keep available sufficient authorized but unissued Shares to satisfy the requirements of the Plan. 
 (b) Additional
Shares. In the event that Shares previously issued under the Plan are reacquired by the Company, an equivalent number of Shares shall be added to the number of Shares then available for issuance under the Plan. In the event that an outstanding
Option or other right for any reason expires or is canceled, the Shares allocable to the unexercised portion of such Option or other right shall be added to the number of Shares then available for issuance under the Plan. 

SECTION 5. TERMS AND CONDITIONS OF AWARDS OR SALES. 

(a) Share Purchase Agreement. Each award or sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by
a Share Purchase Agreement between the Purchaser and the Company. No Shares or Letters of Entitlement with respect to such Shares may be issued unless the Purchaser (i) has delivered an executed copy of the Share Purchase Agreement to the
Company or otherwise agrees to be bound by the terms of the Share Purchase Agreement, and (ii) has executed all instruments and documents requested by the Board of Directors, including but not limited to, the Shareholder Agreements. Such award
or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Share
Purchase Agreement. The provisions of the various Share Purchase Agreements entered into under the Plan need not be identical. An 80% Shareholder may direct a Redemption Request to cause the redemption of all Shares not owned by such 80%
Shareholder. Upon the closing of a Redemption Request, all Shares and Letters of Entitlement are subject to immediate termination and cancellation without the right to receive any additional consideration. 

(b) Duration of Offers and Nontransferability of Rights. Any right to acquire Shares under the Plan (other than an Option) shall
automatically expire if not exercised by the Purchaser within 30 days after the grant of such right was communicated to the Purchaser by the Company. Such right shall not be transferable and shall be exercisable only by the Purchaser to whom such
right was granted. 
 (c) Purchase Price. The Purchase Price of Shares to be offered under the Plan, if newly issued, shall not be
less than the par value of such Shares. Subject to the preceding sentence, the Board of Directors shall determine the Purchase Price at its sole discretion. The Purchase Price shall be payable in a form described in Section 7. 

  
 2 

 (d) Withholding Taxes. As a condition to the purchase of Shares, the Purchaser shall make
such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such purchase. 

(e) Restrictions on Transfer of Shares. Any Shares awarded or sold under the Plan shall be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Share Purchase Agreement and shall apply in addition to any
restrictions that may apply to holders of Shares generally. A Share Purchase Agreement may provide that Shares are transferable to an entity, upon consent of the Committee. Following any such transfer, the Shares shall remain subject to the same
restrictions applicable to the Shares prior to such transfer. A Share Purchase Agreement may provide for accelerated vesting in the event of the Purchaser’s death, disability or retirement or other events. 

SECTION 6. TERMS AND CONDITIONS OF OPTIONS. 

(a) Share Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Share Option Agreement between the Optionee
and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for
inclusion in a Share Option Agreement. The provisions of the various Share Option Agreements entered into under the Plan need not be identical. 

(b) Number of Shares. Each Share Option Agreement shall specify the number of Shares that are subject to the Option and shall provide
for the adjustment of such number in accordance with Section 8. The Share Option Agreement shall also specify whether the Option is an ISO or a Nonstatutory Option. 

(c) Exercise Price. Each Share Option Agreement shall specify the Exercise Price. Subject to any requirement of applicable laws, the
Exercise Price shall be determined by the Board of Directors at its sole discretion. The Exercise Price shall be payable in a form described in Section 7. 

(d) Exercisability. Each Share Option Agreement shall specify the date when all or any installment of the Option is to become
exercisable; provided however, that to the extent that the Option may be exercised, the Optionee upon exercise will only receive an entitlement to a future issuance of Shares, and will not actually receive Shares until the Stock is first
Listed and other contingencies are satisfied. No Option shall be exercisable unless the Optionee (i) has delivered an executed copy of the Share Option Agreement to the Company or otherwise agrees to be bound by the terms of the Share Option
Agreement, and (ii) has executed all instruments and documents requested by the Board of Directors, including but not limited to, the Shareholder Agreements. The Board of Directors shall determine the exercisability provisions of any Share
Option Agreement at its sole discretion. 

  
 3 

 (e) Term. The Share Option Agreement shall specify the term of the Option. The term shall
not exceed 10 years from the date of grant, and in the case of an ISO a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall determine when an Option is to expire.
A Share Option Agreement may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service or death. An 80% Shareholder may at any time deliver a Redemption Request to cause the redemption of all
Shares not owned by such 80% Shareholder. Upon the closing of a Redemption Request, all Options and Letters of Entitlement are subject to immediate termination and cancellation without the right to receive any consideration. 

(f) Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option shall be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Share Option Agreement and shall apply in addition to any
restrictions that may apply to holders of Shares generally. A Stock Option Agreement may provide that Shares issued upon exercise of an Option are transferable to an entity, upon consent of the Committee. Following any such transfer, the Shares
issued upon exercise of an Option shall remain subject to the same restrictions applicable to the Shares prior to such transfer. 
 (g)
Transferability of Options. An Option shall be transferable by the Optionee only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If the
applicable Share Option Agreement so provides, a Nonstatutory Option may be transferable by gift or domestic relations order to a Family Member of the Optionee. A Share Option Agreement may also provide that a Nonstatutory Option is transferable to
an entity, upon consent of the Committee. Following any such transfer, the Option shall remain subject to the same restrictions applicable to the Option prior to such transfer. An ISO may be exercised during the lifetime of the Optionee only by the
Optionee or by the Optionee’s guardian or legal representative. Notwithstanding the foregoing, an Option shall be transferable to the Company or Baidu Holdings Limited to the extent required by the Transaction Framework Agreement dated as of
June [24], 2011 among the Company, Baidu Holdings Limited and the other parties thereto. 
 (h) Withholding Taxes. As a condition to
the exercise of an Option, the Optionee shall make such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The
Optionee shall also make such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by
exercising an Option. 
 (i) No Rights as a Shareholder. An Optionee, or a transferee of an Optionee, shall have no rights as a
shareholder with respect to any Shares covered by the Optionee’s Option until such person becomes entitled to receive such Shares by filing a notice of exercise, paying the Exercise Price pursuant to the terms of such Option, and certain
contingencies are satisfied. 

  
 4 

 (j) Modification, Extension and Assumption of Options. Within the limitations of the Plan,
the Board of Directors may modify, extend or assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different
number of Shares and at the same or a different Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations
under such Option. 
 SECTION 7. PAYMENT FOR SHARES. 

(a) General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be payable in cash or cash
equivalents from any lawful source of currency at the time when such Shares are purchased, except as otherwise provided in this Section 7. 

(b) Services Rendered. At the discretion of the Board of Directors, Shares may be awarded under the Plan in consideration of services
rendered to the Company, a Parent or a Subsidiary prior to the award provided that no Share is issued for less then its par value paid in cash to the Company. 

(c) Promissory Note. At the discretion of the Board of Directors, all or a portion of the Purchase Price or Exercise Price (as the case
may be) of Shares issued under the Plan may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the
terms of the promissory note shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest income under the Code. Subject to the foregoing, the Board of Directors (at its sole discretion) shall specify the
term, interest rate, amortization requirements (if any) and other provisions of such note. 
 (d) Surrender of Shares. At the
discretion of the Board of Directors, all or any part of the Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee in a manner determined by the Board of Directors to be
consistent with applicable laws. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value as of the date when the Option is exercised. 

(e) Exercise/Sale. To the extent that a Share Option Agreement so provides, and if Shares are publicly traded, all or part of the
Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to
the Company. 
 (f) Other Forms of Payment. To the extent that a Share Purchase Agreement or Share Option Agreement so provides, the
Purchase Price or Exercise Price of Shares issued under the Plan may be paid in any other form permitted by applicable laws. 

  
 5 

 SECTION 8. ADJUSTMENT OF SHARES. 

(a) General. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable in Shares, a combination
or consolidation of the outstanding Stock into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued shares of Stock effected without receipt of consideration by the Company, proportionate
adjustments shall automatically be made in each of (i) the number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each outstanding Option and (iii) the Exercise Price under each
outstanding Option and the repurchase price (if any) applicable to any Shares. In the event of a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the
Stock, a recapitalization, a spin-off, or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of (i) the number of Shares available for future grants under Section 4,
(ii) the number of Shares covered by each outstanding Option or (iii) the Exercise Price under each outstanding Option and the repurchase price (if any) applicable to any Shares. 

(b) Change in Control. In the event that the Company is subject to a Change in Control, outstanding Options and Shares acquired
under the Plan shall be subject to the agreement evidencing the Change in Control, which need not treat all outstanding Options in an identical manner. Such agreement, without the Optionees’ consent, may dispose of Options that are not vested
as of the effective date of such Change in Control in any manner permitted by applicable law, including (without limitation) the cancellation of such Options without the payment of any consideration. Such agreement, without the Optionees’
consent, shall provide for one or more of the following with respect to Options that are vested as of the effective date of such Change in Control: 

(i) The continuation of such outstanding Options by the Company (if the Company is the surviving corporation). 

(ii) The assumption of such outstanding Options by the surviving corporation or its parent in a manner that complies with
Section 424(a) of the Code (whether or not such Options are ISOs). 
 (iii) The substitution by the surviving
corporation or its parent of new options for such outstanding Options in a manner that complies with Section 424(a) of the Code (whether or not such Options are ISOs). 

(iv) The cancellation of such outstanding Options and a payment to the Optionees equal to the excess of (A) the Fair
Market Value of the Shares subject to such Options as of the closing date of such Change in Control over (B) their Exercise Price. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or
its parent with a Fair Market Value equal to the required amount. If the Exercise Price of the Shares subject to such Options exceeds the Fair Market Value of such Shares as of the closing date of such Change in Control, then such Options may be
cancelled without making a payment to the Optionees. 

  
 6 

 Immediately following a Change in Control, outstanding vested Options shall terminate and cease to be
outstanding, except to the extent such Options have been continued, assumed or substituted, as described in Sections 8(b)(i), (ii) and/or (iii). 

SECTION 9. SECURITIES LAW REQUIREMENTS AND CHOICE OF LAW. 

Shares shall not be issued under the Plan unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable
requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market
on which the Company’s securities may then be traded. 
 The Plan shall be governed by, and construed in accordance with, the laws of
the Cayman Islands, as such laws are applied to contracts entered into and performed in such jurisdiction. 
 SECTION 10. NO RETENTION RIGHTS.

 Subject to the requirements of applicable law and the applicable employment documentation (if any), nothing in the Plan or in any
right or Option granted under the Plan shall confer upon the Purchaser or the Optionee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent,
Subsidiary, WFOE or ICP employing or retaining the Purchaser or Optionee) or of the Purchaser or Optionee, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause,
provided, however, that this provision will not apply if applicable employment documentation or provisions of applicable law require otherwise. 

SECTION 11. DURATION AND AMENDMENTS. 

(a) Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by the Board of Directors,
subject to the approval of the Company’s shareholders, as required by applicable law or the Articles. If the shareholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any grants, exercises or
sales that have already occurred under the Plan shall be rescinded and no additional grants, exercises or sales shall thereafter be made under the Plan. The Plan shall terminate automatically 10 years after the later of (i) the date when the
Board of Directors adopted the Plan or (ii) the date when the Board of Directors approved the most recent increase in the number of Shares reserved under Section 4 that was also approved by the Company’s shareholders. The Plan may be
terminated on any earlier date pursuant to Subsection (b) below. 
 (b) Right to Amend or Terminate the Plan. The Board of
Directors may amend, suspend or terminate the Plan at any time and for any reason; provided, however, that any amendment of the Plan shall be subject to the approval of the Company’s shareholders if it (i) increases the number of Shares
available for issuance under the Plan (except as provided in Section 8) or (ii) materially changes the class of persons who are eligible for the grant of ISOs or is required by applicable law or the Articles. Shareholder approval shall not
be required for any other amendment of the Plan. If the shareholders fail to approve an increase in the number of Shares reserved under Section 4 within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales
that have already occurred in reliance on such increase shall be rescinded and no additional grants, exercises or sales shall thereafter be made in reliance on such increase. 

  
 7 

 (c) Effect of Amendment or Termination. No Shares shall be issued or sold under the Plan
after the termination thereof, except upon exercise of an Option granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Option previously granted under the Plan.

 SECTION 12. DEFINITIONS. 
 (a)
“80% Shareholder” shall mean a shareholder (together with its affiliates and associates) who owns 80% or more of the then outstanding shares of the Company. 

(b) “Articles” shall mean the Amended and Restated Articles of Association of Qunar Cayman Islands Limited, as in effect and
as amended from time to time. 
 (c) “Board of Directors” shall mean the Board of Directors of the Company, as constituted
from time to time. 
 (d) “Change in Control” shall mean (i) the consummation of a merger or consolidation of the
Company with or into another entity; (ii) the consummation of a transaction in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule
13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities, except that any change in
the beneficial ownership of the securities of the Company as a result of a transaction that is approved by the Board of Directors shall not be deemed to be a Change in Control; or (iii) the dissolution, liquidation or winding up of the Company;
provided that, for the avoidance of doubt, the redemption of Shares pursuant to a Redemption Request shall not constitute a Change in Control. 

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(f) “Committee” shall mean a committee of the Board of Directors, as described in Section 2(a). 

(g) “Company” shall mean Qunar Cayman Islands Limited, a Cayman Islands exempted limited company. 

(h) “Consultant” shall mean a person who performs bona fide services for the Company, a Parent, a Subsidiary, a WFOE,
including Beijing Qunar Software Technology Co., Ltd. or an Internet Content Provider, including Beijing Qunar Information Technology Co., Ltd. as a consultant or advisor, excluding Employees and Outside Directors. 

(i) “Employee” shall mean any individual who is an employee of the Company, a Parent, a Subsidiary, a WFOE, including Beijing
Qunar Software Technology Co., Ltd. or an Internet Content Provider, including Beijing Qunar Information Technology Co., Ltd. 

  
 8 

 (j) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended
from time to time. 
 (k) “Exercise Price” shall mean the amount for which one Share may be purchased upon exercise of an
Option, as specified by the Board of Directors in the applicable Share Option Agreement. 
 (l) “Fair Market Value” shall
mean the fair market value of a Share, as determined by the Board of Directors in accordance with applicable law. Such determination shall be conclusive and binding on all persons. 

(m) “Family Member” shall mean (i) any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former
spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, (ii) any person sharing the Optionee’s household (other than a tenant or
employee), (iii) a trust in which persons described in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons described in Clause (i) or (ii) or the Optionee control the
management of assets and (v) any other entity in which persons described in Clause (i) or (ii) or the Optionee own more than 50% of the voting interests. 

(n) “ISO” shall mean an employee incentive stock option described in Section 422(b) of the Code. 

(o) “Letter of Entitlement” shall mean an instrument delivered to an Optionee exercising an Option (or a Purchaser under a
Share Purchase Agreement) entitling the holder thereof to be issued Shares if certain contingencies are satisfied. 
 (p)
“Listed” shall mean that the Stock is listed for trading on an established securities market that is officially recognized, sanctioned, or supervised by a governmental body, including without limitation the New York Stock Exchange
and the Nasdaq Global Select Market. 
 (q) “Nonstatutory Option” shall mean a stock option not described in
Sections 422(b) or 423(b) of the Code. 
 (r) “Option” shall mean an ISO or Nonstatutory Option granted under the Plan
and entitling the holder to purchase Shares. 
 (s) “Optionee” shall mean a person who holds an Option or Letter of
Entitlement. 
 (t) “Outside Director” shall mean a member of the Board of Directors who is not an Employee. 

(u) “Parent” shall mean any company (other than the Company) in an unbroken chain of companies ending with the Company, if
each of the companies other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other companies in such chain. A company that attains the status of a Parent on a date after the
adoption of the Plan shall be considered a Parent commencing as of such date. 

  
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 (v) “Plan” shall mean this Qunar Cayman Islands Limited Amended and Restated
2007 Share Plan. 
 (w) “Purchase Price” shall mean the consideration for which one Share may be acquired under the Plan
(other than upon exercise of an Option), as specified by the Board of Directors. 
 (x) “Purchaser” shall mean a person to
whom the Board of Directors has offered the right to acquire Shares under the Plan (other than upon exercise of an Option). 
 (y)
“Redemption Request” shall mean a request for redemption from an 80% Shareholder directed to the Company pursuant to the Articles. 

(z) “Service” shall mean actual ongoing service to the Company, a Parent, a Subsidiary, a WFOE, including Beijing Qunar
Software Technology Co., Ltd. or an Internet Content Provider, including Beijing Qunar Information Technology Co., Ltd. as an Employee, Consultant or Outside Director and specifically excludes periods of notice of termination of employment under
applicable law or employment contracts whereby actual service is no longer provided, for example, when an Employee is paid in lieu of his/her notice period or when an Employee is asked to cease service immediately pursuant to a “garden
leave” or a similar concept. 
 (aa) “Share” shall mean one share of Stock, as adjusted in accordance with
Section 8 (if applicable). 
 (bb) “Stock” shall mean the ordinary shares of the Company. 

(cc) “Share Option Agreement” shall mean the agreement between the Company and an Optionee that contains the terms,
conditions and restrictions pertaining to the Optionee’s Option. 
 (dd) “Share Purchase Agreement” shall mean the
agreement between the Company and a Purchaser who acquires Shares under the Plan that contains the terms, conditions and restrictions pertaining to the acquisition of such Shares. 

(ee) “Shareholder Agreements” shall mean the Amended and Restated Investors’ Rights Agreement, the Transfer of Shares
Agreement and the Amended and Restated Voting Agreement in respect of the Company, each entered into among the Company and the parties named therein on or about July 20, 2011, as may be amended from time to time. 

  
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 (ff) “Subsidiary” shall mean any company (other than the Company) in an unbroken
chain of companies beginning with the Company, if each of the companies other than the last company in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other companies in
such chain. A company that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 

(gg) “WFOE” shall mean a wholly foreign owned enterprise of the Company. 

  
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