Document:

EX-4.12

 Exhibit 4.12 

Execution Version 
  

 
 Exclusive Option Agreement

 Between 
 He
Xiaopeng, Xia Heng 
 And 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. 

And 
 Guangzhou Yidian
Zhihui Chuxing Technology Co., Ltd. 
 In relation to Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. 

September 10, 2021 
  

 

  
 1 

 Exclusive Option Agreement 

This exclusive option agreement (“Agreement”) is made by the following parties on September 10, 2021 (“Execution
Date”): 
  

	1.	 He Xiaopeng (ID No.: 440203197711032118) and Xia Heng (ID No.: 431224198311070057) (“Existing
Shareholders”); 

 Contact address: Room 102, No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe
District, Guangzhou 
  

	2.	 Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd., with its registered address at Room 109, No. 8
Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou, and its legal representative being Xia Heng (“Company”). 

  

	3.	 Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd., with its registered address at Room 101, No. 8
Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou, and its legal representative being Xia Heng (“WFOE”). 

Each of the above parties is hereinafter referred to individually as a “Party”, and collectively as the “Parties”. 

Whereas, 
  

	1.	 The Parties entered into the Exclusive Option Agreement (hereinafter referred to as the “Original
Exclusive Option Agreement”) on May 28, 2018, and the Supplementary Agreement on Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. on April 20, 2021 making appropriate amendments to the relevant clauses of the Original Exclusive
Option Agreement. 

  

	2.	 On September 10, 2021, the WFOE and the Existing Shareholders entered into the Equity Transfer Contract on
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. regarding the transfer of 50% of the Company’s equity held by the Existing Shareholders. Pursuant to this Contract, the Existing Shareholders transferred the original paid-in capital contribution of RMB5,000,000 (SAY RMB FIVE MILLION ONLY) (accounting for 50% of the Company’s registered capital) to the WFOE at the transfer consideration of RMB5,000,000 (SAY RMB FIVE MILLION
ONLY). The WFOE agrees to pay the above equity transfer consideration to the Existing Shareholders before December 31, 2021. According to the Original Exclusive Option Agreement, the Existing Shareholders will immediately repay the loan
provided by the WFOE under the Original Loan Agreement after receiving the above equity transfer consideration. 

  

	3.	 On the execution date of this Agreement, the Existing Shareholders and the WFOE are registered shareholders of
the Company and hold all the shares of the Company according to law. On the execution date of this Agreement, the capital contribution of the Existing Shareholder in the registered capital of the Company is RMB5 million, accounting for 50% of
the shares; the capital contribution of the WFOE in the registered capital of the Company is RMB5 million, accounting for 50% of the shares. The basic information of the Company is shown in Exhibit 1. 

 

	4.	 Subject to the current PRC Laws, the Existing Shareholders are willing to transfer their entire equity interest
in the Company to the WFOE and/or its designated entity and/or individual, and the WFOE is willing to accept such transfer by itself or through its designated entity and/or individual. 

 

	5.	 Subject to the current PRC Laws, the Company is willing to transfer its assets to the WFOE and/or its
designated entity and/or individual, and the WFOE is willing to accept such transfer by itself or through its designated entity and/or individual. 

  
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	6.	 Subject to the current PRC Laws, the Company and the Existing Shareholders intend that the capital of the
Company will be reduced and then increased by the WFOE or its designated entity and/or individual, and the WFOE is willing to subscribe for such additional capital by itself or by its designated entity and/or individual. 

 

	7.	 In order to effect the above transfer of equity interest and assets, the Existing Shareholders and the Company
agree to grant to the WFOE the exclusive and irrevocable Equity Transfer Option and Asset Purchase Option. According to the Equity Transfer Option and Asset Purchase Option, subject to the PRC Laws, the Existing Shareholders or the Company, shall at
the request of the WFOE transfer the Option Equity or the Assets (as defined below) to the WFOE and/or its designated entity and/or individual according to the provision hereof. In order to effect the above capital reduction of the Company and the
capital increase by the WFOE to the Company, the Existing Shareholders and the Company agree to grant to the WFOE an irrevocable Capital Increase Option. According to the Capital Increase Option, subject to the PRC Laws, the Company shall reduce its
capital at the request of the WFOE, and then the WFOE and/or its designated entity and/or individual will subscribe for the Capital Increase Equity (as defined below). 

 

	8.	 The Company agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option (as defined
below) according to this Agreement. 

  

	9.	 The Existing Shareholders agree that the Company will grant to the WFOE the Asset Purchase Option (as defined
below) according to this Agreement. 

  

	10.	 The Company and the Existing Shareholders agree to grant to the WFOE the Capital Increase Option (as defined
below) according to this Agreement. 

 Now, therefore, the Parties agree as follows upon consensus through negotiation: 

 

	1.	 Definitions 

 

	1.1	 The following terms used in this Agreement have the meanings below, unless the context requires otherwise:

  

			
	 “PRC Laws”
	  	Means the currently valid laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding normative documents of the People’s Republic of China.
		
	 “Equity Transfer Option”
	  	Means the option granted by the Existing Shareholders to the WFOE according to the terms and conditions hereof to purchase the equity interest of the Company.
		
	 “Asset Purchase Option”
	  	Means the option granted by the Company to the WFOE according to the terms and conditions hereof to purchase any asset of the Company.
		
	 “Capital Increase Option”
	  	Means the option granted by the Company and the Existing Shareholder to the WFOE according to the terms and conditions hereof to request the Company to reduce its capital (part or all of the Option Equity (as defined below)), and
to allow the WFOE and/or its designated entity and/or individual to purchase the newly increased registered capital of the Company.
		
	 “Option Equity”
	  	Means the entire equity interest held by the Existing Shareholders in the Registered Capital (as defined below) of the Company, which accounts for 100% of the Registered Capital.

  
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	 “Registered Capital”
	  	Means the registered capital of the Company of RMB ten million (RMB10,000,000) as of the Execution Date, as may be expanded by any capital increase in whatever form during the term of this Agreement.
		
	 “Transfer Equity”
	  	Means the equity interest which the WFOE has the right to request the Existing Shareholders to transfer to it and/or its designated entity and/or individual when the WFOE exercises the Equity Transfer Option according to Article
3 hereof, the number of which may be part or all of the Option Equity and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	 “Transfer Assets”
	  	Means the assets of the Company which the WFOE has the right to request the Company to transfer to it and/or its designated entity and/or individual when the WFOE exercises the Asset Purchase Option according to Article 3 hereof,
which may be part or all of the assets of the Company and will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	 “Capital Increase Equity”
	  	Means the newly increased Registered Capital which the WFOE and/or its designated entity and/or individual have the right to subscribe for after the reduction of capital of the Company when the WFOE exercises the Capital Increase
Option according to Article 3 hereof, the number of which will be determined by the WFOE in its sole discretion according to the current PRC Laws and its own business consideration.
		
	 “Exercise”
	  	Means the WFOE exercises the Equity Transfer Option, the Asset Purchase Option or the Capital Increase Option.
		
	 “Transfer Price”
	  	Means the entire consideration payable by the WFOE and/or its designated entity and/or individual to the Existing Shareholders or the Company for acquisition of the Transfer Equity or the Transfer Assets at each
Exercise.
		
	 “Capital Reduction Price”
	  	Means the entire consideration payable by the Company to the Existing Shareholders for reduction of the Registered Capital at each Exercise of the WFOE.
		
	 “Capital Increase Price”
	  	Means the entire consideration payable by the WFOE and/or its designated entity and/or individual to the Company for subscription of the Capital Increase Equity at each Exercise.
		
	 “Business Licenses”
	  	Means any approvals, permits, filings, registrations, etc. the Company must hold for legally and validly operating its business, including but not limited to the Business License of Enterprise Legal Person and other relevant
permits and certificates that may be required by the current PRC Laws.
		
	 “Assets”
	  	Means all tangible and intangible assets that are owned or can be disposed of by the Company during the term of this Agreement, including but not limited to any real property, personal property, trademark, copyright, patent, know-how, domain name, software use right and other intellectual property rights.

  
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	 “Material Agreements”
	  	Means any agreements to which the Company is a party and which have material effect on the business or assets of the Company, including but not limited to the Exclusive Service Agreement and other material agreements relating to
the business of the Company.
		
	 “Exercise Notice”
	  	Has the meaning set forth in Article 3.9 of this Agreement.
		
	 “Original Loan Agreement”
	  	 Means the Loan Agreement dated May 28, 2018 between the Existing Shareholders and the WFOE.

		
	 “Loan Agreement”
	  	Means the Loan Agreement dated September 10, 2021 between the Existing Shareholders and the WFOE.
		
	 “Confidential Information”
	  	Has the meaning set forth in Article 8.1 of this Agreement.
		
	 “Breaching Party”
	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	 “Breach”
	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	 “Non-breaching Party ”
	  	Has the meaning set forth in Article 11.1 of this Agreement.
		
	 “Party’s Rights”
	  	Has the meaning set forth in Article 12.5 of this Agreement.

  

	1.2	 Any reference to any PRC Laws shall be reference to: 

 

	 	(a)	 those laws as amended, modified, supplemented and restated, whether they become effective before or after the
conclusion of this Agreement; and 

  

	 	(b)	 other decisions, notices and regulations prepared or effective under the PRC Laws. 

 

	1.3	 Unless the context requires otherwise, any reference to any articles, paragraphs, subparagraphs or items herein
are reference to the articles, paragraphs, subparagraphs or items of this Agreement. 

  

	2.	 Grant of Equity Transfer Option, Asset Purchase Option and Capital Increase Option

  

	2.1	 The Existing Shareholders hereby agree to grant to the WFOE an irrevocable, unconditional and exclusive Equity
Transfer Option, according to which the WFOE has the right to request the Existing Shareholders at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholders may
transfer part or all of their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to transfer the Option Equity to the WFOE and/or its designated entity
and/or individual according to the terms and conditions of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Equity Transfer Option. 

 

	2.2	 The Company hereby agrees that the Existing Shareholders will grant to the WFOE the Equity Transfer Option
according to the above Article 2.1 and other provisions hereof. 

  

	2.3	 The Company hereby agrees to grant to the WFOE an irrevocable, unconditional and exclusive Asset Purchase
Option, according to which the WFOE has the right to request the Company at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk that the Existing Shareholders may transfer part or all of
their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to transfer the part or all of the Assets to the WFOE and/or its designated entity and/or
individual according to the terms and conditions of this Agreement, subject to the PRC Laws. The WFOE hereby agrees to accept the Asset Purchase Option. 

  

	2.4	 The Existing Shareholders hereby agree that the Company will grant to the WFOE the Asset Purchase Option
according to the above Article 2.3 and other provisions hereof. 

  
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	2.5	 The Existing Shareholders and the Company hereby agree severally and jointly to grant to the WFOE an
irrevocable, unconditional and exclusive Capital Increase Option, according to which the WFOE has the right to request the Company at any time (including but not limited to when the WFOE decides upon its independent judgment that there is the risk
that the Existing Shareholders may transfer part or all of their Option Equity to any third party other than the WFOE and/or its designated entity and/or individual according to the requirements of the PRC Laws) to reduce its capital, and, subject
to the PRC Laws, the WFOE and/or its designated entity and/or individual have the right to subscribe for any Capital Increase Equity according to the terms and conditions hereof. The WFOE hereby agrees to accept the Capital Increase Option.

  

	3.	 Way of Exercise 

 

	3.1	 Subject to the terms and conditions hereof and to the extent permitted by the PRC Laws, the WFOE has the
absolute sole discretion to decide the time, way and number of its Exercise. 

  

	3.2	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the transfer of part or all of the equity interest of the Company held by and from the Existing Shareholders to itself and/or its designated entity and/or individual. 

 

	3.3	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the transfer of part or all of the Assets from the company to itself and/or its designated entity and/or individual. 

  

	3.4	 Subject to the terms and conditions hereof and the current PRC Laws, the WFOE has the right to request at any
time the Company to reduce its capital, and to subscribe for the Capital Increase Equity by itself and/or its designated entity and/or individual. 

  

	3.5	 At each Exercise of the Equity Transfer Option, the WFOE has the right to determine the number of Transfer
Equity that the Existing Shareholders shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Existing Shareholders shall transfer the Transfer Equity respectively to the WFOE and its designated entity and/or
individual according to the number determined by the WFOE. The WFOE and its designated entity and/or individual shall pay the Transfer Price to the Existing Shareholders for the Transfer Equity they receive in each Exercise. 

 

	3.6	 At each Exercise of the Asset Purchase Option, the WFOE has the right to determine the specific Assets that the
Company shall transfer to the WFOE and its designated entity and/or individual in the Exercise. The Company shall transfer the Assets to the WFOE and its designated entity and/or individual according to the determination of the WFOE. The WFOE and
its designated entity and/or individual shall pay the Transfer Price to the Company for the Transfer Assets they receive in each Exercise. 

  

	3.7	 At each Exercise of the Capital Increase Option, the WFOE has the right to determine the number of capital that
the Company shall reduce in the Exercise, and the WFOE has the right to request the Existing Shareholders to reduce their capital contribution to the Company. The Company and the Existing Shareholders shall reduce the capital of the Company
according to the number determined by the WFOE. Moreover, the WFOE has the right to determine the number of Capital Increase Equity to be subscribed for by the WFOE and its designated entity and/or individual in each Exercise. The Company shall
accept the subscription according to the requirements of the WFOE. The Company shall pay the Existing Shareholders the price for reduction of capital in each reduction of its Registered Capital. The WFOE and its designated entity and/or individual
shall pay the Capital Increase Price to the Company for the Capital Increase Equity subscribed in each Exercise. 

  

	3.8	 At each Exercise, the WFOE may accept transfer of the Transfer Equity or the Transfer Assets, or subscribe for
the Capital Increase Equity, or may designate any third party to accept transfer of part or all of the Transfer Equity or the Transfer Assets, or subscribe for the Capital Increase Equity in part or in whole. 

  
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	3.9	 When the WFOE decides to exercise its option, it shall send to the Existing Shareholders and/or the Company the
Equity Transfer Option Exercise Notice, the Asset Purchase Option Exercise Notice or the Capital Increase Option Exercise Notice (each a “Exercise Notice”, in the form of Exhibit 2, Exhibit 3 and Exhibit 4 hereto). After receiving
an Exercise Notice, the Existing Shareholders or the Company shall transfer the Transfer Equity or the Transfer Assets wholly to the WFOE and/or its designated entity and/or individual immediately according to Article 3.5 or Article 3.6 hereof, or
reduce the capital of the Company according to Article 3.7 hereof, and allow the WFOE and/or its designated entity and/or individual to subscribe for the Capital Increase Equity. 

 

	4.	 Transfer Price, Capital Reduction Price, and Capital Increase Price 

 

	4.1	 At each Exercise of the Equity Transfer Option, the entire Transfer Price payable by the WFOE and/or its
designated entity and/or individual to the Existing Shareholders is the capital contribution amount actually paid in the Registered Capital corresponding to the Transfer Equity. If the minimum price permitted by the current PRC Laws is higher than
the above amount, the minimum price shall apply. The Existing Shareholders, after receiving the Transfer Price, shall immediately use such amount to repay the loan provided by the WFOE under the Loan Agreement. 

 

	4.2	 At each Exercise of the Asset Purchase Option, the WFOE and/or its designated entity and/or individual shall
pay the Company the book value of relevant Assets. If the minimum price permitted by the current PRC Laws is higher than the above amount, the minimum price shall apply. 

 

	4.3	 At each Exercise of the Capital Increase Option, the Company shall pay the Capital Reduction Price to the
Existing Shareholders who reduce his capital contribution to the Company, and the Capital Reduction Price is the capital contribution amount actually paid in the Registered Capital which is reduced. If the minimum price permitted by the current PRC
Laws is higher than the above amount, the minimum price shall apply. Moreover, the entire Subscription Price payable by the WFOE and/or its designated entity and/or individual for subscription of the Capital Increase Equity is the Capital Reduction
Price paid by the Company to the Existing Shareholders at the time of capital reduction. The Existing Shareholders, after receiving the Capital Reduction Price, shall immediately use such amount to repay the loan provided by the WFOE under the Loan
Agreement. 

  

	4.4	 The taxes incurred due to Exercise of the Equity Transfer Option, the Asset Purchase Option or the Capital
Increase Option hereunder according to the applicable laws shall be borne and paid by the Parties respectively. 

  

	5.	 Representations and Warranties 

 

	5.1	 The Existing Shareholders hereby represent and warrant that 

 

	 	(a)	 The Existing Shareholders are natural persons of full capacity for civil acts according to the PRC Laws, have
full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

  

	 	(b)	 The Company is a limited liability company duly established and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	 	(c)	 The Existing Shareholders have full power and authority to execute, deliver and perform this Agreement and all
other documents relating to the transaction contemplated hereunder and to be executed, and have full power and authority to complete the transaction contemplated hereunder. 

 

	 	(d)	 This Agreement constitutes their legal and binding obligations, and is enforceable against them according to
the terms hereof. 

  
 7 

	 	(e)	 The Existing Shareholders are the registered legal owner of the Option Equity when this Agreement becomes
effective, and there is not any lien, pledge, claim, other security interest or third party’s rights over the Option Equity, except for the Equity Transfer Option and the Capital Increase Option created hereunder, the pledge created under the
Equity Interest Pledge Agreement dated September 10, 2021 between the Company, the WFOE and the Existing Shareholders, and the proxy created under the Power of Attorney dated September 10, 2021. According to this Agreement, after Exercise
the WFOE and/or its designated entity and/or individual will obtain good title to the Transfer Equity free of any lien, pledge, claim, other security interest or third party’s rights. 

 

	 	(f)	 There is not any lien, mortgage, claim, other security interest or third party’s rights over the Assets,
except for the Asset Purchase Option created hereunder. According to this Agreement, after Exercise the WFOE and/or its designated entity and/or individual will obtain good title to the Assets free of any lien, mortgage, claim, other security
interest or third party’s rights. 

  

	5.2	 The Company hereby represents and warrants that 

 

	 	(a)	 The Company is a limited liability company duly established and validly existing under the PRC Laws who has
separate legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

 

	 	(b)	 The Company has full internal corporate power and authority to execute, deliver and perform this Agreement and
all other documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	(c)	 This Agreement is legally and properly executed and delivered by the Company, and constitutes the legal and
binding obligations of the Company. 

  

	 	(d)	 There is not any lien, mortgage, claim, other security interest or third party’s rights over the Assets,
except for the Asset Purchase Option created under this Agreement. According to this Agreement, after Exercise the WFOE and/or its designated entity and/or individual will obtain good title to the Assets free of any lien, mortgage, claim, other
security interest or third party’s rights. 

  

	5.3	 The WFOE represents and warrants that 

 

	 	(a)	 It is a limited liability company duly established and validly existing under the PRC Laws who has separate
legal personality, has full and separate legal status and capacity to execute, deliver and perform this Agreement, and can sue and be sued independently. 

  

	 	(b)	 It has full internal corporate power and authority to execute, deliver and perform this Agreement and all other
documents relating to the transaction contemplated hereunder and to be executed, and has full power and authority to complete the transaction contemplated hereunder. 

 

	 	(c)	 This Agreement is legally and properly executed and delivered by the WFOE, and constitutes its legal and
binding obligations. 

  

	6.	 Undertakings of the Existing Shareholders 

The Existing Shareholders hereby irrevocably undertake as follows: 
  

	6.1	 During the term of this Agreement, without the prior written consent of the WFOE, they will not:

  

	 	(a)	 transfer or otherwise dispose of any Option Equity or create any security interest or other third party’s
right over the Option Equity; 

  

	 	(b)	 increase or reduce the Registered Capital, or procure the Company to merge with other entity;

  

	 	(c)	 dispose of, or procure the management of the Company to dispose of, any material Assets (except for those
occurred in the ordinary course of business); 

  
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	 	(d)	 terminate, or procure the management of the Company to terminate, any Material Agreements signed by the
Company, or enter into any other agreement conflicting with the existing Material Agreements; 

  

	 	(e)	 appoint, remove or replace any of the Company’s directors, supervisors or other officers to be appointed
and removed by the Existing Shareholders; 

  

	 	(f)	 procure the Company to declare or distribute any distributable profit, bonus or dividend;

  

	 	(g)	 take any action or behavior (including inaction) to affect the valid existence of the Company, nor take any act
that may cause the Company to terminate, liquidate or dissolve; 

  

	 	(h)	 amend the Company’s articles of association; or 

 

	 	(i)	 take any action or behavior (including inaction) to have the Company provide or borrow any loan, or provide any
guarantee or other forms of security, or assume any material obligation outside of the ordinary course of business. 

  

	6.2	 During the term of this Agreement, they will use their best efforts to develop the Company’s business and
ensure the Company’s operation in compliance with laws and regulations, and will not take any act or inaction that may damage the Company’s Assets or goodwill or affect the validity of the Company’s Business Licenses.

  

	6.3	 During the term of this Agreement, they will promptly notify the WFOE any circumstance that may have material
adverse effect on the existence, business, operation, finance, assets or goodwill of the Company, and promptly take all measures approved by the WFOE to exclude such circumstances or take other valid remedial measures. 

 

	6.4	 Once the WFOE issues the Exercise Notice, the Existing Shareholders will: 

 

	 	(a)	 immediately agree, through shareholder’s resolution or other necessary actions, to the transfer the whole
Transfer Equity or Transfer Assets from the Existing Shareholders or the Company to the WFOE and/or its designated entity and/or individual at the Transfer Price, or to the reduction of the Company’s capital, and accept the subscription by the
WFOE and/or its designated entity and/or individual of the Company’s Capital Increase Equity, as the case may be; 

  

	 	(b)	 with respect to the Equity Transfer Option, immediately sign the equity transfer agreement with the WFOE and/or
its designated entity and/or individual, transfer the whole Transfer Equity to the WFOE and/or its designated entity and/or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and executing all related
legal documents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its designated entity and/or
individual will obtain the whole Transfer Equity and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Equity; 

 

	 	(c)	 with respect to the Capital Increase Option, immediately sign the capital reduction agreement with the Company
in the form and substance satisfactory to the WFOE, and assist and cooperate with the Company to go through the capital reduction formalities (including but not limited to notifying the creditors, making announcement on the capital reduction,
signing all related legal documents, performing all government approval and registration formalities, and assuming all related obligations), so that the Company will successfully complete the capital reduction of the Company and the WFOE and/or its
designated entity and/or individual will successfully complete the subscription of the Capital Increase Equity. 

  

	6.5	 If the Transfer Price from transfer of the Transfer Equity, or the Capital Reduction Price from the reduction
of the Company’s capital, and/or the distribution of the remaining property of the Company in case of the termination, liquidation or other circumstance of the Company, received by the Existing Shareholders, is higher than their capital
contribution to the Company, or if they receive any forms of profit distribution, bonus or dividend from the Company, they agree and acknowledge that subject to the PRC Laws they will not enjoy the income of the premiums and any profit distribution,
bonus or dividend (after deducting relevant taxes) and such income and profit distribution, bonus or dividend will be vested in the WFOE. The Existing Shareholders will instruct relevant receiving party or the Company to pay the income to the bank
account designated by the WFOE. 

  
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	6.6	 They irrevocably agree to the execution and performance by the Company of this Agreement, and will assist the
Company with the execution and performance of this Agreement, including but not limited to signing all necessary documents or the documents required by the WFOE and taking all necessary actions or the actions required by the WFOE, and will not take
any action or inaction to prevent the WFOE from claiming and realizing any right hereunder. 

  

	6.7	 They will immediately, without any delay, notify the WFOE of any circumstance that the Option Equity held by
them may be transferred to any third party other than the WFOE and/or its designated entity and/or individual due to any applicable law, the decision or award of any court or arbitrator, or any other reasons, once they know or should have known such
circumstance. 

  

	7.	 Undertakings of the Company 

 

	7.1	 The Company hereby irrevocably undertakes that 

 

	 	(a)	 If the execution and performance of this Agreement and the grant of the Equity Transfer Option, the Asset
Purchase Option or the Capital Increase Option hereunder are subject to any consent, permission, waiver or authorization of any third party or the approval, permit, waiver, registration or filing (if required by law) of any government authority, it
will use its best effort to assist to meet the above conditions. 

  

	 	(b)	 Without prior written consent of the WFOE, it will not assist or permit the Existing Shareholders to transfer
or otherwise dispose of any Option Equity or create any security interest or other third party’s right over the Option Equity. 

  

	 	(c)	 Without prior written consent of the WFOE, it will not transfer or otherwise dispose of any material Assets
(except for the disposal occurred in the ordinary course of business) or create any security interest or other third party’s right over the Assets. 

  

	 	(d)	 It will not take or permit any action or behavior that may have adverse effect on the WFOE’s interest
hereunder, including but not limited to any action or behavior subject to Article 6.1. 

  

	 	(e)	 It will immediately, without any delay, notify the WFOE of any circumstance that the Option Equity held by any
Existing Shareholder may be transferred to any third party other than the WFOE and/or its designated entity and/or individual due to any applicable law, the decision or award of any court or arbitrator, or any other reasons, once it knows or should
have known such circumstance. 

  

	7.2	 Once the WFOE issues the Exercise Notice, 

 

	 	(a)	 The Company shall procure the Existing Shareholders to agree, through shareholders’ resolution or taking
of other necessary actions, to the transfer of the whole Transfer Assets from the Company to the WFOE and/or its designated entity and/or individual at the Transfer Price, or to the reduction of capital of the Company, and to allow the WFOE and/or
its designated entity and/or individual to subscribe for the whole Capital Increase Equity at the Capital Increase Price, as the case may be; 

  

	 	(b)	 with respect to the Asset Purchase Option, the Company will immediately sign the asset transfer agreement with
the WFOE and/or its designated entity and/or individual, transfer the whole Transfer Assets to the WFOE and/or its designated entity and/or individual at the Transfer Price, and provide necessary support to the WFOE (including providing and
executing all related legal documents, performing all government approvals and registration formalities, and assuming all relevant obligations) according to the request of the WFOE and the laws and regulations, so that the WFOE and/or its designated
entity and/or individual will obtain the whole Transfer Assets and no legal defect, security interest, third party’s right or other restriction will exist over the Transfer Assets. 

  
 10 

	 	(c)	 with respect to the Capital Increase Option, the Company will immediately sign the capital reduction agreement
with the Existing Shareholders in the form and substance satisfactory to the WFOE and the amended and restated articles of association (amendment to the articles of association of the Company), and the Company will go through, and the Existing
Shareholders shall procure the Company to go through, the capital reduction formalities (including but not limited to notifying the creditors, making announcement on the capital reduction, signing all related legal documents, performing all
government approval and registration formalities, and assuming all related obligations), so that the Company will successfully complete the capital reduction and the WFOE and/or its designated entity and/or individual will successfully complete the
subscription of the Capital Increase Equity. 

  

	8.	 Confidentiality Obligations 

 

	8.1	 Each Party shall keep strict confidential the business secrets, proprietary information, client information and
other confidential information of the other Party obtained during the execution and performance of this Agreement (“Confidential Information”) regardless of whether this Agreement has been terminated. The receiving Party shall not
disclose any Confidential Information to any third party, except upon prior written consent of the disclosing Party or as required by applicable laws and regulations or the rules of the jurisdiction where the affiliate of a Party is listed. The
receiving Party shall not use directly or indirectly any Confidential Information except for purpose of performing this Agreement. 

  

	8.2	 The Parties acknowledge that the following information is not Confidential Information: 

 

	 	(a)	 The information obtained by the receiving Party by legal means before the disclosure, which is evidenced by
written proof; 

  

	 	(b)	 The information that has entered public domain not through the fault of the receiving Party; or

  

	 	(c)	 The information obtained by the receiving Party legally through other channel after receiving the information
from the disclosing Party. 

  

	8.3	 The receiving Party may disclose the Confidential Information to its relevant employees, agents or any engaged
professionals, provided that it shall ensure such persons to comply with relevant terms and conditions of this Agreement and shall assume any liability arising from the breach by such persons of relevant terms and conditions of this Agreement.

  

	8.4	 Notwithstanding any other provisions hereof, this Article 8 shall survive the suspension or termination of this
Agreement. 

  

	9.	 Term of Agreement 

This Agreement is formed when the Parties officially sign it, and, once formed, will become effective retrospectively as of September 10,
2021. Unless the WFOE requires otherwise, this Agreement will terminate when the whole Option Equity and Assets are transferred to the WFOE and/or its designated entity and/or individual according to the provisions hereof. 

 

	10.	 Notice 

  

	10.1	 Any notice, request, demand or other communication required by or made under this Agreement shall be in writing
and sent to relevant Parties. 

  

	10.2	 Where the above notice or other communication is sent by fax or email, it will be deemed delivered when it is
sent. Where the above notice or other communication is sent by personal delivery, it will be deemed delivered when it is submitted in person. Where the above notice or other communication is sent by mail, it will be deemed delivered two
(2) days after it is posted. 

  
 11 

	11.	 Liabilities for Breach of Contract 

 

	11.1	 The Parties agree and acknowledge that if either Party (“Breaching Party”) materially breaches
any covenant hereunder, or fails or delays to perform any material obligation hereunder, it will constitute a breach of this Agreement (“Breach”), and each of the other Parties
(“Non-breaching Parties”) has the right to request the Breaching Party to correct or take remedial measures within a reasonable period. If the Breaching Party fails to do so within a
reasonable period or ten (10) days after the Non-breaching Parties give a written notice requesting correction, then: 

 

	 	(a)	 If the Existing Shareholders or the Company breaches, the WFOE has the right to terminate this Agreement and
request the Breaching Parties (/Party) to compensate any damages; 

  

	 	(b)	 If the WFOE breaches, the Non-breaching Parties have the right to
request the Breaching Party to compensate damages, provided, however, that the Non-breaching Parties have no right to terminate or rescind this Agreement, unless the laws provide otherwise mandatorily.

 For purpose of this Article 11.1, the Existing Shareholders further acknowledge and agree that their breach of Article 6
hereof will constitute a material breach of this Agreement. The Company further acknowledges and agrees that its breach of Article 7 hereof will constitute a material breach of this Agreement. 

 

	11.2	 Notwithstanding any other provisions hereof, this Article 11 shall survive the suspension or termination of
this Agreement. 

  

	12.	 Miscellaneous 

 

	12.1	 This Agreement is written in Chinese. This Agreement is made in five (5) counterparts, with the Company
holding one (1) counterpart, one (1) counterpart filed with the government authority for approval/registration, and the remaining counterparts maintained by the WFOE. 

 

	12.2	 The conclusion, validity, interpretation and dispute resolution of this Agreement shall be governed by the PRC
Laws. 

  

	12.3	 Dispute Resolution 

  

	 	(a)	 Any dispute arising from or relating to this Agreement shall be resolved first through the friendly negotiation
between the Parties. If negotiation fails, the dispute shall be submitted to China International Economic and Trade Arbitration Commission for arbitration according to the arbitration rules of the Commission effective at the time of submission. The
arbitration will be carried out in Shenzhen. The arbitration award is final and binding upon relevant Parties. Unless the arbitration award decides otherwise, the arbitration cost shall be borne by the losing Party. The losing Party shall further
reimburse the winning Party’s attorney fee and other expenses. 

  

	 	(b)	 During the period of dispute resolution, the Parties shall continue to perform other provisions of this
Agreement except for the disputed matter. 

  

	 	(c)	 he Parties hereby specifically acknowledge and undertake that, subject to the laws of China, the arbitrators
shall have the right to make an appropriate award according to the actual situation to provide Party B with appropriate legal remedies, including but not limited to restricting Party A’s business operation, restricting and/or disposing of Party
A’s equity or assets (including land) (including but not limited to using the same as compensation), prohibiting the transfer or disposal or making other relevant remedies, and liquidating Party A, etc. The Parties shall implement such award.

  
 12 

	 	(d)	 The Parties hereby specifically acknowledge and undertake that, subject to the laws of China, as property
preservation or enforcement measures, at the request of one Party to the dispute, the court with jurisdiction shall have the right to make a ruling or judgment before the arbitration tribunal is formed or under other appropriate circumstances
permitted by law to provide provisional reliefs to the Party, such as making detaining or freezing judgment or ruling on the property of the defaulting party or the equity of the company. Such rights of the Party and the judgment or ruling made by
the court thereon shall not affect the validity of the above arbitration clause agreed upon by the Parties. 

  

	 	(e)	 After the arbitration award comes into effect, either Party shall have the right to apply to the court with
jurisdiction to enforce the arbitration award. 

  

	 	(f)	 The Parties agree that the competent court at the place where (1) Hong Kong Special Administrative Region;
(2) the place of registration of XPeng Inc.; (3) the place of registration of Party A (i.e. Guangzhou); and (4) the major assets of XPeng Inc. or Party A are located shall be deemed the court with jurisdiction for the purposes of this
Article 

  

	12.4	 Any rights, powers and remedies granted to either Party under any provision of this Agreement shall not
preclude any other rights, powers or remedies granted to the Party under laws or other provisions hereof. No exercise by either Party of its rights, powers or remedies will preclude the exercise by the Party of other rights, powers or remedies.

  

	12.5	 No failure or delay to exercise by either Party of its rights, powers or remedies under this Agreement or laws
(“Party’s Rights”) will constitute waiver of such rights, and no single or partial waiver of the Party’s Rights will preclude exercise by the Party of such rights in other way or of other rights. 

 

	12.6	 The headings hereof are inserted for reference only, and shall not be used for or affect the interpretation of
any provisions hereof. 

  

	12.7	 The provisions hereof are severable and independent from other provisions. If any or several provisions hereof
are decided invalid, illegal or unenforceable at any time, the validity, legality and enforceability of other provisions hereof shall not be affected. 

  

	12.8	 If the Stock Exchange of Hong Kong Limited or other regulatory authorities propose any amendments to this
Agreement, or if there are any changes related to this Agreement in the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited or related requirements, the Parties shall amend this Agreement accordingly.

  

	12.9	 This Agreement, once signed, shall supersede any other legal documents signed by the Parties with respect to
the same subject matter, including the Original Exclusive Option Agreement dated May 28, 2018 and the Supplementary Agreement dated April 20, 2021 between the PartieAny amendment or supplement to this Agreement must be made in writing, and
shall become effective after the Parties properly sign it, except that the WFOE transfers its rights hereunder according to Article 12.10. 

  

	12.10	 Without prior written consent of the WFOE, the other Parties shall not transfer its right and/or obligation
hereunder to any third party. The other Parties agree that without their written consent, the WFOE has the right to transfer any right and/or obligation hereunder to any third party, provided that a written notice shall be given to the other
Parties. 

  

	12.11	 This Agreement shall bind and inure to the benefit of the legal assigns and successors of the Parties. The
Existing Shareholders warrant to the WFOE that they have taken all proper measures and signed all required documents so that when they go into bankruptcy, are liquidated, or suffer other circumstance that may affect their exercise of their equity,
their legal assigns, successors, heirs, liquidators, administrators, creditors and other persons who may obtain the equity interest in the Company or relevant rights shall not affect or prevent performance of this Agreement. For this purpose, the
Existing Shareholders and the Company shall promptly sign all other documents and take all other actions (including but not limited to notarizing this Agreement) required by the WFOE. 

  
 13 

 [The remainder of this page is intentionally left blank. Signature page follows.] 

  
 14 

 [Signature page of the Exclusive Option Agreement] 

He Xiaopeng 
 Signature: /s/ He Xiaopeng 

 [Signature page of the Exclusive Option Agreement] 

Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (seal) 

Legal representative: Xia Heng 
 Signature: /s/ Xia Heng 

 [Signature page of the Exclusive Option Agreement] 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 

Legal representative: Xia Heng 
 Signature: /s/ Xia Heng 

 Exhibit 1: 

Basic Information of the Company 
  

			
	Company name	  	Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd.
		
	Registered address	  	Room 109, No. 8 Songgang Street, Cen Village, Changxing Avenue, Tianhe District, Guangzhou
		
	Registered capital	  	RMB ten million
		
	Legal representative	  	Xia Heng
		
	Shareholding structure:	  	

  

							
	 Shareholder
	  	Shareholding percentage	 	 	Subscribed capital contribution (RMB)
	Guangzhou Xiaopeng Motors Technology Co., Ltd.	  	 	50	% 	 	Five million
	He Xiaopeng	  	 	40	% 	 	four million
	Xia Heng	  	 	10	% 	 	one million

 Exhibit 1 to the Exclusive Option Agreement 

 Exhibit 2: 

Form of Exercise Notice 
 To: He
Xiaopeng and Xia Heng 
 Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with He Xiaopeng and Xia Heng, and
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Company”) on [insert date], providing that subject to the laws and regulations of China, upon the request of us, He Xiaopeng and Xia Heng shall transfer their equity interest in
the Company to us or any third party designated by us. 
 Therefore, we hereby notify you as follows: 

We hereby exercise the Equity Transfer Option under the Option Agreement, and accept by us or by [name of the entity/individual designated by us] the transfer
of the [•]% equity interest held by He Xiaopeng and Xia Heng in the Company (“Transfer Equity”). Please transfer the above Transfer Equity to us or to the [name of the entity/individual designated by us] immediately according
to the provisions of the Option Agreement after you receive this notice. 
 Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 

Authorized representative: 
 Date: 

Exhibit 2 to the Exclusive Option Agreement 

 Exhibit 3: 

Form of Exercise Notice 
 To:
Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. 
 Whereas we entered into the Exclusive Option Agreement (“Option Agreement”) with
you, and He Xiaopeng and Xia Heng on [insert date], providing that subject to the laws and regulations of China, upon the request of us, you shall transfer your assets to us or any third party designated by us. 

Therefore, we hereby notify you as follows: 
 We hereby exercise
the Asset Purchase Option under the Option Agreement, and accept by us or by [name of the entity/individual designated by us] the transfer of the assets owned by you as listed in the schedule attached hereto (“Transfer Assets”).
Please transfer the above Transfer Assets to us or to the [name of the entity/individual designated by us] immediately according to the provisions of the Option Agreement after you receive this notice. 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 

Authorized representative: 
 Date: 

Exhibit 3 to the Exclusive Option Agreement 

 Exhibit 4: 

Form of Exercise Notice 
  

	To:	 Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. 

He Xiaopeng and Xia Heng 
 Whereas we entered
into the Exclusive Option Agreement (“Option Agreement”) with Guangzhou Yidian Zhihui Chuxing Technology Co., Ltd. (“Company”), and He Xiaopeng and Xia Heng on [insert date], providing that subject to the laws and
regulations of China, upon the request of us, you shall reduce the capital of the Company, and allow us or any third party designated by us to subscribe for the newly increased registered capital of the Company. 

Therefore, we hereby notify you as follows: 
 We hereby exercise
the Capital Increase Option under the Option Agreement, and request the Company to reduce its registered capital by RMB[•]. After completion of the capital reduction, the registered capital of the Company will become RMB[•], and He
Xiaopeng and Xia Heng will not hold equity interest in the Company / He Xiaopeng and Xia Heng will hold [•] equity interest in the Company. 

Meanwhile, we or [name of the entity/individual designated by us] will subscribe for the newly increased registered capital of the Company of RMB[•].
After completion of the above capital increase, the registered capital of the Company will become RMB[•]. 
 Please immediately complete the capital
reduction according to the Option Agreement after receiving this notice, and allow us or [name of the entity/individual designated by us] to subscribe for the newly increased registered capital of the Company. 

Guangzhou Xiaopeng Zhihui Chuxing Technology Co., Ltd. (seal) 

Authorized representative: 
 Date: 

Exhibit 4 to the Exclusive Option AgreementEX-4.17

 Exhibit 4.17 

XPENG INC. 
 SECOND
AMENDED AND RESTATED 2019 EQUITY INCENTIVE PLAN 
 As adopted on June 19, 2021 

 

	1.	 Purposes of the Plan. 

The purposes of this XPeng Inc. Second Amended and Restated 2019 Equity Incentive Plan (the “Plan”) is to enable XPeng Inc.,
an exempted company incorporated in the Cayman Islands (the “Company”) to attract and retain the services of Employees and Directors considered essential to the success of the Company and the Group Members (as defined below)
(collectively, the “Group”) by providing additional incentives to promote the success of the Group as a whole. Restricted Shares, Restricted Share Units, Dividend Equivalents, Share Appreciation Rights and Share Payments (each as
defined below) may be granted under the Plan. 
  

	2.	 Definitions and Interpretation. 

(a) Definitions. In this Plan, unless the context otherwise requires, the following expressions shall have the following
meanings: 
 “Administrator” means the Committee or any member(s) of the Board or officer(s) of the Company
whom the Committee has delegated its authority to act as the Administrator as provided in Section 4(e). 

“Applicable Law” means the legal requirements relating to the Plan and the Awards under applicable provisions
of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards granted to residents therein. 

“As-Converted Basis” means assuming that, with respect to any
outstanding preferred shares that are convertible into Shares, such preferred shares have been so converted, and with respect to any warrants that are convertible into preferred shares, that the preferred shares issuable upon the exercise of the
warrants have been so issued and that such issued preferred shares have also been so converted into Shares. 

“Award” means an Restricted Share, Restricted Share Unit, Dividend Equivalent, Share Appreciation Right or
Share Payment award granted to a Participant pursuant to the Plan. 
 “Award Agreement” means any written
agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 

“Board” means the board of directors of the Company. 

“Business” means any Person that carries on activities for profit, and shall be deemed to include any
affiliate of such Person. 

  
 -1- 

 “Cause” means, with respect to a Participant, unless in the
case of a particular Award, the particular Award Agreement states otherwise, (a) the applicable Group Member having “cause,” “just cause” or term of similar meaning or import, to terminate a Participant’s employment or
service, as defined in any employment, consulting or services agreement between the Participant and such Group Member in effect at the time of such termination or (b) in the absence of any such employment, consulting or services agreement (or
the absence of any definition of “cause,” “just cause” or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion: 

(i) any commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar acts, or commission of
a criminal offense; 
 (ii) any material breach of any agreement or understanding between the Participant and any Group
Member including, without limitation, any applicable intellectual property and/or invention assignment, employment, non-competition, confidentiality or other similar agreement or the Group Member’s code
of conduct or other workplace rules; 
 (iii) any material misrepresentation or omission of any material fact in connection
with the Participant’s employment with any Group Member or service as a Service Provider; 
 (iv) any material failure
to perform the customary duties as an Employee or Director, to obey the reasonable directions of a supervisor or to abide by the policies or codes of conduct of the Company or any other Group Member or to satisfy the requirements or working
standards of the applicable Group Member during any applicable probationary employment period; or 
 (v) any conduct that is
materially adverse to the name, reputation or interests of the Group Members. 
 “Change in Control” means
any of the following transactions: 
 (i) an amalgamation, arrangement, merger, consolidation or scheme of arrangement in
which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company’s voting
shares immediately prior to such transaction own more than fifty percent (50%) of the voting shares of the surviving entity; 

(ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a
Subsidiary); 
 (iii) the completion of a voluntary or insolvent liquidation or dissolution of the Company; 

(iv) any takeover, reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover
or scheme of arrangement (including, but not limited to, a tender offer followed by a takeover or reverse takeover) in which the Company survives but (A) the shares of the Company outstanding immediately prior to such transaction are converted
or exchanged by virtue of the transaction into other property, whether in the form of shares, securities, cash or otherwise, or (B) the shares carrying more 

  
 -2- 

 
than fifty percent (50%) of the total combined voting power of the Company’s then issued and outstanding shares are transferred to a person or persons different from those who held such
shares immediately prior to such transaction culminating in such takeover, reverse takeover or scheme of arrangement, or (C) the Company issues new voting shares in connection with any such transaction, in each case such that holders of the
Company’s voting shares immediately prior to the transaction no longer hold more than fifty percent (50%) of the voting shares of the Company after the transaction; or 

(v) the acquisition in a single or series of related transactions by any person or related group of persons (other than
Employees of one or more Group Members or entities established for the benefit of the Employees of one or more Group Members) of (A) control of the board of directors of the Company or the ability to appoint a majority of the members of such
board, or (B) beneficial ownership (within the meaning of Rule 13d-3 under the U.S. Securities Exchange Act) of shares carrying more than fifty percent (50%) of the total combined voting power of the
Company’s then issued and outstanding shares. 
 “Code” means the United States Internal Revenue Code
of 1986, as amended. 
 “Committee” means the Compensation Committee of the Board (or a subcommittee
thereof), or such other committee of the Board to which the Board has delegated power to act pursuant to the provisions of the Plan; provided, that in the absence of any such committee, the term “Committee” shall mean the Board. 

“Company” has the meaning set forth in Section 1. 

“Competitor” means any Business that is engaged in or is about to become engaged in any activity of any nature
that competes with a product, process, technique, procedure, device or service of any Group Member. 

“Consultant” means any person who provides services to the Group on a continuing and recurring basis in its
ordinary and usual course of business which are material to the long term growth of the Group. 
 “Director”
means a member of the board of directors or similar governing body of a Group Member. 
 “Disability” means,
unless in the case of a particular Award, the particular Award Agreement states otherwise, as to any Participant, (a) “Disability,” as defined in any employment, consulting or services agreement between the Participant and the applicable
Group Member in effect at the time of such termination; or (b) in the absence of any such employment, consulting or services agreement (or in the absence of any definition of “Disability” contained therein), a disability, whether
temporary or permanent, partial or total, as determined by the Administrator in its sole discretion. 
 “Dividend
Equivalent” means a right to receive (in cash or other property or, subject to Section 13, a reduction in exercise price or base price of the relevant outstanding Award) dividends paid on Shares underlying an Award (or an amount equal
to the dividends that would have been paid on such Shares as if such Shares had been issued and outstanding during the relevant period) as provided under Section 13. 

  
 -3- 

 “Employee” means any person who has an employment
relationship with any Group Member. A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the relevant Group Member under Applicable Laws, or (ii) transfers between locations of Group
Members. 
 “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(i) If the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair
Market Value shall be the closing sales price for such Shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed or traded on the date of determination, as reported in
Bloomberg or such other source as the Administrator deems reliable unless otherwise prescribed by any Applicable Law, or, if the date of determination is not a Trading Date, the closing price as quoted on the principal exchange or system on which
the Shares are listed or traded on the Trading Date immediately preceding the date of determination; 
 (ii) If depositary
receipts representing the Shares are listed on one or more established stock exchanges or traded on automated quotation systems, the Fair Market Value shall be the closing sales price for such depositary receipts (or the closing bid, if no sales
were reported) as quoted on the principal exchange or system on the date of determination, as reported in Bloomberg or such other source as the Administrator deems reliable, divided by the number of Shares that are represented by such depositary
receipts, or, if the date of determination is not a Trading Date, the closing sales price for such depositary receipts as quoted on the principal exchange or system on which such depositary receipts are listed or traded on the Trading Date
immediately preceding the date of determination, divided by the number of Shares that are represented by such depositary receipts; 

(iii) If the Shares or depositary receipts representing the Shares are regularly quoted by a recognized securities dealer but
selling prices are not reported, the Fair Market Value shall be the mean between the high bid and low asked prices for (a) the Shares on the date of determination or (b) depositary receipts representing the Shares on the date of
determination, divided by the number of Shares that are represented by such depositary receipts, as applicable; or 
 (iv) In
the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Administrator. 

“Family Member” means (i) any person who is a “family member” of the Participant, as such term
is used in the instructions to Form S-8 under the U.S. Securities Act (collectively, the “Immediate Family Members”, which includes 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, and any person
sharing the Participant’s household (other than a tenant or employee); (ii) a trust solely for the benefit of the Participant and/or the Participant’s Immediate Family Members; or (iii) a partnership or limited liability company whose
only partners or shareholders are the Participant and/or the Participant’s Immediate Family Members; or (iv) any other transferee as may be approved by the Administrator in its sole discretion in an Award Agreement or otherwise. 

  
 -4- 

 “Fully Diluted Basis” means assuming that all outstanding
preferred shares, options, warrants and other equity securities that are convertible into or exercisable or exchangeable for Shares (whether or not by their terms then currently convertible, exercisable or exchangeable) have been so converted,
exercised or exchanged. 
 “Group” has the meaning set forth in Section 1. 

“Group Member” means the Company, any Subsidiary or any Related Entity. 

“Initial Public Offering” means the first firm commitment underwritten offering of the IPO Corporation
pursuant to an effective registration statement under the U.S. Securities Act (other than a registration statement on Form S-4 or Form S-8 or any similar form). 

“IPO Corporation” means the Company or any other entity which undertakes the Initial Public Offering. 

“Participant” means the holder of an outstanding Award granted under the Plan. 

“Person” means any natural person, firm, company, corporation, body corporate, partnership, association,
government, state or agency of a state, local, municipal or provincial authority or government body, joint venture, trust, individual proprietorship, business trust or other enterprise, entity or organization (whether or not having separate legal
personality). 
 “Plan” has the meaning set forth in Section 1. 

“Related Entity” means any Person in or of which the Company or a Subsidiary holds a substantial economic
interest, or possesses the power to direct or cause the direction of the management policies, directly or indirectly, through the ownership of voting securities, by contract, or other arrangements as trustee, executor or otherwise, but which, for
purposes of the Plan, is not a Subsidiary and which the Administrator designates as a Related Entity. For purposes of the Plan, any Person in or of which the Company or a Subsidiary owns, directly or indirectly, securities or interests representing
twenty percent (20%) or more of its total combined voting power of all classes of securities or interests shall be deemed a “Related Entity” unless the Administrator determines otherwise. 

“Restricted Share” means a Share subject to restrictions and repurchase rights granted pursuant to the Plan.

 “Restricted Share Unit” means the right to receive a Share, or any number or fraction thereof, at a
future date granted pursuant to the Plan. 
 “Service Provider” means any Person who is an Employee,
Consultant or a Director; provided, that Awards shall not be granted to any Director in any jurisdiction in which, pursuant to Applicable Laws, grants to non-employees are not permitted. If any Person is a
Service Provider by reason of being an Employee or Director to the Company or any Subsidiary and such Person’s service is transferred to a Related Entity, then the Administrator, in its sole discretion, may determine that such Person’s
service as a Service Provider has terminated as a result of such transfer for any or all purposes of any Award, Award Agreement and the Plan. 

  
 -5- 

 “Share” means a class A ordinary share of the Company, par
value US$0.00001 per share, as adjusted in accordance with Section 13(a) below. 
 “Share Appreciation
Right” means a right to receive a payment equal to the excess of the Fair Market Value of a specified number of Shares on the date the Share Appreciation Right is exercised over the base price set forth in the applicable Award Agreement,
granted pursuant to the Plan. 
 “Share Payment” means a payment in the form of Shares, as part of any
bonus, deferred compensation or other cash compensation arrangement, made in lieu of all or any portion of such bonus, deferred compensation or other cash compensation arrangement, granted pursuant to the Plan. 

“Subsidiary” means any Person Controlled by the Company. “Control” means, with respect to any
Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person whether through the ownership of the voting securities of such Person or by contract or otherwise. For purposes of
the Plan, any “variable interest entity” that is consolidated into the consolidated financial statements of the Company under applicable accounting principles or standards as may apply to the consolidated financial statements of the
Company shall be deemed a Subsidiary. 
 “Tax” means any income, employment, social welfare or other tax
withholding obligations (including a Participant’s tax obligations) or any levies, stamp duties, charges or taxes required or permitted to be withheld or otherwise payable under Applicable Laws with respect to any taxable event concerning a
Participant arising as a result of this Plan. 
 “Terminated for Cause” or “Termination for
Cause” means, in the case of a Participant, (i) the termination of the Participant’s status as a Service Provider for Cause or (ii) the Participant’s termination without Cause or voluntary resignation as a Service
Provider if the Administrator determines at any time that, before or after the Participant’s termination without Cause or resignation, a Group Member had Cause to terminate such Participant’s status as a Service Provider. 

“Trading Date” means any day on which the Shares or depositary receipts representing the Shares are
(i) publicly traded on one or more established stock exchanges or automated quotation systems under an effective registration statement or similar document under Applicable Law or (ii) quoted by a recognized securities dealer. 

“U.S. Person” means each Person who is a “United States Person” within the meaning of
Section 7701(a)(30) of the Code (i.e., a citizen or resident of the United States, including a lawful permanent resident, even if such individual resides outside of the United States). 

“U.S. Securities Act” means the United States Securities Act of 1933 and the regulations thereunder, as
amended from time to time. 
 “U.S. Securities Exchange Act” means the United States Securities Exchange Act
of 1934 and the regulations thereunder, as amended from time to time. 

  
 -6- 

 (b) Interpretation. Unless expressly provided otherwise, or the context
otherwise requires: 
 (i) the headings in this Plan are for convenience only and shall not affect its interpretation; 

(ii) the terms defined in the singular shall have a comparable meaning when used in the plural, and vice versa; 

(iii) references to “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”; 
 (iv) references to “dollars” or “US$” shall be deemed
references to the lawful money of the United States of America; 
 (v) references to clauses,
sub-clauses, paragraphs, sub-paragraphs and schedules are to clauses, sub-clauses, paragraphs and
sub-paragraphs of, and schedules to, this Plan; 
 (vi) use of any gender includes
the other genders; 
 (vii) a reference to any statute or statutory provision shall be construed as a reference to the same
as it may have been, or may from time to time be, amended, modified or re-enacted; 

(viii) a reference to any other document referred to in this Plan is a reference to that other document as amended, varied,
novated or supplemented at any time; and 
 (ix) sections 8 and 19(3) of the Electronic Transactions Law (2003 Revision) of
the Cayman Islands shall not apply. 
  

	3.	 Shares Subject to the Plan. 

(a) Subject to the provisions of Sections 13, the maximum aggregate number of Shares which may be subject to Awards under the
Plan is 161,462,100 Shares (the “Plan Share Reserve”). 
 (b) The Shares that may be subject to Awards are
authorized but unissued Shares of the Company. 
 (c) If an Award (or any portion thereof) terminates, expires or lapses or
is cancelled for any reason, any Shares subject to the Award (or such portion thereof) shall again be available for the grant of an Award pursuant to the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan,
pursuant to Awards under the Plan shall not be returned to the Plan and shall not cause the number of Shares available to be subject to Awards under the Plan to be increased, except that if: 

(i) any unvested Restricted Shares are cancelled (or surrendered) or the Company repurchases unvested Restricted Shares
pursuant to the terms of the Award Agreement, or 

  
 -7- 

 (ii) the Company repurchases any Shares granted under any Award (or a
portion thereof) in the event of a Participant’s joining a Competitor, Termination for Cause, or any of the other circumstances as set forth in Section 17(a), then such Restricted Shares or Shares shall form part of the authorized but
unissued share capital of the Company and may become available for future grant under the Plan (to the extent permitted under Applicable Laws). 
  

	4.	 Administration of the Plan. 

(a) Administrator. The Plan shall be administered by the Administrator (except as otherwise permitted herein). 

(b) Duties and Powers of Administrator. It shall be the duty of the Administrator to conduct the general administration
of the Plan in accordance with its provisions. Subject to the provisions of the Plan, the Administrator shall have the power and authority, in its discretion: 

(i) to select the Service Providers to whom Awards may from time to time be granted hereunder; 

(ii) to determine the type or types of Awards to be granted to each Service Provider; 

(iii) to determine the base price of a Share Appreciation Right; 

(iv) to determine the number of Shares, or fractions thereof, to be covered by each such Award granted hereunder; 

(v) to prescribe the forms of Award Agreement for use under the Plan, which need not be identical for each Participant and to
amend any Award Agreement; provided, that: (1) the rights or obligations of the Participant holding the Award that is the subject of any such Award Agreement are not affected adversely by such amendment; (2) the consent of the affected
Participant is obtained; or (3) such amendment is otherwise permitted under the Plan. Any such amendment of an Award under the Plan need not be the same with respect to each Participant; 

(vi) to determine the terms and conditions of any Award granted hereunder (such terms and conditions to include, but not be
limited to, the exercise price, the time or times when Awards may be vested, issued or exercised as the case may be (which may be based on performance criteria), the times at which Shares are issuable under a Restricted Share Unit, whether any Award
may be paid in cash or Shares, any rules for tolling the vesting of Awards upon an authorized leave of absence, any vesting acceleration or waiver of cancellation restrictions, and any restriction or limitation regarding any Awards or the Shares
relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine); 
 (vii)
to determine all matters and questions relating to whether a Participant’s status as a Service Provider has been terminated, including without limitation if such termination was for Cause or for Disability and, if so, to determine the effective
date of such termination (which it may determine to be the date of notice of resignation or the date of an act or omission by such Participant constituting Cause) and all questions of whether particular leaves of absence constitute a termination of
the Service Provider; 

  
 -8- 

 (viii) to determine whether a Business is a Competitor; 

(ix) unless otherwise required in the shareholders agreement of the Company (as it may be amended from time to time), to
prescribe, amend and rescind rules and regulations relating to the Plan and the administration of the Plan and all Award Agreements, including rules and regulations relating to sub-plans established for the
purpose of qualifying for preferred Tax treatment under the tax laws of any jurisdiction; 
 (x) to allow the Participants to
satisfy minimum Tax withholding obligations by having the Company withhold from the Shares to be issued pursuant to an Award (or a portion thereof), that number of Shares having a Fair Market Value equal to the amount required to be withheld as set
forth in Section 14(j) below; 
 (xi) to take any action, before or after an Award is made, that it deems advisable to
obtain approval or comply with Applicable Laws or any necessary local governmental regulatory exemptions or approvals or listing requirements of any securities exchange or automated quotation system; 

(xii) to construe, interpret, reconcile any inconsistency in, correct any defect in and/or supply any omission in, the terms of
the Plan, any Award Agreement and any Award granted pursuant to the Plan; and 
 (xiii) make all other decisions and
determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan. 

(c) Action by the Administrator. The Administrator may act at a meeting or in writing signed by all members of the
Administrator in lieu of a meeting. The Administrator is entitled to, in good faith, rely or act upon any report or other information furnished by any officer or other employee of any Group Member, the Company’s independent certified public
accountants, or any executive compensation consultant or other professional retained by the Company or the Administrator to assist in the administration of the Plan. 

(d) Effect of Administrator’s Decision. The Administrator’s interpretation of the Plan, any Awards granted
pursuant to the Plan and any Award Agreement, and all decisions, determinations and interpretations of the Administrator shall be final, binding and conclusive for all purposes and upon all Participants. 

(e) Delegation of Authority. To the extent permitted by Applicable Laws, the Administrator may from time to time
delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to this Section 4. Any delegation hereunder shall be
subject to the restrictions and limits that the Administrator specifies at the time of such delegation, and the Administrator may at any time rescind the authority so delegated or appoint a new delegate. 

 

	5.	 Eligibility. 

(a) Subject to the terms of the Plan, all forms of Awards may be granted to any Service Provider. 

(b) Neither the Plan nor any Award shall confer upon any Participant any right with respect to continuing the
Participant’s relationship as a Service Provider with any Group Member, nor shall it interfere in any way with the Participant’s right or any Group Member’s right to terminate such relationship at any time, with or without Cause. 

  
 -9- 

	6.	 Terms of Awards. 

(a) Term. The term of each Award shall be stated in the Award Agreement; provided, that the term shall be no more than
ten (10) years from the date of grant thereof. Subject to the foregoing, except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding
Award, and may extend the time period during which vested Awards may be exercised, in connection with any termination of a Participant’s status as a Service Provider, and may amend any other term or condition of an Award relating to such
termination. 
 (b) Timing of Granting of Awards. The date of grant of an Award shall, for all purposes, be the date
on which the Administrator makes the determination granting such Award or such other future date as is determined by the Administrator. Notice of the determination shall be given to each Service Provider to whom an Award is so granted within a
reasonable time after the date of such grant. 
 (c) Stand-Alone and Tandem Awards. Awards granted pursuant to the
Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan (or any other award granted pursuant to another compensation plan). Awards granted in
addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards (or any other award granted pursuant to another compensation plan). 

(d) Award Agreement. All Awards shall be evidenced by an Award Agreement setting forth the number of Shares subject to
the Award and the terms and conditions of the Award, which shall not be inconsistent with the Plan; provided, that if necessary to comply with Section 409A of the Code, for each U.S. Person the Shares subject to the Awards shall be
“service recipient stock” within the meaning of Section 409A of the Code or the Award shall otherwise comply with Section 409A of the Code, unless the Participant consents otherwise. 

(e) Vesting. The period during which an Award, in whole or in part, vests shall be set by the Administrator, and the
Administrator may determine that an Award may not vest in whole or in part for a specified period after it is granted. Such vesting may be based on service with a Group Member and/or any other criteria selected by the Administrator. At any time
after grant of an Award, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Award vests. No portion of an Award that is unvested or unexercisable at the
termination of a Participant’s status as a Service Provider shall thereafter become vested or exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the
grant of the Award. 
 (f) Issuance of Shares. Shares issued upon grant, exercise or vesting of an Award (or any
portion thereof) shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant and/or in the name of one of more of the
Participant’s Family Members. 
  

  
 -10- 

 (g) Termination of Relationship as a Service Provider. If a
Participant’s status as a Service Provider terminates, such Participant may exercise any unexercised Award (to the extent exercisable) within such period of time, if any, as is specified in the Award Agreement to the extent that the Award is
vested and exercisable on the date of termination (but in no event later than the expiration of the term of the Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, and except as provided in Sections
6(h), 6(i) and 6(j), Awards shall cease to be exercisable immediately following the Participant’s termination (and in no event shall any Award be exercisable later than the expiration of the term of the Award as set forth in the Award
Agreement). Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator, if, on the date of termination, the Participant is not vested as to the Participant’s entire Award, the unvested portion of such Award
shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall revert to the Plan and again be available for grant or award under the Plan. If, after termination, the Participant does not exercise the Participant’s
Award within the time specified by the Administrator, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan. 

(h) Disability of Participant. If a Participant’s status as a Service Provider terminates as a result of the
Participant’s Disability, the Participant may exercise any unexercised Award (to the extent exercisable) within such period of time as is specified in the Award Agreement to the extent the Award is vested and exercisable on the date of
termination (but in no event later than the expiration of the term of such Award as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Award shall remain exercisable until the expiration of the term of
the Award as set forth in the Award Agreement. Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator, if, on the date of termination, the Participant is not vested as to the Participant’s entire Award,
the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall revert to the Plan and again be available for grant or award under the Plan. If, after termination, the Participant does
not exercise the Participant’s Award within the time specified herein, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan. 

(i) Death of Participant. If a Participant dies while a Service Provider, any unexercised Award (to the extent
exercisable) may be exercised within such period of time as is specified in the Award Agreement to the extent that the Award is vested on the date of death of the Participant (but in no event later than the expiration of the term of such Award as
set forth in the Award Agreement) by the Participant’s estate or by a person who acquires the right to exercise the Award by bequest or inheritance. In the absence of a specified time in the Award Agreement, the Award shall remain exercisable
until the expiration of the term of the Award as set forth in the Award Agreement. Unless otherwise specified in the Award Agreement or otherwise determined by the Administrator, if, at the time of death, the Participant is not vested as to the
entire Award, the unvested portion of such Award shall be deemed cancelled and the Shares covered by the unvested portion of the Award shall immediately revert to the Plan and again be available for grant or award under the Plan. If the Award is not
so exercised within the time specified herein, the Award shall terminate, and the Shares covered by such Award shall revert to the Plan and again be available for grant or award under the Plan. 

(j) Termination for Cause. Subject to Applicable Law, if a Participant is Terminated for Cause, all unexercised Share
Appreciation Rights, whether vested or unvested, and all other unvested Awards, shall be cancelled as of the date of such termination as determined by the Administrator in its sole discretion, and all Shares acquired pursuant to an Award by such
Participant shall be subject to a right of repurchase by the Company in accordance with Section 17(b). Any Shares covered by cancelled Awards, and any Shares so repurchased, may revert to the Plan and again be available for grant or award under the
Plan. 

  
 -11- 

	7.	 Restricted Shares. 

(a) Rights to Purchase. After the Administrator determines that it will offer Restricted Shares under the Plan, it shall
advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Restricted Shares. 

(b) Restrictions. All Restricted Shares shall, in the terms of each individual Award Agreement, be subject to such
restrictions and vesting requirements as the Administrator shall provide. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire in accordance with the terms of the relevant Award Agreement. All share
certificates relating to Restricted Shares shall be held by the Company in escrow for the Participant until all restrictions on such Restricted Shares have been removed. 

(c) Repurchase or Cancellation of Restricted Shares. If the price for the Restricted Shares was paid by the Participant
in services, then, upon termination as a Service Provider, the Participant shall no longer have any right in the unvested Restricted Shares, and such unvested Restricted Shares shall be cancelled (and for these purposes the Participant shall be
deemed to have surrendered such Restricted Shares) and thereupon either cancelled or surrendered to the Company without consideration. If a purchase price was paid by the Participant for the Restricted Shares (other than in services), then, upon the
Participant’s termination as a Service Provider, the Company shall have the right to repurchase from the Participant the unvested Restricted Shares then subject to restrictions at a cash price per Share equal to the price paid by the
Participant for such Restricted Shares or such other amount as may be specified in the Award Agreement. 
 (d) Rights as a
Shareholder. Once the Restricted Shares are issued, subject only to the restrictions on such Restricted Shares as provided in the Award Agreement and the memorandum and articles of association of the Company as amended from time to time, the
Participant shall have rights as a shareholder that are equivalent to the rights of other holders of Shares, and shall be a shareholder when the Participant is recorded as the holder of such Restricted Shares upon entry in the Company’s
register of members. No adjustment shall be made for a dividend or other right in respect of any Restricted Share for which the record date is prior to the date the Participant is entered on the Company’s register of members in respect of such
Restricted Shares, except as provided in Section 13 of the Plan. 
  

	8.	 Restricted Share Units. 

(a) Rights to Purchase. After the Administrator determines that it will offer Restricted Share Units under the Plan, it
shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Restricted Share Units. 

(b) Rights as a Shareholder. Until a Share is issued in settlement of any Restricted Share Units by entry in the
Company’s register of members, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to such Share. The Company shall cause such Share to be evidenced as issued by entry in the Company’s
register of members promptly after the Restricted Share Unit vests. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13. 

  
 -12- 

	9.	 Share Appreciation Rights. 

(a) Rights to Purchase. After the Administrator determines that it will offer Share Appreciation Rights under the Plan,
it shall advise the offeree in writing or electronically of the terms, conditions and restrictions related to such Share Appreciation Rights. 

(b) Base Price. The price per Share over which the appreciation of each Share Appreciation Right is to be measured shall
be the base price as determined by the Administrator and set forth in the Award Agreement, which may be a fixed or variable price determined by reference to the Fair Market Value of the Shares; provided, that, for each U.S. Person, such base price
may not be established at less than the Fair Market Value on the date the Share Appreciation Right is granted without such Share Appreciation Right either complying with Section 409A of the Code, or the Participant’s consent. The base
price per Share so established for a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, provided, that such adjustment does not result in a materially adverse impact to the Participant. For the
avoidance of doubt, to the extent not prohibited by Applicable Laws, a downward adjustment in the base price mentioned in the preceding sentence shall be effective without the approval of the Board or the Company’s shareholders or the approval
of the affected Participants. 
 (c) Payment. Payment to the Company for a Share Appreciation Right shall be in cash,
in Shares (based on their Fair Market Value as of the date the Share Appreciation Right is exercised) or a combination of both, as determined by the Administrator in the Award Agreement or, if the Award Agreement does not specifically so provide, by
the Administrator at the time of exercise. To the extent any payment is effected in Shares, only that number of Shares actually issued in payment of the Share Appreciation Right shall be counted against the Plan Share Reserve under Section 3.

 (d) Procedure for Exercise. Any Share Appreciation Right granted hereunder shall be exercisable according to the
terms hereof at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. A Share Appreciation Right shall be exercised when the Company receives written or electronic notice of exercise (in
accordance with the Award Agreement) from the person entitled to exercise the Share Appreciation Right and payment of Taxes which are required to be withheld by the relevant Group Member. If Shares are issued upon exercise of a Share Appreciation
Right, then such Shares shall be issued in the name of the Participant or, if requested by the Participant and if approved by the Administrator in its sole discretion, in the name of the Participant and/or in the name of one or more of the
Participant’s Family Members. 
 (e) Rights as a Shareholder. Until the Shares are issued by entry in the
Company’s register of members, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares, notwithstanding the exercise of the Share Appreciation Right. The Company shall issue (or cause to
be issued) such Shares promptly after the Share Appreciation Right is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13.

  

	10.	 Dividend Equivalents. 

The Administrator is authorized to grant Dividend Equivalents with respect to any Award and any Service Provider. Dividend Equivalents with
respect to an Award may be granted by the Administrator based on dividends declared on the Shares underlying such Award (and, in the case of any such Shares which have not been issued, the Dividend Equivalent may entitle the holder of such Award to
receive an amount equal to the dividends which would have been paid on such Shares, as if such Shares had been issued and outstanding during the relevant period), to be credited as of dividend payment dates during the

  
 -13- 

 
period between the date the Dividend Equivalent is granted to a Participant and the date the Award with respect to which the Dividend Equivalent vests, is exercised, is distributed or expires, as
determined by the Administrator. Such Dividend Equivalents shall be settled in cash, other property or a reduction in exercise price or base price of the relevant Award by such formula and at such time and subject to such limitations as may be
determined by the Administrator and as set forth in the Award Agreement or otherwise. Dividend Equivalents shall not be granted with respect to Share Appreciation Rights granted to U.S. Persons. 

 

	11.	 Share Payments. 

The Administrator is authorized to grant Share Payments to any Service Provider in the manner determined from time to time by the Administrator; provided, that
unless otherwise determined by the Administrator such Share Payments shall be made in lieu of base salary, bonus or other cash compensation otherwise payable to such Participant, including any such compensation that has been deferred at the election
of the Participant; provided, further, that not less than the par value of any Share shall be received by the Company in connection with its issuance of a Share pursuant to any such Share Payment. In accordance with Applicable Law, such par value
may be paid through the provision of services. The number of Shares issuable as a Share Payment shall be determined by the Administrator and may be based upon satisfaction of such specific criteria as determined appropriate by the Administrator,
including specified dates for electing to receive such Share Payment at a later date and the date on which such Share Payment is to be made. 
  

	12.	 Non-Transferability of Awards. 

Awards, and any interest therein, will not be transferable or assignable by the Participant, and may not be made subject to execution,
attachment or similar process; provided, that (i) during a Participant’s lifetime, with the consent of the Administrator (on such terms and conditions as the Administrator determines appropriate), the Participant may transfer Awards
(except Restricted Share Units) pursuant to domestic relations order in the settlement of marital property rights, (ii) the Administrator may permit transfer of an Award to Family Members in its sole discretion under such circumstances as it
deems appropriate, and (iii) following a Participant’s death, Awards, to the extent they are vested upon the Participant’s death, may be transferred by will or by the laws of descent and distribution. 

 

	13.	 Adjustments Upon Changes in Capitalization, Change in Control. 

(a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares
covered by each outstanding Award, the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or which have been returned to the Plan upon cancellation or expiration of an Award, as
well as the price per Share covered by each such outstanding Award and any other affected terms of such Awards, shall be proportionally and equitably adjusted for any increase or decrease in the number of issued Shares resulting from a subdivision
or consolidation, share dividend, amalgamation, spin-off, arrangement or consolidation, combination or reclassification of Shares. Additionally, in the event of any other increase or decrease in the number of
issued Shares effected without consideration by the Company, then the number of Shares covered by each outstanding Award, the number of Shares which have been authorized for issuance under the Plan but as to which no Awards have yet been granted or
which have been returned to the Plan upon cancellation or expiration of an Award, as well as the price per Share covered by each outstanding Award may be adjusted for any increase or decrease in the number of issued Shares resulting therefrom. The
conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” The manner in which such adjustments under this Section 13(a) are to be accomplished shall be
determined by the Board, whose determination shall be final, 

  
 -14- 

 
binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. For the avoidance of doubt, in the case of any extraordinary cash dividend, the Administrator shall make an equitable or proportionate adjustment to
outstanding Awards to reflect the effect of such extraordinary cash dividend. 
 (b) Dissolution or Liquidation. In
the event of the proposed dissolution or liquidation of the Company, the Administrator shall notify each Participant as soon as practicable prior to the effective date of commencement of such proposed dissolution or liquidation. The Administrator in
its discretion may provide for a Participant to have the right to exercise the Participant’s Share Appreciation Right until fifteen (15) days prior to the commencement of such dissolution or liquidation as to all of the Shares covered
thereby. In addition, the Administrator may provide that any Company repurchase option or any vesting condition applicable to any Restricted Shares shall lapse as to all such Restricted Shares and any Shares issuable under any Restricted Share Units
or as Share Payments shall be issued as of such date; provided, that the proposed dissolution or liquidation commences at the time and in the manner contemplated by the proposed dissolution or liquidation. To the extent it has not been previously
exercised or paid out, all Awards will terminate immediately prior to the commencement of such proposed dissolution or liquidation. 

(c) Change in Control. Except as may otherwise be provided in any Award Agreement or any other written agreement entered
into by and between the Company and a Participant, if a Change in Control occurs, the Company, as determined in the sole discretion of the Administrator and without the consent of the Participant, may take any of the following actions: 

(i) accelerate the vesting, in whole or in part, of any Award; 

(ii) purchase any Award for an amount of cash or shares equal to the value that could have been attained upon the exercise of
such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such date the Administrator determines in good faith that no amount would have
been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment); or 

(iii) provide for the assumption, conversion or replacement of any Award by the successor or surviving company or a parent or
subsidiary of the successor or surviving company with other rights (including cash) or property selected by the Administrator in its sole discretion or the assumption or substitution of such Award by the successor or surviving company, or a parent
or subsidiary thereof, with such appropriate adjustments as to the number and kind of shares and prices as the Administrator deems, in its sole discretion, reasonable, equitable and appropriate. In the event the successor or surviving company
refuses to assume, convert or replace outstanding Awards, the Awards shall fully vest, and the Participant shall have the right to exercise or receive payment as to all of the Shares subject to the Award, including Shares as to which it would not
otherwise be vested, exercisable or otherwise issuable (including at the time of the Change in Control). 
 (d) Prior to any
payment or adjustment contemplated under this Section 13, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant’s Awards; (ii) bear such Participant’s pro rata
share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Shares, subject to any limitations or
reductions as may be necessary to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee. 

  
 -15- 

	14.	 Miscellaneous General Rules. 

(a) Share Certificates; Book Entry Procedures. Notwithstanding anything herein to the contrary, the Company shall not be
required to issue or deliver any certificates evidencing Shares or ADSs (as defined in Section 14(e)) issued pursuant to the vesting, exercise or settlement of any Award, unless and until the Board has determined, with advice of counsel, that
the issuance and/or delivery of such certificates, as applicable, is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares or ADSs are listed or
traded. All Share and ADS certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws, and the rules of any national
securities exchange or automated quotation system on which the Shares or ADSs are listed, quoted, or traded. The Administrator may place legends on any Share or ADS certificate to reference restrictions applicable to the Share or ADS. In addition to
the terms and conditions provided herein, the Board may require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations,
or requirements. The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in
the discretion of the Administrator. Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Law, the Company shall not deliver to any Participant certificates evidencing Shares
or ADSs issued in connection with any Award and instead such Shares or ADSs shall be recorded in the books of the Company (or, as applicable, its transfer agent or share plan administrator). 

(b) Paperless Administration. Subject to Applicable Laws, the Administrator may make Awards, provide applicable
disclosure and procedures for exercise of Awards by an internet website, electronic mail or interactive voice response system for the paperless administration of Awards. 

(c) Applicable Currency. The Award Agreement shall specify the currency applicable to such Award. The Administrator may
determine, in its sole discretion, that an Award denominated in one currency may be paid in any other currency based on the prevailing exchange rate as the Administrator deems appropriate. A Participant may be required to provide evidence that any
currency used to pay the exercise price or purchase price of any Award was acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. 

(d) Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any
benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary or Related Entity except to the extent otherwise expressly provided in writing in such other plan
or an agreement thereunder. 
 (e) Government, Other Regulations and Distribution of Shares. The obligation of the
Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. 

  
 -16- 

 
The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under any Applicable Laws. If the Shares paid pursuant to the Plan may in certain circumstances be
exempt from registration under Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such exemption. Additionally, in the discretion of the Administrator,
American depositary shares (“ADSs”), may be distributed in lieu of Shares in settlement of any Award; provided, that the ADSs shall be of equal value to the Shares that would have otherwise been distributed; provided, further, that,
in the discretion of the Administrator, in lieu of issuing a fractional ADS, the Company shall make a cash payment to the Participant equal to the Fair Market Value of such fractional ADS. If the number of Shares represented by an ADS is other than
on a one-to-one basis, the limitations contained in Section 3 shall be adjusted to reflect the distribution of ADSs in lieu of Shares. 

(f) Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 

(g) Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and,
in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 (h) Fractional
Shares. The Administrator shall have the discretion to determine whether any fractional Share shall be issued under the Plan, or whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by
rounding down. 
 (i) No Rights to Awards. No Participant, Employee, or other person shall have any claim to be
granted any Award pursuant to the Plan, and neither the Company nor the Administrator is obligated to treat Participants, Employees, Directors or any other persons uniformly. 

(j) Taxes. No Shares shall be issued, and no payment shall be made under the Plan to any Participant, until such
Participant has made arrangements acceptable to the Administrator for the satisfaction of Taxes and any other costs and expenses in connection with the grant, exercise or vesting of Awards and/or the issuance of the Shares. The Company or the
relevant Group Member shall have the authority and the right to deduct or withhold from any compensation payable to a Participant, or require a Participant to remit to the Company or the relevant Group Member, an amount sufficient to satisfy all
Taxes. The Administrator may, in its discretion and in satisfaction of the foregoing requirement, allow or require a Participant to satisfy Taxes by electing to have the Company withhold Shares otherwise issuable under an Award (or other amounts
payable under an Award) having a Fair Market Value equal to the Taxes. Notwithstanding any other provision of the Plan, the number of Shares otherwise issuable under an Award which may be withheld with respect to the grant, issuance, vesting,
exercise or payment of any Award (or which may be repurchased from the Participant of such Award (or a portion thereof) after such Shares were acquired by the Participant from the Company) in order to satisfy all Taxes, unless specifically approved
by the Administrator, will be limited to the number of Shares otherwise issuable under an Award that have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such Taxes. The Fair Market Value of the Shares
otherwise issuable under an Award to be withheld shall be determined on the date that the amount of Taxes to be withheld is to be determined. All elections by the Participants to have Shares otherwise issuable under an Award withheld for this
purpose shall be made in such form and under such conditions as the Administrator may deem necessary or advisable. 
 (k) Buy-Out. In the sole discretion of the Administrator, any Award (in whole or in part) under the Plan may be settled in cash or other property in lieu of Shares; provided, that payment in cash or other property
in lieu of Shares shall not be made earlier than the time such Shares are issuable pursuant to the terms of the Award. 

  
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 (l) Valuation. For purposes of Section 13(c) where an Award is
converted into, or any underlying Share is substituted with, cash or other property or securities (a “Substitute Property”), the valuation of such Award and its Substitute Property, or the exchange ratio between the two, shall be
determined in good faith by the Administrator and supported by the valuation achieved in the relevant transaction, or in the absence of any such transaction, by an independent valuation expert selected by the Administrator. 

(m) Effect of Plan upon Other Compensation Plans. The adoption of the Plan is not intended to affect any other
compensation or incentive plans in effect for the Company or any Subsidiary or Related Entity. Nothing in the Plan shall be construed to limit the right of the Company, any Subsidiary or any Related Entity (i) to establish any other forms of
incentives or compensation for Service Providers, or (ii) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption
of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association. 

(n) Section 409A. To the extent that the Administrator determines that any Award granted to a U.S. Person under the Plan
is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent applicable, the Plan and Award Agreements shall be interpreted
in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan to the contrary, in the event that the Administrator determines that
any Award may be subject to Section 409A of the Code and related Department of Treasury guidance, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Award from Section 409A of the Code and/or preserve the intended tax
treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under such
Section. The Administrator shall use commercially reasonable efforts to implement the provisions of this Section 14(n) in good faith; provided, that none of the Company, the Administrator nor any of the Company’s employees, directors or
representatives shall have any liability to any Participant with respect to this Section 14(n). 
 (o)
Indemnification. To the extent allowable pursuant to Applicable Laws, the Administrator (or any individual member of the Committee or the Board acting as the Administrator) shall be indemnified and held harmless by the Company from any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred by it or such member in connection with or resulting from any claim, action, suit, or proceeding to which it, he or she may be a party or in which it, he or she may be
involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by it, him or her in satisfaction of judgment in such action, suit, or proceeding against it, him or her; provided, that it, he or
she gives the Company an opportunity, at its own expense, to handle and defend the same before it, he or she undertakes to handle and defend it on its, his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other
rights of indemnification to which such persons may be entitled pursuant to the Company’s memorandum and articles of association as amended from time to time, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless. 

  
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 (p) Plan Language. The official language of the Plan shall be
English. To the extent that the Plan or any Award Agreements are translated from English into another language, the English version of the Plan and Award Agreements will always govern, in the event that there are inconsistencies or ambiguities which
may arise due to such translation. 
 (q) Other Provisions. The Award Agreement shall contain such other terms,
provisions and conditions not inconsistent with the Plan as may be determined by the Administrator in its sole discretion. 
  

	15.	 Amendment and Termination of the Plan. 

(a) Effective Date; Term of Plan. The Plan became effective on June 28, 2020 (the “Effective
Date”). This Plan shall continue in effect for a term of ten (10) years unless sooner terminated under this Section 15. 

(b) Amendment and Termination. The Board in its sole discretion may terminate this Plan at any time. The Board may amend
this Plan at any time in such respects as the Board may deem advisable subject to Applicable Laws. 
 (c) Effect of
Termination. Except as otherwise provided in Section 13, any amendment or termination of this Plan shall not affect Awards previously granted or issued, as the case may be, and such Awards shall remain in full force and effect as if this
Plan had not been amended or terminated, unless mutually agreed otherwise between the affected Participant and the Company, which agreement must be in writing and signed by the Participant and the Company. 

 

	16.	 Certain Securities Law Matters. 

(a) The Company intends that, as long as it is not subject to the reporting requirements of Section 13 or 15(d) of the
U.S. Securities Exchange Act, and is not an investment company registered or required to be registered under the Investment Company Act of 1940, as amended, all grants of Awards and Shares issuable upon exercise or vesting of Awards shall be exempt
from registration under the provisions of Section 5 of the U.S. Securities Act, and this Plan shall be administered in such a manner so as to preserve such exemption. The Company intends for this Plan to constitute a written compensatory
benefit plan within the meaning of Rule 701(b) of Title 17, Code of Federal Regulations, Section 230.701 (“Rule 701”), promulgated by the U.S. Securities Act. Unless otherwise designated by the Administrator at the time an
Award is granted, all Awards granted under this Plan by the Company, and the issuance of any Shares pursuant thereto, are intended to be granted to (i) persons who meet the requirements of a “U.S. Person” as such term is defined in
Rule 902(k) of Title 17, Code of Federal Regulations, Section 230.901 through 230.905, promulgated under the U.S. Securities Act (“Regulation S”) in reliance on Rule 701 or (ii) persons other than persons who meet the
requirements of a “U.S. Person” as such term is defined in Regulation S, in compliance with Regulation S or otherwise be exempt from registration. 

(b) The obligation of the Company to settle Awards in Shares or other consideration shall be subject to all Applicable Laws,
rules and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be
prohibited from offering to sell or selling, any Shares pursuant to an Award unless such Shares 

  
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have been properly registered for sale pursuant to Applicable Laws or unless the Company has received an opinion of counsel, satisfactory to the Company, that such Shares may be offered or sold
without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under any Applicable Laws any of the
Shares to be offered or sold under the Plan. 
 (c) The Administrator may cancel an Award or any portion thereof if it
determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of Shares from the public markets, the Company’s issuance of the Shares to
the Participant, the Participant’s acquisition of the Shares from the Company and/or the Participant’s sale of Shares to the public markets, illegal, impracticable or inadvisable. If the Administrator determines to cancel all or any
portion of an Award in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (i) the aggregate Fair Market Value of the Shares subject to such Award or portion thereof canceled (determined as
of the applicable exercise date or the date that the Shares would have been vested or issued, as applicable), over (ii) the aggregate exercise price or base amount or any amount payable as a condition of issuance of Shares (in the case of any
other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof. 
  

	17.	 Joining a Competitor; Termination for Cause. If a Participant is Terminated for Cause or if within 12
months after termination as a Service Provider, or such longer period determined by the Administrator and as set forth in the applicable Award Agreement, the Participant (A) directly or indirectly, establishes, incorporates, forms, enters into,
or participates in the Business as an owner, partner, principal or shareholder or other proprietor (other than through a purchase on the open market, solely as a passive investment, of not more than five percent (5%) of the interest) of any
Competitor, or (B) has become, is or becomes an officer, director, employee, adviser of, or otherwise, directly or indirectly, enters the employ of, continues any employment with or renders any services to or for, any Competitor, or
(C) knowingly performs or has performed any act that may confer a competitive benefit or advantage upon any Competitor (in each case as determined by the Administrator), then: 

(a) All Awards (whether vested or unvested) shall be cancelled as of the date of termination of the Participant as a Service
Provider; 
 (b) All Shares issued pursuant to any Award (or a portion thereof) shall be subject to repurchase by the Company
at (i) the lesser of the (X) original purchase price of such Shares (or in the event no payment was made or the price was paid in services, then the Shares will be surrendered to and cancelled by the Company without payment), or
(Y) Fair Market Value or such other value of Shares as determined by the Administrator or as set forth in the applicable Award Agreement, or (ii) the par value of such Shares, if such Shares have been issued in exchange for services which
shall be considered the original purchase price, or (iii) the par value of such Shares, if such Shares have been issued under Restricted Share Units or as Share Payments; and 

(c) All proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or
exercise of any Awards (or a portion thereof) or upon the receipt or resale of any Shares underlying any Award (or a portion thereof), must be paid to the Company. 

  
 -20- 

	18.	 Certain Transfer Restrictions, Repurchase Rights and Similar Matters. 

Any Shares issued upon the exercise of or in settlement of an Award shall be subject to such special cancellation conditions, rights of
repurchase or redemption, rights of first refusal, and other transfer restrictions as set forth in the shareholders agreement of the Company or, if there is no shareholders agreement or such provisions do not exist in the shareholders agreement of
the Company, as the Administrator may determine as set forth in an Award Agreement (which restrictions shall apply in addition to any restrictions that may apply to holders of Shares generally). Any transfer or attempted transfer of any shares not
made in compliance with such restrictions shall be rejected by the Administrator. 
  

	19.	 Governing Law. 

This Plan shall be governed by the laws of the Cayman Islands. 

  
 -21-

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