Document:

Ex 10.36 - Voting Trust Agreement (Guangzhou Kugou)

 Exhibit 10.36 

Voting Trust Agreement 

By and Among 
 All the
shareholders listed in Schedule A 
 and 

Tencent Music (Beijing) Co., Ltd. 

and 
 Guangzhou Kugou
Computer Technology Co., Ltd. 
 March 26, 2018 

 Voting Trust Agreement 

This Voting Trust Agreement (the “Agreement”) is entered into on March 26, 2018 by and among the following Parties: 

 

	1.	 All the Shareholders Listed in Schedule A, of which the information please see
Schedule A. 

 (All the shareholders listed in Schedule A separately and collectively referred to as the
“Each of Shareholders”); 
  

	2.	 Tencent Music (Beijing) Co., Ltd. (the “WFOE”) 

Registered address: Room 303, 3rd Floor of 101, -2nd to 8th Floor, No.7 Building, East Tianchen Road,
Chaoyang District, Beijing. 
 Legal Representative: Hu Min 
  

	3.	 Guangzhou Kugou Computer Technology Co., Ltd. (the “Company”) 

Registered address: Room 1301, Building 2, No. 16, Keyun Road, Tianhe District, Guangzhou. 

Legal Representative: Xie Zhenyu 
 (In this
Agreement, each Party shall be referred to as a “Party” respectively or as the “Parties” collectively.) 
 Whereas: 

 

	1.	 Each of Shareholders is the shareholder of the Company and hold 100% equity interests of the Company.

  

	2.	 Each of Shareholders intend to respectively entrust the persons designated by the WFOE to exercise the voting
rights they hold in the Company and the WFOE wishes to accept such entrustment through its designated persons. 

 The Parties agree as
follows through friendly negotiation: 
 Article 1 Voting Rights Entrustment 

 

	1.1	 Each of Shareholders hereby irrevocably undertake to, after execution of this Agreement, respectively sign the
power of attorney according to the substance and form set forth in Schedule B hereof, under which the person (the “Trustee”) then designated by the WFOE shall have the power and authority to exercise the following rights
respectively granted to Each of Shareholders as the shareholders of the Company according to the Article of Association of the Company (the “Entrusted Rights”): 

 

	 	(1)	 proposing to convene or attending shareholder meetings of the Company as the proxy of the Each of Shareholders,
according to the Article of Association; 

  
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	 	(2)	 exercising the voting rights on behalf of the Each of Shareholder in respect of all matters subject to
discussion and resolution at the shareholder meetings, including but not limited to the appointment and election of directors and other senior management members who should be appointed by the shareholders; 

 

	 	(3)	 other voting rights (including any other voting rights of shareholders conferred after the amendment of the
Article of Association) vested in shareholders under the Articles of Association of the Company. 

 The precondition of the
above authorization and entrustment is that the Trustee is a PRC citizen and the WFOE consents to such authorization and entrustment. When and only when a written notice is issued by the WFOE to Each of Shareholders with respect to the removal of
the Trustee, Each of Shareholders shall immediately revoke the entrustment to the existing Trustee hereunder, and entrust any other PRC citizen then designated by the WFOE to exercise the Entrusted Rights in accordance with this Agreement, and the
new power of attorney shall supersede the previous one once it is executed. Except for the above circumstances, Each of Shareholders shall not revoke the authorization and entrustment to the Trustee. 

 

	1.2	 The Trustee shall perform the entrusted obligation lawfully with diligence and duty of care within the
authorization scope provided in this Agreement. Each of Shareholders shall accept and assume relevant liabilities for any legal consequences arising out of the exercise of the aforementioned Entrusted Rights. 

 

	1.3	 Each of Shareholders hereby acknowledge that the Trustee is not required to solicit the opinions of Each of
Shareholders before exercising the Entrusted Rights. Nevertheless, the Trustee shall immediately notify Each of Shareholders after any resolution or proposal for convening an interim shareholder meeting is made. 

Article 2 Right of Information 
  

	2.1	 For the purpose of exercising the Entrusted Rights under this Agreement, the Trustee shall have the right to
understand the operation, businesses, clients, financial affairs, employees of the Company and have access to relevant materials, while Each of Shareholders and the Company shall provide sufficient cooperation in this regard. 

  
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 Article 3 Exercise of Entrusted Rights 

 

	3.1	 Each of Shareholders shall provide sufficient assistance to the Trustee for his or her exercise of the
Entrusted Rights, including prompt execution of the resolutions of the shareholders’ meeting made by the Trustee or other relevant legal documents when necessary (e.g., to satisfy the document submission requirements for the approval of,
registration or filing with governmental authorities). 

  

	3.2	 If at any time within the term of this Agreement, the entrustment or exercise of the Entrusted Rights hereunder
is unenforceable for any reason (except for the default by Each of Shareholders or the Company), the Parties shall immediately seek the alternative plan which is most similar to the unenforceable provision and, if necessary, enter into supplementary
agreement to amend or adjust the provisions herein, so as to ensure the fulfilment of the purposes hereof. 

 Article 4
Exemption and Indemnification 
  

	4.1	 The Parties acknowledge that in no event shall the WFOE be liable to or be required to compensate financially
or in any other aspect, any other party or any third party for any exercise of the Entrusted Rights by the person designated by the WFOE. 

  

	4.2	 Each of Shareholders and the Company agree to hold the WFOE harmless and compensate the WFOE for all losses
suffered or likely to suffered in connection with designating the Trustee to exercise the Entrusted Rights, including but not limited to, any loss resulting from any litigation, demand, arbitration or claim initiated by any third party, and any loss
resulting from administrative investigation or penalty by governmental authorities. Nevertheless, losses suffered as a result of the intentional misconduct or gross negligence of the Trustee shall not be indemnified. 

Article 5 Representations and Warranties 
  

	5.1	 Each of Shareholders severally and not jointly represents and warrants as follow, except for the disclosure of
Schedule A: 

  

	 	5.1.1	 If the shareholder is a natural person, he/she is a PRC citizen with full capacity, have full and independent
legal status and legal capacity to execute, deliver and perform this Agreement, and may act as an independent party in any lawsuit. If the shareholder is not a natural person, the shareholder shall promise and undertake that it is a limited
liability company legally established and validly existing under the laws of the PRC and has an independent legal personality; each of them has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement,
and is independently a legal subject of litigation. 

  
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	 	5.1.2	 Each of them have full power and authority to execute and deliver this Agreement and all the other documents to
be entered into by them which are related to the transaction contemplated hereunder, as well as to consummate the transaction hereunder. This Agreement shall be duly and lawfully executed and delivered by Each of Shareholders and shall constitute
their legal, valid and obligations, enforceable against them in accordance with the provisions hereof. 

  

	 	5.1.3	 Each of them is a legitimate shareholder of the Company recorded in the register of members at the time when
this Agreement came into effect and the authorized Rights are not subject to any third party encumbrance, other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement
concluded by and among Each of Shareholders, the Company and the WFOE. In accordance with this Agreement, the Trustee may completely and fully exercise the Entrusted Rights according to the Articles of Association of the Company then in effect.

  

	5.2	 The WFOE and the Company severally represent and warrant as follows: 

 

	 	5.2.1	 Each of them is a limited liability company duly registered and legally existing under the laws of PRC where it
is registered and has independent legal personality; each of them has complete and independent legal status and legal capacity to execute, deliver and perform this Agreement, and is independently a legal subject of litigation. 

 

	 	5.2.2	 Each of them has complete power and authorization to execute and deliver this Agreement and all other documents
that it will execute in relation to the transaction contemplated hereunder, and each of them has full power and authorization to complete the transaction contemplated hereunder 

 

	5.3	 The Company further represents and warrants as follows: 

 

	 	5.3.1	 Each of Shareholders is legitimate shareholders of the Company recorded in the register of members at the time
when this Agreement came into effect. The authorized Rights are not subject to any third party encumbrance, other than the encumbrance created under this Agreement as well as the Equity Interest Pledge Agreement and the Exclusive Option Agreement
concluded by and among each of Shareholders, the Company and the WFOE. In accordance with this Agreement, the Trustee may completely and fully exercise the Entrusted Rights according to the Articles of Association of the Company then in effect.

  
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 Article 6 Term of Agreement 

 

	6.1	 Subject to Articles 6.3 and 6.4 of this Agreement, this Agreement shall take effect as of the date upon
execution. The term of this Agreement is twenty (20) years after becoming effective, unless all the Parties agree in writing to early termination or this Agreement is terminated pursuant to Article 9.1 hereunder. This Agreement shall be
automatically renewed for one (1) year after the expiration of the term of this Agreement unless the WFOE informs all the other parties not to renew thirty (30) days in advance of the expiration of this Agreement, and so forth.

  

	6.2	 This Agreement is the final agreement reached between the Parties on the entrustment of voting rights and
relevant issues which shall supersedes any and all prior consultations, negotiations or discussions, representations, memorandum, agreements or other documents, including but not limit to the Voting Trust Agreement signed by and among the Company,
the WFOE and part of Each of shareholders on July 12, 2016. In case of any conflict, contradiction or inconsistency, this Agreement shall prevail. 

  

	6.3	 The Company or the WFOE shall, if necessary, within three months prior to the expiration of their respective
business licenses, complete the approval and registration procedures for extending the business licenses to ensure the effectiveness of this Agreement. 

  

	6.4	 If any of Each of Shareholders transfers all equity interests it holds in the Company upon prior consent of the
WFOE, such Party shall cease to act as a party of this Agreement, but the rights and undertakings of the other Parties shall not be adversely affected hereby. 

 

	6.5	 If any of Each of Shareholders transfers all or part of the equity of the equity interests it holds in the
Company upon prior consent of the WFOE, unless otherwise informed by the WFOE in a written notice, the transferee or transferees agree to inherit and fulfill such current shareholder or shareholders’ full responsibility, obligation and
commitment under this Agreement. The other shareholders shall ensure the transferred equity interests to satisfy the above conditions and refuse to take any actions (including but not limit to pass relevant company resolutions, update the register
of members and manage the governmental approval and registration changing procedures) to facilitate or corporate the equity transfer otherwise. 

  
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 Article 7 Notices 

 

	7.1	 Any notice, request, demand and other correspondences required by or made in accordance with this Agreement
shall be in writing and delivered to the relevant Party. 

  

	7.2	 The above notice or other correspondences shall be deemed as delivered (i) when it is transmitted by
facsimile or telex, or (ii) upon handed over to the receiver when it is delivered in person, or (iii) upon the fifth (5) day after posting when it is delivered by mail, or (iv) on the date of receipt by the recipient if by
express delivery. However, if the notice is returned due to the fault of the served party or the refusal of the served party to sign for it, the date on which the notice is returned shall be deemed as service. In case of simultaneous delivery in any
of the above forms, the earliest deemed time of delivery shall prevail. 

 Article 8 Confidentiality 

 

	8.1	 Regardless of whether this Agreement is terminated, each Party shall maintain strictly confidential all
business secrets, proprietary information, client information and all the other information of confidential nature, in relation to other Parties and obtained during the formulation and performance of this Agreement (the “Confidential
Information”). Each receiving Party shall not disclose to any third party any Confidential Information, except with prior written consent of the Party providing such information or in circumstances where such information must be disclosed
to third parties according to relevant laws, regulations or listing requirements. Each receiving Party shall not use or indirectly use any Confidential Information except for the purpose of performing this Agreement. 

 

	8.2	 Confidential Information does not include the following: 

 

	 	(a)	 information that the receiving Party has previously known by lawful means, as supported by written evidence;

  

	 	(b)	 information that enters public domain without the receiving Party’s fault; or 

 

	 	(c)	 information received by other lawful means after the receiving Party receive Confidential Information.

  

	8.3	 The receiving Party may disclose Confidential Information to its relevant employees, agents or professionals it
employs, but the receiving Party shall ensure that all such persons comply with relevant terms and conditions of this Agreement and the receiving Party shall be responsible for any damages or consequences caused by the aforementioned persons in
violation of the relevant terms and conditions of this Agreement. 

  
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	8.4	 Notwithstanding other provisions of this Agreement, the effectiveness of this Article shall survive the
termination of this Agreement. 

 Article 9 Default Liability 

 

	9.1	 The Parties agree and acknowledge that if any Party (the “Defaulting Party”) breaches any
provision hereunder, or fails to perform or delays in performing any obligations hereunder, such breach, failure or delay shall constitute a default hereunder (the “Default”) and that in such event, the non-defaulting Party/Parties (the “Non-Defaulting Party”) shall have the right to demand the Defaulting Party to cure such Default or take remedial measures
within a reasonable time. If the Defaulting Party fails to cure such Default or take remedial measures with such reasonable time or within ten (10) days of the Non-Defaulting Party notifying the
Defaulting Party in writing and requesting it to cure such Default, the Non-Defaulting Party may elect, in its (their) discretion, to do the following: 

 

	 	9.1.1	 if the Defaulting Party is any of Each of Shareholders or the Company, the WFOE shall have the right to
terminate this Agreement and claim the Defaulting Party to indemnify the damages. In order to avoid doubt, the responsibility of shareholders or the responsibility between the shareholders and the Company is independent, and the shareholders do not
bear any joint liability for any obligation or responsibility of the other existing shareholders or Company. 

  

	 	9.1.2	 if the Defaulting Party is the WFOE, the Non-defaulting Party has right
to claim the Defaulting Party to indemnify the damages, provided that in no event shall the Non-defaulting Party have the right to terminate or rescind this Agreement, except that the contrary is provided by
the law. 

  

	9.2	 Notwithstanding any other provisions herein, the effectiveness of this Article shall survive the suspension or
termination of this Agreement. 

 Article 10 Miscellaneous Provisions 

 

	10.1	 This Agreement is made in Chinese in fifteen (15) originals with each Party retaining one (1) copy
hereof. The Parties specifically agree that the Agreement restored in PDF format sent by emails from the Parties is regarded as original and can be used separately as evidence for the establishment and validation of this Agreement.

  

	10.2	 The execution, effectiveness, performance, amendment, interpretation and termination of this Agreement shall be
governed by PRC laws. 

  
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	10.3	 Dispute Resolutions 

  

	 	(a)	 Any dispute arising out of or in relation to this Agreement, the Parties shall first resolve the dispute
through friendly negotiation. The requesting party shall notify the other party of the dispute and explain the nature of the dispute by overloading the date notice. If the Parties fail to reach an agreement regarding such a dispute within thirty
(30) days of its occurrence, any Party is entitled to submit such dispute to the China International Economic and Trade Arbitration Commission (the “CIETAC”) for arbitration in Beijing in accordance with the then effective
arbitration rules thereof and the arbitration award shall be final and binding. 

  

	 	(b)	 The arbitration tribunal shall consist of three (3) arbitrators, of whom the two parties have the right to
appoint one (1) each. The third arbitrator (3rd) should be appointed jointly by the two sides. If the party shall not be able to reach an agreement on the joint designation of the third arbitrator, he/she should be appointed by the director of
the Arbitration Committee. The third arbitrator shall be the chief arbitrator of the arbitration tribunal. 

  

	 	(c)	 In making an arbitration award, the arbitrator shall take into account the intention of the Parties which may
be determined in accordance with this Agreement. 

  

	 	(d)	 The arbitration award made according to the Article10.3 in writing should be final and binding. The parties
shall do their utmost to ensure that any such arbitration award is duly executed and to provide any necessary assistance thereto. 

  

	 	(e)	 The aforesaid provisions of the Article 10.3 shall not prevent the party concerned from applying for any pre
suit protection or prohibition remedy available for any reason, including but not limited to the enforcement of subsequent enforcement of the arbitration tribunal. 

 

	10.4	 Any rights, powers and remedies entitled to any Party by any provision herein shall not preclude any other
rights, powers and remedies entitled to such Party in accordance with laws and other provisions under this Agreement, and a Party’s exercise of any of its rights, powers and remedies shall not preclude its exercise of other rights, powers and
remedies. 

  

	10.5	 No failure or delay by a Party to exercise any of its rights, powers and remedies hereunder or in accordance
with laws (the “Rights”) shall be construed as a waiver of such Rights, and the waiver of any single or partial exercise of the Rights shall not preclude its exercise of such Rights in any other way or its exercise of other Rights.

  
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	10.6	 The headings of the sections herein are for reference only, and in no circumstances shall such headings be used
in or affect the interpretation of the provisions hereof. 

  

	10.7	 Each provision contained herein shall be severable and independent from other provisions. If at any time one or
several provisions herein shall be held to be invalid, illegal or unenforceable, the validity, legality or enforceability of other provisions herein shall not be affected thereby. 

 

	10.8	 Any amendments or supplements to this Agreement shall be in writing and shall become effective upon duly
execution by the Parties hereto. 

  

	10.9	 No Party shall assign any of its rights and/or obligations hereunder to any third parties without prior written
consent from other Parties. 

  

	10.10	 This Agreement shall be binding on the legal successors of the Parties. 

[The remainder of this page is intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above written. 

 

			
	Tencent Music (Beijing) Co., Ltd.
	/s/ Seal of Tencent Music (Beijing) Co., Ltd.
	
	Guangzhou Kugou Computer Technology Co., Ltd.
	/s/ Seal of Guangzhou Kugou Computer Technology Co., Ltd.
	
	Xie Zhenyu
	Signature:	 	/s/ Xie Zhenyu
	
	Hu Huan
	Signature:	 	/s/ Hu Huan
	
	Xu Hanjie
	Signature:	 	/s/ Xu Hanjie
	
	Hangzhou Yong Xuan Yong Ming Capital Investment Partnership (Limited Partnership)
	/s/ Seal of Hangzhou Yong Xuan Yong Ming Capital Investment Partnership (Limited Partnership)
	
	Kashi Tianshan Red Sea Venture Capital Co., Ltd.
	/s/ Seal of Kashi Tianshan Red Sea Venture Capital Co., Ltd.
	
	Shenzhen Litong Industry Investment Fund Co., Ltd.
	/s/ Seal of Shenzhen Litong Industry Investment Fund Co., Ltd.

 
			
	Gao Yaping
	Signature:	 	/s/ Gao Yaping
	
	Guangzhou Lekong Investment Partnership (Limited Partnership)
	/s/ Seal of Guangzhou Lekong Investment Partnership (Limited Partnership)
	
	Xie Guomin
	Signature:	 	/s/ Xie Guomin
	
	Qiu Zhongwei
	Signature:	 	/s/ Qiu Zhongwei
	
	Dong Jianming
	Signature:	 	/s/ Dong Jianming
	
	Tang Liang
	Signature:	 	/s/ Tang Liang
	
	Linzhi Lichuang Information Technology Co., Ltd.
	/s/ Seal of Linzhi Lichuang Information Technology Co., Ltd.

 Schedule A: List of Shareholders 

 

													
	 #
	  	 Shareholder’s Name
	  	Identification No./
Registration No.	  	Registered
Capital	 	  	Shareholding
Percentage	 
	1	  	Xie Zhenyu	  	[             ]	  	 	4,480,350	 	  	 	6.59	% 
	2	  	Hu Huan	  	[             ]	  	 	800,000	 	  	 	1.18	% 
	3	  	Xu Hanjie	  	[             ]	  	 	375,000	 	  	 	0.55	% 
	4	  	Hangzhou Yong Xuan Yong Ming Capital Investment Partnership (Limited Partnership)	  	330100000160272	  	 	500,000	 	  	 	0.74	% 
	5	  	Kashi Tianshan Red Sea Venture Capital Co., Ltd.	  	653100051033463	  	 	2,000,000	 	  	 	2.94	% 
	6	  	Shenzhen Litong Industry Investment Fund Co., Ltd.	  	440301107721051	  	 	4,603,261	 	  	 	6.77	% 
	7	  	Dong Jianming	  	[             ]	  	 	1,004,950	 	  	 	1.48	% 
	8	  	Gao Yaping	  	[             ]	  	 	750,000	 	  	 	1.10	% 
	9	  	Guangzhou Lekong Investment Partnership (Limited Partnership)	  	440101000189740	  	 	735,880	 	  	 	1.08	% 
	10	  	Xie Guomin	  	[             ]	  	 	6,792,571	 	  	 	9.99	% 
	11	  	Qiu Zhognwei	  	[             ]	  	 	6,792,571	 	  	 	9.99	% 
	12	  	Tang Liang	  	[             ]	  	 	1,853,820	 	  	 	2.73	% 
	13	  	Linzhi Lichuang Information Technology Co., Ltd.	  	91540400MA6T10ME4F	  	 	37,312,489	 	  	 	54.87	% 
		  		  	  
	  	  
	  
	 	  	  
	  
	 
	 Total
	  	—  	  	 	68,000,892	 	  	 	100.0	% 
		  		  	  
	  	  
	  
	 	  	  
	  
	 

 Note: The equity interests transferred from Qihoo 360 Software (Beijing) Co., Ltd.to Dong Jianming still require approval and
registration with the governmental authority (including without limitation the review and approval from State Administration of Radio and Television and change registration with industrial and commercial authorities). 

 Schedule B 

Power of Attorney 
 This Power of Attorney
(the “Power of Attorney”) is signed by [    ] (PRC Identification No.:[    ]/Address: [    ]/ Registration No.:[    ] on [     ],
[    ], to authorize [    ] (PRC Identification No.: [        ]/Address: [    ]) (the “Trustee”). 

I/ The company/ The partnership, grant to the Trustee a general trust authorizing the Trustee to exercise, as my trustee and on my behalf, the following
rights enjoyed by myself in my capacity as a shareholder of. Guangzhou Kugou Computer Technology Co., Ltd. (the “Company”): 
  

	 	(1)	 proposing to convene or attending shareholder meetings of the Company as the proxy of the Each of Shareholders,
according to the Article of Association; 

  

	 	(2)	 exercising the voting rights on behalf of the Each of Shareholder in respect of all matters subject to
discussion and resolution at the shareholder meetings, including but not limited to the appointment and election of directors and other senior management members who should be appointed by the shareholders; 

 

	 	(3)	 other voting rights (including any other voting rights of shareholders conferred after the amendment of the
Article of Association) vested in shareholders under the Articles of Association of the Company. 

 I hereby irrevocably confirm that,
unless Tencent Music (Beijing) Co., Ltd.(the “WFOE”) serves me a written notice to replace the Trustee, this Power of Attorney will be valid until the expiry or early termination of the Shareholders’ Voting Trust Agreement
dated [            ], [    ] by and among the WFOE, the Company and Each of Shareholders. 

It is hereby authorized. 
  

	
	Name
	
	By:
	Date:Ex 10.37 - Loan Agreement among Mr. Xie, Mr. Chen and Beijing Tencent Music

 Exhibit 10.37 

LOAN AGREEMENT 
 by and
among 
 Xie Guomin 

Chen Xiaotao 
 And

 Ocean Interactive (Beijing) Information Technology Co., Ltd. 

April 21, 2014 

 LOAN AGREEMENT 

This Loan Agreement (hereinafter referred to as “this Agreement”) is hereby executed by and among the following parties on April 21,
2014: 
  

	1.	 Mr. Xie Guomin (谢国民),
citizen of the People’s Republic of China, Identification Card No. [                ]; 

 

	2.	 Mr. Chen Xiaotao (陈晓涛),
citizen of the People’s Republic of China, Identification Card No. [                ] (hereinafter together with Mr. Xie Guomin referred to as “the
Borrowers” collectively and “a Borrower” respectively); 

  

	3.	 Ocean Interactive (Beijing) Information Technology Co., Ltd.
(海洋互动(北京)信息技术有限公司), a wholly foreign owned enterprise legally established
according to the laws of China, its registered address is Room 303, 3rd Floor of 101, -2nd to 8th Floor, No.7 Building, East Tianchen Road, Chaoyang District, Beijing (hereinafter referred to as “the
Lender”). 

 In this Agreement, the Lender and the Borrowers are referred to as “the Parties” collectively and
“a Party” respectively. 
 Whereas, 
  

	1.	 Pursuant to the terms and conditions herein, Mr. Xie Guomin and Mr. Chen Xiaotao intend to borrow the
Loan from the Lender for the subscription of the capital increase in a domestic company (hereinafter referred to as the “Capital Increase Transaction”) which mainly engages in the business of online digital music service and the
operation of music copyrights (hereinafter referred to as “Domestic Company”) and the name of the Domestic Company is Guangzhou Kugou Computer Technology Co., Ltd.; 

 

	2.	 The Borrowers intend to transfer the 100% equity interests that they hold in Ocean Interactive (Beijing)
Information Technology Co., Ltd. (hereinafter referred to as “Ocean Tech”) to the Domestic Company for the consideration of RMB118,800,000 (hereinafter referred to as the “Ocean Transaction”); 

 

	3.	 The Domestic Company intend to directly or indirectly acquire the whole equity interest in Beijing Kuwo
Technology Co., Ltd. (hereinafter referred to as “Kuwo”) free of charge but the Domestic Company, on behalf of the existing shareholders of Kuwo, shall pay the loan of RMB10,000,000 (hereinafter referred to as the “Kuwo
Transaction”) borrowed by the aforesaid shareholders from Yeelion Online Network Technology (Beijing) Co., Ltd. (hereinafter referred to as “Kuwo WFOE”); 

  
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	4.	 In order to further clarify the rights and obligations of the Borrowers and the Lender in the aforementioned
loan arrangements, the Capital Increase Transaction, the Ocean Transaction and the Kuwo Transaction, the Parties hereby agree as follows: 

  

	1.	 Definitions 

  

	1.1	 In this Agreement: 

“Effective Date” means the starting date of the loan period under this Agreement, that is April 21, 2014. 

“The Loan” means any and all borrowings provided by the Lender to the Borrowers under this Agreement. On the signing date of
this Agreement, the principals yet to occur shall be RMB128,800,000 in total, among which it is expected that RMB64,400,000 will be lent to Mr. Xie Guomin and RMB64,400,000 will be lent to Mr. Chen Xiaotao. 

“Outstanding Payments” means the outstanding amount for each Borrower under its Loan. 

“China” means the People’s Republic of China, and for the purposes of this Agreement, does not include Hong Kong, Macau
and Taiwan. 
  

	1.2	 The meanings of the related terms mentioned in this Agreement are as follows: 

“Articles” shall be interpreted as articles in this Agreement unless the context of this Agreement provides otherwise; 

“The Borrowers” and “the Lender” shall be construed as including the successors and assignees of the Parties.

  

	1.3	 Unless otherwise specified, references herein to this Agreement or any other agreements or documents shall be
construed as a modified, alternative, or supplementary mention thereof that has been made or may be made from time to time and as cases may be. 

  

	2.	 Loan 

  

	2.1	 Pursuant to the terms and conditions hereinafter, the Lender agrees to provide the Loan to the Borrowers. As of
the date herein, the principals yet to occur shall be RMB128,800,000 in total, among which it is expected that the Lender will provide RMB64,400,000 to Mr. Xie Guomin and RMB64,400,000 to Mr. Chen Xiaotao. Upon mutual agreement by the
Parties, the Lender is entitled to reduce the aforementioned amounts or to provide additional loans to the Borrowers besides the Loan. The loan amount is subject to actual amount provided and any additional loans shall be subject to the terms and
conditions hereinafter. 

  
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	2.2	 The Borrowers confirm that the Loan will be provided by the Lender or any other third parties designated by the
Lender. Under circumstances that the Loan is provided by the third party designated by the Lender, the Lender shall deliver to the Borrowers the copies of payment instruction (consistency with the original certified by the Lender’s seal) given
by the Lender to the third party aforesaid and the Lender shall cause the third party aforesaid confirm to the Borrowers that the third party provides the Loan on behalf of the Lender under this Agreement upon the Borrowers’ request.

  

	2.3	 The Parties confirm that the Borrowers will perform the Loan repayment obligations and other obligations
stipulated herein to the Lender in accordance with the provisions of this Agreement. 

  

	2.4	 If the Lender requests, each Borrower shall sign an equity pledge agreement with the Lender and pledge all
equities of the Domestic Company held by the Borrower as security for the Loan and other related obligations. The Borrower hereby confirms that any new Loan under this Agreement are debts guaranteed by the equity pledge agreement.

  

	2.5	 The Parties confirm that upon the Lender’s request, the Borrowers shall each set up a bank account
(hereinafter referred to as the “Borrowing Accounts”) separated from each Borrower’s personal funds to receive the Loan under this Agreement. Once set up, the Borrowing Accounts shall be operated and managed by the persons designated
by the Lender. The Lender shall ensure the persons designated operate and manage the Borrowing Accounts in accordance with the law and the Borrowing Accounts shall not be used for illegal purposes. The Parties confirm that any responsibilities
resulting from the set-up, operation, maintenance, fund transfer and usage of the Borrowing Accounts shall be borne by the Lender and the Borrowers shall take no responsibilities even if the Borrowers executed
any relevant documents in the process of the set-up, operation, maintenance, fund transfer and usage of the Borrowing Accounts according to the bank requirements or applicable law. 

 

	3.	 Interest 

The Lender confirms that it does not charge any interest on the Loan. 

 

	4.	 Repayment of the Loan 

 

	4.1	 The Parties confirm that before the expiration as in Section 4.2, the Borrowers shall repay the amount
under this Agreement which equals to the consideration of equity interest transfer actually received by the Borrowers under the Ocean Transaction only when the Borrowers receive the consideration of equity interest from the Domestic Company; if the
Domestic Company does not perform its obligations under the Ocean Transaction to pay the consideration of equity interest transfer due to any reasons that cannot be ascribed to the Borrowers, the Borrowers are not obligated to repay the Loan in this
Agreement to the Lender before the expiration as in Section 4.2. Accordingly, (i) once the Domestic Company pays any or all the consideration of equity interest transfer to the Borrowers pursuant to the equity interest transfer agreement
under the Ocean Transaction, the Borrowers shall transfer the aforementioned amount immediately upon reception to the bank account designated by the Lender to fulfil its obligation of repayment under this Agreement; or (ii) if the Domestic
Company directly transfer any or all the consideration of equity interest transfer to the bank account designated by the Lender, it shall be deemed that the Borrowers have repaid the amount that equals to the consideration transferred. If any or all
the consideration of equity interest transfer that received by the Borrowers or directly transferred to the bank account designated by the Lender is reduced by any taxes or fees (bank service charge included), the amount of the Loan shall be reduced
accordingly by the amount of such taxes or fees. 

  
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	4.2	 Each party confirms that the longest borrowing period of any Loan under this Agreement will be twenty
(20) years after the Effective Date; or the expiration of the business term of the Lender (including its expansion from time to time); or the expiration of the business term of the Domestic Company (including its expansion from time to time);
the earliest one shall prevail (hereinafter referred to as the “Term of the Loan”). After execution of this agreement, the newly added Loan shall be counted from the date of actual payment, and the maximum time limit shall not
exceed the expiry date of the aforementioned Term of the Loan. 

 When Term of the Loan expires: if the applicable law
allows the Lender to acquire the entire equities of the Domestic Company held by the Borrowers, the Borrowers have the right and obligation to directly reimburse all the Outstanding Payments by means of transferring all the equities thereof they
hold. When the relevant government registration procedures or other transfer formalities of such equity transfer stipulated by law (whichever occurs later) finish, it shall be deemed that the Borrowers have fully repaid all the Loans under this
Agreement; if the applicable law allows the Lender to acquire a portion of the equities of the Domestic Company held by the Borrowers, the Borrowers have the right and obligation to directly reimburse the Outstanding Payments in proportion by means
of transferring such equities thereof they hold. When the relevant government registration procedures or other transfer formalities of such equity transfer stipulated by law (whichever occurs later) finish, it shall be deemed that the Borrowers have
repaid the corresponding percentage of Loans under this Agreement. The other unrepaid Loans are automatically extended to the date on which the applicable law allows the Lender or its successor to take over the remaining equities thereof held by the
Borrowers; if the applicable law does not allow the Lender to acquire the equities of the Domestic Company held by the Borrowers, the Term of the Loan that has not been repaid is automatically extended to such date, when the applicable law allows
so. In the event that the Borrowers repay the Loan under this Agreement in the aforementioned manner, the Lender and the Borrowers do not have to pay the other Party any other payment, regardless of the value of the equities of the Domestic Company
transferred at that time. 

  
 4 

	4.3	 After the Term of the Loan and after the law allows the Lender to hold the equities of the Domestic Company,
the Lender may issue a notice of repayment to the Borrowers (hereinafter referred to as the “Repayment Notice”) at any time thirty (30) days in advance, requesting anyone of each Borrower or the Borrowers for repayment of any
or all of the Outstanding Repayments. The repayment amount of the Borrower under this Article 4.3 is limited to the actual equity transfer price it has received as described below, and the performance of its repayment obligation is predicated on its
receipt of the full equity transfer price as described below. 

 Under this circumstances, on the premise of not violating
the applicable laws, the Lender shall purchase or designate a third party to purchase the corresponding equities of the Domestic Company held by the Borrowers with such equity transfer price which is equal to the requested Outstanding Repayment. The
proportion of the equity that is required to be purchased accounting for the equity of the Domestic Company held by the Borrowers at that time should be the same as the proportion of the required Outstanding repayments accounting for the sum of the
Outstanding Repayments of the Borrowers under this Agreement. 
  

	4.4	 After the Term of the Loan and after the law allows the Lender to hold the equities of the Domestic Company,
each Borrower may issue a notice of repayment to the Lender (hereinafter referred to as the “Repayment Notice”) at any time thirty (30) days in advance, requesting for repayment of any or all of the Outstanding Repayments. The
repayment amount of the Borrower under this Article 4.4 is limited to the actual equity transfer price it has received as described below, and the performance of its repayment obligation is predicated on its receipt of the full equity transfer price
as described below. 

 Under this circumstances, on the premise of not violating the applicable laws, the Lender shall
purchase or designate a third party to purchase all the equities of the Domestic Company held by the Borrowers with such equity transfer price which is equal to the sum of the amount which the Borrowers are to repay. 

  
 5 

	4.5	 Where the applicable law allows the Lender to hold the equities of the Domestic Company, when the Borrowers
repay the sum due under Articles 4.2 to 4.4, the Parties shall simultaneously complete the prescribed equity transfer and guarantee that at the same time as the payment of the Outstanding Repayment, the Lender or a third party designated by the
Lender has legally and completely received the corresponding amount of equities thereof in accordance with the aforementioned arrangements, and there is no pledge or any other kind of encumbrance on such equities. When such equity transfer is
carried out in accordance with the aforementioned arrangements, each Borrower shall provide all necessary cooperation and waive any rights of first refusal. 

  

	4.6	 After each Borrower transfers all equities of Domestic Company held by them to the Lender or a third party
designated by the Lender according to the provisions of Articles 4.2 to 4.4, and after repaying all the Outstanding Repayments, the Borrower shall no longer bear the repayment obligations under this Agreement. 

 

	4.7	 For avoidance of ambiguity, the Borrowers and their relatives are not obliged to repay the Loan under this
Agreement with their own properties except for the agreed repayment methods under this Agreement. 

  

	5.	 Taxes , Expenses and Fruits 

 

	5.1.	 The Parties agree that all taxes in relation with Capital Increase Transaction, Ocean Transaction, Kuwo
Transaction and any other transaction under this Agreement (and any penalties or interests relating to unpaid or delayed payment of such taxes) and other expenses (including but not limited to the costs incurred by setting up Borrowing Accounts,
changes of business registration or by the registration of equity pledges) shall be borne by the Lender. 

  

	5.2.	 The Parties agree that the Lender shall be entitled to all fruits derived from the funds in Borrowing Accounts.

  

	6.	 Confidentiality 

 

	6.1	 Regardless of whether this Agreement has been terminated, the Borrowers shall have confidentiality obligations
regarding the business secrets, proprietary information, and customer information (hereinafter collectively referred to as “Confidential Information”) of the Lender that they know or receive as a result of the execution and
performance of this Agreement. The Borrowers may use such Confidential Information only for the purpose of performance of the obligations under this Agreement. Without the Lender’s written consent, the Borrowers shall not disclose the
Confidential Information to any third party, otherwise it shall bear the liability for breach of contract and compensate the loss. 

  

	6.2	 The following information is not confidential, when: 

 

	 	(a)	 There is documentary evidence that the information the Party receives is previously obtained by it in a legal
way; 

  
 6 

	 	(b)	 The information has been known to the public not due to the fault of the receiving Party; or

  

	 	(c)	 The information received by the receiving party has been obtained legally from other sources.

  

	6.3	 After termination of this Agreement, the Borrowers shall return, destroy or otherwise deal with all documents,
materials or software containing Confidential Information as required by the Lender, and cease the use of such Confidential Information. 

  

	6.4	 Notwithstanding other provisions of this Agreement, the validity of this Article 6 is not affected by the
suspension or termination of this Agreement. 

  

	7.	 Notice 

  

	7.1	 Any notices, requests, claims, and other communications required by this Agreement or made under this Agreement
shall be sent to the Party in writing. 

  

	7.2	 The aforementioned notice or other communications, if sent by facsimile or telex, shall be deemed served once
issued; if delivered in person, they shall be deemed served upon personal contact; if sent by post, they shall be deemed serviced after five (5) days after the posting. 

 

	8.	 Breaching Liabilities 

 

	8.1	 Each Borrower promises that, if it violates any of its obligations under this Agreement and thus the Lender
suffers or incurs any actions, charges, claims, costs, damages, requests, expenses, liabilities, losses and procedures, it shall assume corresponding liability to the Lender separately rather than jointly. 

 

	8.2	 Notwithstanding other provisions of this Agreement, the validity of this Article 8 is not affected by the
suspension or termination of this Agreement. 

  

	9.	 Miscellaneous 

 

	9.1	 This agreement is made in Chinese, and in three (3) counterparts and each Party holds one (1).

  

	9.2	 The execution, validity, performance, modification, interpretation and termination of this Agreement shall be
governed by the laws of China. 

  

	9.3	 Any dispute, controversy or claim arising out of or related to this Agreement or its breach, termination or
invalidity (hereinafter referred to as “Dispute”) shall be settled through friendly negotiation between the Parties of the dispute. The Party making the request should promptly inform the other party of the dispute and explain the
nature of the dispute through a dated notification. If the dispute cannot be settled through negotiation within thirty (30) days after the date of the dated notification, any Party may refer the matter to the China International Economic and
Trade Arbitration Commission for arbitration, pursuant to the arbitral rules then effective. The arbitration site is Beijing. The arbitral award shall be final and shall have binding force upon all the Parties. 

  
 7 

	9.4	 Any rights, powers, and remedies granted to any Party by any clause of this Agreement cannot exclude any other
rights, powers or remedies that this Party has under the law and other terms thereof, and the exercising of a Party’s rights, powers and remedies does not exclude the exercising of other rights, powers and remedies that this Party enjoys.

  

	9.5	 Any Party’s failure to exercise or delayed exercising of any of its rights, powers and remedies
(hereinafter referred to as “the Party’s Rights”) under this Agreement or law will not result in its waiving of such rights, and the waiver of any single or part of that Party’s rights does not rule out the Party’s
exercising of such rights in other ways and the exercising of other rights of the Party. 

  

	9.6	 The headings of each section of this Agreement are for indexing purposes only, and may not be used to interpret
or affect interpreting the provisions hereof. 

  

	9.7	 Each clause of this Agreement shall be divisible and independent of any other clauses. If at any time any one
or more clauses hereof becomes invalid, illegal or unenforceable, the validity, legality and enforceability of other clauses hereof shall be not affected hereby. 

 

	9.8	 This Agreement and its annexes shall replace all oral or written agreements, understandings and communications
reached by the Parties previously regarding the standard contents hereof. Any amendments and supplements to this Agreement must be made in writing and executed by all Parties of this Agreement before they become effective. 

 

	9.9	 Without the prior written consent of the Lender, the Borrowers shall not transfer any of its rights and/or
obligations under this Agreement to any third party. The Lender has the right to transfer any of its rights hereunder to a third party it designates after notifying other Parties. 

 

	9.10	 This agreement shall be binding upon all Parties’ legal assignees or successors. 

[The remainder of this Page is intentionally left blank] 

  
 8 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date on the venue first above
written. 
  

	
	Xie Guomin
	Signature: /s/ Xie Guomin
	
	Chen Xiaotao
	Signature: /s/ Chen Xiaotao
	
	Ocean Interactive (Beijing) Information Technology Co., Ltd.
	Signature: /s/ Xie Guomin
	Title: Authorized Signatory
	/s/ Seal of Ocean Interactive (Beijing) Information Technology Co., Ltd.

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