EX-10.6





 Exhibit 10.6 

Exclusive Option Agreement 
 This Exclusive
Option Agreement (this “Agreement”) is executed by and among the following Parties as of February 20, 2017 in China: 
  

	Party A:	 Dada Glory Network Technology (Shanghai) Co., Ltd. 



 

	Party B:	 Jun Yang [PRC Passport No.] 



 

	Party C:	 Shanghai Qusheng Internet Technology Co., Ltd., a limited liability company organized and existing under the
laws of PRC, with its address at Room 1494, No. 1945, Siping Road, Yangpu District, Shanghai. 


 In this Agreement, each of Party A,
Party B and Party C shall be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”. 

Whereas: 
 Party B holds 2.70% of the equity interests in Party
C; and 
 Party B intends to grant Party A an irrevocable and exclusive right to purchase all the equity interests in Party C then held by Party B. 

Now therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement: 

 

	1.	 Sale and Purchase of Equity Interest 



 

	1.1	 Option Granted 



Party B hereby irrevocably grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a
“Designee”) to purchase the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A’s sole and absolute discretion to the extent permitted by Chinese laws and at the
price described in Section 1.3 herein (such right being the “Equity Interest Purchase Option”). Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights
with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term “person” as used herein shall refer to individuals, corporations, partnerships,
partners, enterprises, trusts or non-corporate organizations. 
  

	1.2	 Steps for Exercise of Equity Interest Purchase Option 



Subject to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the “Equity Interest Purchase Option Notice”), specifying: (a) Party A’s decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased from Party B
(the “Optioned Interests”); and (c) the date for purchasing the Optioned Interests and/or the date for transfer of the Optioned Interests. 

  
 1 














	1.3	 Equity Interest Purchase Price and Its Payment 



Unless an appraisal is required by the laws of China applicable to the Equity Interest Purchase Option when exercised by Party A, the purchase
price of the Optioned Interests (the “Equity Interest Purchase Price”) shall be the lowest price as permitted by the applicable PRC laws at the time of the transfer of the Optioned Interests. After necessary withholding and paying
of tax monies according to the applicable laws of China, the Equity Interest Purchase Price will be wired to bank account(s) specified by Party B by Party A within seven (7) days after the date on which the Optioned Interests are officially
transferred to Party A. 
  

	1.4	 Transfer of Optioned Interests 



For each exercise of the Equity Interest Purchase Option: 
  

	 	1.4.1	 Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution shall be
adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s); 


  

	 	1.4.2	 Party B shall execute a share transfer contract with respect to each transfer with Party A and/or each Designee
(whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option Notice regarding the Optioned Interests; 



 

	 	1.4.3	 The relevant Parties shall execute all other necessary contracts, agreements or documents (including without
limitation the Articles of Association of the company), obtain all necessary government licenses and permits (including without limitation the Business License of the company) and take all necessary actions to transfer valid ownership of the
Optioned Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement,
“security interests” shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first refusal, right to offset, ownership retention or other security arrangements, but shall
be deemed to exclude any security interest created by this Agreement and Party B’s Share Pledge Agreement. “Party B’s Share Pledge Agreement” as used in this Section and this Agreement
shall refer to the Share Pledge Agreement (“Share Pledge Agreement”) executed by and among Party B, Party C and Party A as of the date hereof, whereby Party B pledges all of its equity interests in Party
C to Party A, in order to guarantee Party C’s performance of its obligations under the exclusive business corporation agreement executed by and between Party C and Party A on November 14, 2014 (“Exclusive Business
Corporation Agreement”). 


  

	2.	 Covenants 



 

	2.1	 Covenants regarding Party C 



Party B (as the shareholders of Party C) and Party C hereby covenant as follows: 

  
 2 














	 	2.1.1	 Without the prior written consent of Party A, they shall not in any manner supplement, change or amend the
articles of association and bylaws of Party C, increase or decrease its registered capital, or change its structure of registered capital in other manners; 


  

	 	2.1.2	 They shall maintain Party C’s corporate existence in accordance with good financial and business standards
and practices by prudently and effectively operating its business and handling its affairs, and to cause Party C to perform its obligations under the Exclusive Business Cooperation Agreement; 



 

	 	2.1.3	 Without the prior written consent of Party A, they shall not at any time following the date hereof, sell,
transfer, mortgage or dispose of in any manner any assets of Party C or legal or beneficial interest in the business or revenues of Party C, or allow the encumbrance thereon of any security interest; 



 

	 	2.1.4	 After mandatory liquidation described in Section 3.6 below, Party B will remit in full to the Party A any
residual interest Party B receives in a nonreciprocal transfer or cause it happen. If such transfer is prohibited by the laws of PRC, Party B will remit the proceeds to Party A or its designated person(s) in a manner permitted under the laws of PRC;



  

	 	2.1.5	 Without the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the existence
of any debt, except for (i) debts incurred in the ordinary course of business other than through loans; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained; 



 

	 	2.1.6	 They shall always operate all of Party C’s businesses during the ordinary course of business to maintain
the asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and asset value; 


  

	 	2.1.7	 Without the prior written consent of Party A, they shall not cause Party C to execute any major contract,
except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a value exceeding RMB 100,000 shall be deemed a major contract); 



 

	 	2.1.8	 Without the prior written consent of Party A, they shall not cause Party C to provide any person with any loan
or credit or guarantee in any form; 


  

	 	2.1.9	 They shall provide Party A with information on Party C’s business operations and financial condition at
Party A’s request; 


  

	 	2.1.10	 If requested by Party A, they shall procure and maintain insurance in respect of Party C’s assets and
business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for companies that operate similar businesses; 


  

	 	2.1.11	 Without the prior written consent of Party A, they shall not cause or permit Party C to merge, consolidate
with, acquire or invest in any person, and/or sell cause or permit Party C to sell assets with a value higher than RMB 100,000; 



  
 3 














	 	2.1.12	 They shall immediately notify Party A of the occurrence or possible occurrence of any litigation, arbitration
or administrative proceedings relating to Party C’s assets, business or revenue; 


  

	 	2.1.13	 To maintain the ownership by Party C of all of its assets, they shall execute all necessary or appropriate
documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 



 

	 	2.1.14	 Without the prior written consent of Party A, they shall ensure that Party C shall not in any manner distribute
dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately distribute all distributable profits to its shareholders; and 



 

	 	2.1.15	 At the request of Party A, they shall appoint any persons designated by Party A as directors of Party C or
replace any existing director(s) of Party C. 


  

	2.2	 Covenants of Party B and Party C 



Party B hereby covenants as follows: 
  

	 	2.2.1	 Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose of in any
other manner any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party B’s
Share Pledge Agreement; 


  

	 	2.2.2	 Party B shall not put forward, or vote in favor of, any shareholder resolution to, or otherwise request Party C
to, issue any dividends or other distributions with respect to his equity interest in Party C; provided, however, in the event that he receives any profit, distribution or dividend from Party C, he shall, as permitted under the laws of PRC,
immediately pay or transfer such profit, distribution or dividend to Party A or to any party designated by Party A as service fees under the Exclusive Business Cooperation Agreement on behalf of Party C; 



 

	 	2.2.3	 Party B shall cause the shareholders’ meeting and/or the board of directors of Party C not to approve the
sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon of any security interest, without the prior written consent of Party
A, except for the pledge placed on these equity interests in accordance with Party B’s Share Pledge Agreement; 


  

	 	2.2.4	 Party B shall cause the shareholders’ meeting or the board of directors of Party C not to approve the
merger or consolidation with any person, or the acquisition of or investment in any person, without the prior written consent of Party A; 


  

	 	2.2.5	 Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party C held by Party B; 


  

	 	2.2.6	 Party B shall cause the shareholders’ meeting or the board of directors of Party C to vote their approval
of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that may be requested by Party A; 



  
 4 














	 	2.2.7	 To the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary and appropriate defenses against all claims; 



 

	 	2.2.8	 Party B shall appoint any designee of Party A as director of Party C, at the request of Party A;



  

	 	2.2.9	 At the request of Party A at any time, Party B shall promptly and unconditionally transfer its equity interests
in Party C to Party A’s Designee(s) in accordance with the Equity Interest Purchase Option under this Agreement, and Party B hereby waives its right of first refusal to the share transfer by the other existing shareholder of Party C (if any);
and 


  

	 	2.2.10	 Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or separately
executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining
rights with respect to the equity interests subject to this Agreement hereunder or under the Share Pledge Agreement among the same parties hereto or under the Power of Attorney granted in favor of Party A, Party B shall not exercise such rights
except in accordance with the written instructions of Party A. 


  

	3.	 Representations and Warranties 



Party B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer
of the Optioned Interests, that: 
  

	3.1	 They have the authority to execute and deliver this Agreement and any share transfer contracts to which they
are a party concerning the Optioned Interests to be transferred thereunder (each, a “Transfer Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer
Contracts consistent with the terms of this Agreement upon Party A’s exercise of the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are a party constitute or will constitute their legal, valid and
binding obligations and shall be enforceable against them in accordance with the provisions thereof; 


  

	3.2	 The execution and delivery of this Agreement or any Transfer Contracts and the obligations under this Agreement
or any Transfer Contracts shall not: (i) cause any violation of any applicable laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Party C; (iii) cause the violation of any
contracts or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for
the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of additional conditions to any licenses or permits issued to either of them;




  
 5 














	3.3	 Party B has a good and merchantable title to the equity interests in Party C he holds. Except for Party
B’s Share Pledge Agreement, Party B has not placed any security interest on such equity interests; 


  

	3.4	 Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the
aforementioned assets; 


  

	3.5	 Party C does not have any outstanding debts, except for (i) debt incurred in the ordinary course of
business; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained; 


  

	3.6	 If the laws of PRC requires it to be dissolved or liquidated, Party C shall sell all of its assets to the
extent permitted by the laws of PRC to Party A or another qualifying entity designated by Party A, at the lowest selling price permitted by applicable the laws of PRC. Any obligation for Party A to pay Party C as a result of such transaction shall
be forgiven by Party C or any proceeds from such transaction shall be paid to Party A or the qualifying entity designated by Party A in partial satisfaction of the service fees under the Exclusive Business Corporation Agreement, as applicable under
then-current the laws of PRC; 


  

	3.7	 Party C has complied with all laws and regulations of China applicable to asset acquisitions; and



  

	3.8	 There are no pending or threatened litigation, arbitration or administrative proceedings relating to the equity
interests in Party C, assets of Party C or Party C. 


  

	4.	 Effective Date 



This Agreement shall become effective upon the date hereof, and remain effective for a term of 10 years, and may be renewed at Party A’s
election. Should Party A fails to confirm extension of this Agreement upon the expiry of this Agreement, this Agreement shall be automatically renewed until such time Party A delivers a confirmation letter specifying the renewal term of this
Agreement. 
  

	5.	 Governing Law and Resolution of Disputes 



 

	5.1	 Governing law 



The execution, effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder
shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published and publicly available laws of China shall be governed by international legal principles and practices. 

 

	5.2	 Methods of Resolution of Disputes 



In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute
through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Parties for resolution of the dispute through negotiations, either Party may submit the
relevant dispute to the China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration, in accordance with its then effective arbitration rules. The arbitration shall be conducted in Beijing, and the
language used in arbitration shall be Chinese. The arbitration award shall be final and binding on all Parties. 

  
 6 














	6.	 Taxes and Fees 



Party C shall bear and be responsible for any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in
accordance with the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts. In the
event that Party B is required by competent tax authority to pay some related taxes and fees, Party C shall fully indemnify Party B for the taxes and fees paid by Party B. 
  

	7.	 Notices 



 

	7.1	 All notices and other communications required or permitted to be given pursuant to this Agreement shall be
delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on
which notices shall be deemed to have been effectively given shall be determined as follows: 


  

	 	7.1.1	 Notices given by personal delivery, by courier service or by registered mail, postage prepaid, shall be deemed
effectively given on the date of delivery or refusal at the address specified for notices. 


  

	 	7.1.2	 Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission). 


  

	7.2	 For the purpose of notices, the addresses of the Parties are as follows: 



 

			
	 Party A:
	  	 Dada Glory Network Technology (Shanghai) Co., Ltd.

	 Address:
	  	 Room 1495, No. 1945, Siping Road, Yangpu District, Shanghai

	 Attn:
	  	 Philip Jiaqi Kuai

	 TEL:
	  	 +86 21 68596008

	  
 Party B:
	  	  
 Jun Yang

	 Address:
	  	 588 San Remi Ter., Sunnyvale, CA 94085

	 TEL:
	  	 +86 21 68596008

	  
 Party C:
	  	  
 Shanghai Qusheng Internet
Technology Co., Ltd.

	 Address:
	  	 Room 1494, No. 1945, Siping Road, Yangpu District, Shanghai

	 Attn:
	  	 Philip Jiaqi Kuai

	TEL:	  	+86 21 68596008


  

	7.3	 Any Party may at any time change its address for notices by a notice delivered to the other Parties in
accordance with the terms hereof. 



  
 7 














	8.	 Confidentiality  



The Parties acknowledge that any oral or written information exchanged among them with respect to this Agreement is confidential information.
Each Party shall maintain the confidentiality of all such information, and without obtaining the written consent of other Parties, it shall not disclose any relevant information to any third parties, except in the following circumstances:
(a) such information is or will be in the public domain (provided that this is not the result of a public disclosure by the receiving Party); (b) information disclosed as required by applicable laws or rules or regulations of any stock
exchange; or (c) information required to be disclosed by any Party to its legal counsel or financial advisor regarding the transaction contemplated hereunder, and such legal counsel or financial advisor are also bound by confidentiality duties
similar to the duties in this Section. Disclosure of any confidential information by the staff members or agency hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party shall be held liable for
breach of this Agreement. This Section shall survive the termination of this Agreement for any reason. 
  

	9.	 Further Warranties 



The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement. 
  

	10.	 Miscellaneous  



 

	10.1	 Amendment, change and supplement 



Any amendment, change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties. 

 

	10.2	 Entire agreement 



Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supercede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this
Agreement. 
  

	10.3	 Headings 



The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement. 
  

	10.4	 Language 



This Agreement is written in both Chinese and English language in six (6) copies, Party A, Party B and Party C having one (1) copy
with equal legal validity; in case there is any conflict between the Chinese version and the English version, the English version shall prevail. 
  

	10.5	 Severability 



  
 8 













 In the event that one or several of the provisions of this Agreement are found to be
invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall
strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective
provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions. 
  

	10.6	 Successors 



This Agreement shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of
such Parties. 
  

	10.7	 Survival 


  

	 	10.7.1	 Any obligations that occur or that are due as a result of this Agreement upon the expiration or early
termination of this Agreement shall survive the expiration or early termination thereof. 


  

	 	10.7.2	 The provisions of Sections 5, 7, 8 and this Section 10.8 shall survive the termination of this Agreement.



  

	10.8	 Waivers 



Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the
signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances. 

[Remainder of this page is intentionally left blank.] 

  
 9 













 IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Exclusive
Option Agreement as of the date first above written. 
 Party A: Dada Glory Network Technology (Shanghai) Co., Ltd. 

 

			
	By:	 	 /s/ Philip Jiaqi Kuai

	Name:	 	Philip Jiaqi Kuai
	Title:	 	Legal Representative

 Party B: Jun Yang 
  

			
	By:     	 	 /s/ Jun Yang


 Party C: Shanghai Qusheng Internet Technology Co., Ltd. 

 

			
	By:	 	 /s/ Philip Jiaqi Kuai

	Name:	 	Philip Jiaqi Kuai
	Title:	 	Legal Representative

 SIGNATURE PAGE TO EXCLUSIVE OPTION AGREEMENT