Document:

EX-10.12

 Exhibit 10.12 

TUSIMPLE HOLDINGS INC. 

SERIES E-2 PREFERRED STOCK PURCHASE AGREEMENT 

This SERIES E-2 PREFERRED STOCK PURCHASE AGREEMENT (the “Agreement”) is made on
February 26, 2021, by and among: 
  

	1)	 TuSimple Holdings Inc. (the “Company”), a Delaware corporate; 

 

	2)	 Tusimple (Hong Kong) Limited (the “HK Co”), a limited liability company incorporated in Hong
Kong; 

  

	3)	 Beijing Tusen Zhitu Technology Co., Ltd. (the “WFOE”), a wholly foreign-owned enterprise
incorporated in the People’s Republic of China (the “PRC”); 

  

	4)	 Beijing Tusen Weilai Technology Co., Ltd. (the “DomCo”), a limited liability company
incorporated in the PRC; 

  

	5)	 TuSimple, Inc. (the “US Co”), a California corporation; 

 

	6)	 Tusimple (Hong Kong) Auto Tech Limited (“HK Auto Tech”), a limited liability company
incorporated in Hong Kong; 

  

	7)	 The Person listed in Schedule 1 (the “Purchaser”); 

 

	8)	 the Persons listed in Schedule 2-A (the
“Founders” and each, a “Founder”); and 

  

	9)	 the Persons listed in Schedule 2-B (the “Founder
Holdcos” and each, a “Founder Holdco”). 

 Each of the Company, the HK Co, the WFOE, the US Co,
the DomCo, HK Auto Tech, the Founders, the Founder Holdcos and the Purchaser shall be referred to individually as a “Party” and collectively as the “Parties”. Capitalized terms used herein shall have the meaning set
forth in Schedule 3 attached hereto. 
 RECITALS 

WHEREAS, as of the Execution Date, (i) each Founder owns beneficially and of record one hundred percent (100%) equity interest of
its respective Founder Holdco; (ii) the Founder Holdcos collectively own beneficially and of record thirty point five one five percent (30.515%) of the equity interest of the Company; (iii) the Company owns beneficially and of record one
hundred percent (100%) equity interest of the HK Co; (iv) the HK Co owns beneficially and of record one hundred percent (100%) equity interest of the WFOE; (v) the WFOE owns beneficially and of record one hundred percent (100%) equity
interest of the DomCo; (vi) the Company owns beneficially and of record one hundred percent (100%) equity interest of the US Co; and (vii) the Company owns beneficial and of record one hundred percent (100%) equity interest of HK Auto
Tech. 
 WHEREAS, the Company is an exempted limited liability company and immediately prior to the Closing shall have an
authorized share capital consisting of (i) 361,897,230 shares of common stock, par value US$0.0001 per share (the “Common Stock”), of which 60,603,953 shares of Common Stock are issued and fully
paid-up; (ii) 20,000,000 shares of Series A preferred stock, par value US$0.0001 per share (the “Series A Preferred Stock”), all of which have been issued; (iii) 8,218,203 shares of
Series A-2 preferred stock, par value US$0.0001 per share (the “Series A-2 Preferred Stock”), all of which have been issued; (iv) 7,080,000 shares of Series B-1 preferred stock,
par value US$0.0001 per share (the “Series B-1 Preferred Stock”), all of which have been issued; (v) 3,000,000 shares of Series B-2 preferred stock, par
value US$0.0001 per share (the “Series B-2 Preferred Stock”), all of which 

 
have been issued; (vi) 3,465,372 shares of Series B-3 preferred stock, par value US$0.0001 per share (the “Series
B-3 Preferred Stock”), all of which have been issued; (vii) 14,993,041 shares of Series C preferred stock, par value US$0.0001 per share (the “Series C Preferred Stock”), all of which
have been issued; (viii) 20,345,131 shares of Series D-1 preferred stock, par value US$0.0001 per share (the “Series D-1 Preferred Stock”), all of which
have been issued; (ix) 50,000,000 shares of Series E preferred stock, par value US$$0.0001 per share (the “Series E Preferred Stock”), 25,695,018 of which have been issued; (x) 3,928,937 shares of Series E-1 preferred stock, par value US$$0.0001 per share (the “Series E-1 Preferred Stock”), all of which have been issued; and (xi) 7,072,086 shares of Series E-2
preferred stock, par value US$$0.0001 per share (the “Series E-2 Preferred Stock”, and together with the Series A Preferred Stock, the Series A-2 Preferred Stock, the Series B-1 Preferred
Stock, the Series B-2 Preferred Stock, the Series B-3 Preferred Stock, the Series C Preferred Stock, Series D-1 Preferred Stock,
Series E Preferred Stock, Series E-1 Preferred Stock and Series E-2 Preferred Stock, the “Preferred Stock”), none of which have been issued, in each
case as set forth in the capitalization table attached as Schedule 8 hereto. 
 WHEREAS, the Purchaser wishes to purchase from
the Company the Series E-2 Preferred Stock, to be issued by the Company pursuant to the terms and subject to the conditions of this Agreement. 

AGREEMENT 
 NOW,
THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 
  

	1.	 PURCHASE AND SALE OF SECURITIES 

 

	1.1	 Sale and Issuance of Series E-2 Preferred Stock

 Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase at the Closing (as defined
below), and the Company agrees to sell and issue to the Purchaser at the Closing, that number of shares of Series E-2 Preferred Stock, set forth opposite the Purchaser’s name on Schedule 1 (the “Purchased Stock”) for the
total consideration set forth opposite the Purchaser’s name on Schedule 1 (the “Purchase Price”). 
  

	1.2	 Closing; Delivery 

(a)    The purchase and sale of the Purchased Stock shall take place remotely via the exchange of documents and
signatures on the date hereof unless the Company and the Purchaser agree otherwise, subject to the satisfaction or waiver of each condition to the Closing set forth in Section 2 and Section 3
(other than conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of such conditions at the Closing). The completion of the purchase and sale of the Purchased Stock shall be referred to as the
“Closing”. 
 (b)    At the Closing, (i) the Company shall deliver to the Purchaser a copy of the
share certificate representing the Purchased Stock (the originals of which shall be delivered to the Purchaser (or its designated custodian, which may be the Company) within ten (10) Business Days after the Closing); and (ii) the Purchaser
shall pay or cause to be paid the Purchase Price in accordance with Section 1.3. 
  

	1.3	 Closing Account 

Payment of the Purchase Price by the Purchaser to the Company shall be made by remittance of immediately available US$ funds to a bank account
of the Company designated by the Company in writing at least three (3) Business Days before the Closing. All bank charges and related expenses for remittance and receipt of any Purchase Price shall be for the account of the Company. 

  
 2 

	2.	 CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER AT THE CLOSING 

The obligations of the Purchaser to purchase its Purchased Stock at the Closing are subject to the fulfillment, on or before the Closing, of
each of the following conditions, unless otherwise waived in writing by the Purchaser: 
  

	2.1	 Material Adverse Effect 

Since the Statement Date, no event, circumstance or change shall have occurred that, individually or in the aggregate with one or more other
events, circumstances or changes, have had or reasonably could be expected to have a Material Adverse Effect on the Company or any other Group Company. 
  

	2.2	 Proceedings and Documents 

All corporate and other proceedings in connection with the transactions contemplated at the Closing and all documents incidental thereto shall
be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser (or its legal counsel) shall have received all such counterpart originals and certified or other copies of such documents as reasonably requested. Each of the
Warrantors shall have (i) performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by such Warrantors; and (ii) to the extent
applicable, approved the aforesaid performance and compliance by its respective directors and stockholders’ resolutions, on or before the Closing. 
  

	2.3	 Authorizations 

The Warrantors shall have obtained all authorizations, approvals, waivers or permits of any Person or any Governmental Authority necessary for
the consummation of all of the transactions contemplated by this Agreement and other Transaction Documents, including without limitation any authorizations, approvals, waivers or permits that are required in connection with the lawful issuance of
the Purchased Stock to the Purchaser, and all such authorizations, approvals, waivers and permits shall be effective as of the Closing. The Company shall have obtained enforceable waivers in respect of any preemptive, anti-dilution or similar rights
applicable to the transactions contemplated by this Agreement and other Transaction Documents, and true copies of such waivers shall have been delivered to the Purchaser. 
  

	2.4	 Representations and Warranties 

The Fundamental Warranties shall be true, complete and correct as of January 25, 2021, except for those Fundamental Warranties that
address matters only as of a particular date, which Fundamental Warranties shall have been true, complete and correct in all respects as of such particular date. The representations and warranties of the Warrantors contained in Schedule 5
(other than the Fundamental Warranties) shall be true, complete and correct in all material respects as of January 25, 2021, except for those representations and warranties (i) that already contain any materiality qualification, which
representations and warranties, to the extent already so qualified, shall instead be true, complete and correct in all respects as so qualified as of such respective dates and (ii) that address matters only as of a particular date, which
representations shall have been true, complete and correct in all respects (subject to Section 2.4(i)) as of such particular date. 

  
 3 

	2.5	 Certificate of Incorporation 

The certificate of incorporation of the Company in the form and substance attached hereto as Exhibit A (the “Certificate of
Incorporation”) shall have been duly adopted by all necessary actions of the stockholders of the Company. 
  

	2.6	 Compliance Certificates 

The Purchaser shall have received a certificate executed and delivered by the Warrantors, substantially in the form and substance attached
hereto as Exhibit C. 
  

	2.7	 Investment Committee Approval 

The internal authority of the Purchaser shall have approved the execution and performance of this Agreement and the other Transaction Documents
and the transactions contemplated hereby and thereby. 
  

	2.8	 Legal Opinions 

The Company shall have delivered to the Purchaser legal opinions dated the date of the Closing and addressed to the Purchaser issued by the
Company’s legal counsel, customary to the transactions of this kind, and in form and substance reasonably satisfactory to the Purchaser. 
  

	3.	 CONDITIONS TO THE OBLIGATIONS OF THE COMPANY AT CLOSING 

The obligations of the Company to sell the Purchased Stock to the Purchaser at the Closing are subject to the fulfillment of each of the
following conditions by the Purchaser, on or before the Closing, unless otherwise waived in writing by the Company: 
  

	3.1	 Representations and Warranties 

The representations and warranties of the Purchaser contained in Schedule 7 shall be true, complete and correct in all material respects
as of the Execution Date and the Closing. 
  

	3.2	 Performance 

The Purchaser shall have performed and complied with all covenants, agreements, obligations and conditions contained in this Agreement that are
required to be performed or complied with by it on or before the Closing. 
  

	3.3	 Execution of Shareholders’ Agreement 

The Purchaser shall have executed and delivered to the Company a joinder to the Shareholders’ Agreement in form and substance reasonably
satisfactory to the Company and the Purchaser. 
  

	4.	 REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 

The Warrantors, jointly and severally, represent and warrant to the Purchaser that the statements contained in Schedule 5 attached
hereto are true, correct and complete as of January 25, 2021, except to the extent fairly and specifically disclosed in the disclosure schedule attached hereto as Schedule 6 (the “Disclosure Schedule”), which disclosures
shall be deemed to be part of the representations and warranties as if made hereunder. 

  
 4 

	5.	 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser represents and warrants to the Company that the statements contained in Schedule 7 attached hereto are true, correct and
complete as of the Closing. 
  

	6.	 UNDERTAKINGS 

The Warrantors hereby jointly and severally covenant to the Purchaser as follows: 

 

	6.1	 Ordinary Course of Business 

From the Execution Date until the earlier of the Termination Date or the Closing, each Group Company shall, and the Founders and the Founder
Holdcos shall cause each of the Group Companies to, conduct its business in the ordinary course and shall use its commercially reasonable efforts to maintain the present character and quality of the business, including without limitation, its
present operations, physical facilities, working conditions, goodwill and relationships with lessors, licensors, suppliers, customers, employees and independent contractors. 
  

	6.2	 Use of Proceeds 

In accordance with the directions of the Company’s Board of Directors, as it shall be constituted in accordance with the
Shareholders’ Agreement, the Company will use the proceeds from the sale of all the Purchased Stock for (i) general working capital; and (ii) other general corporate purposes for the Group Companies. 

 

	6.3	 Notice of Certain Events 

If at any time before the Closing, any Warrantor comes to know of any material fact or event which: (i) is in any way inconsistent with
any of the representations and warranties in this Agreement; (ii) suggests that any fact warranted hereunder may not be as warranted or may be misleading; or (iii) might affect the willingness of a prudent investor to purchase the
Purchased Stock on the terms contained in the Transaction Documents or the amount of the consideration a prudent investor would be prepared to pay for the Purchased Stock, then the Warrantors shall immediately notify the Purchaser in writing,
describing the fact or event in reasonable detail. 
  

	6.4	 Compliance 

The Group Companies shall, and the Founders and the Founder Holdcos shall cause the Group Companies to, at all times comply with all applicable
Laws in all material respects. 
  

	7.	 CURE OF BREACHES; INDEMNITY  

7.1    In the event of: (a) any breach or violation of, or inaccuracy or misrepresentation in, any representation or warranty
made by the Warrantors contained herein or any of the other Transaction Documents; or (b) any breach or violation of any covenant or agreement contained herein or any of the other Transaction Documents (each of (a) or (b), a
“Breach”), the Group Companies shall, jointly and severally, cure such Breach (to the extent that such Breach is curable) to the satisfaction of the Purchaser (it being understood that any cure shall be without resorting to cash or
assets of any of the Group Companies). Notwithstanding the foregoing, the Group Companies shall also, jointly and severally, indemnify the Purchaser and its Affiliates, limited partners, members, stockholders, directors, officers, employees, agents,
representatives and assigns (each, an “Indemnitee”) for any and all losses, liabilities, damages, diminution in value, liens, claims, obligations, penalties, settlements, deficiencies, costs and expenses, including without
limitation reasonable advisor’s fees and other reasonable expenses of investigation, defense and resolution of any Breach paid, suffered, sustained or incurred by 

  
 5 

 
the Indemnitees (each, an “Indemnifiable Loss”), resulting from, or arising out of, or due to, directly or indirectly, any Breach; provided, however, that “diminution in
value” as used in the preceding sentence shall not include any diminution in value not directly or indirectly caused by one or more Breaches. 

7.2    Notwithstanding the foregoing, the Group Companies shall, jointly and severally, indemnify and keep indemnified the
Indemnitees at all times and hold them harmless against any and all Indemnifiable Losses resulting from, or arising out of, or due to, directly or indirectly, any claim for (i) any material liability caused by the infringement or violation of
any intellectual property rights of any third party by any Group Company, (ii) any breach or non-performance of any of the Specified Investment Agreements, or (iii) tax which has been assessed or may
hereafter be assessed against any Group Company wholly or partly in respect of or in consequence of any event occurring or any income, profits or gains earned, accrued or received by any Group Company on or before the Closing and any costs, fees,
penalty, surcharge, fine, expenses or other liabilities incurred in connection with the investigation, assessment or the contesting of any claim, the settlement of any claim for tax, any legal proceedings in relation to any such tax, and the
enforcement of any arbitration award or judgment in relation to such tax (whether or not such tax is chargeable against or attributable to any other person), provided, however, that the Group Companies shall be under no liability in
respect of taxation: 
 (a)    that is promptly cured without resorting to cash or other assets of any Group Company;

 (b)    to the extent that provision, reserve or allowance has been made for such tax in the audited consolidated
financial statement of the Company; 
 (c)    if the liability has arisen in, and relates to, the ordinary course of
business of the Group Companies since the Statement Date; 
 (d)    to the extent that the liability arises as a result
only of a provision or reserve in respect of the liability made in the Delivered Financial Statements being insufficient by reason of any increase in rates of tax announced after the Closing with retrospective effect; and 

(e)    to the extent that the liability arises as a result of legislation which comes into force after the Closing and
which is retrospective in effect. 
 The survival period for any indemnity obligation relating to (x) claims for tax matters arising
under this Section 7.2 shall be the applicable statute of limitations for tax claims and (y) claims pursuant to Section 7.2(ii) shall be five years after the Closing. 

7.3    In the event that an Indemnitee suffers an Indemnifiable Loss as provided in Section 7.1 or
7.2 and the Group Companies fail to fulfill their obligations under Section 7.1 or 7.2 to indemnify the Indemnitee for the full amount of such Indemnifiable Loss within sixty (60) days upon receipt of
written notice thereof from such Indemnitee, then the Founders and Founder Holdcos shall jointly and severally indemnify the Indemnitee any shortfall of such indemnification, provided, however, that absent fraud, willful misconduct or gross
negligence conducted by the Founders, none of the Founders’ or Founder Holdcos’ assets, other than the Common Stock of the Company held by the Founders and/or Founder Holdcos, shall in any respect be used to satisfy any of the Founders
and/or Founder Holdcos’ indemnity obligations pursuant to this Agreement (and the Indemnitee shall have no right to claim against any of the Founders’ assets but for the Common Stock of the Company held by the Founders and/or Founder
Holdcos). Any indemnification provided by the Warrantors other than the Founders and the Founder Holdcos pursuant to this Section 7.3 shall not prejudice or otherwise affect the right of the Indemnitee to seek
indemnification from the Group Companies pursuant to Section 7.1 or 7.2; provided, however, that to the extent an Indemnitee is able to recover any Indemnifiable Loss from the Group Companies, the
Warrantors other than the Group Companies shall not be obligated to indemnify such Indemnitee of such recovered amount. 

  
 6 

 7.4    If the Purchaser or other Indemnitee believes that it has a claim that may
give rise to an obligation of any Warrantor pursuant to this Section 7, it shall give prompt notice thereof to the Company stating specifically the basis on which such claim is being made, the material facts related
thereto, and the amount of the claim (or a reasonably estimate thereof) asserted. In the event of a third party claim against an Indemnitee for which such Indemnitee seeks indemnification from any Warrantor pursuant to this
Section 7, no settlement shall be deemed conclusive with respect to whether there was an Indemnifiable Loss or the amount of such Indemnifiable Loss unless such settlement is consented to by the Founders or their Founder
Holdcos. Any dispute related to this Section 7 shall be resolved pursuant to Section 8.15. 

7.5    Notwithstanding any other provisions contained herein, the Purchaser acknowledges that the indemnities under this
Section 7 shall, absent fraud, willful misconduct or gross negligence by the Warrantors, be subject to the following provisions: 

(a)    the aggregate indemnification amount claimed by the Purchaser or its Indemnitees against all the Warrantors arising
under or in connection with this Agreement shall not exceed in the aggregate the amount equal to the Purchase Price paid by the Purchaser under this Agreement; 

(b)    the aggregate indemnification amount claimed against all the Warrantors arising under or in connection with
Section 7.2(ii) shall not exceed US$10,000,000; and 
 (c)    the Warrantors shall not be
required to indemnify any Indemnitee for (i) any claim unless the Indemnifiable Losses in connection with any claim or claims suffered by all the Indemnitees are US$100,000 or more, on a cumulative basis, in which case the Warrantors shall be
liable for the Indemnifiable Losses in respect to the claim from the first US$, or (ii) any claim arising out of any breach of any representation or warranty made by the Warrantors contained herein or any of the other Transaction Documents to
the extent that the relevant matters have been fairly and specifically disclosed in the Disclosure Schedule (without prejudice to the indemnification obligations arising from Section 7.2).  

 

	8.	 MISCELLANEOUS 

 

	8.1	 Survival of Warranties 

The Fundamental Warranties shall survive the Closing until the latest date permitted by Law or indefinitely if such date is not provided. The
representations and warranties of the Warrantors contained in or made pursuant to this Agreement (other than the Fundamental Warranties) shall survive the Closing for a period until two (2) years after January 25, 2021. Any fact or matter
which is fairly and specifically disclosed in the Disclosure Schedule shall constitute notice to the Purchaser of the fact or matter so disclosed or actually known, as applicable, and the Purchaser shall be deemed to have waived any claim against
the Warrantors on account of any inconsistency between such fact or matter and any of the representations and warranties of the Warrantors in this Agreement (except where any of such fact or matter in the Disclosure Schedule is untrue, incorrect or
incomplete). 
  

	8.2	 Confidentiality 

(a)    Disclosure of Terms. The terms and conditions of this Agreement, any term sheet or memorandum of
understanding entered into pursuant to the transactions contemplated hereby, all exhibits and schedules attached hereto and thereto, and the transactions contemplated hereby and thereby (collectively, the “Transaction Terms”),
including their existence, shall be considered confidential information and shall not be disclosed by any Party hereto to any third party except as permitted in accordance with the provisions set forth below. 

(b)    Permitted Disclosures. Notwithstanding the foregoing, the Company may disclose (i) the existence of the
investment to its bona fide prospective purchasers, employees, bankers, lenders, 

  
 7 

 
accountants, legal counsels and business partners, or to any person or entity to which disclosure is approved in writing by the Purchaser, such approval not to be unreasonably withheld; and
(ii) the Transaction Terms to its current stockholders, employees, bankers, lenders, accountants and legal counsels, in each case only where such persons or entities are under appropriate nondisclosure obligations substantially similar to those
set forth in this Section 8.2, or to any person or entity to which disclosure is approved in writing by the Purchaser, which such approval is not to be unreasonably withheld. The Purchaser may disclose (x) the
existence of the investment and the Transaction Terms to any Affiliate, legal counsels, advisors, partner, limited partner, former partner, potential partner or potential limited partner of the Purchaser and its Affiliates and (y) the fact of
its own investment to the public, in each case as it deems appropriate at its sole discretion. Any Party hereto may also provide disclosure in order to comply with applicable Laws, as set forth in Section 8.2(c) below. 

(c)    Legally Compelled Disclosure. In the event that any Party is requested or becomes legally compelled
(including without limitation, pursuant to any applicable tax, securities, or other Laws and regulations of any jurisdiction) to disclose the existence of this Agreement or content of any of the Transaction Terms, such Party (the “Disclosing
Party”) shall provide the other Parties with prompt written notice of that fact and shall consult with the other Parties regarding such disclosure. At the request of another Party, the Disclosing Party shall, to the extent reasonably
possible and with the cooperation and reasonable efforts of the other Parties, seek a protective order, confidential treatment or other appropriate remedy. In any event, the Disclosing Party shall furnish only that portion of the information that is
legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to such information. 

(d)    Other Exceptions. Notwithstanding any other provision of this Section 8.2, the
confidentiality obligations of the Parties shall not apply to: (i) information which a restricted Party learns from a third party having the right to make the disclosure, provided the restricted Party complies with any restrictions imposed by
the third party; (ii) information which is rightfully in the restricted Party’s possession prior to the time of disclosure by the protected Party and not acquired by the restricted Party under a confidentiality obligation; or
(iii) information which enters the public domain without breach of confidentiality by the restricted Party. 

(e)    Press Releases, Etc. No announcements regarding the Purchaser’s investment in the Company may be made
by any Party hereto in any press conference, professional or trade publication, marketing materials or otherwise to the public without the prior written consent of the Purchaser and the Company, provided that such consent shall not be
unreasonably withheld. 
 (f)    Other Information. The provisions of this Section 8.2
shall terminate and supersede the provisions of any separate nondisclosure agreement executed by any of the Parties with respect to the transactions contemplated hereby. 
  

	8.3	 Transfer; Successors and Assigns 

The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the
Parties. Save as expressly provided in this Agreement, nothing in this Agreement, express or implied, is intended to confer upon any party other than the Parties hereto or their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement. No Warrantor may assign its rights or delegate its obligations under this Agreement without the written consent of the Purchaser subscribing for at least a majority of the total Purchased Stock. The
Purchaser may assign any of its rights and obligations under this Agreement to any of its Affiliates. Any attempted assignment in violation of this Section 8.3 shall be void. 

  
 8 

	8.4	 Governing Law 

This Agreement shall be governed by and construed in accordance with the Laws of Hong Kong as to matters within the scope thereof, without
regard to its principles of conflicts of laws.  
  

	8.5	 Counterparts; Facsimile and Emails 

This Agreement may be executed and delivered by facsimile, email or other electronic signature and in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

	8.6	 Titles and Subtitles 

The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this
Agreement. 
  

	8.7	 Notices 

All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given:
(a) upon personal delivery to the Party to be notified; (b) when sent by facsimile, upon receipt of confirmation of error-free transmission (or, if such confirmation is received outside normal business hour, on the next Business Day), (c)
when sent by electronic mail, upon such mail being sent unless the sending Party subsequently learns that such electronic mail was not successfully delivered; (d) five (5) days after having been delivered by registered or certified mail, return
receipt requested, postage prepaid; or (e) one (1) day after delivery by an internationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective
Parties at their address, e-mail address, or facsimile number as set forth on Schedule 9, or as subsequently modified by written notice given in accordance with this
Section 8.7. 
  

	8.8	 No Finder’s Fees 

Except as set forth in the Disclosure Schedule, each Party represents that it neither is nor will be obligated for any finder’s fee or
commission in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this
transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees, or representatives is responsible. The Company agrees to indemnify and hold harmless the
Purchaser from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which
any Warrantor or any of its officers, employees or representatives is responsible. 
  

	8.9	 Fees and Expenses 

Each Party hereto shall pay all of its own costs and expenses incurred in connection with the negotiation, execution, delivery and performance
of this Agreement and other Transaction Documents and the transactions contemplated hereby and thereby. 
  

	8.10	 Attorney’s Fees 

If any action at law or in equity (including arbitration) is necessary to enforce or interpret the terms of any of the Transaction Documents,
the prevailing Party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

  
 9 

	8.11	 Amendments and Waivers 

Any term of this Agreement may be amended or waived only with the written consent of the Company, the Founders and the Purchaser. Any amendment
or waiver effected in accordance with this Section 8.11 shall be binding upon the Group Companies, the Founders, the Founder Holdcos, the Purchaser, and each transferee of the Purchased Stock or the Conversion Stock and
each future holder of all such securities. 
  

	8.12	 Severability 

The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

 

	8.13	 Delays or Omissions 

No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other
Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any
such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in
writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any Party, shall be cumulative and not alternative. 

 

	8.14	 Entire Agreement 

This Agreement (including the Schedules and Exhibits hereto) and the other Transaction Documents constitute the full and entire understanding
and agreement between the Parties with respect to the subject matter hereof and thereof, and any other written or oral agreement relating to the subject matter hereof and thereof existing between the Parties are expressly canceled. 

 

	8.15	 Dispute Resolution 

Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation,
performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the
Hong Kong International Arbitration Centre (HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The seat of arbitration shall be Hong Kong. The number of arbitrators shall be three (3). The
arbitration proceedings shall be conducted in English. 
  

	8.16	 No Commitment for Additional Financing 

The Warrantors acknowledge and agree that no Purchaser has made any representation, undertaking, commitment or agreement to provide or assist
the Company in obtaining any financing, investment or other assistance, other than the purchase of the Purchased Stock as set forth herein and subject to the conditions set forth herein. In addition, the Warrantors acknowledge and agree that
(i) no oral statements made by any Purchaser or its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment,
(ii) no Warrantor shall rely on any such statement by any Purchaser or its representatives and (iii) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created by a
written agreement, signed by the 

  
 10 

 
Purchaser and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement. The
Purchaser shall have the right, at its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any
financing, investment or other assistance. 
  

	8.17	 Rights Cumulative 

Each and all of the various rights, powers and remedies of a Party will be considered to be cumulative with and in addition to any other
rights, powers and remedies which such Party may have at law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right, power or remedy will neither constitute the exclusive election
thereof nor the waiver of any other right, power or remedy available to such Party. 
  

	8.18	 No Waiver 

Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such term,
covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy power hereunder at any one or more times be deemed a waiver or relinquishment of such right, power or
remedy at any other time or times. 
  

	8.19	 Third Party Beneficiaries 

Each of the Indemnitees shall be a third party beneficiary of this Agreement with the full ability to enforce
Section 7 of this Agreement as if it were a Party hereto. Subject to the preceding sentence, a person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties)
Ordinance (Cap. 623 of the Laws of Hong Kong) to enforce any terms of this Agreement. The rights of the Parties to terminate, rescind or agree any variation, waiver or settlement under this Agreement are not subject to the consent of any other
person, including an Indemnitee.  
  

	8.20	 Specific Performance 

The Parties acknowledge and agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with
the terms hereof, and each Party shall be entitled to specific performance of the terms hereof. It is accordingly agreed that, each Party shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement and to enforce
specifically (without proof of actual damages or harm, and not subject to any requirement for the securing or posting of any bond in connection therewith) such terms and provisions of this Agreement, this being in addition to any other remedy to
which each Party is entitled at law or in equity. 
  

	8.21	 Termination of Agreement 

 

	 	(a)	 Rights of Termination. 

This Agreement may be terminated before the Closing as follows: 

(1)    by mutual written consent of the Company and the Purchaser as evidenced in writing signed by the Company and the
Purchaser; 
 (2)    by the Purchaser in the event of any breach or violation of any representation or warranty,
covenant or agreement contained herein or in any of the other Transaction Documents by any Warrantor that is not curable or that is curable but is not cured within thirty (30) Business Days of written notice; or 

  
 11 

 (3)    by the Purchaser if any event, circumstance or change shall have
occurred that, individually or in the aggregate with one or more other events, circumstances or changes, have had or reasonably could be expected to have a Material Adverse Effect on the Company or any other Group Company. 

(b)    Effect of Termination. 

(1)    The date of termination of this Agreement pursuant to Section 8.21(a) hereof shall be
referred to as “Termination Date”. 
 (2)    In the event of termination by the Company and/or the
Purchaser pursuant to Section 8.21(a) hereof, written notice thereof shall forthwith be given to the other Parties and this Agreement shall terminate, and each of the Company and the Purchaser shall be relieved of the
duties and obligations among them arising under this Agreement after the date of such termination and such termination shall be without liability to the Company or the Purchaser; provided that (i) no such termination shall relieve the Company
or the Purchaser from liability for any breach of this Agreement incurred before the termination; and (ii) such termination shall not affect the rights, duties and obligations existing between the Warrantors and any other Purchaser pursuant to
this Agreement. 
 (c)    Surviving Provisions. 

(1)    The provisions of this Section 8.21, Section 7,
Section 8.1, Section 8.2, Section 8.4, Section 8.7, Section 8.9, Section 8.10,
Section 8.11, Section 8.12, Section 8.13, Section 8.15, Section 8.17, Section 8.18,
Section 8.19, and Section 8.20, hereof shall survive any termination of this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 12 

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

							
	COMPANY:	  		 	TuSimple Holdings Inc.
				
		  		 	By:	 	 /s/ Cheng
Lu                                        

		  		 	Name:	 	Cheng Lu
		  		 	Title:	 	Director
			
	HK CO:	  		 	Tusimple (Hong Kong) Limited
				
		  		 	By:	 	 /s/ Mo Chen

		  		 	Name:	 	Mo Chen
		  		 	Title:	 	Director
			
	HK AUTO TECH:	  		 	Tusimple (Hong Kong) Auto Tech Limited
				
		  		 	By:	 	 /s/ Naiyan Wang

		  		 	Name:	 	Naiyan Wang
		  		 	Title:	 	Director

  
 SIGNATURE PAGE TO SERIES
E-2 PREFERRED STOCK PURCHASE AGREEMENT 

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

							
	WFOE:	  		 	Beijing Tusen Zhitu Technology Co., Ltd.
				
		  		 	By:	 	 /s/ Mo
Chen                                        

		  		 	Name:	 	Mo Chen
		  		 	Title:	 	Legal Representative
			
		  		 	Affix Seal: [Beijing Tusen Zhitu Technology Co., Ltd. company seal is affixed]
			
	DOMCO:	  		 	Beijing Tusen Weilai Technology Co., Ltd.
				
		  		 	By:	 	 /s/ Mo Chen

		  		 	Name:	 	Mo Chen
		  		 	Title:	 	Legal Representative
			
		  		 	Affix Seal: [Beijing Tusen Weilai Technology Co., Ltd. company seal is affixed]

  
 SIGNATURE PAGE TO SERIES
E-2 PREFERRED STOCK PURCHASE AGREEMENT 

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

							
	US CO:	  		 	TuSimple, Inc.
				
		  		 	By:	 	 /s/ Xiaodi
Hou                                        

		  		 	Name:	 	Xiaodi Hou
		  		 	Title:	 	Director

  
 SIGNATURE PAGE TO SERIES
E-2 PREFERRED STOCK PURCHASE AGREEMENT 

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

							
	FOUNDERS:	  		 	Mo Chen
				
		  		 	By:	 	 /s/ Mo
Chen                                        

			
		  		 	Xiaodi Hou
				
		  		 	By:	 	 /s/ Xiaodi
Hou                                        

			
		  		 	Zhenguo Ren
				
		  		 	By:	 	 /s/ Zhenguo
Ren                                        

  
 SIGNATURE PAGE TO SERIES
E-2 PREFERRED STOCK PURCHASE AGREEMENT 

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

							
	FOUNDER HOLDCOS:	  		 	Gray Jade Holding Limited
				
		  		 	By:	 	 /s/ Mo
Chen                                        

		  		 	Name:	 	Mo Chen
		  		 	Title:	 	Director
			
		  		 	White Marble International Limited
				
		  		 	By:	 	 /s/ Xiaodi
Hou                                        

		  		 	Name:	 	Xiaodi Hou
		  		 	Title:	 	Director
			
		  		 	Ancient Jade International Limited
				
		  		 	By:	 	 /s/ Zhenguo
Ren                                        

		  		 	Name:	 	Zhenguo Ren
		  		 	Title:	 	Director

  
 SIGNATURE PAGE TO SERIES
E-2 PREFERRED STOCK PURCHASE AGREEMENT 

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

							
	PURCHASER:	  		 	TRATON International S.A.
				
		  		 	By:	 	 /s/ Frank
Mitschke                                        

		  		 	Name:	 	Frank Mitschke
		  		 	Title:	 	Managing Director
				
		  		 	By:	 	 /s/ Ismaël Aït Hassou

		  		 	Name:	 	Ismaël Aït Hassou
		  		 	Title:	 	Daily Business Manager

  
 SIGNATURE PAGE TO SERIES
E-2 PREFERRED STOCK PURCHASE AGREEMENT 

 SCHEDULES AND EXHIBITS 

 

			
	Schedules	  	
		
	 Schedule 1
	  	Schedule of Purchaser
	 Schedule 2-A
	  	Schedule of Founders
	 Schedule 2-B
	  	Schedule of Founder Holdcos
	 Schedule 3
	  	Definitions
	 Schedule 4
	  	Schedule of Key Employees
	 Schedule 5
	  	Representations and Warranties of the Warrantors
	 Schedule 6
	  	Disclosure Schedule
	 Schedule 7
	  	Representations and Warranties of the Purchaser
	 Schedule 8
	  	Capitalization Table
	 Schedule 9
	  	Notices

  
 SCHEDULES AND EXHIBITS

			
	Exhibits	  	
		
	 Exhibit A
	  	Certificate of Incorporation
	 Exhibit B
	  	Shareholders’ Agreement
	 Exhibit C
	  	Form of Compliance Certificate

  
 SCHEDULES AND EXHIBITS

 SCHEDULE 1 

SCHEDULE OF PURCHASER 
  

											
	 Purchaser
	  	Class of Preferred
Stock	  	Number of Preferred
Stock	 	  	Consideration	 
	 TRATON International S.A.
	  	Series E-2 Preferred
Stock	  	 	4,331,644	 	  	US$	48,999,990.10	 

  
 SCHEDULE 1 

 SCHEDULE 2-A 

SCHEDULE OF FOUNDER 

  
 SCHEDULE 2-A 

 SCHEDULE 2-B 

SCHEDULE OF FOUNDER HOLDCO 

  
 SCHEDULE 2-B 

 SCHEDULE 3 

DEFINITIONS 
  

	1.	 “Affiliate” means, with respect to any specified Person, any other Person who or which,
directly or indirectly, controls, is controlled by, or is under common control with such specified Person, including, without limitation, any general partner, limited partner, officer, director, member or employee of such Person and any venture
capital or other fund now or hereafter existing that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, such Person. With respect to a natural person, his or
her Affiliates also include his or her children, stepchildren, grandchildren, parents, step-parents, grandparents, spouse and siblings. 

  

	2.	 “Agreement” has the meaning ascribed to it in the Preamble to this Agreement.

  

	3.	 “Anti-Corruption Laws” has the meaning set forth in Section 19 of
Schedule 5. 

  

	4.	 “Anti-Money Laundering Laws” has the meaning ascribed to it in
Section 25.4 of Schedule 5. 

  

	5.	 “Board of Directors” or “Board” means the Company’s board of Directors.

  

	6.	 “Breach” has the meaning ascribed to it in Section 7.1.

  

	7.	 “Business Day” means any day, other than a Saturday, Sunday or other day on which the
commercial banks in Hong Kong, Beijing, or New York are authorized or required to be closed for the conduct of regular banking business. 

  

	8.	 “Business Plan” has the meaning ascribed to it in Section 30 of
Schedule 5. 

  

	9.	 “Certificate of Incorporation” has the meaning ascribed to it in
Section 2.5. 

  

	10.	 “Circular 37” means the Circular of the State Administration of Foreign Exchange on
Relevant Issues concerning Foreign Exchange Administration for Domestic Residents to Engage in Overseas Investment or Financing and in Return Investment via Special Purpose Vehicles promulgated by the State Administration of Foreign Exchange of
the PRC on July 4, 2014. 

  

	11.	 “Closing” has the meaning ascribed to it in Section 1.2(a).

  

	12.	 “Common Stock” has the meaning ascribed to it in the Recitals to this Agreement, being common
stock of the Company, par value US$0.0001 per share. 

  

	13.	 “Company” has the meaning ascribed to it in the Preamble. 

 

	14.	 “Confidential Information Agreements” has the meaning ascribed to it in
Section 21 of Schedule 5. 

  

	15.	 “Contract” means a legally binding contract, agreement, understanding, indenture, note, bond,
loan, instrument, lease, mortgage, franchise or license. 

  

	16.	 “Control” or “control” of a given Person means the power or authority,
whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, through any contractual relationship (including, without limitation, pursuant to a
management or advisory agreement) or otherwise, 

  
 SCHEDULE 3 

	 	
which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be
cast at a meeting of the members or stockholders of such Person or power to control the composition of a majority of the board of directors of such Person; the terms “Controlling” and “Controlled” (and their
lower-case counterparts) have meanings correlative to the foregoing. 

  

	17.	 “Control Documents” means the Exclusive Business Cooperation and Service Agreement, Share
Pledge Agreement, Exclusive Option Agreement, and Power of Attorney in form and substance attached to any Series D-1 share purchase agreement. 

 

	18.	 “Conversion Stock” means Common Stock issuable upon conversion of any Preferred Stock.

  

	19.	 “Convertible Securities” means, with respect to any specified Person, securities convertible
or exchangeable into any stock of any class of such specified Person, however described and whether voting or non-voting. 

 

	20.	 “Delivered Financial Statements” has the meaning set forth in
Section 14 of Schedule 5. 

  

	21.	 “Directors” means the members of the Board of Directors. 

 

	22.	 “Disclosing Party” has the meaning ascribed to it in Section 8.2(c).

  

	23.	 “Disclosure Schedule” has the meaning ascribed to it in Section 4.

  

	24.	 “DomCo” has the meaning ascribed to it in the preamble. 

 

	25.	 “Employee Benefit Plans” has the meaning ascribed to it in
Section 16.7 of Schedule 5. 

  

	26.	 “Equity Transfers” means (1) Hou Xiaodi
(侯晓迪), Hao Jianan (郝佳男), Guo Minhua
(郭敏华) and Ren Zhenguo (任振国)’s transfers of all the equity interests they held in
Shanghai Tusen Weilai Artificial Intelligence Technology Co., Ltd.
(上海图森未来人工智能科技有限公司) to the WFOE at nil consideration; and (2) Hou Xiaodi (侯晓迪), Hao Jianan (郝佳男), Guo Minhua
(郭敏华), Ren Zhenguo (任振国), and Jin Zhuo Heng Bang Technology (Beijing) Co., Ltd. (金卓恒邦科技(北京)有限公司)’s transfers of all the equity interests they held in the DomCo to the WFOE at
nil consideration. 

  

	27.	 “Establishment Documents” has the meaning ascribed to it in
Section 22.4 of Schedule 5. 

  

	28.	 “Execution Date” means the date of this Agreement. 

 

	29.	 “Financial Statements” means the consolidated balance sheet, income statement and statement of
cash flows, prepared in accordance with IFRS / US GAAP and applied on a consistent basis throughout the periods indicated. 

  

	30.	 “Founder(s)” has the meaning ascribed to it in the Preamble. 

 

	31.	 “Founder Holdcos” has the meaning ascribed to it in the Preamble. 

 

	32.	 “Fundamental Warranties” means the representations and warranties by the Warrantors set forth
in Section 1, Section 2, Section 3, Section 4, Section 5, Section 6 and
Section 9 of Schedule 5. 

  

	33.	 “General Corporation Law” means the Delaware General Corporation Law. 

  
 SCHEDULE 3 

	34.	 “Governmental Authority” means the government of any nation, province, state, city, locality
or other political subdivision of any thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, regulation or compliance, and any corporation or other entity owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing. 

  

	35.	 “Group Companies” means the Company, the HK Co, the WFOE, the US Co, the DomCo, HK Auto Tech,
and any other direct or indirect Subsidiary of any Group Company collectively, and “Group Company” means any one of them. 

  

	36.	 “GC Product or Service” has the meaning ascribed to it in
Section 8.7 of Schedule 5. 

  

	37.	 “Half-Year Financial Statements” has the meaning set forth in
Section 14 of Schedule 5. 

  

	38.	 “Hong Kong” means the Hong Kong Special Administrative Region of the PRC.

  

	39.	 “HK Auto Tech” has the meaning ascribed to it in the Preamble. 

 

	40.	 “HK Co” has the meaning ascribed to it in the Preamble. 

 

	41.	 “IFRS” mean International Financial Reporting Standards. 

 

	42.	 “Indemnifiable Loss” has the meaning set forth in Section 7.1.

  

	43.	 “Indemnitee” has the meaning set forth in Section 7.1.

  

	44.	 “Intellectual Property” means all patents, patent applications, trademarks, service marks,
trade names, copyrights, trade secrets, processes, compositions of matter, formulas, designs, inventions, proprietary rights, know-how and any other confidential or proprietary information owned or otherwise
used by any Group Company. 

  

	45.	 “Key Employee” means each of the Persons listed in Schedule 4. 

 

	46.	 “Knowledge” including the phrase “to the Warrantors’
knowledge” means the actual knowledge after reasonable investigation of the Key Employees and the Founders. 

  

	47.	 “Law” means any constitutional provision, statute or other law, rule, regulation, official
policy or interpretation of any Governmental Authority and any injunction, judgment, order, ruling, assessment or writ issued by any Governmental Authority. 

  

	48.	 “Lien” means any mortgage, pledge, claim, security interest, encumbrance, title defect, lien,
charge or other restriction or limitation. 

  

	49.	 “Material Adverse Effect” means a material adverse effect on the business, assets (including
intangible assets), liabilities, financial condition, property, prospects or results of operations of the Group Companies, either individually or taken as a whole. 

 

	50.	 “Material Agreements” has the meaning ascribed to it in Section 10.1
of Schedule 5. 

  

	51.	 “OFAC” has the meaning ascribed to such term in Section 18.2(a) of
Schedule 5. 

  

	52.	 “OFAC Sanctioned Person” has the meaning ascribed to such term in
Section 18.2(b) of Schedule 5. 

  
 SCHEDULE 3 

	53.	 “OFAC Sanctions” has the meaning ascribed to such term in
Section 18.2(a) of Schedule 5. 

  

	54.	 “Order” or “order” means any order, injunction, judgment, decree, ruling,
writ, assessment or arbitration award of a Governmental Authority. 

  

	55.	 “Party” and “Parties” has the meaning ascribed to it in the Preamble to this
Agreement. 

  

	56.	 “Person” means any individual, corporation, partnership, limited partnership, proprietorship,
association, limited liability company, firm, trust, estate or other enterprise or entity. 

  

	57.	 “PRC” means the Peoples’ Republic of China, excluding Hong Kong, the Macau Special
Administrative Region and Taiwan for the purpose of this Agreement. 

  

	58.	 “Projections” has the meaning ascribed to it in Section 29 of
Schedule 5. 

  

	59.	 “Preferred Stock” has the meaning ascribed to it in the Recitals to this Agreement.

  

	60.	 “public official” means an employee of a Governmental Authority, a member of a political
party, a political candidate, an officer of a public international organization, or an officer or employee of a state-owned enterprise, including a PRC state-owned enterprise. 

 

	61.	 “Public Software” has the meaning ascribed to it in Section 8.7 of
Schedule 5. 

  

	62.	 “Purchased Stock” has the meaning ascribed to it in Section 1.1.

  

	63.	 “Purchase Price” has the meaning ascribed to it in Section 1.1.

  

	64.	 “Purchaser” has the meaning ascribed to it in the Preamble. 

 

	65.	 “Related Party” has the meaning ascribed to it in Section 11.4 of
Schedule 5. 

  

	66.	 “Reserve” or “reservation” has the meaning ascribed to it in
Section 4 of Schedule 5. 

  

	67.	 “SDN List” has the meaning ascribed to such term in Section 18.2(b)
of Schedule 5. 

  

	68.	 “Secretary” has the meaning ascribed to such term in Section 18.2(a)
of Schedule 5. 

  

	69.	 “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder (or comparable Laws in jurisdictions other than the United States). 

  

	70.	 “Series A Preferred Stock” has the meaning ascribed to it in the Recitals to this Agreement.

  

	71.	 “Series A-2 Preferred Stock” has the meaning ascribed to it in the Recitals to this Agreement.

  

	72.	 “Series B-1 Preferred Stock” has the meaning ascribed
to it in the Recitals to this Agreement. 

  

	73.	 “Series B-2 Preferred Stock” has the meaning ascribed
to it in the Recitals to this Agreement. 

  

	74.	 “Series B-3 Preferred Stock” has the meaning ascribed
to it in the Recitals to this Agreement. 

  

	75.	 “Series C Preferred Stock” has the meaning ascribed to it in the Recitals to this Agreement.

  
 SCHEDULE 3 

	76.	 “Series D-1 Preferred Stock” has the meaning ascribed
to it in the Recitals to this Agreement. 

  

	77.	 “Series E Preferred Stock” has the meaning ascribed to it in the Recitals to this Agreement.

  

	78.	 “Series E-1 Preferred Stock” has the meaning ascribed
to it in the Recitals to this Agreement. 

  

	79.	 “Series E-2 Preferred Stock” has the meaning ascribed
to it in the Recitals to this Agreement. 

  

	80.	 “Shareholders’ Agreement” means the Seventh Amended and Restated Shareholders’
agreement of the Company dated December 4, 2020, entered into by and among the Group Companies, the Founders, the Purchaser and certain other parties thereto, substantially in the form and substance attached hereto as Exhibit B and as
may be amended and restated from time to time. 

  

	81.	 “Specified Investment Agreements” means collectively, the Construction of Autonomous Truck
Research, Development and Test Center of Beijing Tusen
(《关于建设北京图森自动驾驶卡车研发试验基地项目投资协议书
》) and the Supplemental Agreement with respect to the Construction of Autonomous Truck Research, Development and Test Center of Beijing Tusen (《关于建设北京图森自动驾驶卡车研发试验基地项目的补充协议
》), in each case by and between the DomCo and Sino-Japan Tangshan Caofeidian Eco-Industrial Area Administration Committee (中日唐山曹妃甸生态工业园管理委员会). 

 

	82.	 “Statement Date” has the meaning ascribed to it in Section 14 of
Schedule 5. 

  

	83.	 “Subsidiary” or “subsidiary” means, as of the relevant date of determination,
with respect to any Person (the “subject entity”), (i) any Person (x) more than 50% of whose stock or other interests entitled to vote in the election of directors or (y) more than a 50% interest in the profits or capital
of such Person are owned or controlled directly or indirectly by the subject entity or through one (1) or more Subsidiaries of the subject entity; (ii) any Person whose assets, or portions thereof, are consolidated with the net earnings of
the subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with IFRS or US GAAP; or (iii) any Person with respect to which the subject entity has the power to otherwise direct the
business and policies of that entity directly or indirectly through another subsidiary. For the avoidance of doubt, the Subsidiaries of the Company shall include the Group Companies (other than the Company) and/or any other company Controlled by the
Company, directly or indirectly, through contractual arrangement (including via the variable interest entities arrangement). 

  

	84.	 “Transaction Documents” means this Agreement, the Shareholders’ Agreement (as amended and
restated from time to time), the Certificate of Incorporation (as amended and restated from time to time) and any other agreements, instruments or documents entered into in connection with this Agreement. 

 

	85.	 “Termination Date” has the meaning ascribed to it in
Section 8.21(b)(1). 

  

	86.	 “Transaction Terms” has the meaning ascribed to it in
Section 8.2(a). 

  

	87.	 “United States Person” has the meaning ascribed to it in
Section 18.2(c) of Schedule 5. 

  

	88.	 “US Co” has the meaning ascribed to it in the Preamble. 

 

	89.	 “US GAAP” means the Generally Accepted Accounting Principles in the United States.

  
 SCHEDULE 3 

	90.	 “US$” means the United States Dollar, the lawful currency of the United States of America.

  

	91.	 “Warrantors” means the Group Companies, the Founder Holdcos and the Founders, and
“Warrantor” means any one of them. 

  

	92.	 “WFOE” has the meaning ascribed to it in the preamble. 

  
 SCHEDULE 3 

 SCHEDULE 4 

SCHEDULE OF KEY EMPLOYEES 

  
 SCHEDULE 4 

 SCHEDULE 5 

REPRESENTATIONS AND WARRANTIES OF THE WARRANTORS 
  

	1.	 ORGANIZATION, GOOD STANDING, CORPORATE POWER AND QUALIFICATION 

Each Warrantor (except for the Founders) is a corporation duly organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. Each Warrantor (except for the Founders) is duly qualified to transact business and is
in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. Each Warrantor has full power, authority and capacity to enter into and perform each of the Transaction Documents to which such Warrantor
is a party. 
  

	2.	 CAPITALIZATION 

2.1    The authorized capital of the Company consists, immediately prior to the Closing, of: (a) 361,897,230 shares of Common Stock,
of which 60,603,953 shares are issued and outstanding immediately prior to the Closing. All of the outstanding Common Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable securities
laws. The Company holds no treasury shares; and (b) 20,000,000 shares of Series A Preferred Stock, all of which are issued and outstanding immediately prior to the Closing; 8,218,203 shares of Series A-2
Preferred Stock, all of which are issued and outstanding immediately prior to the Closing; 7,080,000 shares of Series B-1 Preferred Stock, all of which are issued and outstanding immediately prior to the
Closing; 3,000,000 shares of Series B-2 Preferred Stock, all of which are issued and outstanding immediately prior to the Closing; 3,465,372 shares of Series B-3
Preferred Stock, all of which are issued and outstanding immediately prior to the Closing; 14,993,041 shares of Series C Preferred Stock, all of which are issued and outstanding immediately prior to the Closing; 20,345,131 shares of Series D-1 Preferred Stock, all of which are issued and outstanding immediately prior to the Closing, 50,000,000 shares of Series E Preferred Stock, 25,695,018 of which are issued and outstanding immediately prior to the
Closing, 3,928,937 shares of Series E-1 Preferred Stock, all of which are issued and outstanding immediately prior to the Closing, and 7,072,086 shares of Series E-2
Preferred Stock, none of which are issued and outstanding immediately prior to the Closing. The rights, privileges and preferences of the Series A Preferred Stock, the Series A-2 Preferred Stock, the Series
B-1 Preferred Stock, the Series B-2 Preferred Stock, the Series B-3 Preferred Stock, the Series C Preferred Stock, the Series D-1 Preferred Stock, the Series E Preferred Stock, the Series E-1 Preferred Stock and the Series E-2 Preferred Stock are as stated in
the Certificate of Incorporation and as provided by the General Corporation Law. 
 2.2    The Company has reserved 21,967,694
shares of Common Stock for issuance to Key Employees, research and technical employees, officers, directors and consultants of the Company pursuant to the 2017 Share Plan of the Company, as amended from time to time, and 4,087,528 of which are
issued and outstanding. Of such reserved Common Stock, 61,928 shares of Common Stock remain available for issuance to Key Employees, research and technical employees, officers, directors and consultants of the Company. 

2.3    Schedule 8 sets forth the capitalization of the Company immediately before and following the Closing including the
number of shares of the following: (i) issued and outstanding Common Stock, (ii) each series of Preferred Stock; and (iii) warrants or stock purchase rights, if any. Except for (A) the conversion privileges of the Preferred
Stock, (B) the right to purchase the Purchased Stock under this Agreement, (C) the rights provided in the Shareholders’ Agreement, and (D) the warrants and stock purchase rights described in Section 2.3
of the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any
Common Stock or Preferred Stock, or any securities convertible into or exchangeable for Common Stock or Preferred 

  
 SCHEDULE 5 

 
Stock. The warrants and stock purchase rights described in Section 2.3 of the Disclosure Schedule have been duly authorized by all necessary corporate actions of the
Company and have been validly issued, without any violation of, or with duly obtained waiver of, any person’s preemptive rights, right of first refusal or other similar rights. 

2.4    The Founders are the legal and beneficial owners of one hundred percent (100%) equity interest of their respective Founder
Holdcos. The Founder Holdcos are the legal and beneficial owners of 56,516,425 shares of Common Stock of the Company. The Company is the sole legal and beneficial owner of one hundred percent (100%) equity interest of the US Co. The Company is the
sole legal and beneficial owner of one hundred percent (100%) equity interest of the HK Co, which in turn is the sole legal and beneficial owner of one hundred percent (100%) equity interest of the WFOE. The WFOE is the sole legal and beneficial
owner of one hundred percent (100%) equity interest of the DomCo. The Company is the sole legal and beneficial owner of one hundred percent (100%) equity interest of HK Auto Tech. 

2.5    Except as set forth in the Disclosure Schedule, there are no outstanding options, warrants, rights (including conversion or,
preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire any equity interest or share capital, or any securities convertible into or exchangeable for an equity interest or share
capital, of any Group Company (other than the Company). 
  

	3.	 SUBSIDIARIES 

Section 2.4 of the Disclosure Schedule sets forth a complete structure chart of the Group Companies, listing the full
name, jurisdiction of incorporation, and stockholders (with shareholding percentage) of each Group Company (other than the Company). Other than expressly set forth in Section 2.4 of the Disclosure Schedule, the Company and
each other Group Company do not currently own or control, directly or indirectly, any interest in any other company, corporation, partnership, trust, joint venture, association, or other business entity. Neither the Company nor any other Group
Company is a participant in any joint venture, partnership or similar arrangement. 
  

	4.	 AUTHORIZATION 

With respect to each Warrantor (except for the Founders), all corporate action required to be taken by such Warrantor’s board of directors
and stockholders in order to authorize each respective Warrantor to enter into the Transaction Documents to which each such Warrantor is a party, and (only with respect to the Company) to issue the Purchased Stock at the Closing and the Conversion
Stock, has been taken or will be taken prior to the Closing. With respect to each Warrantor (except for the Founders), all action on the part of the officers of each Warrantor necessary for the execution and delivery of the Transaction Documents,
the performance of all obligations of such Warrantor under the Transaction Documents to be performed as of the Closing, and (only with respect to the Company) the issuance and delivery of the Purchased Stock has been taken or will be taken prior to
the Closing. The Transaction Documents, when executed and delivered by each Warrantor, shall constitute valid and legally binding obligations of each Warrantor, enforceable against each Warrantor in accordance with their respective terms except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by
laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Shareholders’ Agreement may be limited by applicable
securities laws. The issuance of any Purchased Stock or Conversion Stock is not subject to any preemptive rights or rights of first refusal, or if any such preemptive rights or rights of first refusal exist, waiver of such rights will be obtained
from the holders thereof as of the Closing. For the purpose only of this Agreement, “reserve,” “reservation” or similar words with respect to a specified number of Common Stock or Preferred Stock of the Company
shall mean that the Company shall, and the Board of Directors of the Company shall procure that the Company shall, refrain from issuing such number of shares so that such number of 

  
 SCHEDULE 5 

 
shares will remain in the authorized but unissued share capital of the Company until the conversion rights of the holders of any Convertible Securities exercisable for such shares are exercised
in accordance with the Certificate of Incorporation or otherwise. 
  

	5.	 VALID ISSUANCE OF STOCK 

5.1    As of the Closing, the Purchased Stock, when issued, sold and delivered in accordance with the terms and for the
consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of Liens and other restrictions on transfer other than restrictions on transfer under this Agreement, the Shareholders’ Agreement,
applicable securities laws and liens or encumbrances created by or imposed by the relevant Purchaser. Subject in part to the accuracy of the representations of the Purchaser in Schedule 7 of this Agreement, the Purchased Stock will be issued
in compliance with all applicable securities laws. As of the Closing, the Conversion Stock will have been duly reserved for issuance, and upon issuance in accordance with the terms of the Certificate of Incorporation, will be validly issued, fully
paid and nonassessable and free of Liens and other restrictions on transfer other than restrictions on transfer under the Transaction Documents, applicable securities laws and liens or encumbrances created by or imposed by the relevant Purchaser.
The Conversion Stock will be issued in compliance with all applicable securities laws. 
 5.2    As of the Closing, all presently
outstanding Common Stock and Preferred Stock of the Company were duly and validly issued, fully paid and non-assessable, and are free and clear of any Liens and free of restrictions on transfer (except for any
restrictions on transfer under Transaction Documents or applicable securities laws) and have been issued in compliance in all material respects with the requirements of all applicable securities laws and regulations, including, to the extent
applicable, the Securities Act. 
  

	6.	 GOVERNMENTAL CONSENTS AND FILINGS 

6.1    No consent, approval, order or authorization of or registration, qualification, designation, declaration or filing with, any
Governmental Authority on the part of any Warrantor is required in connection with the valid execution, delivery and consummation of the transactions contemplated by this Agreement, the Shareholders’ Agreement or the offer, sale, issuance or
reservation for issuance of the Purchased Stock and the Conversion Stock. 
 6.2    All products or technologies produced,
designed, tested, manufactured, fabricated, or developed by Group Companies organized in the United States are classified as EAR99 for export control purposes. 
  

	7.	 LITIGATION 

There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to the Warrantors’ knowledge,
currently threatened (i) against any Warrantor or any officer, director or Key Employee of any Group Company that would either individually or in aggregate, reasonably be expected to have a Material Adverse Effect; or (ii) to the
Warrantors’ knowledge, that questions the validity of the Transaction Documents or the right of any Warrantor to enter into them, or to consummate the transactions contemplated by the Transaction Documents. None of the Warrantors and, to the
Warrantors’ knowledge, none of the officers, directors and Key Employees of any Group Company, is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or
instrumentality which would either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no action, suit, proceeding or investigation by any Group Company pending or which any Group Company intends to
initiate. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened in writing (or any basis therefor known to the Warrantors) involving the prior employment of any of the Group Company’s
employees, their services provided in connection with 

  
 SCHEDULE 5 

 
Group Company’s business, or any information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with prior employers. 

 

	8.	 INTELLECTUAL PROPERTY 

8.1    Each Group Company owns or possesses sufficient legal rights to (i) all trademarks, service marks, trade names,
copyrights, trade secrets, licenses, information and proprietary rights and processes and (ii) to the Warrantors’ knowledge, all patents and patent rights, in each case of (i) and (ii), as are necessary to the conduct of such Group
Company’s business as now conducted and as presently proposed to be conducted, without any known conflict with, or infringement of, the rights of others. Section 8.1 of the Disclosure Schedule contains a
complete and accurate list of all Intellectual Property owned, licensed to or used by each Group Company, whether registered or not, and a complete and accurate list of all licenses granted by such Group Company to any third party with respect to
any Intellectual Property. No product or service marketed or sold (or proposed to be marketed or sold) by any Group Company violates or will violate any license or infringe any intellectual property rights of any other party. 

8.2    Except as set forth in the Disclosure Schedule, no Group Company has received any communications alleging that any Group
Company has violated or, by conducting its business, would violate any of the patents, trademarks, service marks, trade names, copyrights, trade secrets or other proprietary rights or processes of any other person or entity. Each Group Company has
obtained and possesses valid licenses to use all of the software programs present on the computers and other software-enabled electronic devices that it owns or leases or that it has otherwise provided to its employees for their use in connection
with such Group Company’s business. To the Warrantors’ knowledge, it will not be necessary to use any inventions of any of its employees (or persons it currently intends to hire) made prior to their employment by a Group Company. Each Key
Employee has assigned to the Group Companies all intellectual property rights he or she owns that are related to the Group Companies’ business as now conducted. Section 8.2 of the Disclosure Schedule lists all
patents, patent applications, registered trademarks, trademark applications, registered service marks, service mark applications, registered copyrights and domain names of each Group Company. 

8.3    Other than with respect to commercially available software products under standard
end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to the foregoing, nor is any Group
Company bound by or a party to any options, licenses or agreements of any kind with respect to the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and processes of any other
person or entity. 
 8.4    No proceedings or claims in which any Group Company alleges that any person is infringing upon, or
otherwise violating, its Intellectual Property rights are pending, and none has been served, instituted or asserted by any Group Company. 

8.5    None of the employees of any Group Company or the Founders are obligated under any Contract (including a Contract of
employment), or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best efforts to promote the interests of the Group Companies, or that would conflict with the business of
any Group Company as presently conducted. To the Warrantors’ knowledge, it will not be necessary to utilize in the course of any Group Company’s business operations any inventions of any of the employees of any Group Company made prior to
their employment by the such Group Company, except for inventions that have been validly and properly assigned or licensed to such Group Company as of the date hereof. 

8.6    Each Group Company has taken all security measures that in the judgment of such Person are commercially prudent in order to
protect the secrecy, confidentiality, and value of its material Intellectual Property. 

  
 SCHEDULE 5 

 8.7    No Public Software (as defined below) forms part of any product or service
provided by any Group Company (“GC Product or Service”), and no Public Software was or is used in connection with the development of any GC Product or Service or is incorporated into, in whole or in part, or has been distributed
with, in whole or in part, any GC Product or Service. As used in this Section 8.7, “Public Software” means any software that contains, or is derived in any manner (in whole or in part) from, any software
that is distributed as free software (as defined by the Free Software Foundation), open source software (e.g., Linux or software distributed under any license approved by the Open Source Initiative as set forth www.opensource.org) or similar
licensing or distribution models which require the distribution or making available of source code as well as object code of the software to licensees without charge (except for the cost of the medium) and the right of the licensee to modify the
software and redistribute both the modified and unmodified versions of the software, including software licensed or distributed under any of the following licenses: (i) GNU’s General Public License (GPL) or Lesser/Library GPL (LGPL); (ii)
the Artistic License (e.g., PERL); (iii) the Mozilla Public License; (iv) the Netscape Public License; (v) the BSD License; or (vi) the Apache License. 
  

	9.	 COMPLIANCE WITH OTHER INSTRUMENTS 

9.1    None of the Group Companies, the Founders and the Founder Holdcos is in violation or default (i) of any provisions of
its memorandum of association (if any), certificate of incorporation or any other applicable constitutional document, (ii) of any instrument, judgment, order, writ or decree, (iii) under any note, indenture or mortgage, (iv) under any
lease, agreement, Contract or purchase order to which it is a party or by which it is bound that is required to be listed on the Section 10.1 of Disclosure Schedule, or (v) of any provision of statute,
rule or regulation applicable to such Warrantor or any transaction documents in connection with the Company’s equity and/or debt financings prior to the Execution Date, in the case of the foregoing (ii), (iii), (iv) and (v), the violation of
which would either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There has been no material breach or violation of, or inaccuracy or misrepresentation in, any representation or warranty contained in the
Certificate of Incorporation of the Company or in the Transaction Documents. The execution, delivery and performance of the Transaction Documents and the consummation of the transactions contemplated by the Transaction Documents will not result in
any such violation or be in conflict with or constitute, with or without the passage of time and giving of notice, either (i) a default under any such provision, instrument, judgment, order, writ, decree, Contract or agreement or (ii) an
event which results in the creation of any lien, charge or encumbrance upon any equity interest or assets of any Group Company or the suspension, revocation, forfeiture, or nonrenewal of any material permit or license applicable to any Group
Company, which would either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

	9.2	 PENALTIES AND FINES 

There are no penalties or fines of whatsoever nature that have ever been imposed on any Group Company. 

 

	10.	 AGREEMENTS; ACTIONS 

10.1    Save for the agreements set out in Section 10.1 of the Disclosure Schedule (the
“Material Agreements”) and the Transaction Documents, there are no other agreements, understandings, instruments, Contracts or proposed transactions to which any Group Company is a party or by which it is bound that involve
(i) obligations (contingent or otherwise) of, or payments to, any Group Company in excess of US$200,000 per annum or in excess of US$1,000,000 in the aggregate, (ii) the transfer or license of any patent, copyright, trade secret or other
proprietary right to or from any Group Company, other than from or to another Group Company or from a Founder to a Group Company, (iii) the grant of rights to manufacture, produce, assemble, license, market, or sell its products to any other
person or affect any Group Company’s exclusive right to develop, manufacture, assemble, distribute, market or sell its products, (iv) indemnification by any Group Company with respect to infringements of proprietary rights, or
(v) business cooperation, joint development, or similar arrangements involving 

  
 SCHEDULE 5 

 
any Group Company, and there are no agreements, understandings, instruments, Contracts or proposed transactions between any Warrantor and any holder of Preferred Stock amending or varying the
rights or obligations of the Company and such holder of Preferred Stock from those set out in the Transaction Documents. All the Material Agreements are valid, binding and enforceable obligations of the parties thereto and the terms thereof have
been complied with by the relevant Group Company, and to the Warrantors’ knowledge, by all the other parties thereto. There are to the Warrantors’ knowledge, no circumstances likely to give rise to any material breach of such terms, no
grounds for rescission, avoidance or repudiation of any of the Material Agreements which would have a Material Adverse Effect and no notice of termination or of intention to terminate has been received in respect of any Material Agreement. 

10.2    The Company has not declared or paid any dividends, or authorized or made any distribution upon or with respect to any
class of its share capital, and no Group Company has (i) incurred any indebtedness for money borrowed or incurred any other liabilities individually in excess of US$100,000 or in excess of US$250,000 in the aggregate, except those in the
ordinary course of business, (ii) made any loans or advances to any person, other than ordinary advances for travel expenses and trade receivables in the ordinary course of business, or (iii) sold, exchanged or otherwise disposed of any of
its assets or rights, other than the sale of its inventory in the ordinary course of business or otherwise envisaged in this Agreement. For the purposes of Sections 10.1 and 10.2 of this Schedule 5 all indebtedness, liabilities,
agreements, understandings, instruments, Contracts and proposed transactions involving the same person or entity shall be aggregated for the purpose of meeting the individual minimum dollar amounts of such subsection. 

10.3    No Group Company is a guarantor or indemnitor of any indebtedness of any other person, firm or corporation that is not a
Group Company. 
 10.4    Save as set out in Section 10.4 of the Disclosure Schedule or in
connection with this Agreement and the other Transaction Documents, no Group Company has engaged in the past three (3) months in any discussion with any representative of any corporation, partnership, trust, joint venture, limited liability
company, association or other entity, or any individual, regarding (i) a sale of all or substantially all of such Group Company’s assets, or (ii) any merger, consolidation or other business combination transaction of such Group
Company with or into another corporation, entity or person.  
  

	11.	 CONFLICT OF INTEREST AND RELATED PARTY TRANSACTIONS 

11.1    Other than (i) standard employee benefits generally made available to all employees, (ii) standard director and
officer indemnification agreements approved by the Board of Directors, and (iii) the purchase of the Company’s share capital in accordance with applicable law, and the issuance of options to purchase the Company’s Common Stock, in
each instance, disclosed in Section 11.1 of the Disclosure Schedule, there are no agreements, understandings or proposed transactions between any Group Company and any of its officers, directors, consultants or Key
Employees, or any Affiliate thereof, respectively. 
 11.2    No Group Company is indebted, directly or indirectly, to any of its
directors, officers or employees or to their respective spouses or children or to any Affiliate of any of the foregoing, other than in connection with expenses or advances of expenses incurred in the ordinary course of business or employee
relocation expenses. None of the Group Companies’ directors, officers or employees, or any members of their immediate families, or any Affiliate of the foregoing (i) are, directly or indirectly, indebted to any Group Company or,
(ii) to the Warrantors’ knowledge, have any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which any Group Company has a business relationship, or any firm or corporation which
competes with any Group Company except that directors, officers or employees or stockholders of the Company may own shares in (but not exceeding one percent (1%) of the outstanding shares of) publicly traded companies that may compete with any Group
Company. To the Warrantors’ knowledge, none of the Group Companies’ employees, officers or directors or any members of their immediate families or any Affiliate of any of 

  
 SCHEDULE 5 

 
the foregoing are, directly or indirectly, interested in any Contract with any Group Company. To the Warrantors’ knowledge, none of the Group Companies’ directors, officers or
employees, or any members of their immediate families, or any Affiliate of the foregoing has any material commercial, industrial, banking, consulting, legal, accounting, charitable or familial relationship with any of the Group Companies’ five
(5) largest business relationship partners, clients, service providers, joint venture partners, licensees or competitors. 

11.3    Other than the Group Companies, there are no corporations, partnerships, trusts, joint ventures, limited liability
companies or other business entities in which any Founder owns or controls, directly or indirectly, 10% or more of the outstanding voting interests. 

11.4    To the Warrantors’ knowledge, no employee, officer, or director of any Group Company (“Related
Party”) or any members of such Related Party’s immediate families, or any corporation, limited liability company, partnership or other entity in which such Related Party is an officer, director or partner, has significant ownership
interests or otherwise controls, loans, or extend or guarantee credit to any of the Group Companies. To the Warrantors’ knowledge, none of foregoing persons has any direct or indirect ownership interest in any firm or corporation with which any
Group Company is affiliated or with which any Group Company has a business relationship, or any firm or corporation that competes with any Group Company, except that employees, officers, or directors of the Company and members of such Related
Party’s immediate families may own stock in (but not exceeding one percent (1%) of the outstanding shares of) publicly traded companies that may compete with any Group Company. To the Warrantors’ knowledge, no Related Party or member of
their immediate family is directly or indirectly interested in any material Contract with any Group Company. 
  

	12.	 RIGHTS OF REGISTRATION AND VOTING RIGHTS 

Except as provided in the Shareholders’ Agreement, no Group Company is under any obligation to register under the Securities Act or any
other applicable securities laws, any of its currently outstanding securities or any securities issuable upon exercise or conversion of its currently outstanding securities. To the Warrantors’ knowledge, except as contemplated in the
Shareholders’ Agreement, no stockholder of any Group Company has entered into any agreements with respect to the voting of shares in the capital of the Company. Except as contemplated by or disclosed in the Transaction Documents, no Founder is
a party to or has any Knowledge of any agreements, written or oral, relating to the acquisition, disposition, registration under the Securities Act, or voting of the shares or securities of any Group Company. 

13.    ABSENCE OF LIENS 

Each Group Company has good and valid title to all of its respective assets, whether tangible or intangible (including those reflected
in the Delivered Financial Statements, together with all assets acquired thereby since the Statement Date (as defined below), but excluding those that have been disposed of since the Statement Date). The property and assets owned by the Group
Companies are free and clear of all mortgages, deeds of trust, liens, loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances and liens that arise in the ordinary course of
business and do not materially impair the Group Companies’ ownership or use of such property or assets. With respect to the property and assets it leases, each Group Company is in compliance with such leases and, to the Warrantors’
knowledge, holds a valid leasehold interest free of any liens, claims or encumbrances other than those of the lessors of such property or assets. The assets owned or leased by the Group Companies constitute all of the assets used in connection with
the businesses of the Group Companies and are adequate for Group Companies to conduct such businesses in substantially the same manner as currently conducted. 

14.    FINANCIAL STATEMENTS 

  
 SCHEDULE 5 

 The Company has delivered to the Purchaser its unaudited consolidated Financial Statements
for the six months ending on June 30, 2020 (the “Statement Date”) and for the nine months ending September 30, 2020 (collectively, the “Delivered Financial Statements”). The Delivered Financial Statements
may not contain all footnotes required by generally accepted accounting principles. Such Delivered Financial Statements fairly present in all material respects the financial condition and operating results of the Group Companies as of the dates, and
for the periods, indicated therein, subject in the case of the unaudited consolidated Financial Statements to normal year-end audit adjustments. Except as set forth in such Delivered Financial Statements, each
Group Company has no material liabilities or obligations, contingent or otherwise, as of the Statement Date and as of September 30, 2020, other than (i) liabilities incurred in the ordinary course of business subsequent to
September 30, 2020, (ii) obligations under Contracts and commitments incurred in the ordinary course of business and (iii) liabilities and obligations of a type or nature not required under IFRS / US GAAP to be reflected in such
unaudited consolidated Financial Statements. 
  

	15.	 CHANGES 

Since the Statement Date, except as set forth in Section 15 of the Disclosure Schedule or as contemplated by
this Agreement or the Transaction Documents, there has not been: 
 (a)    any change in the assets, liabilities,
financial condition or operating results of any Group Company from that reflected in the Half-Year Financial Statements, except changes in the ordinary course of business; 

(b)    any damage, destruction or loss, whether or not covered by insurance, that would have a Material Adverse Effect on
a Group Company; 
 (c)    any waiver or compromise by any Group Company of a valuable right or of a material debt owed
to it; 
 (d)    any satisfaction or discharge of any lien, claim, or encumbrance or payment of any obligation by any
Group Company, except in the ordinary course of business; 
 (e)    any material change to a material Contract or
agreement by which any Group Company or any of its assets is bound or subject; 
 (f)    any material change in any
compensation arrangement or agreement with any employee, officer, director or stockholder; 
 (g)    any resignation or
termination of employment or change of terms of employment of any officer or Key Employee of any Group Company; 

(h)    any mortgage, pledge, transfer of a security interest in, or lien, created by any Group Company, with respect to
any of its material properties or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair such Company’s ownership or use of such property or assets; 

(i)    any dividend, loans or guarantees made by any Group Company to or for the benefit of its employees, officers or
directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business; 

(j)    any default under, acceleration of or otherwise failure to pay, any loans, notes or other indebtedness as they
become due; 

  
 SCHEDULE 5 

 (k)    any declaration, setting aside or payment or other distribution
in respect of any Group Company’s share capital, or any direct or indirect redemption, purchase, or other acquisition of any of such shares by any Group Company; 

(l)    any sale, assignment or transfer of any material assets or Intellectual Property of any Group Company; 

(m)    receipt of notice that there has been a loss of, or material order cancellation by, any major customer of any Group
Company; 
 (n)    to the Warrantors’ knowledge, any other event or condition of any character, other than events
affecting the economy or the Company’s industry generally, that could reasonably be expected to result in a Material Adverse Effect; or 

(o)    any arrangement, agreement or commitment by the Company to do any of the things described in this
Section 15. 
  

	16.	 EMPLOYEE MATTERS 

16.1    Section 16.1 of the Disclosure Schedule sets forth a detailed description of all deferred compensation paid or
payable for each officer, employee, consultant and independent contractor of any Group Company. The compensation of Key Employees and other employees with the highest amount of compensation have been disclosed to the Purchaser. 

16.2    No employee of any Group Company is obligated under any Contract (including licenses, covenants or commitments of any
nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would materially interfere with such employee’s ability to promote the interest of the Group Companies or that would conflict
with the Group Companies’ business. Neither the execution or delivery of the Transaction Documents, nor the carrying on of the Company’s business by the employees of the Group Companies, nor the conduct of the business as now conducted and
as presently proposed to be conducted, will conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any Contract, covenant or instrument under which any such employee is now obligated. 

16.3    No Group Company is delinquent in payments to any of its employees, consultants, or independent contractors for any wages,
salaries, commissions, bonuses, or other direct compensation for any service performed for it to the date hereof or amounts required to be reimbursed to such employees, consultants, or independent contractors. Each Group Company has complied in all
respects with all applicable Laws related to employment, including those related to wages, hours, worker classification, and collective bargaining, and the payment and withholding of taxes and other sums as required by Law except where noncompliance
with any applicable Law would not result in a Material Adverse Effect. Each Group Company has withheld and paid to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts required to be
withheld from employees of such Group Company and is not liable for any arrears of wages, taxes, penalties, or other sums for failure to comply with any of the foregoing. 

16.4    No Key Employee intends to terminate employment with any Group Company or is otherwise likely to become unavailable to
continue as a Key Employee, nor does any Group Company have a present intention to terminate the employment of any of the foregoing. All employees of the Group Companies have entered into an employment agreement and a confidentiality, non-competition and intellectual property rights agreement. Except as required by law, upon termination of the employment of any employee of the Group Companies, no severance or other payments will become due. The
Company has no policy, practice, plan, or program of paying severance pay or any form of severance compensation in connection with the termination of employment services. 

  
 SCHEDULE 5 

 16.5    The Company has not made any representations regarding equity incentives
to any officer, employees, director or consultant that are inconsistent with the share amounts and terms set forth in the Company’s Board minutes. 

16.6    Each former Key Employee whose employment was terminated by the Company has entered into an agreement with the Company
providing for the full release of any claims against the Company or any related party arising out of such employment. 

16.7    Section 16.7 of the Disclosure Schedule sets forth each and every employee benefit plan maintained,
established or sponsored by any Group Company, or in which any Group Company participates in or contributes to in any jurisdiction, including without limitation, the PRC (the “Employee Benefit Plans”). Save as set out in
Section 16.7 of the Disclosure Schedule, there is no other pension, retirement, social insurance, medical insurance, profit-sharing, deferred compensation, bonus, incentive or other employee benefit program,
arrangement, agreement or understanding to which any Group Company contributes, is bound, or under which any employees or former employees (or their beneficiaries) are eligible to participate or derive a benefit. Each Group Company has made all
required contributions under all the Employee Benefit Plans including without limitation all contributions required to be made under the PRC social insurance and housing fund schemes, and has complied in all material respects with all applicable
Laws of any jurisdiction, in relation to the Employee Benefit Plans. 
 16.8    No Group Company is bound by or subject to (and
none of its assets or properties is bound by or subject to) any written or oral, express or implied, Contract, commitment or arrangement with any labor union, and no labor union has requested or, to the Warrantors’ knowledge, has sought to
represent any of the employees, representatives or agents of any Group Company. There is no strike or other labor dispute involving any Group Company pending, or to the Warrantors’ knowledge, threatened, which could have a Material Adverse
Effect, nor is the Company aware of any labor organization activity involving its employees. 
 16.9    To the Warrantors’
knowledge, none of the Founders and other Key Employees or directors of any Group Company during the previous four (4) years, has been (a) subject to voluntary or involuntary petition under any applicable bankruptcy laws or any state
insolvency laws or the appointment of manager, a receiver or similar officer by a court for his/her business or property; (b) convicted in a criminal proceeding or named as a subject of a pending criminal proceeding (excluding traffic
violations and other minor offenses); (c) subject to any order, judgment, or decree (not subsequently reversed, suspended, or vacated) of any court of competent jurisdiction permanently or temporarily enjoining him from engaging, or otherwise
imposing limits or conditions on his engagement in any securities, investment advisory, banking, insurance, or other type of business or acting as an officer or director of a public company; or (d) found by a court of competent jurisdiction in
a civil action or by any relevant regulatory organization to have violated any applicable securities, commodities, or unfair trade practices law, which such judgment or finding has not been subsequently reversed, suspended, or vacated.  

 

	17.	 TAX MATTERS 

17.1    The provisions for taxes as shown on the balance sheet included in the Delivered Financial Statements are sufficient in all
material respects for the payment of all accrued and unpaid applicable taxes of the Group Companies as of the date of each such balance sheet, whether or not assessed or disputed as of the date of each such balance sheet. There have been no
examinations or audits of any taxes or tax returns or reports of any Group Company by any applicable Governmental Authority other than routine requests for information. To the Warrantors’ knowledge, there are no deficiencies or claims for any
taxes assessed, proposed or asserted in writing against any Group Company by any Governmental Authority that have not been fully paid and satisfied. Each Group Company has filed or caused to be filed on a timely basis (taking into account all
applicable extensions) all tax returns that are 

  
 SCHEDULE 5 

 
or were required to be filed (to the extent applicable), all such returns are correct and complete, and each Group Company has paid all taxes that have become due, or have reflected such taxes in
accordance with IFRS (or any internationally recognized accounting standards acceptable to the Purchaser) as a reserve for taxes on the Delivered Financial Statements. There are in effect no waivers of applicable statutes of limitations with respect
to taxes for any year. No Group Company has entered into any transaction a purpose of which is the avoidance of taxes in violation of applicable Laws. 

17.2    Immediately after the Closing, the Company will not be a “controlled foreign corporation” as defined in the U.S.
Internal Revenue Code of 1986, as amended (or any successor thereto) (the “Code”) with respect to the stock held by the Purchaser. 

17.3    No member of the Group Company is, nor expects to become, a “passive foreign investment company” as described in
Section 1297 of the Code, as amended. 
 17.4    No stockholder of any member of a Group Company, solely by virtue of its
status as stockholder of such Group Company, has personal liability under local law for the debts and claims of such Group Company. There has been no communication from any tax authority relating to or affecting the tax classification of any member
of the Group Companies. 
  

	18.	 OFAC COMPLIANCE 

18.1    None of the Warrantors, any of their Subsidiaries, or to the Warrantor’s knowledge after due inquiry, any directors,
administrators, officers, board of directors (supervisory and management) members or employees of the Company or any other Group Company is an OFAC Sanctioned Person (as defined below). The Warrantors and, to the Warrantors’ knowledge, their
directors, administrators, officers, administrators, board of directors (supervisory and management) members or employees are in compliance with, and have not previously violated, the USA Patriot Act of 2001, and all other applicable Anti-Money
Laundering Laws. To the Warrantors’ knowledge, none of (i) the purchase and sale of the Purchased Stock, (ii) the execution, delivery and performance of this Agreement or any of the documents in Exhibits attached hereto, or
(iii) the consummation of any transaction contemplated hereby or thereby, or the fulfillment of the terms hereof or thereof, will result in a violation by any Warrantor or any Key Employee, of any of the OFAC Sanctions or of any Anti-Money
Laundering Laws. 
 18.2    For the purposes of Section 18.1: 

(a)    “OFAC Sanctions” means any sanctions program administered by the Office of Foreign Assets Control
of the United States Department of the Treasury (“OFAC”) under authority delegated to the Secretary of the Treasury (the “Secretary”) by the President or provided to the Secretary by statute, and any order or
license issued by, or under authority delegated by, the President or provided to the Secretary by statute in connection with a sanctions program thus administered by OFAC. For ease of reference, and not by way of limitation, OFAC Sanctions programs
are described on OFAC’s website at www.treas.gov/ofac. 
 (b)    “OFAC Sanctioned Person” means
any government, country, corporation or other entity, group or individual with whom or which the OFAC Sanctions prohibit a United States Person from engaging in transactions, and includes without limitation any individual or corporation or other
entity that appears on the current OFAC list of Specially Designated Nationals and Blocked Persons (the “SDN List”). For ease of reference, and not by way of limitation, OFAC Sanctioned Persons other than government and countries
can be found on the SDN List on OFAC’s website at
https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists.
 

  
 SCHEDULE 5 

 (c)    “United States Person” means any United States
citizen, permanent resident alien, entity organized under the laws of the United States (including foreign branches), or any person (individual or entity) in the United States, and, with respect to the Cuban Assets Control Regulations, also includes
any corporation or other entity that is owned or controlled by one of the foregoing, without regard to where it is organized or doing business. 
  

	19.	 ANTI-CORRUPTION LAWS 

None of the Warrantors, their respective Subsidiaries, or to the Warrantor’s knowledge after due inquiry, any of their directors,
administrators, officers, board of directors (supervisory and management) members or employees have, directly or indirectly, (A) made any payment or promise to pay, or gift or promise to give or authorized such a promise or gift, of any money
or anything of value, directly or indirectly, to (a) any foreign official (as such term is defined in the U.S. Foreign Corrupt Practices Act of 1977) or domestic governmental officials for the purpose of influencing any official act or decision
of such official or inducing him or her to use his or her influence to affect any act or decision of a governmental authority, or (b) any foreign or domestic political party or official thereof or candidate for foreign or domestic political
office for the purpose of influencing any official act or decision of such party, official or candidate or inducing such party, official or candidate to use his, her or its influence to affect any act or decision of a foreign governmental authority,
in the case of both (a) and (b) above in order to assist any Warrantor to obtain or retain business for, or direct business to any Warrantor, as applicable, subject to applicable exceptions and affirmative defenses; (B) used any funds or
will use any proceeds from the sale of the Purchased Stock for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity; or (C) violated any provision of the PRC Anti-Unfair
Competition Law, the PRC Criminal Law or the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder which was or is applicable to any member of the Group Companies or its Subsidiaries (collectively, the
“Anti-Corruption Laws”), and no action, suit, proceeding, investigation or inquiry by or before any Governmental Authority involving any member of the Group Companies with respect to the Anti-Corruption Laws is pending or, to the
best of the Warrantor’s knowledge, threatened. None of Warrantors and their respective directors, administrators, officers, board of directors (supervisory and management) members or employees has made any bribe, rebate, payoff, influence
payment, kickback or other unlawful payment of funds or received or retained any funds in violation of any law, rule or regulation subject to applicable exceptions and affirmative defenses. 

 

	20.	 INSURANCE 

Section 20 of the Disclosure Schedule provides a complete list of each Group Company’s insurance policies
currently in effect. No Group Company has done or omitted to do or suffered anything to be done or not to be done other than any acts in the ordinary course of business which has or would render any policies of insurance taken out by it or by any
other person in relation to any such Group Company’s assets void or voidable or which would result in an increase in the rate of premiums on the said policies and there are no claims outstanding and no circumstances which would give rise to any
claim under any such policies of insurance. 
  

	21.	 CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT AGREEMENTS 

Each current and former employee, consultant and officer of any Group Company has executed an agreement with such Group Company regarding
confidentiality and proprietary information substantially in the form or forms delivered to the counsel for the Purchaser (the “Confidential Information Agreements”). No current or former Key Employee has excluded works or
inventions from his or her assignment of inventions pursuant to such Key Employee’s Confidential Information Agreement. No Group Company is aware that any of the Key Employees is in violation thereof. 

 

	22.	 GOVERNMENTAL AND OTHER PERMITS 

  
 SCHEDULE 5 

 22.1    Each Group Company has all franchises, governmental permits, licenses and
any similar authority necessary for the conduct of its business. No Group Company is in default in any material respect under any of such franchises, governmental permits, licenses or other similar authority. 

22.2    Each of the DomCo and the WFOE has applied and obtained all requisite licenses, clearance and permits required under PRC
Laws as necessary for the conduct of its businesses, and each of the DomCo and the WFOE has complied in all material respects with all PRC Laws in connection with foreign exchange, including without limitation, carrying out all relevant filings,
registrations and applications for relevant permits with the PRC State Administration of Foreign Exchange and any other relevant authorities, and all such permits are validly subsisting. The Founders and other PRC stockholders of the Company (as
applicable) have complied with all reporting and/or registration requirements (including filings of amendments to existing registrations) under the SAFE Rules and Regulations, including without limitation, Circular 37. 

22.3    The registered capital of each of the DomCo and the WFOE has been fully paid up in accordance with the schedule of payment
stipulated in its articles of association and in compliance with PRC Laws, and there is no outstanding capital contribution commitment. 

22.4    The respective articles of association, approval document, certificate of approval and legal person business license of
each of the DomCo and the WFOE (hereinafter referred to as the “Establishment Documents”) have been duly approved and filed in accordance with the Laws of the PRC and are valid and enforceable. 

22.5    The business scope specified in the Establishment Documents of each of the DomCo and the WFOE complies with the
requirements of all relevant PRC Laws. The operation and conduct of the business by and the term of operation of each of the DomCo and the WFOE in accordance with the Establishment Documents is in compliance with the Laws of the PRC. 

22.6    Section 22.6 of the Disclosure Schedule sets out full and accurate details of all loan agreements
entered into by any Group Company regarding any inter-company loan, stockholders loan, foreign exchange loan or any other kind of loan obtained by it. Such loan agreements have been duly registered in accordance with the Laws of the PRC (where
necessary) and all such registrations are validly subsisting under the Laws of the PRC. All proceeds from such loan agreements in an amount equal to the principal amount borrowed under such loan agreements was received by the applicable Group
Companies used for such Group Companies’ operations and for working capital purposes. 
  

	23.	 CORPORATE DOCUMENTS 

The certificate of incorporation, and all other constitutional documents (or analogous constitutional documents) of each Group Company are in
the form provided to the Purchaser. The copy of the minute books of the Company provided to the Purchaser contains minutes of all meetings of directors and stockholders and all actions by written consent without a meeting by the directors and
stockholders since the date of incorporation and accurately reflects in all material respects all actions by the directors (and any committee of directors) and stockholders with respect to all transactions referred to in such minutes. 

 

	24.	 LIABILITIES 

No Group Company has any liabilities of any nature, whether accrued, absolute, contingent or otherwise, and whether due or to become due,
except for (i) liabilities set forth in the Delivered Financial Statements of the Company, (ii) trade or business liabilities incurred in the ordinary course of business, and (iii) other liabilities that do not exceed
US$100,000 in the aggregate. 

  
 SCHEDULE 5 

	25.	 COMPLIANCE WITH LAWS 

25.1    Each Group Company is in material compliance with all applicable Laws applicable to it or to the conduct or operation of its
business or the ownership or use of any of its assets or properties. 
 25.2    No event has occurred and no circumstance exists
that to the Warrantors’ knowledge (i) may constitute or result in a violation by any Group Company, or a failure on the part of any Group Company to comply with any Law, or (ii) may give rise to any obligation on the part of any Group
Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature, except for such violations or failures by a Group Company that, individually or in the aggregate, would not result in any Material Adverse Effect.

 25.3    No Group Company has received any written notice from any Governmental Authority regarding (i) any actual,
alleged or likely material violation of, or material failure to comply with, any Law, or (ii) any actual, alleged or likely material obligation on the part of any Group Company to undertake, or to bear all or any portion of the cost of, any
remedial action of any nature. 
 25.4    No Group Company, nor any director, agent, employee or any other person acting for or
on behalf of any Group Company, has directly or indirectly (i) made any contribution, gift, bribe, payoff, influence payment, kickback, or any other fraudulent payment in any form, whether in money, property, or services to any public official
or otherwise (A) to obtain favorable treatment in securing business for a Group Company, (B) to pay for favorable treatment for business secured, or (C) to obtain special concessions or for special concessions already obtained, for or
in respect of any Group Company, in each case which would have been in violation of any applicable Law or (ii) established or maintained any fund or assets in which any Group Company shall have proprietary rights that have not been recorded in
the books and records of a Group Company. To the Warrantor’s knowledge after due inquiry, the operations of each member of the Group Companies are and have been conducted at all times in compliance with applicable financial recordkeeping and
reporting and other requirements of the anti-money laundering Laws of all relevant jurisdictions where the Group Companies have business activities (collectively, the “Anti-Money Laundering Laws”), and no action, suit, proceeding,
investigation or inquiry by or before any Governmental Authority involving any member of the Group Companies with respect to the Anti-Money Laundering Laws is pending or threatened. 

25.5    The restructuring transactions in connection with the termination of the previous “VIE” structure of the Group
Companies and the Control Documents, including without limitation any Equity Transfers, are in compliance with all applicable PRC Laws, including without limitation Rules on Acquisition of Domestic Enterprises by Foreign Investors (Circular of
MOFCOM [2009] No. 6) (《关于外国投资者并购境内企业的规定》). 
  

	26.	 ENVIRONMENTAL AND SAFETY LAWS 

To the Warrantors’ knowledge, no Group Company is in violation of any applicable statute, law, or regulation relating to the environment
or occupational health and safety, except where such failure would not have a Material Adverse Effect on such Group Company’s business or properties, and no material expenditures are or will be required in order to comply with any such existing
statute, law or regulation. 
  

	27.	 MINUTES BOOK 

The minutes books of each Group Company, which have been made available to the Purchaser, contain a complete summary of all meetings and
actions taken by directors and stockholders or owners of such Group Company since its time of formation, and reflect all transactions referred to in such minutes accurately in all material respects. 

  
 SCHEDULE 5 

	28.	 MANUFACTURE, MARKETING AND DEVELOPMENT RIGHTS 

Except as disclosed in the Disclosure Schedule, no Group Company has granted rights to manufacture, produce, assemble, license, market, or sell
its respective products or services to any other person and is not bound by any agreement that affects any Group Company’s exclusive rights to develop, manufacture, assemble, distribute, market or sell its respective products or services. 

 

	29.	 DISCLOSURE; PROJECTIONS 

The Warrantors have made available to the Purchaser all the information reasonably available to the Warrantors that the Purchaser has requested
for deciding whether to acquire the Purchased Stock, including certain of financial projections with respect to the Company (the “Projections”), each of which were prepared in good faith. To the Warrantors’ knowledge, no
representation or warranty of any Warrantor contained in this Agreement, as qualified by the Disclosure Schedule (only to the extent fairly and specifically disclosed therein), no information or document provided or disclosed by the
Warrantors to the Purchaser or its counsel in connection with the negotiation or execution of the Transaction Documents and certificate furnished or to be furnished to the Purchaser at the Closing contain any untrue statement of a material fact or
omits to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances under which they were made. 
  

	30.	 BUSINESS PLAN AND BUDGET 

The Company has delivered to the Purchaser on or before the Closing a business plan and budget for the twelve (12) months following the
Closing (the “Business Plan”). Such Business Plan was prepared in good faith based upon assumptions and projections which the Founders believe are reasonable and not materially misleading. 

 

	31.	 ENTIRE BUSINESS 

There are no material facilities, services, assets or properties shared with any entity other than the Group Company which are used in
connection with the business of each Group Company. 
  

	32.	 NO LIQUIDATION OR REDEMPTION EVENT 

There have not been any facts, events or circumstance that, individually or in the aggregate, will, or are reasonably expected to,
(i) constitute a Liquidation Event (as defined in the current or past certificate of incorporation or equivalent governing document of the Company), liquidation or similar event, or (ii) entitle any holder of Stock to require the Company
to redeem any stock, in each case pursuant to the current or past certificate of incorporation or equivalent governing document of the Company. 

  
 SCHEDULE 5 

 SCHEDULE 6 

DISCLOSURE SCHEDULE 

  
 SCHEDULE 6 

 SCHEDULE 7 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 
  

	1.	 AUTHORIZATION 

The Purchaser has full power, authority and legal capacity to enter into, deliver and perform the Transaction Documents. The Transaction
Documents to which the Purchaser is a party, when executed and delivered by the Purchaser, will constitute valid and legally binding obligations of the Purchaser, enforceable in accordance with their terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of a specific
performance, injunctive relief, or other equitable remedies, or (ii) to the extent the indemnification provisions contained in the Shareholders’ Agreement may be limited by applicable securities laws. 

 

	2.	 DISCLOSURE OF INFORMATION 

The Purchaser has had an opportunity to discuss the Group Companies’ business, management, financial affairs and the terms and conditions
of the offering of the Purchased Stock with the Group Companies’ management and has had an opportunity to review the Group Companies’ facilities. The foregoing, however, does not limit or modify the representations and warranties of the
Warrantors in Section 5 of this Agreement, or the right of the Purchaser to rely thereon save as set forth in the Disclosure Schedule. 
  

	3.	 PURCHASE ENTIRELY FOR OWN ACCOUNT 

This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s
execution of this Agreement, the Purchaser hereby confirms, that the Purchased Stock to be acquired by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale
or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does
not presently have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Purchased Stock. 

 

	4.	 RESTRICTED SECURITIES 

The Purchaser understands that the Purchased Stock have not been registered under the Securities Act, by reason of a specific exemption from
the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the
Purchased Stock are “restricted securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Purchased Stock indefinitely unless they are registered with
the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the
Purchased Stock, the Conversion Stock for resale except as set forth in the Shareholders’ Agreement. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various
requirements including, but not limited to, the time and manner of sale, the holding period for the Purchased Stock and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no
obligation and may not be able to satisfy. The Purchaser understands that Company’s offering of Series E-2 Preferred Stock under this Agreement is not intended to be part of the public offering, and that the Purchaser will not be able to
rely on the protection of Section 11 of the Securities Act. 

  
 SCHEDULE 7 

	 	5.	 NO PUBLIC MARKET 

The Purchaser understands that no public market now exists for the Purchased Stock, and that the Company has made no assurances that a public
market will ever exist for the Purchased Stock. 
  

	 	6.	 LEGENDS 

6.1    The Purchaser understands that the Purchased Stock and any securities issued in respect of or exchange for the Purchased
Stock, may bear one or all of the following legends: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION
OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY OR OTHER DOCUMENTATION REQUIRED BY THE COMPANY TO EVIDENCE THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.” 

6.2    Any legend set forth in, or required by, the other Transaction Documents. 

6.3    Any legend required by the securities laws of any state to the extent such laws are applicable to the Purchased Stock
represented by the certificate so legended. 

  
 SCHEDULE 7 

 SCHEDULE 8 

CAPITALIZATION TABLE 

  
 SCHEDULE 8 

 SCHEDULE 9 

NOTICES 

  
 SCHEDULE 9 

 EXHIBIT A 

CERTIFICATE OF INCORPORATION 

  
 EXHIBIT A 

 EXHIBIT B 

SHAREHOLDERS’ AGREEMENT 

  
 EXHIBIT B 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 

  
 EXHIBIT CEX-10.13

 Exhibit 10.13 

TUSIMPLE (CAYMAN) LIMITED 

2017 SHARE PLAN 
 (as
amended on November 20, 2019) 

 TABLE OF CONTENTS 

 

							
	 	 	 	 	Page	 
	 SECTION 1.
	 	     ESTABLISHMENT AND PURPOSE
	 	 	1	
			
	 SECTION 2.
	 	     ADMINISTRATION
	 	 	1	
	 (a)
	 	 Administrator
	 	 	1	
	 (b)
	 	 Authority of the Board of Directors
	 	 	1	
			
	 SECTION 3.
	 	     ELIGIBILITY
	 	 	1	
			
	 SECTION 4.
	 	     SHARES SUBJECT TO PLAN
	 	 	1	
	 (a)
	 	 Basic Limitation
	 	 	1	
	 (b)
	 	 Additional Shares
	 	 	2	
			
	 SECTION 5.
	 	     TERMS AND CONDITIONS OF AWARDS OR SALES
	 	 	2	
	 (a)
	 	 Grant or Purchase Agreement
	 	 	2	
	 (b)
	 	 Duration of Offers and Nontransferability of Rights
	 	 	2	
	 (c)
	 	 Purchase Price
	 	 	2	
	 (d)
	 	 Withholding Taxes
	 	 	2	
	 (e)
	 	 Restrictions on Transfer of Shares
	 	 	3	
			
	 SECTION 6.
	 	     TERMS AND CONDITIONS OF OPTIONS
	 	 	3	
	 (a)
	 	 Share Option Agreement
	 	 	3	
	 (b)
	 	 Number of Shares
	 	 	3	
	 (c)
	 	 Exercise Price
	 	 	3	
	 (d)
	 	 Exercisability
	 	 	3	
	 (e)
	 	 Term
	 	 	4	
	 (f)
	 	 Restrictions on Transfer of Shares
	 	 	4	
	 (g)
	 	 Termination of Service (Except by Death)
	 	 	4	
	 (h)
	 	 Leaves of Absence
	 	 	5	
	 (i)
	 	 Death of Optionee
	 	 	5	
	 (j)
	 	 Transferability of Options
	 	 	5	
	 (k)
	 	 Withholding Taxes
	 	 	6	
	 (l) 
	 	 No Rights as a Shareholder
	 	 	6	
	 (m)
	 	 Modification, Extension and Assumption of Options
	 	 	6	
			
	 SECTION 7.
	 	     PAYMENT FOR SHARES
	 	 	6	
	 (a)
	 	 General Rule
	 	 	6	
	 (b)
	 	 Services Rendered
	 	 	6	
	 (c)
	 	 Promissory Note
	 	 	7	
	 (d)
	 	 Surrender of Shares
	 	 	7	
	 (e)
	 	 Exercise/Sale
	 	 	7	
	 (f)
	 	 Other Forms of Payment
	 	 	7	
			
	 SECTION 8.
	 	     TERMS AND CONDITIONS OF RESTRICTED SHARE UNITS
	 	 	7	
	 (a)
	 	 Restricted Share Unit Award Agreement
	 	 	7	
	 (b)
	 	 Number of Shares
	 	 	7	
	 (c)
	 	 Vesting Conditions
	 	 	7	
	 (d)
	 	 Voting Rights
	 	 	8	

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	 	Page	 
	 (e)
	 	 Settlement of Restricted Share Unit Awards
	 	 	8	
	 (f)
	 	 Modification or Assumption of Restricted Share Units
	 	 	8	
			
	 SECTION 9.
	 	     TERMS AND CONDITIONS OF OTHER AWARDS
	 	 	8	
	 (a)
	 	 Terms of Other Awards
	 	 	8	
	 (b)
	 	 Other Award Agreement
	 	 	8	
	 (c)
	 	 Modification or Assumption of Other Awards
	 	 	9	
			
	 SECTION 10.
	 	     ADJUSTMENT OF SHARES
	 	 	9	
	 (a)
	 	 General
	 	 	9	
	 (b)
	 	 Corporate Transactions
	 	 	9	
	 (c)
	 	 Reservation of Rights
	 	 	11	
			
	 SECTION 11.
	 	     PRE-EXERCISE
INFORMATION REQUIREMENT
	 	 	11	
	 (a)
	 	 Application of Requirement
	 	 	11	
	 (b)
	 	 Scope of Requirement
	 	 	11	
			
	 SECTION 12.
	 	     SECURITIES LAW REQUIREMENTS AND CHOICE OF LAW
	 	 	11	
			
	 SECTION 13.
	 	     NO RETENTION RIGHTS
	 	 	12	
			
	 SECTION 14.
	 	     TAX MATTERS
	 	 	12	
			
	 SECTION 15.
	 	     DURATION AND AMENDMENTS; OTHER AGREEMENTS
	 	 	12	
	 (a)
	 	 Term of the Plan
	 	 	12	
	 (b)
	 	 Right to Amend or Terminate the Plan
	 	 	13	
	 (c)
	 	 Effect of Amendment or Termination
	 	 	13	
	 (d)
	 	 Other Agreements
	 	 	13	
			
	 SECTION 16.
	 	     SPECIAL PROVISIONS APPLICABLE TO U.S. TAX
RESIDENTS
	 	 	13	
	 (a)
	 	 General
	 	 	13	
	 (b)
	 	 Eligibility
	 	 	13	
	 (c)
	 	 Exercise Price
	 	 	13	
	 (d)
	 	 Ten-Percent Shareholders
	 	 	14	
	 (e)
	 	 Notice Concerning ISO Treatment
	 	 	14	
	 (f)
	 	 $100,000 Limitation
	 	 	14	
	 (g)
	 	 Promissory Note; Interest Rate
	 	 	14	
	 (h)
	 	 Transferability
	 	 	14	
	 (i)
	 	 Section 409A
	 	 	14	
			
	 SECTION 17.
	 	     DEFINITIONS
	 	 	15	
	 (a)
	 	 “Articles”
	 	 	15	
	 (b)
	 	 “Award”
	 	 	15	
	 (c)
	 	 “Award Agreement”
	 	 	15	
	 (d)
	 	 “Board of Directors”
	 	 	15	
	 (e)
	 	 “Code”
	 	 	15	
	 (f)
	 	 “Committee”
	 	 	15	

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	 	Page	 
	 (g)
	 	 “Company”
	 	 	15	
	 (h)
	 	 “Consultant”
	 	 	15	
	 (i)
	 	 “Employee”
	 	 	15	
	 (j)
	 	 “Exchange Act”
	 	 	15	
	 (k)
	 	 “Exercise Price”
	 	 	15	
	 (l)
	 	 “Fair Market Value”
	 	 	16	
	 (m)
	 	 “Family Member”
	 	 	16	
	 (n)
	 	 “IPO”
	 	 	16	
	 (o)
	 	 “ISO”
	 	 	16	
	 (p)
	 	 “Listed”
	 	 	16	
	 (q)
	 	 “Nonstatutory Option”
	 	 	16	
	 (r)
	 	 “Option”
	 	 	16	
	 (s)
	 	 “Optionee”
	 	 	16	
	 (t)
	 	 “Other Award”
	 	 	16	
	 (u)
	 	 “Other Award Agreement”
	 	 	16	
	 (v)
	 	 “Outside Director”
	 	 	16	
	 (w)
	 	 “Parent”
	 	 	16	
	 (x)
	 	 “Participant”
	 	 	17	
	 (y)
	 	 “Plan”
	 	 	17	
	 (z)
	 	 “PRC Holder”
	 	 	17	
	 (aa)
	 	 “Purchase Price”
	 	 	17	
	 (bb)
	 	 “Restricted Share Unit”
	 	 	17	
	 (cc)
	 	 “Restricted Share Unit Award”
	 	 	17	
	 (dd)
	 	 “Restricted Share Unit Award Agreement”
	 	 	17	
	 (ee)
	 	 “Service”
	 	 	17	
	 (ff)
	 	 “Share”
	 	 	17	
	 (gg)
	 	 “Share Grant Agreement”
	 	 	17	
	 (hh)
	 	 “Share Option Agreement”
	 	 	17	
	 (ii)
	 	 “Share Purchase Agreement”
	 	 	17	
	 (jj)
	 	 “Securities Act”
	 	 	17	 
	 (kk)
	 	 “Subsidiary”
	 	 	18	 

  
 -iii- 

 Tusimple (Cayman) Limited 

2017 SHARE PLAN 
 (as
amended on November 20, 2019) 
  

	SECTION 1.	 ESTABLISHMENT AND PURPOSE. 

The purpose of the Plan is to offer selected persons an opportunity to acquire a proprietary interest in the success of the Company, or to
increase such interest, by purchasing or otherwise acquiring the Company’s Shares. The Plan provides for the direct award or sale of Shares, the grant of Options to purchase Shares, the grant of Restricted Share Units over Shares, and the grant
of Other Awards. Although the Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 under the Securities Act, grants may be made pursuant to this Plan that do not qualify for exemption under Rule 701 of the
Securities Act. Capitalized terms are defined in Section 17. 
  

	SECTION 2.	 ADMINISTRATION. 

(a)    Administrator. The Plan may be administered by one or more Committees, or if no Committee has been
appointed, the entire Board of Directors shall administer the Plan (such Committee(s) or the entire Board of Directors, as the case may be, the “Administrator”). Each Committee shall consist of one or more members of the Board of
Directors who have been appointed by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors has assigned to it. Any reference to the Board of Directors in the Plan shall be
construed as a reference to the Committee (if any) to whom the Board of Directors has assigned a particular function. 
  

	(b)    Authority	 of the Board of Directors. Subject to the provisions of the Plan and the Articles, the Board of Directors
shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. Notwithstanding anything to the contrary in the Plan, with respect to the terms and conditions of awards granted to
Participants outside the United States, the Board of Directors may vary from the provisions of the Plan to the extent it determines it necessary and appropriate to do so; provided that it may not vary from those Plan terms requiring shareholder
approval pursuant to Section 15 below. All decisions, interpretations and other actions of the Board of Directors shall be final and binding on all Participants and all persons deriving their rights from a Participant.

  

	SECTION 3.	 ELIGIBILITY. 

Only Employees, Outside Directors and Consultants shall be eligible for the grant of Options, Restricted Share Units, Other Awards or the
direct award or sale of Shares. 
  

	SECTION 4.	 SHARES SUBJECT TO PLAN. 

(a)    Basic Limitation. Subject to Subsection (b) below and Section 10, the maximum number of
Shares that may be issued under the Plan is 10,000,000 as of the date of its adoption by the Board of Directors. All of these Shares may be issued upon the exercise of 

  
 1. 

 
ISOs. The number of Shares that are subject to Awards at any time under the Plan shall not exceed the number of Shares that then remain available for issuance under the Plan. The Company, during
the term of the Plan, shall at all times reserve and keep available sufficient authorized but unissued Shares to satisfy the requirements of the Plan. 

(b)    Additional Shares. In the event that Shares previously issued under the Plan are reacquired by the
Company, an equivalent number of Shares shall be added to the number of Shares then available for issuance under the Plan. In the event that an outstanding Award for any reason expires or is forfeited, repurchased, canceled or settled in cash, the
Shares allocable to the unexercised, forfeited, repurchased, cancelled or cash-settled portion of such Award shall be added to the number of Shares then available for issuance under the Plan. Any Shares reacquired by the Company in satisfaction of
tax withholding obligations on an Award or as consideration for the Exercise Price or Purchase Price of an Award will again become available for issuance under the Plan. 
  

	SECTION 5.	 TERMS AND CONDITIONS OF AWARDS OR SALES. 

(a)    Grant or Purchase Agreement. Each award of Shares under the Plan shall be evidenced by a Share Grant
Agreement between the Participant and the Company. Each sale of Shares under the Plan (other than upon exercise of an Option) shall be evidenced by a Share Purchase Agreement between the Participant and the Company. No Shares may be issued unless
the Participant has delivered an executed copy of the Share Grant Agreement or Share Purchase Agreement to the Company or otherwise agrees to be bound by the terms of the Share Grant Agreement or Share Purchase Agreement. Such award or sale shall be
subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Share Grant Agreement or
Share Purchase Agreement. The provisions of the various Share Grant Agreements and Share Purchase Agreements entered into under the Plan need not be identical. 

(b)    Duration of Offers and Nontransferability of Rights. Any right to acquire Shares under
the Plan pursuant to this Section 5 shall automatically expire if not exercised by the Participant within 30 days after the grant of such right was communicated to the Participant by the Company. Such right shall not be transferable and shall
be exercisable only by the Participant to whom such right was granted. 
 (c)    Purchase Price. The
Purchase Price of Shares to be offered under the Plan, if newly issued, shall not be less than the par value of such Shares. Subject to the preceding sentence, the Board of Directors shall determine the Purchase Price at its sole discretion. The
Purchase Price shall be payable in a form described in Section 7. 
 (d)    Withholding Taxes. As a
condition to the award or purchase of Shares, the Participant shall make such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection
with such purchase. 

  
 2. 

 (e)    Restrictions on Transfer of Shares. Any Shares
awarded or sold under the Plan shall be subject to such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the
applicable Share Award Agreement or Share Purchase Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. A Share Award Agreement or Share Purchase Agreement may provide that Shares are transferable
to an individual or an entity, upon consent of the Administrator. Following any such transfer, the Shares shall remain subject to the same restrictions applicable to the Shares prior to such transfer. A Share Award Agreement or a Share Purchase
Agreement may provide for accelerated vesting in the event of the Participant’s death, disability or retirement or other events. 
  

	SECTION 6.	 TERMS AND CONDITIONS OF OPTIONS. 

(a)    Share Option Agreement. Each grant of an Option under the Plan shall be evidenced 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 which are not inconsistent with the Plan and which the Board of
Directors 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. 

(b)    Number of Shares. Each Share Option Agreement shall specify the number of Shares that are subject to
the Option and shall provide for the adjustment of such number in accordance with Section 10. 

(c)    Exercise Price. Each Share Option Agreement shall specify the Exercise Price. The Exercise Price of
an Option shall not be less than the par value per Share. Subject to any requirement of applicable laws, the Exercise Price shall be determined by the Board of Directors at its sole discretion. The Exercise Price shall be payable in a form described
in Section 7. 
 (d)    Exercisability. 

(i)    General. Each Share Option Agreement shall specify the date when all or any installment of
the Option is to become exercisable. No Option shall be exercisable unless the Optionee (i) has delivered an executed copy of the Share Option Agreement to the Company or otherwise agrees to be bound by the terms of the Share Option Agreement,
and (ii) has executed all instruments and documents requested by the Board of Directors. The Board of Directors shall determine the exercisability provisions of any Share Option Agreement at its sole discretion. 

(ii)    Exercise Restriction for Non-Exempt Employees. If
Optionee is an Employee eligible for overtime compensation under the U.S. Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided in
the Plan, Optionee may not exercise the Option until Optionee has completed at least six months of Service measured from the date of grant of the Option, even if Optionee has already been an Employee for more than six months. Consistent with the
provisions of the U.S. Worker Economic Opportunity Act, Optionee may exercise the 

  
 3. 

 
Option as to any vested portion prior to such six month anniversary in the case of (i) Optionee’s death or disability, (ii) a corporate transaction set forth in Section 10(b)
below in which the Option is not assumed, continued or substituted, or (iii) Optionee’s termination of Service on Optionee’s “retirement” (as defined in the applicable benefit plans of the Company or the applicable Parent or
Subsidiary thereof). 
 (e)    Term. The Share Option Agreement shall specify the term of the Option. The
term shall not exceed 10 years from the date of grant. Subject to the preceding sentence, the Board of Directors at its sole discretion shall determine when an Option is to expire. A Share Option Agreement may provide for expiration prior to the end
of its term in the event of the termination of the Optionee’s Service or death or in the event of a corporate transaction as set forth in Section 10(b) below. 

(f)    Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option shall be subject to
such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Share Option Agreement and shall apply
in addition to any restrictions that may apply to holders of Shares generally. A Share Option Agreement may provide that Shares issued upon exercise of an Option are transferable to an individual or an entity, upon consent of the Administrator.
Following any such transfer, the Shares issued upon exercise of an Option shall remain subject to the same restrictions applicable to the Shares prior to such transfer. 

(g)    Termination of Service (Except by Death). Except as otherwise provided in a Share Option Agreement,
if an Optionee’s Service terminates for any reason other than the Optionee’s death, then the Optionee’s Options shall expire on the earliest of the following dates: 

(i)    The expiration date determined pursuant to Subsection (e) above; provided, however, that
if (i) Optionee is a Non-Exempt Employee, (ii) Optionee’s Service terminates within six months after the date of grant of the Option, and (iii) Optionee has vested in a portion of the
Option at the time of Optionee’s termination of Service, the Option will not expire until the earlier of (x) the later of (A) the date that is seven months after the date of grant of the Option, and (B) the date that is three
months after the termination of Optionee’s Service, and (y) the expiration date determined pursuant to Subsection (e) above; 

(ii)    The date three months after the termination of the Optionee’s Service for any reason other
than Disability, or such earlier or later date as the Board of Directors may determine (but in no event earlier than 30 days after the termination of the Optionee’s Service); or 

(iii)    The date six months after the termination of the Optionee’s Service by reason of Disability,
or such later date as the Board of Directors may determine. 
 The Optionee may exercise all or part of the Optionee’s Options at any time before the
expiration of such Options under the preceding sentence, but only to the extent that such Options had 

  
 4. 

 
become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares had vested before the Optionee’s Service
terminated (or vested as a result of the termination). The balance of such Options shall lapse when the Optionee’s Service terminates. In the event that the Optionee dies after the termination of the Optionee’s Service but before the
expiration of the Optionee’s Options, all or part of such Options may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee
by beneficiary designation, bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s Service terminated (or became exercisable as a result of the termination) and the underlying Shares had
vested before the Optionee’s Service terminated (or vested as a result of the termination). 

(h)    Leaves of Absence. For purposes of Subsection (g) above, Service shall be deemed to continue
while the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of Service for this purpose is expressly required by the terms of such leave or by applicable law (as determined
by the Company). 
 (i)    Death of Optionee. Except as otherwise provided in a Share
Option Agreement, if an Optionee dies while the Optionee is in Service, then the Optionee’s Options shall expire on the earlier of the following dates: 

(i)    The expiration date determined pursuant to Subsection (e) above; or 

(ii)    The date 12 months after the Optionee’s death, or such earlier or later date as the Board of
Directors may determine (but in no event earlier than six months after the Optionee’s death). 
 All or part of the Optionee’s Options may be
exercised at any time before the expiration of such Options under the preceding sentence by the executors or administrators of the Optionee’s estate or by any person who has acquired such Options directly from the Optionee by beneficiary
designation, bequest or inheritance, but only to the extent that such Options had become exercisable before the Optionee’s death (or became exercisable as a result of the death) and the underlying Shares had vested before the Optionee’s
death (or vested as a result of the Optionee’s death). The balance of such Options shall lapse when the Optionee dies. 

(j)    Transferability of Options. An Option shall be transferable by the Optionee only by (i) a
beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If the applicable Share Option Agreement so provides, an Option may be transferable by gift or domestic relations
order to a Family Member of the Optionee. A Share Option Agreement may also provide that an Option is transferable to an individual or an entity, upon consent of the Administrator. Following any such transfer, the Option shall remain subject to the
same restrictions applicable to the Option prior to such transfer. In addition, an Option shall comply with all conditions of Rule 12h- 1 (f)(1) under the Exchange Act until the Company becomes subject to the
reporting requirements of Section 13 or 15(d) of the Exchange Act. Such conditions include, without limitation, the transferability 

  
 5. 

 
restrictions set forth in Rule 12h 1(f)(1)(iv) and (v) under the Exchange Act, which shall apply to an Option and, prior to exercise, to the Shares to be issued upon exercise of such Option
during the period commencing on the date of grant and ending on the earlier of (i) the date when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or (ii) the date when the Company
makes a determination that it will cease to rely on the exemption afforded by Rule 12h 1(f)(1) under the Exchange Act. During such period, an Option and, prior to exercise, the Shares to be issued upon exercise of such Option shall be restricted as
to any pledge, hypothecation or other transfer by the Optionee, including any short position, any “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange Act) or any “call
equivalent position” (as defined in Rule 16a-1(b) under the Exchange Act). 

(k)    Withholding Taxes. As a condition to the exercise of an Option, the Optionee shall make such
arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make such arrangements as the Board
of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the vesting of the Option and/or the disposition of Shares acquired by exercising an Option. 

(l)    No Rights as a Shareholder. An Optionee, or a transferee of an Optionee, shall have no rights as a
shareholder with respect to any Shares covered by the Optionee’s Option until such person becomes entitled to receive such Shares by filing a notice of exercise, paying the Exercise Price pursuant to the terms of such Option, and certain
contingencies are satisfied. 
 (m)    Modification, Extension and Assumption of Options. Within the
limitations of the Plan, the Board of Directors may modify, extend or assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or 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. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s rights or increase the
Optionee’s obligations under such Option. Notwithstanding anything to the contrary, Options granted to PRC Holders may, in the sole discretion of the Board of Directors and without the consent of any such PRC Holder, be merged into and/or
assumed under, as applicable, any successor equity plan of the Company approved by the Board of Directors, subject to requisite approval of the Company’s shareholders. 
  

	SECTION 7.	 PAYMENT FOR SHARES. 

(a)    General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be
payable in cash or cash equivalents from any lawful source of currency at the time when such Shares are purchased, except as otherwise provided in this Section 7. 

(b)    Services Rendered. At the discretion of the Board of Directors, Shares may be awarded under the Plan
in consideration of services rendered to the Company, a Parent 

  
 6. 

 
or a Subsidiary prior to the award provided that no Share is issued for less than its par value paid in cash to the Company. 

(c)    Promissory Note. At the discretion of the Board of Directors, all or a portion of the Purchase Price
or Exercise Price (as the case may be) of Shares issued under the Plan may be paid with a full-recourse promissory note. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. Subject
to the foregoing, the Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of such note. 

(d)    Surrender of Shares. At the discretion of the Board of Directors, all or any part of the Exercise
Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee in a manner determined by the Board of Directors to be consistent with applicable laws. Such Shares shall be surrendered to the
Company in good form for transfer and shall be valued at their Fair Market Value as of the date when the Option is exercised. 

(e)    Exercise/Sale. To the extent that a Share Option Agreement so provides, and if Shares are publicly
traded, all or part of the Exercise Price and any withholding taxes may be paid by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or
part of the sales proceeds to the Company. 
 (f)    Other Forms of Payment. To the extent that a Share
Purchase Agreement or Share Option Agreement so provides, the Purchase Price or Exercise Price of Shares issued under the Plan may be paid in any other form permitted by applicable laws. 

 

	SECTION 8.	 TERMS AND CONDITIONS OF RESTRICTED SHARE UNITS. 

(a)    Restricted Share Unit Award Agreement. Each Restricted Share Unit Award under the Plan shall be
evidenced by a Restricted Share Unit Award Agreement between the Participant and the Company. The Restricted Share Unit Award 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 Board of Directors deems appropriate for inclusion in a Restricted Share Unit Award Agreement. The provisions of the various Restricted Share Unit Award Agreements entered into under the Plan need
not be identical. 
 (b)    Number of Shares. Each Restricted Share Unit Award Agreement shall specify the
number of Shares that are subject to the Restricted Share Unit Award and shall provide for the adjustment of such number in accordance with Section 10. 

(c)    Vesting Conditions. Each Restricted Share Unit Award may or may not be subject to vesting, as
determined by the Board of Directors in its sole discretion. Vesting shall occur, in full or in installments, upon satisfaction of the conditions specified in the Restricted Share Unit Award Agreement. A Restricted Share Unit Award Agreement may
provide for accelerated vesting upon certain specified events. 

  
 7. 

 (d)    Voting Rights. The holders of Restricted Share Unit
Awards shall have no voting rights. 
 (e)    Settlement of Restricted Share Unit Awards. Settlement of
any vested Restricted Share Unit Award may be made in the form of (a) Shares, (b) cash or (c) any combination of both, as determined by the Board of Directors in its sole discretion. The actual number of Restricted Share Units eligible for
settlement may be larger or smaller than the number included in the original Restricted Share Unit Award, based on predetermined performance factors. Methods of converting Restricted Share Units into cash may include (without limitation) a method
based on the average Fair Market Value of a Share over a series of trading days. Vested Restricted Share Units shall be settled in such manner and at such time(s) as specified in the Restricted Share Unit Award Agreement. Until a Restricted Share
Unit Award is settled, the number of such Restricted Share Units shall be subject to adjustment pursuant to Section 10. 

(f)    Modification or Assumption of Restricted Share Units. Within the limitations of the Plan, the Board
of Directors may modify or assume outstanding Restricted Share Units or may accept the cancellation of outstanding Restricted Share Units (whether granted by the Company or by another issuer) in return for the grant of new Restricted Share Units for
the same or a different number of Shares or in return for the grant of a different type of Award. Notwithstanding anything to the contrary, Restricted Share Units granted to PRC Holders may, in the sole discretion of the Board of Directors and
without the consent of any such PRC Holder, be merged into and/or assumed under, as applicable, any successor equity plan of the Company approved by the Board of Directors, subject to requisite approval of the Company’s shareholders. 

 

	SECTION 9.	 TERMS AND CONDITIONS OF OTHER AWARDS. 

(a)    Terms of Other Awards. Other Awards may be granted either alone or in addition to awards of Shares,
Options and/or Restricted Share Units. Other Awards may be valued in whole or in part by reference to, or may otherwise be based on, Shares, including the value thereof as of a given date of determination and/or any appreciation in value thereof.
Subject to the provisions of the Plan, the Board of Directors will have sole and complete authority to determine the type of Other Award (which may include, without limitation, share value awards), the persons to whom and the time or times at which
such Other Awards will be granted, the number of Shares (or the cash equivalent thereof) to be granted pursuant to such Other Awards, the vesting conditions (if any) applicable to such Other Awards, the voting rights (if any) applicable to such
Other Awards and all other terms and conditions of such Other Awards. 
 (b)    Other Award Agreement.
Each Other Award under the Plan shall be evidenced by an Other Award Agreement between the Participant and the Company. The applicable Other Award 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 Board of Directors deems appropriate for inclusion in an Other Award Agreement. The provisions of the various Other Award Agreements, whether relating to the same type of
Other Award or otherwise, entered into under the Plan need not be identical. 

  
 8. 

 (c)    Modification or Assumption of Other Awards. Within
the limitations of the Plan, the Board of Directors may modify or assume outstanding Other Awards or may accept the cancellation of outstanding Other Awards (whether granted by the Company or by another issuer) in return for the grant of new Other
Awards of the same or different type of Other Award and for the same or a different number of Shares (or cash equivalent thereof) or other applicable terms and conditions, as the case may be, or in return for the grant of a different type of Award.
Notwithstanding anything to the contrary, Other Awards granted to PRC Holders may, in the sole discretion of the Board of Directors and without the consent of any such PRC Holder, be merged into and/or assumed under, as applicable, any successor
equity lan of the Company approved by the Board of Directors, subject to requisite approval of the Company’s shareholders. 
  

	SECTION 10.	 ADJUSTMENT OF SHARES. 

(a)    General. In the event of a subdivision of the outstanding Shares, a declaration of a dividend payable
in Shares, a combination or consolidation of the outstanding Shares into a lesser number of Shares, a reclassification, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company,
proportionate adjustments shall automatically be made in each of (i) the number of Shares available for future grants under Section 4 (including the maximum number of Shares that may be issued pursuant to the exercise of ISOs), (ii) the
number and kind of Shares covered by each outstanding Option; (iii) the Exercise Price under each outstanding Option and the repurchase price (if any) applicable to any Shares; (iv) the number and kind of Shares covered by each outstanding
award or sale of Shares, Restricted Share Unit and Other Award; and (v) any repurchase price that applies to Shares granted under the Plan pursuant to the terms of a Company repurchase right under the applicable Award Agreement. In the event of
a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair Market Value of the Share, a recapitalization, a spin-off, or a similar
occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of (i) the number of Shares available for future grants under Section 4 (including the maximum number of Shares that may be issued
pursuant to the exercise of ISOs), (ii) the number of Shares covered by each outstanding award or sale of Shares, Option, Restricted Share Unit or Other Award, and (iii) the Exercise Price under each outstanding Option and the repurchase price
(if any) applicable to any Shares. 
 (b)    Corporate Transactions. In the event that the Company is a
party to a merger or consolidation, or in the event of a sale or exchange of all or substantially all of the Company’s shares or assets, all Shares acquired under the Plan and all Options and other Awards outstanding on the effective date of
the transaction shall be treated in the manner described in the definitive transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Administrator,
with such determination having final and binding effect on all parties), which agreement or determination need not treat all Options and other Awards (or all portions of an Option or other Award) in an identical manner. The treatment specified in
the transaction agreement (or, in the event the transaction does not entail a definitive agreement to which the Company is party, in the manner determined by the Administrator) may include (without limitation) one or more of the following with
respect to each outstanding Option or other Award: 

  
 9. 

 (i)    Continuation of the Option or other Award by the Company (if the
Company is the surviving company). 
 (ii)    Assumption of the Option or other Award by the surviving company or its
parent in a manner that complies with applicable legal, foreign exchange and tax requirements. 
 (iii)    Substitution
by the surviving company or its parent of a new option or other award for the Option or other Award in a manner that complies with applicable legal, foreign exchange and tax requirements. 

(iv)    Cancellation of the Option or other Award and a payment to the Participant with respect to each Share subject to
the portion of the Option or other Award that is vested as of the transaction date equal to (I) in the case of an Option (which shall include, for this purpose, any Other Award that provides for an exercise price or base price), the excess of
(A) the value, as determined by the Board of Directors in its absolute discretion, of the property (including cash) received by the holder of a Share as a result of the transaction (such amount in this clause (A), the “Shareholder
Consideration”), over (B) the per-Share Exercise Price of the Option (or the per share exercise price or base price of such Other Award, if applicable), or (II) in the case of any other
Award, the Shareholder Consideration (such amount in the foregoing clause (I) or (II), as applicable, the “Spread”). Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving company or
its parent having a value equal to the Spread. In addition, any escrow, holdback, earn-out or similar provisions in the transaction agreement may apply to such payment to the same extent and in the same manner
as such provisions apply to the holders of Shares. If the Spread is zero or a negative number, then the Option or other Award may be cancelled without making a payment to the Participant. 

(v)    Cancellation of the Option or other Award (other than issued and outstanding Shares) without the payment of any
consideration; provided that an Optionee shall be notified of such treatment and given an opportunity to exercise the Option (to the extent the Option is vested or becomes vested as of the effective date of the transaction) during a period of not
less than five (5) business days preceding the effective date of the transaction, unless (A) a shorter period is required to permit a timely closing of the transaction and (B) such shorter period still offers the Optionee a reasonable
opportunity to exercise the Option. Any exercise of the Option during such period may be contingent upon the closing of the transaction. 

(vi)    Suspension of the Optionee’s right to exercise the Option during a limited period of time preceding the
closing of the transaction if such suspension is administratively necessary to permit the closing of the transaction. 

(vii)    Termination of any right the Optionee has to exercise the Option prior to vesting in the Shares subject to the
Option (i.e., “early exercise”), such that following the closing of the transaction the Option may only be exercised to the extent it is vested. 

  
 10. 

 For the avoidance of doubt, the Board of Directors has discretion to accelerate, in whole or part, the
vesting and, if applicable, exercisability of an Option or other Award, including the vesting and settlement of a Restricted Share Unit Award or Other Award in connection with a corporate transaction covered by this Section 10(b). 

(c)    Reservation of Rights. Except as provided in this Section 10, a Participant shall have no rights
by reason of (i) any subdivision or consolidation of shares of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of any class. Except as provided in this Section 10, any
issuance by the Company of shares of any class, or securities convertible into shares of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option. The
grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve,
liquidate, sell or transfer all or any part of its business or assets. 
  

	SECTION 11.	 PRE-EXERCISE INFORMATION REQUIREMENT 

(a)    Application of Requirement. This Section 11 shall apply only during a period that
(i) commences when the Company begins to rely on the exemption described in Rule 12h-1(f)(1) under the Exchange Act, as determined by the Company in its sole discretion, and (ii) ends on the earlier
of (A) the date when the Company ceases to rely on such exemption, as determined by the Company in its sole discretion, or (B) the date when the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act. In addition, this Section 11 shall in no event apply to an Optionee after he or she has fully exercised all of his or her Options or any other Participant after such Participant’s Award has been exercised or settled in full.

 (b)    Scope of Requirement. If required by Rule 701, the Company shall provide to each Participant the
information described in Rule 701(e)(3), (4) and (5) under the Securities Act in accordance with the provisions of Rule 701. 
  

	SECTION 12.	 SECURITIES LAW REQUIREMENTS AND CHOICE OF LAW. 

An Award shall not be effective, and Shares shall not be issued under the Plan, unless the grant of such Award or the issuance and delivery of such Shares, as
applicable, comply with (or are exempt from) all applicable requirements of law, including (without limitation) the Securities Act, the rules and regulations promulgated thereunder, any other federal, state, foreign and local securities laws, rules
and regulations, or any other applicable foreign, federal, state and local laws, rules and regulations and the rules and regulations of any stock exchange or other securities market on which the Company’s securities may then be traded. 

Any other provision of the Plan or an Award Agreement notwithstanding, the Company shall have the right at any time, in its sole and absolute discretion, to
cancel an Award that was granted or issued in violation of the Securities Act or any other applicable foreign, federal, state and local securities law, rule or regulation, or to take any other action in respect of such Award as it deems appropriate,
in its sole and absolute discretion, in connection with such violation. In 

  
 11. 

 
the event the Company chooses to cancel an Award in connection with such violation, prior to such cancellation, the Company shall give the Participant not less than 30 days’ notice in
writing and shall deliver to the Participant consideration with an aggregate fair market value for such Award as determined by an independent valuation firm (including, if applicable, an independent accounting firm) appointed by the Company in its
sole and absolute discretion for purposes of such determination. The consideration may be delivered in the form of cash or cash equivalents, in the form of Shares, or a combination of both. If the consideration would be a negative amount, such Award
may be cancelled without the delivery of any consideration. 
 The Plan shall be governed by, and construed in accordance with, the laws of the Cayman
Islands, as such laws are applied to contracts entered into and performed in such jurisdiction. 
  

	SECTION 13.	 NO RETENTION RIGHTS. 

Subject to the requirements of applicable laws and the applicable employment documentation (if any), nothing in the Plan or in any right or Award granted under
the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the
Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause, provided, however, that this provision will not apply to the extent
applicable employment documentation or provisions of applicable laws require otherwise. 
  

	SECTION 14.	 TAX MATTERS 

(a)    As a condition to the award, grant, issuance, vesting, purchase, exercise or transfer of any Award, or Shares
issued pursuant to any Award, granted under this Plan, the Participant shall make such arrangements as the Board of Directors may require or permit for the satisfaction of any federal, state, local or foreign withholding tax obligations that may
arise in connection with such event. 
 (b)    Neither the Company nor any member of the Board of Directors shall
have any liability to a Participant in the event an Award held by the Participant fails to achieve its intended characterization under applicable tax law, or any payment cannot be made or is otherwise delayed due to applicable foreign exchange
restrictions. 
  

	SECTION 15.	 DURATION AND AMENDMENTS; OTHER AGREEMENTS. 

(a)    Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by
the Board of Directors, subject to the approval of the Company’s shareholders as required by applicable laws or the Articles. If the shareholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any
grants, exercises or sales that have already occurred under the Plan shall be rescinded and no additional grants, exercises or sales shall thereafter be made under the Plan. The Plan shall terminate automatically 10 years after the later of
(i) the date when the Board of Directors adopted the Plan or (ii) the date when the Board of Directors approved the most recent increase in the number of Shares reserved under Section 4 that is also approved by the Company’s
shareholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below. 

  
 12. 

 (b)    Right to Amend or Terminate the Plan. The Board of
Directors may amend, suspend or terminate the Plan at any time and for any reason; provided, however, that any amendment of the Plan shall be subject to the approval of the Company’s shareholders if it (i) increases the number of Shares
available for issuance under the Plan (except as provided in Section 10) or (ii) materially changes the class of persons who are eligible for the grant of ISOs or is required by applicable laws or the Articles. Shareholder approval shall
not be required for any other amendment of the Plan. If the shareholders fail to approve an increase in the number of Shares reserved under Section 4 within 12 months after its adoption by the Board of Directors, then any grants, exercises or
sales that have already occurred in reliance on such increase shall be rescinded and no additional grants, exercises or sales shall thereafter be made in reliance on such increase. 

(c)    Effect of Amendment or Termination. No Shares shall be issued or sold and no Award shall be granted
under the Plan after the termination thereof, except upon exercise or settlement, as applicable, of an Award granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not affect any Share or Award previously
granted under the Plan. 
 (d)    Other Agreements. As a condition precedent to the grant of any Award
under the Plan, the exercise or settlement pursuant to such an Award, or to the delivery of certificates for shares issued pursuant to any Award, the administrator of the Plan may require the Participant or the Participant’s successor or
permitted transferee, as the case may be, to become a party to a share restriction agreement, shareholders’ agreement, voting trust agreement, voting agreement, right of first refusal agreement, co-sale
agreement, lock-up agreement, or other agreements regarding the Shares in such form(s) as the administrator of the Plan may determine from time to time in its sole discretion. 

 

	SECTION 16.	 SPECIAL PROVISIONS APPLICABLE TO U.S. TAX RESIDENTS 

(a)    General. Options granted under the Plan may include Nonstatutory Options as well as ISOs intended to
qualify under Section 422 of the Code. Unless specifically designated as ISOs in its Share Option Agreement, all Options are Nonstatutory Options. Only to the extent that any Option is designated as ISO in its Share Option Agreement, the terms
of this Section 16 will apply to such Option, notwithstanding anything to the contrary contained herein. 

(b)    Eligibility. Only common law employees of (i) the Company, (ii) any “parent
corporation” of the Company within the meaning of Section 424(e) of the Code, and (iii) any “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code shall be eligible for the grant of
ISOs. 
 (c)    Exercise Price. Notwithstanding Section 6(c), the Exercise Price of an Option shall
not be less than 100% of the Fair Market Value of a Share on the date of grant, and in the case of an ISO a higher percentage may be required by Section 16(d). This Section 16(c) shall not apply to an Option granted pursuant to an
assumption of, or substitution for, another option in a manner that complies with Section 424(a) of the Code (whether or not the Option is an ISO). 

  
 13. 

 (d)    Ten-Percent
Shareholders. A person 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 shall not be eligible for the grant of an ISO unless (i) the
Exercise Price is at least 110% of the Fair Market Value of a Share on the date of grant and (ii) notwithstanding Section 6(e), such ISO by its terms is not exercisable after the expiration of five years from the date of grant. For
purposes of this Subsection (d), in determining share ownership, the attribution rules of Section 424(d) of the Code shall be applied. 

(e)    Notice Concerning ISO Treatment. Even if an option is designated as an ISO in the Notice of Share
Option Grant, it ceases to qualify for favorable tax treatment as an ISO to the extent that it is exercised: 

(i)    More than three months after the date when the Optionee ceases to be an Employee for any reason
other than death or permanent and total disability (as defined in Section 22(e)(3) of the Code); 

(ii)    More than 12 months after the date when the Optionee ceases to be an Employee by reason of
permanent and total disability (as defined in Section 22(e)(3) of the Code); or 
 (iii)    More
than three months after the date when the Optionee has been on a leave of absence for 90 days, unless the Optionee’s reemployment rights following such leave were guaranteed by statute or by contract. 

(f)    $100,000 Limitation. Even if an Option is designated as an ISO in the Notice of Share Option Grant,
it shall be deemed to be a Nonstatutory Option to the extent (and only to the extent) required by the $100,000 annual limitation under Section 422(d) of the Code. 

(g)    Promissory Note; Interest Rate. The interest rate payable under the terms of the promissory note
governed by Section 7(c) shall not be less than the minimum rate (if any) required to avoid the imputation of additional interest income under the Code. 

(h)    Transferability. Notwithstanding Section 6(j), an ISO may not be transferrable and may be
exercised during the lifetime of the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. 

(i)    Section 409A. Unless otherwise expressly set forth in an Award Agreement, it is
intended that Awards granted under the Plan shall be exempt from Code Section 409A, and any ambiguity in the terms of an Award Agreement and the Plan shall be interpreted consistently with this intent. To the extent an Award is not exempt from
Code Section 409A (any such Award, a “409A Award”), any ambiguity in the terms of such Award and the Plan shall be interpreted in a manner that to the maximum extent permissible supports the Award’s compliance with the
requirements of that statute. Notwithstanding anything to the contrary permitted under the Plan, in no event shall a modification of an Award not already subject to Code Section 409A be given effect if such modification would cause the Award to
become subject to Code Section 409A unless the parties explicitly acknowledge and consent to the modification as one having that effect. A 409A Award shall be subject to such additional rules and requirements as specified by the Board of
Directors from time to time in order for it to 

  
 14. 

 
comply with the requirements of Code Section 409A. In this regard, if any amount under a 409A Award is payable upon a “separation from service” to an individual who is considered a
“specified employee” (as each term is defined under Code Section 409A), then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the Participant’s separation from service
or (ii) the Participant’s death, but only to the extent such delay is necessary to prevent such payment from being subject to Section 409A(a)(1). In addition, if a transaction subject to Section 10(b) constitutes a payment event
with respect to any 409A Award, then the transaction with respect to such Award must also constitute a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5) to the
extent required by Code Section 409A. 
  

	SECTION 17.	 DEFINITIONS 

(a)    “Articles” shall mean the Articles and Memorandum of Association of the Company, as
in effect and as amended from time to time. 
 (b)    “Award” shall mean individually or
collectively, the award or sale of Shares made under Section 5 of the Plan or a grant of Options, Restricted Share Units or Other Awards made under Section 6, Section 8 or Section 9 the Plan, respectively. 

(c)    “Award Agreement” shall mean a Share Grant Agreement, Restricted Share Unit Award
Agreement, Share Option Agreement, Share Purchase Agreement or Other Award Agreement. 
 (d)    “Board of
Directors” shall mean the Board of Directors of the Company, as constituted from time to time. 

(e)    “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(f)    “Committee” shall mean a committee of the Board of Directors, as described in
Section 2(a). 
 (g)    “Company” shall mean Tusimple (Cayman) Limited, a Cayman Islands
exempted limited company. 
 (h)    “Consultant” shall mean a person who performs bona fide
services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 

(i)    “Employee” shall mean any individual who is an employee of the Company or its
Subsidiaries. 
 (j)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended from time to time. 
 (k)    “Exercise Price” shall mean the amount for which one Share
may be purchased upon exercise of an Option, as specified by the Board of Directors in the applicable Share Option Agreement. 

  
 15. 

 (l)    “Fair Market Value” shall mean the fair
market value of a Share, as determined by the Board of Directors in accordance with applicable laws. Such determination shall be conclusive and binding on all persons. 

(m)    “Family Member” shall mean (i) any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, (ii) any person sharing the Optionee’s household
(other than a tenant or employee), (iii) a trust in which persons described in Clause (i) or (ii) have more than 50% of the beneficial interest, (iv) a foundation in which persons described in Clause (i) or (ii) or the Optionee
control the management of assets and (v) any other entity in which persons described in Clause (i) or (ii) or the Optionee own more than 50% of the voting interests. 

(n)    “IPO” shall mean the first firm commitment underwritten public offering pursuant to an
effective registration statement on an established national or foreign securities exchange covering the offer and sale by the Company of its equity securities, as a result of or following which the Shares shall be publicly held, and “IPO
Date” shall mean the date on which the IPO occurs. 
 (o)    “ISO” shall mean an
employee incentive share option described in Section 422(b) of the Code. 
 (p)    “Listed”
shall mean that the Share is listed for trading on an established securities market that is officially recognized, sanctioned, or supervised by a governmental body, including without limitation the New York Stock Exchange and the Nasdaq Global
Select Market. 
 (q)    “Nonstatutory Option” shall mean a share option not described in
Sections 422(b) or 423(b) of the Code. 
 (r)    “Option” shall mean an option (either ISO or
Nonstatutory Option) granted under the Plan and entitling the holder to purchase Shares. 

(s)    “Optionee” shall mean a person who holds an Option. 

(t)    “Other Award” shall mean an award granted under Section 9 of the Plan. 

(u)    “Other Award Agreement” shall mean the agreement between the Company and a Participant that
contains the terms, conditions and restrictions pertaining to the Participant’s Other Award. 

(v)    “Outside Director” shall mean a member of the Board of Directors who is not an Employee.

 (w)    “Parent” shall mean any company (other than the Company) in an unbroken chain of
companies ending with the Company, if each of the companies other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other companies in such chain. A company that attains the
status of a 

  
 16. 

 
Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 

(x)    “Participant” shall mean a person who receives an Award under the Plan. 

(y)    “Plan” shall mean this Tusimple (Cayman) Limited 2017 Share Plan. 

(z)    “PRC Holder” shall mean a resident in the PRC or a PRC National who is a Participant. 

(aa)    “Purchase Price” shall mean the consideration for which one Share may be
acquired under the Plan (other than upon exercise of an Option), as specified by the Board of Directors. 

(bb)     “Restricted Share Unit” shall mean a bookkeeping entry representing the
equivalent of one Share, granted pursuant to Section 8. 
 (cc)    “Restricted Share Unit
Award” shall mean an award of Restricted Share Units. 
 (dd)    “Restricted Share
Unit Award Agreement” shall mean the agreement between the Company and a Participant that contains the terms, conditions and restrictions pertaining to the Participant’s Restricted Share Unit Award. 

(ee)    “Service” shall mean actual ongoing service to the Company, a Parent or a
Subsidiary as an Employee, Consultant or Outside Director and specifically excludes periods of notice of termination of employment under applicable laws or employment contracts whereby actual service is no longer provided, for example, when an
Employee is paid in lieu of his/her notice period or when an Employee is asked to cease service immediately pursuant to a “garden leave” or a similar concept. 

(ff)    “Share” shall mean the ordinary shares of the Company, as adjusted in
accordance with Section 10 (if applicable). 
 (gg)    “Share Grant
Agreement” shall mean the agreement between the Company and a Participant who is awarded Shares under the Plan that contains the terms, conditions and restrictions pertaining to the award of such Shares. 

(hh)    “Share Option Agreement” shall mean the agreement between the Company and an
Optionee that contains the terms, conditions and restrictions pertaining to the Optionee’s Option. 

(ii)    “Share Purchase Agreement” shall mean the agreement between the Company and a Participant
who acquires Shares under the Plan that contains the terms, conditions and restrictions pertaining to the acquisition of such Shares. 

(jj)    “Securities Act” shall mean the Securities Act of 1933, as amended. 

  
 17. 

 (kk)    “Subsidiary” shall mean
(i) any company (other than the Company) in an unbroken chain of companies beginning with the Company, if each of the companies other than the last company 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 companies in such chain, or (ii) any company whose assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity
for financial reporting purposes in accordance with IFRS and/or PRC GAAP or any internationally recognized accounting standard; or (iii) any company with respect to which the subject entity has the power to otherwise direct the business and
policies of that entity directly or indirectly through another subsidiary. A company 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. 

  
 18. 

 TUSIMPLE (CAYMAN) LIMITED 2017 SHARE PLAN 

NOTICE OF SHARE OPTION GRANT 

The Optionee has been granted the following option (this “Option”) to purchase ordinary shares of Tusimple (Cayman) Limited (the
“Company”): 
  

					
		 	Name of Optionee:	 	                                      
                                         
                                         
        
			
		 	Total Number of Shares:	 	                                      
                                         
                                         
        
			
		 	Exercise Price per Share:	 	                                      
                                         
                                         
        
			
		 	Date of Grant:	 	                                      
                                         
                                         
        
			
		 	Vesting Commencement Date:	 	                                      
                                         
                                         
        
			
		 	Vesting:	 	In order for this Option (or any portion thereof) to vest, the Time-Based Requirement must be satisfied on or before the Expiration Date.
			
		 	Time-Based Requirement:	 	The Time-Based Requirement will be satisfied in installments as to [            % of the Shares subject to this Option when the Optionee completes
             months of continuous Service, as to             % of the Shares subject to this Option when the Participant
completes              months of continuous Service, and as to             % of the Shares subject to this Option when the
Participant completes              months of continuous Service, measured from the Vesting Commencement Date set forth above,] subject to Section 2 of the Share Option
Agreement.
			
		 	Expiration Date:	 	The tenth (10th) anniversary of the Date of Grant specified above. This Option expires earlier if the Optionee’s Service terminates earlier, as provided in Section 6 of the Share Option Agreement, or if the Company engages
in certain corporate transactions, as provided in Section 10(b) of the Plan.

 By signing below, the Optionee and the Company agree that this Option is granted under, and governed by the
terms and conditions of, the 2017 Share Plan and the Share Option Agreement. Both of the 2017 Share Plan and the Share Option Agreement have been provided to the Optionee for review and are made a part of, this Notice of Share Option Grant.
Section 13 of the Share Option Agreement includes important acknowledgements of the Optionee. 

  
 1 

					
		 	OPTIONEE:	 	Tusimple (Cayman) Limited
			
		 	                                      
  	 	Signed by:
                                        

		 		 	Title:
                                         
       

  
 2 

 THE OPTION GRANTED PURSUANT TO THIS AGREEMENT AND THE SHARES ISSUABLE UPON THE EXERCISE
THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND
ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. 
 TUSIMPLE (CAYMAN) LIMITED 

2017 SHARE PLAN: SHARE OPTION AGREEMENT 

SECTION 1. GRANT OF OPTION. 

(a)    Option. On the terms and conditions set forth in the Notice of Share Option Grant and this Agreement,
the Company grants to the Optionee on the Date of Grant the option to purchase at the Exercise Price the number of Shares set forth in the Notice of Share Option Grant. 

(b)    Share Plan and Defined Terms. This Option is granted pursuant to the Plan, a copy of which the
Optionee acknowledges having received. The provisions of the Plan are incorporated into this Agreement by this reference. Except as otherwise defined in this Agreement (including without limitation Section 15 hereof), capitalized terms shall
have the meaning ascribed to such terms in the Plan. 
 SECTION 2. RIGHT TO EXERCISE. 

(a)    Exercisability. Subject to Subsection (b) and (c) below and the other conditions set forth in
this Agreement, all or part of this Option may be exercised prior to its expiration at the time or times set forth in the Notice of Share Option Grant. The Optionee should note, however, that this Option generally may not be exercised until the
conditions described in Subsection 2(d) and Section 8 below have been satisfied. The conditions described in Subsection 2(d) generally cannot be satisfied until after the Company has listed the Shares for trading on a Securities Market, which
the Company is under no obligation to do. To the extent these conditions are not satisfied prior to expiration of the Option (see Section 6 below), the Optionee will not be able to exercise the Option. 

(b)    Shareholder Approval. Any other provision of this Agreement notwithstanding, no portion of this
Option shall be exercisable at any time prior to the approval of the Plan by the Company’s shareholders. 

(c)    Violation of Non-Compete Obligations. Any other provision of this Agreement notwithstanding,
no portion of this Option may be exercisable by the Optionee and the entire Option (including the portion that has been exercised) will terminate in its entirety, if the Administrator (in its sole discretion) determines that such Optionee has
violated the Non-Compete Obligations described in this Section 2(c). Each Optionee who is also an Employee hereby irrevocably represents and undertakes that for two (2) years after the
effective date of the Optionee’s Service termination date, the Optionee shall not: 

  
 3 

 (i)    work for any entity or engage in any kind of
business which is of an identical nature to that of the Employer and/or the Company or in competition with the Employer and/or the Company, directly or indirectly, regardless of the position held by the Employee and whether he/she works on a full or
part-time basis; 
 (ii)    engage in any business activity that competes, either directly or indirectly,
with that of the Employer and/or the Company, whether acting in his/her own name or in another party’s name; 

(iii)    engage jointly with any third party in any business activity that competes, either directly or
indirectly, with that of the Employer and/or the Company; or 
 (iv)    in any name or in any manner,
directly or indirectly hold shares in any entity which is engaged in any kind of business in competition, either directly or indirectly, with the Employer and/or the Company. 

(d)    Exercise in Violation of Applicable Law. Notwithstanding any other provision of this Agreement or the
Plan, and regardless of whether the Shares subject to this Option have vested and become exercisable pursuant to the schedule set forth on the Notice of Share Option Grant, this Option may not be exercised, on a particular date or ever, if the
Administrator determines, in its sole discretion, that an exercise at such time would violate any applicable law or regulation, including any applicable securities law or the requirements of a Securities Market. To assure compliance with certain
foreign exchange regulations in the People’s Republic of China, the Administrator may, in its sole discretion, (i) limit the method of option exercise to a cashless method (including one not described in Section 4 or 5 below), (ii)
prohibit exercise of the option until after the Company (or one of its Affiliates) has obtained approval from the State Administration of Foreign Exchange (“SAFE”) with respect to the Plan, (iii) require the exchange of
proceeds from the sale of option Shares into Renminbi, and/or (iv) deduct amounts from sale proceeds to cover expenses the Company incurs in connection with effecting such exercise, exchange or similar transaction. If SAFE approval is obtained,
the Company may establish additional rules and restrictions on the exercisability of this Option including shortening post-termination exercise periods (to the extent required or permitted by SAFE) and requiring the Optionee to open a U.S. dollar
bank account, and the Optionee understands that there may be delays in receiving proceeds from the exercise and sale of Shares due to SAFE requirements. 

SECTION 3. NO TRANSFER OR ASSIGNMENT OF OPTION. 

Except as otherwise provided in this Agreement, this Option and the rights and privileges conferred hereby shall not be sold, pledged or
otherwise transferred (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment, levy or similar process. 

SECTION 4. EXERCISE PROCEDURES. 

(a)    Notice of Exercise. The Optionee or the Optionee’s representative may exercise this Option by
giving written notice to the Company pursuant to Section 12(c). The notice shall specify the election to exercise this Option, the number of Shares for which it is being exercised and the form of payment. The person exercising this Option shall
sign the notice. In the event that this Option is being exercised by the representative 

  
 4 

 
of the Optionee, the notice shall be accompanied by proof (satisfactory to the Company) of the representative’s right to exercise this Option. The Optionee or the Optionee’s
representative shall deliver to the Company, at the time of giving the notice, (i) payment in a form permissible under Section 5 for the full amount of the Purchase Price, and (ii) unless the Administrator at its sole discretion
determines otherwise, a duly signed proxy in the form attached hereto as Exhibit A. No Shares shall be issued or payment made pursuant to the term of this Agreement unless such issuance or payment complies with applicable law, including
applicable foreign exchange laws. For administrative purposes, the Company in its sole discretion may elect to defer the date of issuance of Shares or payment in cash in order to comply with applicable law. The Company shall have no liability to
issue Shares or make any payments in respect of the Option unless it is able to do so in compliance with applicable law. 

(b)    Issuance of Shares. Subject to Section 2(d) and 4(c), after receiving a proper notice of
exercise, the Company shall cause such Shares to be registered in the name of the person exercising this Option in the Company’s register of members. The Company shall then issue one or more certificates evidencing the Shares for which this
Option has been exercised. The Company shall cause such certificates to be delivered to or upon the order of the person exercising this Option. 

(c)    Withholding Taxes. In the event that the Company or the entity that employs the Optionee determines
that it is required to withhold any tax in connection with this Option, including (without limitation) as a result of the grant, exercise, vesting or disposition of this Option or the Shares subject to this Option, the Optionee agrees that the
Optionee shall make arrangements satisfactory to the Company or the entity that employs the Optionee to enable the Company or such entity to satisfy all applicable withholding requirements, including (without limitation) both the employer and
employee portion of any and all income tax, social contribution or social security taxes or other payroll taxes or deductions. These arrangements may include (without limitation) the withholding of any applicable taxes from any amounts of
compensation that the Optionee has earned by virtue of his/her employment or service as a consultant, including (without limitation) salary, remuneration, bonuses, expenses and commissions. Where such compensation is insufficient to cover the
payment of the taxes arising in connection with this Option, the Optionee hereby confirms that the balance of such taxes will be paid in cash by the Optionee. The Optionee cannot exercise this Option or dispose of this Option or any Shares subject
to this Option without satisfying any and all applicable tax liability (for both employer and employee) to the satisfaction of the Company or the entity that employs the Optionee. The Optionee also hereby agrees to indemnify the Company and the
entity that employs the Optionee with respect to any tax liability that arises in connection with this Option, including (without limitation) as a result of the grant, exercise, vesting or disposition of this Option or the Shares subject to this
Option. 
 (d)    Optionee acknowledges and agrees that it is the Optionee’s sole responsibility to
investigate and comply with any applicable exchange control laws in connection with the issuance and delivery of the shares pursuant to the exercise of the Option and that the Optionee shall be responsible for any reporting of inbound and/or
outbound international fund transfers required under Applicable Law, including without limitation SAFE 37 and SAFE 7 (if applicable). The Optionee is advised to seek appropriate professional advice as to how the exchange control regulations apply to
the Participant’s specific situation. 

  
 5 

 SECTION 5. PAYMENT FOR SHARES. 

(a)    Cash. All or part of the Purchase Price may be paid in cash or cash equivalents from any lawful source
of U.S. currency. 
 (b)    Surrender of Shares. At the discretion of the Administrator, all or any part
of the Purchase Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market
Value as of the date when this Option is exercised. Any such surrender shall be effected in a manner which the Administrator determines to comply with Cayman Islands law and all other applicable laws. 

(c)    Exercise/Sale. All or part of the Purchase Price and any withholding taxes may be paid by the
delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company. However, payment pursuant to this Subsection
(c) shall be permitted only if (i) the Shares are then publicly traded and (ii) such payment does not violate applicable law. 

SECTION 6. TERM AND EXPIRATION. 

(a)    Basic Term. This Option shall in any event expire on the expiration date set forth in the Notice of
Share Option Grant. 
 (b)    Termination of Service (Except by Death). If the Optionee’s Service
terminates for any reason other than death, then this Option shall expire on the earliest of the following occasions: 

(i)    The expiration date determined pursuant to Subsection (a) above; 

(ii)    The date three months after the termination of the Optionee’s Service for any reason other
than Disability; or 
 (iii)    The date six months after the termination of the Optionee’s Service
by reason of Disability. 
 The Optionee may exercise all or part of this Option at any time before its expiration under the preceding
sentence, but only to the extent that this Option had become exercisable before the Optionee’s Service terminated. When the Optionee’s Service terminates, this Option shall expire immediately with respect to the number of Shares for which
this Option is not yet exercisable. For the avoidance of doubt, this Option will not become exercisable for any additional Shares following the date on which the Optionee ceases to provide Service. In the event that the Optionee dies after
termination of Service but before the expiration of this Option, all or part of this Option may be exercised (prior to expiration) by the executors or administrators of the Optionee’s estate or by any person who has acquired this Option
directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this Option had become exercisable before the Optionee’s Service terminated. 

(c)    Death of the Optionee. If the Optionee dies while in Service, then this Option shall expire on the
earlier of the following dates: 

  
 6 

 (i)    The expiration date determined pursuant to
Subsection (a) above; 
 (ii)    The date 12 months after the Optionee’s death. 

All or part of this Option may be exercised at any time before its expiration under the preceding sentence by the executors or administrators
of the Optionee’s estate or by any person who has acquired this Option directly from the Optionee by beneficiary designation, bequest or inheritance, but only to the extent that this Option had become exercisable before the Optionee ’s
death. When the Optionee dies, this Option shall expire immediately with respect to the number of Shares for which this Option is not yet exercisable. 

(d)    Part-Time Employment and Leaves of Absence. If the Optionee commences working on a part-time basis,
then the Company may adjust the vesting schedule set forth in the Notice of Share Option Grant in accordance with the Company’s part-time work policy or the terms of an agreement between the Optionee and the Company pertaining to his or her
part-time schedule. If the Optionee goes on a leave of absence, then the Company may adjust the vesting schedule set forth in the Notice of Share Option Grant in accordance with the Company’s leave of absence policy or the terms of such leave.
Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while the Optionee is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and
(ii) continued crediting of Service for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company). Service shall be deemed to terminate when such leave ends, unless the Optionee
immediately returns to active work. 
 SECTION 7. RIGHT OF FIRST REFUSAL. 

(a)    Right of First Refusal. In the event that the Optionee proposes to sell, pledge or otherwise transfer
to a third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares. If the Optionee desires to transfer Shares
acquired under this Agreement, the Optionee shall give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of
the proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal, state or foreign securities or other applicable laws. The Transfer Notice shall be signed both by the Optionee
and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in
the Transfer Notice (subject, however, to any change in such terms permitted under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by
the Company. 
 (b)    Transfer of Shares. If the Company fails to exercise its Right of First Refusal
within 30 days after the date when it received the Transfer Notice, the Optionee may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and
conditions described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, state and foreign securities or other applicable laws and not in violation of any other contractual restrictions to which the
Optionee is bound. Any proposed transfer 

  
 7 

 
on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by the Optionee, shall again be subject to the Right of First Refusal
and shall require compliance with the procedure described in Subsection (a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms set forth in the Transfer Notice within 60
days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares was to
be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer
Notice in a manner which the Administrator determines to comply with Cayman Islands law and all other applicable laws. 

(c)    Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the
Company with or into another entity, any other corporate reorganization, a share split, the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than share, a
spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash
equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 7 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange
or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 7. 

(d)    Termination of Right of First Refusal. Any other provision of this Section 7 notwithstanding, in
the event that the Shares are readily tradable on an established securities market when the Optionee desires to transfer Shares, the Company shall have no Right of First Refusal, and the Optionee shall have no obligation to comply with the
procedures prescribed by Subsections (a) and (b) above. 
 (e)    Permitted Transfers. This
Section 7 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of the Optionee’s Immediate Family or to a trust established by the Optionee for the
benefit of the Optionee and/or one or more members of the Optionee’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If the
Optionee transfers any Shares acquired under this Agreement, either under this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to the
Optionee and as a condition of such transfer, the Transferee must execute a share transfer agreement in the form prescribed by the Company. 

(f)    Termination of Rights as Shareholder. If the Company makes available, at the time and place and in
the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 7, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as a
holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the
certificate(s) therefor have been delivered as required by this Agreement and the Company shall have the right to amend its register of members accordingly. 

  
 8 

 (g)    Assignment of Right of First Refusal. The
Administrator may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights and obligations under
this Section 7. 
 SECTION 8. LEGALITY OF INITIAL ISSUANCE. 

No Shares shall be issued upon the exercise of this Option unless and until the Company has determined that: 

(a)    It and the Optionee have taken any actions required to register the Shares under the Securities Act or to
perfect an exemption from the registration requirements thereof; 
 (b)    Any applicable listing requirement of
any stock exchange or other securities market on which the Shares are listed has been satisfied; and 

(c)    Any other applicable provision of federal, state or foreign law has been satisfied. 

SECTION 9. NO REGISTRATION RIGHTS. 

The Company may, but shall not be obligated to, register or qualify the sale of Shares under the Securities Act or any other applicable law.
The Company shall not be obligated to take any affirmative action in order to cause the sale of Shares under this Agreement to comply with any law. 

SECTION 10. RESTRICTIONS ON TRANSFER OF SHARES. 

(a)    Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have
been registered under the Securities Act or have been registered or qualified under the securities laws of any state or foreign country, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares
(including the placement of appropriate legends on share certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the
Securities Act, the securities laws of any state or foreign country or any other applicable law. 

(b)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, the Optionee or a Transferee shall not directly or indirectly
sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of
the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter. Such restriction (the “Market
Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall
such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of

  
 9 

 
research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers
and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public
offering. In the event of the declaration of a share dividend, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding
securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or
into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose
stop-transfer instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set
forth in this Subsection (b). This Subsection (b) shall not apply to Shares registered in the public offering under the Securities Act. 

(c)    Investment Intent at Grant. The Optionee represents and agrees that the Shares to be acquired upon
exercising this Option will be acquired for investment, and not with a view to the sale or distribution thereof. 

(d)    Investment Intent at Exercise. In the event that the sale of Shares under the Plan is not registered
under the Securities Act but an exemption is available that requires an investment representation or other representation, the Optionee shall represent and agree at the time of exercise that the Shares being acquired upon exercising this Option are
being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel. 

(e)    Legends. All certificates evidencing Shares purchased under this Agreement shall bear the following
legend: 
 “THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN
COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED
TRANSFER OF THE SHARES. IN ADDITION, THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A LIMITED PERIOD FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED
OF BY THE HOLDER WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 

All certificates evidencing Shares purchased under this Agreement in an unregistered transaction shall bear the following legend (and such
other restrictive legends as are required or deemed advisable under the provisions of any applicable law): 

  
 10 

 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED. IN THE
ABSENCE OF REGISTRATION OR THE AVAILABILITY (CONFIRMED BY OPINION OF COUNSEL) OF AN ALTERNATIVE EXEMPTION FROM REGISTRATION UNDER THE ACT (INCLUDING WITHOUT LIMITATION IN ACCORDANCE WITH REGULATION S UNDER THE ACT), THESE SHARES MAY NOT BE SOLD,
REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF. HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.” 

(f)    Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a share
certificate representing Shares sold under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend. 

(g)    Administration. Any determination by the Company and its counsel in connection with any of the
matters set forth in this Section 10 shall be conclusive and binding on the Optionee and all other persons. 
 SECTION 11.
ADJUSTMENT OF SHARES. 
 In the event of any transaction described in Section 10(a) of the Plan, the terms of this Option
(including, without limitation, the number and kind of Shares subject to this Option and the Exercise Price) shall be adjusted as set forth in Section 10(a) of the Plan. In the event that the Company is a party to a merger or consolidation or
in the event of a sale of all or substantially all of the Company’s shares or assets, this Option shall be subject to the treatment provided by the Administrator in its sole discretion, as provided in Section 10(b) of the Plan. 

SECTION 12. MISCELLANEOUS PROVISIONS. 

(a)    Rights as a Shareholder. Neither the Optionee nor the Optionee’s representative shall have any
rights as a shareholder with respect to any Shares subject to this Option until the Optionee or the Optionee’s representative becomes entitled to receive such Shares by filing a notice of exercise and paying the Purchase Price pursuant to
Sections 4 and 5 and such person is registered in the register of members of the Company. 
 (b)    No
Retention Rights. Subject to the requirements of applicable law and the applicable employment documentation (if any), nothing in this Option or in the Plan shall confer upon the Optionee any right to continue in Service for any period of
specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Optionee) or of the Optionee, which rights are hereby expressly reserved by each, to terminate his
or her Service at any time and for any reason, with or without cause, provided, however, that this provision will not apply if applicable employment documentation or provisions of applicable law require otherwise. 

  
 11 

 (c)    Notice. Any notice required by the terms of this
Agreement shall be given in writing. It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service or a comparable postal service in a country other than the United States, by registered or
certified mail, with postage and fees prepaid or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to the Optionee at the address that
he or she most recently provided to the Company in accordance with this Subsection (c). 
 (d)    Entire
Agreement. The Notice of Share Option Grant, this Agreement and the Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings
(whether oral or written and whether express or implied) that relate to the subject matter hereof. 

(e)    Plan and Option Discretionary. The Optionee understands and acknowledges that (i) the Plan and
Option are entirely discretionary, (ii) the Company and the Optionee’s employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the grant of an option does not in any way create any contractual or
other right to receive additional grants of options (or benefits in lieu of options) at any time or in any amount and (iv) all determinations with respect to any additional grants, including (without limitation) the times when options will be
granted, the number of Shares offered, the Exercise Price and the vesting schedule, will be at the sole discretion of the Company. 

(f)    Extraordinary Compensation. The value of this Option shall be an extraordinary item of compensation
outside the scope of the Optionee’s employment contract, if any, and shall not be considered a part of the Optionee’s wages, base or normal or expected compensation for any purpose, including (without limitation) the purpose of calculating
any benefits, including (without limitation) severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits
or similar payments. The vesting in and exercisability of this Option shall also not be considered a part of the Optionee’s wages, base or normal or expected compensation for any purpose, including (without limitation) the purpose of
calculating any benefits, including (without limitation) severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or
retirement benefits or similar payments. 
 (g)    Termination of Service. The Optionee understands and
acknowledges that participation in the Plan ceases upon termination of his or her Service for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement. The Optionee understands and agrees that this Option and the
Shares subject to this Option will only become vested and exercisable in accordance with the “Date Exercisable” schedule in the attached Notice of Share Option Grant, while the Optionee is actually providing Service. Employees and
Consultants by accepting this Option acknowledge and agree that they have no rights to continue rendering Service to the Company or a Parent or Subsidiary, and that the rights to provide Service are separate and distinct from rights to remain
employed and/or rights to receive notice of termination of employment or payment in lieu of notice thereof. The Optionee shall not become vested and exercisable in this Option and the Shares subject to this Option when the Optionee is not providing
Service, including (without limitation) when the Optionee is on a leave of absence or during a notice period, unless otherwise determined by the Company, in its sole discretion. 

  
 12 

 (h)    Authorization to Disclose. The Optionee hereby
authorizes and directs the Optionee’s employer to disclose to the Company or any Parent or Subsidiary or other entity any information regarding the Optionee’s employment, the nature and amount of the Optionee’s compensation and the
fact and conditions of the Optionee’s participation in the Plan, as the Optionee’s employer deems necessary or appropriate to facilitate the administration of the Plan. 

(i)    Personal Data Authorization. The Optionee consents to the collection, use and transfer of personal
data as described in this Subsection (i). The Optionee understands and acknowledges that the Company, a Parent or Subsidiary, the Optionee’s employer and the Company’s other Subsidiaries and entities hold certain personal information
regarding the Optionee for the purpose of managing and administering the Plan, including (without limitation) the Optionee’s name, home address, telephone number, date of birth, national insurance number, salary, nationality, job title, any
Shares or directorships held in the Company and details of all options or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Optionee’s favor (the “Data”). The Optionee further
understands and acknowledges that the Company, any Parent or Subsidiary and other entities will transfer Data among themselves as necessary for the purpose of implementation, administration and management of the Optionee’s participation in the
Plan and that the Company and/or any Parent or Subsidiary and other entities may each further transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan. The Optionee understands and
acknowledges that the recipients of Data may be located in the United States or elsewhere. The Optionee authorizes such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering the
Optionee’s participation in the Plan, including a transfer to any broker or other third party with whom the Optionee elects to deposit Shares acquired under the Plan of such Data as may be required for the administration of the Plan and/or the
subsequent holding of Shares on the Optionee’s behalf. The Optionee may, at any time, view the Data, require any necessary modifications of Data or withdraw the consents set forth in this Subsection (i) by contacting the Human Resources
Department of the Company in writing. 
 (j)    Independent Tax Advice. The Optionee should obtain advice
from an appropriate independent professional adviser with respect to the tax implications of the grant, exercise, assignment, release, cancellation, termination or any other disposition of this Option or the Shares subject to this Option pursuant to
the terms of the Plan. Optionee understands and agrees that the Company has no obligation to provide any tax advice. 

(k)    Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
Cayman Islands, as such laws are applied to contracts entered into and performed in such jurisdiction. 

(l)    Arbitration. Any dispute, controversy or claim arising out of or in connection with or relating to
this Agreement, or the interpretation, breach, termination or validity hereof, shall be resolved through arbitration. The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the
“Centre”). The award of the arbitration tribunal shall be final and binding upon the parties, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award. 

SECTION 13. ACKNOWLEDGEMENTS OF THE OPTIONEE. 

  
 13 

 (a)    Tax Consequences. The Optionee agrees that the
Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes the Optionee’s tax liabilities. The Optionee shall not make any claim against the Company or its Board of Directors,
officers or employees related to tax liabilities arising from this Option or the Optionee’s other compensation. Additional terms set forth on the appendix “Special Provisions Applicable to U.S. Tax Residents” shall apply to any
Participant who is a resident of the United States for purposes of U.S. taxation. 
 (b)    Electronic
Delivery of Documents. The Optionee agrees that the Company may deliver by email all documents relating to the Plan or this Option (including, without limitation, a copy of the Plan) and all other documents that the Company is required to
deliver to its security holders (including, without limitation, disclosures that may be required by the Securities and Exchange Commission). The Optionee also agrees that the Company may deliver these documents by posting them on a website
maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it shall notify the Optionee by email to the extent practicable. 

(c)    Exercise May Be Prohibited. The Optionee agrees and acknowledges that in the event the Company
determines that exercise of this Option by the Optionee (i) may be prohibited or subject to approval and/or registration requirements under applicable laws and regulations of the People’s Republic of China or (ii) could subject the
Company and/or its Subsidiaries in China to regulatory restrictions under applicable laws and regulations of China, the Optionee shall have no right to exercise this Option without the prior written consent of the Administrator. The Optionee further
acknowledges and agrees that this Option could expire before exercise is permitted. 
 (d)    Waiver of
Statutory Information Rights. The Optionee acknowledges and agrees that, upon exercise of this Option and until the first sale of the Company’s Share to the general public pursuant to a registration statement filed under the Securities Act,
he or she will be deemed to have waived any rights the Optionee might otherwise have had under Cayman Islands law (or under similar rights under other applicable law) to inspect for any proper purpose and to make copies and extracts from the
Company’s register of members, a list of its shareholders and its other books and records or the books and records of any subsidiary. This waiver applies only in the Optionee’s capacity as a shareholder and does not affect any other
inspection rights the Optionee may have under other law or pursuant to a written agreement with the Company. 
 SECTION 14. LOCAL LAW;
FOREIGN EXCHANGE AND TAX COMPLIANCE. 
 Notwithstanding anything else contained herein to the contrary, due to certain foreign exchange
regulations in the People’s Republic of China, the Administrator may, at its discretion, limit the method of option exercise to a cashless method for Optionees resident in the PRC not having permanent residence in a country other than the
People’s Republic of China (“PRC Participants”). Such discretion includes and is not limited to the required exchange of proceeds by the Administrator into Renminbi for transmittal to PRC Participants, deductions for fees
associated with the exchange, and deductions for PRC taxes, as may be necessary to comply with applicable PRC foreign exchange and tax regulations. 

SECTION 15. DEFINITIONS. 

  
 14 

 (a)     “Administrator” shall mean the Board of
Directors of the Company, as constituted from time to time or, if a Committee has been appointed, such Committee, all as described in Section 2 of the Plan. 

(b)     “Agreement” shall mean this Share Option Agreement. 

(c)     “Company” shall mean Tusimple (Cayman) Limited, a Cayman Islands exempted limited company.

 (d)     “Consultant” shall mean a person who performs bona fide services for the Company, a
Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 
 (e)    
“Date of Grant” shall mean the date of grant specified in the Notice of Share Option Grant, which date shall be the later of (i) the date on which the Administrator resolved to grant this Option or (ii) the first day of
the Optionee’s Service. 
 (f)     “Disability” shall mean that the Optionee is unable to
engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment. 

(g)     “Employee” shall mean any individual who is an employee of the Company, a Parent or a
Subsidiary. 
 (h)     “Employer” shall mean any of the Company, a Parent or a Subsidiary, who
is an employer of an Employee. 
 (i)     “Exercise Price” shall mean the amount for which one
Share may be purchased upon exercise of this Option, as specified in the Notice of Share Option Grant. 
 (j)    
“Fair Market Value” shall mean the fair market value of a Share, as determined by the Administrator in good faith. Such determination shall be conclusive and binding on all persons. 

(k)     “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law and shall include adoptive relationships. 

(l)     “Notice of Share Option Grant” shall mean the document so entitled to which this Agreement
is attached. 
 (m)     “Optionee” shall mean the person named in the Notice of Share Option
Grant. 
 (n)     “Outside Director” shall mean a member of the Board of Directors who is not an
Employee. 
 (o)     “Parent” shall mean any company (other than the Company) in an unbroken
chain of companies ending with the Company, if each of the companies other than the Company owns share possessing 50% or more of the total combined voting power of all classes of share in one of the other companies in such chain. 

  
 15 

 (p)     “Plan” shall mean the Tusimple (Cayman)
Limited 2017 Share Plan, as in effect on the Date of Grant. 
 (q)     “Purchase Price” shall
mean the Exercise Price multiplied by the number of Shares with respect to which this Option is being exercised. 

(r)     “Right of First Refusal” shall mean the Company’s right of first refusal described in
Section 7. 
 (s)     “SAFE 7” shall mean the Circular of the State Administration of
Foreign Exchange on Issues concerning the Administration of Foreign Exchange Used for Domestic Individuals’ Participation in Equity Incentive Plans of Companies Listed Overseas promulgated by the State Administration of Foreign Exchange of the
People’s Republic of China and effective as of February 15, 2012. 
 (t)     “SAFE 37”
shall mean the Notice on Relevant Issues Concerning Foreign Exchange Administration for Domestic Residents to Engage in Overseas Financing and Round Trip Investment via Special Purpose Companies issued by SAFE on July 4, 2014. 

(u)     “Securities Act” shall mean the Securities Act of 1933, as amended. 

(v)     “Service” shall mean actual ongoing service to the Company, a Parent or a Subsidiary as an
Employee, Consultant or Outside Director and specifically excludes periods of notice of termination of employment under applicable law or employment contracts whereby actual service is no longer provided, for example, when an Employee is paid in
lieu of his/her notice period or when an Employee is asked to cease service immediately pursuant to a “garden leave” or a similar concept. 

(w)     “Share” shall mean the ordinary shares of the Company, as adjusted in accordance with
Section 10 of the Plan (if applicable). 
 (x)     “Subsidiary” shall mean any company
(other than the Company) in an unbroken chain of companies beginning with the Company, if each of the companies other than the last company in the unbroken chain owns share possessing 50% or more of the total combined voting power of all classes of
share in one of the other companies in such chain. 
 (y)     “Transferee” shall mean any person
to whom the Optionee has directly or indirectly transferred any Share acquired under this Agreement. 
 (z)    
“Transfer Notice” shall mean the notice of a proposed transfer of Shares described in Section 7. 

  
 16 

 APPENDIX 

SPECIAL PROVISIONS APPLICABLE TO U.S. TAX RESIDENTS 

Any Optionee subject to U.S. taxation acknowledges that this Option is exempt from Section 409A of the Code only if the Exercise Price is
at least equal to the Fair Market Value per Share on the Date of Grant. Since Shares are not traded on an established securities market, the determination of their Fair Market Value is made by the Administrator or by an independent valuation firm
retained by the Company. The Optionee acknowledges that there is no guarantee in either case that the U.S. Internal Revenue Service will agree with the valuation, and the Optionee shall not make any claim against the Company or its Board of
Directors, officers or employees in the event that the U.S. Internal Revenue Service asserts that the valuation was too low. 

  
 17 

 EXHIBIT A 

  
 18 

 TUSIMPLE (CAYMAN) LIMITED 

2017 SHARE PLAN 

NOTICE OF RESTRICTED SHARE UNIT AWARD 

You (“Participant”) have been granted Restricted Share Units (“RSUs”) representing shares of ordinary share of Tusimple
(Cayman) Limited (the “Company”) on the following terms: 
  

					
		 	Name:	 	                                      
                                         
                                         
        
			
		 	Total Number of RSUs Granted:	 	                                      
                                         
                                         
        
			
		 	Date of Grant:	 	                                      
                                         
                                         
        
			
		 	Expiration Date:	 	the seventh (7th) anniversary of the Date of Grant specified above
			
		 	Vesting Commencement Date:	 	                                      
                                         
                                         
        
			
		 	Vesting:	 	Participant will receive a benefit with respect to a RSU only if it vests. In order for an RSU to vest, two vesting requirements must be both satisfied on or before the Expiration Date specified above: (i) the Time-Based Requirement
and (ii) the Liquidity Event Requirement. If both the Time-Based Requirement and the Liquidity Event Requirement are satisfied on or before the Expiration Date, the vesting date (“Vesting Date”) of an RSU will be the first date
upon which both of those requirements are satisfied with respect to that particular RSU.
			
		 	Time-Based Requirement:	 	The Time-Based Requirement will be satisfied in installments as to [            % of the RSUs subject to this award when the Participant completes
             months of continuous Service, as to             % of the RSUs subject to this award when the Participant completes
             months of continuous Service, and as to             % of the RSUs subject to this award when the Participant
completes              months of continuous Service, measured from the Vesting Commencement Date set forth

					
		 		 	above,] subject to Section 2 of the Restricted Share Unit Agreement. In the event of termination of continuous Service for any reason, all further vesting related to the Time-Based Requirement shall immediately cease and any
unvested RSUs that have not met the Time-Based Requirement will be terminated pursuant to Section 2 of the Restricted Share Unit Agreement.
			
		 	Liquidity Event Requirement:	 	The Liquidity Event Requirement will be satisfied (as to any then-outstanding RSUs that have not theretofore been terminated pursuant to Section 2 of the Restricted Share Unit Agreement) upon the earlier to occur of (i) an
IPO or (ii) a Sale Event (each, a “Liquidity Event”).
			
		 	Settlement:	 	Settlement of RSUs refers to the issuance of Shares (or, if applicable, cash) once the award is vested. If a RSU vests as a result of satisfaction of both applicable vesting requirements as described above, the Company will deliver
one Share for that RSU at the time of settlement, unless at the time of settlement the Administrator, in its sole discretion, determines that settlement shall, in whole or in part, be in the form of cash, based on the then Fair Market Value of a
Share. Settlement shall occur on or following the Vesting Date, but not later than two and one-half (21⁄2) months
following the end of the year in which the Vesting Date applicable to a RSU occurs (the last day of such two and one-half month period is referred to as the “Short Term Deferral End Date”).
Notwithstanding the above, settlement of RSUs that become vested RSUs upon (i) a Sale Event will be made in Shares, unless otherwise specified in the definitive agreement for such Sale Event, or (ii) an IPO shall occur on the
earlier of (a) the 185th day following the IPO Date or (b) the Short Term Deferral End Date.

 By signing below, the Participant and the Company agree that the RSUs are granted under and governed by the terms and
conditions of the Company’s 2017 Share Plan (the “Plan”) and the 

 Restricted Share Unit Agreement, both of which have been provided to the Participant for review and are made
a part of this document. This Notice of Share Unit Award together with the Restricted Share Unit Agreement constitute the Restricted Share Unit Award Agreement referred to in the Plan. Capitalized terms not otherwise defined herein shall have the
meaning set forth in the Plan. Participant hereby acknowledges that the vesting of the RSUs pursuant to this Notice of Restricted Share Unit Award is conditioned on the satisfaction of the Time-Based Requirement and the Liquidity Event Requirement
on or before the Expiration Date. Participant shall have no right with respect to the RSUs to the extent a Liquidity Event does not occur on or before the Expiration Date (regardless of the extent to which the Time-Based Requirement is satisfied).

 Participant further agrees to accept by email all documents relating to the Company, the Plan or these RSUs and all other documents that the Company is
required to deliver to its security holders (including, without limitation, disclosures that may be required by the Securities and Exchange Commission). Participant also agrees that the Company may deliver these documents by posting them on a
website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify Participant by email. Participant acknowledges that he or she may incur costs in connection with
electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with Participant’s ability to access the documents. 

 

					
	PARTICIPANT:	 		 	TUSIMPLE (CAYMAN) LIMITED
			
	                                      
                                         
 	 		 	By:
                                         
   
			
	Address for Mailing Share Certificate:	 		 	Title:
                                         

			
	                                      
                                         
         	 		 	
			
	                                      
                                         
         	 		 	

 TUSIMPLE (CAYMAN) LIMITED 

2017 SHARE PLAN 

RESTRICTED SHARE UNIT AGREEMENT 

 

	SECTION 1.	 GRANT OF RESTRICTED SHARE UNITS. 

(a)    Grant. On the terms and conditions set forth in the Notice of Restricted Share Unit Award and this
Agreement, the Company grants to Participant on the Date of Grant the number of RSUs set forth in the Notice of Restricted Share Unit Award. Each RSU represents the right to receive one share of the Company’s ordinary share on the terms and
conditions set forth in this Agreement.  
 (b)    Consideration. No payment is required for the
RSUs that have been granted to Participant. 
 (c)    Nature of RSUs; No Rights As a Shareholder. The RSUs
are mere bookkeeping entries and represent only the Company’s unfunded and unsecured promise to issue Shares on a future date under specified conditions. As a holder of RSUs, Participant has no rights other than the rights of a general creditor
of the Company. The RSUs carry neither voting rights nor rights to cash dividends. Participant has no rights as a Shareholder of the Company unless and until the RSUs vest and are settled pursuant to Section 4. 

(d)    Share Plan and Defined Terms. The RSUs are granted pursuant to the Plan, a copy of which Participant
acknowledges having reviewed. The provisions of the Plan are incorporated into this Agreement by this reference. Capitalized terms are defined in Section 10 of this Agreement. 

 

	SECTION 2.	 VESTING. 

(a)    Generally. The RSUs vest in accordance with the vesting schedule set forth in the Notice of Restricted
Share Unit Award. Participant will receive a benefit with respect to an RSU only if both the Time-Based Requirement and the Liquidity Event Requirement are satisfied on or before the Expiration Date. The RSUs will not vest (in whole or in part) if
only one (or if neither) of such requirements is satisfied on or before the Expiration Date. 

(b)    Termination of Service. If Participant’s Service terminates for any reason, all RSUs as to which
the Time-Based Requirement has not been satisfied as of Participant’s termination date shall automatically terminate and be cancelled. Participant will not satisfy the Time-Based Requirement for any additional RSUs after Participant’s
Service has terminated, regardless of the reason for such termination. Upon such termination of Service, any RSUs as to which the Time-Based Requirement has been satisfied will (if the Liquidity Event

 
Requirement has not yet been satisfied) remain outstanding. Such RSUs will vest only if the Liquidity Event Requirement is satisfied prior to the Expiration Date. In case of any dispute as to
whether Participant’s Service has terminated, the Administrator shall have sole discretion to determine whether such termination has occurred and the effective date of such termination. 

(c)    Expiration of RSUs. If the Liquidity Event Requirement is not satisfied on or before the Expiration
Date, all RSUs (regardless of whether or not, or to the extent which, the Time-Based Requirement had been satisfied as to such RSUs) shall automatically terminate upon such date. Upon a termination of one or more RSUs pursuant to this
Section 2, Participant will have no further right with respect to such RSUs or the Shares previously allocated thereto. 

(d)    Part-Time Employment and Leaves of Absence. If Participant commences working on a part-time basis,
then the Company may adjust the Time-Based Requirement set forth in the Notice of Restricted Share Unit Award. If Participant goes on a leave of absence, then the Company may adjust the Time-Based Requirement set forth in the Notice of Restricted
Share Unit Award in accordance with the Company’s leave of absence policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while Participant is on
a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued crediting of Service for such purpose is expressly required by the terms of such leave or by applicable law (as determined by
the Company). Service shall be deemed to terminate when such leave ends, unless Participant immediately returns to active work. 
  

	SECTION 3.	 RESTRICTIONS APPLICABLE TO RSUS. 

(a)    Restrictions on Transfer. Except as otherwise provided in this Agreement, the RSUs and the rights and
privileges conferred hereby shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of by Participant prior to the settlement of the RSUs. However, Participant may designate a third party who, in the event of
Participant’s death, shall thereafter be entitled to receive any distribution of Shares to which Participant was entitled at the time of Participant’s death pursuant to this Agreement by delivering a written beneficiary designation to the
Company’s headquarters on the prescribed form. If Participant delivers no such beneficiary designation or if Participant’s designated beneficiaries do not survive Participant, Participant’s estate will receive payments in respect of
any vested RSUs. 
 (b)    Forfeiture of RSUs. In connection with the RSUs, the Company may be required to
provide Participant with certain highly confidential information about the Company, including information regarding its financial condition and business prospects. Unauthorized disclosure of such information is prohibited under Participant’s
existing Proprietary Information and Inventions Agreement with the Company and under Company policy, and Participant may be required to sign an additional nondisclosure agreement prior to receiving this type of information. In addition, unauthorized
disclosure of the Company’s confidential information could result in the immediate forfeiture of the RSUs, including vested RSUs as well as termination of Participant’s Service with the Company. 

  
 2 

	SECTION 4.	 SETTLEMENT OF RSUS. 

(a)    Settlement Date. Upon a Vesting Date with respect to a particular RSU, the Company will deliver one
Share for that RSU, unless at the time of settlement the Administrator, in its sole discretion, determines that settlement shall, in whole or in part, be in the form of cash, based on the then-Fair Market Value of a Share. Settlement shall occur on
or following the Vesting Date, but not later than Short-Term Deferral End Date (as defined in the Notice of Restricted Share Unit Grant). Notwithstanding the above, for RSUs that become vested upon a Sale Event, settlement will be made in
Shares, unless otherwise specified in the definitive agreement for such Sale Event, and for RSUs that become vested upon an IPO, settlement shall occur on the earlier of (i) the 185th day
following the IPO Date or (ii) the Short-Term Deferral End Date. In the event that settlement is made in Shares, the Participant shall deliver to the Company, on the date of settlement, the executed proxy as set forth in Exhibit A. 

(b)    Form of Delivery. The form of any delivery of Shares (e.g., a Share certificate or electronic entry
evidencing such shares) shall be determined by the Company. 
 (c)    Legality of Issuance. 

(1)    No Shares shall be issued to Participant upon settlement of the RSUs unless and until the Company has determined
that (i) Participant and the Company have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof; (ii) any applicable listing requirement of any
stock exchange or other securities market on which Share is listed has been satisfied; and (iii) any other applicable provision of federal, State or foreign law has been satisfied, including the foreign exchange laws and regulations in
People’s Republic of China (if applicable). The Company shall have no liability to issue Shares in respect of the RSUs unless it is able to do so in compliance with applicable law. 

(2)    To assure compliance with certain foreign exchange regulations in the People’s Republic of China, the
Administrator may, in its sole discretion, (i) prohibit the issuance of Shares in respect of the RSUs until after the Company (or one of its affiliates) has obtained approval from the State Administration of Foreign Exchange
(“SAFE”) with respect to the Plan, (ii) require the exchange of proceeds from the sale of Shares into Renminbi, and/or (iii) deduct amounts from sale proceeds to cover expenses the Company incurs in connection with
effecting such settlement, exchange or similar transaction. If SAFE approval is obtained, the Company may establish additional rules and restrictions on the settlement of the RSUs including shortening the post-termination settlement periods (to the
extent required or permitted by SAFE) and requiring the Participant to open a U.S. dollar bank account, and the Participant understands that there may be delays in receiving proceeds from the settlement and sale of Shares due to SAFE requirements.

 (3)    Participant acknowledges and agrees that it is the Participant’s sole responsibility to investigate and
comply with any applicable exchange control laws in connection with the issuance and delivery of the shares of stock pursuant to the settlement of the RSUs and that the Participant shall be responsible for any reporting of inbound and/or outbound

  
 3 

 
international fund transfers required under applicable law, including without limitation SAFE 37 and SAFE 7 (if applicable). The Participant is advised to seek appropriate professional advice as
to how the exchange control regulations apply to the Participant’s specific situation. 
  

	SECTION 5.	 TAXES. 

(a)    Withholding Taxes. Upon the Vesting Date and/or settlement date for the RSUs, the Fair Market Value of
the Shares is treated as income subject to withholding by the Company and/or the Parent or Subsidiary employing Participant (Participant’s “Employer”) for the payment of all applicable federal, State, local and foreign income
and employment withholding taxes which arise in connection with the vesting or settlement of the RSUs (the “Withholding Taxes”). No consideration will be paid to Participant in respect of this award unless Participant has made
arrangements satisfactory to Participant’s Employer to satisfy the Withholding Taxes. To the extent that Participant fails to make such arrangements with respect to certain RSUs, then Participant will permanently forfeit such RSUs. At the
discretion of the Company, these arrangements may include (i) withholding from other compensation or amounts that are owed to Participant by Participant’s Employer, (ii) payment in cash, (iii) if the Share is publicly traded,
payment from the proceeds of the sale of shares through a Company-approved broker, (iv) withholding a number of Shares that otherwise would be issued to Participant when the RSUs are settled with a Fair Market Value equal to the minimum
statutory amount required to be withheld, or (v) any other method permitted by the Company. However, if Participant is a Company officer subject to Section 16 of the Exchange Act, then the Withholding Taxes will be satisfied pursuant to
clause (iv) of the preceding sentence, unless otherwise determined in advance by the Administrator. If the Withholding Taxes are satisfied pursuant to clause (iv), Participant will be deemed to have been issued the full number of Shares subject
to the RSUs and the Fair Market Value of the withheld Shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied to the Withholding Taxes and such amount will be remitted to appropriate tax authorities
by the Company or Participant’s Employer. The Company will not withhold fractional shares pursuant to clause (iv), so if the Withholding Taxes are satisfied pursuant to clause (iv), Participant hereby authorizes the Company or
Participant’s Employer to withhold the amount of any remaining Withholding Taxes from Participant’s wages or other cash compensation.  

(b)    U.S. Tax Residents. Additional terms set forth on the appendix “Special Provisions Applicable to
U.S. Tax Residents” shall apply to any Participant who is a resident of the United States for purposes of U.S. taxation. 

(c)    Acknowledgements. Participant acknowledges that there will be tax consequences upon vesting and/or
settlement of the RSUs and/or disposition of the Shares, if any, received hereunder, and Participant should consult a tax advisor regarding Participant’s tax obligations prior to such event. Participant acknowledges that the Company is not
providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan or acquisition or sale of Shares subject to this award. Participant is hereby advised to consult with
Participant’s own personal tax, legal, and financial advisors regarding Participant’s participation in the Plan. Participant further acknowledges that the Company (i) makes no representations or undertakings regarding the tax
treatment of the 

  
 4 

 
award of RSUs, including, but not limited to the grant, vesting, or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such RSUs, and the receipt of any dividends; and
(ii) does not commit to and is under no obligation to structure the terms of the grant of the RSUs to reduce or eliminate Participant’s tax liability or achieve any particular tax result. Participant agrees that the Company does not have a
duty to design or administer the RSUs, the Plan or its other compensation programs in a manner that minimizes Participant’s tax liability. Participant shall not make any claim against the Company or its Board of Directors, officers, or
employees related to tax matters arising from this award or Participant’s other compensation. 
  

	SECTION 6.	 RIGHT OF FIRST REFUSAL. 

(a)    Right of First Refusal. In the event that Participant proposes to sell, pledge or otherwise transfer
to a third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares. If Participant desires to transfer Shares
acquired under this Agreement, Participant must give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the
proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal, state or foreign securities laws. The Transfer Notice shall be signed both by Participant and by the proposed
Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice
(subject, however, to any change in such terms permitted under Section 6(b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. 

(b)    Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days
after the date when it received the Transfer Notice, Participant may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions
described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and foreign securities laws and not in violation of any other contractual restrictions to which Participant is bound. Any proposed
transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by Participant, shall again be subject to the Right of First Refusal and shall require compliance with the procedure
described in Section 6(a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received
the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash
equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice. 

  
 5 

 (c)    Additional or Exchanged Securities and Property. In
the event of a merger or consolidation of the Company with or into another entity, any other corporate reorganization, a share split, the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than
share, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash
equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 6 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange
or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 6. 

(d)    Termination of Right of First Refusal. Any other provision of this Section 6 notwithstanding, in
the event that the Share is readily tradable on an established securities market when Participant desires to transfer Shares, the Company shall have no Right of First Refusal, and Participant shall have no obligation to comply with the procedures
prescribed by Sections 6(a) and 6(b) above. 
 (e)    Permitted Transfers. This Section 6 shall
not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of the Participant’s Immediate Family or to a trust established by Participant for the benefit of
Participant and/or one or more members of Participant’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If Participant
transfers any Shares acquired under this Agreement, either under this Section 6(e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to Participant.

 (f)    Termination of Rights as Shareholder. If the Company makes available, at the time and place and
in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 6, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as
a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the
certificate(s) therefor have been delivered as required by this Agreement. 
 (g)    Assignment of Right of
First Refusal. The Administrator may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights
and obligations under this Section 6. 
  

	SECTION 7.	 RESTRICTIONS APPLICABLE TO SHARES. 

(a)    Securities Law Restrictions. Regardless of whether the offering and sale of Shares under the Plan have
been registered under the Securities Act or have been registered or qualified under the securities laws of any State, the Company, at its discretion, may impose 

  
 6 

 
restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on share certificates or the imposition of
stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Securities Act, the securities laws of any State or any
other law. Participant (or the beneficiary or Participant’s personal representative in the event of Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as
the Company may deem necessary or reasonably desirable to ensure compliance with all applicable legal and regulatory requirements. 

(b)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, Participant or a Transferee shall not directly or indirectly sell,
make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the
foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter. Such restriction (the “Market
Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event, however, shall
such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or
(ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended,
or any similar successor rules. The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering. In the event of the declaration of a share dividend, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or
additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be
subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired under
this Agreement until the end of the applicable stand-off period. The Company’s underwriters shall be beneficiaries of the agreement set forth in this Section 7(b). This Section 7(b) shall not
apply to Shares registered in the public offering under the Securities Act.  
 (c)    Investment
Intent at Grant. Participant represents and agrees that the Shares to be acquired upon settlement of the RSUs will be acquired for investment, and not with a view to the sale or distribution thereof.  

(d)    Investment Intent at Settlement. In the event that the sale of Shares under the Plan is not
registered under the Securities Act but an exemption is available that requires an investment representation or other representation, Participant shall represent and agree at the time of issuance that the Shares being acquired upon settlement of the
RSUs are being acquired for investment, and not with a view to the sale or distribution thereof, and shall 

  
 7 

 
make such other representations as are deemed necessary or appropriate by the Company and its counsel.  

(e)    Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares
that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any Transferee to whom the Shares have been transferred in
contravention of this Agreement. 
 (f)    Legends. All certificates evidencing the Shares issued under
this Agreement shall bear the following legend:  
 “THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED,
ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY
CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 

All certificates evidencing Shares issued under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive
legends as are required or deemed advisable under the provisions of any applicable law): 
 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.” 
 If required by the authorities of any State in connection with the issuance of the Shares, the legend or legends
required by such State authorities shall also be endorsed on all such certificates. 
 (g)    Removal of
Legends. If, in the opinion of the Company and its counsel, any legend placed on a share certificate representing Shares issued under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such
certificate for a certificate representing the same number of Shares but without such legend.  

(h)    Administration. Any determination by the Company and its counsel in connection with any of the
matters set forth in this Section 7 shall be conclusive and binding on Participant and all other persons.  

  
 8 

	SECTION 8.	 ADJUSTMENT OF SHARES. 

In the event of any transaction described in Section 9(a) of the Plan, the terms of the RSUs (including, without limitation, the number
and kind of shares subject to these RSUs) shall be subject to Section 9(a) of the Plan. In the event that the Company is party to certain corporate transactions, the RSUs shall be subject to Section 9(b) of the Plan. Any additional RSUs
and any new, substituted or additional shares, cash or other property that become subject to this award as a result of any such transaction shall be subject to the same conditions and restrictions as applicable to the RSUs to which they relate. 

 

	SECTION 9.	 MISCELLANEOUS PROVISIONS. 

(a)    Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon Participant and Participant’s legal representatives, heirs, legatees, distributees, assigns and transferees by
operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. 

(b)    No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon Participant the right
to remain in Service in any capacity or for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining Participant) or Participant, which rights
are hereby expressly reserved by each, to terminate Participant’s Service at any time and for any reason, with or without cause. 

(c)    Notice. Any notice required by the terms of this Agreement shall be given in writing. It shall be
deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid or (iii) deposit with a reputable overnight courier, with shipping charges
prepaid. Notice shall be addressed to the Company at its principal executive office and to Participant at the address that Participant most recently provided to the Company in accordance with this Section 9(c).  

(d)    Effect on Other Employee Benefit Plans. The value of the RSUs and the Shares issuable thereunder
shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan (other than the Plan) sponsored by the Company or a Parent or Subsidiary, except as such plans otherwise
expressly provide. 
 (e)    Entire Agreement. The Notice of Restricted Share Unit Award, this Agreement
and the Plan constitute the entire understanding between Participant and the Company regarding the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied)
that relate to the subject matter hereof. 

  
 9 

 (f)    Choice of Law. This Agreement shall be governed by,
and construed in accordance with, the laws of Cayman Islands, as such laws are applied to contracts entered into and performed in such jurisdiction.  
  

	SECTION 10.	 DEFINITIONS. 

(a)    “Administrator” shall mean the Board of Directors of the Company, as constituted from time
to time or, if a Committee has been appointed, such Committee, all as described in Section 2 of the Plan. 

(b)    “Agreement” shall mean this Restricted Share Unit Agreement. 

(c)    “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(d)    “Committee” shall mean a committee of the Board of Directors, 

(e)    “Company” shall mean Tusimple (Cayman) Limited, a company incorporated under the laws of
Cayman Islands. 
 (f)    “Consultant” shall mean a person who performs bona fide services for
the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 

(g)    “Date of Grant” shall mean the date specified in the Notice of Restricted Share Unit Award.

 (h)    “Employee” shall mean any individual who is an employee of the Company, a Parent or a
Subsidiary. 
 (i)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 (j)    “Expiration Date” shall mean the expiration date of the RSUs as set forth in the
Notice of Restricted Share Unit Award. 
 (k)    “Fair Market Value” shall mean the fair market
value of a Share, as determined by the Administrator in accordance with applicable laws. Such determination shall be conclusive and binding on all persons. 

(l)    “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law and shall include adoptive relationships. 

(m)    “IPO” shall mean the consummation of an initial public offering in which Shares are offered
and sold in an underwritten public offering and subsequently listed and traded on a major stock exchange or securities market (such as The Nasdaq Stock Market or the New York Stock Exchange). 

  
 10 

 (n)    “Outside Director” shall mean a member of
the Board of Directors who is not an Employee. 
 (o)    “Parent” shall mean 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 share 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. 

(p)    “Plan” shall mean the Tusimple (Cayman) Limited 2017 Share Plan, as amended from time to
time. 
 (q)    “Right of First Refusal” shall mean the Company’s right of first refusal
described in Section 6. 
 (r)    “RSUs” shall mean the Restricted Share Units granted to
Participant by the Company as set forth in the Notice of Restricted Share Unit Award. 
 (s)    “SAFE
7” shall mean the Circular of the State Administration of Foreign Exchange on Issues concerning the Administration of Foreign Exchange Used for Domestic Individuals’ Participation in Equity Incentive Plans of Companies Listed Overseas
promulgated by the State Administration of Foreign Exchange of the People’s Republic of China and effective as of February 15, 2012. 

(t)    “SAFE 37” shall mean the Notice on Relevant Issues Concerning Foreign Exchange
Administration for Domestic Residents to Engage in Overseas Financing and Round Trip Investment via Special Purpose Companies issued by SAFE on July 4, 2014. 

(u)    “Sale Event” means the consummation of the following transactions in which holders of
Shares receive cash or marketable securities tradable on an established national or foreign securities exchange: (i) a sale of all or substantially all of the assets of the Company determined on a consolidated basis to an unrelated person or
entity; (ii) a merger, reorganization, or consolidation involving the Company in which the voting shares of the Company outstanding immediately prior to such transaction represent or are converted into or exchanged for securities of the
surviving or resulting entity immediately upon completion of such transaction which represent less than 50% of the outstanding voting power of such surviving or resulting entity; or (iii) the acquisition of all or a majority of the outstanding
voting share of the Company in a single transaction or series of related transactions by a person or group of persons. For the avoidance of doubt, an initial public offering, any subsequent public offering, another capital raising event, and a
merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.” In addition, a transaction shall not constitute a Sale Event unless such transaction also qualifies as an event under Treasury Regulation Section 1.409A-3(i)(5)(v) (change in the ownership of a corporation), Treasury Regulation Section 1.409A-3(i)(5)(vi)

  
 11 

 
(change in the effective control of a corporation), or Treasury Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial
portion of a corporation’s assets). 
 (v)    “Securities Act” shall mean the Securities
Act of 1933, as amended. 
 (w)    “Service” shall mean service as an Employee, Consultant or
Outside Director, as described more fully in the Plan. Continuous Service means that the Participant’s service with the Company, a Parent or a Subsidiary, whether as an Employee, Consultant or Outside Director, is not interrupted or terminated.
A change in the capacity in which the Participant renders service to the Company, a Parent or a Subsidiary as an Employee, Consultant or Outside Director or a change in the entity for which the Participant renders such service, provided that there
is no interruption or termination of the Participant’s service with the Company, Parent or Subsidiary, will not terminate a Participant’s continuous Service; provided, however, that if the entity for which a Participant is rendering
services ceases to qualify as a Parent or Subsidiary, as determined by the Administrator, in its sole discretion, such Participant’s continuous Service will be considered to have terminated on the date such entity ceases to qualify as a Parent
or Subsidiary. 
 (x)    “Share” shall mean one ordinary share of the Company, as adjusted in
accordance with Section 9 of the Plan (if applicable). 
 (y)    “Subsidiary” shall mean
any corporation entity (other than the Company) in an unbroken chain or corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns share possessing 50% or more of the total
combined voting power of all classes of share 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.

 (z)    “Time-Based Requirement” shall mean the requirement to provide Service over the
period of time set forth in the Notice of Restricted Share Unit Award. 
 (aa)    “Transferee”
shall mean any person to whom Participant has directly or indirectly transferred any Shares acquired under this Agreement. 

(bb)    “Transfer Notice” shall mean the notice of a proposed transfer of Shares described in
Section 6. 
 (cc)    “Vesting Date” shall mean the first date on or before the Expiration
Date upon which both the Time-Based Requirement and the Liquidity Event Requirement are satisfied. 

  
 12 

 APPENDIX 

SPECIAL PROVISIONS APPLICABLE TO U.S. TAX RESIDENTS 

1.    The settlement of the RSUs is intended to be exempt from the application of Code Section 409A pursuant to the
“short-term deferral exemption” in Treasury Regulation 1.409A-1(b)(4) and shall be administered and interpreted in a manner that complies with such exemption.    To the extent
that any provision of this Agreement is ambiguous as to its exemption from Code Section 409A, the provision shall be read in such a manner so that all payments hereunder are exempt from Code Section 409A. Notwithstanding the foregoing, if
this award of RSUs is interpreted as not being exempt from Code Section 409A, it shall be interpreted to comply with the requirement of Code Section 409A so that this award is not subject to additional tax or interest under Code
Section 409A. In this regard, if this award is payable upon Participant’s “separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) (a “Separation”) and Participant is a “specified
employee” of the Company or any affiliate thereof within the meaning of Code Section 409A(a)(2)(B)(i) on the day of Participant’s Separation, then no such payment shall be made prior to the date that is the earlier of (i) six
months and one day after Participant’s Separation, or (ii) Participant’s death, but only to the extent such delay is necessary so that this award is not subject to additional tax or interest under Code Section 409A. 

2.    In the event that the Company is party to certain corporate transactions, the RSUs shall be subject to
Section 9(b) of the Plan, provided that any action taken must either preserve the exemption of the RSUs from Code Section 409A or comply with Code Section 409A. 

 EXHIBIT A 

 TUSIMPLE (CAYMAN) LIMITED 

2017 SHARE PLAN 

NOTICE OF SHARE VALUE AWARD 

You (“Participant”) have been granted Other Awards in the form of Share Value Awards (“SVAs”) of Tusimple (Cayman) Limited
(the “Company”) on the following terms. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Company’s 2017 Share Plan, as amended (the “Plan”) or the Share Value Award
Agreement attached hereto. 
  

			
		
	Name:	  	  

		
	Total Number of SVAs Granted:	  	  

		
	Date of Grant:	  	  

		
	Expiration Date:	  	the seventh (7th) anniversary of the Date of Grant specified above
		
	Vesting Commencement Date:	  	  

		
	Vesting:	  	Participant will receive a benefit with respect to an SVA only if it vests. In order for an SVA to vest, two vesting requirements must be both satisfied before the Expiration Date specified above (or earlier termination of the SVAs
pursuant to the Share Value Award Agreement or the Plan): (i) the Time-Based Requirement and (ii) the Liquidity Event Requirement. If both the Time-Based Requirement and the Liquidity Event Requirement are satisfied before the Expiration Date,
the Initial Vesting Date of an SVA will be the first date upon which both of those requirements are satisfied with respect to that particular SVA.
		
	Time-Based Requirement:	  	The Time-Based Requirement will be satisfied in installments as to [(i)                     % of the Total Number of SVAs Granted
when the Participant completes                     months of continuous Service from the Vesting Commencement Date, (ii) an additional
                    % of the Total Number of SVAs Granted when the Participant completes
                     months of continuous

			
		
		  	Service from the Vesting Commencement Date, and (iii) an additional                     % of the Total Number of SVAs Granted
when the Participant completes                     months of continuous Service from the Vesting Commencement Date], subject to Section 2 of the
Share Value Award Agreement. In the event of termination of continuous Service for any reason, all further vesting related to the Time-Based Requirement shall immediately cease and any unvested SVAs that have not met the Time-Based Requirement will
be terminated pursuant to Section 2 of the Share Value Award Agreement. In addition, in the event of termination of Participant’s continuous Service for Cause prior to the satisfaction of the Liquidity Event Requirement, all SVAs,
regardless of whether or not they have met the Time-Based Requirement, will automatically terminate and be cancelled without consideration effective upon such termination of Service pursuant to Section 2 of the Share Value Award
Agreement.
		
	Liquidity Event Requirement:	  	The Liquidity Event Requirement will be satisfied (as to any then-outstanding SVAs that have not theretofore been terminated pursuant to Section 2 of the Share Value Award Agreement) upon the earlier to occur of (i) an IPO
or (ii) a Sale Event (each, a “Liquidity Event”).
		
	Settlement:	  	Settlement of SVAs refers to the issuance or payment, as applicable, of the Settlement Consideration after the award is vested. Settlement shall occur on or following the Vesting Date, but not later than two and one-half (21⁄2) months following the end of the year in which the Vesting Date applicable to an SVA occurs (the last day of
such two and one-half month period is referred to as the “Short Term Deferral End Date”). Notwithstanding the above, settlement of SVAs that become vested SVAs upon an IPO shall occur
on the earlier of (a) the 185th day following the IPO Date or (b) the Short Term Deferral End Date.

  
 2 

 By Participant’s acceptance hereof (whether written, electronic or otherwise), the Participant and the
Company agree that the SVAs are granted under and governed by the terms and conditions of the Plan and the Share Value Award Agreement, both of which have been provided to the Participant for review and are made a part of this document. The SVAs
constitute an Other Award pursuant to Section 9 of the Plan and this Notice of Share Value Award, together with the Share Value Award Agreement, constitute an Other Award Agreement as defined in the Plan. Participant hereby acknowledges that
the vesting of the SVAs pursuant to this Notice of Share Value Award is conditioned on the satisfaction of the Time-Based Requirement and the Liquidity Event Requirement before the Expiration Date (or earlier termination of the SVAs pursuant to the
Share Value Award Agreement or the Plan). Participant shall have no right with respect to (i) the SVAs to the extent a Liquidity Event does not occur before the Expiration Date (regardless of the extent to which the Time-Based Requirement is
satisfied) or (ii) any and all SVAs, regardless of whether or not they have met the Time-Based Requirement, in the event of termination of Participant’s continuous Service for Cause prior to satisfaction of the Liquidity Event Requirement.

 Participant acknowledges that there may be adverse tax consequences as a result of the SVAs (including upon grant, vesting and/or settlement of the SVAs
or, if applicable, disposition of the Shares) and that Participant should consult a tax adviser about the taxation of the SVAs. Participant agrees and acknowledges that the Time-Based Requirement may change prospectively in the event that
Participant’s Service status changes between full- and part-time status or Participant goes on a leave of absence in accordance with Section 2(d) of the Share Value Award Agreement. 

Participant further agrees to accept by email or other electronic method all documents relating to the Company, the Plan or these SVAs and all other documents
that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the Securities and Exchange Commission). Participant also agrees that the Company may deliver these documents by
posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify Participant by email. Participant acknowledges that he or she may incur costs
in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with Participant’s ability to access the documents. 

PARTICIPANT AGREES AND ACKNOWLEDGES THAT THE SVAS ARE GRANTED IN FULL SATISFACTION OF ANY AND ALL OBLIGATIONS OF THE COMPANY TO GRANT TO PARTICIPANT ANY
EQUITY AWARD THAT MAY HAVE BEEN SET FORTH IN ANY EMPLOYMENT OFFER LETTER OR OTHER AGREEMENT, WHETHER WRITTEN OR ORAL, BETWEEN THE PARTIES PRECEDING THE DATE OF GRANT SET FORTH ABOVE, [OTHER THAN THAT CERTAIN [OPTION] GRANTED TO PARTICIPANT UNDER THE
PLAN ON [DATE] (THE “PRIOR GRANT”)], AND THAT NEITHER THE COMPANY NOR ANY OF ITS SUBSIDIARIES, PARENTS, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, AFFILIATES OR SHAREHOLDERS HAS ANY OBLIGATION TO GRANT OR

  
 3 

 
OTHERWISE ISSUE ANY SHARES, OPTIONS, RESTRICTED SHARE UNITS, SHARE VALUE AWARDS, OTHER AWARDS OR ANY OTHER EQUITY INTEREST (OR SECURITIES CONVERTIBLE INTO OR EXERCISABLE OR SETTLEABLE FOR ANY
EQUITY INTEREST) OF THE COMPANY OR ANY OTHER RIGHTS TO PURCHASE OR OTHERWISE ACQUIRE, DIRECTLY OR INDIRECTLY, ANY EQUITY INTEREST OF THE COMPANY TO PARTICIPANT OTHER THAN AS SET FORTH IN THE SHARE VALUE AWARD AGREEMENT TO WHICH THIS NOTICE OF SHARE
VALUE AWARD AGREEMENT RELATES[ AND OTHER THAN AS EXPRESSLY SET FORTH IN ANY AWARD AGREEMENT BETWEEN PARTICIPANT AND THE COMPANY (OR A PARENT OR SUBSIDIARY OF THE COMPANY, IF APPLICABLE) GOVERNING THE PRIOR GRANT]. 

 

									
	PARTICIPANT:	  		 	TUSIMPLE (CAYMAN) LIMITED	 	
					
	  
	  		 	By:	 	  
	 	
					
	Address for Mailing Share Certificate, if applicable:	  		 	Title:	 	
                     
                                       
	 	
	  
	  		 		 		 	
	  
	  		 		 		 	

  
 4 

 TUSIMPLE (CAYMAN) LIMITED 

2017 SHARE PLAN 

SHARE VALUE AWARD AGREEMENT 

 

	SECTION 1.	 GRANT OF SHARE VALUE AWARDS. 

(a)    Grant. On the terms and conditions set forth in the Notice of Share Value Award and this Agreement,
the Company grants to Participant on the Date of Grant the number of SVAs set forth in the Notice of Share Value Award. Each SVA represents the right to receive the Settlement Consideration on the terms and conditions set forth in this Agreement.
 
 (b)    Consideration. No payment is required for the SVAs that have been granted to Participant.

 (c)    Nature of SVAs; No Rights As a Shareholder. The SVAs are mere bookkeeping entries and represent
only the Company’s unfunded and unsecured promise to issue or pay, as applicable, the Settlement Consideration on a future date under specified conditions. As a holder of SVAs, Participant has no rights other than the rights of a general
creditor of the Company. The SVAs carry neither voting rights nor rights to dividends or dividend equivalents. Participant has no rights as a shareholder of the Company unless and until the SVAs vest and are settled for Shares pursuant to
Section 4. 
 (d)    Share Plan and Defined Terms. The SVAs are granted pursuant to the Plan, a copy
of which Participant acknowledges having reviewed. The provisions of the Plan are incorporated into this Agreement by this reference. Capitalized terms are defined in Section 10 of this Agreement. 

 

	SECTION 2.	 VESTING. 

(a)    Generally. The SVAs vest in accordance with the vesting schedule set forth in the Notice of Share
Value Award. Participant will receive a benefit with respect to an SVA only if both the Time-Based Requirement and the Liquidity Event Requirement are satisfied before the Expiration Date (or earlier termination of the SVAs pursuant to this
Agreement or the Plan). The SVAs will not vest (in whole or in part) if only one (or if neither) of such requirements is satisfied before the Expiration Date (or earlier termination of the SVAs pursuant to this Agreement or the Plan). The SVAs will
not vest (in whole or in part) if the Participant’s continuous Service is terminated for Cause prior to satisfaction of the Liquidity Event Requirement. 

(b)    Termination of Service. 
  

	 	(i)	 Termination of Service. 

	 	If Participant’s continuous Service terminates for any reason, whether prior to, on or following satisfaction of the Liquidity Event Requirement, all SVAs as to which the Time-Based Requirement has not been
satisfied as of Participant’s termination date shall automatically terminate and be cancelled without consideration and all of Participant’s rights with respect to such SVAs, including any Settlement Consideration in respect thereof, shall
immediately terminate. Participant will not satisfy the Time-Based Requirement for any additional SVAs after Participant’s continuous Service has terminated, regardless of the reason for such termination. In the event of a termination of
Service prior to satisfaction of the Liquidity Event Requirement for any reason other than for Cause, any SVAs that have satisfied the Time-Based Requirement as of the effective date of such termination shall remain outstanding until the day
immediately prior to the Expiration Date (or earlier termination of the SVAs pursuant to this Agreement or the Plan) or, if earlier, settlement of all such SVAs that have satisfied the Time-Based Requirement upon satisfaction of the Liquidity Event
Requirement, and such SVAs will vest only if the Liquidity Event Requirement is satisfied prior to the Expiration Date (or earlier termination of the SVAs pursuant to this Agreement or the Plan). 

In addition, if Participant’s continuous Service terminates for Cause prior to satisfaction of the Liquidity Event Requirement, all SVAs
subject to this award shall automatically terminate and be cancelled without consideration and all of Participant’s rights with respect to such SVAs, including any Settlement Consideration in respect thereof, shall immediately terminate
effective upon such termination for Cause. Participant shall have no opportunity to vest with respect to any of the SVAs subject to this award in the event of Participant’s termination of continuous Service for Cause. 

 

	 	(ii)	 Disputes. In case of any dispute as to whether Participant’s continuous Service has terminated, the
Administrator shall have sole discretion to determine whether such termination has occurred, whether the termination is for Cause or other than for Cause and the effective date of such termination. 

(c)    Expiration of SVAs. If the Liquidity Event Requirement is not satisfied before the Expiration Date,
all SVAs that have not already terminated by their terms (regardless of whether or not, or to the extent which, the Time-Based Requirement had been satisfied as to 

  
 2 

 
such SVAs) shall automatically terminate upon such date. Upon a termination of one or more SVAs pursuant to this Section 2, Participant will have no further right with respect to such SVAs,
including any Settlement Consideration in respect thereof. 
 (d)    Part-Time Employment and Leaves of
Absence. If Participant commences working on a part-time basis, then the Company may adjust the Time-Based Requirement set forth in the Notice of Share Value Award. If Participant goes on a leave of absence, then the Company may adjust the
Time-Based Requirement set forth in the Notice of Share Value Award in accordance with the Company’s leave of absence policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue for any
purpose under this Agreement while Participant is on a bona fide leave of absence, if (i) such leave was approved by the Company in writing and (ii) continued crediting of Service for such purpose is expressly required by the terms
of such leave or by applicable law (as determined by the Company). Continuous Service shall be deemed to terminate when such leave ends, unless Participant immediately returns to active Service. 

 

	SECTION 3.	 RESTRICTIONS APPLICABLE TO SVAS. 

(a)    Restrictions on Transfer. Except as otherwise provided in this Agreement, the SVAs and the rights and
privileges conferred hereby shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of by Participant prior to the settlement of the SVAs. However, Participant may designate a third party who, in the event of
Participant’s death, shall thereafter be entitled to receive any distribution of Settlement Consideration to which Participant was entitled at the time of Participant’s death pursuant to this Agreement by delivering a written beneficiary
designation to the Company’s headquarters on the prescribed form. If Participant delivers no such beneficiary designation or if Participant’s designated beneficiaries do not survive Participant, Participant’s estate will receive
payments in respect of any vested SVAs. 
 (b)    Forfeiture of SVAs. In connection with the SVAs, the
Company may be required to provide Participant with certain highly confidential information about the Company, including information regarding its financial condition and business prospects. Unauthorized disclosure of such information is prohibited
under Participant’s existing Proprietary Information and Inventions Agreement with the Company and under Company policy, and Participant may be required to sign an additional nondisclosure agreement prior to receiving this type of information.
In addition, unauthorized disclosure of the Company’s confidential information could result in the immediate forfeiture of the SVAs, including vested SVAs as well as termination of Participant’s continuous Service with the Company. 

 

	SECTION 4.	 SETTLEMENT OF SVAS. 

(a)    Settlement Date. The Company will deliver the Settlement Consideration for a given SVA on or following
the Vesting Date, but not later than the Short-Term Deferral End Date (as defined in the Notice of Share Value Award Grant). Notwithstanding the above, for SVAs that become vested upon an IPO, settlement shall occur on the earlier of
(i) the 185th day following the IPO Date or (ii) the Short-Term Deferral End Date. In the event that settlement 

  
 3 

 
is made in Shares, the Participant shall deliver to the Company, on the date of settlement, the executed proxy as set forth in Exhibit A. 

(b)    Form of Delivery. The form of Settlement Consideration shall be determined by the Administrator in
its sole and absolute discretion. If the Settlement Consideration is in Shares, the Shares shall be evidenced in a manner determined by the Company in its sole and absolute discretion (e.g., a Share certificate or electronic entry evidencing such
shares). 
 (c)    Legality of Issuance. 

(1)    To the extent the Settlement Consideration will be issued in Shares, no Shares shall be issued to Participant upon
settlement of the SVAs unless and until the Company has determined that (i) Participant and the Company have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from the registration
requirements thereof; (ii) any applicable listing requirement of any stock exchange or other securities market on which Share is listed has been satisfied; and (iii) any other applicable provision of federal, state or foreign law has been
satisfied, including the foreign exchange laws and regulations in the People’s Republic of China (if applicable). The Company shall have no liability to issue Shares in respect of the SVAs unless it is able to do so in compliance with
applicable law. 
 (2)    To assure compliance with certain foreign exchange regulations in the People’s
Republic of China, the Administrator may, in its sole discretion, (i) prohibit the issuance of Shares in respect of the SVAs to PRC residents or nationals until after the Company (or one of its affiliates) has obtained approval from or
completed filing or registration with the State Administration of Foreign Exchange (“SAFE”) with respect to the Plan (such approval, filing or registration, the “SAFE Approval”), (ii) require the exchange of
proceeds from the sale of Shares into Renminbi at an exchange rate chosen by the Company, and/or (iii) deduct amounts from sale proceeds to cover expenses the Company incurs in connection with effecting such settlement, exchange or similar
transaction. If SAFE Approval is obtained, the Company may establish additional rules and restrictions on the settlement of the SVAs including shortening the post-termination settlement periods (to the extent required or permitted by SAFE) and
requiring the Participant to open a U.S. dollar bank account, and the Participant understands that there may be delays in receiving proceeds from the settlement and, if applicable, the sale of Shares due to SAFE requirements and due to fluctuations
in the share price and/or applicable exchange rates the amount of proceeds ultimately distributed to a Participant may be more or less than the Fair Market Value of the shares on the date of settlement or the date the shares are issued.
NOTWITHSTANDING ANYTHING TO THE CONTRARY, IF THE ISSUANCE OF A SHARE UPON SETTLEMENT OF A GIVEN SVA IS, IN THE COMPANY’S SOLE DETERMINATION, PROHIBITED UNDER THE TERMS OF SAFE, THE COMPANY SHALL, IN ITS SOLE AND ABSOLUTE DISCRETION,
DETERMINE WHETHER TO ISSUE THE SETTLEMENT CONSIDERATION IN CASH OR DECLINE TO SETTLE SUCH SVA AT ALL. TO THE EXTENT THE COMPANY DECLINES TO SETTLE SUCH SVA, SUCH SVA SHALL BE AUTOMATICALLY CANCELLED AND TERMINATED WITHOUT CONSIDERATION AND ALL OF
PARTICIPANT’S  

  
 4 

 
RIGHTS WITH RESPECT TO SUCH SVA, INCLUDING ANY SETTLEMENT CONSIDERATION IN RESPECT THEREOF, SHALL IMMEDIATELY TERMINATE EFFECTIVE UPON SUCH COMPANY DETERMINATION. 

(3)    The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed
by the Company to be necessary to the lawful issuance or payment of the Settlement Consideration hereunder will relieve the Company of any liability in respect of the failure to issue or pay the Settlement Consideration as to which such requisite
authority will not have been obtained. As a condition to issuance or payment of any Settlement Consideration, the Company may require Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any
applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 

(4)    Participant acknowledges and agrees that it is the Participant’s sole responsibility to investigate and
comply with any applicable exchange control laws in connection with the issuance and delivery of the Shares, if any, pursuant to the settlement of the SVAs and that the Participant shall be responsible for any reporting of inbound and/or outbound
international fund transfers required under applicable law, including without limitation SAFE 37 and SAFE 7 (if applicable). The Participant is advised to seek appropriate professional advice as to how the exchange control regulations apply to the
Participant’s specific situation. 
  

	SECTION 5.	 TAXES. 

(a)    Withholding Taxes. Upon the Vesting Date and/or settlement date for the SVAs, as applicable, or any
other taxable event in respect of the SVAs, the Settlement Consideration is treated as income subject to withholding by the Company and/or the Parent or Subsidiary employing Participant (Participant’s “Employer”) for the
payment of all applicable federal, state, local and foreign income, social insurance, fringe benefit and employment withholding taxes which arise in connection with the vesting or settlement of the SVAs (the “Withholding Taxes”). No
consideration will be paid to Participant in respect of this award unless Participant has made arrangements satisfactory to the Company and Participant’s Employer to satisfy the Withholding Taxes. To the extent that Participant fails to make
such arrangements with respect to certain SVAs, then Participant will permanently forfeit such SVAs. At the discretion of the Company, these arrangements may include (i) withholding from compensation or amounts that are owed to Participant by
the Company or Participant’s Employer (including but not limited to Settlement Consideration paid in cash or any other compensation or amounts that are owed to Participant by the Company or Participant’s Employer), (ii) payment in cash,
including by check or wire, (iii) if Shares are publicly traded, payment from the proceeds of the sale of Shares through a Company-approved broker, (iv) withholding a number of Shares that otherwise would be issued to Participant when the
SVAs are settled with a Fair Market Value up to the maximum statutory amount required to be withheld, or (v) any other method permitted by the Company; all under such rules as may be established by the Administrator and in compliance with the
Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy or similar policy or policies, if applicable. However, if Participant is a Company officer subject to Section 16 of the Exchange Act,
then the Withholding Taxes will be satisfied pursuant to clause (ii) of the preceding 

  
 5 

 
sentence if settlement is in cash or pursuant to clause (iv) of the preceding sentence if settlement is in Shares, unless otherwise determined in advance by the Administrator. If the
Withholding Taxes are satisfied pursuant to clause (ii) or clause (iv), Participant will be deemed to have been issued the full amount of the cash Settlement Consideration or the full number of Shares subject to the Settlement Consideration, as
applicable, and the withheld cash or the Fair Market Value of the withheld Shares determined as of the date when taxes otherwise would have been withheld in cash, as applicable, will be applied to the Withholding Taxes and such amount will be
remitted to appropriate tax authorities by the Company or Participant’s Employer. The Company and Participant’s Employer will not withhold fractional shares pursuant to clause (iv), so if the Withholding Taxes are satisfied pursuant to
clause (iv), Participant hereby authorizes the Company or Participant’s Employer to withhold the amount of any remaining Withholding Taxes from Participant’s wages or other cash compensation.  

(b)    U.S. Tax Residents. Additional terms set forth on the appendix “Special Provisions Applicable to
U.S. Tax Residents” shall apply to any Participant who is a resident of the United States for purposes of U.S. taxation. 

(c)    Acknowledgements. Participant acknowledges that there will be tax consequences upon vesting and/or
settlement of the SVAs and/or disposition of the Shares, if any, received hereunder, and Participant should consult a tax advisor regarding Participant’s tax obligations prior to such event. Regardless of any action the Company or
Participant’s Employer takes with respect to any and all Withholding Taxes, Participant acknowledges that the ultimate liability for all Withholding Taxes and any and all other tax-related items legally
due from Participant is and remains Participant’s responsibility. Participant acknowledges that Participant’s liability for Withholding Taxes may exceed any amounts actually withheld by the Company or Participant’s Employer.
Participant acknowledges that the Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding Participant’s participation in the Plan or acquisition or sale of Shares, if any, subject to
this award. Participant is hereby advised to consult with Participant’s own personal tax, legal, and financial advisors regarding Participant’s participation in the Plan. Participant further acknowledges that the Company (i) makes no
representations or undertakings regarding the tax treatment of the award of SVAs, including, but not limited to the grant, vesting, or settlement of the SVAs, the subsequent sale of Shares, if any, acquired pursuant to such SVAs, and the receipt of
any dividends; and (ii) does not commit to and is under no obligation to structure the terms of the grant of the SVAs to reduce or eliminate Participant’s tax liability or achieve any particular tax result. Participant agrees that the
Company does not have a duty to design or administer the SVAs, the Plan or its other compensation programs in a manner that minimizes Participant’s tax liability. Participant shall not make any claim against the Company or its Board of
Directors, officers, or employees related to tax matters arising from this award or Participant’s other compensation. 
  

	SECTION 6.	 RIGHT OF FIRST REFUSAL.  

(a)    Right of First Refusal. In the event that Participant proposes to sell, pledge or otherwise transfer
to a third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and 

  
 6 

 
not less than all) of such Shares. If Participant desires to transfer Shares acquired under this Agreement, Participant must give a written Transfer Notice to the Company describing fully the
proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any
applicable federal, state or foreign securities laws. The Transfer Notice shall be signed both by Participant and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Shares. The Company shall
have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Section 6(b) below) by delivery of a notice of
exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company. 

(b)    Transfer of Shares. If the Company fails to exercise its Right of First Refusal within 30 days
after the date when it received the Transfer Notice, Participant may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions
described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, state and foreign securities laws and not in violation of any other contractual restrictions to which Participant is bound. Any proposed
transfer on terms and conditions different from those described in the Transfer Notice, as well as any subsequent proposed transfer by Participant, shall again be subject to the Right of First Refusal and shall require compliance with the procedure
described in Section 6(a) above. If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received
the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash
equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice. 

(c)    Additional or Exchanged Securities and Property. In the event of a merger or consolidation of the
Company with or into another entity, any other corporate reorganization, a share split, the declaration of a share dividend, the declaration of an extraordinary dividend payable in a form other than shares, a
spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash
equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 6 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange
or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 6. 

(d)    Termination of Right of First Refusal. Any other provision of this Section 6 notwithstanding, in
the event that the Shares are readily tradable on an established securities market when Participant desires to transfer Shares, the Company shall have no Right 

  
 7 

 
of First Refusal, and Participant shall have no obligation to comply with the procedures prescribed by Sections 6(a) and 6(b) above. 

(e)    Permitted Transfers. This Section 6 shall not apply to (i) a transfer by beneficiary
designation, will or intestate succession or (ii) a transfer to one or more members of the Participant’s Immediate Family or to a trust established by Participant for the benefit of Participant and/or one or more members of
Participant’s Immediate Family, provided in either case that the Transferee agrees in writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If Participant transfers any Shares acquired under this
Agreement, either under this Section 6(e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to Participant. 

(f)    Termination of Rights as Shareholder. If the Company makes available, at the time and place and in
the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 6, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as a
holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the
certificate(s) therefor have been delivered as required by this Agreement. 
 (g)    Assignment of Right of
First Refusal. The Administrator may freely assign the Company’s Right of First Refusal, in whole or in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s rights
and obligations under this Section 6. 
  

	SECTION 7.	 RESTRICTIONS APPLICABLE TO SHARES. 

(a)    Securities Law Restrictions; Articles. Regardless of whether the offering and sale of Shares under the
Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any state or other jurisdiction, the Company, at its discretion, may impose restrictions upon the sale, pledge or other transfer of
the Shares (including the placement of appropriate legends on share certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or
desirable in order to achieve compliance with the Securities Act, the securities laws of any state or other jurisdiction or any other law. Participant (or the beneficiary or Participant’s personal representative in the event of
Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company may deem necessary or reasonably desirable to ensure compliance with all applicable legal
and regulatory requirements. Any Shares acquired under this Agreement shall be subject to all of the terms and conditions of the Articles. 

(b)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the IPO, Participant or a Transferee shall not directly or indirectly

  
 8 

 
sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise
dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter. Such restriction (the
“Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter. In no event,
however, shall such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or
(ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in FINRA Rule 2241, or any similar successor rules. The Market Stand-Off shall in any event terminate
two years after the date of the Company’s initial public offering. In the event of the declaration of a share dividend, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or
a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the
Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period. The
Company’s underwriters shall be beneficiaries of the agreement set forth in this Section 7(b). 

(c)    Investment Intent at Grant. Participant represents and agrees that Shares acquired upon settlement of
the SVAs, if any, will be acquired for investment, and not with a view to the sale or distribution thereof.  

(d)    Investment Intent at Settlement. In the event that any sale of Shares under the Plan is not
registered under the Securities Act but an exemption is available that requires an investment representation or other representation, Participant shall represent and agree at the time of issuance that the Shares being acquired upon settlement of the
SVAs, if any, are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.  

(e)    Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares
that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any Transferee to whom the Shares have been transferred in
contravention of this Agreement. 
 (f)    Legends. 

(i)    General. All certificates evidencing the Shares issued under this Agreement, if any, shall be subject to
such stop transfer orders and other restrictions as the Administrator may deem advisable under the Plan, this Agreement, the Articles, or the rules, regulations, and other requirements of the Securities and Exchange

  
 9 

 
Commission, any stock exchange upon which such shares of the Shares are listed, and any applicable federal, foreign or state laws, and the Administrator may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions. The certificates representing the Shares issued hereunder, if any, shall bear the following legends, in addition to any other legends deemed advisable by the Administrator:
 
 “THE SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN
COMPLIANCE WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED
TRANSFER OF THE SHARES. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.” 

“THE SHARES REPRESENTED HEREBY ARE SUBJECT TO A MARKET STAND-OFF RESTRICTION AS SET FORTH IN A
WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST TO THE SHARES). AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS (AND POSSIBLY LONGER) AFTER THE EFFECTIVE
DATE OF CERTAIN PUBLIC OFFERINGS OF THE SHARES OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT
CHARGE.” 
 “THE SHARES REPRESENTED HEREBY ARE SUBJECT TO RESTRICTIONS ON TRANSFER REQUIRING APPROVAL OF THE COMPANY PURSUANT TO
AND IN ACCORDANCE WITH THE COMPANY’S ARTICLES AND MEMORANDUM OF ASSOCIATION (THE “ARTICLES”). THE COMPANY SHALL NOT REGISTER OR OTHERWISE RECOGNIZE OR GIVE EFFECT TO ANY PURPORTED TRANSFER OF SHARES THAT DO NOT COMPLY WITH THE
COMPANY’S ARTICLES. THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF THE ARTICLES TO THE HOLDER HEREOF WITHOUT CHARGE.” 

(ii)    Unregistered Transaction. All certificates evidencing Shares issued under this Agreement in an
unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law): 

  
 10 

 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND THE COMPANY DOES NOT INTEND TO REGISTER THEM. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS
COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 
 (iii)    Non-U.S.
Participants; Regulation S. Participant understands and agrees that, if Participant’s country of residence is other than the United States, all certificates evidencing the Shares issued under this Agreement, if any, may bear the following
legends: 
 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ THE ACT”)
WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION, AND THE COMPANY DOES NOT INTEND TO REGISTER THEM.” 
 “PRIOR TO A DATE
THAT IS ONE YEAR STARTING FROM THE DATE OF SALE OF THE SHARES, THE SHARES MAY NOT BE OFFERED OR SOLD (INCLUDING OPENING A SHORT POSITION IN SUCH SECURITIES) IN THE UNITED STATES OR TO U.S. PERSONS AS DEFINED BY RULE 902(K) ADOPTED UNDER THE ACT,
OTHER THAN TO DISTRIBUTORS, UNLESS THE SHARES ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT IS AVAILABLE. HOLDERS OF SHARES PRIOR TO ONE YEAR STARTING FROM THE DATE OF SALE OF THE SHARES MAY RESELL SUCH
SHARES ONLY PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT OR OTHERWISE IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S OF THE ACT, OR IN TRANSACTIONS EFFECTED OUTSIDE OF THE UNITED STATES, PROVIDED THEY DO NOT SOLICIT (AND NO ONE ACTING
ON THEIR BEHALF SOLICITS) PARTICIPANTS IN THE UNITED STATES OR OTHERWISE ENGAGE(S) IN SELLING EFFORTS IN THE UNITED STATES AND PROVIDED THAT HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”

 “A HOLDER OF THE SHARES WHO IS A DISTRIBUTOR, DEALER, SUB-UNDERWRITER OR OTHER SECURITIES
PROFESSIONAL, IN ADDITION, CANNOT, PRIOR TO ONE YEAR STARTING FROM THE DATE OF SALE OF THE SHARES, RESELL THE SHARES TO A U.S. PERSON AS DEFINED BY RULE 902(K) OF REGULATION S UNLESS THE SHARES ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM
REGISTRATION UNDER THE ACT IS AVAILABLE.” 

  
 11 

 (g)    Stop-Transfer Instructions. Participant agrees
that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make
appropriate notations to the same effect in its own records. 
 (h)    Refusal to Transfer. The Company
will not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or in violation of the Articles or applicable law or (ii) to treat as owner
of such Shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred. 

(i)    Removal of Legends. If, in the opinion of the Company and its counsel, any legend placed on a share
certificate representing Shares issued under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend.
 
 (j)    Administration. Any determination by the Company and its counsel in connection with any of
the matters set forth in this Section 7 shall be conclusive and binding on Participant and all other persons.  
  

	SECTION 8.	 ADJUSTMENT OF SHARES. 

In the event of any transaction described in Section 10(a) of the Plan, the terms of the SVAs (including, without limitation, the number
and kind of shares on which these SVAs are based) shall be subject to Section 10(a) of the Plan. In the event that the Company is party to certain corporate transactions, the SVAs shall be subject to Section 10(b) of the Plan. Any
additional SVAs and any new, substituted or additional securities, cash or other property that become subject to this award as a result of any such transaction shall be subject to the same conditions and restrictions as applicable to the SVAs to
which they relate. 
  

	SECTION 9.	 MISCELLANEOUS PROVISIONS. 

(a)    Successors and Assigns. Except as otherwise expressly provided to the contrary, the provisions of this
Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon Participant and Participant’s legal representatives, heirs, legatees, distributees, assigns and transferees by
operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. 

(b)    No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon Participant the right
to remain in Service in any capacity or for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining Participant) or Participant, which rights
are hereby expressly reserved by each, to terminate Participant’s Service at any time and for any reason, with or without Cause. 

  
 12 

 (c)    Award Subject to Clawback or Recoupment. The SVAs
shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Administrator or required by law during the term of Participant’s employment or other Service that is applicable to executive
officers, employees, directors or other service providers of the Company, which, in addition to any other remedies available under such policy and applicable law, may require the cancellation of Participant’s SVAs (whether vested or unvested)
and the recoupment of any gains realized with respect to Participant’s SVAs. 
 (d)    IPO on Non-U.S. Stock Exchange. If the IPO is undertaken in a jurisdiction other than the United States, then, for purposes of the Notice of Share Value Award, this Agreement and the Plan, any reference to the
“Securities and Exchange Commission” shall include the relevant regulatory authority in such jurisdiction. “Securities Act”, “Exchange Act” and “Code” shall include applicable securities law, regulations and
codes of practice in such jurisdiction and all references to United States statutes, laws, regulations, codes of practice, directives, policies or requirements shall, where appropriate, refer to the statutes, laws, regulations, codes of practice,
directives, policies and requirements of such jurisdiction. 
 (e)    Translations. Participant
acknowledges that he or she is sufficiently proficient in English to understand the terms and conditions of the Notice of Share Value Award, this Agreement and the Plan. If Participant has received the same or any other document related thereto
translated into a language other than English and if the meaning of the translated version is different to the English version, the English version will control. 

(f)    Insider Trading Restrictions/Market Abuse Laws. Participant acknowledges that, if and when the Shares
are publicly listed on any stock exchange, depending on Participant’s country, Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect Participant’s ability to
directly or indirectly, accept, acquire, sell or attempt to sell or otherwise dispose of Shares or rights to the Shares, or rights linked to the value of Shares during such times as Participant is considered to have “inside information”
regarding the Company (as defined by the laws and/or regulations in applicable jurisdictions or Participant’s country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders placed by Participant before
possessing the inside information. Furthermore, Participant may be prohibited from (i) disclosing inside information to any third party, including fellow employees or other service providers (other than on a “need to know” basis) and
(ii) “tipping” third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company
insider trading policy. Participant acknowledges that it is Participant’s responsibility to comply with any applicable restrictions, and Participant is advised to speak to Participant’s personal advisor on this matter. 

(g)    Foreign Asset/Account Reporting Requirements. Participant acknowledges that there may be certain
foreign asset and/or account reporting requirements which may affect Participant’s ability to acquire or hold Shares acquired under the Plan, if any, or cash received from participating in the Plan in a brokerage account outside
Participant’s country. Participant may also be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to Participant’s country through a designated bank or broker

  
 13 

 
within a certain time after receipt. It is Participant’s responsibility to be compliant with such regulations and Participant should speak with Participant’s personal advisor on this
matter. 
 (h)    Notice. Any notice required by the terms of this Agreement shall be given in writing. It
shall be deemed effective upon (i) personal delivery, (ii) at the time an electronic confirmation of receipt is received, if delivery is by email, (iii) for deliveries within the United States, deposit with the United States
Postal Service, by registered or certified mail, with postage and fees prepaid, (iv) for deliveries outside the United States, deposit with the applicable jurisdiction’s official mail service, with postage and fees prepaid, or
(v) deposit with a reputable overnight courier, with shipping charges prepaid. Notice shall be addressed to the Company at its principal executive office and to Participant at the address that Participant most recently provided to the Company
in accordance with this Section 9(h).  
 (i)    Effect on Other Employee Benefit Plans. The
value of the SVAs and the Settlement Consideration issuable in respect thereof, if any, shall not be included as compensation, earnings, salaries, or other similar terms used when calculating benefits under any employee benefit plan (other than the
Plan) sponsored by the Company or a Parent or Subsidiary, except as such plans otherwise expressly provide. 

(j)    Entire Agreement. The Notice of Share Value Award, this Agreement and the Plan constitute the entire
understanding between Participant and the Company regarding the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter
hereof. 
 (k)    Waiver. Participant acknowledges that a waiver by the Company of breach of any provision
of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant. 

(l)    Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of
Cayman Islands, as such laws are applied to contracts entered into and performed in such jurisdiction.  
  

	SECTION 10.	 DEFINITIONS. 

(a)    “Administrator” shall mean the Board of Directors of the Company, as constituted from time
to time or, if a Committee has been appointed, such Committee, all as described in Section 2 of the Plan. 

(b)    “Agreement” shall mean this Share Value Award Agreement, including any applicable terms in
its appendices and exhibits. 
 (c)    “Articles” shall mean the Articles and Memorandum of
Association of the Company, as in effect and as amended from time to time 

  
 14 

 (d)    “Cause” means the occurrence of any of
the following events: (i) conviction of a felony (or non-U.S. equivalent) or any crime involving moral turpitude by the Participant; (ii) the Participant’s participation in any fraud or act of
dishonesty against the Company; (iii) the Participant’s persistent neglect of his or her job duties; (iv) the Participant’s material breach of any agreement entered into between the Participant and the Company (including but not
limited to the Participant’s Proprietary Information and Inventions Agreement or similar agreement with the Company); or (v) the Participant’s violation of the Company’s code of conduct or other written policy that causes harm to
the Company; provided that, in the case of sections (iii) and (iv) in this definition, such conduct remains uncured after thirty (30) days’ written notice from the Company (which the Company only must provide if it deems
such conduct curable in its sole and exclusive judgement and discretion). The determination whether a termination is for Cause shall be made by the Administrator in its sole and exclusive judgment and discretion. The term “Company” for
purposes of this definition will be interpreted to include any Parent or Subsidiary (as defined in the Plan), as appropriate. 

(e)    “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(f)    “Committee” shall mean a committee of the Board of Directors, 

(g)    “Company” shall mean Tusimple (Cayman) Limited, a company incorporated under the laws of
Cayman Islands. 
 (h)    “Consultant” shall mean a person who performs bona fide services for
the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 

(i)    “Date of Grant” shall mean the date specified in the Notice of Share Value Award. 

(j)    “Employee” shall mean any individual who is an employee of the Company, a Parent or a
Subsidiary. 
 (k)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 (l)    “Expiration Date” shall mean the expiration date of the SVAs as set forth in the
Notice of Share Value Award. 
 (m)    “Fair Market Value” shall mean the fair market value of a
Share, as determined by the Administrator in accordance with applicable laws. Such determination shall be conclusive and binding on all persons. 

(n)    “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law and shall include adoptive relationships. 

  
 15 

 (o)    “Initial Vesting Date” shall mean the
first date before the Expiration Date upon which both the Time-Based Requirement and the Liquidity Event Requirement are satisfied. 

(p)    “IPO” shall mean the first firm commitment underwritten public offering pursuant to an
effective registration statement on an established national or foreign securities exchange covering the offer and sale by the Company of its equity securities, as a result of or following which the Shares shall be publicly held, and “IPO
Date” shall mean the date on which the IPO occurs. 
 (q)    “Outside Director” shall
mean a member of the Board of Directors who is not an Employee. 
 (r)    “Parent” shall mean
any company (other than the Company) in an unbroken chain of companies ending with the Company, if each of the companies other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of
the other companies in such chain. A company 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. 

(s)    “Plan” shall mean the Tusimple (Cayman) Limited 2017 Share Plan, as amended from time to
time. 
 (t)    “Right of First Refusal” shall mean the Company’s right of first refusal
described in Section 6. 
 (u)    “SVAs” shall mean the Share Value Awards granted to
Participant by the Company as set forth in the Notice of Share Value Award. 
 (v)    “SAFE 7”
shall mean the Circular of the State Administration of Foreign Exchange on Issues concerning the Administration of Foreign Exchange Used for Domestic Individuals’ Participation in Equity Incentive Plans of Companies Listed Overseas promulgated
by the State Administration of Foreign Exchange of the People’s Republic of China and effective as of February 15, 2012. 

(w)    “SAFE 37” shall mean the Notice on Relevant Issues Concerning Foreign Exchange
Administration for Domestic Residents to Engage in Overseas Financing and Round Trip Investment via Special Purpose Companies issued by SAFE on July 4, 2014. 

(x)    “Sale Event” means the consummation of the following transactions in which holders of
Shares receive cash or marketable securities tradable on an established national or foreign securities exchange: (i) a sale of all or substantially all of the assets of the Company determined on a consolidated basis to an unrelated person or
entity; (ii) a merger, reorganization, or consolidation involving the Company in which the voting shares of the Company outstanding immediately prior to such transaction represent or are converted into or exchanged for securities of the
surviving or resulting entity immediately upon completion of such transaction which 

  
 16 

 
represent less than 50% of the outstanding voting power of such surviving or resulting entity; or (iii) the acquisition of all or a majority of the outstanding voting shares of the Company
in a single transaction or series of related transactions by a person or group of persons. For the avoidance of doubt, an initial public offering, any subsequent public offering, another capital raising event, and a merger effected solely to change
the Company’s domicile shall not constitute a “Sale Event.” In addition, a transaction shall not constitute a Sale Event unless such transaction also qualifies as an event under Treasury Regulation
Section 1.409A-3(i)(5)(v) (change in the ownership of a corporation), Treasury Regulation Section 1.409A-3(i)(5)(vi) (change in the effective control of a
corporation), or Treasury Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial portion of a corporation’s assets). 

(y)    “Securities Act” shall mean the Securities Act of 1933, as amended. 

(z)    “Service” shall mean service as an Employee, Consultant or Outside Director, as described
more fully in the Plan. Continuous Service means that the Participant’s service with the Company, a Parent or a Subsidiary, whether as an Employee, Consultant or Outside Director, is not interrupted or terminated. A change in the capacity in
which the Participant renders service to the Company, a Parent or a Subsidiary as an Employee, Consultant or Outside Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or
termination of the Participant’s service with the Company, Parent or Subsidiary, will not terminate a Participant’s continuous Service; provided, however, that if the entity for which a Participant is rendering services ceases to qualify
as a Parent or Subsidiary, as determined by the Administrator, in its sole discretion, such Participant’s continuous Service will be considered to have terminated on the date such entity ceases to qualify as a Parent or Subsidiary. 

(aa)    “Settlement Consideration” shall mean: 

 

	 	(i)	 at the Initial Vesting Date, and subject to any Withholding Taxes, if Participant’s continuous Service
terminated for any reason other than for Cause prior to the Initial Vesting Date and Participant has satisfied the Time-Based Requirement with respect to all or a portion of this award of SVAs: (a) a cash payment equal to the lesser of
(I) the product of (x) the Fair Market Value of one Share as of the effective date of Participant’s termination of continuous Service times (y) the number of Shares subject to this award of SVAs that satisfy the Time-Based
Requirement on the Initial Vesting Date, rounded down to the nearest cent, or (II) the product of (x) the Fair Market Value of one Share as of the Initial Vesting Date times (y) the number of Shares subject to this award of
SVAs that satisfy the Time-Based Requirement on the Initial Vesting Date, rounded down to the nearest cent, or (b) delivery of a number of whole Shares equal to the lesser of (I) the quotient obtained by dividing (1) the
product of (x) the Fair Market Value of one Share as of the effective date of Participant’s termination of 

  
 17 

	 	
continuous Service times (y) the number of Shares subject to this award of SVAs that satisfy the Time-Based Requirement on the Initial Vesting Date by (2) the Fair Market Value
of one Share as of the Initial Vesting Date, rounded down to the nearest whole Share, or (II) the quotient obtained by dividing (1) the product of (x) the Fair Market Value of one Share as of the Initial Vesting Date times
(y) the number of Shares subject to this award of SVAs that satisfy the Time-Based Requirement on the Initial Vesting Date by (2) the Fair Market Value of one Share as of the Initial Vesting Date, rounded down to the nearest whole Share;

  

	 	(ii)	 at the Initial Vesting Date, and subject to any Withholding Taxes, if Participant is in continuous Service as
of the Initial Vesting Date and Participant has satisfied the Time-Based Requirement with respect to all or a portion of this award of SVAs: (a) a cash payment equal to (I) the Fair Market Value of one Share as of the Initial Vesting Date
times (II) the number of Shares subject to this award of SVAs that satisfy the Time-Based Requirement on the Initial Vesting Date, rounded down to the nearest cent, or (b) delivery of one Share for each Share subject to this award
of SVAs that satisfies the Time-Based Requirement on the Initial Vesting Date; and 

  

	 	(iii)	 at each Subsequent Vesting Date, and subject to any Withholding Taxes: (a) a cash payment equal to
(I) the Fair Market Value of one Share as of the applicable Subsequent Vesting Date times (II) the number of Shares subject to this award of SVAs that satisfy the Time-Based Requirement on the applicable Subsequent Vesting Date,
rounded down to the nearest cent, or (b) delivery of one Share for each Share subject to this award of SVAs that satisfies the Time-Based Requirement on the applicable Subsequent Vesting Date, in each case subject to, for the avoidance of
doubt, Participant’s continuous Service through the applicable Subsequent Vesting Date. Such incremental entitlement to Settlement Consideration on each applicable Subsequent Vesting Date shall be in addition to (and without duplication of) any
and all Settlement Consideration payable in respect of the Initial Vesting Date and all Subsequent Vesting Dates occurring prior to the applicable Subsequent Vesting Date (if any). 

For purposes of this definition of “Settlement Consideration”, Fair Market Value that is determined as of the effective date of
Participant’s termination of continuous Service shall be subject to adjustment in accordance with Section 10 of the Plan. The aggregate number of Shares issuable upon settlement of the SVA, if any, shall in no event exceed the Shares
underlying the Total Number of SVAs Granted on the Notice of Share Value Award, as 

  
 18 

 
may be adjusted from time to time in accordance with Section 10 of the Plan. The form of Settlement Consideration shall be determined by the Administrator in is sole and absolute discretion.
The form of Settlement Consideration determined by the Administrator with respect to Participant need not be the same on any given Vesting Date and the Administrator need not provide for the same Settlement Consideration as among Participant and any
other participants under the Plan. 
 (bb)    “Share” shall mean one ordinary share of the
Company, as adjusted in accordance with Section 10 of the Plan (if applicable). 

(cc)    “Subsequent Vesting Date” shall mean, with respect to a Participant who is in continuous
Service as of the Initial Vesting Date, each vesting date that occurs pursuant to the Time-Based Requirement following the Initial Vesting Date. 

(dd)    “Subsidiary” shall mean (i) any company (other than the Company) in an unbroken chain
of companies beginning with the Company, if each of the companies other than the last company 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 companies in such
chain, or (ii) any company whose assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with IFRS and/or PRC
GAAP or any internationally recognized accounting standard; or (iii) any company with respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly or indirectly through another
subsidiary. A company 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. 

(ee)    “Time-Based Requirement” shall mean the requirement to provide continuous Service
over the period of time set forth in the Notice of Share Value Award. 
 (ff)    “Transferee”
shall mean any person to whom Participant has directly or indirectly transferred any Shares acquired under this Agreement. 

(gg)    “Transfer Notice” shall mean the notice of a proposed transfer of Shares described in
Section 6. 
 (hh)    “Vesting Date” shall mean, as applicable, (i) the Initial
Vesting Date or (ii) any applicable Subsequent Vesting Date. 

  
 19 

 APPENDIX 

SPECIAL PROVISIONS APPLICABLE TO U.S. TAX RESIDENTS 

The settlement of the SVAs is intended to be exempt from the application of Code Section 409A pursuant to the “short-term deferral exemption”
in Treasury Regulation 1.409A-1(b)(4) and shall be administered and interpreted in a manner that complies with such exemption. To the extent that any provision of this Agreement is ambiguous as to its
exemption from Code Section 409A, the provision shall be read in such a manner so that all payments hereunder are exempt from Code Section 409A. Notwithstanding the foregoing, if this award of SVAs is interpreted as not being exempt from
Code Section 409A, it shall be interpreted to comply with the requirement of Code Section 409A so that this award is not subject to additional tax or interest under Code Section 409A. In this regard, if this award is payable upon
Participant’s “separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) (a “Separation”) and Participant is a “specified employee” of the Company or any affiliate thereof within the
meaning of Code Section 409A(a)(2)(B)(i) on the day of Participant’s Separation, then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after Participant’s Separation, or
(ii) Participant’s death, but only to the extent such delay is necessary so that this award is not subject to additional tax or interest under Code Section 409A. 

 EXHIBIT A

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]