Document:

EX-10.3

 Exhibit 10.3 

CHINA MUSIC CORPORATION 

2014 SHARE INCENTIVE PLAN 

									
	 	  	Page	 
	SECTION 1.	 	    INTRODUCTION	  	 	1	 
	SECTION 2.	 	    DEFINITIONS	  	 	1	 
		 	(a)	  	“Affiliate”	  	 	1	 
		 	(b)	  	“Applicable Laws”	  	 	1	 
		 	(c)	  	“Award”	  	 	1	 
		 	(d)	  	“Award Agreement”	  	 	1	 
		 	(e)	  	“Board”	  	 	1	 
		 	(f)	  	“Cashless Exercise”	  	 	1	 
		 	(g)	  	“Cause”	  	 	2	 
		 	(h)	  	“Change in Control”	  	 	2	 
		 	(i)	  	“Code”	  	 	2	 
		 	(j)	  	“Committee”	  	 	3	 
		 	(k)	  	“Company”	  	 	3	 
		 	(l)	  	“Consultant”	  	 	3	 
		 	(m)	  	“Director”	  	 	3	 
		 	(n)	  	“Disability”	  	 	3	 
		 	(o)	  	“Employee”	  	 	3	 
		 	(p)	  	“Exchange Act”	  	 	3	 
		 	(q)	  	“Exercise Price”	  	 	3	 
		 	(r)	  	“Fair Market Value”	  	 	3	 
		 	(s)	  	“Fiscal Year”	  	 	4	 
		 	(t)	  	“Grant Date”	  	 	4	 
		 	(u)	  	“Incentive Share Option”	  	 	4	 
		 	(v)	  	“Non-Employee Director”	  	 	4	 
		 	(w)	  	“Nonstatutory Share Option”	  	 	4	 
		 	(x)	  	“Option”	  	 	4	 
		 	(y)	  	“Optionee”	  	 	4	 
		 	(z)	  	“Ordinary Shares”	  	 	4	 
		 	(aa)	  	“Parent”	  	 	4	 
		 	(bb)	  	“Participant”	  	 	4	 
		 	(cc)	  	“Performance Goals”	  	 	4	 
		 	(dd)	  	“Performance Period”	  	 	4	 
		 	(ee)	  	“Plan”	  	 	4	 

  
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		 	(ff)	  	“Re-Price”	  	 	5	 
		 	(gg)	  	“Restricted Share Unit”	  	 	5	 
		 	(hh)	  	“Restricted Share Unit Agreement”	  	 	5	 
		 	(ii)	  	“SAR Agreement”	  	 	5	 
		 	(jj)	  	“SEC”	  	 	5	 
		 	(kk)	  	“Section 16 Persons”	  	 	5	 
		 	(ll)	  	“Securities Act”	  	 	5	 
		 	(mm)	  	“Service”	  	 	5	 
		 	(nn)	  	“Share”	  	 	5	 
		 	(oo)	  	“Share Appreciation Right”	  	 	5	 
		 	(pp)	  	“Share Grant”	  	 	5	 
		 	(qq)	  	“Share Grant Agreement”	  	 	5	 
		 	(rr)	  	“Share Option Agreement”	  	 	5	 
		 	(ss)	  	“Subsidiary”	  	 	6	 
		 	(tt)	  	“10-Percent Shareholder”	  	 	6	 
	SECTION 3.	 	    ADMINISTRATION	  	 	6	 
		 	(a)	  	Committee Composition	  	 	6	 
		 	(b)	  	Authority of the Committee	  	 	6	 
		 	(c)	  	Indemnification	  	 	7	 
	SECTION 4.	 	    GENERAL	  	 	7	 
		 	(a)	  	General Eligibility	  	 	7	 
		 	(b)	  	Incentive Share Options	  	 	7	 
		 	(c)	  	Restrictions on Shares	  	 	7	 
		 	(d)	  	Beneficiaries	  	 	8	 
		 	(e)	  	No Rights as a Shareholder	  	 	8	 
		 	(f)	  	Termination of Service	  	 	8	 
	SECTION 5.	 	    SHARES SUBJECT TO PLAN AND SHARE LIMITS	  	 	9	 
		 	(a)	  	Basic Limitation	  	 	9	 
		 	(b)	  	Share Count	  	 	9	 
		 	(c)	  	Dividend Equivalents	  	 	9	 
		 	(d)	  	Limits on Share Grants and Restricted Share Units	  	 	9	 
	SECTION 6.	 	    TERMS AND CONDITIONS OF OPTIONS	  	 	9	 
		 	(a)	  	Share Option Agreement	  	 	9	 

  
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		 	(b)	  	Number of Shares	  	 	9	 
		 	(c)	  	Exercise Price	  	 	9	 
		 	(d)	  	Exercisability and Term	  	 	9	 
		 	(e)	  	Method of Exercise	  	 	10	 
		 	(f)	  	Payment for Option Shares	  	 	10	 
		 	(g)	  	Modifications or Assumption of Options; No Re-Pricing	  	 	10	 
		 	(h)	  	Assignment or Transfer of Options	  	 	10	 
	SECTION 7.	 	    TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS	  	 	11	 
		 	(a)	  	SAR Agreement	  	 	11	 
		 	(b)	  	Number of Shares	  	 	11	 
		 	(c)	  	Exercise Price	  	 	11	 
		 	(d)	  	Exercisability and Term	  	 	11	 
		 	(e)	  	Exercise of SARs	  	 	11	 
		 	(f)	  	Modification or Assumption of SARs; No Re-Pricing	  	 	11	 
		 	(g)	  	Assignment or Transfer of SARs	  	 	12	 
	SECTION 8.	 	    TERMS AND CONDITIONS FOR SHARE GRANTS.	  	 	12	 
		 	(a)	  	Time, Amount and Form of Awards	  	 	12	 
		 	(b)	  	Share Grant Agreement	  	 	12	 
		 	(c)	  	Payment for Share Grants	  	 	12	 
		 	(d)	  	Vesting Conditions	  	 	12	 
		 	(e)	  	Assignment or Transfer of Share Grants	  	 	12	 
		 	(f)	  	Voting and Dividend Rights	  	 	12	 
		 	(g)	  	Modification or Assumption of Share Grants	  	 	13	 
	SECTION 9.	 	    TERMS AND CONDITIONS OF RESTRICTED SHARE UNITS	  	 	13	 
		 	(a)	  	Restricted Share Unit Agreement	  	 	13	 
		 	(b)	  	Number of Shares	  	 	13	 
		 	(c)	  	Payment for Restricted Share Units	  	 	13	 
		 	(d)	  	Vesting Conditions	  	 	13	 
		 	(e)	  	Form and Time of Settlement of Restricted Share Units	  	 	13	 
		 	(f)	  	Voting and Dividend Rights	  	 	13	 
		 	(g)	  	Creditors’ Rights	  	 	14	 
		 	(h)	  	Modification or Assumption of Restricted Share Units	  	 	14	 
		 	(i)	  	Assignment or Transfer of Restricted Share Units	  	 	14	 

  
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	SECTION 10.	 	    PROTECTION AGAINST DILUTION	  	 	14	 
		 	(a)	  	Adjustments	  	 	14	 
		 	(b)	  	Participant Rights	  	 	14	 
		 	(c)	  	Fractional Shares	  	 	15	 
	SECTION 11.	 	    EFFECT OF A CHANGE IN CONTROL	  	 	15	 
		 	(a)	  	Change in Control	  	 	15	 
		 	(b)	  	Acceleration	  	 	15	 
		 	(c)	  	Dissolution	  	 	15	 
	SECTION 12.	 	    LIMITATIONS ON RIGHTS	  	 	15	 
		 	(a)	  	Participant Rights	  	 	15	 
		 	(b)	  	Shareholders’ Rights	  	 	16	 
		 	(c)	  	Regulatory Requirements	  	 	16	 
	SECTION 13.	 	    WITHHOLDING TAXES	  	 	16	 
		 	(a)	  	General	  	 	16	 
		 	(b)	  	Share Withholding	  	 	16	 
	SECTION 14.	 	    DURATION AND AMENDMENTS	  	 	16	 
		 	(a)	  	Term of the Plan	  	 	16	 
		 	(b)	  	Right to Amend or Terminate the Plan	  	 	16	 

  
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 CHINA MUSIC CORPORATION 

2014 SHARE INCENTIVE PLAN 
 SECTION
1.    INTRODUCTION. 
 On August
15th, 2014 the Board adopted this 2014 Share Incentive Plan which shall become effective upon its approval by the Company’s shareholders (the “Effective Date”). 

The purpose of this Plan is to promote the long-term success of the Company and the creation of shareholder value by offering Participants the
opportunity to share in such long-term success by acquiring a proprietary interest in the Company. 
 The Plan seeks to achieve this purpose
by providing for discretionary long-term incentive Awards in the form of Options (which may be Incentive Share Options or Nonstatutory Share Options), Share Appreciation Rights, Share Grants and Restricted Share Units. 

The Plan shall be governed by, and construed in accordance with, Cayman law (except its choice-of-law provisions). Capitalized terms shall have the meaning provided in Section 2 unless otherwise provided in this Plan or any related Award Agreement. 

SECTION 2.    DEFINITIONS. 

(a)    “Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own
not less than 50% of such entity. 
 (b)    “Applicable Laws” means all applicable laws, rules, regulations and
requirements relating to the administration of share plans, including, but not limited to, all applicable Cayman laws, the laws of the People’s Republic of China, U.S. federal and state laws, the rules and regulations of any stock exchange or
quotation system on which the Ordinary Shares are listed or quoted, and the applicable laws, rules, regulations or requirements of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan or where Participants reside
or provide services, as such laws, rules, regulations and requirements shall be in place from time to time. 

(c)    “Award” means an Option, SAR, Share Grant or Restricted Share Unit. 

(d)    “Award Agreement” means any Share Option Agreement, SAR Agreement, Share Grant Agreement or Restricted
Share Unit Agreement. 
 (e)    “Board” means the Board of Directors of the Company, as constituted from time
to time. 
 (f)    “Cashless Exercise” means, to the extent that a Share Option Agreement so provides and as
permitted by Applicable Laws, a program approved by the Committee in which payment of the aggregate Exercise Price and/or satisfaction of any applicable tax withholding obligations may be made all or in part by delivery (on a form prescribed by the
Committee) of an irrevocable direction to a securities broker to sell Shares subject to an Option and to deliver all or part of the sale proceeds to the Company. 

 (g)    “Cause” means, except as may otherwise be provided in a
Participant’s employment agreement, Award Agreement, or other written agreement, (i) Participant’s willful failure to perform his or her duties and responsibilities to the Company or material violation of a written Company policy;
(ii) Participant’s commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company; (iii) unauthorized use or disclosure by
Participant of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; (iv) Participant’s willful
breach of any of his or her obligations under any written agreement or covenant with the Company or (v) Participant’s nonpayment of an obligation to the Company; (vi) Participant’s breach of fiduciary duty or deliberate disregard
of Company rules resulting in loss, damage or injury to the Company; (vii) Participant’s conduct constituting unfair competition; (viii) Participant’s conduct which induces any Company customer to breach a contract with the
Company; and (ix) conduct which induces any principal for whom the Company acts as agent to terminate such agency relationship. The determination as to whether a Participant is being terminated for Cause shall be made in good faith by the
Committee and shall be conclusive and binding on the Participant. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s Service at any time as provided in Section 12(a), and the term
“Company” will be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto, if appropriate. 

(h)    “Change in Control” means the consummation of any of the following transactions: 

(i)    The sale of all or substantially all of the Company’s assets; 

(ii)    The merger of the Company with or into another corporation in which securities possessing more than 50% of the
total combined voting power of the Company are transferred to a person or persons different from the persons holding those securities immediately prior to such transaction; or 

(iii)    The acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a
person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities of the
Company representing more than 50% of the total combined voting power of the Company’s then outstanding securities. For purposes of this paragraph, the term “person” shall not include: (1) a trustee of other fiduciary holding
securities under an employee benefit plan of the Company, a Subsidiary or an Affiliate; or (2) corporation or other entity owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership
of the Ordinary Shares. 
 A transaction shall not constitute a Change in Control if its sole purpose is to change the place of the
Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transactions. 

(i)    “Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations
promulgated thereunder. 

  
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 (j)    “Committee” means a committee described in Section 3.

 (k)    “Company” means China Music Corporation, a Cayman Islands corporation. 

(l)    “Consultant” means an individual who provides bona fide services to the Company, a Parent, a Subsidiary or
an Affiliate, other than as an Employee, Director or Non-Employee Director. 

(m)    “Director” means a member of the Board who is also an Employee. 

(n)    “Disability” means that the Participant is classified as disabled under the
long-term disability policy of the Company or, if no such policy applies, the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

(o)    “Employee” means any individual who is an employee of the Company, a Parent, a Subsidiary or an Affiliate.

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

(q)    “Exercise Price” means, in the case of an Option, the amount for which a Share may be purchased upon
exercise of such Option, as specified in the applicable Share Option Agreement. “Exercise Price,” in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value in
determining the amount payable upon exercise of such SAR. 
 (r)    “Fair Market Value” means the market price
of a Share as determined in good faith by the Committee. Such determination shall be conclusive and binding on all persons. The Fair Market Value shall be determined by the following: 

(i)    if the Shares are admitted to trading on any established national stock exchange or market system, including without
limitation NASDAQ, on the date in question, then the Fair Market Value shall be equal to the closing sales price for such Shares as quoted on such national exchange or system on such date; or 

(ii)    if the Shares are admitted to quotation on NASDAQ or are regularly quoted by a recognized securities dealer but
selling prices are not reported on the date in question, then the Fair Market Value shall be equal to the mean between the bid and asked prices of the Shares reported for such date. 

In each case, the applicable price shall be the price reported in such source as the Committee deems reliable; provided, however, that if there
is no such reported price for the Shares for the date in question, then the Fair Market Value shall be equal to the price reported on the last preceding date for which such price exists. If neither (i) or (ii) are applicable, then the Fair
Market Value shall be determined by the Committee in good faith on such basis as it deems appropriate. 

  
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 (s)    “Fiscal Year” means the Company’s fiscal year. 

(t)    “Grant Date” means the grant effective date of an Award. 

(u)    “Incentive Share Option” or “ISO” means an incentive stock option described in Code
Section 422. 
 (v)    “Non-Employee Director” means a member of
the Board who is not an Employee. 
 (w)    “Nonstatutory Share Option” or “NSO” means a share option
that is not an ISO. 
 (x)    “Option” means an ISO or NSO granted under the Plan entitling the Optionee to
purchase Shares. 
 (y)    “Optionee” means an individual, estate or other entity that holds an Option. 

(z)    “Ordinary Shares” means the Company’s ordinary shares. 

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

(bb)    “Participant” means an Employee, Director, Non-Employee Director
or Consultant who has been selected by the Committee to receive an Award under the Plan or any individual, estate or other entity that holds an Award. 

(cc)    “Performance Goals” means one or more objective measurable performance goals established by the Committee
with respect to a Performance Period based upon one or more factors, including: (i) operating income; (ii) earnings before interest, taxes, depreciation and amortization; (iii) earnings; (iv) cash flow; (v) market share;
(vi) sales or revenue; (vii) expenses; (viii) cost of goods sold; (ix) profit/loss or profit margin; (x) working capital; (xi) return on equity or assets; (xii) earnings per share; (xiii) economic value added;
(xiv) price/earnings ratio; (xv) debt or debt-to-equity; (xvi) accounts receivable; (xvii) writeoffs; (xviii) cash; (xix) assets;
(xx) liquidity; (xxi) operations; (xxii) intellectual property (e.g., patents); (xxiii) product development; (xxiv) regulatory activity; (xxv) manufacturing, production or inventory; (xxvi) mergers and acquisitions
or divestitures; and/or (xxvii) financings, each with respect to the Company and/or one or more of its Parent, Subsidiaries, Affiliates or operating units. 

(dd)    “Performance Period” means any period not exceeding 60 months as determined by the Committee, in its sole
discretion. The Committee may establish different Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance Periods. 

(ee)    “Plan” means this China Music Corporation 2014 Share Incentive Plan as it may be amended from time to
time. 

  
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 (ff)    “Re-Price” means
that the Company has lowered or reduced the Exercise Price of outstanding Options and/or outstanding SARs for any Participant(s) whether through amendment, cancellation or replacement grants, or any other means. 

(gg)    “Restricted Share Unit” means a bookkeeping entry representing the equivalent of one Share awarded under
the Plan. 
 (hh)    “Restricted Share Unit Agreement” means the agreement described in Section 9
evidencing a Restricted Share Unit. 
 (ii)    “SAR Agreement” means the agreement described in Section 7
evidencing a Share Appreciation Right. 
 (jj)    “SEC” means the Securities and Exchange Commission. 

(kk)    “Section 16 Persons” means those officers, directors or other persons who are subject to
Section 16 of the Exchange Act. 
 (ll)    “Securities Act” means the Securities Act of 1933, as amended.

 (mm)    “Service” means service as an Employee, Director,
Non-Employee Director or Consultant. A Participant’s Service does not terminate if he or she is an Employee and goes on a bona fide leave of absence that was approved by the Company in writing and the
terms of the leave provide for continued service crediting, or when continued service crediting is required by Applicable Laws. However, for purposes of determining whether an Option is entitled to continuing ISO status, an Employee’s Service
will be treated as terminating 90 days after such Employee went on leave, unless such Employee’s right to return to active work is guaranteed by law or by a contract. Service terminates in any event when the approved leave ends, unless such
Employee immediately returns to active work. Further, unless otherwise determined by the Committee, a Participant’s Service will not terminate merely because of a change in the capacity in which the Participant provides service to the Company,
a Parent, Subsidiary or Affiliate, or a transfer between entities (the Company or any Parent, Subsidiary, or Affiliate); provided that there is no interruption or other termination of Service. 

(nn)    “Share” means one share of Ordinary Shares. 

(oo)    “Share Appreciation Right” or “SAR” means a share appreciation right awarded under the Plan.

 (pp)    “Share Grant” means Shares awarded under the Plan. 

(qq)    “Share Grant Agreement” means the agreement described in Section 8 evidencing a Share Grant. 

(rr)    “Share Option Agreement” means the agreement described in Section 6 evidencing an Option. 

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

(tt)    “10-Percent Shareholder” means an individual who owns more than
10% of the total combined voting power of all classes of outstanding shares of the Company, its Parent or any of its Subsidiaries. In determining share ownership, the attribution rules of Code Section 424(d) shall be applied. 

SECTION 3.    ADMINISTRATION. 

(a)    Committee Composition. The Board or a Committee appointed by the Board shall administer the Plan. The Committee
shall generally have membership composition which enables Awards to Section 16 Persons to qualify as exempt from liability under Section 16(b) of the Exchange Act. However, the Board may also appoint one or more separate Committees, each
composed of one or more directors of the Company who need not qualify under Rule 16b-3, that may administer the Plan with respect to Participants who are not Section 16 Persons, respectively, may
grant Awards under the Plan to such Participants and may determine all terms of such Awards. Members of any such Committee shall serve for such period of time as the Board may determine and shall be subject to removal by the Board at any time. The
Board may also at any time terminate the functions of the Committee and reassume all powers and authority previously delegated to the Committee. 

Notwithstanding the foregoing, the Board shall administer the Plan with respect to all Awards granted to
Non-Employee Directors. 
 The Board and any Committee appointed to administer the plan is referred
to herein as the “Committee”. 
 (b)    Authority of the Committee. Subject to the provisions of the Plan, the
Committee shall have the full authority, in its sole discretion, to take any actions it deems necessary or advisable for the administration of the Plan. Such actions shall include: 

 

	 	(i)	selecting Participants who are to receive Awards under the Plan; 

  

	 	(ii)	determining the Fair Market Value; 

  

	 	(iii)	determining the type, number, Grant Date, vesting requirements and other features and conditions of such Awards; 

  

	 	(iv)	approving the forms of agreements to be used under the Plan; 

  

	 	(v)	amending any outstanding Awards; 

  

	 	(vi)	accelerating the vesting, or extending the post-termination exercise term, of Awards at any time and under such terms and conditions as it deems appropriate; 

 

	 	(vii)	interpreting the Plan and any Award Agreement; 

  
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	 	(viii)	correcting any defect, supplying any omission or reconciling any inconsistency in the Plan or any Award Agreement; 

  

	 	(ix)	adopting such rules or guidelines as it deems appropriate to implement the Plan; 

  

	 	(x)	authorizing any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously authorized by the Committee; 

 

	 	(xi)	making all other decisions relating to the operation of the Plan; and 

  

	 	(xii)	adopting such plans or subplans as may be deemed necessary or appropriate to comply with the laws of certain countries, allow for tax-preferred treatment of the Awards or
otherwise provide for the participation by Participants who reside in such countries. 

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

SECTION 4.    GENERAL. 

(a)    General Eligibility. Only Employees, Directors, Non-Employee Directors and
Consultants shall be eligible to participate in the Plan. 
 (b)    Incentive Share Options. Only Participants who are
Employees of the Company, a Parent or a Subsidiary shall be eligible for the grant of ISOs. In addition, a Participant who is a 10-Percent Shareholder shall not be eligible for the grant of an ISO unless the
requirements set forth in Code Section 422(c)(5) are satisfied. 
 (c)    Restrictions on Shares. Any Shares issued
pursuant to an Award shall be subject to such rights of repurchase, rights of first refusal and other transfer restrictions as the Committee may determine, in its sole discretion. Such restrictions shall apply in addition to any restrictions that
may apply to holders of Shares generally and shall also comply to the extent necessary with Applicable Laws. In no event shall the Company be required to issue fractional Shares under this Plan. 

  
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 (d)    Beneficiaries. Unless stated otherwise in an Award Agreement and then
only to the extent permitted by and enforceable under Applicable Laws, a Participant may designate one or more beneficiaries with respect to an Award by timely filing the prescribed form with the Company or the Company’s designee. A beneficiary
designation may be changed by filing the prescribed form with the Company (or the Company’s designee) at any time before the Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant,
then after a Participant’s death any vested Award(s) shall be transferred or distributed to the Participant’s estate or to such other person as the Company may designate. 

(e)    No Rights as a Shareholder. A Participant, or a transferee of a Participant, shall have no rights as a shareholder
with respect to any Ordinary Shares covered by an Award until such person has satisfied all of the terms and conditions to receive such Ordinary Shares, has satisfied any applicable withholding or tax obligations relating to the Award and the Shares
have been issued (as evidenced by an appropriate entry on the books of the Company or a duly authorized transfer agent of the Company). 

(f)    Termination of Service. Unless the applicable Award Agreement or, with respect to a Participant who resides in the
U.S., the applicable employment agreement provides otherwise, the following rules shall govern the vesting, exercisability and term of outstanding Awards held by a Participant in the event of termination of such Participant’s Service (in all
cases subject to the maximum term of the Option and/or SAR as applicable): (i) upon termination of Service for any reason, the unvested portions of any outstanding Restricted Share Units or Share Grants shall be immediately forfeited without
consideration; (ii) if Service is terminated for Cause, then all unexercised Options and/or SARs, unvested portions of Restricted Share Units and unvested portions of Share Grants shall terminate and be forfeited immediately without
consideration; (iii)if Service is terminated for any reason other than for Cause, death or Disability, then the vested portion of the Participant’s then-outstanding Options and/or SARs may be exercised by such Participant or his or her personal
representative within ninety (90) days after the date of such termination and the unvested portions of any such Awards shall be forfeited without consideration at the end of such period; or (iv) if Service is terminated due to death or
Disability, the vested portion of the Participant’s then-outstanding Options and/or SARs may be exercised within six (6) months after the date of such termination and the unvested portions of any such Awards shall be forfeited without
consideration at the end of such period. 
 (g)    Violation of Non-Competition
Obligation. Notwithstanding the foregoing, if a Participant breach any obligations in relation to non-competition under any written agreement or covenant with the Company before or/and after his/her termination of service, then all Options
and/or SARs, unvested portions of Restricted Share Units and unvested portions of Share Grants shall terminate and be forfeited immediately without consideration, and the Committee may, in its sole discretion, require all shares and rights benefits
and interests of the shares in relation to the exercised Options and/or SARs, vested portions of Restricted Share Units and vested portions of Share Grants shall be returned to the Company without consideration. For avoidance of any doubt, the term
“Company” shall include any Subsidiary, Parent, Affiliate, or ay successor thereto, if appropriate. 

  
 8 

 SECTION 5.    SHARES SUBJECT TO PLAN AND SHARE LIMITS.

 (a)    Basic Limitation. The shares issuable under the Plan shall be authorized, but unissued, or reacquired
Shares. The aggregate number of Shares reserved for Awards under the Plan shall be stipulated in the relevant Board resolution, subject to adjustment pursuant to Section 10. 

(b)    Share Count. Shares issued pursuant to Awards will count against the Shares available for issuance under the Plan as
one (1) Share for every one (1) Share issued in connection with the Award. The total number of Shares subject to SARs that are settled in Shares shall be counted in full against the number of Shares available for issuance under the Plan,
regardless of the number of Shares actually issued upon settlement of the SARs. If Awards are settled in cash, the Shares that would have been delivered had there been no cash settlement shall not be counted against the Shares available for issuance
under the Plan. If Awards are forfeited or are terminated for any reason before vesting or being exercised, then the Shares underlying such Awards shall again become available for Awards under the Plan. For purposes of clarity, no Shares withheld
pursuant to Section 13(b) shall again become available for Awards under the Plan. 
 (c)    Dividend Equivalents.
Any dividend equivalents distributed under the Plan shall not reduce the number of Shares available for Awards. 
 SECTION
6.    TERMS AND CONDITIONS OF OPTIONS. 
 (a)    Share Option Agreement. Each Option
granted under the Plan shall be evidenced and governed exclusively by a Share Option Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other
terms and conditions that are not inconsistent with the Plan and that the Committee deems appropriate for inclusion in a Share Option Agreement. The provisions of the various Share Option Agreements entered into under the Plan need not be identical.
The Share Option Agreement shall specify whether the Option is an ISO or an NSO. 
 (b)    Number of Shares. Each Share
Option Agreement shall specify the number of Shares that are subject to the Option, which number is subject to adjustment in accordance with Section 10. 

(c)    Exercise Price. Each Share Option Agreement shall specify the Option’s Exercise Price which shall be
established by the Committee and is subject to adjustment in accordance with Section 10. 
 (d)    Exercisability
and Term. Each Share Option Agreement shall specify the date when all or any installment of the Option is to become exercisable and may include performance conditions or Performance Goals. The Share Option Agreement shall also specify the maximum
term of the Option; provided that the maximum term of an Option shall in no event exceed seven (7) years from the Grant Date. A Share Option Agreement may provide for accelerated vesting in the event of the Participant’s death, Disability
or other events. Notwithstanding any other provision of the Plan or the Share Option Agreement, no Option can be exercised after the expiration date provided in the applicable Share Option Agreement. Notwithstanding the forgoing, before the Shares
are listed or admitted to trade on the NASDAQ or other national securities exchange(the “Listing”), upon exercise of Options, the Participant (or any person having the right to exercise the Option after Participant’s death) shall
receive cash from the Company instead of Share in the sole discretion of the Committee. The amount of cash received upon exercise of Options before the Listing shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the
date of surrender) of the Shares subject to the Options exceeds the Exercise Price of the Shares. 

  
 9 

 (e)    Method of Exercise. An Option may be exercised, in whole or in part,
by giving written notice of exercise to the Company (or, subject to Applicable Laws and if the Company permits, by electronic or voice methods) of the number of Shares to be purchased. Such notice shall be accompanied by payment in full of the
aggregate Exercise Price, plus any required withholdings (unless satisfactory arrangements have been made to satisfy such withholdings). The Company reserves the right to delay issuance of the Shares if such payments are not satisfactory. 

(f)    Payment for Option Shares. The Exercise Price of an Option shall be paid in cash at the time of exercise, except as
follows and if so provided for in the applicable Share Option Agreement: 
 (i)    Surrender of Share. Payment of all or
a part of the Exercise Price may be made with Shares which have already been owned by the Optionee; provided that the Committee may, in its sole discretion, require that Shares tendered for payment be previously held by the Optionee for a minimum
duration (e.g., to avoid financial accounting charges to the Company’s earnings). 
 (ii)    Cashless Exercise.
Payment of all or a part of the Exercise Price may be made through Cashless Exercise. 
 (iii)    Other Forms of Payment.
Payment may be made in any other form that is consistent with Applicable Laws, regulations and rules and approved by the Committee. 
 In the
case of an ISO granted under the Plan, except to the extent permitted by Applicable Laws, payment shall be made only pursuant to the express provisions of the applicable Share Option Agreement. In the case of an NSO granted under the Plan, the
Committee may, in its discretion at any time, accept payment in any form(s) described in this Section 6(f). 

(g)    Modifications or Assumption of Options; No Re-Pricing. Within the
limitations of the Plan, the Committee may modify, extend or assume outstanding options or may accept the cancellation of outstanding options (whether granted by the Company or by another issuer) in return for the grant of new Options for the same
or a different number of Shares and at the same or a different Exercise Price. Notwithstanding the preceding sentence or anything to the contrary, no modification of an Option shall, without the consent of the Optionee, impair his or her rights or
obligations under such Option and, unless there is approval by the Company shareholders, the Committee may not Re-Price outstanding Options. 

(h)    Assignment or Transfer of Options. Except as otherwise provided in the applicable Share Option Agreement and then
only to the extent such transfer is otherwise permitted by Applicable Laws and is not a transfer for value (unless such transfer for value is approved in advance by the Company’s shareholders), no Option or interest therein shall be
transferred, assigned, pledged or hypothecated by the Optionee during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process, other than by will or by the laws of descent and
distribution and an Option may be exercised during the lifetime of the Optionee only or by the guardian or legal representative of the Optionee. 

  
 10 

 SECTION 7.    TERMS AND CONDITIONS OF SHARE APPRECIATION
RIGHTS. 
 (a)    SAR Agreement. Each SAR granted under the Plan shall be evidenced by a SAR
Agreement between the Participant and the Company. Such SAR shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. A SAR Agreement may provide for a maximum limit on the
amount of any payout notwithstanding the Fair Market Value on the date of exercise of the SAR. The provisions of the various SAR Agreements entered into under the Plan need not be identical. SARs may be granted in consideration of a reduction in the
Participant’s compensation. 
 (b)    Number of Shares. Each SAR Agreement shall specify the number of Shares to
which the SAR pertains, which number is subject to adjustment in accordance with Section 10. 
 (c)    Exercise
Price. Each SAR Agreement shall specify the Exercise Price, which is subject to adjustment in accordance with Section 10. A SAR Agreement may specify an Exercise Price that varies in accordance with a predetermined formula while the SAR is
outstanding. 
 (d)    Exercisability and Term. Each SAR Agreement shall specify the date when all or any installment of
the SAR is to become exercisable and may include performance conditions or Performance Goals. The SAR Agreement shall also specify the maximum term of the SAR which shall not exceed seven (7) years from the Grant Date. A SAR Agreement may
provide for accelerated exercisability in the event of the Participant’s death, Disability or other events. SARs may be awarded in combination with Options or Share Grants, and such an Award shall provide that the SARs will not be exercisable
unless the related Options or Share Grants are forfeited. A SAR may be included in an ISO only at the time of grant but may be included in an NSO at the time of grant or at any subsequent time, but not later than six (6) months before the
expiration of such NSO. Notwithstanding any other provision of the Plan or the SAR Agreement, no SAR can be exercised after the expiration date provided in the applicable SAR Agreement. 

(e)    Exercise of SARs. Upon exercise of a SAR, the Participant (or any person having the right to exercise the SAR after
Participant’s death) shall receive from the Company (i) Shares, (ii) cash or (iii) any combination of Shares and cash, as the Committee shall determine at the time of grant of the SAR, in its sole discretion. The amount of cash
and/or the Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds the Exercise Price of the
Shares. 
 (f)    Modification or Assumption of SARs; No Re-Pricing. Within the
limitations of the Plan, the Committee may modify, extend or assume outstanding SARs or may accept the cancellation of outstanding share appreciation rights (including share appreciation rights granted by another issuer) in return for the grant of
new SARs for the same or a different number of Shares and at the same or a different Exercise Price. Notwithstanding the preceding sentence or anything to the contrary, no modification of a SAR shall, without the consent of the Participant, impair
his or her rights or obligations under such SAR and, unless there is approval by the Company shareholders, the Committee may not Re-Price outstanding SARs. 

  
 11 

 (g)    Assignment or Transfer of SARs. Except as otherwise provided in the
applicable SAR Agreement and then only to the extent such transfer is otherwise permitted by Applicable Laws and is not a transfer for value (unless such transfer for value is approved in advance by the Company’s shareholders), no SAR or
interest therein shall be transferred, assigned, pledged or hypothecated by the Participant during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process, other than by will or
by the laws of descent and distribution and a SAR may be exercised during the lifetime of the Participant only or by the guardian or legal representative of the Participant. 

SECTION 8.    TERMS AND CONDITIONS FOR SHARE GRANTS. 

(a)    Time, Amount and Form of Awards. Awards under this Section 8 may be granted in the form of a Share Grant.
A Share Grant may be awarded in combination with NSOs, and such an Award may provide that the Share Grant will be forfeited in the event that the related NSOs are exercised. 

(b)    Share Grant Agreement. Each Share Grant awarded under the Plan shall be evidenced and governed exclusively by a
Share Grant Agreement between the Participant and the Company. Each Share Grant shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan that the
Committee deems appropriate for inclusion in the applicable Share Grant Agreement. The provisions of the Share Grant Agreements entered into under the Plan need not be identical. 

(c)    Payment for Share Grants. Share Grants may be issued with or without cash consideration under the Plan. 

(d)    Vesting Conditions. The Committee shall determine the vesting schedule of each Share Grant. Vesting shall occur, in
full or in installments, upon satisfaction of the conditions specified in the Share Grant Agreement which may include performance conditions or Performance Goals. A Share Grant Agreement may provide for accelerated vesting in the event of the
Participant’s death, Disability, or other events. 
 (e)    Assignment or Transfer of Share Grants. Except as
otherwise provided in the applicable Share Grant Agreement and then only to the extent such transfer is otherwise permitted by Applicable Laws, no unvested Share Grant or interest therein shall be transferred, assigned, pledged or hypothecated by
the Participant during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar process, other than by will or by the laws of descent and distribution. 

(f)    Voting and Dividend Rights. The holder of a Share Grant awarded under the Plan shall have the same voting, dividend
and other rights as the Company’s other shareholders. A Share Grant Agreement may require that the holder of such Share Grant invest any cash dividends received in additional Shares subject to the Share Grant. Such additional Shares and any
Shares received as a dividend pursuant to the Share Grant shall be subject to the same conditions and restrictions as the Share Grant with respect to which the dividends were paid. Such additional Shares subject to the Share Grant shall not reduce
the number of Shares available for issuance under Section 5. 

  
 12 

 (g)    Modification or Assumption of Share Grants. Within the limitations of
the Plan, the Committee may modify or assume outstanding Share Grants or may accept the cancellation of outstanding share grants (including share granted by another issuer) in return for the grant of new Share Grants for the same or a different
number of Shares. Notwithstanding the preceding sentence or anything to the contrary, no modification of a Share Grant shall, without the consent of the Participant, impair his or her rights or obligations under such Share Grant. 

SECTION 9.    TERMS AND CONDITIONS OF RESTRICTED SHARE UNITS. 

(a)    Restricted Share Unit Agreement. Each Restricted Share Unit granted under the Plan shall be evidenced by a
Restricted Share Unit Agreement between the Participant and the Company. Such Restricted Share Units shall be subject to all applicable terms of the Plan and may be subject to any other terms that are not inconsistent with the Plan. The provisions
of the various Restricted Share Unit Agreements entered into under the Plan need not be identical. Restricted Share Units may be granted in consideration of a reduction in the Participant’s other compensation. 

(b)    Number of Shares. Each Restricted Share Unit Agreement shall specify the number of Shares to which the Restricted
Share Unit pertains, which number is subject to adjustment in accordance with Section 10. 
 (c)    Payment for
Restricted Share Units. To the extent that an Award is granted in the form of Restricted Share Units, no cash consideration shall be required of the Award recipients. 

(d)    Vesting Conditions. The Committee shall determine the vesting schedule of each Restricted Share Unit. Vesting shall
occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Share Unit Agreement which may include performance conditions or Performance Goals. A Restricted Share Unit Agreement may provide for accelerated
vesting in the event of the Participant’s death, Disability, or other events. 
 (e)    Form and Time of Settlement
of Restricted Share Units. Settlement of vested Restricted Share Units may be made in the form of (i) cash, (ii) Shares or (iii) any combination of both, as determined by the Committee at the time of the grant of the Restricted Share
Units, in its sole discretion. Vested Restricted Share Units may be settled in a lump sum or in installments. The distribution may occur or commence when the vesting conditions applicable to the Restricted Share Units have been satisfied or have
lapsed, or it may be deferred, in accordance with Applicable Laws, to any later date. The amount of a deferred distribution may be increased by an interest factor or by dividend equivalents. 

(f)    Voting and Dividend Rights. The holders of Restricted Share Units shall have no voting rights. Prior to settlement
or forfeiture, any Restricted Share Unit awarded under the Plan may, at the Committee’s discretion, carry with it a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all cash dividends paid on
one Share while the Restricted Share Unit is outstanding. Dividend equivalents may be converted into additional Restricted Share Units. Settlement of dividend equivalents may be made in the form of cash, in the form of Shares, or in a combination of
both. Prior to distribution, any dividend equivalents which are not paid shall be subject to the same conditions and restrictions as the Restricted Share Units to which they attach. 

  
 13 

 (g)    Creditors’ Rights. A holder of Restricted Share Units shall have
no rights other than those of a general creditor of the Company. Restricted Share Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Restricted Share Unit Agreement. 

(h)    Modification or Assumption of Restricted Share Units. Within the limitations of the Plan, the Committee may modify
or assume outstanding Restricted Share Units or may accept the cancellation of outstanding restricted share units (including restricted share units granted by another issuer) in return for the grant of new Restricted Share Units for the same or a
different number of Shares. Notwithstanding the preceding sentence or anything to the contrary, no modification of a Restricted Share Unit shall, without the consent of the Participant, impair his or her rights or obligations under such Restricted
Share Unit. 
 (i)    Assignment or Transfer of Restricted Share Units. Except as otherwise provided in the applicable
Restricted Share Unit Agreement and then only to the extent such transfer is otherwise permitted by Applicable Laws and is not a transfer for value (unless such transfer for value is approved in advance by the Company’s shareholders), no
Restricted Share Unit or interest therein shall be transferred, assigned, pledged or hypothecated by the Participant during his or her lifetime, whether by operation of law or otherwise, or be made subject to execution, attachment or similar
process, other than by will or by the laws of descent and distribution. 
 SECTION 10.    PROTECTION AGAINST
DILUTION. 
 (a)    Adjustments. In the event of a subdivision of the outstanding Shares, a declaration
of a dividend payable in Shares, a declaration of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares, a combination or consolidation of the outstanding Shares (by reclassification or
otherwise) into a lesser number of Shares, a recapitalization, a spin-off or a similar occurrence, the Committee shall make appropriate adjustments in one or more of: 

(i)    the number of Shares and the kind of shares or securities available for future Awards under Section 5; 

(ii)    the limits on Share Grants and Restricted Share Units specified in Section 5(d); 

(iii)    the number of Shares and the kind of shares or securities covered by each outstanding Award; or 

(iv)    the Exercise Price under each outstanding Option or SAR. 

(b)    Participant Rights. Except as provided in this Section 10, a Participant shall have no rights by reason of any
issue by the Company of shares of any class or securities convertible into shares of any class, any subdivision or consolidation of shares of any class, the payment of any share dividend or any other increase or decrease in the number of shares of
any class. If by reason of an adjustment pursuant to this Section 10 a Participant’s Award covers additional or different shares or securities, then such additional or different shares and the Award in respect thereof shall be subject to
all of the terms, conditions and restrictions which were applicable to the Award and the Shares subject to the Award prior to such adjustment. 

  
 14 

 (c)    Fractional Shares. Any adjustment of Shares pursuant to this
Section 10 shall be rounded down to the nearest whole number of Shares. Under no circumstances shall the Company be required to authorize or issue fractional shares and no consideration shall be provided as a result of any fractional shares not
being issued or authorized. 
 SECTION 11.    EFFECT OF A CHANGE IN CONTROL. 

(a)    Change in Control. In the event that the Company is a party to a Change in Control, outstanding Awards shall be
subject to the applicable agreement of merger or reorganization. Such agreement may provide, without limitation, for the assumption of outstanding Awards by the surviving corporation or its parent, for their continuation by the Company (if the
Company is a surviving corporation), for accelerated vesting or for their cancellation with or without consideration, in all cases without the consent of the Participant. 

(b)    Acceleration. Notwithstanding the foregoing, the Committee may determine, at the time of grant of an Award or
thereafter, that such Award shall become vested and exercisable, in full or in part, in the event that the Company is a party to a Change in Control. 

(c)    Dissolution. To the extent not previously exercised or settled, Options, SARs and Restricted Share Units shall
terminate immediately prior to the dissolution or liquidation of the Company. 
 SECTION 12.    LIMITATIONS ON
RIGHTS. 
 (a)    Participant Rights. A Participant’s rights, if any, in respect of or in
connection with any Award is derived solely from the discretionary decision of the Company to permit the individual to participate in the Plan and to benefit from a discretionary Award. By accepting an Award under the Plan, a Participant expressly
acknowledges that there is no obligation on the part of the Company to continue the Plan and/or grant any additional Awards. Any Award granted hereunder is not intended to be compensation of a continuing or recurring nature, or part of a
Participant’s normal or expected compensation, and in no way represents any portion of a Participant’s salary, compensation, or other remuneration for purposes of pension benefits, severance, redundancy, resignation or any other purpose.

 Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right to remain an employee, consultant or
director of the Company, a Parent, a Subsidiary or an Affiliate. The Company and its Parent, Subsidiaries and Affiliates reserve the right to terminate the Service of any person at any time, and for any reason, subject to Applicable Laws, and any
applicable written employment agreement (if any), and such terminated person shall be deemed irrevocably to have waived any claim to damages or specific performance for breach of contract or dismissal, compensation for loss of office, tort or
otherwise with respect to the Plan or any outstanding Award that is forfeited and/or is terminated by its terms or to any future Award. 

  
 15 

 (b)    Shareholders’ Rights. Except as provided in Section 9(f), a
Participant shall have no dividend rights, voting rights or other rights as a shareholder with respect to any Shares covered by his or her Award prior to the issuance of such Shares (as evidenced by an appropriate entry on the books of the Company
or a duly authorized transfer agent of the Company). No adjustment shall be made for cash dividends or other rights for which the record date is prior to the date when such Shares are issued, except as expressly provided in Sections 9(f) and
10. 
 (c)    Regulatory Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to
issue Shares or other securities under the Plan shall be subject to all Applicable Laws and such approval by any regulatory body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares or other
securities pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares or other securities, to their registration, qualification or listing or to an exemption from registration, qualification or
listing. 
 SECTION 13.    WITHHOLDING TAXES. 

(a)    General. A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise in connection with his or her Award. The Company shall have the right to deduct from any amount payable under the Plan, including delivery of Shares to be made pursuant to an Award granted under the Plan, all federal,
state, city, local or foreign taxes of any kind required by law to be withheld with respect to such payment and the Company may take any such actions as may be necessary in the opinion of the Company to satisfy all obligations for the payment of
such taxes. The Company shall not be required to issue any Shares or make any cash payment under the Plan until such obligations are satisfied. 

(b)    Share Withholding. The Committee may permit a Participant to satisfy all or part of his or her withholding or income
tax obligations by Cashless Exercise, by having the Company withhold all or a portion of any Shares that otherwise would be issued to him or her or by surrendering all or a portion of any Shares that he or she previously acquired; provided that
Shares withheld or previously owned Shares that are tendered shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations at the minimum statutory withholding rates, including, but not limited to, U.S. federal and
state income taxes, payroll taxes and foreign taxes, if applicable, unless the previously owned Shares have been held for the minimum duration necessary to avoid financial accounting charges under applicable accounting guidance or as otherwise
permitted by the Committee in its sole and absolute discretion. Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions required by rules of the SEC. If any Shares are
used to satisfy withholding taxes, such Shares shall be valued based on the Fair Market Value thereof on the date when the withholding for taxes is required to be made. 

SECTION 14.    DURATION AND AMENDMENTS. 

(a)    Term of the Plan. The Plan shall terminate on August 15th, 2024
and may be terminated on any earlier date pursuant to this Section 14. 
 (b)    Right to Amend or Terminate the
Plan. The Board may amend or terminate the Plan at any time and for any reason. Any such termination of the Plan, or any amendment thereof, shall not impair any Award previously granted under the Plan. No Awards shall be granted under the Plan after
the Plan’s termination. An amendment of the Plan shall be subject to the approval of the Company’s shareholders only to the extent such approval is required by Applicable Laws, regulations or rules. 

  
 16EX-10.4

 Exhibit 10.4 

TENCENT MUSIC ENTERTAINMENT GROUP 

( 腾讯音乐娱乐集团) 

2017 SHARE OPTION PLAN 

SECTION 1.    Purpose. The purpose of the Tencent Music Entertainment Group (腾讯音乐娱乐集团) 2017 Share Option Plan (the “Plan”) is to motivate and
reward those employees and other individuals who are expected to contribute significantly to the success of Tencent Music Entertainment Group
(腾讯音乐娱乐集团) (together with its subsidiaries, the
“Company”) to perform at the highest level and to further the best interests of the Company and its shareholders. 

SECTION 2.    Definitions. As used in the Plan, the following terms shall have the
meanings set forth below: 
 (a)    “Affiliate” means (i) any entity that, directly or indirectly,
is controlled by the Company; (ii) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Committee. 

(b)    “Articles of Association” means the articles of association of the Company in force from time to
time. 
 (c)    “associates” has the meaning ascribed to it in the Hong Kong Listing Rules. 

(d)    “Award” means any Option granted under the Plan. 

(e)    “Award Agreement” means any agreement, contract or other instrument or document evidencing any
Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 

(f)    “Beneficial Owner” has the meaning ascribed to such term in Rule
13d-3 under the Exchange Act. 
 (g)    “Beneficiary” means a
person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death. If no such person is named by a Participant, or if no Beneficiary designated by such Participant
is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate. 

(h)    “Board” means the board of directors of the Company. 

(i)    “Cause” means, with respect to any Participant, “cause” as defined in such
Participant’s Employment Agreement, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement, such Participant’s: 

(i)    dishonesty or serious misconduct, whether or not in connection with his employment; willful
disobedience or non-compliance with the terms of his employment, agency or consultancy contract with any member of the group or any invested entity or any lawful orders or instructions given by the any member
of the group or any invested entity as the case may be; 

 (ii)    incompetence or negligence in the performance of his
duties;; or 
 (iii)    doing anything in the conclusive opinion of the Committee adversely affects his
ability to perform his duties properly or bring the Company or the group or any invested entity into disrepute. 

(j)    “Change of Control” means the occurrence of any one or more of the following events: 

(i)    any Person, other than an employee benefit plan or trust maintained by the Company, becomes the
Beneficial Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s outstanding securities entitled to vote generally in the election of directors; 

(ii)    at any time during a period of 12 consecutive months, individuals who at the beginning of such
period constituted the Board and any new member of the Board whose election or nomination for election was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning of such period or
whose election or nomination for election was so approved, cease for any reason to constitute a majority of members of the Board; 

(iii)    the consummation of (A) a merger or consolidation of the Company or any of its subsidiaries
with any other corporation or entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining
outstanding or being converted into voting securities of the surviving entity or, if applicable, the ultimate parent thereof) at least 50% of the combined voting power and total fair market value of the securities of the Company or such surviving
entity or parent outstanding immediately after such merger or consolidation, or (B) any sale, lease, exchange or other transfer to any Person of assets of the Company and/or any of its subsidiaries, in one transaction or a series of related
transactions, having an aggregate fair market value of more than 50% of the fair market value of the Company and its subsidiaries (the “Company Value”) immediately prior to such transaction(s); or 

(iv)    any analogous situation as determined by the Committee solely at its discretion; 

provided that, in the case of each of (i), (ii) and (iii), except as otherwise provided in the applicable Award Agreement, a Change of Control
shall not be deemed to have occurred until the Committee has determined by resolution of the Committee that such event has occurred. 

  
 2 

 (k)    “Code” means the Internal Revenue Code of 1986, as
amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto. 

(l)    “Committee” means the compensation committee of the Board or such other committee as may be
designated by the Board. If the Board does not designate the Committee, references herein to the “Committee” shall refer to the Board. 

(m)    “Companies Ordinance” means the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) as
amended from time to time. 
 (n)    “Director” means any member of the Company’s Board of
Directors. 
 (o)    “Disability” means, with respect to any Participant, “disability” as
defined in such Participant’s Employment Agreement, if any, or if not so defined, except as otherwise provided in such Participant’s Award Agreement: 

(i)    a permanent and total disability that entitles the Participant to disability income payments under
any long-term disability plan or policy provided by the Company under which the Participant is covered, as such plan or policy is then in effect; or 

(ii)    if the Participant is not covered under a long-term disability plan or policy provided by the
Company at such time for whatever reason, then the term “Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than 12 months. In this case, the existence of any such Disability will be certified by a physician acceptable to the Company. 

(p)    “Effective Date” means the later of (i) the date on which the Plan is adopted by the Board,
(ii) the date on which the Plan is approved and adopted by the shareholders of the Company and (iii) the date on which the Plan is approved and adopted by the shareholders of Tencent in a general meeting pursuant to the Hong Kong Listing
Rules. 
 (q)    “Eligible Participant” has the meaning ascribed to it under Section 3(a) of this
Plan. 
 (r)    “Employee” means any person employed by the Company or any Affiliate, with the status
of employment determined based upon such factors as are deemed appropriate by the Committee in its discretion, subject to applicable law. 

(s)    “Employment Agreement” means any employment, severance, consulting or similar agreement between
the Company or any of its Affiliates and a Participant. 

  
 3 

 (t)    “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto. 

(u)    “Fair Market Value” means (i) with respect to Shares, the closing price of a Share as stated
in the daily quotations sheet of the principal stock market or exchange on which the Shares are quoted or traded, or if Shares are not so quoted or traded, fair market value of a Share as determined by the Committee, and (ii) with respect to
any property other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee. 

(v)    “Hong Kong” means the Hong Kong Special Administrative Region of the People’s
Republic of China. 
 (w)    “Hong Kong Listing Rules” means the Rules Governing the Listing of
Securities of The Stock Exchange of Hong Kong Limited as may be amended from time to time. 
 (x)    “Hong Kong
Stock Exchange” means The Stock Exchange of Hong Kong Limited. 
 (y)    “HK$” means Hong Kong
dollars. 
 (z)    “Intrinsic Value” with respect to an Option Award means (i) the excess, if any,
of the price or implied price per Share in a Change of Control or other event over (ii) the exercise or hurdle price of such Award multiplied by (iii) the number of Shares covered by such Award. 

(aa)    “Option” means an option representing the right to purchase Shares from the Company, granted
pursuant to Section 6. 
 (bb)    “Participant” means the recipient of an Award granted
under the Plan. 
 (cc)    “Person” has the meaning ascribed to such term in Section 3(a)(9) of
the Exchange Act and used in Sections 13(d) and 14(d) thereof, including “group” as defined in Section 13(d) thereof. 

(dd)    “Qualified IPO” means the listing of Shares resulting from a firm underwritten public
offering of the Shares in the U.S. or in a similar listing of the Shares in another jurisdiction which results in such shares trading publicly on any Qualified Stock Exchange where the Company meets the listing requirements of such Qualified Stock
Exchange. 
 (ee)    “Qualified Stock Exchange” means the Hong Kong Stock Exchange, New York
Stock Exchange, NASDAQ Stock Market, A-Share Market or such other stock exchange approved by the Board. 

  
 4 

 (ff)    “Retirement” means the Participant’s retirement
following reaching the retirement age as established by the legislation in force in the jurisdiction of the Participant’s principal place of employment or as otherwise determined under Company policy. 

(gg)    “Shares” means ordinary shares in the capital of the Company, par value US$0.000083 per share.

 (hh)    “substantial shareholder” has the meaning ascribed to it in the Hong Kong Listing Rules.

 (ii)    “Substitute Award” means an Award granted in assumption of, or in substitution for, an
outstanding award previously granted by a company or other business acquired by the Company or with which the Company combines. 

(jj)    “Tencent” means Tencent Holdings Limited, the controlling shareholder (as defined under the Hong
Kong Listing Rules) of the Company, and whose shares are listed on the Hong Kong Stock Exchange. 

(kk)    “Termination of Service” means, in the case of a Participant who is an employee of the Company or
an Affiliate, cessation of the employment relationship such that the Participant is no longer an employee of the Company or Affiliate, or, in the case of a Participant who is an independent contractor or other service provider, the date the
performance of services for the Company or an Affiliate has ended; provided, however, that in the case of an employee, the transfer of employment from the Company to an Affiliate, from an Affiliate to the Company, from one Affiliate to
another Affiliate or, unless the Committee determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or an Affiliate as a Director of the Board or an independent contractor shall not
be deemed a cessation of service that would constitute a Termination of Service; provided, further, that a Termination of Service will be deemed to occur for a Participant employed by an Affiliate when an Affiliate ceases to be an
Affiliate unless such Participant’s employment continues with the Company or another Affiliate. 

SECTION 3.    Eligibility. 

(a)    Any Employee or any other individual who provides services to the Company or any Affiliate as determined by the
Committee shall be eligible to be selected to receive an Award under the Plan (an “Eligible Participant”), to the extent an offer of an Award or a receipt of such Award is permitted by applicable law, stock market or exchange rules
and regulations or accounting or tax rules and regulations. 
 (b)    Holders of options and other types of awards
granted by a company acquired by the Company or with which the Company combines are eligible for grants of Substitute Awards under the Plan to the extent permitted under applicable regulations of any stock exchange on which the Company is listed.

  
 5 

 SECTION 4.    Administration. 

(a)    Administration of the Plan. The Plan shall be administered by the Committee. All decisions of the Committee
shall be final, conclusive and binding upon all parties, including the Company and Participants and any Beneficiaries thereof. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it
may determine. 
 (b)    Composition of Committee. Subject to applicable law, the Board may designate one or more
Directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee. To the extent permitted by applicable law, the Committee may delegate to one or more officers of the Company the
authority to grant Options, and the Committee may delegate to another committee of the Board (which may consist of solely one Director) the authority to grant all types of Awards, in accordance with the law. 

(c)    Authority of Committee. Subject to the terms of the Plan and applicable law, the Committee (or its delegate)
shall have full power and authority to: 
 (i) designate Participants; 

(ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan, provided that the
Committee shall not grant any proposed grantee an Option (A) if a prospectus is required to be issued in connection with such grant under the Companies Ordinance or any other applicable laws or (B) after a price sensitive event has
occurred or a price sensitive matter has been the subject of a decision, until such price sensitive information has been published in the newspaper or during the period commencing one month immediately preceding the earlier of the date of the Board
meeting for approval of the Company’s results for any year, half year, quarterly or any other interim period and the deadline for the Company to publish an announcement of its results for any year, half year, quarterly or any other interim
period; 
 (iii) determine the number of Shares to be covered by (or with respect to which payments, rights or other matters are to be
calculated in connection with) Awards, which shall not in aggregate exceed 10% of the issued share capital of the Company in issue as at the date of the approval of the Plan; 

(iv) determine the terms and conditions of any Award including any performance criteria to be satisfied by the grantee and/or the Company
before an Option can be granted or exercised; 
 (v) determine whether, to what extent and under what circumstances Awards may be settled or
exercised in cash, Shares, other Awards, other property, net settlement, or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; 

  
 6 

 (vi) determine whether, to what extent and under what circumstances cash, Shares, other
Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; 

(vii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; 

(viii) establish, amend, suspend or waive such rules and regulations and appoint such agents, trustees, brokers, depositories and advisors and
determine such terms of their engagement as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations; and

 (ix) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of
the Plan and due compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations. 

(d)    Restrictive Covenants. The Committee may impose restrictions on any Award with respect to non-competition, confidentiality and any other events that it considers to be detrimental to the Company, and impose other restrictive covenants as it deems necessary or appropriate in its sole discretion. In the
event that these restrictions are breached, the Committee may request the grantees to return all benefits made available to them under the Plan and such grantees shall ceased to be entitled to potential benefits intended to be made available to them
under the Plan. 
 SECTION 5.    Shares Available for Awards. 

(a)    The maximum number of Shares available for issuance upon exercise of Options to be granted under the Plan
(including Substitute Awards) is 34,826,662, being not more than 10% of the total number of Shares of the Company in issue as at the Effective Date. Options lapsed in accordance with the terms of the Plan will not be counted for the purpose of
calculating the 10% limit. Shareholders of Tencent in general meeting (and the shareholders of the Company, to the extent that approval by the shareholders of the Company is required under any applicable law or stock market or exchange rules and
regulations) may “refresh” the 10% limit under the Plan. However, the total number of Shares which may be issued upon exercise of all Options to be granted under the Plan and any other share option plans of the Company under the limits as
“refreshed” must not exceed 10% of the relevant class of Shares in issue as at the date of approval of the limit. Options previously granted under the Plan and any other share option plans (including those outstanding, cancelled, lapsed in
accordance with the Plan or exercised Options) will not be counted for the purpose of calculating the limit as “refreshed”. The maximum number of Shares which may be issued upon exercise of all outstanding Options granted and yet to be
exercised under the Plan and any other options granted and yet to be exercised under any other option plan shall not exceed 30% of the issued share capital of the Company from time to time. 

  
 7 

 (b)    No Option may be granted to any one person such that the total number
of Shares issued and to be issued upon exercise of Options granted and to be granted to such person in any 12-month period up to the date of the latest grant exceeds 1% of the issued share capital of the
Company from time to time unless the Company obtains the approval of shareholders of Tencent (and/or the shareholders of the Company after the Shares are listed on a Qualified Stock Exchange, as applicable) in general meeting in accordance with Rule
17.03(4) of the Hong Kong Listing Rules. 
 (c)    After the Shares are listed on a Qualified Stock Exchange, in
addition to the requirements outlined in Section 5(a) and (b) above, the independent non-executive Directors of the Company (excluding any independent non-executive Director of the Company who is a
grantee or Participant of the Award), will be required to approve each grant of Options to a Director, chief executive or substantial shareholder of the Company or any of their respective associates. Where any grant of options to a substantial
shareholder or an independent non-executive Director of the Company, or any of its respective associates, would result in the Shares issued and to be issued upon exercise of all Options already granted and to
be granted (including Options exercised, cancelled and outstanding) to such person in the 12-month period up to and including the date of such grant, (i) representing in aggregate over 0.1% of the
relevant class of Shares in issue; and (ii) (where the Shares are listed on the Hong Kong Stock Exchange), having an aggregate value, based on the closing price of the securities at the date of each grant, in excess of HK$5 million, such
further grant of options must be approved by shareholders of the Company. 
 (d)    The exercise of any Option shall be
subject to the Shareholders of the Company in general meeting approving any necessary increase in the authorized share capital of the Company. Subject thereto, the Board shall make available sufficient authorised but unissued share capital of the
Company to meet subsisting requirements on the exercise of Options. 
 (e)    Any Shares subject to an Award (other than
a Substitute Award), that expires, is canceled, forfeited or otherwise terminates without the delivery of such Shares, including (i) the number of Shares surrendered or withheld in payment of any grant, purchase, exercise or hurdle price of an
Award or taxes related to an Award (other than Shares already issued and surrendered for payment of taxes) and (ii) any Shares subject to an Award to the extent that Award is settled without the issuance of Shares, shall again be, or shall
become, available for issuance under the Plan. 

  
 8 

 (f)    In the event that the Committee determines that, as a result of any
dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, issuance of Shares pursuant to
the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall adjust equitably, and in accordance with Chapter 17 of the Listing Rules, any or all of: 

(i)    the number and type of Shares (or other securities) which thereafter may be made the subject of
Awards, including the aggregate limit specified in Section 5(a); 
 (ii)    the number and
type of Shares (or other securities) subject to outstanding Awards; and 
 (iii)    the grant, purchase,
exercise or hurdle price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; 

provided, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number. 

(g)    Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or
Shares acquired by the Company. 
 SECTION 6.    Options. The Committee is authorized
to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 

(a)    The exercise price per Share under an Option shall be determined by the Committee at the time of grant;
provided, however, after the shares of the Company are listed a Qualified Stock Exchange, that such exercise price shall be at least the higher of (i) the nominal value of a Share; (ii) the Fair Market Value of a Share of
such Option on the date of grant; and (iii) the average Fair Market Value of a Share of such Option for the five business days immediately preceding the date of grant. In the event that the Company has resolved to seek a separate listing on the
Hong Kong Stock Exchange or any other stock exchange, the exercise price for options granted thereafter and up to the listing date shall not be lower than the new issue price (if any). In particular, any Options granted during the period commencing
six (6) months before the lodgment of the listing application and up to the listing date of the Company shall not be lower than the new issue price. A grantee of an Option shall not have any voting rights, rights to dividends or other rights of
a shareholder with respect to Shares subject to the Option until the grantee has exercised the Option and the Company has issued Shares to the grantee. 

(b)    The term of each Option shall be fixed by the Committee but shall not exceed 10 years from the date of grant of
such Option. 

  
 9 

 (c)    Subject to any early vesting of Options pursuant to
Section 6(d)(v), (vi) or (vii), the Committee shall determine the time or times at which an Option becomes vested and exercisable in whole or in part. The Committee may specify in an Award Agreement that an Option with an exercise price that is
lower than the closing market price of the Shares on a reference date determined by the Committee, shall be automatically exercised on its expiration date as specified in the Award Agreement. 

(d)    Subject as hereinafter provided in the Plan and to any conditions specified by the Committee pursuant to
Section 4(c), Section 4(d) and this Section 6, in particular, always subject to Section 6(c), the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where
permitted under Section 6(d)(iv), the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e)) may exercise his Option at any time or times during the Option Period provided always that, except as otherwise
set forth in the applicable Award Agreement, any Option shall only be exercisable upon the earlier of (i) a Qualified IPO and (ii) a Change of Control, and: 
  

	 	(i)	where the Participant is an Employee, in the event of the Participant ceasing to be an Employee for any reason other than his death or the termination of his employment on one or more of the grounds specified in
Section 6(d)(ii) or Section 7(d), the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf) may exercise the Option up to the Participant’s entitlement at the date of
cessation of his employment (to the extent not already exercised) within the period of three months following the date of such cessation, which date shall be his last actual working day with the Company or any of its relevant Affiliate, whether
salary is paid in lieu of notice or not; 

  

	 	(ii)	where the Participant is an Employee, in the event of the Participant ceasing to be an Employee by reason of ill-health, injury or Disability not attributable to his own
misconduct or redundancy (as defined under applicable laws), Retirement, agreement with the Committee or transfer of business in relation to which the Employee was engaged to a company outside the Company and any of its subsidiaries and none of the
events which would be a ground for termination of his employment under Clause Section 7(d) has occurred, the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf) may exercise
the Option up to his entitlement at the date of cessation of his employment (to the extent not already exercised) within the period of three months following the date of such cessation, which date shall be his last actual working day with the
Company or any Affiliate, whether salary is paid in lieu of notice or not; 

  
 10 

	 	(iii)	in the case: (a) where the Participant is a third party service provider/any other individual who provides services to the Company or any Affiliate under a fixed term contract, if the Participant ceases to be a
third party service provider by reason of termination or expiry of the term of the relevant fixed term contract without any extension or renewal by the Company or its Affiliate for reasons other than (1) on one or more of the grounds specified
in Section 7(d) or (2) on his death, or (b) where the Participant is a third party service provider not under any fixed term contract, if the Participant ceases to be a third party service provider by reason of the Participant ceasing
to provide any further advisory or consultancy or other kind of services, support, assistance or contribution to the Company or its relevant Affiliates as may be determined by the Committee and notified to such third party service provider in
writing within three months after the provision of its last services, support, assistance or contribution to the Company or its relevant Affiliates for reasons other than (1) on one or more of the grounds specified in Section 7(d) or
(2) on his death, the Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf) may exercise the Option up to his entitlement at the date of cessation (to the extent he is entitled
to exercise at the date of cessation but not already exercised) within the period of three months (or such other period as the Committee may determine) following the date of such cessation, which date shall, in the case of (i) above, be the
date of expiry of the relevant fixed term contract or, in the case of (ii) above, be the date of the written notification to the third party service provider; 

 

	 	(iv)	where the Participant is an Employee or a third party service provider, in the event of the death of the Participant and none of the events specified in Section 7(d) has occurred, the legal personal
representative(s) / Beneficiary of the Participant under Section 9(e) shall be entitled within a period of twelve months from the date of death (or such other period as the Committee may determine) to exercise the Option up to his entitlement
(to the extent not already exercised); 

  

	 	(v)	whereby if a general offer (whether by way of takeover offer, share repurchase offer or scheme of arrangement or otherwise in like manner) is made to all the holders of the Shares (or all such holders other than the
offeror and/or any person controlled by the offeror and/or any person acting in association or concert with the offeror) and unless otherwise determined by the Committee : (i) in case of a scheme of arrangement, if the arrangement is formally
proposed to the holders of the Shares or (ii) in any other case, if such offer becomes or is declared unconditional prior to the expiry of the Option, the grantee shall be entitled to exercise his Option (to the extent not already exercised) to
its full extent or to the extent specified in the grantee’s notice to the Company in exercise of his Option at any time thereafter and up to (i) in case of a scheme of arrangement, 3:00 p.m. (Hong Kong time) of the record date for
entitlements under such scheme of arrangement or (ii) in any other case, the close of such offer (or any revised offer). For the avoidance of doubt, the grantee may not exercise any of his Option thereafter. Subject to the above, an Option will
lapse automatically (to the extent not exercised) on the date on which (i) in case of a scheme of arrangement, the offer extended to all grantees in relation to the Options arising from such scheme of arrangement becoming effective closed or
(ii) in any other case, such offer (or any revised offer) closed; 

  
 11 

	 	(vi)	if a general offer (whether by way of take-over offer, share repurchase offer or plan of arrangement or otherwise in like manner) is made to all the holders of Shares (or all such holders other than the offeror and/or
any person controlled by the offeror and/or any person acting in association or in concert with the offeror) the Company shall use its best endeavours to procure that such offer is extended to all the Participants (or, if applicable, the
Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv), the Participant’s legal personal representative(s) /Beneficiary(ies) under Section 9(e)) (on the same
terms mutatis mutandis, and assuming that they will become, by the exercise in full of the Options granted to them, shareholders of the Company); 

  

	 	(vii)	in the event of an effective resolution being passed for the voluntary winding-up dissolution or liquidation of the Company or an order of the court being made for the dissolution
or liquidation of the Company, notice thereof shall be given by the Company to Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv),
the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e)) with Options outstanding in full or in part at such date. If a Participant immediately prior to such event had any such outstanding Option, the
Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv), the Participant’s legal personal representative(s)/ Beneficiary(ies) under
Section 9(e)) may by notice in writing to the Company within 30 days after the date of such resolution elect to be treated as if the Option (to the extent not already exercised) had been exercised immediately before the passing of such
resolution either up to his entitlement or to the extent specified in the notice, such notice to be accompanied by a remittance for the full amount of the aggregate exercise price for the Shares in respect of which the notice is given, whereupon the
Participant will be entitled to receive out of the assets available in the liquidation pari passu with the holders of Shares such sum as would have been received in respect of the Shares the subject of such election; 

  
 12 

	 	(viii)	if a compromise or arrangement between the Company and its members or creditors is proposed for the purposes of or in connection with a plan for the reconstruction of the Company or its amalgamation with any other
company or companies, unless otherwise directed by the Committee, the Company shall give notice thereof to all Participants (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s behalf, or where
permitted under Section 6(d)(iv) the Participant’s legal personal representative(s)/ Beneficiary(ies) under Section 9(e)) (together with a notice of the existence of the provisions of this Section) on the same date as it despatches to
each member or creditor of the Company a notice summoning the meeting to consider such a compromise or arrangement, and thereupon each Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s
behalf, or where permitted under Section 6(d)(iv), the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) shall be entitled to exercise the Option up to his entitlement at any time prior to 12:00
noon on the day immediately preceding the date of the meeting directed to be convened by the court for the purposes of considering such compromise or arrangement. 

With effect from the date of such meeting, the rights of all Participants (or, if applicable, the Participant’s nominee under
Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) to exercise their respective Options shall
forthwith be suspended. Upon such compromise or arrangement becoming effective, all Options shall, to the extent that they have not been exercised, lapse and terminate. 

The Directors of the Company shall endeavour to procure that the Shares issued as a result of the exercise of Options under this
Section 6(d)(vii) shall for the purposes of such compromise or arrangement form part of the issued share capital of the Company on the effective date thereof and that such Shares shall in all respects be subject to such compromise or
arrangement. If for any reason such compromise or arrangement is not approved by the court (whether upon the terms presented to the court or upon any other terms as may be approved by such court) the rights of Participants (or, if applicable, the
Participant’s nominee under Section 9(d) on the Participant’s behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) to exercise their
respective Options shall with effect from the date of the making of the order by the court be restored in full and shall thereupon become exercisable (but subject to the other terms of the Plan) as if such compromise or arrangement had not been
proposed by the Company and no claim shall lie against the Company or any of its officers for any loss or damage sustained by any Participant (or, if applicable, the Participant’s nominee under Section 9(d) on the Participant’s
behalf, or where permitted under Section 6(d)(iv) the Participant’s legal personal representative(s) / Beneficiary(ies) under Section 9(e)) as a result of the aforesaid suspension. 

(e)    The Committee shall determine the method or methods by which, and the form or forms, including cash, Shares, other
Awards, other property, net settlement, broker assisted cashless exercise or any combination thereof, having a Fair Market Value on the exercise date equal to the exercise price of the Shares as to which the Option shall be exercised, in which
payment of the exercise price with respect thereto may be made or deemed to have been made. 

  
 13 

 (f)    For the avoidance of doubt, the provisions of the various Award
Agreements entered into under the Plan need not be identical. 
 SECTION 7.    Lapse of
Options. An Option shall lapse automatically and not be exercisable (to the extent not already exercised) on the earliest of:  
  

	 	(a)	the expiry of the term of the Options referred to in Section 6(c); 

  

	 	(b)	the expiry of any of the periods referred to in Section 6(d)(i) – (vi); 

  

	 	(c)	Subject to Section 6(d)(vii), the date of consummation of the winding-up, dissolution or liquidation of the Company; 

 

	 	(d)	the date on which, (i) where the Participant is an Employee, the Participant ceases to be an Employee by reason of Cause or by reason of the summary termination of his employment on any one or more of the grounds
that he has been guilty of misconduct, or has been convicted of any criminal offence involving his integrity or honesty or (if so determined by the Committee) on any other ground on which an employer would be entitled to summarily terminate his
employment at common law or pursuant to any applicable laws or under the Participant’s Employment Agreement with the Company or its relevant Affiliate]; or (ii) where the Participant is any other individual who provides services to the
Company or any Affiliate, and is under any contract with the Company or its relevant Affiliates, such contract is terminated by reason of breach of contract on the part of such individual; or (iii) where the Participant is any other individual
who provides services to the Company or any Affiliate, the Participant appears either to be unable to pay or have no reasonable prospect to be able to pay debts, or has become insolvent, or has made any arrangement (including a voluntary
arrangement) or composition with his creditors generally, or ceases or threatens to cease to carry on his business, or is bankrupted, or has been convicted of any criminal offence involving integrity or honesty; 

 

	 	(e)	the date on which the Participant commits a breach of Section 9(d); or 

  

	 	(f)	the date on which certain circumstances as provided in the related Award Agreement or otherwise agreed upon between the Company and the Participant are satisfied. 

SECTION 8.    Effect of Termination of Service or a Change of Control on Awards. 

(a)    The Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual
case, the circumstances in which, and the extent to which, an Award may be exercised, settled, vested, paid or forfeited, including by way of repurchase by the Company, in the event of a Participant’s Termination of Service prior to the
exercise or settlement of such Award. 

  
 14 

 (b)    The Committee may set forth the treatment of an Award upon a Change of
Control in the applicable Award Agreement. 
 (c)    Except as otherwise provided in the applicable Award Agreement,
upon a Change of Control, a merger or consolidation involving the Company or any other event with respect to which the Committee deems it appropriate, the Committee may cause an Award to be canceled in consideration of (i) the full acceleration
of such Award and either (A) a period of at least ten days prior to the effective date of such Change of Control to exercise the Award or (B) a payment in cash or other consideration to the Participant who holds such Award in an amount
equal to the Intrinsic Value of such Award (which may be equal to but not less than zero), which, if in excess of zero, shall be payable upon the effective date of such Change of Control, merger, consolidation or other event or (ii) a
substitute award (which immediately upon grant shall have an Intrinsic Value equal to the Intrinsic Value of such Award). 

SECTION 9.    General Provisions Applicable to Awards. 

(a)    Awards shall be granted for such cash or other consideration, if any, as the Committee determines; provided
that in no event shall Awards be issued for less than such minimal consideration as may be required by applicable law. 

(b)    Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any
other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the
same time as or at a different time from the grant of such other Awards or awards. 
 (c)    Subject to the terms of the
Plan, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, other property, net settlement, or any combination thereof, as determined by the
Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures
may include provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments. 

(d)    Except as may be permitted by the Committee or as specifically provided in an Award Agreement, (i) no Award
and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 9(e) and (ii) during a Participant’s lifetime, each Award, and each right
under any Award, shall be exercisable only by such Participant or, if permissible under applicable law, by such Participant’s guardian or legal representative. The provisions of this Section 9(d) shall not apply to any Award that
has been fully exercised or settled, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof. 

  
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 (e)    A Participant may designate a Beneficiary or change a previous
Beneficiary designation at such times prescribed by the Committee, in its sole discretion, by using forms and following procedures approved or accepted by the Committee for that purpose. 

SECTION 10.    Amendments and Termination. 

(a)    Amendment or Termination of Plan. Except to the extent prohibited by applicable law and unless otherwise
expressly provided in an Award Agreement or in the Plan, the Committee may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension,
discontinuation or termination shall be made without (i) shareholder approval if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded (in
particular, the Hong Kong Listing Rules, under which the Committee may not alter any provisions of the Plan relating to matters set out in Rule 17.03, including, without limitation, Sections 1, 5, 6, 7, 13 and 14 and the definitions of
Employee and Participant to the advantage of Participants or proposed grantees and may not alter terms and conditions of the Plan which are of a material nature prior approval of the shareholders of Tencent (and/or the
shareholders of the Company after Shares are listed on a Qualified Stock Exchange, as applicable). Furthermore, any change to the authority of the Directors, the Committee or Plan administrators in relation to any alteration to the terms of the Plan
shall not be made except with the prior approval of the shareholders of Tencent in general meeting (and/or the shareholders of the Company after Shares are listed on a Qualified Stock Exchange, as applicable)) or (ii) the consent of the
affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except (x) to the extent any such amendment, alteration, suspension, discontinuance or termination is made to
cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations or (y) to impose any “clawback” or recoupment provisions on any Awards in accordance with
Section 14 of the Plan. Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan, or create sub-plans, in such manner as may be necessary to enable the Plan to achieve
its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations, including chapter 17 of the Hong Kong Listing Rules. The Committee may correct any defect,
supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. In the event that the Plan is terminated, no further Options will be offered but the
provisions of the Plan shall remain in full force in all other respects. All Awards granted prior to such termination shall continue to be valid and exercisable in accordance with the terms of the Plan. 

(b)    Dissolution or Liquidation. Subject to Section 6(d)(vii), in the event of the dissolution or
liquidation of the Company, each Award will terminate immediately upon the consummation of such action, unless otherwise determined by the Committee. The Shares to be allotted upon the exercise of an Option will be subject to all the provisions of
the Articles of Association and will rank pari passu with the fully paid Shares in issue on the date the name of the Participant is registered on the register of members of the Company and accordingly will entitle each Participant to participate in
all dividends and other distributions paid or made on or after the date the name of the Participant is registered on the register of members of the Company other than any dividend or other distribution previously declared or recommended or resolved
to be paid or made if the record date thereof shall be before the date of allotment. 

  
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 (c)    Terms of Awards. The Committee may, subject to prior approval
from shareholders of Tencent (and the shareholders of the Company, in the event that approval by the shareholders of the Company is required under any applicable law or stock market or exchange rules and regulations), waive any conditions or rights
under, amend any terms of, or amend, alter, suspend, discontinue or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or Beneficiary of an Award (except where the
alterations take effect automatically under the existing terms of the Plan); provided, however, that no such action shall materially adversely affect the rights of any affected Participant or holder or Beneficiary under any Award
theretofore granted under the Plan, except (x) to the extent any such action is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or (y) to
impose any “clawback” or recoupment provisions on any Awards in accordance with Section 14 of the Plan. The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards
in recognition of events (including the events described in Section 5(c)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 

SECTION 11.    Miscellaneous. 

(a)    No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is
no obligation for uniformity of treatment of employees, Participants or holders or Beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall
be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan. 

(b)    The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or
to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in
the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement. 

(c)    Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional
compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

  
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 (d)    The Company shall be authorized to withhold from any Award granted or
any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement, or any combination thereof) of applicable
social security contributions, withholding taxes, source taxes and/or any other applicable taxes and contributions due in respect of an Award, its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such
other action (including providing for elective payment of such amounts in cash or Shares by such Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes; provided that if the Committee
allows the withholding or surrender of Shares to satisfy a Participant’s social security contributions, withholding taxes, source taxes and/or any other applicable taxes and contributions, the Company shall not allow Shares to be withheld in an
amount that exceeds the minimum statutory withholding rates for applicable tax purposes, including payroll taxes. 

(e)    If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it
cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder
of the Plan and any such Award Agreement shall remain in full force and effect. 
 (f)    Neither the Plan nor any Award
shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company
pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

(g)    No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 

SECTION 12.    Effective Date of the Plan. The Plan shall be effective as of the
Effective Date. 
 SECTION 13.    Term of the Plan. No Award shall be granted under the
Plan after the earliest to occur of (i) the tenth year anniversary of the Effective Date; (ii) the maximum number of Shares available for issuance under the Plan have been issued; or (iii) the Board terminates the Plan in accordance
with Section 10(a). However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust,
suspend, discontinue or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date. 

  
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 SECTION 14.    Cancellation or
“Clawback” of Awards. The Company may, to the extent permitted by applicable law and stock exchange rules or by any applicable Company policy or arrangement, and shall, to the extent required, cancel or require reimbursement of any
Awards which are granted to but not exercised by a Participant. Any Participant whose Awards are cancelled may be granted new Options in accordance with the provisions of the Plan provided that there are available unissued options and within the
limit specified in Section 5. 
 SECTION 15.    Section 409A of the Code. In the
case any Participant is subject to U.S. taxation, with respect to Awards subject to Section 409A of the Code (“Section 409A”), the Plan is intended to comply with the requirements of Section 409A and the
regulations thereunder, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A, and the Plan shall be operated accordingly. If any provision of the Plan or any
term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything else in the Plan, if the Board
considers a Participant to be a “specified employee” under Section 409A at the time of such Participant’s “separation from service” (as defined in Section 409A) and the amount hereunder is “deferred
compensation” subject to Section 409A, any distribution that otherwise would be made to such Participant with respect to this Award as a result of such termination shall not be made until the date that is six months after such separation
from service, except to the extent that earlier distribution would not result in such Participant’s incurring interest or additional tax under Section 409A. 

SECTION 16.    Disputes. Any dispute arising in connection with the Plan (whether as to
the number of Shares the subject of an Option, the amount of the exercise price or otherwise) shall be referred to the decision of the auditors of the Company who shall act as experts and not as arbitrators. The Committee shall have the final right
to adjudicate any disputes in connection with the Plan and whose decision shall be final and binding on the parties of the dispute. 

SECTION 17.    Governing Law. The Plan and each Award Agreement shall be governed by the
laws of the Cayman Islands, without application of the conflicts of law principles thereof. 

  
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