Document:

Share Subscription Agreement, dated April 11, 2011

 Exhibit 4.5 
 DATE APRIL 11, 2011 
  

	 	(1)	DCM VI, L.P. 

	 	(2)	DCM V, L.P. 

	 	(3)	DCM AFFILIATES FUND V, L.P. 

	 	(4)	SEQUOIA CAPITAL 2010 CV HOLDCO, LTD. 

	 	(5)	VIPSHOP HOLDINGS LIMITED 

	 	(6)	VIPSHOP INTERNATIONAL HOLDINGS LIMITED 

	 	(7)	GUANGZHOU VIPSHOP COMPUTER SERVICE CO., LTD. (广州唯品会计算机服务有限公司)

	 	(8)	GUANGZHOU VIPSHOP INFORMATION TECHNOLOGY CO.,
LTD.(广州唯品会信息科技有限公司) 

	 	(9)	THE KEY HOLDERS LISTED ON PART A AND PART B OF SCHEDULE 2 

 SHARE SUBSCRIPTION AGREEMENT 
 concerning Series B Preference Shares in

 VIPSHOP HOLDINGS LIMITED 

 SHARE SUBSCRIPTION AGREEMENT 

THIS SHARE SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of April 11, 2011by and among:

  

	(1)	DCM VI, L.P., DCM V, L.P. and DCM AFFILIATES FUND V, L.P., each a partnership duly formed and validity existing under the laws of the Cayman
Islands with its registered office located at Campbell Corporate Services Limited, 4th Floor, Scotia Centre, P.O. Box 268, George Town, Grand Cayman KY1-1104, Cayman Islands (collectively, “DCM”); 

 

	(2)	SEQUOIA CAPITAL 2010 CV HOLDCO, LTD., an exempted limited liability company duly established and validly existing under the laws of the Cayman Islands
with its registered office located at Cricket Square, Hutchins Dr., P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands ( “Sequoia”, together with DCM, each a “Subscriber” and collectively the
“Subscribers”); 

  

	(3)	VIPSHOP HOLDINGS LIMITED, a company duly incorporated and validity existing under the laws of the Cayman Islands with its registered office located at SCOTIA
CENTRE, 4TH FLOOR, P.O. BOX 2804, GEORGE TOWN, GRAND CAYMAN (the “Company”); 

  

	(4)	VIPSHOP INTERNATIONAL HOLDINGS LIMITED, a limited liability company incorporated under the laws of Hong Kong with its registered office located at Unit
2209, 22/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong (the “HK Co”); 

  

	(5)	GUANGZHOU VIPSHOP COMPUTER SERVICE CO., LTD. (广州唯品会计算机服务有限公司),
a wholly foreign-owned enterprise duly incorporated and validity existing under the laws of the PRC with its registered office located
at广州市荔湾区芳村花海街20号自编6号楼 (the “WFOE”); 

 

	(6)	GUANGZHOU VIPSHOP INFORMATION TECHNOLOGY CO., LTD. (广州唯品会信息科技有限公司), a
limited liability company duly incorporated and validity existing under the laws of the PRC with its registered office located
at广州市荔湾区芳村花海街20号第17幢自编1-5号楼 (the “Domestic Company”, together with the WFOE, the “PRC
Companies”); 

  

	(7)	the Persons listed in Part A of Schedule 2 (collectively, the “Founder Holding Companies” and each a “Founder Holding
Company”); and 

  

	(8)	the individuals listed in Part B of Schedule 2 (collectively, the “Founders” and each a “Founder”, together with the Founder
Holding Companies, the “Key Holders”). 

 WHEREAS 
  

	(A)	The Company is an exempted company established under the laws of Cayman Islands on July 1, 2010, holding 100% of the equity interest in the HK Co which in turn
owns 100% of the registered capital of the WFOE. The Domestic Company is a company held by the Founders and Angel Investors. The particulars of each Group Company as the date hereof are set out in Schedule 3. 

 

	(B)	The Company hereby agrees to issue and sell to the Subscribers, and the Subscribers hereby agree to subscribe for and purchase from the Company the Subscription Shares
pursuant to the terms and conditions of this Agreement. 

  

	(C)	In consideration of the Investors agreeing to subscribe for the Subscription Shares, the Warrantors hereby agree to provide to the subscribers such representations and
warranties as set forth herein. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	INTERPRETATION 

  

	1.1	In this Agreement, including the Recitals and the Schedules, the following expressions shall, except where the context otherwise requires, have the following meanings:

 “Angel Investors” means Wu Bin (吴彬), Peng Xing (彭星) and Xu Yu
(徐宇), collectively. The particulars of each of the Angel Investors are set out in Part C of Schedule 2. “Angel Investor” means any one of them; 
 “Angel Investor Holding Companies” means Rapid Prince Development Limited, Advanced Sea International Limited and Dynasty Mount Enterprises Limited
incorporated respectively by each of Angel Investors in British Virgin Islands. The particulars of each of the Angel Investor Holding Companies are set out in Part D of Schedule 2. “Angel Investor Holding Company” means any one of
them; 
 “Action” has the meaning ascribed to it in Clause 12 of Schedule 4; 

“Agreement” means this Share Subscription Agreement; 

 

			
	“Associate” means:	  	(i) as to any individual, his spouse, child, brother, sister, parent, trustee of any trust in which such individual or any of his immediate family members is a beneficiary or a
discretionary object, or any entity or company Controlled by any of the aforesaid persons; and
		
		  	(ii) as to any Person not an individual, any other Person directly or indirectly Controlling, directly or indirectly Controlled by or under direct or indirect common Control
with, such Person.

 “Balance Sheet Date” has the meaning ascribed to it in Clause 17 of Schedule 4;

 “Board” or “Board of Directors” means the board of directors of the Company; 

  
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 “Business” means on-line sales conducted by the Company, its consolidated
subsidiaries and the PRC Companies; 
 “Business Day” means a day, excluding Saturdays and Sundays, on which
banks in Hong Kong are open for business throughout their normal business hours; 
 “Completion” means the
completion of all matters set out in Clause 4, including, without limitation, the allotment and issuance of the Subscription Shares in accordance with this Agreement; 
 “Completion Date” the date on which the Completion occurs; 

“Conditions” means the conditions precedent to the Completion set out in Clause 3.1; 

“Consent” includes an approval, authorisation, exemption, filing, licence, order, permission, permit, recording or
registration (and references to “obtaining consents” shall be construed accordingly) from any governmental authority or third party; 
 “Constitutional Documents” has the meaning ascribed to it in the Clause 14 of Schedule 4; 
 “Control”, “Controls”, “Controlled” (or any correlative term) means the possession, directly or indirectly, of the power to direct or cause the direction of the
management of a Person, whether through the ownership of voting securities, by contract, credit arrangement or proxy, as trustee, executor, agent or otherwise. For the purpose of this definition, a Person shall be deemed to Control another Person if
such first Person, directly or indirectly, owns or holds more than 50% of the voting equity interests in such other Person; 

“Conversion Shares” mean the Ordinary Shares issuable upon conversion of any Series B Preference Shares; 

“Domestic Company” has the meaning ascribed to it in the preamble; 

“Environmental Claim” has the meaning ascribed to it in Clause 21 of Schedule 4; 

“Environmental Laws” has the meaning ascribed to it in Clause 21 of Schedule 4; 

“Exhibits” mean the exhibits of this Agreement; 
 “Fiscal Year” means, for the purpose of this Agreement, a fiscal year shall start from the first day of January to the last day of December; 

“FCPA” has the meaning ascribed to it in Clause 27 of Schedule 4; 

“Founder” has the meaning ascribed to it in the preamble, collectively, the “Founders”; 

“Founder Holding Company” has the meaning ascribed to it in the preamble, collectively, the “Founder Holding
Companies”; 

  
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 “Group Companies” means the Company, the HK Co, the PRC Companies, and
their respective subsidiaries from time to time. The particulars of each of the Group Companies are set out in Schedule 3. “Group Company” means any one of them; 

“Group Company Contracts” has the meaning ascribed to it in Clause 14 of Schedule 4; 

“Governmental Authorizations” has the meaning ascribed to it in Clause 13 of Schedule 4; 

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC; 

“HK Co” has the meaning ascribed to it in the preamble; 

“IFRS” means the International Financial Reporting Standards prepared by the International Accounting Standards Board, as
amended from time to time; 
 “Intellectual Property” means, collectively, the Owned Intellectual Property and
the Licensed Intellectual Property; 
 “Key Employees” means the employees as set forth in the Exhibit C
of this Agreement; 
 “Key Holder” has the meaning ascribed to it in the preamble, collectively, the
“Key Holders”; 
 “Licensed Intellectual Property” means any and all license rights granted to
any Group Company in any third party intellectual property or other proprietary or personal rights, including any and all of the following that are licensed to any Group Company anywhere in the world: trademarks, trade names, service marks and trade
dress, and all goodwill associated with trademarks, trade names, corporate names, business names, brand names, service marks and trade dress; patents; concepts; prototypes; drawings; designs; logos; trade dress; distinguishing guises; certification
marks; official marks; mask works; utility models; domain names and other identifiers for internet protocol addresses and networks, fictional characters, and other indicators of source or business identifiers, and all goodwill associated therewith;
copyrights and copyrightable works; databases; graphics; schematics; marketing, sales and user data and strategies and customer lists; technology; trade secrets, including confidential know-how, inventions, invention disclosures, inventor’s
notes, improvements, discoveries, formulae, specifications and processes; computer software programs of any kind (in both source and object code form); application programming interfaces; protocols; and any renewal, extension, reissue, continuation
or division rights, applications and/or registrations for any of the foregoing; 
 “Material Adverse Effect”
means any material adverse effect on the business (as presently conducted and proposed to be conducted), assets (including intangible assets), affairs, liabilities, condition (financial or otherwise), properties, prospects or results of operations
of any Group Company; 

  
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 “Material Contracts” has the meaning ascribed to it in Clause 11 of
Schedule 4; 
 “Material of Environmental Concern” has the meaning ascribed to it in Clause 21 of
Schedule 4; 
 “Ordinary Shares” means ordinary shares of par value of US$0.0001 each in the capital of
the Company; 
 “Owned Intellectual Property” means any and all of the following that are owned (including joint
ownership) or held by any Group Company anywhere in the world: trademarks, trade names, service marks and trade dress, and all goodwill associated with trademarks, trade names, corporate names, business names, brand names, service marks and trade
dress; patents; concepts; prototypes; drawings; designs; logos; trade dress; distinguishing guises; certification marks; official marks; mask works; utility models; domain names and other identifiers for internet protocol addresses and networks,
fictional characters, and other indicators of source or business identifiers, and all goodwill associated therewith; copyrights and copyrightable works; databases; graphics; schematics; marketing, sales and user data and strategies and customer
lists; technology; trade secrets, including confidential know-how, inventions, invention disclosures, inventor’s notes, improvements, discoveries, formulae, specifications and processes; computer software programs of any kind (in both source
and object code form); application programming interfaces; protocols; and any renewal, extension, reissue, continuation or division rights, applications and/or registrations for any of the foregoing; 

“Person” means any individual, sole proprietorship, partnership, firm joint venture, estate, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, entity or governmental authority or other entity of any kind or nature; 
 “Post-Completion Covenants” means the post-completion covenants set out in Clause 6; 
 “PRC” means the People’s Republic of China (for the purpose of this Agreement, excluding Hong Kong, Macau and Taiwan); 

“PRC Companies” has the meaning ascribed to it in the preamble; 

“Preference Share” means any of the Series A Preference Shares and Series B Preference Shares, and collectively, the
“Preference Shares”. 
 “Proprietary Assets” has the meaning ascribed to it in Clause 9(a) of
Schedule 4; 
 “Qualified IPO” has the meaning ascribed to it in Clause 6.9; 

  
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 “Restated M&A” means the Memorandum and Articles of Association of the
Company as set forth in Exhibit E of this Agreement, and any amendments thereto from time to time; 

“Restructuring Documents” means the following agreements collectively: (i) Equity Interest Pledge Agreements
(股权质押协议) entered into by and between the WFOE, the Domestic Company and each of the Founders and Angel Investors, all dated as of January 20, 2011, (ii) the Exclusive Option Agreements
(独家购买权合同) entered into by and between the WFOE, the Domestic Company and each of the Founders and Angel Investors, all dated as of January 20, 2011, (iii) the Exclusive Service Agreement
(独家业务合作协议) entered into by and between the WFOE and the Domestic Company dated as of January 20, 2011, and (iv) the Power of Attorney (授权委托书) given
by each of the Founders and Angel Investors, all dated as of January 20, 2011; 
 “Returns” has the meaning
ascribed to it in Clause 20(a) of Schedule 4; 
 “Return Period” has the meaning ascribed to it in Clause
20(a) of Schedule 4; 
 “RMB” means Renminbi, the lawful currency of the People’s Republic of China;

 “SAFE” means the PRC State Administration of Foreign Exchange; 

“SAFE No. 75 Notice” means the Notice on Issues Relating to the Administration of Foreign Exchange in
Fund-raising and Reverse Investment Activities of Domestic Residents Conducted via Offshore Special Purpose Companies issued by SAFE on October 21, 2005 and its implementing rules and guidelines, or any successor rule or regulation made
under the PRC laws, in relation to the transactions contemplated under this Agreement; 
 “Schedules” means the
schedules of this Agreement; 
 “Series A Preference Shares” means convertible series A preference shares in the
capital of the Company each with par value of US$0.0001 having the rights, privileges and restrictions as set out in the Memorandum and Articles from time to time in effect; 
 “Series B Preference Shares” means convertible series B preference shares in the capital of the Company each with par value of US$0.0001 having the rights, privileges and restrictions as
set out in the Memorandum and Articles from time to time in effect; 
 “Shareholders’ Agreement” means the
amended and restated shareholders’ agreement to be entered into among the Subscribers, the Company, the HK Co, the PRC Companies, the Key Holders, the Angel Investors and the Angel Investor Holding Companies, substantially in the form and
substance as set forth in Exhibit F of this Agreement; 
 “Shares” means all shares of the Company,
including the Ordinary Shares, the Series A Preference Shares and the Series B Preference Shares; 

  
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 “Share Restriction Agreement” means the amended and restated share
restriction agreement to be entered into by and between the Company and certain parities named therein, substantially in the form attached as Exhibit G to this Agreement. 

“Subscription” has the meaning ascribed to it in Clause 2; 

“Subscriber Group” means, each of the Subscribers and any of their respective affiliated venture capital fund, a partner
or member of such partnership or affiliated entity or a retired partner or member of such partnership or affiliated entity who retires after the date hereof, or to the estate of any such partner, member, retired partner or retired member or the
transfer by gift, will or intestate succession of any partner or member to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or member or his or her spouse; 

“Subscription Price” means, subject to the adjustments provided under this Agreement, the US Dollar equivalent of
RMB270,000,000 for a total of 8,166,667 Series B Preference Shares or approximately the US Dollar equivalent of RMB33.06122314 per Series B Preference Share (calculated based on the exchange rate between US Dollar and RMB at 6.5496); 

“Subscription Shares” means, subject to the adjustments provided under this Agreement, a total of 8,166,667 Series B
Preference Shares to be issued to and subscribed by the Subscribers pursuant to this Agreement; 
 “Tax” means
any form of tax in any part of the world including, without limitation, all forms of income tax, profits tax, interest tax, stamp duty, estate duty, value added tax, value appreciation tax, withholding tax, property tax, capital gains tax and all
levies, duties, charges, fees, social security contributions, deductions and withholdings whatsoever charged or imposed by any statutory, governmental, state, federal, provincial, local or municipal authority whatsoever and wheresoever, and any
interest, penalty, surcharge or fine in connection therewith or arising therefrom; 
 “Transaction Documents”
means this Agreement, the Shareholders’ Agreement, the Restated M&A, the Share Restriction Agreement, all or part of any agreement to which some or all of the Parties hereto are parties and the execution of which is contemplated hereunder
(the “Ancillary Agreements”), any amendment or supplement thereto and any other document provided for pursuant thereto or which the Parties agree shall constitute a Transaction Document provided however that this defined term, when
used specifically in relation to any Party, shall only include such Transaction Documents to which it is a party; 

“US$” or “US Dollar” means United States dollars, the lawful currency of the United States of America;

 “U.S. GAAP” means the generally accepted accounting principles in the United States of America in effect from
time to time; 

  
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 “Warranties” means the representation, warranties and undertakings as set
out in Clause 5 and Schedule 4; 
 “Warrantors” means the Key Holders and the Group Companies
collectively and “Warrantor” means any one of them; 
 “WFOE” has the meaning ascribed to it in
the preamble; 
 “Written Resolutions” means the written resolutions of the shareholders of the Company in a
form satisfactory to the Subscribers, where the shareholders of the Company agree to, among other things, amend the current Memorandum and Articles of Association of the Company, and approve the terms and conditions of the Share Restriction
Agreement, the Shareholders’ Agreement and this Agreement. 
  

	1.2	In this Agreement: 

  

	 	(a)	references to recitals, Clauses, sub-Clauses, Schedules and Exhibits are to the Clauses and sub-Clauses of, and the recitals, schedules and exhibits to, this Agreement;

  

	 	(b)	references to any statutory provision or any rule or regulation (whether or not having the force of law) shall be construed as references to the same as amended,
varied, modified, consolidated or re-enacted from time to time and to any subordinate legislation made under such statutory provision; 

  

	 	(c)	references to parties are to parties of this Agreement; 

  

	 	(d)	words importing the singular include the plural and vice versa, words importing one gender include every gender, and references to persons include bodies corporate and
unincorporated; 

  

	 	(e)	headings are for ease of reference only and shall not affect the interpretation of this Agreement; and 

 

	 	(f)	references to a document in the “agreed form” are references to a document the form of which has been or may from time to time be agreed among all
parties hereto. 

  

	1.3	The recitals, the Schedules and the Exhibits form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement
and any reference to this Agreement shall include the Recitals, the Schedules and the Exhibits. 

  

	1.4	All references to dates and time are, unless the context requires otherwise, to Hong Kong time. 

  
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	2.	SUBSCRIPTION 

  

	2.1	Subject to the fulfilment of conditions set out in Clause 3, each Subscriber agrees, severally but not jointly, to subscribe for and purchase, and the Company agrees to
allot and issue to each Subscriber, that number of Subscription Shares as set forth opposite such Subscriber’s name on Schedule 1 at an aggregate Subscription Price of US Dollar equivalent of RMB270,000,000 (Two Hundred And Seventy
Million Renminbi) (the “Subscription”) (calculated based on the exchange rate between US Dollar and RMB at 6.5496), subject to any adjustment provided in this Agreement or other Transaction Documents. 

 

	2.2	The Subscription Shares allotted and issued to the Subscribers shall be free from all charges, liens, encumbrances, equities or other third party rights, claims or
interests. 

  

	3.	CONDITIONS PRECEDENT 

  

	3.1	The obligations of each Subscriber to purchase its respective portion of the Subscription Shares in accordance with Clause 2 hereof shall be conditional on the
fulfilment of all of the following Conditions (subject to any waiver in written form by such Subscriber in its absolute discretion of any or all of the Conditions): 

 

	 	(a)	the Written Resolutions having been duly approved and passed by the shareholders of the Company and remaining valid and effective as at the Completion Date, and the
Memorandum and Article of Association of the Company, having been duly adopted by the Company, in the form attached hereto as Exhibit E; 

  

	 	(b)	the board resolutions of the Company having being duly approved and passed by the Board of the Company approving the terms of this Agreement, the Shareholders’
Agreement, the Share Restriction Agreement, the Restated M&A and other Transaction Documents to which it is a party, and the transactions contemplated herein, in a form acceptable to the Subscribers, and remaining valid and effective as at the
Completion Date; 

  

	 	(c)	the issuance and allotment of the Subscription Shares to the Subscribers pursuant to the terms of this Agreement having been duly approved by the shareholders and
directors of the Company; 

  

	 	(d)	each of the PRC Companies and HK Co having provided to the Subscribers true copies of the shareholders’ resolutions and/or the board resolutions (as required under
laws of its jurisdiction) to approve the execution of this Agreement, the Shareholders’ Agreement and other Transaction Documents to which it is a party, and the performance of its obligations hereunder and thereunder; 

 

	 	(e)	execution and delivery of the Shareholders’ Agreement in the form attached hereto as Exhibit F, by the parties to the Shareholders’ Agreement (other
than the Subscribers); 

  
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	 	(f)	execution and delivery of Share Restriction Agreement in the form attached hereto as Exhibit G, by the parties thereto (other than the Subscribers)

  

	 	(g)	the legal opinions issued respectively by the PRC and the Cayman Islands counsels to the Company addressed to the Subscribers, dated as of the Completion Date, in the
form and substance to the satisfaction of the Subscribers; 

  

	 	(h)	all the Warranties remaining true, correct and complete in all material respects when made, and shall be true, correct and complete in all material respects as of the
Completion Date with the same force and effect as if they had been made on and as of such date, subject to changes contemplated by this Agreement and other Transaction Documents; 

 

	 	(i)	all Consents required under the laws of the Cayman Islands and the PRC for the entering into, delivery and performance of this Agreement, the Shareholders’
Agreement and other Transaction Documents and consummation of the Completion having been obtained and remaining valid and effective as at the Completion; 

  

	 	(j)	the pledge of all equity interest of the Domestic Company under the Restructuring Documents shall have been duly filed with the competent administration of industry and
commerce (the “AIC”) and the AIC has issued a notice on the successful registration; 

  

	 	(k)	the Subscribers having received a copy of a certificate of good standing issued by the Registrar of Companies of the Cayman Islands certifying that the Company is in
good standing, dated no earlier than thirty (30) days prior to the Completion; 

  

	 	(l)	the Subscribers and their counsels having conducted legal and financial due diligence investigation against the Group Companies and being satisfied with the results of
such investigation; 

  

	 	(m)	there shall have been no Material Adverse Effect since the date of this Agreement and no change or revision to the current laws or regulations of the PRC that would
result in such Material Adverse Effect; 

  

	 	(n)	the Group Companies and the Key Holders having performed and complied with all agreements, obligations and conditions contained in this Agreement and other Transaction
Documents that are required to be performed or complied with by them on or before the Completion. 

  

	3.2	 As soon as the conditions set out in Clause 3.1 have been fully satisfied, the Company shall give written notice of the satisfaction of the conditions
to all of the Subscribers. In the event that any of the Conditions specified in Clause 3.1 applicable to the Completion has not been fulfilled (or waived by Subscribers in writing) by 5:00 pm on the 45th day after the signing of this Agreement (or such later date as the
parties may mutually agree in writing), obligations of the Subscribers under this Agreement may be terminated by written notice by the Subscribers to other parties, at the Subscribers’ own election and discretion. Upon such termination, this
Agreement shall cease to have effect by and among the Parties and the Parties shall not, subject to the Clauses 7 and 12 of this Agreement, have any further right and liability under or pursuant to the provisions of this Agreement save in respect of
any antecedent breach occurring prior to such termination. 

  
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	3.3	In the event that any of the Subscribers has not made the payment pursuant to this Agreement despite that all the Conditions specified in Clause 3.1 have been fulfilled
and the written notice has been issued by the Company to each of the Subscribers, obligations of the Key Holders under this Agreement may be terminated by written notice by the Key Holders to other parties, at the Key Holders’ own election and
discretion. Upon such termination, this Agreement shall cease to have effect by and among the Parties and the Parties shall not, subject to the Clauses 7 and 12 of this Agreement, have any further right and liability under or pursuant to the
provisions of this Agreement save in respect of any antecedent breach occurring prior to such termination. 

  

	3.4	Each of the Group Companies and the Key Holders shall use its best endeavours to procure the fulfilment of the Conditions on or before the date set forth in Clause 3.2.

  

	4.	COMPLETION 

  

	4.1	Subject to Clause 3, Completion shall take place remotely via exchange of documents and signature pages within three (3) Business Days after the issue and delivery
of the notice referred to in Clause 3.2 by the Company to the Subscribers or such other time and date as may be mutually agreed by the Parties. At the Completion: 

 

	 	(a)	The Company shall 

  

	 	(i)	issue to the Subscribers a notice to pay the aggregate Subscription Price (“Payment Notice”) notifying each Subscriber to make the payment of an amount
equal to its share of the Subscription Price; 

  

	 	(ii)	deliver to the Subscribers a certificate of compliance dated the Completion Date and signed by each Warrantors certifying that all of the Conditions have been fulfilled
and stating that there shall have been no Material Adverse Effect since the Balance Sheet Date; 

  

	 	(iii)	deliver to the Subscribers true copies of the Board resolutions of the Company approving this Agreement, the Shareholders’ Agreement, the Share Restriction
Agreement and the entry into and performance of each of such documents by the Company including the allotment and issuance of the Subscription Shares and share certificates in respect of the Subscription in accordance with the terms of this
Agreement; 

  

	 	(iv)	deliver to the Subscribers the Shareholders’ Agreement and the Share Restriction Agreement, each duly executed by the parties thereto (other than the Subscribers);

  
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	 	(v)	deliver to the Subscribers true copies of the register of members of the Company as updated to reflect the Subscription Shares being purchased by the Subscribers and
certified by a director of the Company; 

  

	 	(vi)	deliver to the Subscribers true copies of the share certificates issued in the name of each of the Subscribers for the Subscription Shares, duly signed and sealed for
and on behalf of the Company (with the originals delivered to the Subscribers as soon as practical after the Completion); and 

  

	 	(vii)	deliver all other documents or evidence that may be reasonably requested by Subscribers to verify that the Conditions have been fulfilled. 

 

	 	(b)	Each of the Subscribers shall, severally but not jointly, 

  

	 	(i)	deliver to the Company a signed application form for the Subscription Shares at the Subscription Price in substantially the form set out in Schedule 5;

  

	 	(ii)	make the payment in US Dollars in an amount equivalent to its Subscription Price denominated in RMB as set out in Schedule 1 (calculated based on the exchange rate
between US Dollar and RMB at 6.5496) by wiring such amount in immediately available funds into the bank account designated by the Company for value on the Completion Date (for avoidance of doubt, the obligations of the Subscribers under Clause
4.1(b)(ii) shall be deemed satisfied by the delivery to the Company a copy of the bank confirmation confirming the wiring of the Subscription Price), provided that wire transfer instructions are delivered to each Subscriber at least five
(5) Business Days prior to the Completion; and 

  

	 	(iii)	deliver to the Company the Shareholders’ Agreement duly executed by such Subscriber. 

 

	5.	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	5.1	Each of the parties hereto hereby severally represents and warrants to the other parties that it has full power and authority to enter into and perform this Agreement;
this Agreement when executed and delivered by them shall constitute valid and legally binding obligations of such party enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies. 

  

	5.2	Each of the parties hereto hereby undertakes to perform and procure the performance of this Agreement. 

  
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	5.3	The Subscribers hereby undertakes and acknowledges to the Company that following the date of this Agreement (unless otherwise specified) they shall use its reasonable
endeavours to assist the Company to, as soon as practicable, effect all approval and registration procedures related to the transaction and matters contemplated under this Agreement, obtain all the consent required for this Agreement and carry out
all reasonable measures and actions necessary for the transaction to be successfully completed and valid according to the Transaction Documents and applicable laws in the PRC. 

 

	5.4	The Subscribers hereby represent and warrant to the Warrantors that its investment decisions were made based on its own due diligence investigation and its own business
judgement, and it shall be fully responsible for all its actions thereof, subject to reliance on the representations, warranties, covenants and agreements of the Warrantors contained in this Agreement. 

 

	5.5	Except as set forth in the Schedule of Exceptions, the Warrantors hereby jointly and severally represent and warrant to and undertakes with the Subscribers that each of
the matters set out in Schedule 4 is as at the date hereof and will be for all times up to and including the Completion Date, true, correct and complete in all material respects. 

 

	5.6	Each of the Warranties refers only to matters and facts subsisting as at the date hereof up to and including the Completion Date, and the right to claim for breach of
any Warranties will survive for a period of two (2) years after the Completion. 

  

	5.7	Each of the Warranties is without prejudice to any other Warranty and, except where expressly stated otherwise, no provision contained in this Agreement shall govern or
limit the extent or application of any other Warranty. 

  

	5.8	Each of the Warrantors undertakes to notify the Subscribers, in writing as soon as practicable of any matter or event which becomes known to it prior to the Completion
which may render any Warranty to be or to have been untrue or inaccurate. 

  

	5.9	The rights and remedies of the Subscribers, in respect of a material breach of any Warranty shall not be affected by any due diligence review or investigation made by
or on behalf of the Subscribers into the affairs of any Group Company. 

  

	5.10	Notwithstanding any rule of law or equity to the contrary, any release, waiver or compromise or any other arrangement of any kind whatsoever which the Subscribers may
agree to or effect in relation to any of the Warrantors in connection with this Agreement, and in particular the Warranties, shall not affect the rights and remedies of the Subscribers, as regards to any other parties. 

 

	5.11	Each of the Warrantors undertakes, in relation to any Warranty which refers to his knowledge or information, that he has made best enquiry into the subject matter of
that Warranty and that he does not have the knowledge or information or belief that the subject matter of that Warranty may not be true, complete or accurate. 

  
 13 

	6.	POST-COMPLETION COVENANTS 

  

	6.1	SAFE No. 75 Notice Registration 

 Each of the Founders shall and the Founders shall cause each of the Angel Investors to, within thirty (30) days after the Completion Date, apply to the competent SAFE to amend their respective
registration under the SAFE No. 75 Notice to reflect the correct shareholdings of each such individual in the Founder Holding Companies, the Angel Investors Holding Companies, the Company and the HK Co after the Completion of transaction
contemplated hereunder. Each of the Warrantors undertakes to use its best efforts to cause any Person who may in the future directly or indirectly hold any shares of the Company and who is a PRC Resident as set forth in SAFE No.75 Notice to comply,
as soon as possible, with the registration and any other requirements of SAFE No.75 Notice as long as SAFE No.75 Notice remains effective and applicable, or deliver to the Company and each Subscriber a written confirmation in form and substance
reasonably satisfactory to the Subscriber that such Person is not subject to the registration requirements of SAFE No.75 Notice. 
  

	6.2	Non-Compete  

 Each of the
Founders acknowledges that the Subscribers agree to invest in the Company and become a shareholder of the Company on the basis of continued and exclusive services of and full devotion and commitment by the Founders to the Group Companies, and agree
that the Subscribers should have reasonable assurance of such basis of investment. Each of the Founders hereof jointly and severally undertakes to the Subscribers that, unless with prior written consent of the holders of two-thirds (2/3) of the
then outstanding Series B Preference Shares, neither he nor any of his Associates, his nominees, trustees or the like will directly or indirectly: 
  

	 	(a)	during the Relevant Period (as defined below) and for a period of one (1) year after the Relevant Period, participate, assist, advise, consult, be concerned with,
engaged or interested in, any internet business in any manner, directly or indirectly, alone or in concert with others; 

  

	 	(b)	during the Relevant Period (as defined below) and for a period of three (3) years after the Relevant Period (collectively “Restriction Period”),
participate, assist, advise, consult, be concerned with, engaged or interested in, any business or entity in any manner, directly or indirectly, alone or in concert with others, which is in competition with the flash sale business carried on by any
Group Company at any time during the Restriction Period; 

  

	 	(c)	during the Restriction Period, solicit in any manner any person who is or has been during the Restriction Period a customer or client of any Group Company for the
purpose of offering to such person any goods or services similar to or competing with any of the businesses conducted by any Group Company at any time during the Restriction Period; 

  
 14 

	 	(d)	during the Restriction Period, solicit or entice away, or endeavour to solicit or entice away, any employee or officer of any Group Company; or

  

	 	(e)	during the Restriction Period disclose or use for any purpose, any information concerning the business, accounts, finance, transactions or Intellectual Property rights
of any Group Company or any trade secrets or confidential information of or relating to any of the Group Companies. 

 Each undertaking in paragraphs (a), (b), (c), (d) and (e) of this Clause 6.9 shall be treated as independent of the other undertakings so that, if any of them is held to be invalid or
unenforceable for any reason, the remaining undertakings shall be valid to the extent that they are not affected. 
 Each of the
Founders hereby expressly acknowledges and declares that he has duly considered the undertakings set out in Clause 6.9 and considers that they are reasonable in the circumstances and warrants and undertakes to the Subscribers that he shall not
challenge or query the validity and enforceability of these undertakings. 
 For the purposes of this Clause 6.9
“Relevant Period” means, in relation to a Founder and/or his Associates, nominees, trustees or the like, the period during which he or his Associates, nominees, trustees or the like is a shareholder, director, employee and/or has
any direct or indirect interest (legal or beneficial) in the capital of any of the Group Companies. 
  

	6.3	Tax Covenants 

  

	 	(a)	The Warrantors jointly and severally undertake to Subscribers that they will cause the Company to take such actions, including making an election to be treated as a
corporation or refraining from making an election to be treated as a partnership, as may be required to ensure that at all times the Company is treated as corporation for United States federal income tax purposes. 

 

	 	(b)	The Company shall, and each of the Warrantors undertakes to the Subscribers to cause the Company to, make due inquiry with its tax advisors on at least an annual basis
regarding whether Subscribers’ interest in the Company is subject to the reporting requirements of either or both of Sections 6038 and 6038B of the United States Internal Revenue Code (and the Company shall duly inform the Subscribers of the
results of such determination), and in the event that the Company’s tax advisors or the Subscribers’ tax advisors determine that the Subscribers’ interest in the Company is subject to any such reporting requirements, the Company
agrees, upon a request from the Subscribers, to provide such information to the Subscribers as may be necessary to fulfil the Subscribers’ obligations thereunder. 

  
 15 

	 	(c)	The Warrantors hereby acknowledge that the Company will not be at any time during the calendar year in which the Completion occurs a “passive foreign
investment company” within the meaning of Section 1297 of the United States Internal Revenue Code (a “PFIC”). The Warrantors shall use its best efforts to avoid the Company being a PFIC. The Warrantors shall make due
inquiry with its tax advisors on at least an annual basis regarding its status as a PFIC, and if the Company is informed by its tax advisors that it has become a PFIC, or that there is a likelihood of the Company being classified as a PFIC for
any taxable year, the Warrantors shall promptly notify the Subscribers of such status or risk, as the case may be. In connection with a “Qualified Electing Fund” election made by Subscribers pursuant to Section 1295 of the
United States Internal Revenue Code or a “Protective Statement” filed by Subscribers pursuant to Treasury Regulation Section 1.1295-3, as amended (or any successor thereto), the Company shall provide annual financial
information to Subscribers in the form provided in the attached PFIC Exhibit (attached hereto as Exhibit D) as soon as reasonably practicable following the end of each taxable year of the Subscribers (but in no event later than 90 days
following the end of each such taxable year), and shall provide Subscribers with access to such other Company information as may be required for purposes of filing U.S. federal income tax returns in connection with such Qualified Electing Fund
election or Protective Statement. In the event that a Subscriber who has made a “Qualified Electing Fund” election must include in its gross income for a particular taxable year its pro rata share of the Company’s earnings and profits
pursuant to Section 1293 of the United States Internal Revenue Code, the Company agrees to make a dividend distribution to such Subscriber (no later than 90 days following the end of the Subscriber’s taxable year or, if later, 90 days
after the Company is informed by the Subscriber that the Subscriber has been required to recognize such an income inclusion) in an amount equal to 50% of the amount so included by the Subscriber. 

 

	 	(d)	The Warrantors hereby acknowledge that the Company shall not, without the written consent of Subscribers, issue or transfer securities in the Company to any Subscribers
if following such issuance or transfer the Company, in the determination of counsel or accountants for Subscribers, would be a “Controlled Foreign Corporation” (“CFC”) as defined in the U.S. Internal Revenue Code of
1986, as amended (or any successor thereto) with respect to the securities held by Subscribers. No later than two (2) months following the end of each Company taxable year, the Company shall provide the following information to Subscribers:
(i) the Company’s capitalization table as of the end of the last day of such taxable year and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide Subscribers with access to such other
Company information as may be required by Subscribers to determine the Company’s status as a CFC to determine whether Subscribers are required to report its pro rata portion of the Company’s “Subpart F income” (as defined in
Section 952 of the United States Internal Revenue Code) on its United States federal income tax return, or to allow Subscribers to otherwise comply with applicable United States federal income tax laws. The Company shall make due inquiry with
its tax advisors on at least an annual basis regarding its status as a CFC and regarding whether any portion of the Company’s income is Subpart F income. In the event that Company is determined by the Company’s tax advisors or by counsel
or accountants for any Subscriber to be a CFC with respect to the securities held by the Subscriber, Company agrees to use commercially reasonable efforts to avoid generating Subpart F income. In the event that Company is determined by counsel or
accountants for any Subscriber to be a CFC with respect to the securities held by the Subscribers, Company agrees, to the extent permitted by law, to annually make dividend distributions to the Subscribers in an amount equal to 50% of any income
deemed distributed to the Subscribers pursuant to Section 951(a) of the United States Internal Revenue Code. 

  
 16 

	6.4	Regulatory Filings 

 The
Warrantors and the Angel Investors shall duly complete all filings and registrations with the PRC authorities as required by the applicable laws and regulations, including but not limited to the relevant filing and registrations with the Ministry of
Commerce, the Ministry of Industry and Information Technology, the State Administration of Industry and Commerce, the SAFE, tax bureau, customs authority and the local counterpart of each of the aforementioned governmental authorities, in each case,
as applicable. 
  

	6.5	Validity of the Licenses 

Each of the PRC Companies shall, and other Warrantors shall procure each of the PRC Companies to, at all times keep the validity of, and
comply with all legal and regulatory requirements with respect to, the licenses and permits that it has obtained and shall be obtained after the Completion and which are required to be obtained under the PRC law for engaging in such business
activities as engaged by the Group Companies. 
  

	6.6	Filing of M&A 

 Within
fifteen (15) Business Days following the Completion, the Restated M&A shall have been duly filed with the Registrar of Companies of the Cayman Islands. 
  

	6.7	Compliance by Shareholders. 

 Each of the Key Holders shall, and shall cause other shareholders of the Company except for the Subscribers, their nominees, trustees, assignees or the like, at their own expenses, fully comply with all
requirements of the PRC governmental authorities with respect to their holding of the shares in the Company and/or their indirect holding of the shares in the Company, if necessary, on a continuing basis (including, but not limited to, all
obligations imposed and all consents, approvals, registrations and permits required by the SAFE under the SAFE No.75 Notice and by other PRC governmental authorities or under other applicable PRC laws and regulations in connection therewith).

  

	6.8	Compliance by Group Companies. 

 Each of the Group Companies shall, at its own expenses, and in all material aspects, comply with the applicable laws and regulations of the jurisdiction of its incorporation as well as all requirements of
the competent government authorities with respect to its conducting of Business on a continuing basis. 

  
 17 

	6.9	Go Public. 

 The Founders
and the Company undertake to use best efforts to conduct a Qualified IPO of the Company as soon as possible. For the purpose of this Agreement, a “Qualified IPO” shall refer to the consummation of a firm commitment underwritten
public offering of the Ordinary Shares of the Company in the United States, that has been registered under the United States Securities Act of 1933, as amended from time to time, including any successor statutes, with gross proceeds to the Company
of at least US$150,000,000 (net of any underwriters’ commissions and registration expenses), or in a similar public offering of the Ordinary Shares of the Company in another jurisdiction which results in the Ordinary Shares trading publicly on
an internationally recognized securities exchange outside of the United States; provided that such offering satisfies the foregoing requirements on gross proceeds. 

 

	6.10	If at any time before the Completion, any of the Warrantors comes to know of any material fact or event which 

 

	 	(a)	is in any way materially inconsistent with any of the representations and warranties given by the Warrantors, and/or 

 

	 	(b)	suggests that any material fact warranted may not be as warranted or may be materially misleading, and/or 

 

	 	(c)	might affect the willingness of a prudent Subscriber to purchase the Subscription Shares or the amount of consideration which such Subscriber would be prepared to pay
for the Subscription Shares, 

 the Warrantors shall give immediate written notice thereof to the Subscribers in
which event the Subscribers may within seven (7) Business Days of receiving such notice terminate this Agreement by written notice without any penalty whatsoever and without prejudice to any rights that the Subscribers may have under this
Agreement or applicable law. 
  

	6.11	Control of Subsidiaries. 

The Company shall at any time institute and shall keep in place arrangements reasonably satisfactory to the Board of Directors (including
the directors elected by the Subscribers) such that the Company (i) will control the operations of any direct or indirect subsidiary or entity controlled by the Company, and (ii) will be permitted to properly consolidate the financial
results for such entity in consolidated financial statements for the Company prepared under US GAAP or IFRS. 
 The
composition of the board of directors of each other subsidiary of or entity controlled by the Company, whether now in existence or formed in the future, shall be reasonably acceptable to the Board of Directors (including the directors elected the
Subscribers). 

  
 18 

 The Company represents that it shall not — and shall not permit any of its subsidiaries
or affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to — promise, authorize or make any payment to, or otherwise contribute any item of value to, directly
or indirectly, any Non-U.S. Official, in each case, in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall — and shall cause each of its subsidiaries and affiliates to
— cease all of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or affiliates, or any of their respective directors, officers, managers, employees, independent contractors,
representatives or agents in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall — and shall cause each of its subsidiaries and affiliates to — maintain systems of
internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA or any other applicable anti-bribery or anti-corruption law. 

The Company shall take all necessary actions to maintain any direct or indirect subsidiary or entity controlled by the Company, whether
now in existence or formed in the future, as is necessary to conduct the business as conducted or as proposed to be conducted. The Company shall use its best efforts to cause each any direct or indirect subsidiary or entity controlled by the
Company, whether now in existence or formed in the future, to comply in all material respects with all applicable laws, rules, and regulations. All material aspects of such formation, maintenance and compliance of any direct or indirect subsidiary
or entity controlled by the Company, whether now in existence or formed in the future, shall be subject to the review and approval by the Board of Directors (including the directors elected by the Subscribers) and the Company shall promptly provide
the Subscribers with copies of all material related documents and correspondence. The Company shall cause any direct or indirect subsidiary or entity controlled by the Company, whether now in existence or formed in the future, to have a board of
directors as its governing and managing body and each member thereof shall serve at the pleasure of the Company and shall be reasonably acceptable to the Board of Directors (including the directors elected by the Subscribers). 

 

	6.12	Use of Name or Logo of Subscribers. 

 Without the prior written consent of the Subscribers, and whether or not the Subscribers are then shareholders of the Company, none of the Group Companies nor any Key Holder shall use, publish or
reproduce the name of each of the Subscribers, or any similar name, trademark, or logo in any advertisement, press release, professional or trade publication, marketing or advertising or promotional materials, or in any other manner. The name of the
Subscribers and the fact that the Subscribers are shareholders in the Company may be included as a standardized text in multiple press releases by the Company, so long as the Subscribers have approved such standardized text and such text is
reproduced in the same form in which it was approved. 
  

	6.13	Board of Subsidiaries 

The Group Company and the Founders undertake to cause board of directors of each Group Company other than the Company to be re-composed,
within two (2) months after the Completion Date, to consist of a maximum of seven (7) members, of which one (1) being the person appointed by DCM and one (1) being the person appointed by Sequoia. 

  
 19 

	6.14	Conversion of Loans 

Within three (3) months after the Completion Date, the Domestic Company shall, and the Warrantors shall procure the shareholders of
the Domestic Company and/or the companies controlled by such shareholders to, finish the conversion of all of the loans and payables that Domestic Company owes to its shareholders and/or the companies controlled by such shareholders in an aggregate
amount of not less than RMB6,855,000 into the increased share capital of the Domestic Company of a same amount, in form and substance satisfactory to the Subscribers. Each Key Holder further undertakes to indemnify the Group Companies and the
Subscribers against any and all losses and damages suffered by any Group Companies and the Subscribers arising in connection with the aforesaid conversion of loans. 
  

	6.15	Social Insurance and Housing Fund Registration 

 Within three (3) months after the Completion Date, Shenzhen branch of the Domestic Company shall complete the social insurance registration with competent labor authorities. 

 

	6.16	Employment Agreement; Confidentiality, Non-compete and Invention Assignment Agreement 

Within one (1) months after the Completion Date, the Group Companies shall enter into standard employment agreement, confidentiality,
non-compete and invention assignment agreement in the forms attached hereto as Exhibit H with each of the Key Employees. The Warrantors shall cause all of the current and future employees of the Group Companies to enter into such standard
employment agreement, confidentiality, non-compete and invention assignment agreement in the forms attached hereto as Exhibit H. 
  

	7.	INDEMNITIES 

  

	7.1	The Warrantors hereof jointly and severally undertake to fully indemnify the Subscribers, their officers and employees and Associates (each an
“Indemnitee” and collectively, the “Indemnitees”), and to keep them harmless from and against all direct losses, liabilities, costs and damages (including without limitation legal costs) which may be suffered or
incurred by any of them in connection with, arising out of or as a result of any of the following: 

  

	 	(a)	any of the Warranties including but not limited to warranties regarding tax and incorporation matters, hereof not being true and correct in all respects or not being
fully complied with at all times; 

  

	 	(b)	any claim by the Group Companies and their Associates against the Subscribers, provided that the Subscribers are not liable, and/or its Associates or against any Group
Company; 

  
 20 

	 	(c)	any of the Covenants in Clause 6, any other undertakings or obligations in this Agreement not being fully performed or fully complied with at all times;

  

	 	(d)	any of the following matters occurring before the date hereof (notwithstanding the disclosure in the Schedule of Exceptions): 

 

	 	(i)	failure to pay social insurance premiums and housing accumulation funds in full for all employees of the PRC Subsidiaries and relevant branches.

  

	7.2	If any Indemnitee believes that it has a claim that may give rise to an obligation of any Warrantor pursuant to this Clause 7, it shall give prompt notice thereof to
the Warrantors stating specifically the basis on which such claim is being made, the material facts related thereto, and the amount of the claim asserted, provided that in any event any such notice with respect to a breach shall be given within two
(2) years after the Completion. In the event of a third party claim against an Indemnitee for which such Indemnitee seeks indemnification from the Warrantors pursuant to this Clause 7, no settlement shall be deemed conclusive with respect to
the existence of an indemnifiable loss or the amount of such indemnifiable loss unless such settlement is consented to by the Indemnitors. Any dispute related to this Clause 7 shall be resolved pursuant to Clause 17. 

 

	7.3	Each Subscriber hereof severally but not jointly undertakes to fully indemnify the Company, and to keep it harmless from and against all direct losses, liabilities,
costs and damages (including without limitation legal costs) which may be suffered or incurred by it in connection with, arising out of or as a result of such Subscriber’s failure to pay the Subscription Price payable by such Subscriber in
accordance with Clause 2. 

  

	7.4	The aggregate amount of indemnifiable loss shall not exceed the Subscription Price actually paid by each Subscriber. 

 

	7.5	For the avoidance of doubt, each of the Warrantors hereby agrees and covenants that, when reasonably applicable, it will do all such things and undertake all such
actions, including without limitation, any applications to and registrations with the governmental authorities and any other protective measures reasonably requested by the Subscribers, to ensure that the agreement of the parties with respect to
joint and several liability of the Warrantors under this Agreement is given full force and effect. 

  

	7.6	This Section 7 shall not be deemed to preclude or otherwise limit in any way the exercise of any other rights or pursuit of other remedies for the breach of this
Agreement or with respect to any misrepresentation. 

  

	8.	PROCEEDS OF SUBSCRIPTION 

 The parties acknowledge and agree that the aggregate Subscription Price for the Series B Preference Shares under this Agreement shall be used, in accordance with the directions of the Company’s Board
of Directors, as it shall be constituted in accordance with the Shareholders’ Agreement, for the capital expenditures and general working capital of the Group Companies, in particular for the expansion of the existing lines of the Business. The
aforesaid proceeds shall not by any means be used in the payment of any debt of the Company or its subsidiaries held by any shareholders without the prior consent of the Subscribers nor be used to purchase or trade shares or securities of any listed
companies, or corporate bonds or any other negotiable securities. 

  
 21 

	9.	SEVERABILITY AND SURVIVAL 

  

	9.1	If at any time any one or more provisions hereof is or becomes invalid, illegal, unenforceable or incapable of performance in any respect, the validity, legality,
enforceability or performance of the remaining provisions hereof shall not thereby in any way be affected or impaired. 

  

	9.2	The obligations of the Group Companies and Key Holders shall survive the Completion. 

 

	10.	ENTIRE AGREEMENT 

This Agreement, the Shareholders’ Agreement, the Restated M&A, the Share Restriction Agreement, any Ancillary Agreements and the
schedules and exhibits thereto, which are hereby expressly incorporated herein by this reference, constitute the entire agreement and understanding between the parties in connection with the subject matter under this Agreement and supersedes all
previous term sheets, proposals, representations, warranties, agreements or undertakings relating thereto whether oral, written or otherwise and no party has relied or is entitled to rely on any such term sheets, proposals, representations,
warranties, agreements or undertakings; provided, however, that nothing in this Agreement or related agreements shall be deemed to terminate or supersede the provisions of any confidentiality and nondisclosure agreements executed by the parties
hereto prior to the date of this Agreement, which agreements shall continue in full force and effect until terminated in accordance with their respective terms. 
  

	11.	TIME OF ESSENCE AND REMEDIES AND WAIVERS 

  

	11.1	Time shall be of the essence of this Agreement. 

  

	11.2	Unless otherwise provided in this Agreement, no delay or omission by any party in exercising any right, power or remedy provided by law or under this Agreement shall:

  

	 	(a)	affect that right, power or remedy; or 

  

	 	(b)	operate as a waiver of it. 

  

	11.3	The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the
exercise of any other right, power or remedy. 

  
 22 

	11.4	The rights, powers and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers and remedies provided by law.

  

	12.	PUBLIC ANNOUNCEMENTS 

  

	12.1	The investment and subscription of the Subscription Shares by the Subscribers in the Company, including without limitation the existence of such investment and the
terms and conditions of this Agreement, the term sheets preceding this Agreement and the Shareholders’ Agreement shall be confidential information and shall not be disclosed by any party hereto or any of their Associates to any person not being
a party hereto except as permitted under this Clause 12. 

  

	12.2	Notwithstanding Clause 12.1, each of the parties hereto may disclose the terms of the investment to its investors, employees, investment bankers, lenders, accountants,
attorneys, business partners, directors, shareholders and senior management and bona fide prospective investors, in each case only where such persons or entities are under appropriate non-disclosure obligations. For the avoidance of doubt, other
than disclosures to the foregoing permitted persons, none of the parties may disclose the investment amounts in relation to the Subscription Shares, the amount of valuation of the Company, the rights and privileges of the Subscribers under this
Agreement and the Shareholders’ Agreement and the share capital structure of the Company to any person except with the prior written consent of the Subscribers (such consent not to be unreasonably withheld). 

 

	12.3	In the event that any party becomes legally compelled (including without limitation, pursuant to securities laws and regulations) to make disclosure not permitted under
Clause 12.1 and 12.2, such party (“Disclosing Party”) shall provide the other parties (“Non-Disclosing Parties”) with prompt written notice of that fact so that the appropriate party may seek (with the cooperation
and reasonable efforts of the other parties) a protective order, confidential treatment or other appropriate remedies. In such event, the Disclosing Party shall furnish only that portion of the information which is legally required and shall
exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information to the extent reasonably requested by any Non-Disclosing Party. 

 

	12.4	Clauses 12.1, 12.2 and 12.3 shall cease to have effect and cease to be binding on the parties hereto after the expiry of two (2) years from the Completion or any
confidential information enters the public domain. 

  

	13.	ASSIGNMENT AND COUNTERPARTS 

  

	13.1	This Agreement shall be binding on and inure to the benefit of the parties hereto and their respective assigns and successors. 

  
 23 

	13.2	Each Subscriber may assign and transfer to the affiliated venture capital fund(s) of each Subscriber, any of its rights, benefits and obligations in this Agreement
including without limitation the benefit of any representations, warranties and undertakings contained herein upon prior written notice being given to the Company, provided such transferee agrees in writing to be subject to the terms of this
Agreement and the Shareholders’ Agreement as if it were a Subscriber thereunder. If the Company have not consummated a Qualified IPO within ten (10) years of the Completion, each Subscriber may assign and transfer to any member(s) within
its Subscriber Group, any of its rights, benefits and obligations in this Agreement including without limitation the benefit of any representations, warranties and undertakings contained herein upon prior written notice being given to the Company,
provided such transferee agrees in writing to be subject to the terms of this Agreement and the Shareholders’ Agreement as if it were a Subscriber thereunder. Save as aforesaid, no party hereto may assign or transfer any of his or its rights or
obligations under this Agreement. 

  

	13.3	This Agreement may be entered into by any party by executing a counterpart hereof. All such counterparts when taken together shall constitute one and the same
instrument and this Agreement shall only take effect upon the execution by each of the parties hereto. 

  

	14.	NOTICES AND OTHER COMMUNICATION 

 Any notice or other communication to be given under this Agreement shall be in writing and may be delivered by hand or given by facsimile or sent by an established courier service to the address or fax
number from time to time designated. The initial address and fax number so designated by each party are set out in Schedule 6. Any such notice or communication shall be sent to the party to whom it is addressed and must contain sufficient
reference and/or particulars to render it readily identifiable with the subject matter of this Agreement. If so delivered by hand or given by facsimile such notice or communication shall be deemed received on the date of despatch and if so sent by
an established courier service, shall be deemed received three (3) Business Days after the date of despatch. 
  

	15.	FURTHER ASSURANCE 

Each of the parties shall at its/his (as the case may be) own costs, from time to time on request, do or procure the doing of all acts
and/or execute or procure the execution of all documents in a form satisfactory to the other parties which the other parties may reasonably request for giving full effect to this Agreement and securing to the other parties the full benefit of the
rights, powers and remedies conferred upon the other parties in this Agreement. 
  

	16.	COSTS AND EXPENSES 

  

	16.1	The Company shall pay or reimburse at the Completion all reasonable costs and expenses incurred or to be incurred by Subscribers up to a maximum of US$100,000 which
shall include all expenses and costs, including out-of-pocket expenses and third party consulting or advisory expenses incurred in connection with the transactions contemplated by the Transaction Documents. 

  
 24 

	17.	GOVERNING LAW AND JURISDICTION 

  

	17.1	This Agreement shall be governed by and construed in accordance with the laws of Hong Kong. 

 

	17.2	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof shall be settled by arbitration in Hong
Kong under the UNCITRAL Arbitration Rules in accordance with the Hong Kong International Arbitration Centre Procedures for the Administration of International Arbitration in force at the date of this contract. The appointing authority shall be the
Hong Kong International Arbitration Centre. 

  

	17.3	There shall be one (1) arbitrator appointed by the parties in dispute or, failing such agreement within ten (10) days after any party in dispute has given to
the other party(ies) in dispute a written request to concur in the appointment of an arbitrator, a single arbitrator to be appointed, on the request of any party, by the Chairman for the time being of the Hong Kong International Arbitration Centre
(as the appointing authority). 

  

	18.	FINDER’S FEES.  

 Each party (a) represents and warrants to the other party hereto that it has retained no finder or broker in connection with the transactions contemplated by this Agreement, and (b) hereby
agrees to indemnify and to hold harmless the other party hereto from and against any liability for any commission or compensation in the nature of a finder’s fee of any broker or other person or firm (and the costs and expenses of defending
against such liability or asserted liability) for which the indemnifying party or any of its employees or representatives are responsible. 
  

	19.	FORCE MAJEURE 

 In
the event of earthquakes, typhoon, flood, war or other events (the “Event of Force Majeure”), the consequences of which are beyond the parties’ control, prevention or avoidance and which directly affects the performance of this
Agreement or hinders performance of its items, the party which is affected by it should immediately inform the other parties in writing, and within 15 days shall provide details of the event and valid documentary evidence supporting the reasons for
which matters agreed in this Agreement cannot be performed in whole or in part or for which performance will be delayed. Such documents must be issued by the notary public office in the place where the said event has occurred. 

  
 25 

	20.	No Presumption. 

The parties acknowledge that any applicable law that would require interpretation of any claimed ambiguities in this Agreement against the
party that drafted it, has no application and is expressly waived. If any claim is made by a party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or persuasion will be implied
because this Agreement was prepared by or at the request of any party or its counsel. 
 – EXECUTION PAGES FOLLOW –

  
 26 

 Confidentiality and Non-competition Agreement 

保密与不竞争协议 

IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first written above. 

 

							
	COMPANY:	 		 	VIPSHOP HOLDINGS LIMITED
				
		 		 	By:	 	 /s/ Shen Ya

		 		 	Name:	 	Shen Ya
		 		 	Title:	 	Director
			
	HK CO:	 		 	VIPSHOP INTERNATIONAL HOLDINGS LIMITED
				
		 		 	By:	 	 /s/ Shen Ya

		 		 	Name:	 	Shen Ya
		 		 	Title:	 	Director
			
		 		 	Affix Seal:
			
	WFOE:	 		 	GUANGZHOU VIPSHOP COMPUTER SERVICE CO., LTD.
		 		 	(广州唯品会计算机服务有限公司)
				
		 		 	By:	 	 /s/ Shen Ya

		 		 	Name:	 	Shen Ya
		 		 	Title:	 	Legal Representative
			
		 		 	Affix Seal:
			
	DOMESTIC COMPANY:	 		 	GUANGZHOU VIPSHOP INFORMATION TECHNOLOGY CO., LTD.
		 		 	(广州唯品会信息科技有限公司)
				
		 		 	By:	 	 /s/ Shen Ya

		 		 	Name:	 	Shen Ya
		 		 	Title:	 	Legal Representative
			
		 		 	Affix Seal:

  
 27 

保密Confidential 

 Confidentiality and Non-competition Agreement 

保密与不竞争协议 

IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first written above. 

 

							
	FOUNDERS:	 	  	 	 SHEN YA

(沈亚)

				
	 	 	 	 	By:	 	 /s/ Shen Ya

			
	 	 	 	 	 HONG XIAOBO
 (洪晓波)

				
		 		 	By:	 	 /s/ Hong Xiaobo

  
 28 

保密Confidential 

 Confidentiality and Non-competition Agreement 

保密与不竞争协议 

IN WITNESS WHEREOF, the parties have executed this Share Subscription Agreement as of the date first written above. 

 

							
	FOUNDER HOLDING COMPANIES:	 	  	 	ELEGANT MOTION HOLDINGS LIMITED
				
	 	 	 	 	By:	 	 /s/ Shen Ya

		 		 	Name:	 	Shen Ya
		 		 	Title:	 	Director
			
		 		 	HIGH VIVACITY HOLDINGS LIMITED
				
		 		 	By: 	 	 /s/ Hong Xiaobo

		 		 	Name:	 	Hong Xiaobo
		 		 	Title:	 	Director

  
 29 

保密Confidential 

 Confidentiality and Non-competition Agreement 

保密与不竞争协议 

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

 

							
	SUBSCRIBERS:	 		 	 DCM V, L.P.

DCM AFFILIATES FUND V, L.P.

				
		 		 	By:	 	DCM Investment Management V, L.P.
		 		 	its General Partner
				
		 		 	By:	 	DCM International V, Ltd.
		 		 	its General Partner
				
		 		 	By:	 	 /s/ Matthew C. Bonner

		 		 	Matthew C. Bonner, an authorized signatory
			
		 		 	DCM VI, L.P.
				
		 		 	By:	 	DCM Investment Management VI, L.P.
		 		 	its General Partner
				
		 		 	By:	 	DCM International VI, Ltd.
		 		 		 	its General Partner
				
		 		 	By:	 	 /s/ Matthew C. Bonner

		 		 	Matthew C. Bonner, an authorized signatory

  
 30 

保密Confidential 

 Confidentiality and Non-competition Agreement 

保密与不竞争协议 

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

 

							
	SUBSCRIBERS:	 		 	SEQUOIA CAPITAL 2010 CV HOLDCO, LTD.
				
		 		 	By:	 	 /s/ Wendy Kok

		 		 	Name:	 	Wendy Kok
		 		 	Authorized Signatory

  
 31 

保密Confidential2011 Stock Incentive Plan

 Exhibit 10.1 
 VIPSHOP HOLDINSG LIMITED 
 2011 STOCK INCENTIVE PLAN 

1. Purposes of the Plan. The purposes of this Plan are to attract and retain the best available personnel, to provide additional
incentives to Employees, Directors and Consultants and to promote the success of the Company’s business. 
 2.
Definitions. The following definitions shall apply as used herein and in the individual Award Agreements except as defined otherwise in an individual Award Agreement. In the event a term is separately defined in an individual Award Agreement,
such definition shall supersede the definition contained in this Section 2. 
 (a) “Administrator” means
the Board or any of the Committees appointed to administer the Plan. 
 (b) “Affiliate” and
“Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
 (c) “Applicable Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of federal securities laws, state corporate and securities laws, the
Code, the rules of any applicable stock exchange or national market system, and the rules of any jurisdiction applicable to Awards granted to residents therein. 
 (d) “Award” means the grant of an Option, SAR, Dividend Equivalent Right, Restricted Share, Restricted Share Unit or other right or benefit under the Plan. 

(e) “Award Agreement” means the written agreement evidencing the grant of an Award executed by the Company and the
Grantee, including any amendments thereto. 
 (f) “Board” means the Board of Directors of the Company.

 (g) “Cause” means, with respect to the termination by the Company or a Related Entity of the Grantee’s
Continuous Service, that such termination is for “Cause” as such term is expressly defined in a then-effective written agreement between the Grantee and the Company or such Related Entity, or in the absence of such then-effective written
agreement and definition, is based on, in the determination of the Administrator, the Grantee’s: (i) performance of any act or failure to perform any act in bad faith and to the detriment of the Company or a Related Entity;
(ii) dishonesty, intentional misconduct or material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person.

 (h) “Change in Control” (i) any consolidation, amalgamation or merger of the Company with or into any
other Person or other corporate reorganization, in which the members of the Company immediately prior to such consolidation, amalgamation, merger or reorganization, own less than 50% of the Company’s voting power immediately after such
consolidation, merger, amalgamation, or reorganization, or any transaction or series of related transactions to which the Company is a party in which in excess of 50% of the Company’s voting power is transferred, but excluding any transaction
effected solely for tax purposes or to change the Company’s domicile; or (ii) a sale, lease or other disposition of all or substantially all of the assets of the Company, other than (a) a consolidation with a wholly-owned subsidiary
of the Company; (b) a merger effected exclusively to change the domicile of the Company; and (c) an equity financing consummated solely for capital-raising purposes in which the Company is the surviving corporation and which is approved by
the Board (including the approval of the Director approved by the holders of the Series A Preferred Shares). 

 (i) “Code” means the Internal Revenue Code of 1986, as amended. 

(j) “Committee” means any committee composed of members of the Board appointed by the Board to administer the Plan.

 (k) “Company” means VIPSHOP HOLDINGS LIMITED, a company incorporated under the laws of the Cayman Islands or
any successor corporation that adopts the Plan in connection with a Change in Control. 
 (l) “Consultant”
means any person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity as an Employee or Director) who is engaged by the Company or any Related Entity to render consulting or advisory
services to the Company or such Related Entity. 
 (m) “Continuous Service” means that the provision of
services to the Company or a Related Entity in any capacity of Employee, Director or Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or Consultant,
Continuous Service shall be deemed terminated upon the actual cessation of providing services to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee, Director or
Consultant can be effective under Applicable Laws. A Grantee’s Continuous Service shall be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services ceasing to
be a Related Entity. Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, Director or
Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Related Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Award Agreement). An approved
leave of absence shall include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive Share Option granted under the Plan, if such leave exceeds ninety (90) days, and reemployment upon expiration of
such leave is not guaranteed by statute or contract, then the Incentive Share Option shall be treated as a Non-Qualified Share Option on the day three (3) months and one (1) day following the expiration of such ninety (90) day period.

 (n) “Director” means a member of the Board or the board of directors of any Related Entity. 

(o) “Disability” means as defined under the long-term disability policy of the Company or the Related Entity to which
the Grantee provides services regardless of whether the Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides service does not have a long-term disability plan in place, “Disability” means
that a Grantee is unable to carry out the responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A
Grantee will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion. 

 (p) “Dividend Equivalent Right” means a right entitling the Grantee to
compensation measured by dividends paid with respect to Ordinary Shares. 
 (q) “Drag-Along Event” means a
Change in Control approved by (i) the holder(s) of at least a two-thirds (2/3) majority of the then outstanding Series A Preferred Shares and (ii) the holder(s) of at least a majority of the then outstanding Ordinary Shares, which
definition may be amended from time to time under the investor’s rights agreement and amended and restated memorandum and articles of association of the Company. 
 (r) “Employee” means any person, including an Officer or Director, who is in the employ of the Company or any Related Entity, subject to the control and direction of the Company or any
Related Entity as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to constitute “employment” by the Company.

 (s) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(t) “Fair Market Value” means, as of any date, the value of Ordinary Shares determined as follows: 

(i) If the Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the average of the security’s
closing prices on such exchange over the thirty (30) day period ending one (1) day prior to the distribution, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 

(ii) If the Ordinary Shares are traded over-the-counter, the value shall be deemed to be the average of the closing bid prices over the
thirty (30) day period ending three (3) days prior to the distributionas reported in The Wall Street Journal or such other source as the Administrator deems reliable; and 

(iii) In the absence of an established market for the Ordinary Shares of the type described in (i) and (ii), above, the Fair Market
Value thereof shall be determined by the Administrator in good faith. 
 The method of valuation of securities subject to
investment letter or other restrictions on free marketability shall be adjusted to make an appropriate discount from the market value determined as above in sub-clauses (i), (ii) or (iii) to reflect the fair market value thereof as
determined in good faith by the Administrator, or by a liquidator if one is appointed. 

 (u) “Grantee” means an Employee, Director or Consultant who receives an
Award under the Plan. 
 (v) “Incentive Share Option” means an Option intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code. 
 (w) “Non-Qualified Share Option” means an Option
not intended to qualify as an Incentive Share Option. 
 (x) “Officer” means a person who is an officer of the
Company or a Related Entity within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 (y) “Option” means an option to purchase Shares pursuant to an Award Agreement granted under the Plan. 
 (z) “Ordinary Share” means an ordinary share of US$0.0001 nominal or par value, of the Company. 
 (aa) “Parent” means a “parent corporation”, whether now or hereafter existing, as defined in Section 424(e) of the Code. 

(bb) “Plan” means this 2011 Stock Incentive Plan. 

(cc) “Qualified IPO” shall an initial public offering (“IPO”) of the Ordinary Shares of the Company in
the United States of America pursuant to an effective registration under the Securities Act or on a reputable stock exchange in Tokyo, London, Hong Kong, Singapore or such reputable stock exchange as may be determined by the Company, with gross
proceeds to the Company of not less than US$30,000,000 (net of any underwriters’ commissions and registration expenses). 

(dd) “Registration Date” means the first to occur of (i) the closing of the first sale to the general public
pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act of 1933, as amended, of (A) the Ordinary Shares or (B) the same class of securities of a
successor corporation (or its Parent) issued pursuant to a Change in Control in exchange for or in substitution of the Ordinary Shares; and (ii) in the event of a Change in Control, the date of the consummation of the Change in Control if the
same class of securities of the successor corporation (or its Parent) issuable in such Change in Control shall have been sold to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange
Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Change in Control. 

(ee) “Related Entity” means any Parent or Subsidiary of the Company and any business, corporation, partnership, limited
liability company or other entity in which the Company or a Parent or a Subsidiary of the Company holds a substantial ownership interest, directly or indirectly. 

 (ff) “Restricted Share” means a Share issued under the Plan to the Grantee
for such consideration, if any, and subject to such restrictions on transfer, rights of first refusal, repurchase provisions, forfeiture provisions, and other terms and conditions as established by the Administrator. 

(gg) “Restricted Share Units” means an Award which may be earned in whole or in part upon the passage of time or the
attainment of performance criteria established by the Administrator and which may be settled for cash, Shares or other securities or a combination of cash, Shares or other securities as established by the Administrator. 

(hh) “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange Act or any successor thereto. 

(ii) “SAR” means a share appreciation right entitling the Grantee to Shares or cash compensation, as established by the
Administrator, measured by appreciation in the value of Ordinary Shares. 
 (jj) “Series A Preferred Share”
means a series A preferred share of US$0.0001 nominal or par value, of the Company. 
 (kk) “Share” means an
Ordinary Share of the Company. 
 (ll) “Spin-off Transaction” means a distribution by the Company to its
shareholders of all or any portion of the securities of any Subsidiary of the Company. 
 (mm) “Subsidiary”
means a “subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code. 

3. Shares Subject to the Plan. 
 (a) Subject to the provisions of Section 10 below, the maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive Share Options) is 7,350,000 Shares
(proportionally adjusted to reflect any share dividends, share splits, or similar transactions). 
 (b) Any Shares covered by an
Award (or portion of an Award) which is forfeited, canceled or expires (whether voluntarily or involuntarily) shall be deemed not to have been issued for purposes of determining the maximum aggregate number of Shares which may be issued under the
Plan. Shares that actually have been issued under the Plan pursuant to an Award shall not be returned to the Plan and shall not become available for future issuance under the Plan, except that if unvested Shares are forfeited, or repurchased by the
Company at the lower of their original purchase price or their Fair Market Value at the time of repurchase, such Shares shall become available for future grant under the Plan. To the extent not prohibited by Section 422(b)(1) of the Code (and
the corresponding regulations thereunder), the listing requirements of The Nasdaq National Market (or other established stock exchange or national market system on which the Ordinary Shares are traded) and Applicable Law, any Shares covered by an
Award which are surrendered (i) in payment of the Award exercise or purchase price or (ii) in satisfaction of tax withholding obligations incident to the exercise of an Award shall be deemed not to have been issued for purposes of
determining the maximum number of Shares which may be issued pursuant to all Awards under the Plan, unless otherwise determined by the Administrator. 

 4. Administration of the Plan. 

(a) Plan Administrator. 
 (i) Administration with Respect to Directors and Officers. With respect to grants of Awards to Directors or Employees who are also Officers or Directors of the Company, the Plan shall be
administered by (A) the Board or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws and to permit such grants and related transactions under the Plan to be
exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. 

(ii) Administration With Respect to Consultants and Other Employees. With respect to grants of Awards to Employees or Consultants
who are neither Directors nor Officers of the Company, the Plan shall be administered by (A) the Board or (B) a Committee designated by the Board, which Committee shall be constituted in such a manner as to satisfy the Applicable Laws.
Once appointed, such Committee shall continue to serve in its designated capacity until otherwise directed by the Board. The Board may authorize one or more Officers to grant such Awards and may limit such authority as the Board determines from time
to time. 
 (iii) Administration Errors. In the event an Award is granted in a manner inconsistent with the provisions
of this subsection (a), such Award shall be presumptively valid as of its grant date to the extent permitted by the Applicable Laws. 
 (b) Powers of the Administrator. Subject to Applicable Laws and the provisions of the Plan (including any other powers given to the Administrator hereunder), and except as otherwise provided by the
Board, the Administrator shall have the authority, in its discretion: 
 (i) to select the Employees, Directors and Consultants
to whom Awards may be granted from time to time hereunder; 
 (ii) to determine whether and to what extent Awards are granted
hereunder; 
 (iii) to determine the number of Shares or the amount of other consideration to be covered by each Award granted
hereunder; 
 (iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions of any Award granted hereunder (including the vesting schedule set forth in the Notice of
Stock Option Award and Award Agreements); 

 (vi) to amend the terms of any outstanding Award granted under the Plan, provided
that any amendment that would adversely affect the Grantee’s rights under an outstanding Award shall not be made without the Grantee’s written consent; 
 (vii) to construe and interpret the terms of the Plan and Awards, including without limitation, any notice of award or Award Agreement, granted pursuant to the Plan; 

(viii) to grant Awards to Employees, Directors and Consultants employed outside the United States on such terms and conditions different
from those specified in the Plan as may, in the judgment of the Administrator, be necessary or desirable to further the purpose of the Plan; and 
 (ix) to take such other action, not inconsistent with the terms of the Plan, as the Administrator deems appropriate. 
 (c) Indemnification. In addition to such other rights of indemnification as they may have as members of the Board or as Officers or Employees of the Company or a Related Entity, members of the
Board and any Officers or Employees of the Company or a Related Entity to whom authority to act for the Board, the Administrator or the Company is delegated shall be defended and indemnified by the Company to the extent permitted by law on an
after-tax basis against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any claim, investigation, action, suit or proceeding, or in connection with any appeal therein, to
which they or any of them may be a party by reason of any action taken or failure to act under or in connection with the Plan, or any Award granted hereunder, and against all amounts paid by them in settlement thereof (provided such settlement is
approved by the Company) or paid by them in satisfaction of a judgment in any such claim, investigation, action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such claim, investigation, action, suit or
proceeding that such person is liable for gross negligence, bad faith or intentional misconduct; provided, however, that within thirty (30) days after the institution of such claim, investigation, action, suit or proceeding, such person shall
offer to the Company, in writing, the opportunity at the Company’s expense to defend the same. 
 5. Eligibility.
Awards other than Incentive Share Options may be granted to Employees, Directors and Consultants. Incentive Share Options may be granted only to Employees of the Company or a Parent or a Subsidiary of the Company. An Employee, Director or Consultant
who has been granted an Award may, if otherwise eligible, be granted additional Awards. 
 6. Terms and Conditions of
Awards. 
 (a) Types of Awards. The Administrator is authorized under the Plan to award any type of arrangement to an
Employee, Director or Consultant that is not inconsistent with the provisions of the Plan and that by its terms involves or might involve the issuance of (i) Shares, (ii) cash or (iii) an Option, a SAR, or similar right with a fixed
or variable price related to the Fair Market Value of the Shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions. Such
awards include, without limitation, Options, SARs, sales or bonuses of Restricted Share, Restricted Share Units or Dividend Equivalent Rights, and an Award may consist of one such security or benefit, or two (2) or more of them in any
combination or alternative. 

 (b) Designation of Award. Each Award shall be designated in the Award Agreement. In
the case of an Option, the Option shall be designated as either an Incentive Share Option or a Non-Qualified Share Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of Shares subject to Options
designated as Incentive Share Options which become exercisable for the first time by a Grantee during any calendar year (under all plans of the Company or any Parent or Subsidiary of the Company) exceeds $100,000, such excess Options, to the extent
of the Shares covered thereby in excess of the foregoing limitation, shall be treated as Non-Qualified Share Options. For this purpose, Incentive Share Options shall be taken into account in the order in which they were granted, and the Fair Market
Value of the Shares shall be determined as of the grant date of the relevant Option. 
 (c) Conditions of Award. Subject
to the terms of the Plan, the Administrator shall determine the provisions, terms, and conditions of each Award including, but not limited to, the Award vesting schedule, repurchase provisions, rights of first refusal, forfeiture provisions, form of
payment (cash, Shares, or other consideration) upon settlement of the Award, payment contingencies, and satisfaction of any performance criteria. The performance criteria established by the Administrator may be based on any one of, or combination
of, the following: (i) increase in share price, (ii) earnings per share, (iii) total shareholder return, (iv) operating margin, (v) gross margin, (vi) return on equity, (vii) return on assets, (viii) return on
investment, (ix) operating income, (x) net operating income, (xi) pre-tax profit, (xii) cash flow, (xiii) revenue, (xiv) expenses, (xv) earnings before interest, taxes and depreciation, (xvi) economic value
added and (xvii) market share. The performance criteria may be applicable to the Company, Related Entities and/or any individual business units of the Company or any Related Entity. Partial achievement of the specified criteria may result in a
payment or vesting corresponding to the degree of achievement as specified in the Award Agreement. 
 (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 a Related Entity acquiring another
entity, an interest in another entity or an additional interest in a Related Entity whether by merger, share purchase, asset purchase or other form of transaction. 
 (e) Deferral of Award Payment. The Administrator may establish one or more programs under the Plan to permit selected Grantees the opportunity to elect to defer receipt of consideration upon
exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Grantee to payment or receipt of Shares or other consideration under an Award. The Administrator may establish the election
procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the
Administrator deems advisable for the administration of any such deferral program. 

 (f) Separate Programs. The Administrator may establish one or more separate programs
under the Plan for the purpose of issuing particular forms of Awards to one or more classes of Grantees on such terms and conditions as determined by the Administrator from time to time.  

(g) Early Exercise. The Award Agreement may, but need not, include a provision whereby the Grantee may elect at any time while an
Employee, Director or Consultant to exercise any part or all of the Award prior to full vesting of the Award. Any unvested Shares received pursuant to such exercise may be subject to a repurchase right in favor of the Company or a Related Entity or
to any other restriction the Administrator determines to be appropriate. 
 (h) Term of Award. The term of each Award
shall be the term stated in the Award Agreement, provided, however, that the term of an Incentive Share Option shall be no more than ten (10) years from the date of grant thereof. However, in the case of an Incentive Share Option granted to a
Grantee who, at the time the Option is granted, owns shares representing more than ten percent (10%) of the voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company, the term of the Incentive Share
Option shall be five (5) years from the date of grant thereof or such shorter term as may be provided in the Award Agreement. Notwithstanding the foregoing, the specified term of any Award shall not include any period for which the Grantee has
elected to defer the receipt of the Shares or cash issuable pursuant to the Award. 
 (i) Transferability of Awards.
Incentive Share Options 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 and may be exercised, during the lifetime of the Grantee, only by the
Grantee. Non-Qualified Stock Options and other Awards shall be transferable (i) by will and by the laws of descent and distribution and (ii) during the lifetime of the Grantee, to the extent and in the manner authorized by the
Administrator. Notwithstanding the foregoing, the Grantee may designate one or more beneficiaries of the Grantee’s Award in the event of the Grantee’s death on a beneficiary designation form provided by the Administrator. 

(j) Time of Granting Awards. The date of grant of an Award shall for all purposes be the date on which the Administrator makes the
determination to grant such Award, or such other date as is determined by the Administrator. 
 7. Award Exercise or Purchase
Price, Consideration and Taxes. 
 (a) Exercise or Purchase Price. The exercise or purchase price, if any, for an
Award shall be as follows: 
 (i) In the case of an Incentive Share Option: 

(A) granted to an Employee who, at the time of the grant of such Incentive Share Option owns shares representing more than ten percent
(10%) of the voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company, the per Share exercise price shall be not less than one hundred ten percent (110%) of the Fair Market Value per Share on the date
of grant; or 

 (B) granted to any Employee other than an Employee described in the preceding paragraph,
the per Share exercise price shall be not less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
 (ii) In the case of a Non-Qualified Share Option, the per Share exercise price shall be not less than fifteen percent (15%) of the Fair Market Value per Share on the date of grant unless otherwise
determined by the Administrator. 
 (iii) In the case of other Awards, such price as is determined by the Administrator.

 (iv) Notwithstanding the foregoing provisions of this Section 7(a), in the case of an Award issued pursuant to
Section 6(d), above, the exercise or purchase price for the Award shall be determined in accordance with the provisions of the relevant instrument evidencing the agreement to issue such Award. 

(b) Consideration. Subject to Applicable Laws, the consideration to be paid for the Shares to be issued upon exercise or purchase
of an Award including the method of payment, shall be determined by the Administrator (and, in the case of an Incentive Share Option, shall be determined at the time of grant). In addition to any other types of consideration the Administrator may
determine, the Administrator is authorized to accept as consideration for Shares issued under the Plan the following: 
 (i)
cash; 
 (ii) check; 
 (iii) if the exercise or purchase occurs on or after the Registration Date, surrender of Shares or delivery of a properly executed form of attestation of ownership of Shares as the Administrator may
require which have a Fair Market Value on the date of surrender or attestation equal to the aggregate exercise price of the Shares as to which said Award shall be exercised, provided, however, that Shares acquired under the Plan or any other equity
compensation plan or agreement of the Company must have been held by the Grantee for a period of more than six (6) months (and not used for another Award exercise by attestation during such period); 

(iv) with respect to Options, if the exercise occurs on or after the Registration Date, payment through a broker-dealer sale and
remittance procedure pursuant to which the Grantee (A) shall provide written instructions to a Company designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the Company sufficient funds to
cover the aggregate exercise price payable for the purchased Shares and (B) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to complete the sale
transaction; or 
 (v) any combination of the foregoing methods of payment. 

The Administrator may at any time or from time to time, by adoption of or by amendment to the standard forms of Award Agreement described in
Section 4(b)(iv), or by other means, grant Awards which do not permit all of the foregoing forms of consideration to be used in payment for the Shares or which otherwise restrict one or more forms of consideration. 

 (c) Taxes. No Shares shall be delivered under the Plan to any Grantee or other person
until such Grantee or other person has made arrangements acceptable to the Administrator for the satisfaction of any non-U.S., federal, state, or local income and employment tax withholding obligations, including, without limitation, obligations
incident to the receipt of Shares or the disqualifying disposition of Shares received on exercise of an Incentive Share Option. Upon exercise of an Award the Company shall withhold or collect from Grantee an amount sufficient to satisfy such tax
obligations. 
 8. Exercise of Award. 
 (a) Procedure for Exercise; Rights as a Shareholder. 
 (i) Any Award
granted hereunder shall be exercisable at such times and under such conditions as determined by the Administrator under the terms of the Plan and specified in the Award Agreement. 

(ii) An Award shall be deemed to be exercised when written notice of such exercise has been given to the Company in accordance with the
terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised, including, to the extent selected, use of the broker-dealer sale and remittance procedure to pay the
purchase price as provided in Section 7(b)(iv). 
 (b) Exercise of Award Following Termination of Continuous
Service. 
 (i) An Award may not be exercised after the termination date of such Award set forth in the Award Agreement and
may be exercised following the termination of a Grantee’s Continuous Service only to the extent provided in the Award Agreement. 
 Where the Award Agreement permits a Grantee to exercise an Award following the termination of the Grantee’s Continuous Service for a specified period, the Award shall terminate to the extent not
exercised on the last day of the specified period or the last day of the original term of the Award, whichever occurs first. 

(ii) Any Award designated as an Incentive Share Option to the extent not exercised within the time permitted by law for the exercise of
Incentive Share Options following the termination of a Grantee’s Continuous Service shall convert automatically to a Non-Qualified Share Option and thereafter shall be exercisable as such to the extent exercisable by its terms for the period
specified in the Award Agreement. 
 9. Conditions Upon Issuance of Shares. 

(a) Shares shall not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of
such Shares pursuant thereto shall comply with all Applicable Laws, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

 (b) As a condition to the exercise of an Award, the Company may require the person
exercising such Award to represent and warrant at the time of any such exercise 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 any Applicable Laws. 
 (c) As a condition to the exercise of an Award, the
Grantee shall grant a power of attorney to the Board or any person designated by the Board to exercise the voting rights with respect to the Shares and the Company may require the person exercising such Award to acknowledge and agree to be bound by
the provisions of the Members Agreement, the Right of First Refusal and Co-Sale Agreement, the Voting Agreement or similar agreements entered into among the shareholders of the Company from time to time, as if the Grantee is an Ordinary Shareholder
thereunder. 
 10. Adjustments Upon Changes in Capitalization. Subject to any required action by the shareholders of the
Company, the number of Shares covered by each outstanding Award, and the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan, the exercise or
purchase price of each such outstanding Award, the maximum number of Shares with respect to which Awards may be granted to any Grantee in any fiscal year of the Company, as well as any other terms that the Administrator determines require adjustment
shall be proportionately adjusted for (i) any increase or decrease in the number of issued Shares resulting from a share split, reverse share split, share dividend, combination or reclassification of the Shares, or similar transaction affecting
the Shares, (ii) any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company, or (iii) as the Administrator may determine in its discretion, any other transaction with respect to
Ordinary Shares including a corporate merger, consolidation, acquisition of property or equity, separation (including a spin-off or other distribution of shares or property), reorganization, liquidation (whether partial or complete) or any similar
transaction; provided, however that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Administrator and its
determination shall be final, binding and conclusive. Except as the Administrator determines, 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 hereof
shall be made with respect to, the number or price of Shares subject to an Award. In the event of a Spin-off Transaction, the Administrator may in its discretion make such adjustments and take such other action as it deems appropriate with respect
to outstanding Awards under the Plan, including but not limited to: (i) adjustments to the number and kind of Shares, the exercise or purchase price per Share and the vesting periods of outstanding Awards, (ii) prohibit the exercise of
Awards during certain periods of time prior to the consummation of the Spin-off Transaction, or (iii) the substitution, exchange or grant of Awards to purchase securities of the Subsidiary; provided that the Administrator shall not be obligated
to make any such adjustments or take any such action hereunder. 
 11. Effective Date and Term of Plan. The Plan shall
become effective upon the later to occur of its adoption by the Board or its approval by the shareholders of the Company. It shall continue in effect for a term of ten (10) years unless sooner terminated. Subject to Section 16, below, and
Applicable Laws, Awards may be granted under the Plan upon its becoming effective. 

 12. Amendment, Suspension or Termination of the Plan. 

(a) The Board may at any time amend, suspend or terminate the Plan; provided, however, that no such amendment shall be made without the
approval of the Company’s shareholders to the extent such approval is required by Applicable Laws, or if such amendment would change any of the provisions of Section 4(b)(vi) or this Section 12(a). 

(b) No Award may be granted during any suspension of the Plan or after termination of the Plan. 

(c) No suspension or termination of the Plan (including termination of the Plan under Section 11, above) shall adversely affect any
rights under Awards already granted to a Grantee. 
 13. Reservation of Shares. 

(a) The Company, during the term of the Plan, will at all times reserve and keep available such number of Shares as shall be sufficient
to satisfy the requirements of the Plan. 
 (b) The inability of the Company to obtain authority from any regulatory body having
jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to
which such requisite authority shall not have been obtained. 
 14. No Effect on Terms of Employment/Consulting
Relationship. The Plan shall not confer upon any Grantee any right with respect to the Grantee’s Continuous Service, nor shall it interfere in any way with his or her right or the right of the Company or any Related Entity to terminate the
Grantee’s Continuous Service at any time, with or without Cause, and with or without notice. The ability of the Company or any Related Entity to terminate the employment of a Grantee who is employed at will is in no way affected by its
determination that the Grantee’s Continuous Service has been terminated for Cause for the purposes of this Plan. 
 15.
No Effect on Retirement and Other Benefit Plans. Except as specifically provided in a retirement or other benefit plan of the Company or a Related Entity, Awards shall not be deemed compensation for purposes of computing benefits or
contributions under any retirement plan of the Company or a Related Entity, and shall not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is
related to level of compensation. The Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended. 

16. Shareholder Approval. The grant of Incentive Share Options under the Plan shall be subject to approval by the shareholders of
the Company within two (2) months after the date the Plan is adopted excluding Incentive Share Options issued in substitution for outstanding Incentive Share Options pursuant to Section 424(a) of the Code. Such shareholder approval shall
be obtained in the degree and manner required under Applicable Laws. The Administrator may grant Incentive Share Options under the Plan prior to approval by the shareholders, but until such approval is obtained, no such Incentive Share Option shall
be exercisable. In the event that shareholder approval is not obtained within the two (2) month period provided above, all Incentive Share Options previously granted under the Plan shall be exercisable as Non-Qualified Share Options.

 17. Vesting Schedule. Except as unanimously approved by the
Board, the Awards to be issued to the Grantees under the Plan shall be subject to a minimum four (4) year vesting schedule calling for vesting no faster than the following, counting from the applicable vesting commencement date with respect to
the total Ordinary Shares subject to the Awards: one-fourth (1/4th) of the total Ordinary Shares subject to the Awards shall vest at the first (1st) anniversary of the vesting commencement date and one-forty-eighth (1/48th) of the total Ordinary Shares
subject to the Awards shall vest at the end of each month thereafter; provided that the Awards shall not be exercised or released until the earlier of consumption of a Qualified IPO or immediately prior to a Change in Control. 

18. Drag-Along Events. In the event of a Drag-Along Event, the Grantees who hold any Shares upon exercise of the Award shall sell,
transfer, convey or assign all of their Shares pursuant to, and so as to give effect to, the Drag-Along Event, and each of such Grantees shall grant to the then current chief executive officer of the Company or an authorized officer, a power of
attorney to transfer his/her Shares and to do and carry out all other acts and to sign all other documents that are necessary or advisable to complete the Drag-Along Event. 
 19. Qualified IPO. In the case of a Qualified IPO, the Grantees shall enter into any agreements with any underwriter, coordinator, bankers or sponsor elected by the Company for the purpose of the
Qualified IPO, and each of such Grantees shall grants to the then current chief executive officer or other authorized officer of the Company a power of attorney to enter into any agreements with any underwriter, coordinator, bankers or sponsor
elected by the Company and to do and carry out all the acts and to sign all the documents that are necessary or advisable to complete the Qualified IPO. 
 20. Unfunded Obligation. Any amounts payable to Grantees pursuant to the Plan shall be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the
Employee Retirement Income Security Act of 1974, as amended. Neither the Company nor any Related Entity shall be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such
obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any
trust or any Grantee account shall not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Related Entity and a Grantee, or otherwise create any vested or beneficial interest in any Grantee or the
Grantee’s creditors in any assets of the Company or a Related Entity. The Grantees shall have no claim against the Company or any Related Entity for any changes in the value of any assets that may be invested or reinvested by the Company with
respect to the Plan. 
 21. Construction. Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be
exclusive, unless the context clearly requires otherwise.

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