Document:

EX-4.33

 Exhibit 4.33 

This document is a translation of the original text in Chinese 

Amended and Restated Loan Agreement 
 This
Amended and Restated Loan Agreement (this “Agreement”) is entered into on December 22, 2015 in Beijing, by and between: 
 Party
A:    Baidu Online Network Technology (Beijing) Co., Ltd. 
 Registered Address: 3/F, No. 10 Shanghdi 10th Street, Haidian District, Beijing 
 Party B: Zhixiang Liang 

WHEREAS, 
  

	 	1.	Party A is a foreign invested enterprise incorporated under the laws of the PRC, 

  

	 	2.	Party B is a Chinese citizen, holding 9% of equity interests of Beijing Baidupay Science and Technology Co., Ltd. (“Baidupay”), and is the shareholder of Baidupay; 

 

	 	3.	On September 16, 2014, Party A provided Party B with an interest-free loan of RMB 31.5 million yuan, used towards the investment in Baidupay. With regards to such loan, Party A and Party B signed the Amended and
Restated Loan Agreement (the “Original Loan Agreement”) on September 16, 2014. 

  

	 	4.	The Parties propose to amend and restate the Original Loan Agreement as expressed herein. 

 Party A and Party
B, through friendly consultation, agree as follows: 
  

	 	1.	In accordance with the terms and conditions of this Agreement, Party A agrees to provide an interest-free loan in the amount of RMB 90 million yuan (RMB 90,000,000.00) to Party B, and Party B agrees to accept such loan.

  

	 	2.	Party B confirms the receipt of such loan and has applied such loan toward payment of capital contribution of Baidupay. 

  

	 	3.	The term of the loan under this Agreement shall commence on the date Party B receives such loan to the date 10 years from the execution of this Agreement, which may be extended upon mutual written consent of the
Parties. During the term of the loan or the extended term of the loan, Party A has the right to cause the loan to be due immediately by written notice, and require Party B to repay the loan in accordance to this Agreement in the event any of the
following circumstances occur to Party B: 

  

	 	a.	Party B leaves or is terminated from Party A or an affiliated company of Party A; 

  

	 	b.	Party B’s death, lack or limitation of civil capacity; 

  

	 	c.	Party B engages in criminal act or is involved in criminal activities; 

  

	 	d.	Any third party filed a claim against Party B that exceeds RMB 100,000; or 

	 	e.	Subject to the laws of the PRC, Party A or a person designated by Party A is permitted invest in Baidupay to conduct internet information service business, value-added telecommunication business and other business, and
Party A has issued a written notice relating to the equity purchase of Baidupay to such party pursuant to the provisions of the Exclusive Option Contract mentioned in article 4 hereof, to exercise purchase rights. 

 

	 	4.	The parties herein agree and confirm that, to the extent and within the scope permitted by the laws of the PRC, Party A shall have the right but not the obligation to purchase or designated other persons (including
natural person, legal entity or any other entity) to purchase the equity interests of Baidupay held by Party B in whole or in part (hereinafter referred to as “Option Right”), but Party A shall issue a written notice to purchase equity
interests to Party B. Upon Party A’s issuance of a written notice to exercise such Option, Party B shall, in accordance with Party A’s wishes and instructions, immediately transfer all of its equity interests in Baidupay to Party A or
other persons as designated by Party A at the original investment price (“Original Investment Price”) or at another price agreed upon by Party A where the law otherwise requires. The Parties hereby agree and acknowledge, when Party A
exercises its Option Right, if in accordance to the applicable laws at the time, the lowest price of the equity interests permitted is higher than the Original Investment Price, then the purchase price of Party A or other persons designated by Party
A shall be the lowest price permitted by the laws. The parties agree to the above matters and have executed the Exclusive Option Contract. 

  

	 	5.	The parties herein agree and confirm that Party B may repay the loan only by the following methods: the borrower (or his successors or assignees) shall transfer the equity interest in Baidupay to Party A or its
designated person and use the proceeds to repay the loan when the loan is due and Party A gives a written notice, or through another method as mutually agreed by the parties herein. 

 

	 	6.	The Parties herein agree and confirm that this loan is an interest-free loan unless there are different provisions in this Agreement. But if the loan is due and Party B has to transfer his equity interests in Baidupay
to Party A or its designated person and the proceeds exceed the loan principal due to the legal requirement or other reasons, the extra amount over the principal of proceeds will be considered as the interests or capital use cost, to the extent
permitted by the law, which shall be repaid to Party A. 

  

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

 

	 	a.	Party B has transferred all his equity interests in Baidupay to Party A and/or its designated person; and 

  

	 	b.	Party B has repaid the total amount of proceeds from the equity interest transfer or the maximum amount (including principal and the maximum interests as permitted by the applicable laws at the time) permitted by
applicable laws to Party A. 

  

	 	8.	To secure the performance of debt under this Agreement, Party B agrees to pledge all of his equity interests in Baidupay to Party A (the “Equity Pledge”). The parties agree to execute an equity pledge
agreement for the above matters. 

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

  

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

  

	 	b.	Party A has the right to execute and perform this agreement. The execution and performance by Party A of this agreement comply with its business scope, Articles or other institutional documents, and Party A has taken
necessary actions to get all necessary and appropriate approvals and authorizations; 

  

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

  

	 	d.	The execution and performance of this Agreement by Party A does not violate any law, regulation, approval, authorization, notice, other governmental document, any agreement between Party A and any third party, or any
promise made by Party A to a third party; and 

  

	 	e.	This Agreement shall constitute the legal, valid and binding obligations of Party A upon execution. 

  

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

  

	 	a.	Baidupay is a limited liability company incorporated and validly existing under the laws of the PRC and Party B is the legal holder of the equity interest of Baidupay; 

 

	 	b.	Party B has the right to execute and perform this Agreement. The execution and performance by Party B of this Agreement comply with its business scope, Articles or other institutional documents, and Party B has taken
necessary actions to obtain all necessary and appropriate approvals and authorizations; 

  

	 	c.	The execution and performance of this Agreement by Party B does not violate any law, regulation, approval, authorization, notice, other governmental document, any agreement between Party B and any third party, or any
promise made by Party B to a third party; 

  

	 	d.	This Agreement shall constitute the legal, valid and binding obligations of Party B upon execution; 

  

	 	e.	Party B has paid contribution in full for the equity interests he holds in Baidupay in accordance with applicable laws and regulations; 

 

	 	f.	Except the provisions stipulated in the equity pledge agreement and exclusive option agreement, Party B did not create any pledge or other security over his equity interest in Baidupay, make any offer to a third party
to transfer his equity, make acceptance for the offer to a third party to purchase his equity, or execute any agreement with a third party to transfer his equity; 

 

	 	g.	There are no pending or potential disputes, litigation, arbitration, administrative proceedings or other legal proceedings in connection with the equity interests of Baidupay held by Party B; 

 

	 	h.	Baidupay has completed all necessary governmental approvals, licenses, registrations and filings. 

  

	 	11.	Party B undertakes, during the term of this Agreement, to: 

  

	 	a.	Not sell, transfer, pledge, dispose in any other manner of his equity interests in Baidupay or other interests, and not allow to create other security interests over his equity interests without the prior written
consent of Party A, except pledges or other rights created in the interest of Party A; 

  
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	 	b.	Not consent, support or execute any shareholder resolutions at Baidupay’s shareholder’s meetings that permit the sale, transfer, pledge, disposal in any manner of, and the creation of other security interests
on, any of his legal or beneficiary equity interests without the prior written consent of Party A, except where transferring his equity interest to Party A; 

  

	 	c.	Not consent, support or execute any shareholder resolutions at Baidupay’s shareholder meetings that permit Baidupay to merge or combine with, or acquire or invest in, any person without Party A’s prior written
consent; 

  

	 	d.	Promptly inform Party A of any pending or threatened litigation, arbitration or regulatory procedures relating to the equity interests of Baidupay; 

 

	 	e.	Execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to
maintain the equity interests of Baidupay held by Party B; 

  

	 	f.	Refrain from any act or omission that may materially affect the assets, business and liabilities of Baidupay without the prior written consent of Party A; 

 

	 	g.	Appoint any person nominated by Party A as the director of Baidupay, subject to Party A’s request; 

  

	 	h.	Transfer promptly and unconditionally, at any time, all equity interests in Baidupay held by Party B to Party A or its designated person subject to the request of Party A, provided that such transfer is permitted under
the laws of the PRC; 

  

	 	i.	Not request Baidupay to distribute dividends or profits; 

  

	 	j.	Once Party B transfers his equity interest in Baidupay to Party A or its designated person, he shall repay the consideration he receives as the principal and the interests or capital use cost to Party A if such
repayment is permitted under the laws of the PRC; 

  

	 	k.	Strictly comply with the terms of this Agreement, perform the obligations under this Agreement, and refrain from any act or omission that affects the validity and enforceability of this Agreement. 

 

	 	12.	Party B, as the shareholder of Baidupay, undertakes to cause Baidupay, during the term of this Agreement, to: 

  

	 	a.	Not supplement, amend or modify its articles of association, or increase or decrease its registered capital, or to change its capital structure in any form without the prior written consent of Party A;

  

	 	b.	Operate its business and handle matters prudently and affectively according to good financial and business rules and practices; 

  

	 	c.	Not sell, transfer, mortgage, dispose of in any other manner, or to create other security interests on, any of its assets, business or legal or beneficial rights to its income without the prior written consent of Party
A from the date of this Agreement; 

  

	 	d.	Not create, succeed to, guarantee or permit any liability, without the prior written consent of Party A, except (i) the liability arising from the ordinary or daily course of business operations, but not arising from
the loan; and (ii) the liability disclosed to Party A or approved by Party A in writing; 

  

	 	e.	Operate all businesses on a continued basis and maintain the value of its assets; 

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

  

	 	g.	Provide information of all its operations and financial affairs at Party A’s request; 

  

	 	h.	Not merge or combine with, acquire or invest in, any other person without the prior written consent of Party A; 

  

	 	i.	Not distribute dividends to the shareholders in any way without the prior written consent of Party A, and upon Party A’s request, to promptly distribute all profits that may be distributed to all shareholders.

  

	 	j.	Promptly inform Party A of any pending or threatened litigation, arbitration or regulatory procedures relating to its assets, business or revenue; 

 

	 	k.	Execute all necessary or appropriate documents, take all necessary or appropriate actions and bring all necessary or appropriate lawsuits or make all necessary and appropriate defenses against all claims in order to
maintain ownership of its assets; 

  

	 	l.	Strictly comply with the terms of the Exclusive Technology Service Agreement (“Service Agreement”) entered into between Baidupay and Party A and other agreements, duly perform its obligations under the Service
Agreement and other agreements, and refrain from any act or omission that affects the validity and enforceability of the Service Agreement. 

  

	 	13.	This Agreement shall be binding on, and only in the interest of, all parties hereto and their respective successors and assignees. Without prior written consent of Party A, Party B shall not transfer, pledge or assign
any right, interest or obligation hereunder. 

  

	 	14.	Party B agrees that Party A may assign its rights and obligations hereunder to a third party by a written notice to Party B when it considers necessary. No further consent from Party B is required for such transfer.

  

	 	15.	The execution, validity, interpretation, performance, amendment, termination and dispute resolution of this Agreement are governed by the laws of the PRC. 

 

	 	16.	Arbitration 

  

	 	a.	Both Parties shall strive to settle any dispute, conflicts, or compensation claims arising from the interpretation or performance (including any issue relating to the existence, validity and termination) of this
Agreement through friendly consultation. In case no settlement can be reached within thirty (30) days after one party requests for settlement, each party can submit such matter to China International Economic and Trade Arbitration Commission (the
“CIETAC”) in accordance with its rules. The arbitration award shall be final and conclusive and binding upon the Parties. 

  

	 	b.	The arbitration shall take place in Beijing. 

  

	 	c.	The arbitration language shall be Chinese. 

  

	 	17.	This Agreement shall become effective on the date of execution. Both Parties agree that the terms and conditions of this Agreement shall be effective as of the date on which Party B receives the loan, and shall expire
as of the date on which both Parties complete their obligations hereunder. 

  

	 	18.	Party B shall not terminate or revoke this Agreement under any circumstances unless (a) Party A commits a material error, fraud, or other material unlawful action; or (b) upon Party A’s bankruptcy.

  
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	 	19.	This Agreement shall not be amended or modified without the written consent of the Parties hereto. Any matters not agreed upon in this Agreement may be supplemented by all Parties through the execution of a written
agreement. The above amendments, modifications, supplements and any attachment of this Agreement shall be integral parts of this Agreement. 

  

	 	20.	This Agreement constitutes the entire agreement of the Parties with respect to the subject matter herein and supersedes and replaces all prior or contemporaneous verbal and written agreements and understandings between
the Parties. 

  

	 	21.	This Agreement is severable. The invalidity or unenforceability of any clause shall not affect the validity or enforceability of other clauses herein. 

 

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

  

	 	23.	Any obligation that is due before the expiration or early termination of this agreement shall survive such expiration or early termination. Section 15, 16, and 22 shall survive the termination of this Agreement.

  

	 	24.	This Agreement shall be executed in two counterparts, each Party shall hold on counterpart. All counterparts shall have the same legal effect. 

IN WITNESS WHEREOF, each party hereto have caused this Agreement to be duly executed by its legal representative on its behalf as of the date first set
forth above. 
 [No text below] 

  
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 [No text on this page] 

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

Legal representative/authorized representative: 
 Company seal:
/s/ Baidu Online Network Technology (Beijing) Co., Ltd. 
 Party B:    Zhixiang Liang 

Signature: /s/ Zhixiang Liang 

  
 7EX-4.41

 Exhibit 4.41 

This document is a translation of the original text in Chinese 

AMENDED AND RESTATED EQUITY PLEDGE AGREEMENT 

This Amended and Restated Equity Pledge Agreement (this “Agreement”) is entered into in Beijing, PRC on December 31, 2015 by the following parties:

 Pledgee: 
  

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

 Legal Address: 3rd Floor, Baidu Campus, No. 10, Shangdi 10th Street,, Haidian District, Beijing, PRC 
 Pledgor: 

Party B: Yanhong Li 
 WHEREAS, 

 

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

  

	2.	Party B is a citizen of the PRC and owns 99.5% of the equity interest in Beijing Baidu Netcom Science and Technology Co., Ltd., a limited liability company registered in Beijing, PRC (the “Company”).

  

	3.	Party A and Party B signed an amended and restated loan agreement on December 31, 2015, according to which Party B receives a loan (the “Loan Arrangement”) in an amount of RMB 885,550,000.00 (the
“Loan”) from Party A. 

  

	4.	Party A and the Company signed an Exclusive Technology Consulting and Service Agreement (the “Service Agreement”) on December 31, 2015, according to which the Company shall pay Party A consulting and services
fees (the “Fees”) for the technology consulting and services provided by Party A. 

  

	5.	In order to ensure that Party B will perform its obligations under the Loan Agreement and Party A will be able to receive the Fees from the Company, Party B agrees to pledge all his equity interest in the Company as
security for the performance of his obligations under the Loan Agreement. Party A and Party B intend to enter into this Agreement to specify their respective rights and obligations. 

 

	6.	Each of Party A and Party B has entered into a number of equity pledge agreements set forth in Schedule I attached hereto with the parties thereto (collectively, the “Original Equity Pledge
Agreements”). The Parties hereby agree to enter into this Agreement to amend and restate the Original Equity Pledge Agreements. 

NOW THEREFORE, the Pledgee and the Pledgor through friendly negotiations hereby enter into this Agreement based upon the following terms: 

 

	1.	Definitions and Interpretation 

 Unless otherwise provided in this Agreement, the following
terms shall have the following meanings: 
  

	 	1.1	“Pledge”: refers to the full content of Article 2. 

  

	 	1.2	“Equity Interest”: refers to all of the equity interest in the Company legally held by the Pledgor. 

  

	 	1.3	“Rate of Pledge”: refers to the ratio between the value of the Pledge and the services fees under this Agreement and the total amount of the Loan. 

 

	 	1.4	“Term of Pledge”: refers to the period set forth under Article 3.2. 

	 	1.5	“Master Agreement”: refers to the Service Agreement and agreements under the Loan arrangement. 

  

	 	1.6	“Event of Default”: refers to any event listed in Article 7.1. 

  

	 	1.7	“Notice of Default”: refers to the notice of default issued by the Pledgee in accordance with this Agreement. 

  

	2.	Pledge 

 The Pledgor agrees to pledge his Equity Interest in the Company to the Pledgee as
security for (i) all his obligations under the Loan arrangement and (ii) all the liabilities of the Company under Service Agreement. The term “Pledge” under this Agreement refers to the right of the Pledgee to be entitled to priority in
receiving payment in the form of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of the Equity Interest pledged by the Pledgor to the Pledgee. 

 

	3.	Rate of Pledge and Term of Pledge 

  

	 	3.1	The rate of the Pledge 

 The rate of the Pledge shall be approximately 100%. 

 

	 	3.2	The term of the Pledge 

  

	 	3.2.1	The Pledge shall take effect as of the date when the pledge of the Equity Interest is recorded in the Register of Shareholders of the Company and registered in authorized administration of industry and commerce, and
shall remain in effect until two (2) years after the obligations under the Master Agreement will have been fulfilled. 

  

	 	3.2.2	During the term of the Pledge, the Pledgee shall be entitled to dispose of the pledged assets in accordance with this Agreement in the event that the Pledgor does not perform his obligations under the Loan arrangement
or the Company fails to pay services fees under the Service Agreement. 

  

	4.	Physical Possession of Documents 

  

	 	4.1	During the term of the Pledge under this Agreement, the Pledgor shall deliver the physical possession of his/her Certificate of Capital Contribution and the Register of Shareholders of the Company to the Pledgee within
one (1) week from the execution date of this Agreement. 

  

	 	4.2	The Pledgee shall be entitled to collect the dividends for the Equity Interest. 

  

	 	4.3	The Pledge under this Agreement will be recorded in the Register of Shareholders of the Company (See Schedule II). 

  

	5.	Representation and Warranty of the Pledgor 

  

	 	5.1	The Pledgor is the legal owner of the Equity Interest pledged and has received approval for the pledge under this agreement through resolutions of shareholders’ meetings (see Schedule III). 

 

	 	5.2	Except for the benefit of the Pledgee, the Pledgor has not pledged the Equity Interest or created other encumbrance on the Equity Interest. 

 

	6.	Covenants of the Pledgor 

  

	 	6.1	During the effective term of this Agreement, the Pledgor covenants to the Pledgee for its benefit that the Pledgor shall: 

  
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	 	6.1.1	Not transfer or assign the Equity Interest, create or permit the existence of any other pledges which may have an adverse effect on the rights or benefits of the Pledgee without prior written consent of the Pledgee;

  

	 	6.1.2	Comply with laws and regulations with respect to the pledge of rights; present to the Pledgee the notices, orders or suggestions with respect to the Pledge issued or made by relevant government authorities within five
(5) days upon receiving such notices, orders or suggestions; comply with such notices, orders or suggestions or, alternatively, at the reasonable request of the Pledgee or with consent from the Pledgee, raise objection to such notices, orders or
suggestions; 

  

	 	6.1.3	Timely notify the Pledgee of any events or any notices received which may affect the Pledgor’s right to all or any part of the Equity Interest, and any events or any received notices which may change the
Pledgor’s warranties and obligations under this Agreement or affect the Pledgor’s performance of its obligations under this Agreement. 

  

	 	6.2	The Pledgor agrees that the Pledgee’s right to the Pledge obtained from this Agreement shall not be suspended or inhibited by any legal procedure initiated by the Pledgor or any successors of the Pledgor or any
person authorized by the Pledgor or any other person. 

  

	 	6.3	The Pledgor promises to the Pledgee that in order to protect or perfect the security for the payment of the Loan, the Pledgor shall execute in good faith and cause other parties who have interests in the Pledge to
execute, all title certificates and contracts or to perform any other actions (and cause other parties who have interests to take action) as required by the Pledgee and provide facilities for exercise of the rights and authorization vested in the
Pledgee under this Agreement. 

  

	 	6.4	The Pledgor promises to the Pledgee that he will execute all amendment documents (if applicable and necessary) in connection with the certificate of the Equity Interest with the Pledgee or its designated person (being a
natural person or a legal entity) and, within a reasonable period, provide to the Pledgee all notices, orders and decisions about the Pledge as the Pledgee deems necessary. 

 

	 	6.5	The Pledgor promises to the Pledgee that he/she will comply with and perform all the guarantees, covenants, warranties, representations and conditions for the benefit of the Pledgee. The Pledgor shall compensate the
Pledgee for all losses suffered by the Pledgee because of the Pledgor’s failure to perform in whole or in part its guarantees, covenants, warranties, representations and conditions. 

 

	 	6.6	During the term of this Agreement, the Pledgor will not conduct any act and omission that may influence the value of the pledged shares for the purpose to keep or increase the value of the pledged shares. The Pledgor
will notice the Pledgee immediately when there are issues that may decrease the value of the Pledged shares or influence the Pledgor’s performance of any obligations under this Agreement and, as required by the Pledgee, provide guarantee for
the difference of the decreased pledged shares to the Pledgee’s satisfaction. 

  

	 	6.7	To the extent permitted by applicable laws and regulations, the Pledgor shall assist the Pledgee with the registration, filing or any other processes as required by the laws and regulations. 

 

	7.	Event of Default 

  

	 	7.1	The following events shall be regarded as events of default: 

  

	 	7.1.1	Pledgor fails to perform his obligations under the Loan Arrangement; 

  

	 	7.1.2	The Company fails to fully pay the fees on schedule under the Service Agreement; 

  
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	 	7.1.3	Any representation or warranty made by the Pledgor in Article 5 hereof contains material misleading statements or errors and/or the Pledgor breaches any warranty in Article 5 hereof; 

 

	 	7.1.4	The Pledgor breaches the covenants under Article 6 hereof; 

  

	 	7.1.5	The Pledgor breaches any other provision of this Agreement; 

  

	 	7.1.6	The Pledgor waives the pledged Equity Interest or transfers or assigns the pledged Equity Interest without prior written consent from the Pledgee; 

 

	 	7.1.7	Any of the Pledgor’s external loans, guaranties, compensations, undertakings or other obligations (1) is required to be repaid or performed prior to the scheduled due date because of a default; or (2) is due but
cannot be repaid or performed as scheduled, causing the Pledgee to believe that the Pledgor’s ability to perform the obligations hereunder has been affected; 

 

	 	7.1.8	The Company is incapable of repaying its ordinary debts or other debts; 

  

	 	7.1.9	This Agreement becomes illegal or the Pledgor is not capable of continuing to perform the obligations hereunder due to any reason other than force majeure; 

 

	 	7.1.10	There have been adverse changes to the properties owned by the Pledgor, causing the Pledgee to believe that the capability of the Pledgor to perform the obligations hereunder has been affected; 

 

	 	7.1.11	Successor or trustee of the Company can only perform part of, or refuses to perform, the payment obligations under the Service Agreement; 

 

	 	7.1.12	The breach of the other provisions of this Agreement by the Pledgor due to his/her act or omission. 

  

	 	7.2	The Pledgor shall immediately give a written notice to the Pledgee if the Pledgor knows or discovers that any event specified under Article 7.1 hereof or any event that may result in the foregoing events has occurred.

  

	 	7.3	Unless an event of default under Article 7.1 hereof has been resolved to the Pledgee’s satisfaction, the Pledgee, at any time when the event of default occurs or at anytime thereafter, may give a written notice of
default to the Pledgor, requiring the Pledgor to immediately make full payment of the outstanding amount under the Service Agreement and Loan arrangement or requesting to exercise the Pledge in accordance with Article 8 hereof. 

 

	8.	Exercise of the Pledge 

  

	 	8.1	The Pledgor shall not transfer or assign the Equity Interest without prior written approval from the Pledgee prior to the full repayment of the Fees under the Service Agreement or full performance of his/her obligations
under the Loan Agreement, whichever is later. 

  

	 	8.2	The Pledgee shall give a notice of default to the Pledgor when the Pledgee exercises the Pledge. 

  

	 	8.3	Subject to Article 7.3, the Pledgee may exercise the Pledge when the Pledgee gives a notice of default in accordance with Article 7.3 or at anytime thereafter. 

 

	 	8.4	The Pledgee is entitled to priority in receiving payment in the form of all or part of the Equity Interest based on the conversion value thereof, or from the proceeds from the auction or sale of all or part of the
Equity Interest in accordance with legal procedure, until the outstanding debt and all other payables of the Pledgor under Service Agreement are repaid. 

  
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	 	8.5	The Pledgor shall not hinder the Pledgee from exercising the Pledge in accordance with this Agreement and shall give necessary assistance so that the Pledgee could fully exercise its Pledge. 

 

	9.	Assignment 

  

	 	9.1	The Pledgor shall not assign or transfer its rights and obligations hereunder without prior consent from the Pledgee. 

  

	 	9.2	This Agreement shall be binding upon the Pledgor and his/her successors and be binding on the Pledgee and each of its successors and permitted assigns. 

 

	 	9.3	To the extent permitted by law, the Pledgee may transfer or assign any or all of its rights and obligations under the Service Agreement and Loan arrangement to any person (natural person or legal entity) designated by
it at any time. In that case, the assignee shall have the same rights and obligations as those of the Pledgee as if the assignee was an original party hereto. When the Pledgee transfers or assigns the rights and obligations under the Service
Agreement and Loan arrangement, it is only required to provide a written notice to the Pledgor, and at the request of the Pledgee, the Pledgor shall execute the relevant agreements and/or documents with respect to such transfer or assignment.

  

	 	9.4	After the Pledgee has been changed as a result of a transfer or an assignment, the new parties to the Pledge shall execute a new pledge contract. 

 

	10.	Effectiveness and Term 

 This Agreement is effective as of the date first set forth above and
from the date when the pledge is recorded on the Company’s Register of Shareholders. 
  

	11.	Termination 

 This Agreement shall terminate when the Loan under the Loan arrangement the Fees
under Service Agreement have been fully repaid, and the Pledgor no longer has any outstanding obligations under the Loan Agreement. Thereafter, the Pledgee shall cancel or terminate this Agreement as soon as reasonably practicable. 

 

	12.	Fees and Other Charges 

  

	 	12.1	The Pledgor shall be responsible for all of the fees and actual expenses in relation to this Agreement including, but not limited to, legal fees, production costs, stamp tax and any other taxes and charges. If the
Pledgee pays the relevant taxes in accordance with the laws, the Pledgor shall fully indemnify the Pledgee for such taxes paid by the Pledgee. 

  

	 	12.2	In the event that the Pledgee has to make a claim against the Pledgor by any means as a result of the Pledgor’s failure to pay any tax or expense payable by the Pledgor under this Agreement, the Pledgor shall be
responsible for all the expenses arising from such claim (including but not limited to any taxes, handling fees, management fees, litigation fees, attorney’s fees, and various insurance premiums in connection with the disposition of the
Pledge). 

  

	13.	Force Majeure 

  

	 	13.1	Force Majeure, which includes but is not limited to acts of governments, change of laws and regulations, acts of nature, fires, explosions, typhoons, floods, earthquake, tides, lightning or war, refers to any unforeseen
event that is beyond a party’s reasonable control and cannot be prevented with reasonable care. However, any insufficiency of creditworthiness, capital or financing shall not be regarded as an event beyond a party’s reasonable control. The
affected party by Force Majeure shall promptly notify the other party of such event resulting in exemption. 

  

	 	13.2	In the event that the affected party is delayed or prevented from performing its obligations under this Agreement by Force Majeure, and only to the extent of such delay and prevention, the affected party shall not be
liable for obligations under this Agreement. The affected party shall take appropriate measures to minimize or remove the effects of Force Majeure and attempt to resume performance of the obligations that were delayed or prevented by the event of
Force Majeure. After the event of Force Majeure is removed, both parties agree to resume the performance of this Agreement using their best efforts. 

  
 5 

	14.	Confidentiality 

 The parties to this Agreement acknowledge and confirm that all the oral and
written materials exchanged relating to this Agreement are confidential. Each party must keep such materials confidential and can not disclose such materials to any other third party without the other party’s prior written approval, unless:
(a) the public knows or will know the materials (not due of the disclosure by the receiving party); (b) the disclosed materials are required by law or stock exchange rules to be disclosed; or (c) materials relating to the transactions under
this Agreement are disclosed to the parties’ legal or financial advisors, who must keep them confidential as well. Disclosure of the confidential information by employees or institutions hired by the parties is deemed as an act by the parties,
therefore, subjecting them to liability. 
  

	15.	Dispute Resolution 

  

	 	15.1	This Agreement shall be governed by and construed in accordance with PRC law. 

  

	 	15.2	The parties shall strive to settle any dispute arising from the interpretation or performance of this Agreement through friendly consultation. In case no settlement can be reached through consultation, each party can
submit such matter to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration. The arbitration shall follow the current rules of CIETAC, the arbitration proceedings shall be conducted in Chinese and
shall take place in Beijing, PRC. The arbitration award shall be final and binding upon the parties. 

  

	16.	Notice 

 Any notice which is given by the parties hereto for the purpose of performing the
rights and obligations hereunder shall be in writing to the bellowing address. Where such notice is delivered personally, the time of notice is the time when such notice actually reaches the addressee; where such notice is transmitted by telex or
facsimile, the notice time is the time when such notice is transmitted. If such notice does not reach the addressee on a business day or reaches the addressee after business hours, the next business day following such day is the date of notice. The
delivery place is the address first written above for each of the parties hereto or the address advised by such party in writing, including facsimile and telex, from time to time. 

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

Legal Address: 3rd Floor, Baidu Campus, No. 10, Shangdi 10th Street,, Haidian District,
Beijing, PRC 
 Fax: 5992-7435 

Tel: 5992-8888 
 Party B:
Yanhong Li 
 Address: 

Fax: 
 Tel: 

 

	17.	Entire Agreement 

 Notwithstanding the provisions in Article 10, the Parties agree that this
Agreement constitutes the entire agreement of the parties hereto with respect to the subject matters herein upon its effectiveness and supersedes and replaces all prior oral and/or written agreements and understandings relating to the subject
matters of this Agreement. 
  

	18.	Severability 

 Should any provision of this Agreement be held invalid or unenforceable because
of inconsistency with applicable laws, such provision shall be invalid or unenforceable only to the extent of such applicable laws without affecting the validity or enforceability of the remainder of this Agreement. 

  
 6 

	19.	Appendices 

 The appendices to this Agreement shall constitute an integral part of this
Agreement. 
  

	20.	Amendment or Supplement 

  

	 	20.1	The Parties may amend or supplement this Agreement by written agreement. The amendments or supplements to this Agreement duly executed by both parties shall form an integral part of this Agreement and shall have the
same legal effect as this Agreement. 

  

	 	20.2	This Agreement and any amendments, modifications, supplements, additions or changes hereto shall be in writing and shall be effective upon being executed and sealed by the parties hereto. 

 

	21.	Counterparts 

 This Agreement is executed in Chinese in duplicate, with each party hereto
holding one copy. Both originals have the same legal effect. 
 [no text below]

  
 7 

 [Signature Page] 

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

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

Legal/authorized representative:    /s/Zhan Wang 

Pledgor: Yanhong Li 
 Signature: /s/Yanhong Li 

 Schedule I 

Original Equity Pledge Agreements 
  

							
	Serial
number	  	Name	  	Parties	  	Date
	1	  	Amended and Restated Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Yanhong Li
 Yong Xu
	  	20050322
	2	  	Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Haoyu Shen
	  	20110119
	3	  	Supplement to the Amended and Restated Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Yanhong Li
 Haoyu Shen

Zhan Wang
	  	20110826
	4	  	Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Yanhong Li
	  	20111201
	5	  	Amended and Restated Equity Pledge Agreement	  	 Baidu Online Network Technology (Beijing) Co., Ltd.

Yanhong Li
	  	20151130

 Schedule II 

Register of shareholders of Beijing Baidu Netcom Science and Technology Co., Ltd. 

Name of the Shareholder: Yanhong Li 
 ID number: 

Residential Address: 
 Capital contribution: RMB 885,550,000.00

 Percentage of capital contribution: 99.5% 
 No. of the
certificate of capital contribution: 001 
 Yanhong Li holds 99.5% of the shares of Beijing Baidu Netcom Science and Technology Co., Ltd., all of which have
been pledged to Baidu Online Network Technology (Beijing) Co., Ltd. 
 Name of shareholder: Zhan Wang 

ID number: 
 Residential Address: 

Capital contribution: RMB 4,450,000.00 
 Percentage of capital
contribution: 0.5% 
 No. of the certificate of capital contribution: 002 

Zhan Wang holds 0.5% of the shares of Beijing Baidu Netcom Science and Technology Co., Ltd., all of which have been pledged to Baidu Online Network Technology
(Beijing) Co., Ltd. 
 Baidu Online Network Technology (Beijing) Co., Ltd. is the pledgee of 100% shares in Baidu Online Network Technology (Beijing) Co.,
Ltd. 
 Beijing Baidu Netcom Science Technology Co., Ltd. 

Signature: /s/ Zhixiang Liang 
 Name: Zhixiang Liang 

Title: Legal representative (with the company seal of Beijing Baidu Netcom Science Technology Co., Ltd.) 

Date: December 31, 2015 

 Schedule III 

Resolutions of the General Shareholders’ Meeting of Beijing Baidu Netcom Science and Technology Co., Ltd. 

In respect of the Amended and Restated Equity Pledge Agreement executed on December 31, 2015 between the shareholders of Beijing Baidu Netcom Science and
Technology Co., Ltd. (the “Company”) and Beijing Online Network Technology (Beijing) Co., Ltd., the general shareholders’ meeting of the Company made a resolution unanimously as follows: 

Approve each shareholder of the Company to pledge all of his equity interest in the Company to Baidu Online Network Technology (Beijing) Co., Ltd. 

The resolution was executed and submitted on December 31, 2015. 

Shareholders: 
 /s/ Yanhong Li 

/s/ Zhan Wang

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