Document:

EX-4.23

 

 
 Exhibit 4.23 
Execution Version 
Dated March 9, 2017 
2017 3 9 
KENON HOLDINGS LTD. 
and 
CHERY AUTOMOBILE CO. LTD. 
FURTHER RELEASE AND CASH SUPPORT AGREEMENT 

 

 
 The Further Release And Cash Support Agreement

Table of Contents 
Recitals 1 
Release 5 
Chery’s obligations to pay Relevant Amount 6 
Further Assurance 7 
Language 8 
Governing law and enforcement 8 
Signature page 9 

 

 
 The Further Release And Cash Support Agreement

THIS FURTHER RELEASE AND CASH SUPPORT AGREEMENT (this “Agreement”) is made on March 9, 2017 
2017 3 9 
AMONG: 
(1) Kenon Holdings Ltd., a Singapore company with shares listed on the Tel Aviv Stock Exchange and New York Stock Exchange (company registration no. 201406588W), whose legal
address is at 1 Temasek Avenues, #36-01 Millenia Tower, Singapore 039192 (“Kenon”); and 
Kenon Holdings Ltd.,
(201406588W), 1 Temasek Avenues, #36- 01 Millenia Tower, 039192(“Kenon”); 
(2) Chery Automobile Co., Ltd. ( ), a limited liability company duly organized
and validly existing under the laws of the People’s Republic of China (“PRC”) with its legal address at 8 Changchun Road, Economic and Technology Development Area, Wuhu, Anhui Province, China (“Chery”). 
8 
(Keon and Chery are hereinafter individually referred to as a “Party” and
collectively the “Parties”.) 
(Kenon ) 
WHEREAS: 
(1) Kenon is the parent company of Quantum (2007) LLC (“Quantum”) and Chery is the major shareholder of Wuhu Chery Automobile Investment Co., Ltd. (“Wuhu
Chery”). Quantum and Wuhu Chery are equal shareholders of the Sino-foreign equity joint venture company Qoros Automotive Co., Ltd. (“Qoros”). 
Kenon
(2007) (“ ”) (“ ”) (“ ”) 50% : 
(2) Qoros signed a RMB/USD dual currency facility agreement for fixed assets investment with an
aggregate facility amount up to an equivalent of RMB 3 billion (the “First Loan Agreement”) with contract No. YT41121230018 on 23 July 2012 with the Export-Import Bank of China, China Construction Bank Co., Ltd., Suzhou Branch and other
banks listed in the First Loan Agreement as lenders (the “Lenders”). Pursuant to and subject to the terms and conditions of the First Loan Agreement, the Lenders in the First Loan Agreement agreed to make available to Qoros a long term
loan facility in an aggregate amount not exceeding an equivalent of RMB3,000,000,000 (3 billion) in RMB/USD dual currency. 
(“ ”) 2012 7 23 YT41121230018

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 The Further Release And Cash Support Agreement

(“ ”) 3,000,000,000 
(3) As a condition precedent under the First
Loan Agreement, Chery entered into a guarantee deed (the “First Chery Guarantee”) with contract No. YT41121230018(A) and dated 23 July 2012 to provide an irrevocable and unconditional guarantee covering 50% of the indebtedness of
Qoros under the First Loan Agreement (the “First Chery Secured Indebtedness”). 
2012 7 23 YT41121230018(A) (“Chery ”) (“ ”)

(4) Kenon and Chery further entered into a guarantee contract (the “First Kenon Guarantee”) dated 5 November 2015, pursuant to which Kenon agreed to
provide an irrevocable and unconditional guarantee to Chery for up to 50% of the First Chery Secured Indebtedness, subject to the terms and conditions therein (the “First Kenon Secured Indebtedness”) up to a maximum amount equal to the
total amount as defined in the First Kenon Guarantee. 
Kenon 2015 11 5 (“Kenon ”) Kenon 50% Kenon ( ) (“Kenon ”) 
(5) Qoros has signed a Consortium Loan Agreement concerning Project of Research and Development of Hybrid Model(the “Second Loan Agreement”) on 12 May, 2015 with the
Export-Import Bank of China, China Construction Bank Co., LTD, Suzhou Branch, in which the lender in the Second Loan Agreement agrees to make available to Qoros an aggregate principal amount of equivalent to RMB 700,000,000 (Seven Hundred Million)
among which the USD facility shall not exceed an amount of equivalent to RMB 480,000,000(RMB Four Hundred and Eighty Million) long term loan facility pursuant to the provisions of the Second Loan Agreement. 
2015 5 12 (“ ”), 700,000,000 480,000,000 ( ) 
(6) As a condition precedent for the
lender in the Second Loan Agreement to make the facility available for Qoros, pursuant to the terms and conditions set forth in the “Guarantee Contract for RMB 0.7 Billion Consortium Loan Agreement concerning Project of Research and Development
of Hybrid Model of Qoros Automotive Co., Ltd.” dated 12 May 2015(“Second Chery Guarantee”) Chery has provided an irrevocable, unconditional and joint guarantee for the liabilities of Qoros under the Second Loan Agreement
(“Second Chery Secured Indebtedness”). 
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 The Further Release And Cash Support Agreement

2015 5 12 (“ ”) (“ ”) 
(7) Kenon and Chery executed a
Guarantee Contract on 9 June, 2015 as amended as of 13 November 2015 (the “Second Kenon Guarantee”), in which Kenon agrees to provide an irrevocable and unconditional guarantee to Chery for up to 50% of the Second Chery Secured
Indebtedness under the Second Chery Guarantee Deed, subject to the terms and conditions therein (the “Second Kenon Secured Indebtedness”). 
Kenon 2015 6 9
2015 11 13 (“Kenon ”) , Kenon 50% ( ) (“Kenon ”) 
(8) In consideration of the provision of quantum share pledge by Quantum in favour of Chery
dated 21 December 2016 (the “First Quantum Share Pledge”), Kenon and Chery then entered into a release agreement dated 21 December 2016(the “First Release Agreement”), under which Chery agreed to partially release Kenon
from the guarantee obligations under the First Kenon Guarantee. The remaining guarantee obligations of Kenon in relation to the First Kenon Secured Indebtedness under the First Kenon Guarantee are still subject to the First Kenon Guarantee (the
“Remaining First Kenon Secured Indebtedness”). 
2016 12 21 (“ ”) , 2016 12 21 (“ ”) , Kenon Kenon Kenon Kenon (“ Kenon ”)

(9) It is contemplated that in connection with this Agreement, (a) Quantum and Wuhu Chery will each provide certain shareholder loans to Qoros,
(b) Quantum will provide certain cash support to Chery in relation to Wuhu Chery’s provision of its shareholder loans; (c) Quantum will further create certain first priority pledges over its certain of its ownership interests of Qoros
in favour of Chery pursuant to the terms and conditions of certain equity pledge agreements either dated or in agreed form on the same date of this Agreement and attached for reference as Annex A and Annex B; and (d) Chery shall release Kenon
from its guarantee obligations pursuant to the terms and conditions of this Agreement. 
(a) (b) , : (c) (A B) : (d) Kenon 
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 The Further Release And Cash Support Agreement 
IT
IS AGREED as follows: 
1. RELEASE 
1.1 Release 
By entering into this Agreement and subject to the provisions in Clause 1.2 (Conditions to Effectiveness) as set out below, Chery hereby, with effect from the First Effective Date
(as defined below), further releases and discharges Kenon from Kenon’s guarantee obligations in relation to the Remaining First Kenon Secured Indebtedness under the First Kenon Guarantee and the Second Kenon Secured Indebtedness under the
Second Kenon Guarantee (collectively referred to as the “Kenon Secured Indebtedness”), such that, upon and after the First Effective Date: (1) the remaining Remaining First Kenon Secured Indebtedness under the First Kenon Guarantee
(and the Total Amount as defined in the First Kenon Guarantee) shall be RMB 272,550,000 (being 54.51% of the Remaining Kenon First Secured Indebtedness, under which, the secured principal amount is RMB 232,750,000); and (2) the remaining Second
Kenon Secured Indebtedness under the Second Kenon Guarantee shall be 44.5% of the Kenon Second Secured Indebtedness, under which, the secured principal amount is RMB 155,750,000(the “First Further Release”). 
1.2 ( ) , ( ) Kenon Kenon Kenon Kenon (“Kenon ”), :(1) Kenon Kenon ( Kenon ) 272,550,000 ( , 54.51%, 232,750,000 ) ; (2) Kenon Kenon Kenon 44.5%, 155,750,000 (“
”) 
With effect from the Second Effective Date (as defined below), Chery agrees to further release all of Kenon’s remaining guarantee obligations in
relation to the Kenon Secured Indebtedness under the First Kenon Guarantee and the Second Kenon Guarantee (the “Second Further Release” and together with the “First Further Release”, the “Further Release”). For
avoidance of doubt, with effect from the Second Effective Date, all guarantee obligations of Kenon under the First Kenon Guarantee and the Second Kenon Guarantee shall be released. 
() Kenon Kenon Kenon Kenon (“ ” , “ ” “ ” “ ”) Kenon Kenon Kenon 
1.2 Conditions to Effectiveness 
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 The Further Release And Cash Support Agreement

Kenon (“ ”) , Kenon, Kenon ( ) 
(a) Chery shall notify Kenon in
writing promptly upon the satisfaction of the following conditions (the date of such written notice is referred to as the “First Effective Date”), or if Chery fails to notify Kenon upon such satisfaction, the First Effective Date shall be
deemed to occur automatically on the First Kenon Remittance Date (as defined below): 
(i) one equity pledge has been duly executed by the parties thereto in
relation to pledge of 5.165% equity interests in Qoros by Quantum (with the value equivalent to RMB 242,800,000) in favour of Chery in relation to the Second Loan Agreement (the “Second Quantum Equity Pledge (700 Million Loan)) for purpose of
discharging Kenon’s guarantee obligations in relation to the Second Kenon Secured Indebtedness in the amount of RMB 194,250,000 (under which, the related obligations for interests and fees shall be released proportionately with the released
principal amount of RMB 194,250,000), subject to the terms and conditions as provided therein, and the parties therein shall agree, Chery will have the right to enforce the equity pledge contemplated thereunder no matter whether the perfection
formalities (including registration with relevant registration authority) is completed or not; 
5.165% ( 242,800,000 ) ( “ (7 ) ) 194,250,000 Kenon Kenon (
194,250,000 ) , ( ) , 2 : 
(ii) after the execution of the Second Quantum Equity Pledge (700 Million Loan), an amount of RMB 194.25 million has been paid by
Kenon (the “First Cash Support Amount”) to an account of Chery as designated to Kenon in writing or otherwise agreed by the Parties (the payment date of which shall be referred to as “First Kenon Remittance Date”) (Kenon hereby
relinquishes any claim it may have against the First Cash Support Amount once it is paid into the aforesaid account of Chery, subject to its right to receive the Restored Amount (as defined below) pursuant to Clause 2 (Chery’s obligations to
pay Restored Amount) below), for purpose of discharging the Kenon’s guarantee obligations under the Remaining First Kenon Secured Indebtedness in the amount of RMB 227,459,000 (under which, the related obligations for interests and fees shall
be released proportionately with the released principal amount of RMB 194,250,000). 
(7 ) , Kenon Kenon 227,459,000 ( , 194,250,000 ) Kenon ( “ ” ) (
“ Kenon ” ) 
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 The Further Release And Cash Support Agreement

Kenon 2 ( ) Kenon ( ) ) 
(b) Chery shall notify Kenon in writing promptly upon
the satisfaction of the following conditions (the date of such written notice is referred to as the “Second Effective Date”), or if Chery fails to notify Kenon upon such satisfaction, the Second Effective Date shall be deemed to occur
automatically on the Second Kenon Remittance Date (as defined below): 
Kenon ( “ ” ) , Kenon, Kenon ( ) : 
(i) one equity pledge has been duly executed by the parties thereto in relation to pledge of 1.02% equity interests in Qoros by Quantum (with the value equivalent to RMB
48,125,000) in favour of Chery in relation to the First Loan Agreement (the “Third Quantum Equity Pledge (3 Billion Loan)”) for purpose, together with the Second Cash Support Amount (as defined below), of completely discharging
Kenon’s guarantee obligations under the Remaining First Kenon Secured Indebtedness (together with the release of all related obligations for interest and fees) subject to the terms and conditions as provided therein, and the parties therein
shall agree, Chery will have the right to enforce the equity pledge contemplated thereunder no matter whether the perfection formalities (including registration with relevant registration authority) is completed; 
1.02% ( 48,125,000 ) (“(30 )” ) , Kenon Kenon ( ) , 2 : 
(ii) one equity pledge has
been duly executed by the parties thereto in relation to pledge of 4.14% equity interests in Qoros by Quantum (with the value equivalent to RMB 194,690,000) in favour of Chery in relation to the Second Loan Agreement (the “Third Quantum Equity
Pledge (700 Million Loan), which (x) together with the Third Quantum Equity Pledge (3 Billion Loan)” being referred to as “Third Quantum Equity Pledges”; (y) together with the Second Quantum Equity Pledge (700 Million Loan) being
referred to as “Quantum Equity Pledges (700 Million Loan)” ; and (z) together with the Second Quantum Equity Pledge (700 Million Loan) and the Third Quantum Equity Pledge (3 Billion Loan) being referred to as the “Equity
Pledges” ) for purpose of completely discharging Kenon’s guarantee obligations under the Second Kenon Secured Indebtedness (together with the release of all related obligations for interest and fees) subject to the terms and conditions as
provided therein, and the parties therein shall agree, Chery will have the right to enforce the equity pledge contemplated thereunder no matter whether the perfection formalities (including registration with relevant registration authority) is
completed; 
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 The Further Release And Cash Support Agreement

4.14% ( 194,690,000 ) ( “ (7 ), (x) (30 ) “ ”; (y) (7 ) “ (7 ) ”: (z) (7 ), (30 ) “ ” ) , Kenon Kenon , ( ) , 2 ; 
(iii) after the execution of the Third Quantum Equity Pledges, an amount of RMB 194.25 million (the “Second Cash Support Amount”, together with the First Cash
Support Amount, the “Cash Support Amounts”) has been paid by Kenon to an account of Chery as designated to Kenon in writing or otherwise agreed by the Parties (the payment date of which shall be referred to as “Second Kenon Remittance
Date”) (Kenon hereby relinquishes any claim it may have against the Cash Support Amount once it is paid into the aforesaid account of Chery, subject to its right to receive the Restored Amount (as defined below) pursuant to Clause 2
(Chery’s obligations to pay Restored Amount) below), for purpose, together with the Third Quantum Equity Pledge (3 Billion Loan), of completely discharging Kenon’s guarantee obligations under the Remaining First Kenon Secured Indebtedness
(together with the release of all related obligations for interest and fees) 
, Kenon Kenon (“ ” , “ ” ( “Kenon ”) ( Kenon , 2 ()
Kenon ( ) ) , (30 ), Kenon Kenon , , ( ) , 2 
2. CHERY’S OBLIGATIONS TO PAY RESTORED AMOUNT 
(a) If after the date of this Agreement, Chery is called upon to pay to any relevant lender under the First Chery Guarantee and such payment would have resulted in Kenon becoming

, , Kenon Kenon : 
liable to pay to Chery on account of the Remaining First
Kenon Secured Indebtedness if the Further Release had not been effected: 
(i) Chery shall give a written notice to Kenon and Quantum to specify such payment which
Kenon would have been liable to pay to Chery if the Further Release had not been effected (and such specified amount shall be referred to as the “3 Billion Loan Reduction Amount ”); 
9 

 

 
 The Further Release And Cash Support Agreement

Kenon , ( “ 30 ” ) : 
(ii) Chery shall be required to deduct an
amount equivalent to the 3 Billion Loan Reduction Amount from the Cash Support Amounts; and 
30 
(iii) Chery shall be entitled to enforce the pledge under the Third Quantum Equity Pledge (3 Billion Loan) in accordance with the terms thereof with respect to the remaining 3
Billion Loan Reduction Amount after deduction made under the above 2(a)(ii). 
2(a)(ii) 30 (30) 
(b) If after the date of this Agreement, Chery is called upon to pay to any relevant lender under the Second Chery Guarantee and such payment would have resulted in Kenon becoming
liable to pay to Chery on account of the Second Kenon Secured Indebtedness if the Further Release had not been effected: 
, , Kenon Kenon : 
(i) Chery shall give a written notice to Kenon and Quantum to specify such payment which Kenon would have been liable to pay to Chery if the Further Release had not been effected
(and such specified amount shall be referred to as the “700 Million Loan Reduction Amount”); 
Kenon , , Kenon ( “7 ” ) ; 
(ii) Chery shall be entitled to enforce the pledge under the Quantum Equity Pledges (700 Million Loan) in accordance with the terms thereof with respect to the 700 Million Loan
Reduction Amount. 
7 (7 ) 
(c) If, in respect of the First Loan Agreement or
the First Chery Guarantee, any one of the following conditions is triggered, Chery shall notify Kenon in writing promptly and first pay the 3 Billion Loan Restored Amount in cash to Kenon, and if the total amount of the 3 Billion Loan Restore Amount
shall exceed the total amount of the Cash Support Amounts, Chery shall release the Third Quantum Equity Pledge (3 Billion Loan) to cover any excessive amount of the Restored Amount against the Cash Support Amounts: 
, , , Kenon. Kenon 30 30 Kenon ( 30 ) : 
10 

 

 
 The Further Release And Cash Support Agreement 
(i)
any amounts owing to the lenders under the First Loan Agreement have been repaid in part or in full after the date of this Agreement(the “3 Billion Loan Repaid Amount” ); 
( “ 30 ” ) ; 
(ii) any guaranteed obligations of Chery with respect to the First Loan
Agreement pursuant to the First Chery Guarantee have been either released or performed in part or in full (the “ First Chery Guarantee Released Amount”);

( “ ” ) ; 
For the purpose of this paragraph, “3 Billion Loan
Restored Amount” shall be equal to the amount of 25% of the 3 Billion Loan Repaid Amount (in respect of scenario (i) above) or 50% of the First Chery Guarantee Released Amount (in respect of scenario (ii) above). 
“30 30 25% ( (i) ) 50% ( ) 
(d) If, in respect of the Second Loan Agreement or the Second
Chery Guarantee, any one of the following conditions is triggered, Chery shall release Quantum Equity Pledges (700 Million Loan) to cover any 700 Million Loan Restored Amount: 
, , (7 ) 7 : 
(i) any amounts owing to the lenders under the Second Loan Agreement have been
repaid in part or in full after the date of this Agreement(the “700 Million Loan Repaid Amount”); 
( “ 7 ” ) ; 
(ii) any guaranteed obligations of Chery with respect to the Second Loan Agreement pursuant to the Second Chery Guarantee have been either released or performed in part or in full
(the “ Second Chery Guarantee Released Amount”); 
( “ ” ) ;

For the purpose of this paragraph, “700 Million Loan Restored Amount” shall be equal to the amount of 50% of the 700 Million Loan Repaid Amount (in
respect of scenario (i) above) or 50% of the Second Chery Guarantee Released Amount (in respect of scenario (ii) above). 
“7 50% ( (i) ) 50% ( (ii) )

(e) Chery shall return all the Cash Support Amount duly paid into the account of Chery as provided for in Clause 1.2 (Conditions to Effectiveness) back to Kenon
and release all the Equity Pledges if at any time Kenon provides guarantee back to Chery to reinstate the guarantee obligations released under the Further Release.

Kenon , Kenon 1.2 ( ) 
11 

 

 
 The Further Release And Cash Support Agreement 
,

(f) For avoidance of doubt, any payment of 3 Billion Loan Restored Amount in cash in respect of scenario (c)(i) and any release of the Quantum Equity Pledges (700
Million Loan) in respect of scenario (d)(i) shall be made by Chery twice a year on 31 March and 30 September respectively following signing of this Agreement, if applicable by referring to then effective circumstances. 
, ( (c)(i) )30 ( (d)(i) ) (7 3 31 9 30 
3. FURTHER ASSURANCE 
Chery will, at the request and cost of Kenon, take actions which is reasonably necessary to the Further Release. 
Kenon Kenon , Kenon 
4. LANGUAGES 
This Agreement shall be executed in English and Chinese. To the extent there is any discrepancy between the English and Chinese versions, the English version shall prevail.

, 
5. GOVERNING LAW AND ENFORCEMENT 
5.1 Governing law and disputes settlement 
This Agreement is governed by and construed in all
respects in accordance with the laws of the PRC. The provisions of Clause 19 of the First Kenon Guarantee shall apply to this 
Agreement as if set out in full in
this Agreement with references to “this Guarantee Contract” being treated as references to this Further Release Agreement. 
Kenon 19 
5.2 Counterparts 
This Agreement may be executed in any number of counterparts. 
6. SPIN-OFF 
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 The Further Release And Cash Support Agreement

Kenon plans to spin off certain of its businesses, which might involve the restructuring of the shareholding structure of Kenon, Quantum and Qoros (the “Spin-Off”) as well as the restructuring of interests held by Wuhu Chery in Qoros. The Spin-Off may involve, among other things, a distribution by Kenon of all of
its interests in Quantum to Kenon’s shareholders. Kenon shall provide the details of the Spin-Off and Chery will support this process, subject to Chery board approval. 
Kenon , Kenon, (“ ”) ( ) Kenon Kenon Kenon , , 
THIS AGREEMENT has been executed on
the date stated at the beginning of this Release Agreement. 
13 

 

 
 SIGNATORIES 
Kenon Holdings Ltd. 
Name/ : Yoav doppelt 
Position/ : CEO 
Signature/ : 

 

 
 Signature Pages to Further Realease. 
Chery
Automobile Co., Ltd. 
Name/ : Yin Tong Yue 
Position/ : General Manager

Signature/ : 
Company Seal / : March 9, 2017 

 

 
 Annex A 
A 
Release Agreement 

 

 
 A 
Annex A to Further Release and Cash Support
Agreement 
Quantum (2007) LLC 
( ) 
Quantum (2007) LLC 
(as “Pledgor”) 
( ) 
Chery Automobile Co. Ltd. 
(as “Pledgee”) 
30 
The Third Equity Pledge Contract in relation to Three Billion Loan 
, 2017 

 

 
 30 
The Third Equity Pledge in relation to 3
Billion Loan 
2017 : 
This Third Equity Pledge Contract is entered into on ,
2017 by and between: 
1. Quantum (2017) LLC, 16192 Coastal Highway, Lewes, Delaware 19958, USA, ( “ ” ); 
Quantum (2007) LLC, as the pledgor, a limited liability company incorporated under the laws of the State of Delaware, the United States of America, with its legal address at
16192 Coastal Highway, Lewes, Delaware 19958, USA (hereinafter referred to as the “Pledgor”); 
2. (“ ”) (“ ”) 
Chery Automobile Co., Ltd., a limited liability company duly organized and validly existing under the laws of the People’s Republic of China (the “PRC”) (the
“Pledgee”). 
WHEREAS: 
1. Kenon Holdings Ltd.(“Kenon”)

Kenon Holdings Ltd. (“Kenon”) is the parent company of the Pledgor.

2. (“ ”) (“ ”), 2012 7 23 YT41121230018 (“ ”) (RMB3,000,000,000) 
Qoros Automotive Co., Ltd. (“Qoros Automotive” or “Qoros”) signed a RMB/USD dual currency facility agreement for fixed assets investment with an aggregate
facility amount up to an equivalent of RMB3 billion (the “First Loan Agreement”) with contract No. YT41121230018 on 23 July 2012 with The Export-Import Bank of China (the “Exim Bank”), China Construction Bank Co., Ltd.,
Suzhou Branch and several other banks listed in the Loan Agreement as lenders. Pursuant to and subject to the terms and conditions of the First Loan Agreement, the lenders in the First Loan Agreement agreed to make available to the Qoros Automotive
a long term loan facility in an aggregate amount not exceeding an equivalent of RMB3,000,000,000 (3 billion) in RMB/USD dual currency. 
2 

 

 
 30 
The Third Equity Pledge in relation to 3
Billion Loan 
3. 2012 7 23 YT41121230018(A) 50% ( ” 
As a condition
precedent under the First Loan Agreement, the Pledgee entered into a guarantee deed with contract No. YT41121230018(A) and dated 23 July 2012 to provide an irrevocable and unconditional guarantee covering 50% of the indebtedness of Qoros
Automotive under the First Loan Agreement (the “First Chery Secured Indebtedness”). 
4. Kenon 2015 11 5 ( Kenon ” Kenon 50% , Kenon ( Kenon ”

Kenon and the Pledgee further entered into a guarantee contract (the “First Kenon Guarantee”) dated 5 November 2015, pursuant to which Kenon agreed
to provide an irrevocable and unconditional guarantee to the Pledgee for up to 50% of the First Chery Secured Indebtedness (the “First Kenon Secured Indebtedness”) up to a maximum amount equal to the total amount as defined in the First
Kenon Guarantee. 
5. , 2015 5 12 (“ ”), 700,000,000 ( : ) , 480,000,000 ( : ) 
Qoros Automotive has signed a Consortium Loan Agreement concerning Project of Research and Development of Hybrid Model(the “Second Loan Agreement”) on 12 May, 2015
with the Export-Import Bank of China, China Construction Bank Co., LTD, Suzhou Branch, under which the lender in the Second Loan Agreement agrees to make available to Qoros Automotive an aggregate principal amount equivalent to RMB 700,000,000
(Seven Hundred Million) under which the USD facility shall not exceed an amount equivalent to RMB 480,000,000(RMB Four Hundred and Eighty Million) long term loan facility pursuant to the provisions of the Second Loan Agreement. 
3 

 

 
 30 
The Third Equity Pledge in relation to 3
Billion Loan 
6. 2015 5 12 ( “ ” ) ( “ ” ) 
As a condition
precedent for the lender in the Second Loan Agreement to make the facility available for Qoros Automotive, pursuant to the terms and conditions set forth in the “Guarantee Contract for RMB 0.7 Billion Consortium Loan Agreement concerning
Project of Research and Development of Hybrid Model of Qoros Automotive Co., Ltd.” dated 12 May 2015 (the “Second Chery Guarantee”) the Pledgee has provided an irrevocable, unconditional and joint guarantee for the liabilities of
Qoros Automotive under the Second Loan Agreement (the”Second Chery Secured Indebtedness”). 
7. Kenon 2015 11 13 2015 6 9 ( “Kenon ” ) , Kenon
50% ( “Kenon ” ) 
Kenon and the Pledgee executed a Guarantee Contract on 13 November, 2015 as amended as of 9 June 2015 (the “Second Kenon
Guarantee”), under which Kenon agrees to provide an irrevocable and unconditional guarantee to the Pledgee for up to 50% of the Second Chery Secured Indebtedness under the Second Chery Guarantee Deed(the “Second Kenon Secured
Indebtedness”) 
8. 2016 12 21 2 5 , 2016 12 21 ( “ ” ) , Kenon 2016 12 21 ( “ ” ) , , Kenon Kenon Kenon Kenon ( “ Kenon ” )

In consideration of the provision of the RMB250m shareholder loan by Quantum to Qoros dated 21 December 2016 and provision of quantum share pledge by Quantum
in favour of the Pledgee dated 21 December 2016 (the “First Quantum Share Pledge”), Kenon and the Pledgee then entered into a release agreement dated 21 December 2016 (the “First Release Agreement”), pursuant to the
terms and conditions of which the Pledgee agreed to partially release Kenon from the guaranteed obligations under the First Kenon Guarantee. The remaining part of the guaranteed obligations of Kenon in relation to the First Kenon Secured
Indebtedness under the First Kenon Guarantee is still subject to the First Kenon Guarantee (the “Remaining First Kenon Secured Indebtedness”). 
4

 

 
 30 
The Third Equity Pledge in relation to 3
Billion Loan 
9. [ ] [ ] [ ] ( “ ” “ ” , “ ”) , , ( “ ” “ ” , “ ” , 
Quantum and Wuhu Chery each provided the tranche A shareholder loan (hereinafter, being respectively referred to as the “Tranche A Quantum Loan” and the “Tranche A
Wuhu Chery Loan”, and collectively, the “Tranche A Loans”) to Qoros on the date of [ ] and with the same terms. After disbursement of the Tranche A Loans, subject to Quantum’s sole discretion, Quantum and Wuhu Chery will each
provide tranche B shareholder loan (hereinafter, being respectively referred to as the “ Tranche B Quantum Loan” and the “Tranche B Wuhu Chery Loan”, and collectively, the “Tranche B Loans”) to Qoros on or about the
date of this Agreement and with the same terms. Quantum will provide certain cash support to Wuhu Chery in relation to its provision of the Tranche B of Wuhu Chery Loan. 
10. Kenon Kenon [ ] [ ] [ ] (“ ”), Kenon Kenon Kenon ( “Kenon ” ) Kenon Kenon ( “Kenon ” ) (“ ”) 
5 

 

 
 30 
The Third Equity Pledge in relation to 3
Billion Loan 
As requested by Kenon and considering the arrangement of the Tranche A Loans and the Tranche B Loans and the provision of the other conditions, in
connection with this Contract, the Pledgee entered into a further release and cash support agreement on [ ], and further releases Kenon from all guaranteed obligations by Kenon in relation to the Remaining First Kenon Secured Indebtedness under the
First Kenon Guarantee (together with the Second Kenon Guarantee referred as to the “Kenon Guarantees”) and the Second Kenon Secured Indebtedness (together with the Remaining First Kenon Secured Indebtedness referred as to the “Kenon
Secured Indebtedness”) under the Second Kenon Guarantee subject to the terms and conditions as provided in a further release and cash support agreement by and between the Pledgee and Kenon on or about the date of this Contract (the
“Further Release and Cash Support Agreement”). 
11. 
As one of the
conditions precedent to the second release of the relevant guarantee obligations pursuant to the Further Release and Cash Support Agreement, the Pledgor agrees to enter into this Third Equity Pledge Contract and the Pledgor agrees to, pursuant to
the terms and conditions of this Third Equity Pledge Agreement create a first priority pledge over the Pledged Equity in favour of the Pledgee. 
12. , Kenon
194,250,000 (“ ”) Kenon 
As the condition precedent to the second release of the relevant guarantee obligations pursuant to the Further Release and Cash
Support Agreement and provision of Tranche B Wuhu Chery Loan, Kenon shall pay RMB194.25 million (the “Second Cash Support Amount”) to the Pledgee. The Pledgee has agreed under the Further Release and Cash Support Agreement to pay to
Kenon a certain amount in certain agreed circumstances as provided for in the Further Release and Cash Support Agreement. 
Therefore, both parties agree as follows:

: 
Definition and Interpretation 
6 

 

 
 30 
The Third Equity Pledge in relation to 3
Billion Loan 
Kenon Kenon 
Unless otherwise provided in this Third Equity
Pledge Contract, when the terms interpreted and defined in the Second Kenon Guarantee are used in this Third Equity Pledge Contract, they shall have the same meanings as they have in the Second Kenon Guarantee. 
Pledged Equity 
2.1 1.02% ( “ ”) Kenon Kenon , ( ) 45,091,000 “ ” 9.10 , (
) 80% , , ( ) 
The Pledgor pledges to the Pledgee 1.02% capital contribution equity held by it in Qoros Automotive (hereinafter referred to as the “Pledged
Equity”) in order to provide pledge security for the obligations and liabilities of Kenon under the First Kenon Guarantee which are released under the Further Release and Cash Support Agreement on the Second Effective Date in the amount
equivalent of RMB 45,091,000 (the “Maximum Secured Amount”). “Pledge” means the security expressed to be created by this Third Equity Pledge Contract, including all of the rights, title and interests in and to the Pledged Equity
which are or are to be vested in the Pledgee. Subject to Section 9.10, the Pledged Equity is subject to adjustment such that in the event of a change in the calculation by the Pledgor and Exim Bank of net asset value for calculating the loan to
value ratio for the equity pledge requirement for the Syndicated Loan (defined below), then the amount of Pledged Equity shall be adjusted (and Pledged Equity released, to the extent applicable) such that the loan to value ratio (calculated in the
same manner as by the Pledgor and Exim Bank pursuant to the Syndicated Loan) shall be 80%. For avoidance of any doubt, the Pledged Equity as provided by the Pledgor according to any provision of this Contract shall be at all times subject to the
Unencumbered Shares (as defined below) held by it. 
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The Third Equity Pledge in relation to 3
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2.2 , : 
The Pledged Equity means all of the rights, title and
interests of the Pledgor in and to the Pledged Equity, including but without limitation to the following rights: 
(1) 6 , 
Subject to the provisions contained in Article 6, all dividends generated from the Pledged Equity and payments of any other nature and the corresponding rights and interests in

respect of the Pledged Equity, which the Pledgor shall have the right to collect from Qoros Automotive; 
(2) 6 (“ ”) (“”) : 
Subject to the provisions contained in Article 6, the
corresponding rights and interests of any warranty, acknowledgement and commitment made by another party which the Pledgor shall have the right to enjoy in respect of the Pledged Equity under the Sino-foreign equity joint venture contract for the
establishment of Qoros Automotive (“JV Contract”) and the articles of association (“AoA”) of Qoros Automotive; 
(3) 6 
Subject to the provisions contained in Article 6 any right enjoyed by the Pledgor in respect of the Pledged Equity, to claim for default compensation arising out of default by any
other 
party under the JV Contract and AoA of Qoros Automotive. 
2.3

Trigger Event 
: (i) Kenon Kenon Kenon Kenon 
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The Third Equity Pledge in relation to 3
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), Kenon Kenon (“ ”), (ii) Kenon 30 , Kenon Kenon Kenon 11 
A “Trigger Event” shall occur upon the occurrence of, (i) the Pledgee having paid to the relevant agent bank under any Chery Guarantees and, in respect of the amount
which were as a result of such payment originally recoverable from Kenon under the Kenon Guarantees in relation to the Kenon Secured Indebtedness (and subject to all of the conditions for recovery under the Kenon Guarantees) but which Kenon was no
longer liable to pay under the Kenon Guarantee as a result of the Further Release and Cash Support Agreement (the “Further Released Guarantee Amount”), and (ii) the Pledgee not having received such amount following 30 Business Days
after Kenon receives a valid written notice from the Pledgee in relation to such amount. For the avoidance of doubt, Kenon shall have no obligation to make any payment to the Pledgee or any other person with respect to the Further Released Guarantee
Amount and failure to pay such amount shall not constitute a default by Kenon under the Further Release and Cash Support Agreement, the Kenon Guarantee or otherwise; rather, such failure to pay only results in a Trigger Event for purposes of Article
11 of this Third Equity Pledge Contract. 
Scope of Security 
3.1 ( “
”) : Kenon Kenon ( ) 45,091,000 
The main creditor’s rights secured by the Pledged Equity under this Third Equity Pledge Contract shall be at any given
time (hereinafter referred to as the “Main Creditor’s Rights”): the main creditor’s rights constitutes of the amount of the obligations and liabilities of Kenon under the First Kenon Guarantee which are released under the Further
Release and Cash Support Agreement on the Second Effective Date in the amount equivalent of RMB 45,091,000. 
3.2 
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The Third Equity Pledge in relation to 3
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”): 
The scope secured by the Pledged Equity according to
this Third Equity Pledge Contract shall be the sum of the following amounts (hereinafter referred to as the “Secured Indebtedness”): 
(1) ( ) ;

The Main Creditor’s Right and the interests (including but not limited to any interest, compound interest and default interest) arising out of the Main
Creditor’s Right; 
(2) 
All necessary and reasonable fees and expenses
paid by the Pledgee to realize the interests of security under this Third Equity Pledge Contract (including but not limited to the legal costs, property preservation fees, travel expenses, valuation fees, auction fees, attorney fees, notary fees,
judgment enforcement fees, etc.); and any other necessary and reasonable fees which shall be borne by the Pledgor in accordance with this Third Equity Pledge Contract. 
3.3 Kenon (10) , (2) , 
The performance term of the secured Main Creditor’s Rights under
this Third Equity Pledge Contract shall commence from the effectiveness of the Second Chery Guarantee or the effective date of Second Kenon Guarantee, whichever is earlier, until ten (10) days after the First Chery Guarantee term under the
First Chery Guarantee, or two (2) years after the Pledgee performs the First Chery Secured Indebtedness owned by the Pledgee under the First Chery Guarantee, whichever is later. 
3.4 Kenon 
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The Third Equity Pledge in relation to 3
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For any certificate presented by the Pledgee to indicate any Secured Indebtedness (i.e. statement of account chopped by Qoros Automotive upon
confirmation) or any account payable by the Pledgor under this Third Equity Pledge Contract, unless the Pledgor is able to provide sufficient and effective evidence to prove its conspicuous mistake, such certificate shall be the final proof of the
creditor-debtor relationship between the Pledgee and Kenon or the Pledgor, which shall be binding on the Pledgor. 
Nature and Effectiveness of Security 
4.1 ( 2017 ) , (i) 12 ( “ ” ) ( C ) ( “ ” ) , (ii) ( “ ” ) , ( ) ( ), 8%( ) , 1% 
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The Third Equity Pledge in relation to 3
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( “ ” ) , C , 11.1 , ( ) 9.10 
Generally, the
Pledgor’s security obligation under this Third Equity Pledge Contract is of continuity wherein the security responsibility of the Pledgor shall be released only when the Secured Indebtedness is paid off, which shall not be affected by any
changes made to the shareholding structure, organizational structure or business operations of the Pledgor. However, if, after the issuance of the audited Financial Statements of the next Fiscal Year and each Fiscal Year thereafter of Qoros
Automotive (which should not occur before the first quarter of 2017), (i) the Pledgor is required by the 1.2 billion RMB loan equity pledge contract (which means the Equity Pledge Contract for 1.2 Billion RMB Equivalent Syndicated Loan (the
“Syndicated Loan”) concerning Project of Research and Development of C Platform Derivative Model of Qoros Automotive Co., Ltd. by and between the Pledgor and Bank of China Limited Su Zhou Branch), to provide an additional equity pledge
(“Additional Pledged Shares”) concerning its equity in Qoros Automotive to Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch and such additional pledge can only be satisfied by using all or a
portion of the same equity which has been pledged under this Equity Pledge Contract, and (ii) the Pledgor is unable to obtain Additional Pledged Shares through a conversion of existing loans in Qoros Automotive (“Loan Conversion”),
then the pledge with respect to all or such portion of pledged equity under this Equity Pledge Contract, in an amount equal to the number of Additional Pledged Shares required to be pledged under the Syndicated Loan and which cannot be obtained
through a Loan Conversion, shall automatically be released and the Pledgee shall take all actions as may be required to deregister the same pledge with the competent authorities, provided that after such release, the Pledgee shall have the right to
request a second priority pledge over such equity, subject to the consent of Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch. In the event that the Pledgor is required to pledge Additional Pledged
Shares pursuant to the foregoing sentence and the equity interest in Qoros Automotive released pursuant to the foregoing sentence is not sufficient to provide the Pledgor with sufficient equity in Qoros Automotive to satisfy the requirement to
pledge Additional Pledged Shares, then to the extent that Pledgee has any Borrowed Shares (as defined below) (regardless of whether such Borrowed Shares are pledged to the Lenders), the Pledgee shall, upon request from Pledgor, return to Pledgor the
Borrowed Shares required for effecting the relevant additional equity pledge. 
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The Third Equity Pledge in relation to 3
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If the Additional Pledged Shares requested to be provided by the Pledgor cover less than 8% equity interest in Qoros Automotive, then, to the extent
the Pledgor has sufficient Unencumbered Shares (as defined below) and provided that Exim Bank consents (having regard to this Equity Pledge Contract), the Pledgee shall be entitled to use up to 1% unencumbered equity interest in Qoros Automotive
owned by the Pledgor (the “Borrowed Shares”) to provide, pursuant to the Equity Pledge Contract for the Syndicated Loan concerning Project of Research and Development of C Platform Derivative Model of Qoros Automotive Co., Ltd. by and
between the Pledgee and Bank of China Limited Su Zhou Branch, an additional equity pledge over such equity in Qoros Automotive to Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch. For the avoidance of
doubt, if the additional equity pledge in respect of the Borrowed Shares is enforced by the Lenders pursuant to the terms of the additional equity pledge, the Pledgor shall not be entitled to have any recourse against the Pledgee in respect of the
Borrowed Shares, provided that the amount of such equity interests so enforced shall offset and reduce, by an equivalent amount, equity interests otherwise required to be pledged by Pledgor under this Equity Pledge Contract. 
Such Borrowed Shares shall be returned to the Pledgor as soon as is reasonably practicable after such Borrowed Shares have been released by the Lenders from the relevant additional
equity pledge. To the extent that such Borrowed Shares have not been returned after the relevant release, and Pledgee seeks to exercise its rights under Section 11.1 hereunder, it shall, prior to exercising such rights, return the Borrowed
Shares or failing which, the Borrowed Shares may be retained by the Pledgee and such retained shares shall be deemed to replace the Pledged Equity (to the extent of the Borrowed Shares) for all purposes hereunder and the pledge over any Pledged
Equity that would no longer be required to be pledged under the loan-to-value requirement set forth in Section 9.10, shall be released. 
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The Third Equity Pledge in relation to 3
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2 
Without prejudice to the clause 2 of the Further Release and
Cash Support Agreement, and notwithstanding any other provision or terms of this Third Equity Pledge Contract, if: 
1. Kenon Kenon 
Kenon provides the Pledgee with guarantee security with respect to performance of all the obligations under the Main Creditor’s Rights on substantially the same terms and
conditions as those 
set out in the Kenon Guarantees; or 
2. 
the Main Creditor’s Rights have been satisfied and discharged in full, 
(1) (2) (3)

then (1) the Pledged Equity shall be automatically released from this Third Equity Pledge Contract and the Pledgee required to return the Pledged Equity (and all
Borrower Shares) to the Pledgor, (2) all obligations owing by the Pledgor under this Third Equity Pledge Contract shall be automatically released and discharged in full and (3) this Third Equity Pledge Contract shall be automatically terminated.

4.2 Kenon Kenon 
The effectiveness of this Third Equity Pledge Contract is
independent from the Kenon Guarantees. This Third Equity Pledge Contract shall not become invalid due to invalidation of the Kenon Guarantees. 
4.3 Kenon Kenon

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The Third Equity Pledge in relation to 3
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Kenon and the Pledgee may amend or supplement provisions under the Kenon Guarantees upon negotiation without the consent of the Pledgor. The Pledgor
shall undertake security 
responsibility within the scope of the amended creditor’s right except for the circumstances which increase the responsibility of the
Pledgor. 
4.4 Kenon 
The effectiveness of this Third Equity Pledge Contract and
the validity of Pledge under this Third Equity Pledge Contract shall not be affected by liquidation, merger, spin-off, restructuring, 
bankruptcy or shareholding or organization change in other forms of the Pledgor or any other person or any other arrangement made to Kenon’s debts. 
4.5 Kenon 
The Pledge provided by the Pledgor for the Secured Indebtedness hereunder is an
independent security and shall not be construed as a joint security with any other securities provided by 
any third party in relation to any Kenon Guarantee, other
than the cash support arrangements contemplated under the Further Release and Cash Support Agreement. 
Pledge Approval and Registration 
5.1 (20) 
The Pledgee and the Pledgor shall record the equity pledge in the Qoros
Automotive’s Register of Shareholders within twenty (20) Business Days after this Third Equity Pledge Contract and commence the approval procedures for this Third Equity Pledge Contract with the competent Commerce Commission in charge of Qoros
Automotive (if any) and subsequently file for registration of this Third Equity Pledge Contract with the competent Administration for Industry and Commerce in charge of Qoros Automotive pursuant to the provisions of laws and regulations of the PRC.

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The Third Equity Pledge in relation to 3
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5.2 (10) 
When the Pledgor processes the approval and
registration procedures of the Pledged Equity according to the provisions of this Third Equity Pledge Contract, the Pledgor shall deliver to the Pledgee for its keeping of the certificate of other rights of the Pledged Equity and relevant
certificates of property rights (if any). Within ten (10) Business Days after the Secured Indebtedness is completely paid off, the Pledgee shall return the aforesaid originals to the Pledgor, and assist the Pledgor in completing the pledge
deregistration procedures. The expenses incurred therefrom shall be borne by the Pledgor. 
50% 50% (10) 
After the principal underlying the Secured Indebtedness has been paid off by at least 50% (as compared to amounts outstanding under the Loan Agreement on the date of this Third
Equity Pledge Contract and giving effect to the Further Release and Cash Support Agreement), the Pledgor is entitled to apply in writing to the Pledgee to decrease the Pledged Equity by 50%. The Pledgee shall not unreasonably withhold its consent
for such decrease and the Pledgee shall go through relevant pledge deregistration formalities of the decreased part of the Pledged Equity with the Pledgor within ten (10) Business Days after and pursuant to the resolution of the Pledgee. The Pledgor
shall bear the fees and expenses arising from such decrease of the Pledged Equity. 
5.3 (30) 
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The Third Equity Pledge in relation to 3
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In case of the change of pledge approval and/or registration matters under this Third Equity Pledge Contract or of the name of Qoros Automotive, which
needs to be approved and/or registered for alteration in respect of equity pledge pursuant to the laws, the Pledgor and the Pledgee shall commence the alteration approval and registration procedures in the relevant authorities of approval and
registration within thirty (30) Business Days from the date as of which the cause of alteration has become known to the relevant party. 
5.4 
This Third Equity Pledge Contract shall take effect upon approval by competent Commerce Commission without any changes to this Third Equity Pledge Contract (unless such change has
been agreed by both parties hereto in writing), and the pledge right of the Pledged Equity shall be established as of the date of the pledge registration of this Third Equity Pledge Contract with the locally competent Administration of Industry and
Commerce in charge of Qoros Automotive. 
5.5 5.1, 5.2, 5.3, 5.4, 2 
For
avoidance of any doubt, notwithstanding to the contrary, after this Contract becomes effective, the Pledgee shall have the right to enforce the pledge as contemplated hereunder pursuant to the clause 2 of the Further Release and Cash Support
Agreement and this Contract, no matter whether any of the perfection formalities with respect to this Contract as provided in the above Article 5.1, 5.2, 5.3 and 5.4 is completed or not. 
Exercise of Rights and Performance of Obligations by the Shareholder 
6.1 
Notwithstanding the Pledge of the Pledgor’s rights, title and interests in and to the Pledged Equity, from the date of execution of this Third Equity Pledge Contract and until
the date when the Secured Indebtedness is paid off, the Pledgor and Qoros Automotive shall be entitled to exercise all rights and shall be obliged to fulfill all obligations of the Pledgor and Qoros Automotive (as case may be) under the JV Contract
and the AoA of Qoros Automotive. 
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The Third Equity Pledge in relation to 3
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6.2 Kenon Kenon Kenon Kenon 
Unless an Event of Default under the
Kenon Guarantees or a Trigger Event has occurred and is continuing and notice of such an Event of Default has been given by the Pledgee in accordance with the terms of the Kenon Guarantees (or notice of Trigger Event has been given hereunder), the
Pledgor shall be entitled to retain and to exercise any voting and dividend and other rights which it may have in respect of the Pledged Equity. If an Event of Default under the Kenon Guarantees or a Trigger Event has occurred and is continuing and
notice of such an Event of Default has been given validly by the Pledgee in accordance with the Kenon Guarantees (or notice of Trigger Event has been given hereunder), the Pledgor shall procure that all voting and dividend and other rights in
respect of the Pledged Equity are exercised in accordance with the instructions of the Pledgee. 
6.3 
The Pledgor shall continue to abide by and perform all the obligations and responsibilities in connection with the Pledged Equity and as the shareholder of Qoros Automotive. The
Pledgee do not need to perform any obligation or responsibility of the Pledged Equity which shall be undertaken by the Pledgor. The Pledgee shall also not be obligated to take any action in respect of the Pledged Equity. The Pledgee shall not be
obligated to undertake any obligation or responsibility to any other party in respect of the Pledged Equity due to this Third Equity Pledge Contract, except as otherwise required by law. 
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The Third Equity Pledge in relation to 3
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Submission of Documents by the Pledgor 
7.1 (20) 
The Pledgor shall ensure that the Pledgee will receive from the Pledgor or from Qoros Automotive the following documents within twenty (20) Business Days after execution of this
Third 
Equity Pledge Contract: 
(1) the original English written document of
the Pledgor’s shareholder approving the Pledgor to pledge its Pledged Equity to the Pledgee; (2) 
photocopies of the relevant supporting documents proving that
the equity pledge under this Third Equity Pledge Contract is recorded in the Register of Shareholders of Qoros 
Automotive; 
(3) (90) 
any other documents as reasonably required by the Pledgee to be provided by the
Pledgor. 
7.2 
The Pledgor will undertake its best efforts that the Pledgee
will receive either from the Pledgor or from Qoros Automotive the following documents latest within ninety (90) Business Days 
after execution of this Third Equity
Pledge Contract: 
(1) 
the relevant supporting documents proving that the
competent Commerce Commission in charge of Qoros Automotive has approved this Equity Pledge Agreement (if any); 
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The Third Equity Pledge in relation to 3
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(2) 
the relevant supporting documents proving that the competent
Administration for Industry and Commerce in charge of Qoros Automotive has carried out the pledge registration for this Equity Pledge Agreement. 
7.3 
If the documents provided by the Pledgor according to this Third Equity Pledge Contract are photocopies, they shall be either signed by the legal or authorized representative of
the Pledgor or affixed with the company seal of Qoros Automotive to confirm that they are true, complete and valid documents. If the documents provided by the Pledgor according to this Third Equity Pledge Contract are from abroad, these documents
shall comply with the requirements of the PRC laws and regulations and relevant PRC government authorities. 
Representations and Warranties 
8.1 
The Pledgor hereby represents and warrants to the Pledgee as follows: 
(1) 
The Pledgor is a limited liability company, is legally incorporated and validly existing
pursuant to the laws of the State of Delaware, the United States of America; 
(2) 
The Pledgor has full civil rights and capacity to operate its business, execute this Third Equity Pledge Contract and exercise its rights and perform its obligations according to
this Third Equity Pledge Contract; 
(3) 
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The Third Equity Pledge in relation to 3
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The Pledgor has completed all the internal corporate procedures required for the execution of this Third Equity Pledge Contract and exercise of the
rights and performance of the obligations in accordance with this Third Equity Pledge Contract, and this Third Equity Pledge Contract has been executed by duly authorized representative of the Pledgor and shall have binding effect on the Pledgor;

(4) 
The Pledgor’s obligations under this Third Equity Pledge Contract
are legitimate and valid, which shall have binding effect on the Pledgor and could be implemented according to the provisions of this Third Equity Pledge Contract;

(5) 
The execution hereof and exercise of the rights and performance of the
obligations pursuant to this Third Equity Pledge Contract by the Pledgor do not and will not be in violation of or conflicting with any of the following documents:

(i) 
any agreement, contract or any other documents of contractual nature
having binding effect on any of the Pledgor’s assets to which the Pledgor is a party; 
(ii) 
articles of association and other fundamental corporate documents of the Pledgor; or 
(iii)

any laws, regulations, judgment, ruling and adjudication applicable to the Pledgor; 
(6) 
All the authorizations, consents, approvals and permits required or necessary for the
conclusion, performance and execution of this Third Equity Pledge Contract and for the transactions under this Third Equity Pledge Contract have been duly obtained by the Pledgor, which are valid and effective; 
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The Third Equity Pledge in relation to 3
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(7) 
The execution hereof and exercise of the rights and
performance of the obligations in accordance with this Third Equity Pledge Contract by the Pledgor is the business behavior conducted for the purpose of business, which shall be fully subject to civil and business laws; 
(8) 
In any ongoing judicial proceedings in PRC in which it acts as one party, the Pledged
Equity shall not enjoy any immunity or privilege in the proceedings relating to litigation, 
judgment, enforcement, property preservation, or other judicial
proceedings; 
(9) 
There currently does not exist any arbitration, litigation
or administrative proceeding involving the Pledged Equity, which will have any Material Adverse Effect on the value of the Pledged Equity, or the Pledgor’s capability of performing its obligations according to this Third Equity Pledge Contract.
The Pledged Equity has not been sealed-up or frozen due to any property preservation procedures; 
(10) 
The Pledgor legally possesses the ownership right and right of disposition of the Pledged Equity over which there is no dispute and which could be the subject matter of the pledge
security pursuant to the laws. If the Pledged Equity belongs to the property which needs approval or consent by relevant authorities before pledge, the Pledgor guarantees that it has obtained valid and effective approval or consent; 
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The Third Equity Pledge in relation to 3
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(11) 
Except for the security created under this Third Equity
Pledge Contract, there is no security on the Pledged Equity in any form, co-ownership, any rights of the third party or any

dispute of ownership or any circumstance that may lead to Material Adverse Effect on the exercise of the right of pledge by the Pledgee; 
(12) 
All the materials, documents and evidence provided by the Pledgor to the Pledgee are
true, accurate, complete and effective, and the documents provided in photocopy are in 
conformity with the originals. 
8.2 
The abovementioned representations and warranties made by the Pledgor shall all the time
be accurate and error-free during the valid term of this Third Equity Pledge Contract, and the 
Pledgor guarantees that it will provide further documentation
required by the Pledgee at any time. 
Covenants 
The Pledgor hereby covenants
to the Pledgee, from the date of effectiveness of this Third Equity Pledge Contract until the termination of the rights and obligations of the Pledgor under this Third 
Equity Pledge Contract, that: 
9.1 
The Pledgor shall maintain the legitimate, continuing, and valid existence of its enterprise legal entity status, and comply with all the laws and regulations applicable to it.

9.2 
The Pledgor shall ensure that its business nature and business scope will
not have any alteration which will have a Material Adverse Effect on the rights and interests of the Pledgee under 
this Third Equity Pledge Contract. 
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The Third Equity Pledge in relation to 3
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9.3 
Unless the Pledged Equity is disposed of in accordance with
the provisions of this Third Equity Pledge Contract, the Pledged Equity under this Third Equity Pledge Contract shall be 
possessed and managed by the Pledgor, and
shall be continuously possessed and managed by the Pledgor during the valid term of this Third Equity Pledge Contract. 
9.4 (10) 
Upon occurrence of any of the following events, the Pledgor shall notify the Pledgee within ten (10) Business Days after its occurrence: 
(1) 10.1 
any event of default specified under Article 10.1 of this Third Equity Pledge
Contract; 
(2) 8.1 (9) 
any litigation, arbitration or legal proceedings
mentioned in Article 8.1 (9) hereunder; 
(3) 
Occurrence of any dispute over
the ownership of the Pledged Equity or measures having been taken on the Pledged Equity including but not limited to the sealed-up, sequestration, 
freezing, surveillance, etc.; 
(4) 
Loss or destruction of the Pledged Equity; 
(5) 
Occurrence of or the awareness by the Pledgor of any event that may materially affect the capability of the Pledgor of performing its obligations in accordance with this Third
Equity 
Pledge Contract 
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The Third Equity Pledge in relation to 3
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9.5 
The Pledgor shall provide the Pledgee with all documents and
materials in relation to the Pledge matters under this Third Equity Pledge Contract as the Pledgee reasonably requires at any time, and ensure the authenticity, accuracy and completeness of all the provided materials as mentioned above. 
9.6 
The Pledgor shall be responsible for the matters such as evaluation, notarization,
appraisal and preservation of the Pledged Equity under this Third Equity Pledge Contract and cooperate with the Pledgee relating to the Pledge approval and registration of the Pledged Equity. All the expenses thereof shall be borne by the Pledgor,
and the relevant intermediary organs of evaluation, notarization and appraisal shall be approved by the Pledgee in advance. 
9.7 
Except as contemplated by this Third Equity Pledge Contract, without the prior written consent of the Pledgee, the Pledgor shall not transfer, grant,
re-pledge or make capital contribution by way of Pledged Equity or otherwise dispose of all Pledged Equity specified in this Third Equity Pledge Contract. 
9.8 11 
Upon prior written consent of the Pledgee, proceeds generated by means of transferring
any of the Pledged Equity specified in this Third Equity Pledge Contract by the Pledgor shall be executed in compliance with Article 11 of this Third Equity Pledge Contract. 
In any case, the transfer of the Pledged Equity specified in this Third Equity Pledge Contract in accordance with the provisions hereof by the Pledgor shall not harm the interests
of the Pledgee. 
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The Third Equity Pledge in relation to 3
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9.9 Kenon Kenon Kenon 
Unless otherwise specified under this
Third Equity Pledge Contract, if Kenon or other third party establishes the right of property security for the interests of the Pledgee by its own properties over the Main Creditor’s Right under this Third Equity Pledge Contract, the Pledgor
hereby warrants that if the Pledgee waive the right of property security provided by Kenon or the third party, the sequence thereof, or the alternation of the right of property security, the foregoing actions will not affect or exempt any obligation
or security responsibility hereunder and the Pledgor’s scope of security will not be decreased therefrom. Meanwhile, the Pledgor waives counterplead rights of the claim of the Pledgee’s advanced execution of the right of property security
provided by Kenon or the third party. 
9.10 (80%): 
The Pledgor acknowledges
and warrants that the loan-to-value ratio (loan-to-value ratio shall refer to the ratio
between the amount of the principal amounts underlying the Main Creditor’s Rights and the audited net assets value (to be determined in accordance with Chinese GAAP) of the Pledged Equity as calculated in the same manner as the equity pledge
requirement is calculated by the Pledgor and EXIM Bank pursuant to the Syndicated Loan) of the Pledged Equity under this Third Equity Pledge Contract shall not exceed eighty percent (80%): 
(1) 
The Pledgee shall have the right to check and examine at any time the value of the Pledged
Equity (calculated on the basis of the audited net assets value of the Pledged Equity of Qoros Automotive) or entrust qualified and professional asset valuation institution to value relevant Pledged Equity. 
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The Third Equity Pledge in relation to 3
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(2) (80%) (i) 9.10 (ii) 4.1 
Where the net assets of Qoros
Automotive as evidenced in the audited Financial Statements of each Fiscal Year of Qoros Automotive varies which makes the loan-to-value ratio of the Pledged Equity
hereunder exceeds eighty percent (80%), the Pledgor is obliged to provide an additional equity pledge concerning the insufficient part of the Pledged Equity due to the abovementioned reason: (i) subject to the last sentence of this Section 9.10. and
(ii) except to the extent that a pledge of Additional Pledged Shares is permitted to be released pursuant to Section 4.1. 
(3) 80% 80% 
Where the net assets in the audited Financial Statements of each Fiscal Year of Qoros Automotive varies which makes the loan-to-value ratio of the Pledged Equity hereunder lower than eighty percent (80%), the Pledgee shall release part of the Pledged Equity established by the Pledgor under this Third Equity Pledge Contract,
provided however that the loan-to-value ratio of the remaining Pledged Equity shall still not exceed eighty percent (80%) after such release. 
The loan-to-value ratio of the Pledged Equity provided above shall be evaluated every year right
after the audited annual Financial Statements of each Fiscal Year have been given by Certified Public Accountant. 9.10 
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The Third Equity Pledge in relation to 3
Billion Loan Notwithstanding any other provision of this Equity Pledge Contract, including Section 9.10, the Pledgor shall have no obligation to pledge any further equity interests in Qoros Automotive unless it has available equity interests free
from any security or encumbrance in Qoros Automotive (it being understood that such equity interests shall not include any equity interests in Qoros Automotive already pledged to Exim Bank or which are required to be pledged to Exim Bank or the
Pledgee under other separate agreements) (“Unencumbered Shares”). For avoidance of any doubt, the parties agree that for purposes of the First Quantum Share Pledge the definition of “Unencumbered Shares” shall also not include
the shares which have already been pledged or are required to be pledged to the Pledgee under other separate agreements. 
Event of Default 
10.1 
Each of the following events shall constitute an event of default under this Third Equity
Pledge Contract: 
8 9 9.10(2) (80%) 10 (10) 
(1) The Pledgor violates the
provisions of Representations and Warranties in Article 8 or Covenants in Article 9 (provided, that, the loan-to-value ratio of the Pledged Equity exceeding eighty
percent percent (80%) due to the variation of the net assets in the audited Financial Statements of each Fiscal Year of Qoros Automotive set forth in Article 9.10 (2) shall not constitutean Event of Default under this Article 10) hereunder, which
might materially affect the value of the Pledged Equity and the Pledgor fails to make remedies to the Pledgee’s reasonable satisfaction within ten (10) Business Days from the date of the Pledgor’s awareness of such event or the date of the
issuance of a notice by the Pledgee requiring the Pledgor to make remedies (whichever is earlier); 
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The Third Equity Pledge in relation to 3
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(2) (10) 
The Pledgor fails to explain truthfully any of the
flaws of the Pledged Equity under this Third Equity Pledge Contract to the Pledgee, which materially affects the value of the Pledged Equity and the Pledgor fails to make remedies to the Pledgee’s satisfaction within ten (10) Business Days from
the date of the Pledgor’s awareness of such event or the date of the issuance of a notice by the Pledgee requiring the Pledgor to make remedies (whichever is earlier); 
(3) (30) 
The Pledgor fails to complete the pledge registration procedures or alternation
registration procedures according to this Third Equity Pledge Contract and the Pledgor fails to commence to make remedies to the Pledgee’s satisfaction within thirty (30) Business Days as of the issuance of a notice by the Pledgee
requiring the Pledgor to make remedies; 
(4) 
The Pledgor winds up or
terminates its business or enters into the proceeding of bankruptcy, liquidation, business suspension or other similar legal proceeding; or the Pledgor is filed for bankruptcy, liquidation or decided by the competent department to terminate or
suspend business; 
(5) 
The Pledgor transfers, grants, re-pledges or makes capital contribution by using the Pledged Equity or otherwise disposes of the Pledged Equity in any other form in violation of the provisions of this Third Equity Pledge Contract; 
(6) 
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The Third Equity Pledge in relation to 3
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The existence of co-ownership, ownership dispute, sealed-up,
sequestration or the establishment of the pledge over the Pledged Equity; 
(7) 11 
The Pledgor interferes with the Pledgee to dispose of the Pledged Equity according to the provisions of Article 11 hereunder in any form (including act or omission); 
10.2 10.1 
After the occurrence of any event of default set forth under Article 10.1 hereunder,
the Pledgee shall be entitled to take one of or several of the following actions: 
(1) 11 11 
subject to Article 11 notify in writing the Pledgor the intent to dispose of the Pledged Equity by means of auction or selling-off pursuant
to the laws, and the proceeds derived from disposing of the Pledged Equity shall be implemented according to Article 11 hereunder; 
(2) Kenon Kenon Kenon

notify in writing Kenon of requiring it to provide separate security for the First Kenon Guarantee and the Second Kenon Guarantee to complement or swap the
security against the Pledged Equity under this Third Equity Pledge Contract; 
(3) 
File for lawsuit to the People’s Court with jurisdiction as is agreed in this Third Equity Pledge Contract; 
(4) 
exercise other rights granted by laws and this Third Equity Pledge Contract. Realization
of Right of Pledge 
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The Third Equity Pledge in relation to 3
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11.1 
In case of occurrence of a Trigger Event, the Pledgee is
entitled to dispose of the Pledged Equity pursuant to the laws by direct auction or selling-off, and the proceeds derived from 
disposing of the Pledged Equity shall be applied: 
(1) 
to pay off the Secured Indebtedness; and 
(2) 
to pay the Pledgee all the fees incurred for the realization of the creditor’s rights under the secured interests under this Third Equity Pledge Contract paid by the Pledgee,
any other fees, liquidated damages, compensatory damages to be paid by the Pledgor under this Third Equity Pledge Contract, and all the tax incurred as a result of disposal of the Pledged Equity; 
11.2 11.1 
In the course of disposal of the Pledged Equity by the Pledgee according to Article
11.1 hereunder, the Pledgee is entitled to take the following actions pursuant to laws: (1) to dispose of the Pledged Equity by means of direct auction or selling-off at a proper time and at a market price as
the Pledgee thinks appropriate and fair; (2) to require the Pledgor to pay the Pledgee necessary expenses for the exercise of any rights hereunder or granted by laws; 
(3) to decide how to exercise all the rights enjoyed by the Pledgor as the shareholder of Qoros Automotive in respect of the Pledged Equity; 
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The Third Equity Pledge in relation to 3
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(4) 
to resolve, settle, or initiate arbitration or litigation
against the claim of rights raised by any person regarding the Pledged Equity, or to exercise or permit others to exercise any rights over the Pledged Equity in such a manner as the Pledgee thinks proper; 
(5) 
to exercise any other rights or take any other actions as permitted by laws in order to
realize any right of the Pledgee in respect of the Pledged Equity under this Third Equity Pledge Contract. 
The Pledgee is entitled to choose to exercise all or
part of the above-mentioned rights or to suspend the exercise of any right. 
11.3 
Upon request by the Pledgee, the Pledgor shall assist the Pledgee in obtaining any approvals or permits indispensable to realize the Pledgee’s rights, or assist the Pledgee
with any other indispensable procedures. 
11.4 Kenon Kenon Kenon Kenon Kenon Kenon Kenon 
The Pledgors’ obligations under this Third Equity Pledge Contract shall be limited to the Pledged Equity and the Pledgee is entitled to have recourse against Kenon but only to
the extent of the security provided by the Pledged Equity and in no event shall the Pledgee have any recourse against the Pledgor beyond the Pledged Equity and the Pledgee shall have no recourse under this Third Equity Pledge Contract against any of
the Pledgor’s affiliates, including Kenon. For the avoidance of doubt, in no event shall this Third Equity Pledge Contract increase amounts that may be payable by Kenon under the Kenon Guarantees or otherwise result in Kenon or the Pledgor
having liabilities with respect to the Secured Indebtedness (other than with respect to the Pledged Equity). In the event that the proceeds of a disposition by the Pledgor in accordance with this Third Equity Pledge Contract exceed the amount of
Secured Indebtedness, such excess shall be remitted to Kenon or the Pledgor (at Kenon’s option). 
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The Third Equity Pledge in relation to 3
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11.5 After the Pledgee notifies the Pledgor in writing and bona finde of the intent to dispose of the Pledged Equity in accordance with the provisions
under this Third Equity Pledge Contract, but prior to Pledgee actually exercising their rights in terms of the Pledged Equity, the Pledgor 
(a) Kenon 
shall have the irrevocable right to provide to the Pledgee instead of the Pledged Equity equivalent cash with a value equal to the Secured Indebtedness as outstanding under the
Kenon Guarantees and with regards to which the Pledgee has the right to exercise the Pledge, to swap the Pledge established by the Pledgor in accordance with the Third Equity Pledge Contract; or 
(b) may provide to the Pledgee other securities which are agreed by the Pledgee in writing in advance (including but without limitation another equity pledge or a guarantee to be
provided by the Pledgor or any third party, etc.) with a value of the portion of the Pledged Equity hereunder with regards to which the Pledgee has the right to exercise the Pledge, to swap the Pledge established by the Pledgor in accordance with
the Third Equity Pledge Contract. 33 

 

 
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The Third Equity Pledge in relation to 3
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11.6 11.5(a) (b) 11.5(a) 11.5(b) If the Pledgee announce the intention to exercise the Equity Pledge in accordance with its terms, and if the Pledgor
offers the Pledgee one of the above swap options Art. 11.5 (a) or (b), the Pledgee herewith irrevocable agree that the Pledgor has the right to decide to exercise such swap option under 11.5(a) at its sole discretion and the swap option under
11.5(b) subject to the prior consent of the Pledgee and in any event with priority over the Pledgee exercising the Pledge hereunder. The Pledge of the relevant Pledged Equity after any such swap option being exercised shall be released and relevant
parties shall work co-operatively to complete going through procedures of modification and cancellation of the Pledge. 
11.7
If any third party makes any claim to the Pledged Equity or raise any dispute in relation to the disposal of the Pledged Equity due to any reason, all consequences and liabilities arising therefrom shall be borne by the Pledgor, and such claim and
dispute shall not affect the disposal of the Pledged Equity by the Pledgee according to this Third Equity Pledge Contract. 
Fees 
12.1 The Pledgor shall bear and pay all the taxes and fees in connection with this Third Equity Pledge Contract and in relation to the Pledged Equity hereunder (i.e, approval and
registration fees of this Third Equity Pledge Contract). 
12.2 
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The Third Equity Pledge in relation to 3
Billion Loan 11 
Upon request by the Pledgee, the Pledgor shall indemnify the Pledgee in full immediately for all necessary and reasonable expenses and fees paid by
the Pledgee for its exercise of any rights in this Third Equity Pledge Contract or in any documents mentioned herein in any jurisdiction, including but not limited to the reasonable financial expenses, attorney fees and litigation fees for the
disposal of the Pledged Equity by the Pledgee according to Article 11 hereunder. 
Upon request by the Pledgor and on the costs of the Pledgor, the Pledgor shall be
entitled to the right in relation to the required redelivery of the Borrowed Shared under this Third Equity Pledge Contract. If such Borrowed Shares are not redelivered to the Pldgor in accordance with this Third Equity Pledge Contract, the Pledgee
shall indemnify the Pledgor immediately for necessary and reasonable expenses and fees paid by the Pledgor for its exercise of any rights in this Third Equity Pledge Contract in respect of required redelivery of the Borrowed Shares, in any
jurisdiction, including but not limited to the reasonable financial expenses, attorney fees and litigation fees. 
12.3 The Pledgor shall pay at any time all the
current and future approval and registration fees and other related tax imposed on the Pledgor in this Third Equity Pledge Contract and the documents mentioned hereunder. 
Change of Parties Without prior written consent from the other Party, one Party cannot transfer or assign any of its rights or obligations hereunder. This Third Equity Pledge
Contract shall be binding upon each 
party hereto and its successor(s) and assignee(s) respectively. 
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The Third Equity Pledge in relation to 3
Billion Loan 
Information Disclosure 
14.1 Any party hereto shall maintain the
confidentiality of any information relating to all documents provided by or on behalf of one party to the other party with regard to this Third Equity Pledge Contract (including but not limited to assessment report, insurance documents, and pledge
registration documents of the Pledged Equity). However, the parties hereto and the Pledgee and Qoros Automotive are entitled to: 
(1) disclose such information that
has become known to the public (excluding the information made known to the public as a result of breach of this provision by the disclosing party); 
(2) disclose
such information in any litigation or arbitration procedure; 
(3) disclose such information as required by laws or regulations; 
(4) disclose such information to any governmental, financial, tax or other regulatory authorities on an as-need basis; (5) 
disclose such information to its professional consultant on an as-need basis; 
(6) 14.2 disclose such information within the scope permitted by Article 14.2 hereunder; 
(7)
disclose such information upon consent of the disclosed party; 
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The Third Equity Pledge in relation to 3
Billion Loan 
(8) Kenon 
Such disclosure is required pursuant to any applicable
securities law or regulation or by order of any competent court or governmental authority or any stock exchange to be disclosed (including but not limited to regulations applicable as a result of any listing at a stock exchange in New York by
Kenon). 
14.2 The Pledgee are entitled to disclose to any party who will make or has made with the Pledgee any assignment agreement or other agreement related to
this Third Equity Pledge Contract 
(hereinafter referred to as the “Participants”): 
(1) any copy of the documents related to this Third Equity Pledge Contract (including but not limited to assessment report, pledge registration documents etc. in relation to the
Pledged Equity); and (2) 
any information that the Pledgee have obtained related to the above documents. 
Notwithstanding the foregoing, Participants shall submit written commitment that the Participant agrees to observe the confidentiality specified in Article 14.1 hereunder to the
Pledgee 
before receiving any such confidential information. 
14.3 14.1 14.2
Provisions specified in Article 14.1 and Article 14.2 as mentioned above shall supersede any confidentiality covenants that the Pledgee, before becoming a party to this Third Equity Pledge Contract, have made with respect to this Third Equity Pledge
Contract. 
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 30 
The Third Equity Pledge in relation to 3
Billion Loan Amendment and Supplement 
15.1 
The Pledgee and the Pledgor shall
have right to amend provisions of this Third Equity Pledge Contract from time to time in writing. If such amendment involves the change of the approval and/or registration matters of this Third Equity Pledge Contract, the Pledgor is obligated to
assist the Pledgee in conducting the alternation approval and registration with the competent authorities; any amendment made accordingly shall be binding upon all the Pledgee and the Pledgor. 
15.2 If so required by the registration authority in charge of the registration of this Third Equity Pledge Contract, the Pledgee and the Pledgor agree to sign an amendment to this
Third Equity Pledge Contract, provided that the alteration of the terms and conditions as requested by the registration authority in charge of registration of this Third Equity Pledge Contract, do not impose any additional obligations on the Pledgee
and/or the Pledgor, unless each such party has consented in writing to such alterations or additional obligations. 
Notice 
16.1 Pursuant to this Third Equity Pledge Contract, any notice, request document or any other file to be sent to any party of this Third Equity Pledge Contract shall be in writing
in English and/or Chinese and delivered to the recipient(s) at the address, or fax number with the attention to the contact person (if applicable) designated from time to time by such recipient(s) in writing. The address, fax number, and the contact
person (if applicable) originally designated by the Parties are listed in the signing page of this Third Equity Pledge Contract. 
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The Third Equity Pledge in relation to 3
Billion Loan 
16.2 Any communication made between the parties hereof pursuant to the provisions of this Third Equity Pledge Contract shall be deemed to have been
received by the recipient after 
satisfaction of the following conditions: 
(1)
If delivered in person, at the time of the actual delivery; 
(2) If given by fax, at the time of a completion of transmission and a receipt of correct feedback, or
a receipt of fax report; 
(3) (7) 12:00 If posted by international courier, at the time of 12:00 pm (Beijing time) of the seventh (7th) Business Day after a courier
document has been posted to a contact address last 
notified by the given party to the other party hereof 
16.3 (5) Any party hereto shall notify the other party of its change of contact person, address, or fax number within five (5) Business Days after the change has been
completed. 
Waiver and Partial Invalidity 17.1 
Neither failure to exercise nor
delay in exercising of any rights by the Pledgee and/or the Pledgor under this Third Equity Pledge Contract shall operate as a waiver thereof, nor shall any single or partial exercise of any right prevent the Pledgee and/or the Pledgor from
exercising such right further or in any other means, or exercising any other rights. The rights and remedies herein provided shall not exclude any rights or remedies of the Pledgee and/or the Pledgor provided by operation of law. 
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The Third Equity Pledge in relation to 3
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17.2 If, at any time, any provision of this Third Equity Pledge Contract becomes illegal, invalid or unenforceable in any aspect, neither the
legality, validity nor the enforceability of the remaining provisions hereof shall be in any way affected or impaired. 
Governing Law and Jurisdiction 18.1

This Third Equity Pledge Contract shall be governed by and interpreted in accordance with the PRC laws (including but not limited to the currently effective laws,
the administrative regulations, decisions and orders issued by the State Council of PRC, the rules and regulations promulgated by various departments of the State Council and local governments, but excluding the laws of the Hong Kong Special
Administrative Region, the Macao Special Administrative Region and Taiwan). 18.2 
Any dispute in connection with this Third Equity Pledge Contract shall be resolved
through friendly negotiation between the Parties. If no settlement can be reached through negotiation, any party is entitled to submit the dispute to the People’s Court with competent jurisdiction where Qoros Automotive is located. 
Contract Version 
19.1 
This Third Equity Pledge Contract is prepared and executed in Chinese and English. Both two versions shall prevail equally. 
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The Third Equity Pledge in relation to 3
Billion Loan 
19.2 Matters not covered in this Third Equity Pledge Contract shall be negotiated separately by the Pledgor and the Pledgee, and the Pledgor and the
Pledgee shall enter into supplementary agreement thereof. If such supplementary agreement involves the change of the approval and/or registration matters of this Third Equity Pledge Contract, the supplementary agreement shall be submitted to the
authorities for alternation approval and/or registration pursuant to the applicable laws. The supplementary agreement and this Third Equity Pledge Contract shall have the equal legal effect. 19.3 
The appendices hereof shall constitute effective integral part of this Third Equity Pledge Contract. 
19.4 (7) This Third Equity Pledge Contract shall be executed in seven (7) originals. The Pledgor and the Pledgee shall respectively keep one original. The remaining originals shall
be saved and kept by Qoros Automotive for the purpose of pledge registration of this Third Equity Pledge Contract. Each original shall have the same validity. (The remaining part of this page is intentionally left blank) 
41 

 

 
 (1) 
Signature Page (1) 
: Quantum (2007) LLC 
Pledgor: Quantum (2007) LLC 
/ Address: 
/ Postal Code: 
/Person in Charge: 
/ Telephone: 
/Fax: 
/ Contact Persons: 
/ Authorized Signatories: 
/Name: 
/Position: 
/Date: /Year /Month /Day 

 

 
 (2) 
Signature Page (2) 
Pledgee: Chery Automobile Co. Ltd. 
/ Address: 
/ Postal Code: 
/Person in Charge: 
/ Telephone: 
/Fax: 
/ Contact Persons: 
/ Authorized Signatory: 
/Name: 
/Official Seal /Position: 
/Date: /Year /Month /Day 

 

 
 The Further Release And Cash Support Agreement

Annex B 
B 
Release Agreement 

 

 
 B 
Annex B to Further Release and Cash Support
Agreement 
Quantum (2007) LLC 
Quantum (2007) LLC 
(as “Pledgor”) 
Chery Automobile Co. Ltd. 
(as “Pledgee”) 
The Third Equity Pledge Contract in relation to 700 Million Loan

, 2017 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
2017 
This Third Equity Pledge Contract is entered into on , 2017 by and between: 
1. Quantum (2007) LLC, 
16192 Coastal Highway, Lewes, Delaware 19958, USA, 
Quantum (2007) LLC, as the pledgor, a limited liability company incorporated under the laws of the State of Delaware, the United States of America, with its legal address at 16192
Coastal Highway, Lewes, Delaware 19958, USA (hereinafter referred to as the “Pledgor”); 
2. 
Chery Automobile Co., Ltd., a limited liability company duly organized and validly existing under the laws of the People’s Republic of China (the “PRC”) (the
“Pledgee”). 
WHEREAS: 
1. Kenon Holdings Ltd.(“Kenon”)

Kenon Holdings Ltd. (“Kenon”) is the parent company of the Pledgor.

2. 2012 7 23 YT41121230018 (RMB3,000,000,000) 
Qoros Automotive Co., Ltd.
(“Qoros Automotive” or “Qoros”) signed a RMB/USD dual currency facility agreement for fixed assets investment with an aggregate facility amount up to an equivalent of RMB3 billion (the “First Loan Agreement”) with
contract No. YT41121230018 on 23 July 2012 with The Export-Import Bank of China (the “Exim Bank”), China Construction Bank Co., Ltd., Suzhou Branch and several other banks listed in the Loan Agreement as lenders. Pursuant to and subject to
the terms and conditions of the First Loan Agreement, the lenders in the First Loan Agreement agreed to make available to the Qoros Automotive a long term loan facility in an aggregate amount not exceeding an equivalent of RMB3,000,000,000 (3
billion) in RMB/USD dual currency. 
2 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
3. 2012 7 23 YT41121230018(A) 
As a condition precedent under the First Loan Agreement, the
Pledgee entered into a guarantee deed with contract No. YT41121230018(A) and dated 23 July 2012 to provide an irrevocable and unconditional guarantee covering 50% of the indebtedness of Qoros Automotive under the First Loan Agreement (the
“First Chery Secured Indebtedness”). 
4. Kenon 2015 11 5 (“Kenon”), Kenon 50% Kenon (“Kenon”) 
Kenon and the Pledgee further entered into a guarantee contract (the “First Kenon Guarantee”) dated 5 November 2015, pursuant to which Kenon agreed to provide an
irrevocable and unconditional guarantee to the Pledgee for up to 50% of the First Chery Secured Indebtedness (the “First Kenon Secured Indebtedness”) up to a maximum amount equal to the total amount as defined in the First Kenon Guarantee.

5. 2015 5 12 700,000,000 480,000,000 
Qoros Automotive has signed a Consortium
Loan Agreement concerning Project of Research and Development of Hybrid Model(the “Second Loan Agreement”) on 12 May, 2015 with the Export-Import Bank of China, China Construction Bank Co., LTD, Suzhou Branch, under which the lender in the
Second Loan Agreement agrees to make available to Qoros Automotive an aggregate principal amount equivalent to RMB 700,000,000 (Seven Hundred Million) under which the USD facility shall not exceed an amount equivalent to RMB 480,000,000(RMB Four
Hundred and Eighty Million) long term loan facility pursuant to the provisions of the Second Loan Agreement. 
3 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
6. 2015 5 12 
As a condition precedent for the lender in the Second Loan Agreement to make the
facility available for Qoros Automotive, pursuant to the terms and conditions set forth in the “Guarantee Contract for RMB 0.7 Billion Consortium Loan Agreement concerning Project of Research and Development of Hybrid Model of Qoros Automotive
Co., Ltd.” dated 12 May 2015 (the “Second Chery Guarantee”) the Pledgee has provided an irrevocable, unconditional and joint guarantee for the liabilities of Qoros Automotive under the Second Loan Agreement (the “Second
Chery Secured Indebtedness”). 
7. Kenon 2015 11 13 2015 6 9 (“Kenon”) , Kenon 50% (“Kenon”) 
Kenon and the Pledgee executed a Guarantee Contract on 13 November, 2015 as amended as of 9 June 2015 (the “Second Kenon Guarantee”), under which Kenon agrees
to provide an irrevocable and unconditional guarantee to the Pledgee for up to 50% of the Second Chery Secured Indebtedness under the Second Chery Guarantee Deed(the “Second Kenon Secured Indebtedness”). 
8. 2016 12 21 2 5 2016 12 21 Kenon 2016 12 21 Kenon Kenon Kenon Kenon (“Kenon”) 
In
consideration of the provision of the RMB250m shareholder loan by Quantum to Qoros dated 21 December 2016 and provision of quantum share pledge by Quantum in favour of the Pledgee dated 21 December 2016 (the “First Quantum Share
Pledge”), Kenon and the Pledgee then entered into a release agreement dated 21 December 2016 (the “First Release Agreement”), pursuant to the terms and conditions of which the Pledgee agreed to partially release Kenon from the
guaranteed obligations under the First Kenon Guarantee. The remaining part of the guaranteed obligations of Kenon in relation to the First Kenon Secured Indebtedness under the First Kenon Guarantee is still subject to the First Kenon Guarantee (the
“Remaining First Kenon Secured Indebtedness”). 
4 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
9. 
Quantum and Wuhu Chery each provided the tranche A shareholder loan (hereinafter, being
respectively referred to as the “Tranche A Quantum Loan” and the “Tranche A Wuhu Chery Loan”, and collectively, the “ Tranche A Loans”) to Qoros on the date of [ ] and with the same terms. After disbursement of the
Tranche A Loans, subject to Quantum’s sole discretion, Quantum and Wuhu Chery will each provide tranche B shareholder loan (hereinafter, being respectively referred to as the “Tranche B Quantum Loan” and the “Tranche B Wuhu Chery
Loan”, and collectively, the “Tranche B Loans”) to Qoros on or about the date of this Agreement and with the same terms. Quantum will provide certain cash support to Wuhu Chery in relation to its provision of the Tranche B of Wuhu
Chery Loan. 
10. Kenon Kenon Kenon Kenon Kenon (“Kenon”) Kenon Kenon (“Kenon”) 
As requested by Kenon and considering the arrangement of the Tranche A Loans and the Tranche B Loans and the provision of the other conditions, in connection with this Contract,
the Pledgee entered into a further release and cash support agreement on [ ], and further releases Kenon from all guaranteed obligations by Kenon in relation to the Remaining First Kenon Secured Indebtedness under the First Kenon Guarantee (together
with the Second Kenon Guarantee referred as to the “Kenon Guarantees”) and the Second Kenon Secured Indebtedness (together with the Remaining First Kenon Secured Indebtedness referred as to the “Kenon Secured Indebtedness”) under
the Second Kenon Guarantee subject to the terms and conditions as provided in a further release and cash support agreement by and between the Pledgee and Kenon on or about the date of this Contract (the “Further Release and Cash Support
Agreement”). 
5 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
11. 
As one of the conditions precedent to the second release of the relevant guarantee
obligations pursuant to the Further Release and Cash Support Agreement, the Pledgor agrees to enter into this Third Equity Pledge Contract and the Pledgor agrees to, pursuant to the terms and conditions of this Third Equity Pledge Agreement create a
first priority pledge over the Pledged Equity in favour of the Pledgee. 
12. Kenon 194,250,000 Kenon 
As the condition precedent to the second release of the relevant guarantee obligations pursuant to the Further Release and Cash Support Agreement and provision of Tranche B Wuhu
Chery Loan, Kenon shall pay RMB194.25 million (the “Second Cash Support Amount”) to the Pledgee. The Pledgee has agreed under the Further Release and Cash Support Agreement to pay to Kenon a certain amount in certain agreed
circumstances as provided for in the Further Release and Cash Support Agreement. 
Therefore, both parties agree as follows: 
Definition and Interpretation 
6 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
Kenon Kenon 
Unless otherwise provided in this Third Equity Pledge Contract, when the terms
interpreted and defined in the Second Kenon Guarantee are used in this Third Equity Pledge Contract, they shall have the same meanings as they have in the Second Kenon Guarantee. 
Pledged Equity 
2.1 4.14% Kenon Kenon 9.10 80% 
The Pledgor pledges to the Pledgee 4.14% capital contribution equity held by it in Qoros Automotive (hereinafter referred to as the “Pledged Equity”) in order to provide
pledge security for the obligations and liabilities of Kenon under the Second Kenon Guarantee which are released under the Further Release and Cash Support Agreement on the Second Effective Date. 
“Pledge” means the security expressed to be created by this Third Equity Pledge Contract, including all of the rights, title and interests in and to the Pledged Equity
which are or are to be vested in the Pledgee. Subject to Section 9.10, the Pledged Equity is subject to adjustment such that in the event of a change in the calculation by the Pledgor and Exim Bank of net asset value for calculating the loan to
value ratio for the equity pledge requirement for the Syndicated Loan (defined below), then the amount of Pledged Equity shall be adjusted (and Pledged Equity released, to the extent applicable) such that the loan to value ratio (calculated in the
same manner as by the Pledgor and Exim Bank pursuant to the Syndicated Loan) shall be 80%. For avoidance of any doubt, the Pledged Equity as provided by the Pledgor according to any provision of this Contract shall be at all times subject to the
Unencumbered Shares (as defined below) held by it. 
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 The Third Equity Pledge in relation to 700 Million Loan 
2.2 
The Pledged Equity means all of the rights, title and interests of the Pledgor in and to
the Pledged Equity, including but without limitation to the following rights: 
(1) 6 
Subject to the provisions contained in Article 6, all dividends generated from the Pledged Equity and payments of any other nature and the corresponding rights and interests in
respect of the Pledged Equity, which the Pledgor shall have the right to collect from Qoros Automotive; 
(2) 6 
Subject to the provisions contained in Article 6, the corresponding rights and interests of any warranty, acknowledgement and commitment made by another party which the Pledgor
shall have the right to enjoy in respect of the Pledged Equity under the Sino-foreign equity joint venture contract for the establishment of Qoros Automotive (“JV Contract”) and the articles of association (“AoA”) of Qoros
Automotive; 
(3) 6 
Subject to the provisions contained in Article 6 any right
enjoyed by the Pledgor in respect of the Pledged Equity, to claim for default compensation arising out of default by any other party under the JV Contract and AoA of Qoros Automotive. 
2.3 
Trigger Event 
(i) Kenon Kenon Kenon Kenon 
8 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
Kenon Kenon (ii) Kenon 30 Kenon Kenon Kenon 11 
A “Trigger Event” shall occur upon
the occurrence of, (i) the Pledgee having paid to the relevant agent bank under any Chery Guarantees and, in respect of the amount which were as a result of such payment originally recoverable from Kenon under the Kenon Guarantees in relation
to the Kenon Secured Indebtedness (and subject to all of the conditions for recovery under the Kenon Guarantees) but which Kenon was no longer liable to pay under the Kenon Guarantee as a result of the Further Release and Cash Support Agreement (the
“Further Released Guarantee Amount”), and (ii) the Pledgee not having received such amount following 30 Business Days after Kenon receives a valid written notice from the Pledgee in relation to such amount. For the avoidance of doubt,
Kenon shall have no obligation to make any payment to the Pledgee or any other person with respect to the Further Released Guarantee Amount and failure to pay such amount shall not constitute a default by Kenon under the Further Release and Cash
Support Agreement, the Kenon Guarantee or otherwise; rather, such failure to pay only results in a Trigger Event for purposes of Article 11 of this Third Equity Pledge Contract. 
Scope of Security 
3.1 Kenon Kenon 
The main creditor’s rights secured by the Pledged Equity under this Third Equity Pledge Contract shall be at any given time (hereinafter referred to as the “Main
Creditor’s Rights”): the main creditor’s rights constitutes of the amount of the obligations and liabilities of Kenon under the Second Kenon Guarantee which are released under the Further Release and Cash Support Agreement on the
Second Effective Date. 
3.2 
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 The Third Equity Pledge in relation to 700 Million Loan 
The scope secured by the Pledged Equity according to this Third Equity Pledge Contract shall be the sum of the following amounts (hereinafter referred to as the “Secured
Indebtedness”): 
(1) The Main Creditor’s Right and the interests (including but not limited to any interest, compound interest and default interest)
arising out of the Main Creditor’s Right; 
(2) 
All necessary and
reasonable fees and expenses paid by the Pledgee to realize the interests of security under this Third Equity Pledge Contract (including but not limited to the legal costs, property preservation fees, travel expenses, valuation fees, auction fees,
attorney fees, notary fees, judgment enforcement fees, etc.); and any other necessary and reasonable fees which shall be borne by the Pledgor in accordance with this Third Equity Pledge Contract. 
3.3 Kenon (10) (2) 
The performance term of the secured Main Creditor’s Rights under this
Third Equity Pledge Contract shall commence from the effectiveness of the Second Chery Guarantee or the effective date of Second Kenon Guarantee, whichever is earlier, until ten (10) days after the First Chery Guarantee term under the First
Chery Guarantee, or two (2) years after the Pledgee performs the First Chery Secured Indebtedness owned by the Pledgee under the First Chery Guarantee, whichever is later. 
3.4 Kenon 
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 The Third Equity Pledge in relation to 700 Million Loan 
For any certificate presented by the Pledgee to indicate any Secured Indebtedness (i.e. statement of account chopped by Qoros Automotive upon confirmation) or any account payable
by the Pledgor under this Third Equity Pledge Contract, unless the Pledgor is able to provide sufficient and effective evidence to prove its conspicuous mistake, such certificate shall be the final proof of the creditor-debtor relationship between
the Pledgee and Kenon or the Pledgor, which shall be binding on the Pledgor. 
Nature and Effectiveness of Security 
4.1 (2017) , (i) 12 C (ii) 8% 2% C 
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 The Third Equity Pledge in relation to 700 Million Loan 
11.1 9.10 
Generally, the Pledgor’s security obligation under this Second Equity Pledge
Contract is of continuity wherein the security responsibility of the Pledgor shall be released only when the Secured Indebtedness is paid off, which shall not be affected by any changes made to the shareholding structure, organizational structure or
business operations of the Pledgor. However, if, after the issuance of the audited Financial Statements of the next Fiscal Year and each Fiscal Year thereafter of Qoros Automotive (which should not occur before the first quarter of 2017), (i) the
Pledgor is required by the 1.2 billion RMB loan equity pledge contract (which means the Equity Pledge Contract for 1.2 Billion RMB Equivalent Syndicated Loan (the “Syndicated Loan”) concerning Project of Research and Development of C
Platform Derivative Model of Qoros Automotive Co., Ltd. by and between the Pledgor and Bank of China Limited Su Zhou Branch), to provide an additional equity pledge (“Additional Pledged Shares”) concerning its equity in Qoros Automotive to
Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch and such additional pledge can only be satisfied by using all or a portion of the same equity which has been pledged under this Equity Pledge Contract,
and (ii) the Pledgor is unable to obtain Additional Pledged Shares through a conversion of existing loans in Qoros Automotive (“Loan Conversion”), then the pledge with respect to all or such portion of pledged equity under this Equity
Pledge Contract, in an amount equal to the number of Additional Pledged Shares required to be pledged under the Syndicated Loan and which cannot be obtained through a Loan Conversion, shall automatically be released and the Pledgee shall take all
actions as may be required to deregister the same pledge with the competent authorities, provided that after such release, the Pledgee shall have the right to request a second priority pledge over such equity, subject to the consent of Exim Bank,
Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch. 
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 The Third Equity Pledge in relation to 700 Million Loan 
If the Additional Pledged Shares requested to be provided by the Pledgor cover less than 8% equity interest in Qoros Automotive, then, to the extent the Pledgor has sufficient
Unencumbered Shares (as defined below) and provided that Exim Bank consents (having regard to this Equity Pledge Contract), the Pledgee shall be entitled to use up to 2% unencumbered equity interest in Qoros Automotive owned by the Pledgor (the
“Borrowed Shares”) to provide, pursuant to the Equity Pledge Contract for the Syndicated Loan concerning Project of Research and Development of C Platform Derivative Model of Qoros Automotive Co., Ltd. by and between the Pledgee and Bank
of China Limited Su Zhou Branch, an additional equity pledge over such equity in Qoros Automotive to Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch. For the avoidance of doubt, if the additional equity
pledge in respect of the Borrowed Shares is enforced by the Lenders pursuant to the terms of the additional equity pledge, the Pledgor shall not be entitled to have any recourse against the Pledgee in respect of the Borrowed Shares, provided that
the amount of such equity interests so enforced shall offset and reduce, by an equivalent amount, equity interests otherwise required to be pledged by Pledgor under this Equity Pledge Contract. 
Such Borrowed Shares shall be returned to the Pledgor as soon as is reasonably practicable after such Borrowed Shares have been released by the Lenders from the relevant additional
equity pledge. To the extent that such Borrowed Shares have not been returned after the relevant release, and Pledgee seeks to exercise its rights under Section 11.1 hereunder, it shall, prior to exercising such rights, return the Borrowed
Shares or failing which, the Borrowed Shares may be retained by the Pledgee and such retained shares shall be deemed to replace the Pledged Equity (to the extent of the Borrowed Shares) for all purposes hereunder and the pledge over any Pledged
Equity that would no longer be required to be pledged under the loan-to-value requirement set forth in Section 9.10, shall be released. 
2 
Without prejudice to the clause 2 of the Further Release and Cash Support Agreement, and
notwithstanding any other provision or terms of this Third Equity Pledge Contract, if: 
1. Kenon Kenon 
Kenon provides the Pledgee with guarantee security with respect to performance of all the obligations under the Main Creditor’s Rights on substantially the same terms and
conditions as those set out in the Kenon Guarantees; or 
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 The Third Equity Pledge in relation to 700 Million Loan 
2. 
the Main Creditor’s Rights have been satisfied and discharged in full, 
(1), (2), (3) 
then (1) the Pledged Equity shall be automatically released from this Third
Equity Pledge Contract and the Pledgee required to return the Pledged Equity (and all Borrower Shares) to the Pledgor, (2) all obligations owing by the Pledgor under this Third Equity Pledge Contract shall be automatically released and
discharged in full and (3) this Third Equity Pledge Contract shall be automatically terminated. 
4.2 Kenon, Kenon 
The effectiveness of this Third Equity Pledge Contract is independent from the Kenon Guarantees. This Third Equity Pledge Contract shall not become invalid due to invalidation of
the Kenon Guarantees. 
4.3 Kenon Kenon 
Kenon and the Pledgee may amend or
supplement provisions under the Kenon Guarantees upon negotiation without the consent of the Pledgor. The Pledgor shall undertake security responsibility within the scope of the amended creditor’s right except for the circumstances which
increase the responsibility of the Pledgor. 
4.4 Kenon 
The effectiveness of
this Third Equity Pledge Contract and the validity of Pledge under this Third Equity Pledge Contract shall not be affected by liquidation, merger, spin-off, restructuring, bankruptcy or shareholding or
organization change in other forms of the Pledgor or any other person or any other arrangement made to Kenon’s debts. 
4.5 
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 The Third Equity Pledge in relation to 700 Million Loan 
Kenon 
The Pledge provided by the Pledgor for the Secured Indebtedness hereunder is an
independent security and shall not be construed as a joint security with any other securities provided by any third party in relation to any Kenon Guarantee, other than the cash support arrangements contemplated under the Further Release and Cash
Support Agreement. 
Pledge Approval and Registration 
5.1 (20) 
The Pledgee and the Pledgor shall record the equity pledge in the Qoros Automotive’s Register of Shareholders within twenty (20) Business Days after this Third Equity
Pledge Contract and commence the approval procedures for this Third Equity Pledge Contract with the competent Commerce Commission in charge of Qoros Automotive (if any) and subsequently file for registration of this Third Equity Pledge Contract with
the competent Administration for Industry and Commerce in charge of Qoros Automotive pursuant to the provisions of laws and regulations of the PRC. 
5.2 (10)

When the Pledgor processes the approval and registration procedures of the Pledged Equity according to the provisions of this Third Equity Pledge Contract, the
Pledgor shall deliver to the Pledgee for its keeping of the certificate of other rights of the Pledged Equity and relevant certificates of property rights (if any). Within ten (10) Business Days after the Secured Indebtedness is completely paid
off, the Pledgee shall return the aforesaid originals to the Pledgor, and assist the Pledgor in completing the pledge deregistration procedures. The expenses incurred therefrom shall be borne by the Pledgor. 
50% 
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 The Third Equity Pledge in relation to 700 Million Loan 
50%, (10) 
After the principal underlying the Secured Indebtedness has been paid off by at
least 50% (as compared to amounts outstanding under the Loan Agreement on the date of this Third Equity Pledge Contract and giving effect to the Further Release and Cash Support Agreement), the Pledgor is entitled to apply in writing to the Pledgee
to decrease the Pledged Equity by 50%. The Pledgee shall not unreasonably withhold its consent for such decrease and the Pledgee shall go through relevant pledge deregistration formalities of the decreased part of the Pledged Equity with the Pledgor
within ten (10) Business Days after and pursuant to the resolution of the Pledgee. The Pledgor shall bear the fees and expenses arising from such decrease of the Pledged Equity. 
5.3 (30) 
In case of the change of pledge approval and/or registration matters under this Third
Equity Pledge Contract or of the name of Qoros Automotive, which needs to be approved and/or registered for alteration in respect of equity pledge pursuant to the laws, the Pledgor and the Pledgee shall commence the alteration approval and
registration procedures in the relevant authorities of approval and registration within thirty (30) Business Days from the date as of which the cause of alteration has become known to the relevant party. 
5.4 
This Third Equity Pledge Contract shall take effect upon approval by competent Commerce
Commission without any changes to this Third Equity Pledge Contract (unless such change has been agreed by both parties hereto in writing), and the pledge right of the Pledged Equity shall be established as of the date of the pledge registration of
this Third Equity Pledge Contract with the locally competent Administration of Industry and Commerce in charge of Qoros Automotive. 
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 The Third Equity Pledge in relation to 700 Million Loan 
5.5 5.1, 5.2, 5.3, 5.4 2 
For avoidance of any doubt, notwithstanding to the contrary, after
this Contract becomes effective, the Pledgee shall have the right to enforce the pledge as contemplated hereunder pursuant to the clause 2 of the Further Release and Cash Support Agreement and this Contract, no matter whether any of the perfection
formalities with respect to this Contract as provided in the above Article 5.1, 5.2, 5.3 and 5.4 is completed or not. 
Exercise of Rights and Performance of
Obligations by the Shareholder 
6.1 
Notwithstanding the Pledge of the
Pledgor’s rights, title and interests in and to the Pledged Equity, from the date of execution of this Third Equity Pledge Contract and until the date when the Secured Indebtedness is paid off, the Pledgor and Qoros Automotive shall be entitled
to exercise all rights and shall be obliged to fulfill all obligations of the Pledgor and Qoros Automotive (as case may be) under the JV Contract and the AoA of Qoros Automotive. 
6.2 Kenon Kenon Kenon Kenon 
Unless an Event of Default under the Kenon Guarantees or a Trigger
Event has occurred and is continuing and notice of such an Event of Default has been given by the Pledgee in accordance with the terms of the Kenon Guarantees (or notice of Trigger Event has been given hereunder), the Pledgor shall be entitled to
retain and to exercise any voting and dividend and other rights which it may have in respect of the Pledged Equity. If an Event of Default under the Kenon Guarantees or a Trigger Event has occurred and is continuing and notice of such an Event of
Default has been given validly by the Pledgee in accordance with the Kenon Guarantees (or notice of Trigger Event has been given hereunder), the Pledgor shall procure that all voting and dividend and other rights in respect of the Pledged Equity are
exercised in accordance with the instructions of the Pledgee. 
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 The Third Equity Pledge in relation to 700 Million Loan 
6.3 
The Pledgor shall continue to abide by and perform all the obligations and
responsibilities in connection with the Pledged Equity and as the shareholder of Qoros Automotive. 
The Pledgee do not need to perform any obligation or
responsibility of the Pledged Equity which shall be undertaken by the Pledgor. The Pledgee shall also not be obligated to take any action in respect of the Pledged Equity. The Pledgee shall not be obligated to undertake any obligation or
responsibility to any other party in respect of the Pledged Equity due to this Third Equity Pledge Contract, except as otherwise required by law. 
Submission of
Documents by the Pledgor 
7.1 (20) 
The Pledgor shall ensure that the Pledgee
will receive from the Pledgor or from Qoros Automotive the following documents within twenty (20) Business Days after execution of this Third Equity Pledge Contract: 
(1) 
the original English written document of the Pledgor’s shareholder approving the
Pledgor to pledge its Pledged Equity to the Pledgee; 
(2) 
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 The Third Equity Pledge in relation to 700 Million Loan 
photocopies of the relevant supporting documents proving that the equity pledge under this Third Equity Pledge Contract is recorded in the Register of Shareholders of Qoros
Automotive; 
(3) 
any other documents as reasonably required by the Pledgee to
be provided by the Pledgor. 
7.2 (90) 
The Pledgor will undertake its best
efforts that the Pledgee will receive either from the Pledgor or from Qoros Automotive the following documents latest within ninety (90) Business Days after execution of this Third Equity Pledge Contract: 
(1) 
the relevant supporting documents proving that the competent Commerce Commission in charge
of Qoros Automotive has approved this Equity Pledge Agreement (if any); 
(2)

the relevant supporting documents proving that the competent Administration for Industry and Commerce in charge of Qoros Automotive has carried out the pledge
registration for this Equity Pledge Agreement. 
7.3 
If the documents provided
by the Pledgor according to this Third Equity Pledge Contract are photocopies, they shall be either signed by the legal or authorized representative of the Pledgor or affixed with the company seal of Qoros Automotive to confirm that they are true,
complete and valid documents. If the documents provided by the Pledgor according to this Third Equity Pledge Contract are from abroad, these documents shall comply with the requirements of the PRC laws and regulations and relevant PRC government
authorities. 
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 The Third Equity Pledge in relation to 700 Million Loan 
Representations and Warranties 
8.1 
The Pledgor hereby represents and warrants to the Pledgee as follows: 
(1) 
The Pledgor is a limited liability company, is legally incorporated and validly existing pursuant to the laws of the State of Delaware, the United States of America; 
(2) 
The Pledgor has full civil rights and capacity to operate its business, execute this Third
Equity Pledge Contract and exercise its rights and perform its obligations according to this Third Equity Pledge Contract; 
(3) 
The Pledgor has completed all the internal corporate procedures required for the execution of this Third Equity Pledge Contract and exercise of the rights and performance of the
obligations in accordance with this Third Equity Pledge Contract, and this Third Equity Pledge Contract has been executed by duly authorized representative of the Pledgor and shall have binding effect on the Pledgor; 
(4) 
The Pledgor’s obligations under this Third Equity Pledge Contract are legitimate and
valid, which shall have binding effect on the Pledgor and could be implemented according to the provisions of this Third Equity Pledge Contract; 
(5) 
20 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
The execution hereof and exercise of the rights and performance of the obligations pursuant to this Third Equity Pledge Contract by the Pledgor do not and will not be in violation
of or conflicting with any of the following documents: 
(i) 
any agreement,
contract or any other documents of contractual nature having binding effect on any of the Pledgor’s assets to which the Pledgor is a party; 
(ii) 
articles of association and other fundamental corporate documents of the Pledgor; or 
(iii)

any laws, regulations, judgment, ruling and adjudication applicable to the Pledgor; 
(6) 
All the authorizations, consents, approvals and permits required or necessary for the
conclusion, performance and execution of this Third Equity Pledge Contract and for the transactions under this Third Equity Pledge Contract have been duly obtained by the Pledgor, which are valid and effective; 
(7) 
The execution hereof and exercise of the rights and performance of the obligations in
accordance with this Third Equity Pledge Contract by the Pledgor is the business behavior conducted for the purpose of business, which shall be fully subject to civil and business laws; 
(8) 
In any ongoing judicial proceedings in PRC in which it acts as one party, the Pledged
Equity shall not enjoy any immunity or privilege in the proceedings relating to litigation, judgment, enforcement, property preservation, or other judicial proceedings; 
21 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
(9) 
There currently does not exist any arbitration, litigation or administrative proceeding
involving the Pledged Equity, which will have any Material Adverse Effect on the value of the Pledged Equity, or the Pledgor’s capability of performing its obligations according to this Third Equity Pledge Contract. The Pledged Equity has not
been sealed-up or frozen due to any property preservation procedures; 
(10) 
The Pledgor legally possesses the ownership right and right of disposition of the Pledged Equity over which there is no dispute and which could be the subject matter of the pledge
security pursuant to the laws. If the Pledged Equity belongs to the property which needs approval or consent by relevant authorities before pledge, the Pledgor guarantees that it has obtained valid and effective approval or consent; 
(11) 
Except for the security created under this Third Equity Pledge Contract, there is no
security on the Pledged Equity in any form, co-ownership, any rights of the third party or any dispute of ownership or any circumstance that may lead to Material Adverse Effect on the exercise of the right of
pledge by the Pledgee; 
(12) 
All the materials, documents and evidence
provided by the Pledgor to the Pledgee are true, accurate, complete and effective, and the documents provided in photocopy are in conformity with the originals.

8.2 
The abovementioned representations and warranties made by the Pledgor
shall all the time be accurate and error-free during the valid term of this Third Equity Pledge Contract, and the Pledgor guarantees that it will provide further documentation required by the Pledgee at any time. 
22 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 
Covenants 
The Pledgor hereby covenants to the Pledgee, from the date of effectiveness of this
Third Equity Pledge Contract until the termination of the rights and obligations of the Pledgor under this Third 
Equity Pledge Contract, that: 
9.1 The Pledgor shall maintain the legitimate, continuing, and valid existence of its enterprise legal entity status, and comply with all the laws and regulations applicable to it.

9.2 The Pledgor shall ensure that its business nature and business scope will not have any alteration which will have a Material Adverse Effect on the rights and
interests of the Pledgee under 
this Third Equity Pledge Contract. 
9.3 Unless
the Pledged Equity is disposed of in accordance with the provisions of this Third Equity Pledge Contract, the Pledged Equity under this Third Equity Pledge Contract shall be possessed and managed by the Pledgor, and shall be continuously possessed
and managed by the Pledgor during the valid term of this Third Equity Pledge Contract. 
9.4 (10) Upon occurrence of any of the following events, the Pledgor shall
notify the Pledgee within ten (10) Business Days after its occurrence: 
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 The Third Equity Pledge in relation to 700 Million Loan 
(1) 10.1 any event of default specified under Article 10.1 of this Third Equity Pledge Contract;

(2) 8.1 (9) any litigation, arbitration or legal proceedings mentioned in Article 8.1 (9) hereunder; 
(3) Occurrence of any dispute over the ownership of the Pledged Equity or measures having been taken on the Pledged Equity including but not limited to the sealed-up, sequestration, freezing, surveillance, etc.; 
(4) Loss or destruction of the Pledged Equity; 
(5) Occurrence of or the awareness by the Pledgor of any event that may materially affect the capability of the Pledgor of performing its obligations in accordance with this Third
Equity Pledge Contract 
9.5 The Pledgor shall provide the Pledgee with all documents and materials in relation to the Pledge matters under this Third Equity Pledge
Contract as the Pledgee reasonably requires at any time, and ensure the authenticity, accuracy and completeness of all the provided materials as mentioned above.

9.6 The Pledgor shall be responsible for the matters such as evaluation, notarization, appraisal and preservation of the Pledged Equity under this Third Equity
Pledge Contract and cooperate with the Pledgee relating to the Pledge approval and registration of the Pledged Equity. All the expenses thereof shall be borne by the Pledgor, and the relevant intermediary organs of evaluation, notarization and
appraisal shall be approved by the Pledgee in advance. 
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 The Third Equity Pledge in relation to 700 Million Loan 
9.7 Except as contemplated by this Third Equity Pledge Contract, without the prior written consent of the Pledgee, the Pledgor shall not transfer, grant, re-pledge or make capital contribution by way of Pledged Equity or otherwise dispose of all Pledged Equity specified in this Third Equity Pledge Contract. 
9.8 11 Upon prior written consent of the Pledgee, proceeds generated by means of transferring any of the Pledged Equity specified in this Third Equity Pledge Contract by the
Pledgor shall be executed in compliance with Article 11 of this Third Equity Pledge Contract. 
In any case, the transfer of the Pledged Equity specified in this
Third Equity Pledge Contract in accordance with the provisions hereof by the Pledgor shall not harm the interests of the Pledgee. 
9.9 Kenon Kenon Kenon Unless
otherwise specified under this Third Equity Pledge Contract, if Kenon or other third party establishes the right of property security for the interests of the Pledgee by its own properties over the Main Creditor’s Right under this Third Equity
Pledge Contract, the Pledgor hereby warrants that if the Pledgee waive the right of property security provided by Kenon or the third party, the sequence thereof, or the alternation of the right of property security, the foregoing actions will not
affect or exempt any obligation or security responsibility hereunder and the Pledgor’s scope of security will not be decreased therefrom. Meanwhile, the Pledgor waives counterplead rights of the claim of the Pledgee’s advanced execution of
the right of property security provided by Kenon or the third party. 
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 The Third Equity Pledge in relation to 700 Million Loan 
9.10 (80%): 
The Pledgor acknowledges and warrants that the loan-to-value ratio (loan-to-value ratio shall refer to the ratio between the amount of the principal amounts underlying the
Main Creditor’s Rights and the audited net assets value (to be determined in accordance with Chinese GAAP) of the Pledged Equity as calculated in the same manner as the equity pledge requirement is calculated by the Pledgor and EXIM Bank
pursuant to the Syndicated Loan) of the Pledged Equity under this Third Equity Pledge Contract shall not exceed eighty percent (80%): 
(1) The Pledgee shall have
the right to check and examine at any time the value of the Pledged Equity (calculated on the basis of the audited net assets value of the Pledged Equity of Qoros Automotive) or entrust qualified and professional asset valuation institution to value
relevant Pledged Equity. 
(2) (80%) (i) 9.10 (ii) 4.1 Where the net assets of Qoros Automotive as evidenced in the audited Financial Statements of each Fiscal Year
of Qoros Automotive varies which makes the loan-to-value ratio of the Pledged Equity hereunder exceeds eighty percent (80%), the Pledgor is obliged to provide an
additional equity pledge concerning the insufficient part of the Pledged Equity due to the abovementioned reason: (i) subject to the last sentence of this Section 9.10. and (ii) except to the extent that a pledge of Additional Pledged
Shares is permitted to be released pursuant to Section 4.1. 
(3) 
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 The Third Equity Pledge in relation to 700 Million Loan 
(80%) (80%) Where the net assets in the audited Financial Statements of each Fiscal Year of Qoros Automotive varies which makes the loan-to-value ratio of the Pledged Equity hereunder lower than eighty percent (80%), the Pledgee shall release part of the Pledged Equity established by the Pledgor under this Third Equity Pledge Contract,
provided however that the loan-to-value ratio of the remaining Pledged Equity shall still not exceed eighty percent (80%) after such release. 
The loan-to-value ratio of the Pledged Equity provided above shall be evaluated every year right
after the audited annual Financial Statements of each Fiscal Year have been given by Certified Public Accountant. 
9.10 Notwithstanding any other provision of this
Equity Pledge Contract, including Section 9.10, the Pledgor shall have no obligation to pledge any further equity interests in Qoros Automotive unless it has available equity interests free from any security or encumbrance in Qoros Automotive
(it being understood that such equity interests shall not include any equity interests in Qoros Automotive already pledged to Exim Bank or which are required to be pledged to Exim Bank or the Pledgee under other separate agreements)
(“Unencumbered Shares”). For avoidance of any doubt, the parties agree that for purposes of the First Quantum Share Pledge the definition of “Unencumbered Shares” shall also not include the shares which have already been pledged
or are required to be pledged to the Pledgee under other separate agreements. 
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 The Third Equity Pledge in relation to 700 Million Loan Event of Default 10.1 Each of the following events shall constitute an event of
default under this Third Equity Pledge Contract: (1) 8 9 9.10(2) (80%) 10 (10) The Pledgor violates the provisions of Representations and Warranties in Article 8 or Covenants in Article 9 (provided, that, the loan-to-value ratio of the Pledged Equity exceeding eighty percent percent (80%) due to the variation of the net assets in the audited Financial Statements of each Fiscal Year of Qoros Automotive set forth in
Article 9.10 (2) shall not constitutean Event of Default under this Article 10) hereunder, which might materially affect the value of the Pledged Equity and the Pledgor fails to make remedies to the Pledgee’s reasonable satisfaction within ten
(10) Business Days from the date of the Pledgor’s awareness of such event or the date of the issuance of a notice by the Pledgee requiring the Pledgor to make remedies (whichever is earlier); 
(2) (10) The Pledgor fails to explain truthfully any of the flaws of the Pledged Equity under this Third Equity Pledge Contract to the Pledgee, which materially affects the value
of the Pledged Equity and the Pledgor fails to make remedies to the Pledgee’s satisfaction within ten (10) Business Days from the date of the Pledgor’s awareness of such event or the date of the issuance of a notice by the Pledgee
requiring the Pledgor to make remedies (whichever is earlier); (3) 
28 

 

 
 The Third Equity Pledge in relation to 700 Million Loan (30) The Pledgor fails to complete the pledge registration procedures or
alternation registration procedures according to this Third Equity Pledge Contract and the Pledgor fails to commence to make remedies to the Pledgee’s satisfaction within thirty (30) Business Days as of the issuance of a notice by the Pledgee
requiring the Pledgor to make remedies; (4) The Pledgor winds up or terminates its business or enters into the proceeding of bankruptcy, liquidation, business suspension or other similar legal proceeding; or the Pledgor is filed for bankruptcy,
liquidation or decided by the competent department to terminate or suspend business; (5) The Pledgor transfers, grants, re-pledges or makes capital contribution by using the Pledged Equity or otherwise
disposes of the Pledged Equity in any other form in violation of the provisions of this Third Equity Pledge Contract; (6) The existence of co-ownership, ownership dispute,
sealed-up, sequestration or the establishment of the pledge over the Pledged Equity; (7) 11 The Pledgor interferes with the Pledgee to dispose of the Pledged Equity according to the provisions of Article 11
hereunder in any form (including act or omission); 10.2 10.1 After the occurrence of any event of default set forth under Article 10.1 hereunder, the Pledgee shall be entitled to take one of or several of the following actions: (1) 11 29 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 11 subject to Article 11 notify in writing the Pledgor the intent to dispose of
the Pledged Equity by means of auction or selling-off pursuant to the laws, and the proceeds derived from disposing of the Pledged Equity shall be implemented according to Article 11 hereunder; (2) Kenon,
Kenon Kenon notify in writing Kenon of requiring it to provide separate security for the First Kenon Guarantee and the Second Kenon Guarantee to complement or swap the security against the Pledged Equity under this Third Equity Pledge Contract; (3)
File for lawsuit to the People’s Court with jurisdiction as is agreed in this Third Equity Pledge Contract; (4) exercise other rights granted by laws and this Third Equity Pledge Contract. Realization of Right of Pledge 11.1 In case of
occurrence of a Trigger Event, the Pledgee is entitled to dispose of the Pledged Equity pursuant to the laws by direct auction or selling-off, and the proceeds derived from disposing of the Pledged Equity
shall be applied: (1) to pay off the Secured Indebtedness; and (2) to pay the Pledgee all the fees incurred for the realization of the creditor’s rights under the secured interests under this Third Equity Pledge Contract paid by the Pledgee,
any other fees, liquidated damages, compensatory damages to be paid by the Pledgor under this Third Equity Pledge Contract, and all the tax incurred as a result of disposal of the Pledged Equity; 
30 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 11.2 11.1 In the course of disposal of the Pledged Equity by the Pledgee
according to Article 11.1 hereunder, the Pledgee is entitled to take the following actions pursuant to laws: (1) to dispose of the Pledged Equity by means of direct auction or selling-off at a proper time and
at a market price as the Pledgee thinks appropriate and fair; (2) to require the Pledgor to pay the Pledgee necessary expenses for the exercise of any rights hereunder or granted by laws; (3) to decide how to exercise all the rights enjoyed by the
Pledgor as the shareholder of Qoros Automotive in respect of the Pledged Equity; (4) to resolve, settle, or initiate arbitration or litigation against the claim of rights raised by any person regarding the Pledged Equity, or to exercise or permit
others to exercise any rights over the Pledged Equity in such a manner as the Pledgee thinks proper; (5) to exercise any other rights or take any other actions as permitted by laws in order to realize any right of the Pledgee in respect of the
Pledged Equity under this Third Equity Pledge Contract. 31 

 

 
 The Third Equity Pledge in relation to 700 Million Loan The Pledgee is entitled to choose to exercise all or part of the above-mentioned
rights or to suspend the exercise of any right. 11.3 Upon request by the Pledgee, the Pledgor shall assist the Pledgee in obtaining any approvals or permits indispensable to realize the Pledgee’s rights, or assist the Pledgee with any other
indispensable procedures. 11.4 Kenon Kenon Kenon Kenon Kenon Kenon Kenon The Pledgors’ obligations under this Third Equity Pledge Contract shall be limited to the Pledged Equity and the Pledgee is entitled to have recourse against Kenon but
only to the extent of the security provided by the Pledged Equity and in no event shall the Pledgee have any recourse against the Pledgor beyond the Pledged Equity and the Pledgee shall have no recourse under this Third Equity Pledge Contract
against any of the Pledgor’s affiliates, including Kenon. For the avoidance of doubt, in no event shall this Third Equity Pledge Contract increase amounts that may be payable by Kenon under the Kenon Guarantees or otherwise result in Kenon or
the Pledgor having liabilities with respect to the Secured Indebtedness (other than with respect to the Pledged Equity). In the event that the proceeds of a disposition by the Pledgor in accordance with this Third Equity Pledge Contract exceed the
amount of Secured Indebtedness, such excess shall be remitted to Kenon or the Pledgor (at Kenon’s option). 11.5 After the Pledgee notifies the Pledgor in writing and bona finde of the intent to dispose of the Pledged Equity in accordance with
the provisions under this Third Equity Pledge Contract, but prior to Pledgee actually exercising their rights in terms of the Pledged Equity, the Pledgor 
32

 

 
 The Third Equity Pledge in relation to 700 Million Loan (a) Kenon shall have the irrevocable right to provide to the Pledgee instead of
the Pledged Equity equivalent cash with a value equal to the Secured Indebtedness as outstanding under the Kenon Guarantees and with regards to which the Pledgee has the right to exercise the Pledge, to swap the Pledge established by the Pledgor in
accordance with the Third Equity Pledge Contract; or (b) may provide to the Pledgee other securities which are agreed by the Pledgee in writing in advance (including but without limitation another equity pledge or a guarantee to be provided by the
Pledgor or any third party, etc.) with a value of the portion of the Pledged Equity hereunder with regards to which the Pledgee has the right to exercise the Pledge, to swap the Pledge established by the Pledgor in accordance with the Third Equity
Pledge Contract. 11.6 11.5 (a) (b) 11.5(a) 11.5(b) If the Pledgee announce the intention to exercise the Equity Pledge in accordance with its terms, and if the Pledgor offers the Pledgee one of the above swap options Art. 11.5 (a) or (b), the
Pledgee herewith irrevocable agree that the Pledgor has the right to decide to exercise such swap option under 11.5(a) at its sole discretion and the swap option under 11.5(b) subject to the prior consent of the Pledgee and in any event with
priority over the Pledgee exercising the Pledge hereunder. The Pledge of the relevant Pledged Equity after any such swap option being exercised shall be released and relevant parties shall work co-operatively
to complete going through procedures of modification and cancellation of the Pledge. 
33 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 11.7 If any third party makes any claim to the Pledged Equity or raise any
dispute in relation to the disposal of the Pledged Equity due to any reason, all consequences and liabilities arising 
therefrom shall be borne by the Pledgor, and
such claim and dispute shall not affect the disposal of the Pledged Equity by the Pledgee according to this Third Equity Pledge Contract. Fees 12.1 The Pledgor shall bear and pay all the taxes and fees in connection with this Third Equity Pledge
Contract and in relation to the Pledged Equity hereunder (i.e, approval and registration fees of this Third Equity Pledge Contract). 12.2 11 Upon request by the Pledgee, the Pledgor shall indemnify the Pledgee in full immediately for all necessary
and reasonable expenses and fees paid by the Pledgee for its exercise of any rights in this Third Equity Pledge Contract or in any documents mentioned herein in any jurisdiction, including but not limited to the reasonable financial expenses,
attorney fees and litigation fees for the disposal of the Pledged Equity by the Pledgee according to Article 11 hereunder. Upon request by the Pledgor and on the costs of the Pledgor, the Pledgor shall be entitled to the right in relation to the
required redelivery of the Borrowed Shared under this Third Equity Pledge Contract. If such Borrowed Shares are not redelivered to the Pldgor in accordance with this Third Equity Pledge Contract, the Pledgee shall indemnify the Pledgor immediately
for necessary and reasonable expenses and fees paid by the Pledgor for its exercise of any rights in this Third Equity Pledge Contract in respect of required redelivery of the Borrowed Shares, in any jurisdiction, including but not limited to the
reasonable financial expenses, attorney fees and litigation fees. 
34 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 12.3 The Pledgor shall pay at any time all the current and future approval and
registration fees and other related tax imposed on the Pledgor in this Third Equity Pledge Contract and the documents mentioned hereunder. Change of Parties Without prior written consent from the other Party, one Party cannot transfer or assign any
of its rights or obligations hereunder. This Third Equity Pledge Contract shall be binding upon each party hereto and its successor(s) and assignee(s) respectively. Information Disclosure 14.1 Any party hereto shall maintain the confidentiality of
any information relating to all documents provided by or on behalf of one party to the other party with regard to this Third Equity Pledge Contract (including but not limited to assessment report, insurance documents, and pledge registration
documents of the Pledged Equity). However, the parties hereto and the Pledgee and Qoros Automotive are entitled to: (1) disclose such information that has become known to the public (excluding the information made known to the public as a result of
breach of this provision by the disclosing party); 
35 

 

 
 The Third Equity Pledge in relation to 700 Million Loan (2) disclose such information in any litigation or arbitration procedure; (3)
disclose such information as required by laws or regulations; (4) disclose such information to any governmental, financial, tax or other regulatory authorities on an as-need basis; (5) disclose such
information to its professional consultant on an as-need basis; (6) 14.2 disclose such information within the scope permitted by Article 14.2 hereunder; (7) disclose such information upon consent of the
disclosed party; (8) Kenon Such disclosure is required pursuant to any applicable securities law or regulation or by order of any competent court or governmental authority or any stock exchange to be disclosed (including but not limited to
regulations applicable as a result of any listing at a stock exchange in New York by Kenon). 14.2 The Pledgee are entitled to disclose to any party who will make or has made with the Pledgee any assignment agreement or other agreement related to
this Third Equity Pledge Contract (hereinafter referred to as the “Participants”): (1) 36 

 

 
 The Third Equity Pledge in relation to 700 Million Loan any copy of the documents related to this Third Equity Pledge Contract
(including but not limited to assessment report, pledge registration documents etc. in relation to the Pledged Equity); and (2) any information that the Pledgee have obtained related to the above documents. Notwithstanding the foregoing,
Participants shall submit written commitment that the Participant agrees to observe the confidentiality specified in Article 14.1 hereunder to the Pledgee before receiving any such confidential information. 14.3 14.1 14.2 Provisions specified in
Article 14.1 and Article 14.2 as mentioned above shall supersede any confidentiality covenants that the Pledgee, before becoming a party to this Third Equity Pledge Contract, have made with respect to this Third Equity Pledge Contract. Amendment and
Supplement 15.1 The Pledgee and the Pledgor shall have right to amend provisions of this Third Equity Pledge Contract from time to time in writing. If such amendment involves the change of the approval and/or registration matters of this Third
Equity Pledge Contract, the Pledgor is obligated to assist the Pledgee in conducting the alternation approval and registration with the competent authorities; any amendment made accordingly shall be binding upon all the Pledgee and the Pledgor. 15.2
37 

 

 
 The Third Equity Pledge in relation to 700 Million Loan If so required by the registration authority in charge of the registration of
this Third Equity Pledge Contract, the Pledgee and the Pledgor agree to sign an amendment to this Third Equity Pledge Contract, provided that the alteration of the terms and conditions as requested by the registration authority in charge of
registration of this Third Equity Pledge Contract, do not impose any additional obligations on the Pledgee and/or the Pledgor, unless each such party has consented in writing to such alterations or additional obligations. Notice 16.1 Pursuant to
this Third Equity Pledge Contract, any notice, request document or any other file to be sent to any party of this Third Equity Pledge Contract shall be in writing in English and/or Chinese and delivered to the recipient(s) at the address, or fax
number with the attention to the contact person (if applicable) designated from time to time by such recipient(s) in writing. The address, fax number, and the contact person (if applicable) originally designated by the Parties are listed in the
signing page of this Third Equity Pledge Contract. 16.2 Any communication made between the parties hereof pursuant to the provisions of this Third Equity Pledge Contract shall be deemed to have been received by the recipient after satisfaction of
the following conditions: (1) If delivered in person, at the time of the actual delivery; (2) If given by fax, at the time of a completion of transmission and a receipt of correct feedback, or a receipt of fax report; (3) (7) 12:00 38 

 

 
 The Third Equity Pledge in relation to 700 Million Loan If posted by international courier, at the time of 12:00 pm (Beijing time) of
the seventh (7th) Business Day after a courier document has been posted to a contact address last notified by the given party to the other party hereof 16.3 (5) Any party hereto shall notify the other party of its change of contact person, address,
or fax number within five (5) Business Days after the change has been completed. Waiver and Partial Invalidity 17.1 Neither failure to exercise nor delay in exercising of any rights by the Pledgee and/or the Pledgor under this Third Equity
Pledge Contract shall operate as a waiver thereof, nor shall any single or partial exercise of any right prevent the Pledgee and/or the Pledgor from exercising such right further or in any other means, or exercising any other rights. The rights and
remedies herein provided shall not exclude any rights or remedies of the Pledgee and/or the Pledgor provided by operation of law. 17.2 If, at any time, any provision of this Third Equity Pledge Contract becomes illegal, invalid or unenforceable in
any aspect, neither the legality, validity nor the enforceability of the remaining provisions hereof shall be in any way affected or impaired. Governing Law and Jurisdiction 18.1 39 

 

 
 The Third Equity Pledge in relation to 700 Million Loan This Third Equity Pledge Contract shall be governed by and interpreted in
accordance with the PRC laws (including but not limited to the currently effective laws, the administrative regulations, decisions and orders issued by the State Council of PRC, the rules and regulations promulgated by various departments of the
State Council and local governments, but excluding the laws of the Hong Kong Special Administrative Region, the Macao Special Administrative Region and Taiwan). 18.2 Any dispute in connection with this Third Equity Pledge Contract shall be resolved
through friendly negotiation between the Parties. If no settlement can be reached through negotiation, any party is entitled to submit the dispute to the People’s Court with competent jurisdiction where Qoros Automotive is located. Contract
Version 19.1 This Third Equity Pledge Contract is prepared and executed in Chinese and English. Both two versions shall prevail equally. 19.2 Matters not covered in this Third Equity Pledge Contract shall be negotiated separately by the Pledgor and
the Pledgee, and the Pledgor and the Pledgee shall enter into supplementary agreement thereof. If such supplementary agreement involves the change of the approval and/or registration matters of this Third Equity Pledge Contract, the supplementary
agreement shall be submitted to the authorities for alternation approval and/or registration pursuant to the applicable laws. The supplementary agreement and this Third Equity Pledge Contract shall have the equal legal effect. 19.3 The appendices
hereof shall constitute effective integral part of this Third Equity Pledge Contract. 40 

 

 
 The Third Equity Pledge in relation to 700 Million Loan 19.4 This Third Equity Pledge Contract shall be executed in seven
(7) originals. The Pledgor and the Pledgee shall respectively keep one original. The remaining originals shall be saved and kept by Qoros Automotive for the purpose of pledge registration of this Third Equity Pledge Contract. Each original
shall have the same validity. (The remaining part of this page is intentionally left blank) 41 

 

 
 (1) Signature Page (1) Quantum (2007) LLC Pledgor: Quantum (2007) LLC Address: Postal Code: Person in Charge: Telephone: Fax: Contact
Persons: Authorized Signatories: Name: Position: Date: Year Month Day 

 

 
 (2) Signature Page (2) Pledgee: Chery Automobile Co. Ltd. Address: Postal Code: Person in Charge: Telephone: Fax: Contact Persons:
Authorized Signatory: Name: Official Seal Position: Date: Year Month DayEX-4.24

 

 
 Exhibit 4.24 The Second Equity Pledge Contract in relation to 700 Million Loan Quantum (2007) LLC Quantum (2007) LLC (as
“Pledgor”) Chery Automobile Co. Ltd. (as “Pledgee”) The Second Equity Pledge Contract in relation to 700 Million Loan 0 3 9 
March 9 , 2017 1

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 2017 3 9 This Second Equity Pledge Contract is entered into on March 9
, 2017 by and between: 1. Quantum (2007) LLC, 16192 Coastal Highway, Lewes, Delaware 19958, USA, Quantum (2007) LLC, as the pledgor, a limited liability company incorporated under the laws of the State of Delaware, the United States of America, with
its legal address at 16192 Coastal Highway, Lewes, Delaware 19958, USA (hereinafter referred to as the “Pledgor”); 2. Chery Automobile Co., Ltd., a limited liability company duly organized and validly existing under the laws of the
People’s Republic of China (the “PRC”) (the “Pledgee”). WHEREAS: 1. Kenon Holdings Ltd. (“Kenon”) Kenon Holdings Ltd. (“Kenon”) is the parent company of the Pledgor. 2. 2012 7 23 YT41121230018
(RMB3,000,000,000) Qoros Automotive Co., Ltd. (“Qoros Automotive” or “Qoros”) signed a RMB/USD dual currency facility agreement for fixed assets investment with an aggregate facility amount up to an equivalent of RMB3 billion
(the “First Loan Agreement”) with contract No. YT41121230018 on 23 July 2012 with The Export-Import Bank of China (the “Exim Bank”), China Construction Bank Co., Ltd., Suzhou Branch and several other banks listed in the Loan
Agreement as lenders. Pursuant to and subject to the terms and conditions of the First Loan Agreement, the lenders in the First Loan Agreement agreed to make available to the Qoros Automotive a long term loan facility in an aggregate amount not
exceeding an equivalent of RMB3,000,000,000 (3 billion) in RMB/USD dual currency. 
2 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 3. 2012 7 23 YT41121230018(A) 50% As a condition precedent under the
First Loan Agreement, the Pledgee entered into a guarantee deed with contract No. YT41121230018(A) and dated 23 July 2012 to provide an irrevocable and unconditional guarantee covering 50% of the indebtedness of Qoros Automotive under the First
Loan Agreement (the “First Chery Secured Indebtedness”). 4. Kenon 2015 11 5 (“Kenon”), Kenon 50% Kenon (“Kenon”). Kenon and the Pledgee further entered into a guarantee contract (the “First Kenon Guarantee”)
dated 5 November 2015, pursuant to which Kenon agreed to provide an irrevocable and unconditional guarantee to the Pledgee for up to 50% of the First Chery Secured Indebtedness, subject to the terms and conditions therein (the “First Kenon
Secured Indebtedness”) up to a maximum amount equal to the total amount as defined in the First Kenon Guarantee. 5. 2015 5 12 700,000,000 480,000,000 Qoros Automotive has signed a Consortium Loan Agreement concerning Project of Research and
Development of Hybrid Model(the “Second Loan Agreement”) on 12 May, 2015 with the Export-Import Bank of China, China Construction Bank Co., LTD, Suzhou Branch, under which the lender in the Second Loan Agreement agrees to make available to
Qoros Automotive an aggregate principal amount equivalent to RMB 700,000,000 (Seven Hundred Million) under which the USD facility shall not exceed an amount equivalent to RMB 480,000,000(RMB Four Hundred and Eighty Million) long term loan facility
pursuant to the provisions of the Second Loan Agreement. 
3 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 6. 2015 5 12 As a condition precedent for the lender in the Second
Loan Agreement to make the facility available for Qoros Automotive, pursuant to the terms and conditions set forth in the “Guarantee Contract for RMB 0.7 Billion Consortium Loan Agreement concerning Project of Research and Development of Hybrid
Model of Qoros Automotive Co., Ltd.” dated 12 May 2015 (the “Second Chery Guarantee”) the Pledgee has provided an irrevocable, unconditional and joint guarantee for the liabilities of Qoros Automotive under the Second Loan Agreement
(the “Second Chery Secured Indebtedness”). 7. Kenon 2015 6 9 2015 11 13 (“Kenon”) , Kenon 50% (“Kenon”) Kenon and the Pledgee executed a Guarantee Contract on 9 June, 2015 as amended as of 13 November 2015 (the
“Second Kenon Guarantee”), under which Kenon agreed to provide an irrevocable and unconditional guarantee to the Pledgee for up to 50% of the Second Chery Secured Indebtedness under the Second Chery Guarantee Deed, subject to the terms and
conditions therein (the “Second Kenon Secured Indebtedness”). 
8. 2016 12 21 2 5 2016 12 21 Kenon 2016 12 21 Kenon Kenon Kenon Kenon (“Kenon”)

4 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan In consideration of the provision of the RMB250m shareholder loan by
Quantum to Qoros dated 21 December 2016 and provision of quantum share pledge by Quantum in favour of the Pledgee dated 21 December 2016 (the “First Quantum Share Pledge”), Kenon and the Pledgee then entered into a release agreement dated
21 December 2016 (the “First Release Agreement”), pursuant to the terms and conditions of which the Pledgee agreed to partially release Kenon from the guaranteed obligations under the First Kenon Guarantee. The remaining part of the
guaranteed obligations of Kenon in relation to the First Kenon Secured Indebtedness under the First Kenon Guarantee is still subject to the First Kenon Guarantee (the “Remaining First Kenon Secured Indebtedness”). 9. Quantum and Wuhu Chery
will each provide tranche A shareholder loan (hereinafter, being respectively referred to as the “Tranche A Quantum Loan” and the “Tranche A Wuhu Chery Loan”, and collectively, the “Tranche A Loans”) to Qoros on or
about the date of this Contract and with the same terms. After disbursement of the Tranche A Loans, subject to Quantum’s sole discretion, Quantum and Wuhu Chery will each provide tranche B shareholder loan (hereinafter, being respectively
referred to as the “Tranche B Quantum Loan” and the “Tranche B Wuhu Chery Loan”, and collectively, the “Tranche B Loans”) to Qoros on the same date and with the same terms. Quantum will provide certain cash support to
Wuhu Chery in relation to the provision of the Tranche A Wuhu Chery Loan and the Tranche B Wuhu Chery Loan (if it is disbursed). 
10. Kenon Kenon Kenon Kenon Kenon
(“Kenon”) Kenon Kenon (“Kenon”) 
5 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan As requested by Kenon and considering the arrangement of the Tranche A
Loans and the Tranche B Loans and the provision of the other conditions, in connection with this Contract, the Pledgee has agreed to further release Kenon from all guaranteed obligations by Kenon in relation to the Remaining First Kenon Secured
Indebtedness under the First Kenon Guarantee (together with the Second Kenon Guarantee referred as to the “Kenon Guarantees”) and the Second Kenon Secured Indebtedness (together with the Remaining First Kenon Secured Indebtedness referred
as to the “Kenon Secured Indebtedness”) under the Second Kenon Guarantee subject to the terms and conditions as provided in a further release and cash support agreement by and between the Pledgee and Kenon on or about the date of this
Contract (the “Further Release and Cash Support Agreement”). 11. As one of the conditions precedent to the first release of the relevant guarantee obligations pursuant to the Further Release and Cash Support Agreement, the Pledgor agrees
to enter into this Second Equity Pledge Contract and the Pledgor agrees to, pursuant to the terms and conditions of this Second Equity Pledge Contract create a first priority pledge over the Pledged Equity in favour of the Pledgee. 12. Kenon
194,250,000 Kenon As the condition precedent to the first release of the relevant guarantee obligations pursuant to the Further Release and Cash Support Agreement and provision of Tranche A Wuhu Chery Loan, Kenon shall pay RMB194.25 million (the
“First Cash Support Amount”) to the Pledgee. The Pledgee has agreed under the Further Release and Cash Support Agreement to pay to Kenon a certain amount in certain agreed circumstances as provided for in the Further Release and Cash
Support Agreement. 
6 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan Therefore, both parties agree as follows: Definition and
Interpretation Kenon Kenon Unless otherwise provided in this Second Equity Pledge Contract, when the terms interpreted and defined in the First Kenon Guarantee are used in this Second Equity Pledge Contract, they shall have the same meanings as they
have in the First Kenon Guarantee. Pledged Equity 2.1 5.165% Kenon Kenon 194,250,000 194,250,000 Kenon 55.5%) 9.10 80% The Pledgor pledges to the Pledgee 5.165% capital contribution equity held by it in Qoros Automotive (hereinafter referred to as
the “Pledged Equity”) in order to provide pledge security for the obligations and liabilities of Kenon under the Second Kenon Guarantee which are released under the Further Release and Cash Support Agreement on the First Effective Date in
the amount equivalent of RMB 194,250,000 principal (under which, the related obligations for interests and fees shall be released proportionately with the principal amount of RMB 194,250,000, being 55.5% of the Kenon Second Secured Indebtedness.
“Pledge” means the security expressed to be created by this Second Equity Pledge Contract, including all of the rights, title and interests in and to the Pledged Equity which are or are to be vested in the Pledgee. Subject to Section 9.10,
the Pledged Equity is subject to adjustment such that in the event of a change in the calculation by the Pledgor and Exim Bank of net asset value for calculating the loan to value ratio for the equity pledge requirement for the Syndicated Loan
(defined below), then the amount of Pledged Equity shall be adjusted (and Pledged Equity released, to the extent applicable) such that the loan to value ratio (calculated in the same manner as by the Pledgor and Exim Bank pursuant to the Syndicated
Loan) shall be 80%. For avoidance of any doubt, the Pledged Equity as provided by the Pledgor according to any provision of this Contract shall be at all times subject to the Unencumbered Shares (as defined below) held by it. 
7 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 2.2 The Pledged Equity means all of the rights, title and interests of
the Pledgor in and to the Pledged Equity, including but without limitation to the following rights: (1) 6 Subject to the provisions contained in Article 6, all dividends generated from the Pledged Equity and payments of any other nature and the
corresponding rights and interests in respect of the Pledged Equity, which the Pledgor shall have the right to collect from Qoros Automotive; (2) 6 Subject to the provisions contained in Article 6, the corresponding rights and interests of any
warranty, acknowledgement and commitment made by another party which the Pledgor shall have the right to enjoy in respect of the Pledged Equity under the Sino-foreign equity joint venture contract for the establishment of Qoros Automotive (“JV
Contract”) and the articles of association (“AoA”) of Qoros Automotive; (3) 6 Subject to the provisions contained in Article 6 any right enjoyed by the Pledgor in respect of the Pledged Equity, to claim for default compensation
arising out of default by any other party under the JV Contract and AoA of Qoros Automotive. 
8 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 2.3 Trigger Event (i) Kenon Kenon Kenon Kenon Kenon Kenon Kenon 30
Kenon Kenon Kenon 11 A “Trigger Event” shall occur upon the occurrence of, (i) the Pledgee having paid to the relevant agent bank under any Chery Guarantees and, in respect of the amount which were as a result of such payment originally
recoverable from Kenon under the Kenon Guarantees in relation to the Kenon Secured Indebtedness (and subject to all of the conditions for recovery under the Kenon Guarantees) but which Kenon was no longer liable to pay under the Kenon Guarantee as a
result of the Further Release and Cash Support Agreement (the “Further Released Guarantee Amount”), and (ii) the Pledgee not having received such amount following 30 Business Days after Kenon receives a valid written notice from the
Pledgee in relation to such amount. For the avoidance of doubt, Kenon shall have no obligation to make any payment to the Pledgee or any other person with respect to the Further Released Guarantee Amount and failure to pay such amount shall not
constitute a default by Kenon under the Further Release and Cash Support Agreement, the Kenon Guarantee or otherwise; rather, such failure to pay only results in a Trigger Event for purposes of Article 11 of this Second Equity Pledge Contract. Scope
of Security 3.1 Kenon Kenon 
9 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 194,250,000 194,250,000 Kenon 55.5% The main creditor’s rights
secured by the Pledged Equity under this Second Equity Pledge Contract shall be at any given time (hereinafter referred to as the “Main Creditor’s Rights”): the main creditor’s rights constitutes of the amount of the obligations
and liabilities of Kenon under the Second Kenon Guarantee which are released under the Further Release and Cash Support Agreement on the First Effective Date in the amount equivalent of RMB 194,250,000 principal (under which, the related obligations
for interests and fees shall be released proportionately with the principal amount of RMB 194,250,000, being 55.5% of the Kenon Second Secured Indebtedness). 3.2 The scope secured by the Pledged Equity according to this Second Equity Pledge Contract
shall be the sum of the following amounts (hereinafter referred to as the “Secured Indebtedness”): (1) The Main Creditor’s Right and the interests (including but not limited to any interest, compound interest and default interest)
arising out of the Main Creditor’s Right; (2) All necessary and reasonable fees and expenses paid by the Pledgee to realize the interests of security under this Second Equity Pledge Contract (including but not limited to the legal costs,
property preservation fees, travel expenses, valuation fees, auction fees, attorney fees, notary fees, judgment enforcement fees, etc.); and any other necessary and reasonable fees which shall be borne by the Pledgor in accordance with this Second
Equity Pledge Contract. 
3.3 Kenon 
10 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan Kenon (10) (2) The performance term of the secured Main
Creditor’s Rights under this Second Equity Pledge Contract shall commence from the effectiveness of the Second Chery Guarantee or the effective date of Second Kenon Guarantee, whichever is earlier, until ten (10) days after the First Chery
Guarantee term under the First Chery Guarantee, or two (2) years after the Pledgee performs the First Chery Secured Indebtedness owned by the Pledgee under the First Chery Guarantee, whichever is later. 3.4 Kenon For any certificate presented by the
Pledgee to indicate any Secured Indebtedness (i.e. statement of account chopped by Qoros Automotive upon confirmation) or any account payable by the Pledgor under this Second Equity Pledge Contract, unless the Pledgor is able to provide sufficient
and effective evidence to prove its conspicuous mistake, such certificate shall be the final proof of the creditor-debtor relationship between the Pledgee and Kenon or the Pledgor, which shall be binding on the Pledgor. Nature and Effectiveness of
Security 4.1 (2017) , (i) 12 C 
11 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan (ii) 8% 2% C 11.1 9.10 Generally, the Pledgor’s security
obligation under this Second Equity Pledge Contract is of continuity wherein the security responsibility of the Pledgor shall be released only when the Secured Indebtedness is paid off, which shall not be affected by any changes made to the
shareholding structure, organizational structure or business operations of the Pledgor. However, if, after the issuance of the audited Financial Statements of the next Fiscal Year and each Fiscal Year thereafter of Qoros Automotive (which should not
occur before the first quarter of 2017), (i) the Pledgor is required by the 1.2 billion RMB loan equity pledge contract (which means the Equity Pledge Contract for 1.2 Billion RMB Equivalent Syndicated Loan (the “Syndicated Loan”)
concerning Project of Research and Development of C Platform Derivative Model of Qoros Automotive Co., Ltd. by and between the Pledgor and Bank of China Limited Su Zhou Branch), to provide an additional equity pledge (“Additional Pledged
Shares”) concerning its equity in Qoros Automotive to Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch and such additional pledge can only be satisfied by using all or a portion of the same equity
which has been pledged under this Equity Pledge Contract, and (ii) the Pledgor is unable to obtain Additional Pledged Shares through a conversion of existing loans in Qoros Automotive (“Loan Conversion”), then the pledge with respect to
all or such portion of pledged equity under this Equity Pledge Contract, in an amount equal to the number of Additional Pledged Shares required to be pledged under the Syndicated Loan and which cannot be obtained through a Loan Conversion, shall
automatically be released and the Pledgee shall take all actions as may be required to deregister the same pledge with the competent authorities, provided that after such release, the Pledgee shall have the right to request a second priority pledge
over such equity, subject to the consent of Exim Bank, Bank of China Limited Su Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch. 
12 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan If the Additional Pledged Shares requested to be provided by the
Pledgor cover less than 8% equity interest in Qoros Automotive, then, to the extent the Pledgor has sufficient Unencumbered Shares (as defined below) and provided that Exim Bank consents (having regard to this Equity Pledge Contract), the Pledgee
shall be entitled to use up to 2% unencumbered equity interest in Qoros Automotive owned by the Pledgor (the “Borrowed Shares”) to provide, pursuant to the Equity Pledge Contract for the Syndicated Loan concerning Project of Research and
Development of C Platform Derivative Model of Qoros Automotive Co., Ltd. by and between the Pledgee and Bank of China Limited Su Zhou Branch, an additional equity pledge over such equity in Qoros Automotive to Exim Bank, Bank of China Limited Su
Zhou Branch, and Industrial Bank Co., Ltd., Su Zhou Branch. For the avoidance of doubt, if the additional equity pledge in respect of the Borrowed Shares is enforced by the Lenders pursuant to the terms of the additional equity pledge, the Pledgor
shall not 
be entitled to have any recourse against the Pledgee in respect of the Borrowed Shares, provided that the amount of such equity interests so enforced
shall offset and reduce, by an equivalent amount, equity interests otherwise required to be pledged by Pledgor under this Equity Pledge Contract. Such Borrowed Shares shall be returned to the Pledgor as soon as is reasonably practicable after such
Borrowed Shares have been released by the Lenders from the relevant additional equity pledge. To the extent that such Borrowed Shares have not been returned after the relevant release, and Pledgee seeks to exercise its rights under Section 11.1
hereunder, it shall, prior to exercising such rights, return the Borrowed Shares or failing which, the Borrowed Shares may be retained by the Pledgee and such retained shares shall be deemed to replace the Pledged Equity (to the extent of the
Borrowed Shares) for all purposes hereunder and the pledge over any Pledged Equity that would no longer be required to be pledged under the loan-to-value requirement set forth in Section 9.10, shall be released. 
13 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 
Without prejudice to the clause 2 of the Further Release and Cash Support Agreement, and notwithstanding any other provision or terms of this Second Equity Pledge Contract, if:

1. Kenon Kenon 
Kenon provides the Pledgee with guarantee security with
respect to performance of all the obligations under the Main Creditor’s Rights on substantially the same terms and conditions as those set out in the Kenon Guarantees; or 
2. the Main Creditor’s Rights have been satisfied and discharged in full, 
(2) (3)

then (1) the Pledged Equity shall be automatically released from this Second Equity Pledge Contract and the Pledgee required to return the Pledged Equity (and
all Borrower Shares) to the Pledgor, (2) all obligations owing by the Pledgor under this Second Equity Pledge Contract shall be automatically released and discharged in full and (3) this Second Equity Pledge Contract shall be automatically
terminated. 
4.2 Kenon Kenon 
The effectiveness of this Second Equity Pledge
Contract is independent from the Kenon Guarantees. This Second Equity Pledge Contract shall not become invalid due to invalidation of the Kenon Guarantees. 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
4.3 Kenon Kenon 
Kenon and the Pledgee may amend or supplement provisions under the Kenon
Guarantees upon negotiation without the consent of the Pledgor. The Pledgor shall undertake security responsibility within the scope of the amended creditor’s right except for the circumstances which increase the responsibility of the Pledgor.

4.4 Kenon 
The effectiveness of this Second Equity Pledge Contract and the
validity of Pledge under this Second Equity Pledge Contract shall not be affected by liquidation, merger, spin-off, restructuring, bankruptcy or shareholding or organization change in other forms of the
Pledgor or any other person or any other arrangement made to Kenon’s debts. 
4.5 Kenon 
The Pledge provided by the Pledgor for the Secured Indebtedness hereunder is an independent security and shall not be construed as a joint security with any other securities
provided by any third party in relation to any Kenon Guarantee, other than the cash support arrangements contemplated under the Further Release and Cash Support Agreement. 
Pledge Approval and Registration 
5.1 (20) 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
The Pledgee and the Pledgor shall record the equity pledge in the Qoros Automotive’s Register of Shareholders within twenty (20) Business Days after this Second Equity
Pledge Contract and commence the approval procedures for this Second Equity Pledge Contract with the competent Commerce Commission in charge of Qoros Automotive (if any) and subsequently file for registration of this Second Equity Pledge Contract
with the competent Administration for Industry and Commerce in charge of Qoros Automotive pursuant to the provisions of laws and regulations of the PRC. 
5.2 (10)

When the Pledgor processes the approval and registration procedures of the Pledged Equity according to the provisions of this Second Equity Pledge Contract, the
Pledgor shall deliver to the Pledgee for its keeping of the certificate of other rights of the Pledged Equity and relevant certificates of property rights (if any). Within ten (10) Business Days after the Secured Indebtedness is completely paid
off, the Pledgee shall return the aforesaid originals to the Pledgor, and assist the Pledgor in completing the pledge deregistration procedures. The expenses incurred therefrom shall be borne by the Pledgor. 
50% 50% (10) 
After the principal underlying the Secured Indebtedness has been paid off by at
least 50% (as compared to amounts outstanding under the Loan Agreement on the date of this Second Equity Pledge Contract and giving effect to the Further Release and Cash Support Agreement), the Pledgor is entitled to apply in writing to the Pledgee
to decrease the Pledged Equity by 50%. The Pledgee shall not unreasonably withhold its consent for such decrease and the Pledgee shall go through relevant pledge deregistration formalities of the decreased part of the Pledged Equity with the Pledgor
within ten (10) Business Days after and pursuant to the resolution of the Pledgee. The Pledgor shall bear the fees and expenses arising from such decrease of the Pledged Equity. 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
5.3 (30) 
In case of the change of pledge approval and/or registration matters under this
Second Equity Pledge Contract or of the name of Qoros Automotive, which needs to be approved and/or registered for alteration in respect of equity pledge pursuant to the laws, the Pledgor and the Pledgee shall commence the alteration approval and
registration procedures in the relevant authorities of approval and registration within thirty (30) Business Days from the date as of which the cause of alteration has become known to the relevant party. 
5.4 This Second Equity Pledge Contract shall take effect upon approval by competent Commerce Commission without any changes to this Second Equity Pledge Contract (unless such
change has been agreed by both parties hereto in writing), and the pledge right of the Pledged Equity shall be established as of the date of the pledge registration of this Second Equity Pledge Contract with the locally competent Administration of
Industry and Commerce in charge of Qoros Automotive. 
5.5 5.1, 5.2, 5.3, 5.4 2

For avoidance of any doubt, notwithstanding to the contrary, after this Contract becomes effective, the Pledgee shall have the right to enforce the pledge as
contemplated hereunder pursuant to the clause 2 of the Further Release and Cash Support Agreement and this Contract, no matter whether any of the perfection formalities with respect to this Contract as provided in the above Article 5.1, 5.2, 5.3 and
5.4 is completed or not. 
Exercise of Rights and Performance of Obligations by the Shareholder 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
6.1 Notwithstanding the Pledge of the Pledgor’s rights, title and interests in and to the Pledged Equity, from the date of execution of this Second Equity Pledge Contract and
until the date when the Secured Indebtedness is paid off, the Pledgor and Qoros Automotive shall be entitled to exercise all rights and shall be obliged to fulfill all obligations of the Pledgor and Qoros Automotive (as case may be) under the JV
Contract and the AoA of Qoros Automotive. 
6.2 Kenon Kenon Kenon Kenon 
Unless
an Event of Default under the Kenon Guarantees or a Trigger Event has occurred and is continuing and notice of such an Event of Default has been given by the Pledgee in accordance with the terms of the Kenon Guarantees (or notice of Trigger Event
has been given hereunder), the Pledgor shall be entitled to retain and to exercise any voting and dividend and other rights which it may have in respect of the Pledged Equity. If an Event of Default under the Kenon Guarantees or a Trigger Event has
occurred and is continuing and notice of such an Event of Default has been given validly by the Pledgee in accordance with the Kenon Guarantees (or notice of Trigger Event has been given hereunder), the Pledgor shall procure that all voting and
dividend and other rights in respect of the Pledged Equity are exercised in accordance with the instructions of the Pledgee. 
6.3 The Pledgor shall continue to
abide by and perform all the obligations and responsibilities in connection with the Pledged Equity and as the shareholder of Qoros Automotive. 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
The Pledgee do not need to perform any obligation or responsibility of the Pledged Equity which shall be undertaken by the Pledgor. The Pledgee shall also not be obligated to take
any action in respect of the Pledged Equity. The Pledgee shall not be obligated to undertake any obligation or responsibility to any other party in respect of the Pledged Equity due to this Second Equity Pledge Contract, except as otherwise required
by law. 
Submission of Documents by the Pledgor 
7.1 (20) 
The Pledgor shall ensure that the Pledgee will receive from the Pledgor or from Qoros Automotive the following documents within twenty (20) Business Days after execution of
this 
Second Equity Pledge Contract: 
(1) the original English written document
of the Pledgor’s shareholder approving the Pledgor to pledge its Pledged Equity to the Pledgee; 
(2) photocopies of the relevant supporting documents proving
that the equity pledge under this Second Equity Pledge Contract is recorded in the Register of Shareholders of Qoros Automotive; 
(3) any other documents as
reasonably required by the Pledgee to be provided by the Pledgor. 
7.2 (90) 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
The Pledgor will undertake its best efforts that the Pledgee will receive either from the Pledgor or from Qoros Automotive the following documents latest within ninety
(90) Business Days after execution of this Second Equity Pledge Contract: 
(1) the relevant supporting documents proving that the competent Commerce Commission
in charge of Qoros Automotive has approved this Equity Pledge Agreement (if any); 
(2) the relevant supporting documents proving that the competent Administration
for Industry and Commerce in charge of Qoros Automotive has carried out the pledge registration for this Equity Pledge Agreement. 
7.3 If the documents provided by
the Pledgor according to this Second Equity Pledge Contract are photocopies, they shall be either signed by the legal or authorized representative of the Pledgor or affixed with the company seal of Qoros Automotive to confirm that they are true,
complete and valid documents. If the documents provided by the Pledgor according to this Second Equity Pledge Contract are from abroad, these documents shall comply with the requirements of the PRC laws and regulations and relevant PRC government
authorities. 
Representations and Warranties 
8.1 The Pledgor hereby represents
and warrants to the Pledgee as follows: 
(1) The Pledgor is a limited liability company, is legally incorporated and validly existing pursuant to the laws of the
State of Delaware, the United States of America; 
(2) 
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 The Second Equity Pledge Contract in relation to 700 Million Loan 
The Pledgor has full civil rights and capacity to operate its business, execute this Second Equity Pledge Contract and exercise its rights and perform its obligations according to
this Second Equity Pledge Contract; 
(3) The Pledgor has completed all the internal corporate procedures required for the execution of this Second Equity Pledge
Contract and exercise of the rights and performance of the obligations in accordance with this Second Equity Pledge Contract, and this Second Equity Pledge Contract has been executed by duly authorized representative of the Pledgor and shall have
binding effect on the Pledgor; 
(4) The Pledgor’s obligations under this Second Equity Pledge Contract are legitimate and valid, which shall have binding
effect on the Pledgor and could be implemented according to the provisions of this Second Equity Pledge Contract; 
(5) The execution hereof and exercise of the
rights and performance of the obligations pursuant to this Second Equity Pledge Contract by the Pledgor do not and will not be in violation of or conflicting with any of the following documents: 
(i) any agreement, contract or any other documents of contractual nature having binding effect on any of the Pledgor’s assets to which the Pledgor is a party; 
(ii) articles of association and other fundamental corporate documents of the Pledgor; or 
21

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 
(iii) any laws, regulations, judgment, ruling and adjudication applicable to the Pledgor; 
(6)
All the authorizations, consents, approvals and permits required or necessary for the conclusion, performance and execution of this Second Equity Pledge Contract and for the transactions under this Second Equity Pledge Contract have been duly
obtained by the Pledgor, which are valid and effective; 
(7) The execution hereof and exercise of the rights and performance of the obligations in accordance with
this Second Equity Pledge Contract by the Pledgor is the business behavior conducted for the purpose of business, which shall be fully subject to civil and business laws; 
(8) In any ongoing judicial proceedings in PRC in which it acts as one party, the Pledged Equity shall not enjoy any immunity or privilege in the proceedings relating to
litigation, judgment, enforcement, property preservation, or other judicial proceedings; 
(9) There currently does not exist any arbitration, litigation or
administrative proceeding involving the Pledged Equity, which will have any Material Adverse Effect on the value of the Pledged Equity, or the Pledgor’s capability of performing its obligations according to this Second Equity Pledge Contract.
The Pledged Equity has not been sealed-up or frozen due to any property preservation procedures; 
(10) 
22 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 
The Pledgor legally possesses the ownership right and right of disposition of the Pledged Equity over which there is no dispute and which could be the subject matter of the pledge
security pursuant to the laws. If the Pledged Equity belongs to the property which needs approval or consent by relevant authorities before pledge, the Pledgor guarantees that it has obtained valid and effective approval or consent; 
(11) Except for the security created under this Second Equity Pledge Contract, there is no security on the Pledged Equity in any form,
co-ownership, any rights of the third party or any dispute of ownership or any circumstance that may lead to Material Adverse Effect on the exercise of the right of pledge by the Pledgee; 
(12) All the materials, documents and evidence provided by the Pledgor to the Pledgee are true, accurate, complete and effective, and the documents provided in photocopy are in
conformity with the originals. 
8.2 The abovementioned representations and warranties made by the Pledgor shall all the time be accurate and error-free during the
valid term of this Second Equity Pledge Contract, and the Pledgor guarantees that it will provide further documentation required by the Pledgee at any time.

Covenants 
The Pledgor hereby covenants to the Pledgee, from the date of
effectiveness of this Second Equity Pledge Contract until the termination of the rights and obligations of the Pledgor under this Second Equity Pledge Contract, that: 
23 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 
9.1 The Pledgor shall maintain the legitimate, continuing, and valid existence of its enterprise legal entity status, and comply with all the laws and regulations applicable to it.

9.2 The Pledgor shall ensure that its business nature and business scope will not have any alteration which will have a Material Adverse Effect on the rights and
interests of the Pledgee under this Second Equity Pledge Contract. 
9.3 Unless the Pledged Equity is disposed of in accordance with the provisions of this Second
Equity Pledge Contract, the Pledged Equity under this Second Equity Pledge Contract shall be possessed and managed by the Pledgor, and shall be continuously possessed and managed by the Pledgor during the valid term of this Second Equity Pledge
Contract. 
9.4 (10) 
Upon occurrence of any of the following events, the
Pledgor shall notify the Pledgee within ten (10) Business Days after its occurrence: 
(1) 10.1 
any event of default specified under Article 10.1 of this Second Equity Pledge Contract; 
(2)
8.1 (9) 
any litigation, arbitration or legal proceedings mentioned in Article 8.1 (9) hereunder; 
(3) 
24 

 

 
 The Second Equity Pledge Contract in relation to 700 Million Loan 
Occurrence of any dispute over the ownership of the Pledged Equity or measures having been taken on the Pledged Equity including but not limited to the sealed-up, sequestration, freezing, surveillance, etc.; 
(4) Loss or destruction of the Pledged Equity; 
(5) Occurrence of or the awareness by the Pledgor of any event that may materially affect the capability of the Pledgor of performing its obligations in accordance with this Second
Equity Pledge Contract. 
9.5 The Pledgor shall provide the Pledgee with all documents and materials in relation to the Pledge matters under this Second Equity
Pledge Contract as the Pledgee reasonably requires at any time, and ensure the authenticity, accuracy and completeness of all the provided materials as mentioned above. 
9.6 The Pledgor shall be responsible for the matters such as evaluation, notarization, appraisal and preservation of the Pledged Equity under this Second Equity Pledge Contract and
cooperate with the Pledgee relating to the Pledge approval and registration of the Pledged Equity. All the expenses thereof shall be borne by the Pledgor, and the relevant intermediary organs of evaluation, notarization and appraisal shall be
approved by the Pledgee in advance. 
9.7 Except as contemplated by this Second Equity Pledge Contract, without the prior written consent of the Pledgee, the Pledgor
shall not transfer, grant, re-pledge or make capital contribution by way of Pledged Equity or otherwise dispose of all Pledged Equity specified in this Second Equity Pledge Contract. 
25 

 

 
 9.8 11 
Upon prior written consent of the Pledgee,
proceeds generated by means of transferring any of the Pledged Equity specified in this Second Equity Pledge Contract by the Pledgor shall be executed in compliance with Article 11 of this Second Equity Pledge Contract. 
In any case, the transfer of the Pledged Equity specified in this Second Equity Pledge Contract in accordance with the provisions hereof by the Pledgor shall not harm the interests
of the Pledgee. 
9.9 Kenon Kenon Kenon 
Unless otherwise specified under this
Second Equity Pledge Contract, if Kenon or other third party establishes the right of property security for the interests of the Pledgee by its own properties over the Main Creditor’s Right under this Second Equity Pledge Contract, the Pledgor
hereby warrants that if the Pledgee waive the right of property security provided by Kenon or the third party, the sequence thereof, or the alternation of the right of property security, the foregoing actions will not affect or exempt any obligation
or security responsibility hereunder and the Pledgor’s scope of security will not be decreased therefrom. Meanwhile, the Pledgor waives counterplead rights of the claim of the Pledgee’s advanced execution of the right of property security
provided by Kenon or the third party. 
9.10 (80%): 
26 

 

 
 The Pledgor acknowledges and warrants that the
loan-to-value ratio (loan-to-value ratio shall refer to the ratio between the amount of
the principal amounts underlying the Main Creditor’s Rights and the audited net assets value (to be determined in accordance with Chinese GAAP) of the Pledged Equity as calculated in the same manner as the equity pledge requirement is
calculated by the Pledgor and EXIM Bank pursuant to the Syndicated Loan) of the Pledged Equity under this Second Equity Pledge Contract shall not exceed eighty percent (80%): 
(1) The Pledgee shall have the right to check and examine at any time the value of the Pledged Equity (calculated on the basis of the audited net assets value of the Pledged Equity
of Qoros Automotive) or entrust qualified and professional asset valuation institution to value relevant Pledged Equity. 
(2) (80%) (i) 9.10 (ii) 4.1 
Where the net assets of Qoros Automotive as evidenced in the audited Financial Statements of each Fiscal Year of Qoros Automotive varies which makes the loan-to-value ratio of the Pledged Equity hereunder exceeds eighty percent (80%), the Pledgor is obliged to provide an additional equity pledge concerning the insufficient
part of the Pledged Equity due to the abovementioned reason: (i) subject to the last sentence of this Section 9.10. and (ii) except to the extent that a pledge of Additional Pledged Shares is permitted to be released pursuant to
Section 4.1. 
(3) (80%) 
27 

 

 
 (80%) 
Where the net assets in the audited
Financial Statements of each Fiscal Year of Qoros Automotive varies which makes the loan-to-value ratio of the Pledged Equity hereunder lower than eighty percent (80%),
the Pledgee shall release part of the Pledged Equity established by the Pledgor under this Second Equity Pledge Contract, provided however that the loan-to-value ratio
of the remaining Pledged Equity shall still not exceed eighty percent (80%) after such release. 
The
loan-to-value ratio of the Pledged Equity provided above shall be evaluated every year right after the audited annual Financial Statements of each Fiscal Year have been
given by Certified Public Accountant. 
9.10 
Notwithstanding any other
provision of this Equity Pledge Contract, including Section 9.10, the Pledgor shall have no obligation to pledge any further equity interests in Qoros Automotive unless it has available equity interests free from any security or encumbrance in
Qoros Automotive (it being understood that such equity interests shall not include any equity interests in Qoros Automotive already pledged to Exim Bank or which are required to be pledged to Exim Bank or the Pledgee under other separate agreements)
(“Unencumbered Shares”). For avoidance of any doubt, the parties agree that for purposes of the First Quantum Share Pledge the definition of “Unencumbered Shares” shall also not include the shares which have already been pledged
or are required to be pledged to the Pledgee under other separate agreements. 
28 

 

 
 Event of 
Default 
10.1 Each of the following events shall constitute an event of default under this Second Equity Pledge Contract: 
(1) 8 9 9.10(2) (80%) 10 (10) 
The Pledgor violates the provisions of Representations and
Warranties in Article 8 or Covenants in Article 9 (provided, that, the loan-to-value ratio of the Pledged Equity exceeding eighty percent percent (80%) due to the
variation of the net assets in the audited Financial Statements of each Fiscal Year of Qoros Automotive set forth in Article 9.10 (2) shall not constitutean Event of Default under this Article 10) hereunder, which might materially affect the value
of the Pledged Equity and the Pledgor fails to make remedies to the Pledgee’s reasonable satisfaction within ten (10) Business Days from the date of the Pledgor’s awareness of such event or the date of the issuance of a notice by the
Pledgee requiring the Pledgor to make remedies (whichever is earlier); 
(2) (10)

29 

 

 
 The Pledgor fails to explain truthfully any of the flaws of the Pledged Equity under this Second Equity Pledge Contract to the Pledgee,
which materially affects the value of the Pledged Equity and the Pledgor fails to make remedies to the Pledgee’s satisfaction within ten (10) Business Days from the date of the Pledgor’s awareness of such event or the date of the
issuance of a notice by the Pledgee requiring the Pledgor to make remedies (whichever is earlier); 
(3) (30) 
The Pledgor fails to complete the pledge registration procedures or alternation registration procedures according to this Second Equity Pledge Contract and the Pledgor fails to
commence to make remedies to the Pledgee’s satisfaction within thirty (30) Business Days as of the issuance of a notice by the Pledgee requiring the Pledgor to make remedies; 
(4) The Pledgor winds up or terminates its business or enters into the proceeding of bankruptcy, liquidation, business suspension or other similar legal proceeding; or the Pledgor
is filed for bankruptcy, liquidation or decided by the competent department to terminate or suspend business; 
(5) The Pledgor transfers, grants, re-pledges or makes capital contribution by using the Pledged Equity or otherwise disposes of the Pledged Equity in any other form in violation of the provisions of this Second Equity Pledge Contract; 
(6) The existence of co-ownership, ownership dispute, sealed-up, sequestration or the establishment
of the pledge over the Pledged Equity; 
(7) 
30 

 

 
 The Pledgor interferes with the Pledgee to dispose of the Pledged Equity according to the provisions of Article 11 hereunder in any form
(including act or omission); 
10.2 10.1 
After the occurrence of any event of
default set forth under Article 10.1 hereunder, the Pledgee shall be entitled to take one of or several of the following actions: 
(1) 11 11 
subject to Article 11 notify in writing the Pledgor the intent to dispose of the Pledged Equity by means of auction or selling-off pursuant
to the laws, and the proceeds derived from disposing of the Pledged Equity shall be implemented according to Article 11 hereunder; 
(2) Kenon Kenon Kenon

notify in writing Kenon of requiring it to provide separate security for the First Kenon Guarantee and the Second Kenon Guarantee to complement or swap the
security against the Pledged Equity under this Second Equity Pledge Contract; 
(3) File for lawsuit to the People’s Court with jurisdiction as is agreed in
this Second Equity Pledge Contract; 
(4) exercise other rights granted by laws and this Second Equity Pledge Contract. 
Realization of Right of Pledge 
11.1 
31 

 

 
 In case of occurrence of a Trigger Event, the Pledgee is entitled to dispose of the Pledged Equity pursuant to the laws by direct
auction or selling-off, and the proceeds derived from disposing of the Pledged Equity shall be applied: 
(1) to pay off the
Secured 
Indebtedness; and 
(2) to pay the Pledgee all the fees incurred for
the realization of the creditor’s rights under the secured interests under this Second Equity Pledge Contract paid by the Pledgee, any other fees, liquidated damages, compensatory damages to be paid by the Pledgor under this Second Equity
Pledge Contract, and all the tax incurred as a result of disposal of the Pledged Equity; 
11.2 11.1 
In the course of disposal of the Pledged Equity by the Pledgee according to Article 11.1 hereunder, the Pledgee is entitled to take the following actions pursuant to laws:

(1) to dispose of the Pledged Equity by means of direct auction or selling-off at a proper time and at a market price as
the Pledgee thinks appropriate and fair; 
(2) to require the Pledgor to pay the Pledgee necessary expenses for the exercise of any rights hereunder or granted by
laws; 
(3) to decide how to exercise all the rights enjoyed by the Pledgor as the shareholder of Qoros Automotive in respect of the Pledged Equity; 
32 

 

 
 (4) to resolve, settle, or initiate arbitration or litigation against the claim of rights raised by any person regarding the Pledged
Equity, or to exercise or permit others to exercise any rights over the Pledged Equity in such a manner as the Pledgee thinks proper; 
(5) to exercise any other
rights or take any other actions as permitted by laws in order to realize any right of the Pledgee in respect of the Pledged Equity under this Second Equity Pledge Contract. 
The Pledgee is entitled to choose to exercise all or part of the above-mentioned rights or to suspend the exercise of any right. 
11.3 Upon request by the Pledgee, the Pledgor shall assist the Pledgee in obtaining any approvals or permits indispensable to realize the Pledgee’s rights, or assist the
Pledgee with any other indispensable procedures. 
11.4 Kenon Kenon Kenon Kenon Kenon Kenon 
33 

 

 
 The Pledgors’ obligations under this Second Equity Pledge Contract shall be limited to the Pledged Equity and the Pledgee is
entitled to have recourse against Kenon but only to the extent of the security provided by the Pledged Equity and in no event shall the Pledgee have any recourse against the Pledgor beyond the Pledged Equity and the Pledgee shall have no recourse
under this Second Equity Pledge Contract against any of the Pledgor’s affiliates, including Kenon. For the avoidance of doubt, in no event shall this Second Equity Pledge Contract increase amounts that may be payable by Kenon under the Kenon
Guarantees or otherwise result in Kenon or the Pledgor having liabilities with respect to the Secured Indebtedness (other than with respect to the Pledged Equity). In the event that the proceeds of a disposition by the Pledgor in accordance with
this Second Equity Pledge Contract exceed the amount of Secured Indebtedness, such excess shall be remitted to Kenon or the Pledgor (at Kenon’s option). 
11.5

After the Pledgee notifies the Pledgor in writing and bona finde of the intent to dispose of the Pledged Equity in accordance with the provisions under this Second
Equity Pledge Contract, but prior to Pledgee actually exercising their rights in terms of the Pledged Equity, the Pledgor 
(a) Kenon 
shall have the irrevocable right to provide to the Pledgee instead of the Pledged Equity equivalent cash with a value equal to the Secured Indebtedness as outstanding under the
Kenon Guarantees and with regards to which the Pledgee has the right to exercise the Pledge, to swap the Pledge established by the Pledgor in accordance with the Second Equity Pledge Contract; or 
(b) 
may provide to the Pledgee other securities which are agreed by the 
34 

 

 
 Pledgee in writing in advance (including but without limitation another equity pledge or a guarantee to be provided by the Pledgor or
any third party, etc.) with a value of the portion of the Pledged Equity hereunder with regards to which the Pledgee has the right to exercise the Pledge, to swap the Pledge established by the Pledgor in accordance with the Second Equity Pledge
Contract. 
11.6 11.5 (a) (b) 11.5(a) 11.5(b) 
If the Pledgee announce the
intention to exercise the Equity Pledge in accordance with its terms, and if the Pledgor offers the Pledgee one of the above swap options Art. 11.5 (a) or (b), the Pledgee herewith irrevocable agree that the Pledgor has the right to decide to
exercise such swap option under 11.5(a) at its sole discretion and the swap option under 11.5(b) subject to the prior consent of the Pledgee and in any event with priority over the Pledgee exercising the Pledge hereunder. The Pledge of the relevant
Pledged Equity after any such swap option being exercised shall be released and relevant parties shall work co-operatively to complete going through procedures of modification and cancellation of the Pledge.

11.7 
If any third party makes any claim to the Pledged Equity or raise any
dispute in relation to the disposal of the Pledged Equity due to any reason, all consequences and liabilities arising therefrom shall be borne by the Pledgor, and such claim and dispute shall not affect the disposal of the Pledged Equity by the
Pledgee according to this Second Equity Pledge Contract. 
Fees 
35 

 

 
 12.1 
The Pledgor shall bear and pay all the taxes
and fees in connection with this Second Equity Pledge Contract and in relation to the Pledged Equity hereunder (i.e, approval and registration fees of this Second Equity Pledge Contract). 
12.2 11 
Upon request by the Pledgee, the Pledgor shall indemnify the Pledgee in full
immediately for all necessary and reasonable expenses and fees paid by the Pledgee for its exercise of any rights in this Second Equity Pledge Contract or in any documents mentioned herein in any jurisdiction, including but not limited to the
reasonable financial expenses, attorney fees and litigation fees for the disposal of the Pledged Equity by the Pledgee according to Article 11 hereunder. 
Upon
request by the Pledgor and on the costs of the Pledgor, the Pledgor shall be entitled to the right in relation to the required redelivery of the Borrowed Shared under this Second Equity Pledge Contract. If such Borrowed Shares are not redelivered to
the Pldgor in accordance with this Second Equity Pledge Contract, the Pledgee shall indemnify the Pledgor immediately for necessary and reasonable expenses and fees paid by the Pledgor for its exercise of any rights in this Second Equity Pledge
Contract in respect of required redelivery of the Borrowed Shares, in any jurisdiction, including but not limited to the reasonable financial expenses, attorney fees and litigation fees. 
12.3 
36 

 

 
 The Pledgor shall pay at any time all the current and future approval and registration fees and other related tax imposed on the Pledgor
in this Second Equity Pledge Contract and the documents mentioned hereunder. 
Change of Parties 
Without prior written consent from the other Party, one Party cannot transfer or assign any of its rights or obligations hereunder. This Second Equity Pledge Contract shall be
binding upon each party hereto and its successor(s) and assignee(s) respectively. 
Information Disclosure 
14.1 
Any party hereto shall maintain the confidentiality of any information relating to all
documents provided by or on behalf of one party to the other party with regard to this Second Equity Pledge Contract (including but not limited to assessment report, insurance documents, and pledge registration documents of the Pledged Equity).
However, the parties hereto and the Pledgee and Qoros Automotive are entitled to: 
(1) 
disclose such information that has become known to the public (excluding the information made known to the public as a result of breach of this provision by the disclosing party);

(2) 
disclose such information in any litigation or arbitration procedure;

37 

 

 
 (3) 
disclose such information as required by laws
or regulations; 
(4) 
disclose such information to any governmental, financial,
tax or other regulatory authorities on an as-need basis; 
(5) 
disclose such information to its professional consultant on an as-need basis; 
(6) 14.2 
disclose such information within the scope permitted by Article 14.2 hereunder;

(7) 
disclose such information upon consent of the disclosed party;

(8) Kenon 
Such disclosure is required pursuant to any applicable securities
law or regulation or by order of any competent court or governmental authority or any stock exchange to be disclosed (including but not limited to regulations applicable as a result of any listing at a stock exchange in New York by Kenon).

14.2 
The Pledgee are entitled to disclose to any party who will make or has
made with the Pledgee any assignment agreement or other agreement related to this Second Equity Pledge Contract (hereinafter referred to as the “Participants”): 
(1) 
38 

 

 
 any copy of the documents related to this Second Equity Pledge Contract (including but not limited to assessment report, pledge
registration documents etc. in relation to the Pledged Equity); and 
(2) 
any
information that the Pledgee have obtained related to the above documents. 
14.1

Notwithstanding the foregoing, Participants shall submit written commitment that the Participant agrees to observe the confidentiality specified in Article 14.1
hereunder to the Pledgee before receiving any such confidential information. 
14.3 14.1 14.2 
Provisions specified in Article 14.1 and Article 14.2 as mentioned above shall supersede any confidentiality covenants that the Pledgee, before becoming a party to this Second
Equity Pledge Contract, have made with respect to this Second Equity Pledge Contract. 
Amendment and Supplement 
15.1 
The Pledgee and the Pledgor shall have right to amend provisions of this Second Equity
Pledge Contract from time to time in writing. If such amendment involves the change of the approval and/or registration matters of this Second Equity Pledge Contract, the Pledgor is obligated to assist the Pledgee in conducting the alternation
approval and registration with the competent authorities; any amendment made accordingly shall be binding upon all the Pledgee and the Pledgor. 
15.2 
39 

 

 
 If so required by the registration authority in charge of the registration of this Second Equity Pledge Contract, the Pledgee and the
Pledgor agree to sign an amendment to this Second Equity Pledge Contract, provided that the alteration of the terms and conditions as requested by the registration authority in charge of registration of this Second Equity Pledge Contract, do not
impose any additional obligations on the Pledgee and/or the Pledgor, unless each such party has consented in writing to such alterations or additional obligations.

Notice 
16.1 
Pursuant to this Second Equity Pledge Contract, any notice, request document or any other file to be sent to any party of this Second Equity Pledge Contract shall be in writing in
English and/or Chinese and delivered to the recipient(s) at the address, or fax number with the attention to the contact person (if applicable) designated from time to time by such recipient(s) in writing. The address, fax number, and the contact
person (if applicable) originally designated by the Parties are listed in the signing page of this Second Equity Pledge Contract. 
16.2 
Any communication made between the parties hereof pursuant to the provisions of this Second Equity Pledge Contract shall be deemed to have been received by the recipient after
satisfaction of the following conditions: 
(1) 
If delivered in person, at the
time of the actual delivery; 
40 

 

 
 (2) 
If given by fax, at the time of a completion
of transmission and a receipt of correct feedback, or a receipt of fax report; 
(3) (7) 12:00 
If posted by international courier, at the time of 12:00 pm (Beijing time) of the seventh (7th) Business Day after a courier document has been posted to a contact address last
notified by the given party to the other party hereof 
16.3 (5) 
Any party
hereto shall notify the other party of its change of contact person, address, or fax number within five (5) Business Days after the change has been completed.

Waiver and Partial Invalidity 
17.1 
Neither failure to exercise nor delay in exercising of any rights by the Pledgee and/or the Pledgor under this Second Equity Pledge Contract shall operate as a waiver thereof, nor
shall any single or partial exercise of any right prevent the Pledgee and/or the Pledgor from exercising such right further or in any other means, or exercising any other rights. The rights and remedies herein provided shall not exclude any rights
or remedies of the Pledgee and/or the Pledgor provided by operation of law. 
17.2 
If, at any time, any provision of this Second Equity Pledge Contract becomes illegal, invalid or unenforceable in any aspect, neither the legality, validity nor the enforceability
of the remaining provisions hereof shall be in any way affected or impaired. 
41 

 

 
 Governing Law and Jurisdiction 
18.1 
This Second Equity Pledge Contract shall be governed by and interpreted in accordance with the PRC laws (including but not limited to the currently effective laws, the
administrative regulations, decisions and orders issued by the State Council of PRC, the rules and regulations promulgated by various departments of the State Council and local governments, but excluding the laws of the Hong Kong Special
Administrative Region, the Macao Special Administrative Region and Taiwan). 
18.2 
Any dispute in connection with this Second Equity Pledge Contract shall be resolved through friendly negotiation between the Parties. If no settlement can be reached through
negotiation, any party is entitled to submit the dispute to the People’s Court with competent jurisdiction where Qoros Automotive is located. 
Contract Version

19.1 
This Second Equity Pledge Contract is prepared and executed in Chinese
and English. Both two versions shall prevail equally. 
19.2 
42 

 

 
 Matters not covered in this Second Equity Pledge Contract shall be negotiated separately by the Pledgor and the Pledgee, and the Pledgor
and the Pledgee shall enter into supplementary agreement thereof. If such supplementary agreement involves the change of the approval and/or registration matters of this Second Equity Pledge Contract, the supplementary agreement shall be submitted
to the authorities for alternation approval and/or registration pursuant to the applicable laws. The supplementary agreement and this Second Equity Pledge Contract shall have the equal legal effect. 
19.3 
The appendices hereof shall constitute effective integral part of this Second Equity
Pledge Contract. 
19.4 (7) 
This Second Equity Pledge Contract shall be
executed in seven (7) originals. The Pledgor and the Pledgee shall respectively keep one original. The remaining originals shall be saved and kept by Qoros Automotive for the purpose of pledge registration of this Second Equity Pledge Contract. Each
original shall have the same validity. 
(The remaining part of this page is intentionally left blank) 
43 

 

 
 (1) 
Signature Page (1) 
: Quantum (2007) LLC 
Pledgor: Quantum (2007) LLC 
Address: 16192 Coastal Highway, Level, Delaware, USA 
Postal Code: 19958 
Person in Charge: Robert L. Rosen 
Telephone: +65 6351-1788 
Fax: +65 6351 - 1798 
Contact Persons: Robert L. Rosen 
Authorized Signatories: 
/Name: Robert L. Rosen 
/Position: Manager 
/Date: 2017 /Year 3 /Month 9 /Day 

 

 
 (2) 
Signature Page (2) 
Second Equity Pledge 
Pledgee: Chery Automobile Co. Ltd. 
Address: No. 8 Changchun Road, Wuhu Economic & Technological Development Area, 
Postal
Code: 241009 
Person in Charge: / Yin Tong yue 
Telephone: 
Fax: 
Contact Person: / Cui Zhiyu 
Authorized Signatory: 
/Name: Yin Tong Yue /Official Seal 
/Position: General Manager 
/Date: 2017 /Year 3 /Month 9 /Day 
/Name: 
/Position: 
/Date: /Year /Month /Day

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