Document:

Exhibit 10.3

 

CRAWFORD & COMPANY

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This
Agreement is made between Joseph Blanco (“Employee”) and Crawford & Company (“Crawford” or “the
Company”). In consideration of the mutual promises and covenants contained in this Agreement and for other good and valuable
consideration including, but not limited to, the employment of Employee by Crawford, the wages offered and to be paid to Employee
by Crawford during Employee’s employment, the training the Employee will receive from the Company regarding compliance and
the methods and operations of the Company at considerable expense to the Company, and access to and knowledge of the Company’s
confidential information and trade secrets the Employee will receive, the parties hereto agree as follows:

 

	Article 1	Title and Duties.

 

1.1             Employee will be employed as the President, effective on the date of the 2020 annual meeting of shareholders, currently scheduled
for May 15, 2020. In this capacity Employee will be based in the Atlanta, Georgia area, and
will report to Crawford’s Chief Executive Officer. 

 

1.2             Employee’s Grade Level will be E19, and Employee will be expected to perform such duties and responsibilities customary to
this position and as are reasonably necessary to the operations of the Company.

 

1.3             Employee’s title, Grade Level, duties and reporting relationship can be changed from time to time at the discretion of the
Company.

 

	Article 2	Definitions.

 

2.1             “Cause” shall mean:

 

(a)             
Employee’s refusal or willful failure to substantially perform his duties (other than any such failure resulting from incapacity
due to physical or mental illness or disability), after a written demand for substantial performance is delivered to Employee by
the Chief Executive Officer that specifically identifies the manner in which the Chief Executive Officer believes Employee has
not substantially performed his duties and Employee fails to cure substantially the specified failure within thirty (30) days of
the date he receives the demand;

 

(b)             
Employee’s dishonesty or misappropriation with regard to the Company which has a significant adverse effect on the business
or reputation of the Company, or fraud with regard to the Company or its assets or business;

 

(c)             
Employee’s conviction of or pleading nolo contender with regard to a felony;

 

(d)             
Employee’s material breach of fiduciary duty owed to the Company;

 

(e)             
Employee’s gross negligence or material and willful misconduct with regard to the Company or its assets, business or employees;

 

    
	 	Page 1 of 10	Employee initials _________

 

     

    

 

(f)              
The refusal of Employee to follow the lawful directions of the Chief Executive Officer which are consistent with the duties and
authorities of Employee set forth in this Agreement and not inconsistent with other directions of the Chief Executive Officer,
after a written demand is delivered to Employee that specifically identifies the manner in which the CEO believes Employee has
refused to follow his lawful direction and Employee fails to cure substantially the specified refusal within thirty (30) days of
the date he receives the demand; or

 

(g)             
Any other material breach by Employee of a material provision of this Agreement, after a written demand is delivered to Employee
by the Chief Executive Officer that specifically identifies the breach and Employee fails to cure substantially the specified breach
within thirty (30) days of the date he receives the demand.

 

(h)             
For purposes of this definition, no act or failure to act on the part of Employee shall be considered “willful” unless
it is done, or omitted to be done, by Employee in bad faith or without reasonable belief (based on an objective reasonable person
standard) that Employee’s action or omission was in the best interest of the Company. Any act or failure to act based upon
authority given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by Employee in good faith and in the best interests of the Company.

 

2.2             “Change in Control” shall mean the occurrence of any of the following:

 

(a)             
Any “Person” (as defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”)
as modified and used in Sections 13(d) an 14(d) of the Exchange Act) other than (A) the Company or any of its subsidiaries, (B)
any stockholder of the Company that as of the date hereof is the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power
of the Company’s then outstanding voting securities, (C) any trustee or other fiduciary holding securities under and employee
benefit plan of the Company or any of its subsidiaries, (D) an underwriter temporarily holding securities pursuant to an offering
of such securities, or (E) any corporation or other entity owned, directly or indirectly, by stockholders of the Company in substantially
the same proportions as their ownership of the Company’s common stock, becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the combined
voting power of the Company’s then outstanding voting securities;

 

(b)             
A majority of the members of the Board are replaced during any twelve month period by directors whose appointment or election is
not endorsed by a majority of the Board before the date of appointment or election;

 

(c)             
There is consummated a merger or consolidation of the Company with any corporation, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) 50% or more of the combined voting power of the
voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation;
or

 

(d)             
There is completed a sale or disposition by the company of all or substantially all of the Company’s assets (or any transaction(s)
having a similar effect).

 

(e)             
Notwithstanding the foregoing, in no event will a Change in Control be deemed to occur by virtue of any Person that as of the date
hereof is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities,
acquiring an addition interest of any kind in the Company or its assets.

 

    
	 	Page 2 of 10	Employee initials _________

 

     

    

 

2.3             “Company,” as used above and throughout this Agreement, means Crawford & Company, along with its subsidiaries,
parents, affiliated entities, and includes the successors and assigns of Crawford or any such related entities.

 

2.4             “Business of Crawford” means claims management, adjusting, administrative services and other services provided by Crawford
from time to time.

 

2.5             “Confidential Information” means information
about the Company and its Employees and/or customers which is not generally known outside of the Company, which
Employee learns of in connection with Employee’s employment with the Company, and which
would be useful to competitors of the Company. Confidential
Information includes, but is not limited to: (1) business and employment policies, marketing methods and the targets of those methods,
financial records, business plans, strategies and ideas, promotional materials, education and training materials, research and
development, technology and software systems, price lists, and recruiting strategies; (2) the nature, origin, composition and development
of the Company’s products and. services; (3) proprietary information and processes, and intellectual property; and (4) customer
information and the manner in which the Company provides products and services to its customers.

 

2.6             “Good Reason” shall mean, without the written consent of Employee, any one or more of the following events:

 

(a)             
A requirement that Employee shall report to a corporate officer other than the CEO or other employee other than directly to the
CEO;

 

(b)             
A change in Employee’s title;

 

(c)             
A material diminution in Employee’s duties or authority;

 

(d)             
A material diminution in Employee’s base salary or compensation opportunities;

 

(e)             
A material change in geographic location at which Employee is required to perform services;

 

(f)              
A failure of any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise, and whether or not the
corporate existence of the Company continues) that acquires all or substantially all of the business and/or assets of the Company
to agree to perform the Company’s obligations under this Agreement; or

 

(g)             
Any other action or inactions that constitutes a material breach by the Company of the terms of this Agreement.

 

(h)             
None of the foregoing events or conditions will constitute Good Reason unless (A) Employee provides the Company with a written
objections of the event or conditions within ninety (90) days following the earliest date on which Employee has (or reasonably
would be expected to have had) knowledge of the existence of the conditions; (B) the Company does not reverse or otherwise cure
the event or condition to the extent curable within thirty (30) days of receiving such objection; and (C) Employee resigns from
his position with the Company with thirty (30) days following the expiration of that cure period.

 

2.7             “Trade Secrets” means Confidential Information which
meets the additional requirements of the
federal Defend Trade Secrets Act, the Uniform Trade Secrets Act or similar state law.

 

2.8             “Restricted Territory” means the United States, United Kingdom, Canada, and Australia
and each other country in which the Company operates as of the last day of Employee’s employment with the Company.

 

    
	 	Page 3 of 10	Employee initials _________

 

     

    

 

	Article 3	Compensation.

 

3.1             Base Salary. Employee’s annual base salary will be $550,000 per annum less all applicable deductions and withholdings
(“Base Salary”), payable bi-weekly in accordance with the Company’s standard payroll practices. As of January
1, 2021, Employee’s annual base salary will be adjusted to $575,000 per annum. In addition, Employee’s Base Salary
will be reviewed annually beginning in 2021, and any changes will be effective as of the date determined by Crawford’s Board
of Directors or its Compensation Committee. Because Employee’s position is exempt from overtime pay, Employee’s Base
Salary will compensate Employee for all hours worked.

 

3.2             Bonus. Employee is eligible to participate in the Crawford Short Term Incentive Plan (“STIP”). Effective with
the change in title and duties, Employee’s STIP Target Bonus will be 65% of Employee’s Base Salary, with a maximum
STIP bonus of 130% of Employee’s Base Salary. Any STIP bonus will be payable in accordance with the STIP terms, and will
be subject to applicable withholding taxes. The Company may amend, modify or discontinue the STIP at any time.

 

3.3             Long
Term Incentive Plan. Subject to Board of Directors’ approval, Employee is eligible to participate in the Crawford Long
Term Incentive Plan (“LTIP”). LTIP awards are granted pursuant to the terms of the LTIP by Crawford’s Board
of Directors. Employee’s “target” LTIP award for 2020 will be adjusted to $750,000 effective with the change
of title and duties. To the extent earned, awards are paid as soon as reasonably possible after the Board certifies the previous
year’s results. The current plan provides for a mix of shares that vest over time, shares that are tied to cumulative EPS
performance and stock options (30%/50%/20%). The Company may amend, modify or discontinue the LTIP at any time.

 

3.4       Stock
and Incentive Plan. Employee is eligible to participate in the Crawford & Company 2016 Omnibus Stock and Incentive Plan,
as it may change from time to time. The Company may amend, modify or discontinue the Crawford & Company 2016 Omnibus Stock
and Incentive Plan at any time.

 

3.5
        Reimbursed Expenses: The Company will reimburse the Employee for all reasonable
out of pocket expenses (including hotel and travel expenses), wholly, necessarily and exclusively incurred by the Employee in
the discharge of Employee’s duties, subject to the production of appropriate receipts or such other evidence as the Company
may reasonably require as proof of such expenses and in accordance with the Company’s rules and policies relating to expenses
as may be in force from time to time.

 

	Article 4 	Employee Benefits.

 

4.1             Group Benefit Plans. Employee
will be eligible to participate in the employee benefit plans and programs maintained by the Company
and offered to executive level employees from time to time, to the extent Employee otherwise qualifies under the provisions of
any such plans which are incorporated herein by reference. The Company reserves the right to amend, modify or discontinue its benefit
offerings as it deems appropriate. The Company’s current vacation policy provides Employee with four
weeks paid vacation per calendar year.

 

4.2             D&O Policy. The Company shall maintain, at all times, a directors and officers
liability insurance policy (the “D&O Policy”) and the Employee shall be covered, in his capacity as an officer
and director of the Company under the D&O Policy, for all acts undertaken by Employee in good faith hereunder, subject to the
coverage limitations and other terms and conditions of the D&O Policy including but not limited to any applicable exclusions.
The cost of such coverage will be borne by the Company. 

 

4.3             Indemnification. The Company agrees to provide to Employee indemnification protections
as currently provided in Article VI of the Company’s by-laws. In the event that the Company’s by-laws are hereafter
amended in regard to indemnification protections, Employee will have the option to be covered by either (i) the current by-laws’
indemnifications provisions, or (ii) the amended by-laws’ indemnification protections (but not both). 

 

    
	 	Page 4 of 10	Employee initials _________

 

     

    

 

	Article 5	Employee Rights and Obligations.

 

5.1             At-Will Employment.
Employee’s employment with the Company is for no specified period of time. Employee’s employment relationship will
remain at-will and either Employee or the Company may terminate the relationship at any time, for any reason. Upon termination
of Employee’s employment for any reason, Employee will execute letter(s) of resignation or similar documents with respect
to any office(s), position(s) or title(s) he then holds with the Company or its subsidiaries, parent(s) or other affiliated entities,
including his position as a member of the Board and of any committee thereof, promptly upon request by the Company.

 

5.2             Severance. If employment with the Company should be terminated by the Company for Cause, or by the Employee without Good
Reason (in which case the Employee will provide not less than ninety (90) days written notice to the Company), and if there has
not been a “Change in Control” within the prior twelve (12) months, no further compensation will be payable to Employee
other than Employee’s base salary, any bonus earned but unpaid for the immediately preceding annual performance period and
other compensation accrued and payable through the date of such termination. If employment with the Company should be terminated
(i) within twelve (12) months of a “Change in Control” of the Company or (ii) without Cause or for Good Reason,
the Company agrees that Employee will be paid severance compensation, in equal amounts over a period
of eighteen (18) months in accordance with the Company’s normal payroll practices, an amount equal to eighteen (18) months
of Employee’s then current monthly base salary plus a pro-rated amount of any bonus that would have been earned under
the Company’s short-term incentive plan (based on Employee’s last day of employment and all applicable performance)
provided all applicable performance conditions are met. In addition, if Employee elects to continue
Employee’s health insurance pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA), the Company shall pay
(or reimburse to Employee) the “employer share” of the COBRA premiums at the same level as was contributed by the Company
during Employee’s employment. Employee’s receipt of any such severance payment or COBRA premium is subject to execution
by Employee and Crawford of an agreement achieving mutually acceptable terms on matters such as:

 

		(a)	return of all Crawford property,
documents, or instruments;

 

		(b)	no admission of liability
on the part of Crawford;

 

		(c)	general release of any and
all claims;

 

		(d)	non-disclosure as described
in this Agreement;

 

		(e)	non-solicitation of employees and customers as described
in this Agreement;

 

		(f)	non-competition as described in this Agreement;

 

		(g)	cooperation as described in this Agreement; and

 

		(h)	mutual (bi-lateral) non-disparagement.

 

5.3             Application of Employment Policies. Except as specifically provided to the contrary in this Agreement, Employee will be
subject to and required to comply with all provisions of the Company’s Employee Handbook and any other Company policies that
may be in effect from time to time during Employee’s employment. The Company reserves the right to change any and all of
its policies, including its benefit and compensation plans.

 

    
	 	Page 5 of 10	Employee initials _________

 

     

    

 

5.4             Electronic Devices. All technology provided by the Company, including computer and/or communications equipment, systems,
networks, company-related work records and other electronically stored information, is the property of the Company and not of Employee.
In general, use of the company’s technology systems and electronic communications should be job-related and not for personal
convenience.

 

5.5             Electronic Communications. E-mail and other electronic communications transmitted by the Company’s equipment,
systems and networks are the property of the Company should not be considered by the Employee to be private or confidential, even
if the communication is password protected or encrypted. The Company reserves the right to examine, monitor and regulate e-mail
and other electronic communications, directories, files and all other content, including Internet use, transmitted by or stored
in its technology systems, whether onsite or offsite.

 

5.6             Confidentiality. Employee agrees that during employment with the Company and for a period of two (2) years following the
cessation of that employment for any reason, Employee shall not directly or indirectly divulge or make use of
any Confidential Information (so long as the information remains confidential), other than
making use of such Confidential Information solely for the benefit of the Company in the course of his employment, without
prior written consent of the Company. This paragraph
does not limit the remedies available under common or statutory
law, which may impose longer duties of non-disclosure. This Agreement shall not be deemed to prohibit (a) conduct expressly protected
by the Defend Trade Secrets Act of 2016, as discussed in Section 5.8 below, (b) Employee’s ability to communicate with the
Securities and Exchange Commission, the Equal Employment Opportunity Commission, or other governmental agency, or (c) other conduct
expressly protected by applicable law.

 

5.7             Non-Disclosure
of Trade Secrets. Employee agrees that during employment with the Company and indefinitely following the cessation of that
employment for any reason, Employee shall not directly or indirectly divulge or make use of any Trade Secrets (so long as the
information remains a Trade Secret under applicable law) without prior written consent of the Company. Employee is hereby advised
of the following protections provided by the Defend Trade Secrets Act of 2016, 18 U.S. Code § 1833(b), and nothing in this
Agreement shall be deemed to prohibit the conduct expressly protected by 18 U.S. Code § 1833(b):

 

(1)
An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of
a trade secret that—(A) is made—(i) in confidence to a Federal, State, or local government official, either directly
or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law;
or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

(2)
An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade
secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual—(A)
files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court
order.

 

5.8                
Non-Disclosure of Personal Information. Employee acknowledges that, during the course of employment,
Employee may obtain information regarding individuals as a result
of services provided to Crawford customers such as (i) claim and personal health information; (ii) social security number; (iii)
date of birth; and (iv) salary information (“Personal Information”). Employee agrees to safeguard such Personal Information
as prescribed by applicable laws and regulations, such as the privacy regulations under the Health Insurance Portability and Accountability
Act of 1996, and similar laws applicable to other jurisdictions in which Crawford operates. Without limiting the foregoing, Employee
agrees:

 

(a)              
Not to acquire, use nor distribute such Personal Information without the express consent of
the subject of such Personal Information, or if state or federal law will allow such acquisition and disclosure of Personal Information
without consent.

 

(b)              
To acquire, use and/or distribute Personal Information solely for the purposes of carrying
out the daily functions of Employee’s job.

 

(c)              
To disclose Personal Information only to authorized third parties.
These agencies may
include, but are not necessarily limited to, independent review agents, claims adjusters, benefits administrators, attorneys and
employers.

 

(d)              
To limit access to computerized Personal Information solely to staff, authorized users and
administrative personnel and will abide by all security measures designed to assure that unauthorized personnel are not afforded
access to Personal Information.

 

    
	 	Page 6 of 10	Employee initials _________

 

     

    

 

5.9             Duty of Loyalty. Employee shall render to the very best of Employee’s ability services to and on behalf of the Company,
and shall undertake diligently all duties assigned by the Company. Employee shall devote his full time, energy and skill to the
performance of the services in which the Company is engaged, at such time and place as the Company may direct. Notwithstanding
the foregoing, Employee many use his personal time in connection with community or charitable organizations or similar non-profit
endeavors (including by serving as a director, trustee or officer of such organizations) as song as such endeavors do not interfere
with his duties to the Company.

 

5.10           Restricted Business Practices. It is the policy of the Company not to receive or use any information or materials from any
employee that are proprietary to said employee’s former employer. Employee is expressly prohibited from having any such materials,
or materials containing such information, on the Company’s property. Employee expressly warrants that Employee has no materials
or information which can be construed as the property of a former employer, and further, that Employee will make no use of any
such materials or information in the performance of Employee’s duties on behalf of the Company.

 

5.11           Disclosure of Existing Agreements. Employee further warrants and represents that, prior to accepting this Employment Agreement,
Employee has disclosed, or will disclose to the Company prior to entering into this Agreement, the full terms of any contract or
agreement with any other employer that might restrict in any way Employee’s performance of his/her duties for the Company,
including, but not limited to any non-solicitation, non-recruitment, non-compete and similar post-employment restrictions imposed
upon Employee by an agreement between Employee and any other employer.

 

5.12           Subsequent Employment. Employee agrees that, following the termination of Employee’s employment with the Company for
any reason, Employee will notify any subsequent employer of the restrictive covenants contained in this Agreement. In addition,
the Employee authorizes the Company to provide a copy of the restrictive covenants contained in this Agreement to third parties,
including but not limited to, the Employee’s subsequent, anticipated or possible future employer.

 

5.13           Return of Property and Information. Employee
agrees to return all the Company’s property as soon as is practicable following the cessation of Employee’s employment
for any reason. Such property includes, but is not limited to, the original and any copy (regardless of the manner in which it
is recorded) of all information provided by the Company to employee or which employee has developed or collected in the scope of
Employee’s employment, as well as all Company-issued equipment, supplies, accessories, vehicles, keys, badges, passes, access
cards, instruments, tools, devices, computers, cellphones, pagers, materials, documents, plans,
records, notebooks, drawings, or papers.

 

5.14           Non-Competition Covenant. Employee acknowledges that if he were to compete with the Company in the Business of Crawford,
Employee could cause serious harm to the Company. Employee further acknowledges that during his employment, Employee will be provided
access to Trade Secrets and to other valuable Confidential Information that may not qualify as Trade Secrets. In addition, Employee
acknowledges that, during the course of employment, he will build and maintain substantial relationships with specific existing
and prospective customers or clients and will be responsible to maintain and build customer or client goodwill associated with
the Business of Crawford throughout the United States and other countries in which Crawford operates. Further, Employee acknowledges
that he will derive significant value from the Company and from the Confidential Information and Trade Secrets of the Company provided
during employment with the Company, which will enable Employee to optimize the performance of the Company’s performance and
Employee’s own personal, professional, and financial performance. Therefore, during Employee’s employment with
the Company and for a period of eighteen (18) months following the cessation of the Employee’s employment with the Company
for any reason, the Employee agrees that he shall not, directly or indirectly, provide services as an executive, manager, consultant
adviser, or in any other role similar to the role Employee held with Crawford, to any business entity engaged in the Business of
Crawford within the Restricted Territory; provided that Employee shall not be restricted from engaging in the business of an insurance
carrier whose revenue exceeds $100 million so long as such carrier's TPA claims management and adjusting activities do not account
for more than 10% of such company’s revenue including premiums. Employee agrees that the restrictions
in this Section are reasonable in scope and do not constitute a restraint of trade with respect to Employee’s ability to
obtain alternative employment in the event Employee’s employment with the Company ends for any reason.

 

    
	 	Page 7 of 10	Employee initials _________

 

     

    

 

5.15           Non-Solicitation Covenant. Employee agrees that during employment with the company and for a period of eighteen (18) months
following the cessation of employment, Employee will not
directly or indirectly solicit or attempt to solicit any business in competition with the Business of Crawford from any of the
customers of the Company with whom Employee had direct contact during the last two years of Employee’s employment with the
Company. This provision does not extend to the customers who became customers of the Company at the time of and as a direct consequence
of Employee’s commencement of employment with the Company. 

 

5.16           Non-Recruitment of Employees. While employed by the Company, and for a period
of eighteen (18) months following the cessation of employment by Employee, Employee will not directly or indirectly solicit or
attempt to solicit any employee of the Company for the purpose of encouraging, enticing, or causing said employee to terminate
employment with the Company.

 

5.17           Non-Disparagement. Employee shall not, at any time during the term of employment and thereafter, make statements or representations,
or otherwise communicate, directly or indirectly, in writing, orally, or otherwise, or take any action which may directly or indirectly
disparage or be damaging to the Company or its respective officers, directors, employees, advisors, businesses or reputations.
Nothing herein shall prohibit or restrict Employee from communicating with, or responding to any inquiry from, cooperating with,
or providing testimony before, the SEC, or any other federal or state regulatory authority.

 

5.18           Post-termination
Cooperation. Employee agrees that, following termination of Employee’s employment with the Company, Employee will cooperate
with the Company in connection with any dispute, claim or investigation made by, against or involving the Company that relates
to Employee’s period of employment. The Company agrees to reimburse Employee for any reasonable expenses incurred in providing
the cooperation. The Company further agrees that, if Employee is required to devote one hour or more to fulfill the obligations
set forth in this paragraph at a time when Employee is no longer being compensated by the Company in any way, it will compensate
the Employee at an hourly rate based on Employee’s base salary on the during the last pay period of Employee’s active
employment by the Company.

 

5.19           Exit
Obligations. Upon (a) voluntary or involuntary termination of the Employee’s employment or (b) the Company’s request
at any time during the Employee’s employment, the Employee shall (i) provide or return to the Company any and all Company
property and all Company documents and materials belonging to the Company and stored in any fashion, including but not limited
to those that constitute or contain any Confidential Information or Trade Secrets, that are in the possession or control of the
Employee, whether they were provided to the Employee by the Company or any of its business associates or created by the Employee
in connection with his/her employment by the Company; and (ii) delete or destroy all copies of any such documents and materials
not returned to the Company that remain in the Employee’s possession or control, including those stored on any non-Company
devices, networks, storage locations and media in the Employee’s possession or control.

 

5.20           Remedies. The parties agree that this Agreement is reasonable and necessary for the protection
of the business and goodwill of Crawford and that any breach of this Agreement by Employee will cause Crawford substantial and
irreparable harm entitling Crawford to injunctive relief and other equitable and legal remedies.
Except as provided in the Arbitration of Disputes provisions of this Agreement, the prevailing party
shall be entitled to recover its costs and attorney’s fees in any proceeding brought under this Agreement. The existence
of any claim or cause of action by Employee against the Company, including any dispute relating to the termination of this Agreement,
shall not constitute a defense to enforcement of said covenants by injunction.

 

    
	 	Page 8 of 10	Employee initials _________

 

     

    

 

	Article 6	Arbitration of Disputes.	Employee initials _________

 

6.1             Scope, Governing Rules. Except for claims for injunctive relief, which may be filed in any court of competent jurisdiction,
any controversy or claim arising out of or relating to Employee’s employment, or the termination thereof, or to this Agreement,
or the breach thereof, specifically including the validity of this arbitration clause, shall be determined by final and binding
arbitration administered by the American Arbitration Association (“AAA”) under its Employment Arbitration Rules and
Mediation Procedures. There shall be one arbitrator agreed to by the parties within twenty (20) days of receipt by the respondent
of a request for arbitration or in default thereof appointed by the AAA in accordance with applicable rules. The Employer shall
be responsible for the cost of the arbitration, including the Arbitrator’s fees and all administrative costs. The Employee
and the Company will each be responsible for their own legal fees.

 

6.2             Authority of Arbitrator; Judicial Review. The arbitrators will have no authority to award punitive, consequential,
liquidated or compensatory damages, and the award rendered by the arbitrator shall be final, non-reviewable, non-appealable and
binding on the parties and may be entered and enforced in any court having jurisdiction.

 

6.3             Location of Arbitration. The seat or place of arbitration shall be Metropolitan Atlanta, Georgia.

 

6.4             Confidentiality.
Except as may be required by law, neither a party nor the arbitrator may disclose the existence, content or results of any arbitration
without the prior written consent of both parties, unless to protect or pursue a legal right.

 

	Article 7	Miscellaneous.

 

7.1             Construction of Agreement; Severability. The covenants contained herein shall be presumed
to be enforceable, and any reading causing unenforceability shall yield to a construction permitting enforcement. If any single
covenant or clause shall be found unenforceable, it shall be severed and the remaining covenants and clauses enforced in accordance
with the tenor of the Agreement. In the event a court should determine not to enforce a covenant as written due to overbreadth,
the parties specifically agree that said covenant shall be enforced to the extent reasonable, whether said revisions are in time,
territory, or scope of prohibited activities. This Agreement represents the entire understanding between Employee and the Company
on the matters addressed herein and supersedes any such prior agreements and may not be modified, changed or altered by any promise
or statement by the Company until such modification has been approved in writing and signed by both parties. The waiver by the
Company of a breach of any provision of this Agreement by any employee shall not be construed as a waiver of rights with respect
to any subsequent breach by Employee.

 

7.2             Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”) or an exemption thereunder and shall be construed and administered in accordance with Section 409A.
Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and
in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded
from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement
shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only
be made upon a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable
for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Employee on account of non-compliance
with Section 409A.

 

7.3             Enforceability; Governing Law. This Agreement, and all claims arising out of or related to
this Agreement, will be governed by, enforced under and construed in accordance with the laws of the State of Georgia without regard
to any conflicts or conflict of laws principles. The failure of either party at any time to require performance by another party
of any provision of this Agreement will not constitute a waiver of that party’s right to require future performance.

 

    
	 	Page 9 of 10	Employee initials _________

 

     

    

 

7.4             Entire Agreement. The provisions contained herein, and all provisions in documents
attached hereto and/or incorporated herein by reference, constitute the entire agreement between the parties with respect to Employee’s
employment and supersede any and all prior agreements, understandings and communications between the parties, oral or written,
with respect to Employee’s employment.

 

7.5             Modification. No modification of this Agreement shall be valid unless in writing and signed
by Employee and the Company’s Chairman of the Board.

 

7.6             Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original. Exchange of signed agreements by electronic transmission will be sufficient to bind the parties. 

 

Article 8               Acknowledgement. By signing this Agreement, Employee acknowledges
that (a) Employee is not guaranteed employment for any definite duration and either Employee or the Company may terminate Employee’s
employment relationship with the Company at any time, for any reason, (b) Employee has carefully read and understands the provisions
of this Agreement and Employee was given the opportunity to consult with an attorney of Employee’s choosing prior to executing
this Agreement, and (c) except as set forth herein, no promises or inducements for this Agreement have been made, and Employee
is entering into the Agreement without reliance upon any statement or representation by the Company or its agents concerning any
material fact.

 

Executed,
this 23rd day of April
2020 at Atlanta,
Georgia.

 

	EMPLOYEE	CRAWFORD & COMPANY
	 	 
	/s/ Joseph O. Blanco	 	/s/ Charles H. Ogburn	 
	Joseph Blanco	By: Charles
H. Ogburn
Its:
Chairman of the Board

 

    
	 	Page 10 of 10	Employee initials _________Exhibit 4.8

 

Amended
and Restated Exclusive Option Agreement

 

This
Amended and Restated Exclusive Option Agreement (this “Agreement”) is executed by and among the following Parties
as of August 19, 2019 in Beijing, the People’s Republic of China (“China” or the “PRC”):

 

	Party
    A:	 	Beijing
    Bitauto Internet Information Co., Ltd., a wholly foreign owned enterprise, organized and existing under the laws of the
    PRC, with its address at Unit D, E, F, G, H, J of Beijing New Century Hotel Office Building 10 Flr, No. 3 Office Building,
    No. 6 Beijing Capital Stadium Road South, Haidian District, Beijing, P. R. China;
	 	 	 
	Party
    B:	 	Li
    Bin, a Chinese citizen with Identification No.:                          and
	 	 	 
	Party
    C:	 	Beijing
    Bitauto Information Technology Co., Ltd., a limited liability company organized and existing under the laws of the PRC,
    with its address at Room 657 of Beijing New Century Hotel Office Building 6 Flr, No. 6 Beijing Capital Stadium Road South,
    Haidian District, Beijing, P. R. China.

 

In this Agreement,
each of Party A, Party B and Party C shall be referred to as a “Party” respectively, and they shall be collectively
referred to as the “Parties”.

 

Whereas:

 

		1.	Party B is a shareholder of Party C and as of the date hereof holds 99% of equity interests of
Party C, representing RMB198,000,000 in the registered capital of Party C.

 

		2.	Party A and Party B executed the Loan Agreements (“Loan Agreements”) on March 9, 2006,
March 31, 2009 and August 19, 2019, respectively, according to which Party A confirmed that it provided to Party B certain loan
to be used for the purpose of subscribing the registered capital of Party C.

 

		3.	Party A, Party B and Party C executed an Exclusive Option Agreement (the “Original Exclusive
Option Agreement”) on March 31, 2009. The Parties agree to amend certain provisions of the Original Exclusive Option Agreement
by executing this Agreement, which shall supersede and replace the Original Exclusive Option Agreement upon the effective date
of this Agreement.

 

Now therefore, upon
mutual discussion and negotiation, the Parties have reached the following agreement:

 

    	 	1	 

     

    

 

		1.	Sale and Purchase of Equity Interest

 

		1.1	Option Granted

 

In consideration
of the payment of RMB10 by Party A, the receipt and adequacy of which is hereby acknowledged by Party B, Party B hereby irrevocably
grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”)
to purchase the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party
A’s sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein
(such right being the “Equity Interest Purchase Option”). Except for Party A and the Designee(s), no other person shall
be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby
agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term “person” as used herein
shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.

 

		1.2	Steps for Exercise of Equity Interest Purchase Option

 

Subject to
the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the “Equity Interest Purchase Option Notice”), specifying: (a) Party A’s or the Designee’s
decision to exercise the Equity Interest Purchase Option; (b) the portion of equity interests to be purchased by Party A or the
Designee from Party B (the “Optioned Interests”); and (c) the date for purchasing the Optioned Interests or the date
for transfer of the Optioned Interests.

 

		1.3	Equity Interest Purchase Price

 

The purchase
price of all equity interests held by Party B in Party C purchased by Party A by exercising the Equity Interest Purchase Option
shall be 198,000,000; if Party A exercises the Equity Interest Purchase Option to purchase part of the equity interests held by
Party B in Party C, the purchase price shall be calculated on a pro rata basis. If PRC law requires a minimum price higher than
the aforementioned price when Party A exercises the Equity Interest Purchase Option, the minimum price regulated by PRC law shall
be the purchase price (collectively, the “Equity Interest Purchase Price”).

 

		1.4	Transfer of Optioned Interests

 

For each
exercise of the Equity Interest Purchase Option:

 

		1.4.1	Party B shall cause Party C to promptly convene a shareholders’ meeting, at which a resolution
shall be adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s);

 

		1.4.2	Within thirty (30) days after receipt of the Equity Interest Purchase Option Notice by Party B
from Party A and/or any Designee (whichever is applicable), Party B and Party A and/or such Designee (whichever is applicable)
shall complete all procedures for Party A’s and/or such Designee’s (whichever is applicable) acquisition of such Optioned
Interests and for Party A and/or such Designee (whichever is applicable) becoming a shareholder of Party C, including without limitation
execution of an equity interest transfer contract and any other necessary documents or agreements, adoption of any necessary resolutions,
issuance of any necessary documents by Party C and performance of all relevant procedures;

 

    	 	2	 

     

    

 

		1.4.3	The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain
all necessary government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Interests
to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the
registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, “security interests”
shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first
refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest
created by this Agreement, Party B's Equity Interest Pledge Agreement and Party B’s Power of Attorney. “Party B’s
Equity Interest Pledge Agreement” as used in this Agreement shall refer to the Interest Pledge Agreement executed by and
among Party A, Party B and Party C on the date hereof and any modification, amendment and restatement thereto. “Party B’s
Power of Attorney” as used in this Agreement shall refer to the Power of Attorney executed by Party B on the date hereof
granting Party A with power of attorney and any modification, amendment and restatement thereto.

 

		1.5	Payment

 

The Parties
have agreed in the Loan Agreements that any proceeds obtained by Party B through the transfer of its equity interests in Party
C shall be used for repayment of the loan provided by Party A in accordance with the Loan Agreements. Accordingly, upon exercise
of the Equity Interest Purchase Option, Party A may offset the Equity Interest Purchase Price through debts and liabilities owed
by Party B to Party A (including without limitation the outstanding amount of the loan owed by Party B to Party A).

 

		2.	Covenants

 

		2.1	Covenants regarding Party C

 

Party B (as
a shareholder of Party C) and Party C hereby covenant as follows:

 

		2.1.1	Without the prior written consent of Party A, they shall not in any manner supplement, change or
amend the articles of association of Party C, increase or decrease its registered capital, or change its structure of registered
capital in other manners;

 

    	 	3	 

     

    

 

		2.1.2	They shall maintain Party C’s corporate existence in accordance with good financial and business
standards and practices, obtain and maintain all necessary government licenses and permits by prudently and effectively operating
its business and handling its affairs;

 

		2.1.3	Without the prior written consent of Party A, they shall not at any time following the date hereof,
sell, transfer, mortgage or dispose of in any manner any material assets of Party C or legal or beneficial interest in the material
business or revenues of Party C of more than RMB200,000, or allow the encumbrance thereon of any security interest;

 

		2.1.4	Without the prior written consent of Party A, they shall not incur, inherit, guarantee or suffer
the existence of any debt, except for payables incurred in the ordinary course of business other than through loans;

 

		2.1.5	They shall always operate all of Party C’s businesses in the ordinary course of business
to maintain the asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and
asset value;

 

		2.1.6	Without the prior written consent of Party A, they shall not cause Party C to execute any major
contract, except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a price exceeding
RMB500,000 shall be deemed a major contract);

 

		2.1.7	Without the prior written consent of Party A, they shall not cause Party C to provide any person
with any loan or credit;

 

		2.1.8	They shall provide Party A with information on Party C's business operations and financial condition
at Party A's request;

 

		2.1.9	If requested by Party A, they shall procure and maintain insurance in respect of Party C's assets
and business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for companies that operate
similar businesses;

 

		2.1.10	Without the prior written consent of Party A, they shall not cause or permit Party C to merge,
consolidate with, acquire or invest in any person;

 

		2.1.11	They shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to Party C’s assets, business or revenue;

 

    	 	4	 

     

    

 

		2.1.12	To maintain the ownership by Party C of all of its assets, they shall execute all necessary or
appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary
or appropriate defenses against all claims;

 

		2.1.13	Without the prior written consent of Party A, they shall ensure that Party C shall not in any manner
distribute dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately distribute
all distributable profits to its shareholders; and

 

		2.1.14	At the request of Party A, they shall appoint any person designated by Party A as the director
or executive director of Party C.

 

		2.2	Covenants of Party B

 

Party B hereby covenants
as follows:

 

		2.2.1	Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose
of in any other manner any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance
thereon, except for the interest placed in accordance with Amended and Restated Equity Interest Pledge Agreement entered into by
and among the Party A and Party B on August 19, 2019 (the “Equity Interest Pledge Agreement”) and Power of Attorney
provided by Party B to Party A on August 19, 2019 (the “Power of Attorney”);

 

		2.2.2	Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting
and/or the directors (or the executive director) of Party C not to approve any sale, transfer, mortgage or disposition in any other
manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or allow the encumbrance thereon
of any security interest, except for the interest placed in accordance with Equity Interest Pledge Agreement and Power of Attorney;

 

		2.2.3	Without the prior written consent of Party A, Party B shall cause the shareholders’ meeting
or the directors (or the executive director) of Party C not to approve the merger or consolidation with any person, or the acquisition
of or investment in any person;

 

		2.2.4	Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party C held by Party B;

 

		2.2.5	Party B shall cause the shareholders' meeting or the directors (or the executive director) of Party
C to vote their approval of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other
actions that may be requested by Party A;

 

    	 	5	 

     

    

 

		2.2.6	To the extent necessary to maintain Party B's ownership in Party C, Party B shall execute all necessary
or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints, and raise necessary
or appropriate defenses against all claims;

 

		2.2.7	Party B shall appoint any designee of Party A as the director or the executive director of Party
C, at the request of Party A;

 

		2.2.8	Party B hereby waives its right of first of refusal to transfer of equity interest by any other
shareholder of Party C to Party A (if any), and gives consent to execution by each other shareholder of Party C with Party A and
Party C the exclusive option agreement, the equity interest pledge agreement and the power of attorney similar to this Agreement,
Party B’s Equity Interest Pledge Agreement and Party B’s Power of Attorney and undertakes not to take any action in
conflict with such documents executed by the other shareholders;

 

		2.2.9	Party B shall promptly donate any profit, interest, dividend or proceeds of liquidation to Party
A or any other person designated by Party A to the extent permitted under applicable PRC laws; and

 

		2.2.10	Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from
any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining
rights with respect to the equity interests subject to this Agreement hereunder or under the Party B’s Equity Interest Pledge
Agreement or under the Party B’s Power of Attorney, Party B shall not exercise such rights except in accordance with the
written instructions of Party A.

 

		3.	Representations and Warranties

 

Party B and Party C hereby represent
and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests,
that:

 

		3.1	They have the power, capacity and authority to execute and deliver this Agreement and any equity
interest transfer contracts to which they are parties concerning the Optioned Interests to be transferred thereunder (each, a “Transfer
Contract”), and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to
enter into Transfer Contracts consistent with the terms of this Agreement upon Party A’s exercise of the Equity Interest
Purchase Option. This Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal,
valid and binding obligations and shall be enforceable against them in accordance with the provisions thereof;

 

    	 	6	 

     

    

 

		3.2	Party B and Party C have obtained any and all approvals and consents from government authorities
and third parties (if required) for execution, delivery and performance of this Agreement.

 

		3.3	The execution and delivery of this Agreement or any Transfer Contracts and the obligations under
this Agreement or any Transfer Contracts shall not: (i) cause any violation of any applicable laws of China; (ii) be inconsistent
with the articles of association, bylaws or other organizational documents of Party C; (iii) cause the violation of any contracts
or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments
to which they are a party or which are binding on them; (iv) cause any violation of any condition for the grant and/or continued
effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation of or imposition of
additional conditions to any licenses or permits issued to either of them;

 

		3.4	Party B has a good and merchantable title to the equity interests held by Party B in Party C. Except
for Equity Interest Pledge Agreement and Power of Attorney, Party B has not placed any security interest on such equity interests;

 

		3.5	Party C is a limited liability company duly organized and validly existing under the laws of the
PRC. Party C has a good and merchantable title to all of its assets, and has not placed any security interest on the aforementioned
assets;

 

		3.6	Party C does not have any outstanding debts, except for (i) debt incurred in the ordinary course
of business; and (ii) debts disclosed to Party A for which Party A's written consent has been obtained.

 

		3.7	Party C has complied with all laws and regulations of China applicable to asset acquisitions; and

 

		3.8	There are no pending or threatened litigation, arbitration or administrative proceedings relating
to the equity interests in Party C, assets of Party C or Party C.

 

		4.	Effective Date and Term

 

This Agreement
shall become effective upon execution by the Parties, and remain effective until all equity interests held by Party B in Party
C have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement.

 

    	 	7	 

     

    

 

		5.	Governing Law and Resolution of Disputes

 

		5.1	Governing law

 

The execution,
effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder
shall be governed by the laws of PRC.

 

		5.2	Methods of Resolution of Disputes

 

In the
event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute
through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party's
request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute to
the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its arbitration rules. The
arbitration shall be conducted in Beijing. The arbitration award shall be final and binding on all Parties.

 

		6.	Taxes and Fees

 

Each Party
shall pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the
laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation
of the transactions contemplated under this Agreement and the Transfer Contracts.

 

		7.	Notices

 

		7.1	All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by email. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

 

		7.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date of receipt or refusal at the address specified for notices;

 

		7.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidenced by an automatically generated confirmation of transmission).

 

		7.2	For the purpose of notices, the addresses of the Parties are as follows:

 

		Party A:	Beijing Bitauto Internet Information Co., Ltd.

		Address:	Unit D, E, F, G, H, J of Beijing New Century Hotel Office Building 10 Flr, No. 3 Office Building, No. 6 Beijing Capital Stadium
Road South, Haidian District, Beijing, P. R. China

		Attn:	Li Bin

		Phone:	+8610 6849 2345

 

    	 	8	 

     

    

 

		Party B:	Li Bin

		Address:	Unit D, E, F, G, H, J of Beijing New Century Hotel Office Building 10 Flr, No. 3 Office Building,
No. 6 Beijing Capital Stadium Road South, Haidian District, Beijing, P. R. China 100044.

		Phone:	

 

		Party C:	Beijing Bitauto Information Technology Co., Ltd.

		Address:	Unit D, E, F, G, H, J of Beijing New Century Hotel Office Building 10 Flr, No. 3 Office Building, No. 6 Beijing Capital Stadium
Road South, Haidian District, Beijing, P. R. China 100044.

		Attn:	Li Bin

		Phone:	+8610 6849 2345

 

		7.3	Any Party may at any time change its address for notices
by a notice delivered to the other Parties in accordance with the terms hereof.

 

		8.	Confidentiality

 

The Parties
acknowledge that the existence and the terms of this Agreement, and any oral or written information exchanged between the Parties
in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain
confidentiality of all such confidential information, and without obtaining the written consent of other Parties, it shall not
disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the
public domain (other than through the receiving Party’s unauthorized disclosure); (b) is under the obligation to be disclosed
pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities;
or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors
regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial
advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential
information by the shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential
information by such Party and such Party shall be held liable for breach of this Agreement.

 

		9.	Further Warranties

 

The Parties
agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of
the provisions and purposes of this Agreement.

 

    	 	9	 

     

    

 

		10.	Breach of Agreement

 

		10.1	If Party B or Party C conducts any material breach of any term of this Agreement, Party A shall
have right to terminate this Agreement and/or require the Party B or Party C to compensate all damages; this Section 10 shall not
prejudice any other rights of Party A herein;

 

		10.2	Party B or Party C shall not have any right to terminate this Agreement in any event unless otherwise
required by applicable laws.

 

		11.	Miscellaneous

 

		11.1	Amendment, change and supplement

 

Any amendment,
change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

 

		11.2	Entire agreement

 

Except for
the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute
the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supercede all
prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.
This Agreement supersedes, in its entirety, the Original Exclusive Option Agreement relating to the matters set forth herein, which
shall be terminated as of the effective date of this Agreement.

 

		11.3	Headings

 

The headings
of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement.

 

		11.4	Language

 

This Agreement
is written in both Chinese and English language in three copies, each Party having one copy. In case there is any conflict between
the Chinese version and the English version, the Chinese version shall prevail.

 

		11.5	Severability

 

In the event
that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance
with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not
be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable
provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties,
and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal
or unenforceable provisions.

 

    	 	10	 

     

    

 

		11.6	Successors

 

This Agreement
shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such
Parties.

 

		11.7	Survival

 

		11.7.1	Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early termination thereof.

 

		11.7.2	The provisions of Sections 5, 8, 10 and this Section 11.7 shall survive the termination of this
Agreement.

 

		11.8	Waivers

 

Any Party
may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require
the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall
operate as a waiver by such a Party with respect to any similar breach in other circumstances.

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the Parties have caused their authorized representatives to execute this Amended and Restated Exclusive Option Agreement as of
the date first above written.

  

 

		Party A:	Beijing Bitauto Internet Information Co., Ltd. (Seal)

 

 

		By:	/s/ Li Bin     

		Name:	Li Bin

		Title:	Legal Representative

 

 

 

		Party B:	Li Bin

 

 

		By:	/s/ Li Bin     

 

 

 

		Party C:	Beijing Bitauto Information Technology Co., Ltd.(Seal)

 

 

		By:	/s/ Li Bin     

		Name:	Li Bin

		Title:	Legal Representative

 

    
Signature Page to Amended and Restated Exclusive Option Agreement

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