EX-10.1





 Exhibit 10.1 

SPARK EDUCATION LIMITED 

AMENDED AND RESTATED 2019 INCENTIVE COMPENSATION PLAN 

1. Purposes of the Plan. The purposes of this Amended and Restated 2019 Incentive Compensation Plan are to attract and retain
the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees and Consultants, and to promote the success of the Company’s business. Options granted under the Plan may be Incentive Stock
Options or Nonstatutory Stock Options, as determined by the Administrator at the time of grant of an Option and subject to the applicable provisions of Section 422 of the Code and the regulations promulgated thereunder. Restricted Shares
may also be granted under the Plan. 
 2. Definitions. As used herein, the following definitions shall apply: 

(a) “Administrator” means the Chief Executive Officer of the Company. 

(b) “Affiliate” means an entity other than a Subsidiary which, together with the Company, is under common
control of a third person or entity. 
 (c) “Applicable Laws” means all applicable laws, rules,
regulations and requirements, including, but not limited to, all applicable U.S. federal or state laws, Cayman Islands laws, People’s Republic of China laws, any Stock Exchange rules or regulations, and the applicable laws, rules or regulations
of any other country or jurisdiction where Options or Restricted Shares are granted under the Plan or Participants reside or provide services, as such laws, rules, and regulations shall be in effect from time to time. 

(d) “Award” means any award of an Option or Restricted Shares under the Plan. 

(e) “Board” means the Board of Directors of the Company. 

(f) “Cashless Exercise” means a program approved by the Administrator in which payment of the Option
exercise price or tax withholding obligations may be satisfied, in whole or in part, with Shares subject to the Option, including by delivery of an irrevocable direction to a Company designated securities broker (on a form prescribed by the
Administrator) to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of the aggregate exercise price in full and, if applicable, the amount necessary to satisfy the Company’s withholding obligations. 












 (g) “Cause” for termination of a Participant’s
Continuous Service Status will exist (unless another definition is provided in an applicable Option Agreement, Restricted Shares Purchase Agreement, employment agreement or other applicable written agreement) if the Participant’s Continuous
Service Status is terminated for any of the following reasons: (i) Participant’s willful failure to perform his or her duties and responsibilities to the Company or Participant’s violation of any written Company policy;
(ii) Participant’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in injury to the Company; (iii) Participant’s unauthorized use or
disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (iv) Participant’s
material breach of any of his or her obligations under any written agreement or covenant with the Company. The determination as to whether a Participant’s Continuous Service Status has been terminated for Cause shall be made in good faith by
the Company and shall be final and binding on the Participant. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting relationship at any time, and the term
“Company” will be interpreted to include any Group Company or any successor thereto, if appropriate. 
 (h)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (i)
“Company” means Spark Education Limited, a company organized under the laws of the Cayman Islands, or any successor corporation thereto. 

(j) “Constitutional Documents” means the memorandum and articles of association of the Company and the
shareholders agreement of the Company, each as amended from time to time. 
 (k) “Consultant” means any
person, including an advisor but not an Employee, who is engaged by any Group Company, to render services (other than capital-raising services) and is compensated for such services, and any Director whether compensated for such services or not. 

(l) “Continuous Service Status” means the absence of any interruption or termination of service as an
Employee or Consultant. Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of: (i) Company approved sick leave; (ii) military leave; (iii) any other bona fide leave of
absence approved by the Administrator, provided that such leave is for a period of not more than ninety (90) days, unless reemployment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant
to a written Company policy. Also, Continuous Service Status as an Employee or Consultant shall not be considered interrupted or terminated in the case of a transfer between locations of the Group Companies, or their respective successors, or a
change in status from an Employee to a Consultant or from a Consultant to an Employee. The term “Company” will be interpreted to include any Group Company or any successor thereto, if appropriate. 

  
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 (m) “Corporate Transaction” means (i) a sale of
all or substantially all of the Company’s assets; (ii) a merger, consolidation or other capital reorganization or business combination transaction of the Company with or into another corporation, entity, or person; or (iii) the
consummation of a transaction in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the
Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities, except that any change in the beneficial
ownership of the securities of the Company as a result of a private financing of the Company that is approved by the Board shall not be deemed to be a Corporate Transaction. Notwithstanding anything stated herein, a transaction shall not constitute
a “Corporate Transaction” if its sole purpose is to change the state of the Company’s incorporation, or to create a holding company that will be owned in substantially the same proportions by the persons who hold the Company’s
securities immediately before such transaction. 
 (n) “Director” means a member of the Board. 

(o) “Disability” means “disability” within the meaning of Section 22(e)(3) of the Code.

 (p) “Employee” means any person employed by any Group Company, with the status of employment
determined pursuant to such factors as are deemed appropriate by the Administrator in its sole discretion, subject to any requirements of the Applicable Laws, including the Code. The payment by the Group Company of a director’s fee shall not be
sufficient to constitute “employment” of such director by such Group Company. 
 (q) “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 (r) “Fair Market Value”
means, as of any date, the per share fair market value of the Ordinary Shares, as determined by the Administrator in good faith on such basis as it deems appropriate and applied consistently with respect to Participants. Whenever possible, the
determination of Fair Market Value shall be based upon the per share closing price for the Shares as reported in the Wall Street Journal for the applicable date. 

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

  
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 (t) “Group Companies” means the Company, a Parent, a
Subsidiary, an Affiliate, and any controlled affiliate of each of the Company, the Parent, the Subsidiary, and the Affiliate that is not a natural person (each, a “Group Company”). 

(u) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the
meaning of Section 422 of the Code, as designated in the applicable Option Agreement. 
 (v) “Involuntary
Termination” means (unless another definition is provided in the applicable Option Agreement, Restricted Shares Purchase Agreement, employment agreement or other applicable written agreement) the termination of a
Participant’s Continuous Service Status other than for death or Disability or for Cause by a Group Company or successor thereto, as appropriate. 

(w) “Listed Security” means any security of the Company that is listed or approved for listing on any securities
exchange following the initial public offering of its Ordinary Shares or designated or approved for designation as a national market system security on an interdealer quotation system by the National Association of Securities Dealers, Inc. 

(x) “Nonstatutory Stock Option” means an Option not intended to qualify as an Incentive Stock Option, as
designated in the applicable Option Agreement. 
 (y) “Option” means a share option granted pursuant to
the Plan. 
 (z) “Option Agreement” means a written document, the form(s) of which shall be approved
from time to time by the Administrator, reflecting the terms of an Option granted under the Plan and includes any documents attached to or incorporated into such Option Agreement, including, but not limited to, a notice of share option grant and a
form of exercise notice. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of the Directors deems
appropriate for inclusion in a Share Option Agreement. 
 (aa) “Option Exchange Program” means a
program approved by the Administrator whereby outstanding Options (i) are exchanged for Options with a lower exercise price or Restricted Shares or (ii) are amended to decrease the exercise price as a result of a decline in the Fair Market
Value of the Ordinary Shares. 
 (bb) “Optioned Shares” means Shares that are subject to an Option or
that were issued pursuant to the exercise of an Option. 
 (cc) “Optionee” means an Employee or
Consultant who receives an Option. 
 (dd) “Ordinary Shares” means the Company’s ordinary shares, par value
$0.0001 per share. 

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

(ff) “Participant” means any holder of one or more Awards or Shares issued pursuant to an Award. 

(gg) “Plan” means this Amended and Restated 2019 Incentive Compensation Plan. 

(hh) “Qualified IPO” has the same meaning as such term is defined under the Shareholders Agreement. 

(ii) “Restricted Shares” means Shares acquired pursuant to a right to purchase Ordinary Shares granted
pursuant to Section 11 below. 
 (jj) “Restricted Shares Purchase Agreement” means a written
document, the form(s) of which shall be approved from time to time by the Administrator, reflecting the terms of Restricted Shares granted under the Plan and includes any documents attached to such agreement. 

(kk) “Rule 16b-3” means Rule
16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision. 

(ll) “Share” means an Ordinary Share, as adjusted in accordance with Section 14 below. 

(mm) “Shareholders Agreement” means the Ninth Amended and Restated Shareholders’ Agreement dated
January 20, 2021, entered into by the Company and certain other parties named therein, as amended from time to time. 
 (nn)
“Stock Exchange” means any stock exchange or consolidated stock price reporting system on which prices for the Ordinary Shares are quoted at any given time. 

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

  
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 (pp) “Ten Percent Holder” means a person who owns
securities representing more than 10% of the voting power of all classes of shares of the Company measured as of an Award’s date of grant. 

3. Shares Subject to the Plan. Subject to the provisions of Section 14 of the Plan, the maximum aggregate number of Shares
that may be issued under the Plan is 43,198,157 Shares, all of which has been reserved for issuance under this Plan. The Shares issued under the Plan may be authorized, but unissued, or reacquired Shares; provided that, upon the completion by the
Company of a Qualified IPO prior to December 31, 2022, the maximum aggregate number of Shares that may be issued under this Section shall be automatically and immediately increased from 43,198,157 Shares to 48,557,859 Shares. If an Award should
expire or become unexercisable for any reason without having been exercised in full, or is surrendered pursuant to an Option Exchange Program, the unpurchased Shares that were subject thereto shall, unless the Plan shall have been terminated, become
available for future grant under the Plan. In addition, any Shares which are retained by the Company upon exercise of an Award in order to satisfy the exercise or purchase price for such Award or any withholding taxes due with respect to such Award
shall be treated as not issued and shall continue to be available under the Plan. Shares issued under the Plan and later repurchased by the Company pursuant to any repurchase right that the Company may have shall not be available for future grant
under the Plan. 
 4. Administration of the Plan. 

(a) General. The Plan shall be administered by the Administrator. The Plan may be administered by different administrative
bodies with respect to different classes of Participants and, if permitted by Applicable Laws, the Board may authorize one or more officers of the Company to make Awards under the Plan to Employees and Consultants (who are not subject to
Section 16 of the Exchange Act) within parameters specified by the Board. 
 (b) Powers of the Administrator.
Subject to the provisions of the Plan and the Constitutional Documents of the Company, the Administrator shall have the authority, in its sole discretion: 

(i) to determine the Fair Market Value of the Ordinary Shares in accordance with Section 2(r) above, provided that such determination
shall be applied consistently with respect to Participants under the Plan; 
 (ii) to select the Employees and Consultants to whom Awards
may from time to time be granted; 
 (iii) to determine the number of Shares to be covered by each Award; 

(iv) to approve the form(s) of agreement(s) and other related documents used under the Plan; 

  
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 (v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of
any Award granted hereunder, which terms and conditions include but are not limited to the exercise or purchase price, the time or times when Awards may be exercised (which may be based on performance criteria), the circumstances (if any) when
forfeiture restrictions will be waived, and any restriction or limitation regarding any Award, Optioned Shares, or Restricted Shares; 

(vi) to amend any outstanding Award or agreement related to any Optioned Shares or Restricted Shares, including any amendment adjusting
vesting (e.g., in connection with a change in the terms or conditions under which such person is providing services to the Group Company), provided that no amendment shall be made that would materially and adversely affect the rights of any
Participant without his or her consent, provided, however, that an amendment or modification that may cause an Incentive Share Option to become a Non-Qualified Share Option shall not be treated as adversely
affecting the rights of the Participant; 
 (vii) to determine whether and under what circumstances an Option may be settled in cash under
Section 10(c) instead of Ordinary Shares; 
 (viii) to implement an Option Exchange Program and establish the terms and conditions of
such Option Exchange Program, provided that no amendment or adjustment to an Option that would materially and adversely affect the rights of any Optionee shall be made without his or her consent; 

(ix) to grant Awards to, or to modify the terms of any outstanding Option Agreement or Restricted Shares Purchase Agreement or any agreement
related to any Optioned Shares or Restricted Shares held by, Participants who are foreign nationals or employed outside of the United States with such terms and conditions as the Administrator deems necessary or appropriate to accommodate
differences in local law, tax policy or custom which deviate from the terms and conditions set forth in this Plan to the extent necessary or appropriate to further the purpose of the Plan; and 

(x) to construe and interpret the terms of the Plan, any Option Agreement or Restricted Shares Purchase Agreement, and any agreement related
to any Optioned Shares or Restricted Shares, which constructions, interpretations and decisions shall be final and binding on all Participants. 

(c) Indemnification. To the maximum extent permitted by Applicable Laws, each member of the Board, as applicable, shall be
indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to
which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or pursuant to the terms and conditions of any Award except for actions taken in bad faith or failures to act in bad
faith, and (ii) any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided
that such member shall give the Company an opportunity, at the Company’s own expense, to handle and defend any such claim, action, suit or proceeding before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Memorandum and Articles of Incorporation, as such may be amended or restated from time to time, or
by contract, as a matter of law, or otherwise, or under any other power that the Company may have to indemnify or hold harmless each such person. 

  
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 5. Eligibility. 

(a) Recipients of Grants. Nonstatutory Stock Options and Restricted Shares may be granted to Employees and Consultants.
Incentive Stock Options may be granted only to Employees, provided that Employees of Affiliates shall not be eligible to receive Incentive Stock Options. 

(b) Type of Option. Each Option shall be designated in the Option Agreement as either an Incentive Stock Option or a
Nonstatutory Stock Option. 
 (c) ISO $100,000 Limitation. Notwithstanding any designation under Section 5(b), to
the extent that the aggregate Fair Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any Optionee during any calendar year (under all plans of the Company or any Parent
or Subsidiary) exceeds $100,000, such excess Options shall be treated as Nonstatutory Stock Options. For purposes of this Section 5(c), Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair
Market Value of the Shares subject to an Incentive Stock Option shall be determined as of the date of the grant of such Option. 
 (d)
No Employment Rights. Neither the Plan nor any Award shall confer upon any Employee or Consultant any right with respect to continuation of an employment or consulting relationship with any Group Company, nor shall it interfere
in any way with such Employee’s or Consultant’s right or the Group Company’s right to terminate his or her employment or consulting relationship at any time, with or without cause. 

6. Term of Plan. The Plan shall become effective upon its adoption by the Board of Directors. It shall continue in effect for a
term of ten (10) years unless sooner terminated under Section 16 below. 
 7. Term of Option. The term
of each Option shall be the term stated in the Option Agreement; provided that the term shall be no more than ten (10) years from the date of grant thereof or such shorter term as may be provided in the Option Agreement and provided further
that, in the case of an Incentive Stock Option granted to a person who at the time of such grant is a Ten Percent Holder, the term of the Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the
Option Agreement. 

  
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 8. Restrictions on Transfer of Shares. Any Restricted Shares granted under the
Plan or any Shares issued upon exercise of an Option shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Administrator may determine. Such restrictions shall be
set forth in the applicable Restricted Shares Purchase Agreement or Option Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. 

9. Option Exercise Price and Consideration. 

(a) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option shall
be such price as is determined by the Administrator and set forth in the Option Agreement, but shall be subject to the following: 
 (i) In
the case of an Incentive Stock Option 
 (A) granted to an Employee who at the time of grant is a Ten Percent Holder, the per Share exercise
price shall be no less than 110% of the Fair Market Value on the date of grant; 
 (B) granted to any other Employee, the per Share exercise
price shall be no less than 100% of the Fair Market Value on the date of grant; 
 (ii) Except as provided in subsection (iii) below,
in the case of a Nonstatutory Stock Option the per Share exercise price shall be such price as is determined by the Administrator, provided that, if the per Share exercise price is less than 100% of the Fair Market Value on the date of grant, it
shall otherwise comply with all Applicable Laws, including Section 409A of the Code; 
 (iii) In the case of a Nonstatutory Stock
Option that is intended to qualify as performance-based compensation under Section 162(m) of the Code and is granted on or after the date, if ever, on which the Ordinary Shares becomes a Listed Security, the per Share exercise price shall be no
less than 100% of the Fair Market Value on the date of grant; and 
 (iv) Notwithstanding the foregoing, in the case of an Award issued
pursuant to Section 14(d) below, Options may be granted with a per Share exercise price other than as required above pursuant to a merger or other corporate transaction and determined in accordance with the provisions of the relevant instrument
evidencing the agreement to issue such Award. 

  
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 (b) Permissible Consideration. The consideration to be paid for the
Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Stock Option and to the extent required by Applicable Laws, shall be determined at the time
of grant) and may consist entirely of (1) cash; (2) check; (3) to the extent permitted under Applicable Laws, delivery of a promissory note with such recourse, interest, security and redemption provisions as the Administrator determines to
be appropriate; (4) cancellation of indebtedness; (5) other previously owned Shares that have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which the Option is exercised; (6) a
Cashless Exercise; (7) such other consideration and method of payment permitted under Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the
Administrator shall consider if acceptance of such consideration may be reasonably expected to benefit the Company and the Administrator may, in its sole discretion, refuse to accept a particular form of consideration at the time of any Option
exercise. 
 10. Exercise of Option. 

(a) General. 
 (i)
Exercisability. Unless duly approved by the Board in accordance with the Shareholders Agreement, any Option granted under the Plan shall be subject to a four-year vesting schedule pursuant to which twenty-five percent (25%) of
such Option shall vest on the one (1) year anniversary of the vesting commencement date, with the remaining seventy-five percent (75%) to vest in equal semi-annually installments over the next three (3) years. Any Option granted hereunder
shall be exercisable at such times and under such conditions as determined by the Administrator, consistent with the terms of the Plan and reflected in the Option Agreement, including vesting requirements and/or performance criteria with respect to
any Group Company, and/or the Optionee. 
 (ii) Leave of Absence. The Administrator shall have the discretion to
determine whether and to what extent the vesting of Options shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination, vesting of Options shall be tolled during any such unpaid leave (unless
otherwise required by the Applicable Laws). Notwithstanding the foregoing, in the event of military leave, vesting shall toll during any unpaid portion of such leave, provided that, upon a Optionee’s returning from military leave (under
conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect to Options to the same extent as would have applied had
the Optionee continued to provide services to the Company (or any Parent or Subsidiary, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior to such leave. 

  
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 (iii) Minimum Exercise Requirements. An Option may not be exercised
for a fraction of a Share. The Administrator may require that an Option be exercised as to a minimum number of Shares, provided that such requirement shall not prevent an Optionee from exercising the full number of Shares as to which the Option is
then exercisable. 
 (iv) Procedures for and Results of Exercise. An Option shall be deemed exercised when written
notice of such exercise has been received by the Company in accordance with the terms of the Option Agreement by the person entitled to exercise the Option and the Company has received full payment for the Shares with respect to which the Option is
exercised and has paid, or made arrangements to satisfy, any applicable withholding requirements in accordance with Section 12 below. The exercise of an Option shall result in a decrease in the number of Shares that thereafter may be available,
both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 
 (v)
Rights as Holder of Capital Shares. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive
dividends or any other rights as a holder of capital shares shall exist with respect to the Optioned Shares, notwithstanding the exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to
the date the share certificate is issued, except as provided in Section 14 below. 
 (b) Termination of Employment or Consulting
Relationship. The Administrator shall establish and set forth in the applicable Option Agreement the terms and conditions upon which an Option shall remain exercisable, if at all, following termination of an Optionee’s Continuous
Service Status, which provisions may be waived or modified by the Administrator at any time. To the extent that an Option Agreement does not specify the terms and conditions upon which an Option shall terminate upon termination of an Optionee’s
Continuous Service Status, the following provisions shall apply: 
 (i) General Provisions. If the Optionee (or other
person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time specified below, the Option shall terminate and the Optioned Shares underlying the unexercised portion of the Option shall revert to the
Plan. In no event may any Option be exercised after the expiration of the Option term as set forth in the Option Agreement (and subject to Section 7). 

(ii) Termination other than Upon Disability or Death or for Cause. In the event of termination of an Optionee’s
Continuous Service Status other than under the circumstances set forth in subsections (iii) through (v) below, such Optionee may exercise any outstanding Option at any time within three (3) months following such termination (or such later
date as the Board may determine) to the extent the Optionee was vested in the Optioned Shares as of the date of such termination. 

  
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 (iii) Disability of Optionee. In the event of termination of an
Optionee’s Continuous Service Status as a result of his or her Disability, such Optionee may exercise any outstanding Option at any time within six (6) months following such termination (or such later date as the Board may determine) to
the extent the Optionee was vested in the Optioned Shares as of the date of such termination. 
 (iv) Death of Optionee.
In the event of the death of an Optionee during the period of Continuous Service Status since the date of grant of any outstanding Option, or within three (3) months following termination of Optionee’s Continuous Service Status, the
Option may be exercised by the Optionee’s estate, or by a person who acquired the right to exercise the Option by bequest or inheritance, at any time within twelve (12) months following the date of death (or such later date as the Board
may determine) or, if earlier, the date the Optionee’s Continuous Service Status terminated, but only to the extent the Optionee was vested in the Optioned Shares as of the date of death. 

(v) Termination for Cause. In the event of termination of an Optionee’s Continuous Service Status for Cause, any
outstanding Option (including any vested portion thereof) and Option Shares held by such Optionee shall immediately terminate, be surrendered and be forfeited in its entirety upon first notification to the Optionee of termination of the
Optionee’s Continuous Service Status for Cause. If an Optionee’s Continuous Service Status is suspended pending an investigation of whether the Optionee’s Continuous Service Status will be terminated for Cause, all the Optionee’s
rights under any Option, including the right to exercise the Option, shall be suspended during the investigation period. Nothing in this Section 10(b)(v) shall in any way limit the Company’s right to purchase unvested Shares issued upon
exercise of an Option as set forth in the applicable Option Agreement. 
 (c) Buyout Provisions. The Administrator may
at any time offer to buy out for a payment in cash or Shares an Option previously granted under the Plan based on such terms and conditions as the Administrator shall establish and communicate to the Optionee at the time that such offer is made.
Further, in the event of termination of an Optionee’s Continuous Service Status not for Cause, the Company reserves the right to repurchase all or part of the vested portion of the Option and the Shares that were issued pursuant to the exercise
of the Option held by the Optionee based on a valuation equivalent to fifty percent (50%) of the Company’s valuation in the then most recent round of equity financing of the Company or at such other price mutually agreed by the Optionee and the
Administrator. 
 11. Restricted Shares. 

(a) Rights to Purchase. When a right to purchase Restricted Shares is granted under the Plan, the Administrator shall
advise the recipient in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled to purchase, the price to be paid (which shall be as determined by the Administrator,
subject to Applicable Laws, including any applicable securities laws), and the time within which such person must accept such offer. The permissible consideration for Restricted Shares shall be determined by the Administrator and shall be the same
as is set forth in Section 9(b) with respect to exercise of Options. The offer to purchase Shares shall be accepted by execution of a Restricted Shares Purchase Agreement in the form determined by the Administrator. 

  
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 (b) Repurchase Option. 

(i) General. Unless approved by the unanimous consent of the Board, any Restricted Shares granted under the Plan shall be
subject to a four-year vesting schedule pursuant to which twenty-five percent (25%) of such Restricted Shares shall vest on the one (1) year anniversary of the vesting commencement date, with the remaining seventy-five percent (75%) to vest in
equal semi-annually installments over the next thirty-six (36) months. Unless the Administrator determines otherwise, the Restricted Shares Purchase Agreement shall grant the Company a repurchase option
exercisable upon the voluntary or involuntary termination of the Participant’s Continuous Service Status for any reason (including death or Disability) to repurchase (a) all or any portion of the Restricted Shares held by the purchaser as
of such termination date which have not yet been vested at the original purchase price paid by the purchaser and (b) all or any portion of the Restricted Shares held by purchaser as of such termination date which have been vested based on a
valuation equivalent to fifty percent (50%) of the Company’s valuation in the then most recent round of equity financing of the Company or at such other price mutually agreed by the purchaser and the Administrator. The repurchase option shall
lapse at such rate as the Administrator may determine. 
 (ii) Leave of Absence. The Administrator shall have the
discretion to determine whether and to what extent the lapsing of Company repurchase rights shall be tolled during any unpaid leave of absence; provided, however, that in the absence of such determination, such lapsing shall be tolled during any
such unpaid leave (unless otherwise required by the Applicable Laws). Notwithstanding the foregoing, in the event of military leave, the lapsing of Company repurchase rights shall toll during any unpaid portion of such leave, provided that, upon a
Participant’s returning from military leave (under conditions that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting credit with respect
to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the same extent as would have applied had the Participant continued to provide services to the Company (or any Parent or Subsidiary, if applicable) throughout the leave on
the same terms as he or she was providing services immediately prior to such leave. 
 (c) Other Provisions. The
Restricted Shares Purchase Agreement shall contain such other terms, provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. In addition, the provisions of Restricted Shares Purchase
Agreements need not be the same with respect to each Participant. 

  
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 (d) Rights as a Holder of Capital Shares. Once the Restricted Shares is
purchased, the Participant shall have the rights equivalent to those of a holder of capital shares, and shall be a record holder when his or her purchase is entered upon the records of the duly authorized transfer agent of the Company. No adjustment
will be made for a dividend or other right for which the record date is prior to the date the Restricted Shares is purchased, except as provided in Section 14 of the Plan. 

12. Taxes. 

(a) As a condition of the grant, vesting and exercise of an Award, the Participant (or in the case of the Participant’s death or a
permitted transferee, the person holding or exercising the Award) shall make such arrangements as the Administrator may require for the satisfaction of any applicable tax withholding obligations or foreign tax withholding obligations in accordance
with 
 (b) Applicable Laws that may arise in connection with such Award. The Company shall not be required to issue any Shares under the
Plan until such obligations are satisfied. 
 (c) The Administrator may permit a Participant (or in the case of the Participant’s death
or a permitted transferee, the person holding or exercising the Award) to satisfy all or part of his or her tax withholding obligations by Cashless Exercise or by surrendering Shares (either directly or by share attestation) that he or she
previously acquired; provided that, unless the Cashless Exercise is an approved broker-assisted Cashless Exercise, the Shares tendered for payment have been previously held for a minimum duration (e.g., to avoid financial accounting charges to the
Company’s earnings), or as otherwise permitted to avoid financial accounting charges under applicable accounting guidance, amounts withheld shall not exceed the amount necessary to satisfy the Group Company’s tax withholding obligations at
the minimum statutory withholding rates, including, but not limited to, income taxes, payroll taxes, and any foreign taxes in accordance with Applicable Laws, if applicable. Any payment of taxes by surrendering Shares to the Company may be subject
to restrictions, including, but not limited to, any restrictions required by rules of the Securities and Exchange Commission. 
 13.
Non-Transferability of Options. 
 (a) General. Except as set forth in this Section 13 or
unless agreed otherwise by the Administrator, Options, Optioned Shares and Restricted Shares may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws of descent or distribution. The
designation of a beneficiary by an Optionee pursuant to Section 18 hereof will not constitute a transfer. An Option may be exercised, during the lifetime of the holder of the Option, only by such holder or a transferee permitted by this
Section 13. 
 (b) Limited Transferability Rights. Notwithstanding anything else in this Section 13, the
Administrator may in its sole discretion grant Nonstatutory Stock Options that may be transferred by instrument to an inter vivos or testamentary trust in which the Options are to be passed to beneficiaries upon the death of the trustor (settlor) or
by gift to Family Members. 

  
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 14. Adjustments Upon Changes in Capitalization, Merger or Certain Other
Transactions. 
 (a) Changes in Capitalization. Subject to any action required under Applicable Laws by the
holders of capital shares of the Company, (i) the numbers and class of Shares or other stock or securities: (x) available for future Awards under Section 3 above and (y) covered by each outstanding Award, (ii) the price per
Share covered by each such outstanding Option, and (iii) any repurchase price per Share applicable to Shares issued pursuant to any Award shall be proportionately adjusted in the event of a share split, reverse share split, share dividend,
combination, consolidation, recapitalization or reclassification of the Shares, subdivision of the Shares, or other distribution of the Shares without the receipt of consideration by the Company of or on the Shares; provided that (i), (ii) and/or
(iii) may be adjusted by the Administrator in its sole discretion in the event of a dividend with respect to the Shares payable in a form other than Shares in an amount that has a material effect on the price of the Shares, a reorganization,
merger, liquidation, spin-off, split-up, exchange of Shares, repurchase of Shares, change in corporate structure or other similar occurrence. Any adjustment by the
Administrator pursuant to this Section 14(a) shall be made in the Administrator’s sole and absolute discretion and shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any
class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. If, by reason of a transaction described in this
Section 14(a) or an adjustment pursuant to this Section 14(a), a Participant’s Award agreement or agreement related to any Optioned Shares or Restricted Shares covers additional or different shares or securities, then such additional
or different shares, and the Award agreement or agreement related to the Optioned Shares or Restricted Shares in respect thereof, shall be subject to all of the terms, conditions and restrictions which were applicable to the Award, Optioned Shares
and Restricted Shares prior to such adjustment. Any such adjustments to the outstanding Awards will be effected in a manner that precludes the material enlargement of rights and benefits under such Awards. 

(b) Dissolution or Liquidation. In the event of the dissolution or liquidation of the Company, each Award will terminate
immediately prior to the consummation of such action, unless otherwise determined by the Administrator. 
 (c) Corporate
Transactions. In the event that the Company is subject to a Corporate Transaction, each outstanding Award (vested or unvested) shall be subject to the agreement evidencing the Corporate Transaction, which need not treat all
outstanding Options (or portion thereof) in an identical manner and need not obtain the consent of any Participant to such treatment. Such agreement, without the consent of any Participant, may dispose of Awards that are not vested as of the
effective date of such Corporate Transaction in any manner permitted by applicable law, including (without limitation) the cancellation of Options without the payment of any consideration. Without limiting the foregoing, such agreement, without the
consent of any Participant, may provide for one or more of the following with respect to Options (or portion thereof) that are vested and exercisable as of the effective date of such Corporate Transaction: (i) the continuation of such
outstanding Options by the Company (if the Company is the surviving corporation); (ii) the assumption of such outstanding Options by the surviving corporation or its parent; (iii) the substitution by the surviving corporation or its parent of
new options or equity awards for such Options; (iv) the cancellation of such Options and a payment to the Participants equal to the excess of (A) the Fair Market Value of the Shares subject to such Options as of the closing date of such
Corporate Transaction over (B) the exercise price or purchase price for the Shares to be issued pursuant to the exercise of such Options. Such payment shall be made in the form of cash, cash equivalents and/or securities of the surviving
corporation or its parent with a Fair Market Value equal to the required amount. If the exercise price or purchase price per Share of the Shares to be issued pursuant to the exercise of such Options exceeds the Fair Market Value per Share of such
Shares, as of the closing date of the Corporate Transaction, then such Options may be cancelled without making a payment to the Participants; or (v) the cancellation of such Options for no consideration. Upon a Corporate Transaction, all
outstanding Options shall terminate and cease to be outstanding, except to the extent such Options have been continued or assumed, as described in Sections 14(c)(i) and/or 14(c)(ii). 

  
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 (d) Acquisitions and Other Transactions. The Administrator may issue Awards
under the Plan in settlement, assumption or substitution for, outstanding awards or obligations to grant future awards in connection with the Company or any other Group Company acquiring another entity, an interest in another entity or an additional
interest in any Group Company whether by merger, share purchase, asset purchase or other form of transaction. 
 15. Time of Granting
Options and Right to Purchase Restricted Shares. The date of grant of an Award shall, for all purposes, be the date on which the Administrator makes the determination granting such Award, or such other date as is determined by the
Administrator, provided that in the case of any Incentive Stock Option, the grant date shall be the later of the date on which the Administrator makes the determination granting such Incentive Stock Option or the date of commencement of the
Optionee’s employment relationship with the Group Company. 
 16. Amendment and Termination of the Plan. Subject to the
restrictions set out in the Company’s memorandum and articles of associations, as such may be amended from time to time, the Board may at any time amend or terminate the Plan, but no amendment or termination (other than an adjustment pursuant
to Section 14 above) shall be made that would materially and adversely affect the rights of any Participant under any outstanding Award, without his or her consent. In addition, to the extent necessary and desirable to comply with the
Applicable Laws, the Company shall obtain the approval of holders of capital shares with respect to any Plan amendment in such a manner and to such a degree as required. 

17. Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Plan or any agreement entered into by the
Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to issue or deliver any Shares under the Plan unless such issuance or delivery would comply with the Applicable Laws, with such compliance
determined by the Company in consultation with its legal counsel. As a condition to the exercise of any Option or purchase of any Restricted Shares, the Company may require the person exercising the Option or purchasing the Restricted Shares to
represent and warrant at the time of any such exercise or purchase that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required by Applicable Laws. Shares issued upon exercise of Options or purchase of Restricted Shares prior to the date, if ever, on which the Ordinary Shares becomes a Listed Security shall be subject to a right of first refusal in
favor of the Company pursuant to which the Participant will be required to offer Shares to the Company before selling or transferring them to any third party on such terms and subject to such conditions as is reflected in the applicable Option
Agreement or Restricted Shares Purchase Agreement. As a condition to the exercise of any Option or purchase of any Restricted Shares, the Company may require the person exercising the Option or purchasing the Restricted Shares to be bound by and
subject to the terms of the shareholders agreement in effect at the time of such exercise or purchase of such Shares, so as to cause Participant to become a party thereto and to be bound by the terms and conditions thereof. 

  
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 18. Beneficiaries. Unless stated otherwise in an Award agreement, a
Participant may designate one or more beneficiaries with respect to an Award by timely filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before the
Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant, then after a Participant’s death any vested Award(s) shall be transferred or distributed to the Participant’s estate. 

19. Approval of Holders of Capital Shares. This Plan shall be approved by the Company’s shareholders in accordance with the
Company’s Memorandum and Articles of Incorporation, as such may be amended or restated from time to time. In addition, if required by the Applicable Laws, continuance of the Plan shall be subject to approval by the holders of capital shares of
the Company within twelve (12) months before or after the date the Plan is adopted or, to the extent required by Applicable Laws, any date the Plan is amended. Such approval shall be obtained in the manner and to the degree required under the
Applicable Laws. 
 20. Addenda. The Board may approve such addenda to the Plan as it may consider necessary or appropriate for
the purpose of granting Awards to Employees or Consultants, which Awards may contain such terms and conditions as the Administrator deems necessary or appropriate to accommodate differences in local law, tax policy or custom, which, if so required
under Applicable Laws, may deviate from the terms and conditions set forth in this Plan. The terms of any such addenda shall supersede the terms of the Plan to the extent necessary to accommodate such differences but shall not otherwise affect the
terms of the Plan as in effect for any other purpose. 

  
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