Exhibit 10.1





 


WOWO LIMITED

AMENDED AND RESTATED 2011 SHARE INCENTIVE PLAN


 


		1.	Purpose of the Plan



 


The purpose of the Plan is to aid the Company
and its Affiliates in recruiting and retaining key employees, directors or Consultants of outstanding ability and to motivate such
employees, directors or Consultants to exert their best efforts on behalf of the Company and its Affiliates by providing incentives
through the granting of Awards. The Company expects that it will benefit from the added interest which such key employees, directors
or Consultants will have in the welfare of the Company as a result of their proprietary interest in the Company’s success.
The Plan amends and restates the previously adopted 2011 Share Incentive Plan of the Company in its entirety and assumes all awards
granted under the 2011 Share Incentive Plan.


 


		2.	Definitions



 


The following capitalized terms used in the
Plan have the respective meanings set forth in this Section:


 


		(a)	Applicable Laws: All laws, statutes, regulations, ordinances, rules or governmental requirements that are applicable
to this Plan or any Award granted pursuant to this Plan, including but not limited to applicable laws of the People’s Republic
of China, the United States and the Cayman Islands, and the rules and requirements of any applicable national securities exchange.



 


		(b)	Act: The U.S. Securities Exchange Act of 1934, as amended, or any successor thereto.



 


		(c)	Affiliate: With respect to the Company, any entity directly or indirectly controlling, controlled by, or under common
control with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest.



 


		(d)	Award: An Option, Restricted Share or Other Share-Based Award granted pursuant to the Plan.



 


		(e)	Beneficial Owner: A “beneficial owner”, as such term is defined in Rule 13d-3 under the Act (or any successor
rule thereto).



 


		(f)	Board: The Board of Directors of the Company.



 




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		(g)	Cause: “Cause” as defined in any employment agreement then in effect between the Participant and the Company
or if not defined therein or, if there shall be no such agreement, (i) Participant’s engagement in misconduct which is materially
injurious to the Company or its affiliates, (ii) Participant’s continued failure to substantially perform his duties to the
Company, (iii) Participant’s repeated dishonesty in the performance of his duties to the Company, (iv) Participant’s
commission of an act or acts constituting any (x) fraud against, or misappropriation or embezzlement from the Company or any of
its affiliates, (y) crime involving moral turpitude, or (z) offense that could result in a jail sentence of at least 30 days or
(v) Participant’s material breach of any confidentiality or non-competition covenant entered into between the Participant
and the Company. The determination of the existence of Cause shall be made by the Committee in good faith, which determination
shall be conclusive for purposes of this Agreement.



 


		(h)	Change in Control: The occurrence of any of the following events:



 


		(i)	the sale or disposition, in one or a series of related transactions, of all or substantially all, of the assets of the Company
to any “person” or “group” (as such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other
than the Permitted Holders;



 


		(ii)	any person or group, other than the Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed
to have “beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable
immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the voting
shares of the Company (or any entity which controls the Company), including by way of merger, consolidation, tender or exchange
offer or otherwise; or



 


		(iii)	during any period of two consecutive years, individuals who at the beginning of such period constituted the Board (together
with any new directors whose election by such Board or whose nomination for election by the shareholders of the Company was approved
by a vote of a majority of the directors of the Company, then still in office, who were either directors at the beginning of such
period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of
the Board, then in office.



 


		(i)	Code: The U.S. Internal Revenue Code of 1986, as amended, or any successor thereto.



 


		(j)	Committee: The Compensation Committee of the Board, or in the absence of such committee, the Board.



 


		(k)	Company: Wowo Limited, a company incorporated under the laws of the Cayman Islands.



 




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		(l)	Consultant: any consultant or adviser if: (a) the consultant or adviser renders bona fide services to the Company and/or
its Affiliate; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities
in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities;
and (c) the consultant or adviser is a natural person who has contracted directly with the Company and/or its Affiliate to render
such services.



 


		(m)	Disability: “Disability” as defined in any employment agreement then in effect between the Participant and
the Company or if not defined therein or if there shall be no such agreement, as defined in the Company’s long-term disability
plan as in effect from time to time, or if there shall be no plan or if not defined therein, the Participant’s becoming physically
or mentally incapacitated and consequent inability for a period of six (6) months in any twelve (12) consecutive month period to
perform his duties to the Company.



 


		(n)	Effective Date: The date the Board approves the Plan, or such later date as is designated by the Board. The Plan will
be deemed to be approved by the shareholders if it receives the affirmative vote of a majority of the votes of the issued and outstanding
shares of the Company entitled to vote and present at a meeting duly held in accordance with the applicable provisions of the Company’s
Memorandum of Association and Articles of Association.



 


		(o)	Employment: The term “Employment” as used herein shall be deemed to refer to (i) a Participant’s employment
if the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant’s services as a Consultant,
if the Participant is Consultant to the Company or its Affiliates and (iii) a Participant’s services as an non-employee director,
if the Participant is a non-employee member of the Board.



 


		(p)	Expiration Date: means February 1, 2021.



 


		(q)	Fair Market Value: On a given date, (i) if there should be a public market for the Shares on such date, the arithmetic
mean of the high and low prices of the Shares as reported on such date on the Composite Tape of the principal national securities
exchange on which such Shares are listed or admitted to trading, or, if no sale of Shares shall have been reported on the Composite
Tape of any national securities exchange on such date, then the immediately preceding date on which sales of the Shares have been
so reported or quoted shall be used, or (ii) if there should not be a public market for the Shares on such date, the Fair Market
Value shall be the value established by the Committee in good faith.



 


		(r)	ISO: An Option that is also an incentive share option granted pursuant to Section 6(d) of the Plan.



 


		(s)	Other Share-Based Awards: Awards granted pursuant to Section 8 of the Plan.



 


		(t)	Option: A share option granted pursuant to Section 6 of the Plan.



 


		(u)	Option Price: The purchase price per Share of an Option, as determined pursuant to Section 6(a) of the Plan.



 




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		(v)	Participant: An employee, director or Consultant who is selected by the Committee to participate in the Plan. To the
extent required by Applicable Laws, Awards may be limited to employees and officers or employees and directors.



 


		(w)	Permitted Holder: means, as of the date of determination, (i) the Company or (ii) any employee benefit plan (or trust
forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its voting
power of its voting equity securities or equity interest is owned, directly or indirectly, by the Company.



 


		(x)	Person: A “person”, as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor
section thereto).



 


		(y)	Plan: This Wowo Limited Amended and Restated 2011 Share Incentive Plan.



 


		(z)	Restricted Share: A restrict share or restrict share unit granted pursuant to Section 7 of the Plan.



 


		(aa)	Shares: Ordinary shares of the Company, par value US$0.00001 per share, of the Company and such other securities of
the Company that may be substituted for Shares pursuant to Section 9 of the Plan. “Shares” may also refer to American
Depositary shares or other securities representing the ordinary shares.



 


		(bb)	Subsidiary: A corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially
owned directly or indirectly by the Company.



 


		(cc)	Vested Portion: The portion of the Option which has become vested and exercisable.



 


		3.	Shares Subject to the Plan



 


The total number of Shares which may be issued
under the Plan, when aggregated with any Shares issued or issuable upon the exercise of all of the Awards granted under the Plan,
shall not exceed 10% of the issued and outstanding share capital of the Company from time to time (subject to adjustment for share
splits, reverse share splits or similar events as set forth in Section 9 hereof). The Shares may consist, in whole or in part,
of authorized and unissued Shares, treasury Shares or Shares purchased on the open market. The issuance of Shares or the payment
of cash upon the exercise of an Award or in consideration of the cancellation or termination of an Award shall reduce the total
number of Shares available under the Plan, as applicable. Shares which are subject to Awards which terminate or lapse without the
payment of consideration may be granted again under the Plan.


 




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		4.	Administration



 


The Plan shall be administered by the Committee,
which may delegate its duties and powers in whole or in part to any subcommittee thereof consisting solely of at least two individuals
who are intended to qualify as “Non-Employee Directors” within the meaning of Rule 16b-3 under the Act (or any successor
rule thereto) and meet independent standards under the Nasdaq Stock Market Rules (or any successor rule thereto). Awards may, in
the discretion of the Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously
granted by the Company or its affiliates or a company acquired by the Company or with which the Company combines. The number of
Shares underlying such substitute awards shall be counted against the aggregate number of Shares available for Awards under the
Plan. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to
the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee
may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee
deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described
herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned (including,
but not limited to, Participants and their beneficiaries or successors). The Committee shall have the full power and authority
to establish the terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions
at any time (including, without limitation, accelerating or waiving any vesting conditions). The Committee shall require payment
of any amount it may determine to be necessary to withhold for any applicable taxes as a result of the exercise, grant or vesting
of an Award. Unless the Committee specifies otherwise, the Participant may elect to pay a portion or all of such withholding taxes
by (a) delivery in Shares or (b) having Shares withheld by the Company from any Shares that would have otherwise been received
by the Participant.


 


		5.	Limitations



 


No Award may be granted under the Plan after
the Expiration Date, but Awards theretofore granted may extend beyond that date.


 


		6.	Terms and Conditions of Options



 


Options granted under the Plan shall be, as
determined by the Committee, non-qualified or incentive share options for U.S. federal income tax purposes, as evidenced by the
related Award agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms
and conditions, not inconsistent therewith, as the Committee shall determine:


 


		(a)	Option Price. The Option Price per Share shall be determined by the Committee, and unless specifically approved by the
Board of Directors of the Company, shall not be less than 100% of the Fair Market Value of the Shares on the date an Option is
granted.



 


		(b)	Vesting.



 


If the Participant’s Employment with the Company is
terminated for any reason, the Option shall, to the extent not then vested, be canceled by the Company without consideration and
the Vested Portion of the Option shall remain exercisable for the period set forth in Section 6(c).


 




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Notwithstanding any other provisions of this Agreement to
the contrary, the Option shall, to the extent not then vested and not previously canceled, become fully vested and exercisable
immediately prior to a Change in Control.


 


		(c)	Exercisability. Options granted under the Plan shall be exercisable at such time and upon such terms and conditions
as may be determined by the Committee, but in no event shall an Option be exercisable more than 10 years after the date it is granted.



 


Subject to the provisions of the Plan, the Participant may
exercise all or any part of the Vested Portion of the Option at any time prior to the earliest to occur of:


 


		(i)	the tenth anniversary of the Date of Grant;



 


		(ii)	one year following the date of the Participant’s termination of Employment due to death or “Disability”;



 


		(iii)	six months following the date of the Participant’s termination of Employment by the Company without “Cause”;
and



 


		(iv)	the date of the Participant’s termination of Employment by the Company for “Cause” or by the Participant
for any reason.



 


		(d)	Exercise of Options. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for
all, or from time to time any part, of the Shares for which it is then exercisable. For purposes of Section 6 of the Plan, the
exercise date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the
date payment is received by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The purchase price
for the Shares as to which an Option is exercised shall be paid to the Company in full at the time of exercise at the election
of the Participant (i) in cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in Shares having
a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other requirements as
may be imposed by the Committee; provided, that such Shares have been held by the Participant for no less than six months (or such
other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally
accepted accounting principles), (iii) partly in cash and, to the extent permitted by the Committee, partly in such Shares or (iv)
if there is a public market for the Shares at such time, through the delivery of irrevocable instructions to a broker to sell Shares
obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such Sale equal
to the aggregate Option Price for the Shares being purchased. No Participant shall have any rights to dividends or other rights
of a shareholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the
Option, paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to
the Plan.



 




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Notwithstanding any other provision of the Plan to the contrary,
the Option may not be exercised prior to the completion of any registration or qualification of the Option or the Shares under
applicable U.S. federal and state securities or other laws, or under any ruling or regulation of any governmental body or national
securities exchange that the Committee shall in its sole discretion determine to be necessary or advisable.


 


In the event of the Participant’s death, the Vested
Portion of the Option shall remain exercisable by the Participant’s executor or administrator, or the person or persons to
whom the Participant’s rights shall pass by will or by the laws of descent and distribution as the case may be, to the extent
set forth in this Plan. Any heir or legatee of the Participant shall take rights herein granted subject to the terms and conditions
hereof.


 


		(e)	ISOs. The Committee may grant Options under the Plan that are intended to be ISOs. Such ISOs shall comply with the requirements
of Section 422 of the Code (or any successor section thereto). No ISO may be granted to any Participant who at the time of such
grant, owns more than ten percent of the total combined voting power of all classes of shares of the Company or of any Subsidiary,
unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and
(ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which
the ISO is granted. Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within two years after
the date of grant of such ISO or (ii) within one year after the transfer of such Shares to the Participant, shall notify the Company
of such disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified
share options, unless the applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is
intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent
of such nonqualification, such Option (or portion thereof) shall be regarded as a nonqualified share option granted under the Plan;
provided that such Option (or portion thereof) otherwise complies with the Plan’s requirements. In no event shall any member
of the Committee, the Company or any of its Affiliates (or their respective employees, officers or directors) have any liability
to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO.



 


		(f)	Attestation. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise
price of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures
satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in
which case the Company shall treat the Option as exercised without further payment and shall withhold such number of Shares from
the Shares acquired by the exercise of the Option.



 




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		7.	Terms and Conditions of Restricted Shares



 


		(a)	Grants. Restricted Shares may be granted in the form of Shares or share units having a value equal to an identical number
of Shares. The employment conditions and the length of the period for vesting of Restricted Shares shall be established by the
Committee at time of grant. In the event that a share certificate is issued in respect of Restricted Shares, such certificate shall
be registered in the name of the Participant but shall be held by the Company until the end of the restricted period. During the
restricted period, Restricted Shares may not be sold, assigned, transferred or otherwise disposed of, or pledged or hypothecated
as collateral for a loan or as security for the performance of any obligation or for any other purpose as the Committee shall determine.



 


		(b)	Terms. The Committee shall determine in its sole discretion whether Restricted Shares granted in the form of share units
shall be paid in cash, Shares, or a combination of cash and Shares.



 


		8.	Other Share-Based Awards



 


The Committee, in its sole discretion, may grant
or sell Awards of Shares and Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market
Value of, Shares (“Other Share-Based Awards”). Such Other Share-Based Awards shall be in such form, and dependent on
such conditions, as the Committee shall determine, including, without limitation, the right to receive, or vest with respect to,
one or more Shares (or the equivalent cash value of such Shares) upon the completion of a specified period of service, the occurrence
of an event and/or the attainment of performance objectives. Other Share-Based Awards may be granted alone or in addition to any
other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine to whom and when Other
Share-Based Awards will be made, the number of Shares to be awarded under (or otherwise related to) such Other Share-Based Awards;
whether such Other Share-Based Awards shall be settled in cash, Shares or a combination of cash and Shares; and all other terms
and conditions of such Awards (including, without limitation, the vesting provisions thereof and provisions ensuring that all Shares
so awarded and issued shall be fully paid and non-assessable).


 


		9.	Adjustments Upon Certain Events



 


Notwithstanding any other provisions in the
Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:


 




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		(a)	Generally. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend
or split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange
of Shares or other corporate exchange, or any distribution to shareholders of Shares other than regular cash dividends or any transaction
similar to the foregoing, the Committee in its sole discretion and without liability to any person shall make such substitution
or adjustment, if any, as it deems to be equitable, as to (i) the number or kind of Shares or other securities issued or reserved
for issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Options or Restricted
Shares may be granted during a calendar year to any Participant, (iii) the maximum number of Shares for which Other Share-Based
Awards may be granted during a calendar year to any Participant, (iv) the maximum amount of an Award that is valued in whole or
in part by reference to, or is otherwise based on the Fair Market Value of, Shares that may be granted during a calendar year to
any Participant, (v) the Option Price or number of Restricted Share and/or (vi) any other affected terms of such Awards.



 


		(b)	Change in Control. In the event of a Change of Control after the Effective Date, (i) if determined by the Committee
in the applicable Award agreement or otherwise, any outstanding Awards then held by Participants which are unexercisable or otherwise
unvested or subject to lapse restrictions shall automatically be deemed exercisable or otherwise vested or no longer subject to
lapse restrictions, as the case may be, as of immediately prior to such Change of Control and (ii) the Committee may, but shall
not be obligated to, (x) cancel such Awards for fair value (as determined in the sole discretion of the Committee) which, (A) in
the case of Options, may equal the excess, if any, of value of the consideration to be paid in the Change of Control transaction
to holders of the same number of Shares subject to such Options (or, if no consideration is paid in any such transaction, the Fair
Market Value of the Shares subject to such Options) over the aggregate exercise price of such Options or (B) in the case of Restrict
Shares, may equal the value of the consideration to be paid in the Change of Control transaction to holders of the same number
of Shares (or, if no consideration is paid in any such transaction, the Fair Market Value of the Restricted Shares) or (y) provide
for the issuance of substitute Awards that will substantially preserve the otherwise applicable terms of any affected Awards previously
granted hereunder as determined by the Committee in its sole discretion or (z) provide that for a period of at least 15 days prior
to the Change of Control, such Options shall be exercisable as to all shares subject thereto and that upon the occurrence of the
Change of Control, such Options shall terminate and be of no further force and effect.



 


		10.	No Right to Employment or Awards



 


The granting of an Award under the Plan shall
impose no obligation on the Company or any Affiliate to continue the Employment of a Participant and shall not lessen or affect
the Company’s or Affiliate’s right to terminate the Employment of such Participant. No Participant or other Person
shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders
or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with
respect thereto need not be the same with respect to each Participant (whether or not such Participants are similarly situated).


 




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		11.	Successors and Assigns



 


The Plan shall be binding on all successors
and assigns of the Company and a Participant, including without limitation, the estate of such Participant and the executor, administrator
or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors.


 


		12.	Nontransferability of Awards



 


Unless otherwise determined by the Committee,
an Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution.
An Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees
of the Participant. No such permitted transfer of the Option to heirs or legatees of the Participant shall be effective to bind
the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee
may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and
conditions hereof. During the Participant’s lifetime, the Option is exercisable only by the Participant.


 


		13.	Securities Laws



 


Upon the acquisition of any Shares pursuant
to the exercise of the Option, the Participant will make or enter into such written representations, warranties and agreements
as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.


 


		14.	Legend on Certificates



 


The certificates representing the Shares purchased
by exercise of the Option shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable
under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange
upon which such Shares are listed, and any applicable U.S. federal or state laws, and the Committee may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.


 


		15.	Withholding



 


The Participant may be required to pay to the
Company or any Affiliate and the Company shall have the right and is hereby authorized to withhold, any applicable withholding
taxes in respect of the Option, its exercise or any payment or transfer under or with respect to the Option and to take such other
action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes.


 


		16.	Amendments or Termination



 


The Board may amend, alter or discontinue the
Plan, but no amendment, alteration or discontinuation shall be made, (a) without the approval of the shareholders of the Company,
if such action would (except as is provided in Section 9 of the Plan), increase the total number of Shares reserved for the purposes
of the Plan or change the maximum number of Shares for which Awards may be granted to any Participant or (b) without the consent
of a Participant, if such action would diminish any of the rights of the Participant under any Award theretofore granted to such
Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit
the granting of Awards meeting the requirements of any Applicable Laws.


 




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Without limiting the generality of the foregoing,
to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder shall be interpreted
in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder,
including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding
any provision of the Plan to the contrary, in the event that the Committee determines that any amounts payable hereunder will be
taxable to a Participant under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant
of such amount, the Company may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Committee determines necessary or appropriate to preserve the intended
tax treatment of the benefits provided by the Plan and Awards hereunder and/or (b) take such other actions as the Committee determines
necessary or appropriate to comply with the requirements of Section 409A of the Code.


 


		17.	Jurisdictions



 


In order to assure the viability of Awards granted
to Participants employed in various jurisdictions, the Committee may, in its sole discretion, may provide for such special terms
as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom applicable in the jurisdiction
in which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, amendments, restatements,
or alternative versions of the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the
terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, restatements or alternative
versions shall increase the Share limitation contained in Section 3 hereof. Notwithstanding the foregoing, the Committee may not
take any actions hereunder, and no Awards shall be granted that would violate any Applicable Laws.


 


		18.	Distribution of Shares



 


The obligation of the Company to make payments
in Shares pursuant to an Award shall be subject to all Applicable Laws and to any such approvals by government agencies as may
be required. Without limiting the generality of the foregoing, Shares distributed pursuant to an Award may consists, in whole or
in part, of authorized and unissued Shares, treasury Shares or Shares purchased on the open market. Additionally, in the discretion
of the Committee, American Depository Shares may be distributed in lieu of Shares in settlement of any Award, provided that the
American Depository Shares shall be of equal value to the Shares that would have otherwise been distributed. If the number of Shares
represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3 shall be adjusted
to reflect the distribution of American Depository Shares in lieu of Shares.


 




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		19.	Taxes



 


No Shares shall be delivered under the Plan
to any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income
and employment tax withholding obligations under any Applicable Laws, in particular, the tax laws, rules, regulations and government
orders of the People’s Republic of China or the U.S. federal, state or other local tax laws, as applicable. The Company and
each of its Subsidiaries shall have the authority and the right to deduct or withhold, or require a Participant to remit to the
Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Participant’s payroll tax
obligations, if any) required to be withheld under any Applicable Laws with respect to any Award issued to the Participant hereunder.
The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company
withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums
required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect
to the issuance, vesting, exercise or payment of any Award (or which may be repurchased form the Participant of such Award after
such Shares were acquired by the Participant from the Company) in order to satisfy the Participant’s federal, state, local
and other income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall, unless
specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding
or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state,
local and other income tax any payroll tax purposes that are applicable to such taxable income.


 


		20.	Choice of Law



 


The Plan shall be governed by and construed
in accordance with the laws of the state of New York.


 


		21.	Effectiveness of the Plan



 


The Plan shall be effective as of the Effective
Date and shall terminate on the Expiration Date, subject to earlier termination by the Board pursuant to Section 13 hereof. Any
Awards that are outstanding on the Expiration Date shall remain in force according to the Plan and the applicable Award agreement.


 




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