Document:

EX-4.4

 Exhibit 4.4 

Execution Version 
 AMENDED
AND RESTATED SHAREHOLDERS AGREEMENT 
 This AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is
entered into on March 8, 2018 (the “Signing Date”), by and among: 
  

	1.	HUYA Inc., an exempted company incorporated with limited liability under the Laws of the Cayman Islands with its registered office at Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay
Road, Grand Cayman, KY1-1205 (the “Company”); 

  

	2.	HUYA Limited, a company organized and existing under the Laws of Hong Kong (the “HK Company”); 

  

	3.	Guangzhou Huya Technology Co., Ltd., (广州虎牙科技有限公司), a wholly foreign-owned enterprise incorporated under the Laws
of the PRC (the “WFOE”); 

  

	4.	Guangzhou Huya Information Technology Co., Ltd. (广州虎牙信息科技有限公司), a company incorporated under the
Laws of the PRC (the “Domestic Company”); 

  

	5.	DONG Rongjie (董荣杰), a citizen of the PRC, with identification card number 330227197702176836 (“Mr. Dong”); 

 

	6.	LI Xueling (李学凌), a citizen of the PRC, with identification card number 640204197410230034 (“Mr. Li”); 

 

	7.	YY Inc., an exempted company incorporated with limited liability under the Laws of the Cayman Islands (“YY”); 

  

	8.	each of the Persons listed in Part A of the Schedule I-B hereof (“Dong SPV” and collectively, “Dong SPVs”); 

 

	9.	the Person listed in Part B of the Schedule I-B hereof (“Li SPV”); 

  

	10.	each of the Persons listed in Part C of the Schedule I-B hereof (“Management SPV” and collectively, “Management SPVs”); and 

 

	11.	each of the Persons listed in Part D of the Schedule I-B hereof (together with any such Person’s Affiliates, successors and permitted assigns and transferees,
the “Investors”, an each an “Investor”). 

 Each of the parties to this Agreement is
referred to herein individually as a “Party” and collectively as the “Parties”. 
 RECITALS 

 

	A.	The Group is engaged in the business of providing products and services relating to audio and video broadcast and live streaming of online games (the “Business”). 

 

	B.	The Company holds 100% of the equity interest of the HK Company. The HK Company holds 100% of the registered capital of the WFOE, which in turn Controls the Domestic Company through Control Documents (as defined below).

  
 Shareholders Agreement 

	C.	Certain Investors and Dong SPV subscribed from the Company, and the Company issued to such Investors and Dong SPV, certain Series A Preferred Shares of the Company on the terms and conditions set forth in the Series A
Preferred Share Subscription Agreement dated May 16, 2017, by and among the Company, the HK Company, the Domestic Company, Mr. Dong, the Investors and other parties thereto (the “Prior Subscription Agreement”) and, in
connection therewith, the relevant Parties entered into a Shareholders Agreement on July 10, 2017, to record the respective information, registration and other rights and obligations of the shareholders of the Company (the “Prior
Agreement”). 

  

	D.	Tencent has agreed to subscribe from the Company, and the Company has agreed to issue to Tencent on the date hereof, certain Series B-2 Preferred Shares of the Company on the
terms and conditions set forth in the Series B-2 Preferred Share Subscription Agreement on the date hereof by and among the Company, Tencent and the other parties thereto (the “Subscription
Agreement”). 

  

	E.	The existing ordinary and preferred share capital of the Company has been re-designated to be comprised of Class A Ordinary Shares, Class B Ordinary Shares, Series A-1 Preferred Shares and Series A-2 Preferred Shares, prior to or upon the Closing (as defined in the Subscription Agreement). 

 

	F.	The shareholding structure of the Company immediately after the Closing (as defined in the Subscription Agreement) is as set out in Schedule I-E hereof. 

 

	G.	The Subscription Agreement provides that the execution and delivery of this Agreement shall be a condition precedent to the Closing (as defined in the Subscription Agreement). 

 

	H.	The Parties desire to enter into this Agreement, which shall amend, replace and supersede the Prior Agreement in its entirety, and make the respective representations, warranties, covenants and agreements set forth
herein on the terms and conditions set forth herein. 

 WITNESSETH 

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises hereinafter set forth, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties intending to be legally bound hereto hereby agree as follows: 
  

	1.	Definitions. 

 1.1 The following terms shall have the meanings ascribed to them below:

 “Accounting Standards” means the generally accepted accounting principles and practices of the United States of America
as in effect from time to time. 
 “Affiliate” means, with respect to a Person, (i) any other Person that, directly or
indirectly, Controls, is Controlled by or is under common Control with such Person, and (ii) if such Person is a natural person, any Relative or spouse of such Person, or any spouse of such Relative. In the case of the Investor, the term
“Affiliate” also includes (v) any of the Investor’s general partners, (w) the fund manager managing or advising such Investor and other funds managed or advised by such fund manager, (x) trusts Controlled by or for the
benefit of any such Person referred to in (v) or (w), and (y) any fund or holding company formed for investment purposes that is promoted, sponsored, managed, advised or serviced by the Investor. 

  
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 Shareholders Agreement 

 “Agreed Vesting Schedule” means a four-year vesting schedule where 25% of awards
shall vest at each anniversary of the grant date. 
 “Applicable Securities Laws” means (i) with respect to any
offering of securities in the United States, or any other act or omission within that jurisdiction, the securities laws of the United States, including the Exchange Act and the Securities Act, and any applicable Law of any state of the United
States, and (ii) with respect to any offering of securities in any jurisdiction other than the United States, or any related act or omission in that jurisdiction, the applicable Laws of that jurisdiction. 

“Associate” means, with respect to any Person, (x) a corporation or organization (other than the Group Companies) of
which such Person is an officer or partner or is, directly or indirectly, the record or beneficial owner of ten (10) percent or more of any class of Equity Securities of such corporation or organization, or (y) any trust or other estate in
which such Person has a substantial beneficial interest or as to which such Person serves as trustee or in a similar capacity. 

“Auditor” means the Person for the time being performing the duties of auditor of the Company (if any), whose appointment and
removal shall be approved by Board. 
 “Banyan” means Banyan Partners Fund II, L.P., with its registered office located at
c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005, Cayman Islands, together with its Affiliates, successors and permitted assigns. 

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

“Business Day” means any day that is not a Saturday, Sunday, legal holiday or other day on which commercial banks are
required or authorized by law to be closed in the PRC, Hong Kong, the British Virgin Islands or the Cayman Islands. 

“CFC” means a controlled foreign corporation as defined in the Code.  

“Charter Documents” means, with respect to a particular legal entity, the articles of incorporation, certificate of
incorporation, formation or registration (including, if applicable, certificates of change of name), memorandum of association, articles of association, bylaws, articles of organization, limited liability company agreement, trust deed, trust
instrument, operating agreement, joint venture agreement, business license, or similar or other constitutive, governing, or charter documents, or equivalent documents, of such entity. 

“Circular 37” means the Circular on Foreign Exchange Administration of Offshore Investment, Financing and Return Investment
by Domestic Residents Utilizing Special Purpose Vehicles
(关于境内居民通过特殊目的公司境外投融资及返程投资外汇管理有关问题的通知
) issued by SAFE with effect from July 14, 2014 and superseding the Circular 75 issued by SAFE on October 21, 2005, as amended from time to time. 

“Class A Ordinary Shares” means the Company’s Class A Ordinary Shares, par value US$0.0001 per
share and entitling the holder to 1 vote per share. 

  
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 Shareholders Agreement 

 “Class B Ordinary Shares” means the Company’s
Class B Ordinary Shares, par value US$0.0001 per share and entitling the holder to 10 vote per share. 
 “Closing” has
the meaning set forth in the Subscription Agreement. 
 “Closing Date” has the meaning set forth in the Subscription
Agreement. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Commission” means (i) with respect to any offering of securities in the United States, the Securities and Exchange
Commission of the United States or any other federal agency at the time administering the Securities Act, and (ii) with respect to any offering of securities in a jurisdiction other than the United States, the regulatory body of the
jurisdiction with authority to supervise and regulate the offering or sale of securities in that jurisdiction. 
 “Consent”
means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license, exemption or order of, registration, certificate, declaration or filing with, or report or notice to, any Person, including any
Governmental Authority. 
 “Control” of a given Person means the power or authority, whether exercised or not, to direct
the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that such power or authority shall conclusively be presumed to exist upon
possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the
board of directors of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 

“Control Documents” has the meaning set forth in the Subscription Agreement. 

“Conversion Shares” means Ordinary Shares issuable upon conversion of any Preferred Shares. 

“Deemed Liquidation Event” means any of the following events: (i) any consolidation, amalgamation, scheme of arrangement
or merger of any Group Company with or into any other Person or other reorganization in which the shareholders of such Group Company immediately prior to such consolidation, amalgamation, merger, scheme of arrangement or reorganization own less than
fifty percent (50%) of such Group Company’s voting power in the aggregate immediately after such consolidation, merger, amalgamation, scheme of arrangement or reorganization, or any transaction or series of related transactions in which in
excess of fifty percent (50%) of such Group Company’s voting power is transferred; (ii) a sale, transfer, lease or other disposition of all or substantially all of the assets (either in terms of quantities or value) of any Group Company
(or any series of related transactions resulting in such sale, transfer, lease or other disposition of all or substantially all of the assets (either in terms of quantities or value) of such Group Company); or (iii) the exclusive licensing of
all or substantially all of any Group Company’s Intellectual Property to a third party. 
 “Director” means a director
serving on the Board. 

  
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 Shareholders Agreement 

 “Engage” means Engage Capital Partners II Limited, an exempted company organized
and existing under the Laws of the British Virgin Islands (together with its Affiliates, successors and permitted assigns). 

“Equity Securities” means, with respect to any Person that is a legal entity, any and all shares of capital stock, membership
interests, units, profits interests, ownership interests, equity interests, registered capital, and other equity securities of such Person, and any right, warrant, option, call, commitment, conversion privilege, preemptive right or other right to
acquire any of the foregoing, or security convertible into, exchangeable or exercisable for any of the foregoing. 
 “Exchange
Act” means the United States Securities Exchange Act of 1934, as amended. 
 “Form
F-3” means Form F-3 promulgated by the Commission under the Securities Act or any successor form or substantially similar form then in effect. 

“Form S-3” means Form S-3 promulgated by the
Commission under the Securities Act or any successor form or substantially similar form then in effect. 
 “fully diluted
basis” means, for the purposes of calculating share numbers, such calculation shall be made assuming that all outstanding options, warrants and other securities 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, and, in case of calculating the numbers of the Shares, giving effect to the Closing (as defined in the Subscription Agreement) and
the Ordinary Shares reserved for issuance under the ESOP. 
 “Governmental Authority” means any government of any nation,
federation, province or state or any other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental
authority, agency, department, board, commission or instrumentality of the PRC or any other country, or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Governmental Order” means any applicable order, ruling, decision, verdict, decree, writ, subpoena, mandate, precept,
command, directive, consent, approval, award, judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Authority. 

“Group Company” means each of the Company, the HK Company, the WFOE and the Domestic Company, together with each Subsidiary
of any of the foregoing and each other Person Controlled by the Company, and “Group” refers to all of Group Companies collectively. 

“Holders” means the holders of Registrable Securities who are parties to this Agreement from time to time, and their
permitted transferees that become parties to this Agreement from time to time. 
 “Hong Kong” means the Hong Kong Special
Administrative Region of the PRC. 

  
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 Shareholders Agreement 

 “Indebtedness” of any Person means, without duplication, each of the following
of such Person: (i) all indebtedness for borrowed money, (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (other than trade payables entered into in the ordinary course of business),
(iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (iv) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced
that are incurred in connection with the acquisition of properties, assets or businesses, (v) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with
respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (vi) all
obligations that are capitalized (including capitalized lease obligations), (vii) all obligations under banker’s acceptance, letter of credit or similar facilities, (viii) all obligations to purchase, redeem, retire, defease or otherwise
acquire for value any Equity Securities of such Person, (ix) all obligations in respect of any interest rate swap, hedge or cap agreement, and (x) all guarantees issued in respect of the Indebtedness referred to in clauses (i) through
(ix) above of any other Person, but only to the extent of the Indebtedness guaranteed, and (xi) any accrued and unpaid interest on any of the foregoing. 

“Initiating Holders” means, with respect to a request duly made under Section 2.1 or
Section 2.2 to Register any Registrable Securities, the Holders initiating such request. 
 “Intellectual
Property” means any and all (i) patents, patent rights and applications therefor and reissues, reexaminations, continuations, continuations-in-part,
divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright registrations and
applications, mask works and registrations and applications therefor, author’s rights and works of authorship (including artwork, software, computer programs, source code, object code and executable code, firmware, development tools, files,
records and data, and related documentation), (iv) URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications,
proprietary data, customer lists, databases, proprietary processes, technology, formulae, and algorithms and other intellectual property, (vi) trade names, trade dress, trademarks, domain names, service marks, logos, business names, and
registrations and applications therefor, and (vii) the goodwill symbolized or represented by the foregoing. 
 “IPO”
means the first firm underwritten registered public offering by the Company of its Ordinary Shares pursuant to a Registration Statement that is filed with and declared effective by either the Commission under the Securities Act or another
Governmental Authority for a public offering in a jurisdiction other than the United States. 
 “Key Employees” means the
persons listed in Schedule I-A. 
 “Law” or “Laws” means
any and all provisions of any applicable constitution, treaty, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement, or other
governmental restriction or any similar form of decision of, or determination by, or any formally issued written interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended, and any and all
applicable Governmental Orders. 

  
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 Shareholders Agreement 

 “Lien” means any claim, charge, easement, encumbrance, lease, covenant, security
interest, lien, option, pledge, rights of others, or restriction (whether on voting, sale, transfer, disposition or otherwise), whether imposed by contract, understanding, law, equity or otherwise. 

“Majority Series A Preferred Holders” means the holders of two-third (2/3) of the
then issued and outstanding Series A Preferred Shares (voting together as a single class and calculated on as-converted basis). 

“Majority Series B Preferred Holders” means the holders of more than 50% of the then issued and outstanding Series B
Preferred Shares (voting together as a single class and calculated on as-converted basis). 

“Memorandum and Articles” means the Second Amended and Restated Memorandum of Association of the Company and the Second
Amended and Restated Articles of Association of the Company, as each may be amended and/or restated from time to time. 

“Morningside” means collectively, Morningside China TMT Fund IV, L.P., with its registered office located at 75 Fort Street,
PO Box 1350, Grand Cayman KY1-1108, Cayman Islands, and Morningside China TMT Fund IV Co-Investment, L.P., with its registered office located at 75 Fort Street, PO Box
1350, Grand Cayman KY1-1108, Cayman Islands, together with their respective Affiliates, successors and permitted assigns. 

“Ordinary Share Equivalents” means any Equity Security which is by its terms convertible into or exchangeable or exercisable
for Ordinary Shares or other share capital of the Company, including without limitation, the Preferred Shares. 
 “Ordinary
Shares” means Class A Ordinary Shares and Class B Ordinary Shares. 
 “Person” means any individual,
corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity. 

“PFIC” means passive foreign investment company as defined in the Code. 

“Ping An” means, collectively, D.I. Alpha Media Company Limited and HY Streaming Company Limited, together with their
respective Affiliates, successors and permitted assigns. 
 “PRC” means the People’s Republic of China, but solely for
the purposes of this Agreement, excluding Hong Kong, the Macau Special Administrative Region and the islands of Taiwan. 
 “PRC
Companies” means the Domestic Company and its Subsidiaries. 
 “Preferred Shareholder” means any holder of the
Preferred Shares. 
 “Preferred Shares” means the Series A Preferred Shares and the Series B Preferred Shares. 

“Public Official” means any executive, official, or employee of a Governmental Authority, political party or member of a
political party, political candidate; executive, employee or officer of a public international organization; or director, officer or employee or agent of a wholly owned or partially state-owned or controlled enterprise, including a PRC state-owned
or controlled enterprise. 

  
 7 

  
 Shareholders Agreement 

 “Qualified IPO” means a firm commitment underwritten public offering of the
Ordinary Shares of the Company (or depositary receipts or depositary shares thereof) in the United States on the New York Stock Exchange or the Nasdaq Global Market pursuant to an effective registration statement under the United States Securities
Act of 1933, as amended, or on the Main Board of Hong Kong Stock Exchange or another internationally recognized stock exchange approved by the Majority Series A Preferred Holders and the Majority Series B Preferred Holders, each voting as a separate
class, in any case, with an offering per-share price (net of underwriting commissions and expenses) that is not less than the Series B Issue Price (as defined in the Memorandum and Articles). 

“Registrable Securities” means (i) the Ordinary Shares issued or issuable upon conversion of the Preferred Shares, and
(ii) any Ordinary Shares issued or issuable as a dividend or other distribution with respect to, in exchange for, or in replacement of the Preferred Shares, and the shares referenced in (i) herein; excluding in all cases, however, any of
the foregoing sold by a Person in a transaction other than an assignment pursuant to Section 18.4. 

“Registration” means a registration effected by preparing and filing a Registration Statement and the declaration or ordering
of the effectiveness of that Registration Statement; and the terms “Register” and “Registered” have meanings concomitant with the foregoing. 

“Registration Statement” means a registration statement prepared on Form F-1, F-3, S-1, or S-3 under the Securities Act, or on any comparable form in connection with registration in a jurisdiction other than the
United States. 
 “Related Party” means (i) any Affiliate, officer, director, supervisory board member, Key Employee,
or holder of any Equity Security of any Group Company; and (ii) any of YY or YY’s Affiliates (other than the Group Companies). 

“Relative” of a natural person means any spouse, parent, grandparent, child, grandchild, sibling, uncle, aunt, nephew, niece
or great-grandparent of such person (whether by blood, marriage or adoption). 
 “Restructuring” has the meaning set forth
in the Subscription Agreement. 
 “SAFE” means the State Administration of Foreign Exchange of the PRC. 

“SAFE Rules and Regulations” means collectively, the Circular 37 and any other applicable SAFE rules and regulations. 

“Securities Act” means the United States Securities Act of 1933, as amended and interpreted from time to time. 

“Series A Preferred Shares” means the Series A-1 Preferred Shares and the Series A-2 Preferred Shares. 
 “Series A-1 Preferred
Shares” means the Series A-1 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

  
 8 

  
 Shareholders Agreement 

 “Series A-2 Preferred Shares” means the
Series A-2 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

“Series B Preferred Shares” means the Series B-1 Preferred Shares and the Series B-2 Preferred Shares. 
 “Series B-1 Preferred
Shares” means the Series B-1 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

“Series B-2 Preferred Shares” means the Series
B-2 Preferred Shares of the Company, par value US$0.0001 per share, with the rights and privileges as set forth in the Memorandum and Articles. 

“Shares” means the Ordinary Shares and the Preferred Shares. 

“Share Sale” means a transaction or series of related transactions in which a Person, or a group of related Persons, acquires
any Equity Securities of the Company such that, immediately after such transaction or series of related transactions, such Person or group of related Persons holds Equity Securities of the Company representing more than fifty percent (50%) of the
outstanding voting power of the Company. 
 “Subsidiary” means, with respect to any given Person, any other Person that is
Controlled directly or indirectly by such given Person. For the avoidance of doubt, a branch of any Group Company shall be deemed a Subsidiary of such Group Company. 

“Tencent” means Linen Investment Limited, together with its Affiliates, successors and permitted assigns. 

“Transaction Documents” has the meaning set forth in the Subscription Agreement. 

“Transfer” means, with respect to any Equity Securities, directly or indirectly sell, assign, transfer, pledge, hypothecate,
or otherwise encumber or dispose of in any way or otherwise grant any interest or right with respect to all or any part of any interest in such Equity Securities. 

“U.S.” means the United States of America. 

1.2 Other Defined Terms. The following terms shall have the meanings defined for such terms in the Sections set forth below 

 

			
	Additional Number	  	Section 7.5(ii)
	Agreement	  	Preamble
	Business	  	Recitals
	Company	  	Preamble
	Co-Sale Notice	  	Section 11.1
	Co-Sale Shares	  	Section 11.1
	Deed of Adherence	  	Section 7.8
	Disposal	  	Section 8.3(i)

  
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 Shareholders Agreement 

			
	Dispute	  	Section 18.6(i)
	Domestic Company	  	Preamble
	Dong SPV	  	Preamble
	Drag Transaction	  	Section 10.1
	Drag Notice	  	Section 10.1
	Drag-Along Transferors	  	Section 10.1
	ESOP	  	Section 7.4(ii)
	Exempt Registrations	  	Section 3.4
	Exercising Shareholder	  	Section 9.2(ii)
	Financing Terms	  	Section 17.12(i)
	First Participation Notice	  	Section 7.5(i)
	High Vote Holders	  	Section 8.3(i)
	High Vote Shares	  	Section 17.13(i)
	High Voting Rights	  	Section 17.13(ii)
	HK Company	  	Preamble
	HKIAC	  	Section 18.6(i)
	Investment Policy	  	Section 16.1(viii)
	Investor	  	Preamble
	Low Vote Shares	  	Section 17.13(i)
	Li SPV	  	Preamble
	Management SPV	  	Preamble
	Money Laundering Laws	  	Section 17.6(i)
	Mr. Dong	  	Preamble
	Mr. Li	  	Preamble
	New Offering	  	Section 8.9(ii)
	New Securities	  	Section 7.4
	Non-Transferring Parties	  	Section 10.1
	Observer	  	Section 15.2
	Offered Shares	  	Section 9.1(i)
	Option Period	  	Section 9.2(i)(a)
	Oversubscription Participants	  	Section 7.5(ii)
	Party	  	Preamble
	Permitted Transferee	  	Section 12.4
	PFIC Shareholder	  	Section 17.5(iii)
	Preemptive Pro Rata Share	  	Section 7.3
	Preemptive Right	  	Section 7.1
	Prior Agreement	  	Recitals
	Prior Subscription Agreement	  	Recitals
	Purchase Right Period	  	Section 8.9(i)
	Qualified Financing	  	Section 8.9(iii)
	Restraint Period	  	Section 17.9
	Restricted Business	  	Section 17.9
	Rights Holder	  	Section 7.1
	Second Notice	  	Section 9.2(ii)
	Second Participation Notice	  	Section 7.5(ii)
	Second Participation Period	  	Section 7.5(ii)
	Security Holder	  	Section 17.2
	Signing Date	  	Preamble
	Subscription Agreement	  	Recitals

  
 10 

  
 Shareholders Agreement 

			
	Transferor	  	Section 9.1(i)
	Transfer Notice	  	Section 9.1(i)
	Violation	  	Section 5.1(i)
	WFOE	  	Preamble
	YY	  	Preamble

 1.3 Interpretation. For all purposes of this Agreement, except as otherwise expressly herein provided,
(i) the terms defined in this Section 1 shall have the meanings assigned to them in this Section 1 and include the plural as well as the singular, (ii) all accounting terms not otherwise
defined herein have the meanings assigned under the Accounting Standards, (iii) all references in this Agreement to designated “Sections” and other subdivisions are to the designated Sections and other subdivisions of the body of this
Agreement, (iv) pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms, (v) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Section or other subdivision, (vi) all references in this Agreement to designated Schedules, Exhibits and Appendices are to the Schedules, Exhibits and Appendices attached to this Agreement,
(vii) references to this Agreement, any other Transaction Documents and any other document shall be construed as references to such document as the same may be amended, supplemented or novated from time to time, (viii) the term
“or” is not exclusive, (ix) the term “including” will be deemed to be followed by “, but not limited to,” (x) the terms “shall,” “will,” and “agrees” are mandatory, and the term
“may” is permissive, (xi) the phrase “directly or indirectly” means directly, or indirectly through one or more intermediate Persons or through contractual or other arrangements, and “direct or indirect” has the
correlative meaning, (xii) the term “voting power” refers to the number of votes attributable to the Shares (on an as-converted basis) in accordance with the terms of the Memorandum and Articles
and, for the avoidance of doubt, Class B Ordinary Shares, Series A-2 Preferred Shares and Series B-2 Preferred Shares shall have 10 votes per Share, whereas
Class A Ordinary Shares, Series A-1 Preferred Shares and Series B-1 Preferred Shares shall have 1 vote per Share (in each case, on an
as-converted basis), (xiii) the headings used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement, (xiv) references to laws include
any such law modifying, re-enacting, extending or made pursuant to the same or which is modified, re-enacted, or extended by the same or pursuant to which the same is
made, and (xv) all references to dollars or to “US$” are to currency of the United States of America and all references to RMB are to currency of the PRC (and each shall be deemed to include reference to the equivalent amount in other
currencies). 
  

	2.	Demand Registration. 

 2.1 Registration Other Than on Form F-3 or Form S-3. Subject to the terms of this Agreement, at any time or from time to time after the earlier of (i) the fourth (4th) anniversary of the Closing Date or
(ii) the date that is six (6) months after the consummation of the IPO, Holders holding twenty-five percent (25%) or more of the voting power of the then outstanding Registrable Securities held by all Holders may request in writing that
the Company effect a Registration of Registrable Securities (together with the Registrable Securities which the other Holders elect to include in such Registration) on any internationally recognized exchange that is reasonably acceptable to such
requesting Holders. Upon receipt of such a request, the Company shall (x) promptly give written notice of the proposed Registration to all other Holders of Registrable Securities and (y) as soon as practicable, use its reasonable best
efforts to cause the Registrable Securities specified in the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written
notice, to be Registered and/or qualified for sale and distribution in such jurisdiction as the Initiating Holders may request. The Company shall be obligated to consummate (i) no more than three (3) Registrations initiated by Holders
holding pursuant to this Section 2.1 that have been declared and ordered effective, provided that if the Registrable Securities sought to be included in the Registration pursuant to this
Section 2.1 are not fully included in the Registration for any reason other than solely due to the action or inaction of the Holders including Registrable Securities in such Registration, such Registration shall not be
deemed to constitute one of the Registration rights granted pursuant to this Section 2.1. 

  
 11 

  
 Shareholders Agreement 

 2.2 Registration on Form F-3 or Form S-3. The Company shall use its best efforts to qualify for registration on Form F-3 or Form S-3. Subject to the terms of
this Agreement, if the Company qualifies for registration on Form F-3 or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United
States), any Holder of Registrable Securities may request the Company to file, in any jurisdiction in which the Company has had a registered underwritten public offering, a Registration Statement on Form F-3
or Form S-3 (or any comparable form for Registration in a jurisdiction other than the United States), including without limitation any registration statement filed under the Securities Act providing for the
registration of, and the sale on a continuous or a delayed basis by the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act and/or any similar rule that may be adopted by the Commission. Upon receipt of such a
request, the Company shall (i) promptly give written notice of the proposed Registration to all other Holders of Registrable Securities and (ii) as soon as practicable, use its best efforts to cause the Registrable Securities specified in
the request, together with any Registrable Securities of any Holder who requests in writing to join such Registration within fifteen (15) days after the Company’s delivery of written notice, to be Registered and qualified for sale and
distribution in such jurisdiction. The Company shall be obligated to consummate (i) no more than eight (8) Registrations initiated by Holders holding Registrable Securities, that have been declared and ordered effective pursuant to this
Section 2.2; provided that if the Registrable Securities sought to be included in the Registration pursuant to this Section 2.2 are not fully included in such Registration for any reason other than
solely due to the action or inaction of the Holders of Registrable Securities including Registrable Securities in such Registration, such Registration shall not be deemed to constitute one of the Registration rights granted pursuant to this
Section 2.2. 
 2.3 Right of Deferral. 

(i) The Company shall not be obligated to Register or qualify Registrable Securities pursuant to this Section 2: 

(1) if, within ten (10) days of the receipt of any request of the Holders to Register any Registrable Securities under
Section 2.1 or Section 2.2, the Company gives notice to the Initiating Holders of its bona fide intention to effect the filing for its own account of a Registration Statement of Ordinary Shares
within sixty (60) days of receipt of that request; provided, that the Company is actively employing in good faith its reasonable best efforts to cause that Registration Statement to become effective within sixty (60) days of receipt
of that request; provided, further, that the Holders are entitled to join such Registration in accordance with Section 3 (other than an Exempt Registration); 

(2) during the period starting with the date of filing by the Company of, and ending six (6) months following the
effective date of any Registration Statement pertaining to Ordinary Shares of the Company other than an Exempt Registration; provided, that the Holders are entitled to join such Registration in accordance with Section 3; or

  
 12 

  
 Shareholders Agreement 

 (3) in any jurisdiction in which the Company would be required to execute a
general consent to service of process in effecting such Registration or qualification, unless the Company is already subject to service of process in such jurisdiction. 

(ii) If, after receiving a request from Holders pursuant to Section 2.1 or Section 2.2
hereof, the Company furnishes to the Holders a certificate signed by the chief executive officer of the Company stating that, in the good faith judgment of the Board, it would be materially detrimental to the Company or its members for a
Registration Statement to be filed in the near future, then the Company shall have the right to defer such filing for a period during which such filing would be materially detrimental, provided, that the Company may not utilize this right for
more than ninety (90) days on any one occasion or more than once during any twelve (12) month period; provided, further, that the Company may not Register any other its securities during such period (except for Exempt
Registrations). 
 2.4 Underwritten Offerings. If, in connection with a request to Register the Registrable Securities under
Section 2.1 or Section 2.2, the Initiating Holders seek to distribute such Registrable Securities in an underwritten offering, they shall so advise the Company as a part of the request, and the
Company shall include such information in the written notice to the other Holders described in Section 2.1 and Section 2.2. In such event, the right of any Holder to include its Registrable
Securities in such Registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering (unless otherwise mutually agreed by
the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwritten offering shall enter into an underwriting agreement in customary form with the underwriter or
underwriters of internationally recognized standing selected for such underwritten offering by the Company and reasonably acceptable to the holders of at least two-thirds of the voting power of all Registrable
Securities proposed to be included in such Registration (calculated on an as-converted basis). Notwithstanding any other provision of this Agreement, if the managing underwriter advises the Company that
marketing factors (including without limitation the aggregate number of securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a
limitation of the number of Registrable Securities to be underwritten in a Registration pursuant to Section 2.1 or Section 2.2, the underwriters may exclude up to seventy-five percent (75%) of the
Registrable Securities requested to be Registered but only after (i) first excluding all other Equity Securities (including the Equity Securities held by employees and directors of the Company) from the Registration and underwritten offering,
and (ii) second excluding all Registrable Securities from the Registration and underwritten offering, and so long as the number of shares to be included in the Registration on behalf of the non-excluded
Holders is allocated among all such non-excluded Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested by such Holders to be included; provided that any
Initiating Holder shall have the right to withdraw its request for Registration from the underwriting by written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration
Statement, and such withdrawal request for Registration shall not be deemed to constitute one of the Registration rights granted pursuant to Section 2.1 or Section 2.2, as the case may be. If any
Holder disapproves the terms of any underwriting, the Holder may elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any
Registrable Securities excluded or withdrawn from such underwritten offering shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the
number of shares allocated to a Holder to the nearest one hundred (100) shares. 

  
 13 

  
 Shareholders Agreement 

	3.	Piggyback Registrations. 

 3.1 Registration of the Company’s
Securities. Subject to the terms of this Agreement, if the Company proposes to Register for its own account any of its Equity Securities, or for the account of any holder of Equity Securities any of such holder’s Equity Securities, in
connection with the public offering of such securities (except for Exempt Registrations), the Company shall promptly give each Holder written notice of such Registration and, upon the written request of any Holder given within fifteen (15) days
after delivery of such notice, the Company shall use its reasonable best efforts to include in such Registration any Registrable Securities thereby requested to be Registered by such Holder. If a Holder decides not to include all or any of its
Registrable Securities in such Registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent Registration Statement or Registration Statements as may be filed by the
Company, all upon the terms and conditions set forth herein. 
 3.2 Right to Terminate Registration. The Company shall have the right
to terminate or withdraw any Registration initiated by it under Section 3.1 prior to the effectiveness of such Registration, whether or not any Holder has elected to participate therein. The expenses of such withdrawn
Registration shall be borne by the Company in accordance with Section 4.3. 
 3.3 Underwriting
Requirements. 
 (i) In connection with any offering involving an underwriting of the Company’s Equity Securities,
the Company shall not be required to Register the Registrable Securities of a Holder under this Section 3 unless such Holder’s Registrable Securities are included in the underwritten offering and such Holder enters
into an underwriting agreement in customary form with the underwriter or underwriters of internationally recognized standing selected by the Company and setting forth such terms for the underwritten offering as have been agreed upon between the
Company and the underwriters. In the event the underwriters advise Holders seeking Registration of Registrable Securities pursuant to this Section 3 in writing that market factors (including the aggregate number of
Registrable Securities requested to be Registered, the general condition of the market, and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of Registrable Securities to be
underwritten, the underwriters may exclude all of the Registrable Securities requested to be Registered in the IPO and up to seventy-five percent (75%) of the Registrable Securities requested to be Registered in any other public offering, but in any
case only after (i) first excluding all other Equity Securities (including the Equity Securities held by employees and directors of the Company and except for securities sold for the account of the Company) from the Registration and
underwriting, and (ii) second excluding all Registrable Securities from the Registration and underwriting, and so long as the Registrable Securities to be included in such Registration on behalf of any
non-excluded Holders are allocated among all non-excluded Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested
by such Holders to be included. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to a Holder to the nearest one hundred (100) shares. 

  
 14 

  
 Shareholders Agreement 

 (ii) If any Holder disapproves the terms of any underwriting, the Holder may
elect to withdraw therefrom by written notice to the Company and the underwriters delivered at least ten (10) days prior to the effective date of the Registration Statement. Any Registrable Securities excluded or withdrawn from the underwritten
offering shall be withdrawn from the Registration. 
 3.4 Exempt Registrations. The Company shall have no obligation to Register any
Registrable Securities under this Section 3 in connection with a Registration by the Company (i) relating solely to the sale of securities to participants in a Company share incentive plan, (ii) relating to a
corporate reorganization or other transaction under Rule 145 of the Securities Act (or comparable provision under the Laws of another jurisdiction, as applicable), (iii) on any form that does not include substantially the same information as would
be required to be included in a registration statement covering the sale of the Registrable Securities and does not permit secondary sales (collectively, “Exempt Registrations”). 

 

	4.	Registration Procedures. 

 4.1 Registration Procedures and Obligations. Whenever
required under this Agreement to effect the Registration of any Registrable Securities held by the Holders, the Company shall, as expeditiously as reasonably possible: 

(i) Prepare and file with the Commission a Registration Statement with respect to those Registrable Securities and use its
reasonable best efforts to cause that Registration Statement to become effective, and, upon the request of the Holders holding at least two-thirds in voting power of the Registrable Securities Registered
thereunder (calculated on an as-converted basis), keep the Registration Statement effective until the distribution thereunder has been completed; 

(ii) Prepare and file with the Commission amendments and supplements to that Registration Statement and the prospectus used in
connection with the Registration Statement as may be necessary to comply with the provisions of Applicable Securities Laws with respect to the disposition of all securities covered by the Registration Statement; 

(iii) Furnish to the Holders the number of copies of a prospectus, including a preliminary prospectus, required by Applicable
Securities Laws, and any other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(iv) Use its reasonable best efforts to Register and qualify the securities covered by the Registration Statement under the
securities Laws of any jurisdiction, as reasonably requested by the Holders, provided, that the Company shall not be required to qualify to do business or file a general consent to service of process in any such jurisdictions; 

(v) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement,
in customary form, with the managing underwriter(s) of the offering; 

  
 15 

  
 Shareholders Agreement 

 (vi) Promptly notify each Holder of Registrable Securities covered by the
Registration Statement at any time when a prospectus relating thereto is required to be delivered under Applicable Securities Laws of (a) the issuance of any stop order by the Commission, or (b) the happening of any event or the existence
of any condition as a result of which any prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances under which they were made, or if in the opinion of counsel for the Company it is necessary to supplement or amend such prospectus to comply with law, and at the request of any such
Holder promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall
not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they were made or such prospectus,
as supplemented or amended, shall comply with law; 
 (vii) Furnish, at the request of any Holder requesting Registration of
Registrable Securities pursuant to this Agreement, on the date that such Registrable Securities are delivered for sale in connection with a Registration pursuant to this Agreement, (A) an opinion, dated the date of the sale, of the counsel
representing the Company for the purposes of the Registration, in form and substance as is customarily given to underwriters in an underwritten public offering; and (B) comfort letters dated as of (x) the effective date of the final
registration statement covering such Registrable Securities, and (y) the closing date of the sale of the Registrable Securities, from the independent certified public accountants of the Company, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 

(viii) Otherwise comply with all applicable rules and regulations of the Commission to the extent applicable to the applicable
Registration Statement and use its reasonable best efforts to make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of
Section 11(a) of the Act, no later than forty-five (45) days after the end of a twelve (12) month period (or ninety (90) days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal
quarter commencing after the effective date of such registration statement, which statement shall cover such twelve (12) month period, subject to any proper and necessary extensions; 

(ix) Not, without the written consent of the holders of at least two-thirds of voting
power of the then outstanding Registrable Securities (calculated on an as-converted basis), make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in
Rule 405 promulgated under the Act; 
 (x) Provide a special legal opinion issued by a qualified counsel, at the cost of
the Group Companies, if any special legal opinion is requested by the Company, the Company’s underwriter or underwriters, or any of their counsels; 

(xi) Provide a transfer agent and registrar for all Registrable Securities Registered pursuant to the Registration Statement
and, where applicable, a number assigned by the Committee on Uniform Securities Identification Procedures for all those Registrable Securities, in each case not later than the effective date of the Registration; and 

  
 16 

  
 Shareholders Agreement 

 (xii) Take all reasonable action necessary to list the Registrable Securities on
the primary exchange on which the Company’s securities are then traded or, in connection with a Qualified IPO, the primary exchange on which the Company’s securities will be traded. 

4.2 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Agreement with respect to the Registrable Securities of any Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as
shall be required to effect the Registration of such Holder’s Registrable Securities. 
 4.3 Expenses of Registration.
All expense, but excluding the underwriting discounts, selling commissions, expenses charged by the depositary bank and transfer tax applicable the sale of Registrable Securities pursuant to this Agreement (which shall be borne by the Holders
requesting Registration on a pro rata basis in proportion to their respective numbers of Registrable Securities sold in such Registration), incurred in connection with Registrations, filings or qualifications pursuant to this Agreement, including
(without limitation) all Registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and reasonable fees and disbursements of one (1) counsel for all selling Holders, shall
be borne by the Company. 
  

	5.	Registration-Related Indemnification. 

 5.1 Company Indemnity. 

(i) In the event of a Registration under this Agreement, to the maximum extent permitted by Law, the Company will indemnify and
hold harmless (absent fraud, willful default or misconduct of such Person being indemnified) each Holder, such Holder’s partners, officers, directors, employees, shareholders, members, and legal counsel, any underwriter (as defined in the
Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or underwriter, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under Laws which are
applicable to the Company and relate to action or inaction required of the Company in connection with any Registration, qualification, or compliance, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out
of or are based upon any of the following statements, omissions or violations (each a “Violation”): (a) any untrue statement or alleged untrue statement of a material fact contained in such Registration Statement, on the effective
date thereof (including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), (b) the omission or alleged omission to state in the Registration Statement, on the effective date thereof
(including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto), a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any
violation or alleged violation by the Company of Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws. The Company will reimburse, as incurred, each such Holder, underwriter or Person who controls (as
defined in the Securities Act) such Holder or underwriter for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action. 

(ii) The indemnity agreement contained in this Section 5.1 shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable in any such case for any
such loss, claim, damage, liability or action to the extent that it arises solely out of or is solely based upon a Violation that occurs in reliance upon and in conformity with written information furnished for use in connection with such
Registration by any such Holder, such Holder’s partners, officers, directors, and legal counsel, any underwriter (as defined in the Securities Act) and each Person, if any, who controls (as defined in the Securities Act) such Holder or
underwriter. 

  
 17 

  
 Shareholders Agreement 

 (iii) The indemnity agreement contained in this
Section 5.1 shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified
party under this Section 5.1 and shall survive the transfer of securities by such Holder or any indemnified party. 

5.2 Holder Indemnity. 

(i) In the event of a Registration under this Agreement, to the maximum extent permitted by Law, each selling Holder that has
included Registrable Securities in a Registration will, severally but not jointly, indemnify and hold harmless the Company, its directors, officers, employees, and legal counsel, each other Holder selling securities in connection with such
Registration, any underwriter (as defined in the Securities Act), and each Person, if any, who controls (within the meaning of the Securities Act) the Company, such underwriter or other Holder, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject, under Applicable Securities Laws, or any rule or regulation promulgated under Applicable Securities Laws, insofar as such losses, claims, damages or liabilities (or actions
in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs solely in reliance upon and in conformity with written information furnished by such Holder for use in
connection with such Registration; and each such Holder will reimburse, as incurred, any Person intended to be indemnified pursuant to this Section 5.2, for any legal or other expenses reasonably incurred by such Person in
connection with investigating or defending any such loss, claim, damage, liability or action. No Holder’s liability under this Section 5.2 (when combined with any amounts paid by such Holder pursuant to
Section 5.4) shall exceed the net proceeds received by such Holder from the offering of securities made in connection with that Registration. 

(ii) The indemnity contained in this Section 5.2 shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld or delayed). 

5.3 Notice of Indemnification Claim. Promptly after receipt by an indemnified party under Section 5.1 or
Section 5.2 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under
Section 5.1 or Section 5.2, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the
indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the indemnifying parties. An indemnified party (together with all other indemnified
parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonably incurred fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by
the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the extent so prejudiced, of any liability to the
indemnified party under this Section 5, but the omission to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this
Section 5. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or the plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

  
 18 

  
 Shareholders Agreement 

 5.4 Contribution. If any indemnification provided for in
Section 5.1 or Section 5.2 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein,
the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well
as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement
or omission; provided, however, that, in any such case: (A) no Holder will be required to contribute any amount (after combined with any amounts paid by such Holder pursuant to Section 5.2) in excess of
the net proceeds to such Holder from the sale of all such Registrable Securities offered and sold by such Holder pursuant to such Registration Statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

5.5 Underwriting Agreement. To the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

5.6 Survival. The obligations of the Company and Holders under this Section 5 shall survive the completion of
any offering of Registrable Securities in a Registration Statement under this Agreement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 

 

	6.	Additional Registration-Related Undertakings. 

 6.1 Reports under the Exchange
Act. With a view to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any comparable provision of any Applicable Securities Laws that may at any time permit a Holder to sell securities of the
Company to the public without Registration or pursuant to a Registration on Form F-3 or Form S-3 (or any comparable form in a jurisdiction other than the United States),
the Company agrees to: 

  
 19 

  
 Shareholders Agreement 

 (i) make and keep public information available, as those terms are understood and
defined in Rule 144 (or comparable provision, if any, under Applicable Securities Laws in any jurisdiction where the Company’s securities are listed), at all times following ninety (90) days after the effective date of the first
Registration under the Securities Act filed by the Company for an offering of its securities to the general public; 
 (ii)
file with the Commission in a timely manner all reports and other documents required of the Company under all Applicable Securities Laws; and 

(iii) at any time following ninety (90) days after the effective date of the first Registration under the Securities Act
filed by the Company for an offering of its securities to the general public by the Company, promptly furnish to any Holder holding Registrable Securities, upon request (a) a written statement by the Company that it has complied with the
reporting requirements of all Applicable Securities Laws at any time after it has become subject to such reporting requirements or, at any time after so qualified, that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s securities are listed), (b) a copy of the most
recent annual or quarterly report of the Company and such other reports and documents as filed by the Company with the Commission, (c) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the
Commission, that permits the selling of any such securities without Registration or pursuant to Form F-3 or Form S-3 (or any form comparable thereto under Applicable
Securities Laws of any jurisdiction where the Company’s Securities are listed), and (d) a special legal opinion issued by a qualified counsel, at the cost of the Group Companies, confirming that the respective Holder meets the requirements
of Rule 144 of the Securities Act (or any rules comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s Securities are listed). 

6.2 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the
written consent of holders of at least two thirds of the voting power of the then outstanding Registrable Securities held by all Holders (calculated on an as-converted basis), enter into any agreement with any
holder or prospective holder of any Equity Securities of the Company that would allow such holder or prospective holder (i) to include such Equity Securities in any Registration filed under Section 2 or
Section 3, unless under the terms of such agreement such holder or prospective holder may include such Equity Securities in any such Registration only to the extent that the inclusion of such Equity Securities will not
reduce the amount of the Registrable Securities of the Holders that are included, (ii) to demand Registration of their Equity Securities, or (iii) cause the Company to include such Equity Securities in any Registration filed under
Section 2 or Section 3 hereof on a basis pari passu with or more favorable to such holder or prospective holder than is provided to the Holders of Registrable Securities. 

6.3 Termination of Registration Rights. The registration rights set forth in Section 2 and
Section 3 of this Agreement shall terminate on the earlier of (i) the date that is five (5) years from the date of closing of a Qualified IPO, (ii) with respect to any Holder, the date on which such Holder
may sell all of such Holder’s Registrable Securities under Rule 144 of the Securities Act in any ninety (90)-day period provided that such Holder has received a special legal opinion issued by a qualified
counsel, at the cost of the Group Companies, confirming that such Holder meets the requirements of Rule 144 of the Securities Act (or any rules comparable thereto under Applicable Securities Laws of any jurisdiction where the Company’s
Securities are listed). 

  
 20 

  
 Shareholders Agreement 

 6.4 Exercise of Ordinary Share Equivalents. Notwithstanding anything to the contrary
provided in this Agreement, the Company shall have no obligation to Register Registrable Securities which, if constituting Ordinary Share Equivalents, have not been exercised, converted or exchanged, as applicable, for Ordinary Shares as of the
effective date of the applicable Registration Statement, but the Company shall cooperate and facilitate any such exercise, conversion or exchange as requested by the applicable Holder. 

6.5 Intent. The terms of Sections 2 through 6 are drafted primarily in contemplation of an offering of
securities in the United States of America. The Parties recognize, however, the possibility that securities may be qualified or registered for offering to the public in a jurisdiction other than the United States of America where registration rights
have significance or that the Company might effect an offering in the United States of America in the form of American Depositary Receipts or American Depositary Shares. Accordingly: 

(i) it is their intention that, whenever this Agreement refers to a Law, form, process or institution of the United States of
America but the Parties wish to effectuate qualification or registration in a different jurisdiction where registration rights have significance, reference in this Agreement to the Laws or institutions of the United States shall be read as
referring, mutatis mutandis, to the comparable Laws or institutions of the jurisdiction in question; and 

(ii) in the event that the Company will undertake any listing of American Depositary Receipts, American Depositary Shares or
any other security derivative of the Ordinary Shares, the Company is committed to take such actions as are necessary such that the Holders will enjoy rights corresponding to the rights hereunder to sell their Registrable Securities in a public
offering in the United States of America as if the Company had listed Ordinary Shares in lieu of such derivative securities. 
  

	7.	Preemptive Right. 

 7.1 Preemptive Right. Subject to
Section 8.9, the Company hereby grants (a) to each of the Investors (for so long as such Investor holds any Shares of the Company) (collectively, the “Rights Holders”) the right of first refusal to
purchase such Rights Holder’s Preemptive Pro Rata Share (as defined in Section 7.3 below) pursuant to Section 7.5(i) below, and (b) to each of the Rights Holders participating in
(a) above the right to purchase any New Securities unpurchased in (a) pursuant to Section 7.5(ii) below, of all (or any part) of any New Securities (as defined below) that the Company may from time to time issue
after the date of this Agreement ((a) and (b) collectively, the “Preemptive Right”). For the avoidance of doubt, each Party agrees that the Preemptive Rights of each Investor pursuant to this Section 7
will not apply to any issuance of Equity Securities by the Company to Tencent during the Purchase Right Period in accordance with Section 8.9. 

7.2 [Reserved] 
 7.3
Preemptive Pro Rata Share. A Rights Holder’s “Preemptive Pro Rata Share” for purposes of the Preemptive Rights under this Section 7 is the ratio of (a) the number of Ordinary Shares
(including Preferred Shares on an as-converted basis) held by such Rights Holder, to (b) the total number of Ordinary Shares (including Preferred Shares on an
as-converted basis) then outstanding immediately prior to the issuance of New Securities giving rise to the Preemptive Rights. 

  
 21 

  
 Shareholders Agreement 

 7.4 New Securities. For purposes hereof, “New Securities” shall mean any
Equity Securities of the Company issued after the date hereof, except for: 
 (i) any Equity Securities of the Company issued
pursuant to the Subscription Agreement; 
 (ii) up to 17,647,058 Ordinary Shares (as adjusted in connection with share splits
or share consolidation, reclassification or other similar event) and/or options or warrants therefor issued to employees, officers, directors, contractors, advisors or consultants of the Group Companies pursuant to the Company’s employee share
option plans (“ESOP”) duly approved in accordance with Section 16; 
 (iii) any
Equity Securities of the Company issued in connection with any share split, share dividend, reclassification or other similar event duly approved in accordance with Section 16; 

(iv) any Equity Securities of the Company issued pursuant to the Qualified IPO; 

(v) any Equity Securities of the Company issued pursuant to the acquisition of another corporation or entity by the Company by
consolidation, merger, purchase of assets, or other reorganization in which the Company acquires, in a single transaction or series of related transactions, all or substantially all assets (either in terms of quantities or value) of such other
corporation or entity, or fifty percent (50%) or more of the equity ownership or voting power of such other corporation or entity, in any case, duly approved in accordance with Section 16; 

(vi) any Ordinary Shares issued upon the conversion of the Preferred Shares; and 

(vii) any issuance of Equity Securities by the Company to Tencent during the Purchase Right Period in accordance with
Section 8.9. 
 7.5 Procedures. 

(i) First Participation Notice. In the event that the Company proposes to undertake an issuance of New Securities (in a
single transaction or a series of related transactions), it shall give to each Rights Holder written notice of its intention to issue New Securities (the “First Participation Notice”), describing the amount and type of New
Securities, the price and the general terms upon which the Company proposes to issue such New Securities. Each Rights Holder shall have ten (10) Business Days from the date of receipt of any such First Participation Notice to agree in writing
to purchase up to such Rights Holder’s Preemptive Pro Rata Share of such New Securities for the price and upon the terms and conditions specified in the First Participation Notice by giving written notice to the Company and stating therein the
quantity of New Securities to be purchased (not to exceed such Rights Holder’s Preemptive Pro Rata Share). If any Rights Holder fails to so respond in writing within such ten (10) Business Day period, then such Rights Holder shall forfeit
the right hereunder to purchase its Preemptive Pro Rata Share of such New Securities, but shall not be deemed to forfeit any right with respect to any other issuance of New Securities. 

  
 22 

  
 Shareholders Agreement 

 (ii) Second Participation Notice; Oversubscription. If any Rights Holder
fails or declines to exercise its Preemptive Rights in accordance with subsection (i) above, the Company shall promptly give notice (the “Second Participation Notice”) to the participating Rights Holders who exercised in full
their Preemptive Rights (the “Oversubscription Participants”) in accordance with subsection (i) above. Each Oversubscription Participant shall have five (5) Business Days from the date of the Second Participation Notice
(the “Second Participation Period”) to notify the Company of its desire to purchase more than its Preemptive Pro Rata Share of the New Securities, stating the number of the additional New Securities it proposes to buy (the
“Additional Number”). Such notice may be made by telephone if confirmed in writing within two (2) Business Days. If, as a result thereof, such oversubscription exceeds the total number of the remaining New Securities available
for purchase, each Oversubscription Participant will be cut back by the Company with respect to its oversubscription to such number of remaining New Securities equal to the lesser of (x) the Additional Number and (y) the product obtained
by multiplying (i) the number of the remaining New Securities available for subscription by (ii) a fraction, the numerator of which is the number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by such Oversubscription Participant and the denominator of which is the total number of Ordinary Shares (including Preferred Shares on an
as-converted basis) held by all the Oversubscription Participants. 
 7.6 Failure to
Exercise. Upon the expiration of the Second Participation Period, or in the event no Rights Holder exercises the Preemptive Rights within ten (10) Business Days following the issuance of the First Participation Notice, the Company shall
have ninety (90) days thereafter to complete the sale of the New Securities described in the First Participation Notice with respect to which the Preemptive Rights hereunder were not exercised at the same or higher price and upon non-price terms not more favorable to the purchasers thereof than specified in the First Participation Notice. In the event that the Company has not issued and sold such New Securities within such ninety
(90) day period, then the Company shall not thereafter issue or sell any New Securities without again first offering such New Securities to the Rights Holders pursuant to this Section 7. 

7.7 Closing. If any Rights Holder elects to purchase New Securities, then payment for the New Securities to be purchased by such Rights
Holder in accordance with this Section 7 shall be made by wire transfer in immediately available funds of the appropriate currency, against delivery of such New Securities (including the delivery of share certificates or
other instruments evidencing the issue of New Securities thereof) to be purchased, at a time and place agreed to by the Company and the Rights Holders that have elected to purchase a majority of the New Securities, but if they cannot agree, then at
the principal place of business of the Company on the 45th day after the Company’s receipt of the Rights Holder’s notice to the Company in respect of its election to purchase New
Securities. 
 7.8 Adherence to this Agreement. The Company shall cause each subscriber of New Securities who is not a Party to this
Agreement to execute and deliver a deed of adherence in substantially the form attached hereto as Exhibit A (the “Deed of Adherence”) to join in and be bound by the terms of this Agreement as an “Investor” (if not
already a Party hereto) upon and after such issuance. 
  

	8.	Restriction on Transfers. 

 8.1 Restrictions. Notwithstanding any other provision
herein to the contrary, for so long as Tencent holds 95% of the Series B Preferred Shares it acquired at the Closing, Tencent shall have a veto right on any proposed transaction that would constitute a Deemed Liquidation Event with, issuance and
sale of any securities of any Group Company to, and sale by YY or Mr. Dong of any securities of any Group Company to, the persons on the list attached hereto as Schedule I-D. 

  
 23 

  
 Shareholders Agreement 

 8.2 Investors. For the avoidance of doubt, each Investor may Transfer any Equity
Securities of the Company now or hereafter owned or held by it subject to: (i) such Transfer is effected in compliance with all applicable Laws; (ii) the transferee shall execute and deliver a Deed of Adherence to join in and be bound by
the terms of this Agreement as an “Investor” (if not already a Party hereto) upon and after such Transfer; (iii) each Investor shall not Transfer any Equity Securities of the Company now or hereafter owned or held by it to any
competitor of the Company without the prior written consent of the Company, it being agreed that the list of such competitors is attached hereto as Schedule I-C, and that the list may be updated by the
Company and the Investors jointly by written consent from time to time; and (iv) such Transfer shall be subject to Sections 8.9, 9, 11 and 12 below. The Company shall update its register of members upon the consummation of any
such permitted Transfer. Each Investor shall be entitled to disclose to any bona fide proposed transferee any information, documents or materials concerning the Company known to or in possession of such Investor, and the Company shall provide any
assistance or cooperation reasonably requested by such Investor or the proposed transferee in connection with such proposed transferee’s due diligence investigation of the Company. 

8.3 Conversion Upon Disposal of High Vote Shares. Notwithstanding anything herein to the contrary, 

(i) prior to the consummation of a Qualified IPO, in the event of any direct or indirect sale, transfer, assignment or
disposition (“Disposal”) of any High Vote Shares to a party other than any of Mr. Dong, YY or Tencent or their respective Affiliates (collectively, the “High Vote Holders”), such High Vote Shares shall,
automatically and immediately upon and after such Disposal, convert into an equal number of Class A Ordinary Shares (in the case of a Disposal of Class B Ordinary Shares), Series A-1 Preferred Shares
(in the case of a Disposal of Series A-2 Preferred Shares) and Series B-1 Preferred Shares (in the case of a Disposal of Series
B-2 Preferred Shares); provided that the creation of any pledge, charge, encumbrance or other third party right of whatever description on any High Vote Shares to secure a holder’s contractual or legal
obligations shall not be deemed as a Disposal of such High Vote Shares hereunder unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the related High Vote
Shares, in which case a Disposal shall be deemed to have occurred and all the related High Vote Shares shall, automatically and immediately upon and after such Disposal, entitle their holders to only 1 vote per Share (without prejudice to any other
rights and privileges of such High Vote Shares as set forth in the Memorandum and Articles); 
 (ii) upon and after the
consummation of a Qualified IPO, in the event of any Disposal of any Class B Ordinary Shares to a party other than the High Vote Holders, such Class B Ordinary Shares shall, automatically and immediately upon and after such Disposal,
convert into an equal number of Class A Ordinary Shares; provided that the creation of any pledge, charge, encumbrance or other third party right of whatever description on any Class B Ordinary Shares to secure a holder’s contractual
or legal obligations shall not be deemed as a Disposal of such Class B Ordinary Shares hereunder unless and until any such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to
the related Class B Ordinary Shares, in which case a Disposal shall be deemed to have occurred and all the related Class B Ordinary Shares shall, automatically and immediately upon and after such Disposal, convert into an equal number of
Class A Ordinary Shares; and 

  
 24 

  
 Shareholders Agreement 

 (iii) this Section 8.3 shall survive the completion of
a Qualified IPO. 
 8.4 Prohibited Transfers Void. Any Transfer of Equity Securities of the Company not made in compliance with this
Agreement shall be null and void as against the Company, shall not be recorded on the books of the Company and shall not be recognized by the Company or any other Party. 

8.5 No Indirect Transfers. Each holder of the Shares agrees not to circumvent or otherwise avoid the transfer restrictions or intent
thereof set forth in this Agreement, whether by holding the Equity Securities of the Company indirectly through another Person or by causing or effecting, directly or indirectly, the Transfer or issuance of any Equity Securities by any such Person,
or otherwise. 
 8.6 Performance. Mr. Dong irrevocably agrees to cause and guarantee the performance by each Dong SPV of all of
its covenants and obligations under this Agreement. Mr. Li irrevocably agrees to cause and guarantee the performance by Li SPV of all of its covenants and obligations under this Agreement. 

8.7 No other Restrictions. Other than this Agreement and the Memorandum and Articles, each Party acknowledges that there are no other
agreements between or among any Parties hereto imposing any restrictions on transfer by such Person of Equity Securities of the Company. 

8.8 Legend. Each existing or replacement certificate for the Ordinary Shares now owned or hereafter acquired by any holder and its
permitted transferees shall bear the following legend: 
 “THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF
THESE SECURITIES IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN SHAREHOLDERS AGREEMENT (AS AMENDED FROM TIME TO TIME) BY AND BETWEEN THE SHAREHOLDER, THE COMPANY AND CERTAIN OTHER PARTIES THERETO.” 

The Company may annotate its register of members with an appropriate, corresponding legend. At such time as the related Equity Securities are
no longer subject to this Agreement, the Company shall, at the request of the holder of such Equity Securities, issue replacement certificates for such Equity Securities without such legend. 

In order to ensure compliance with the terms of this Agreement, the Company may issue appropriate “stop transfer” instructions to
its transfer agent, if any, and, if the Company acts as transfer agent for its own securities, it may make appropriate notations to the same effect in its own records. 

8.9 Tencent’s Right to Purchase Additional Shares. 

(i) Within a period commencing on the second anniversary of the Closing and ending on the third anniversary of the Closing (the
“Purchase Right Period”), so long as Tencent holds a number of Shares no less than 95% of the Shares that it acquires at the Closing (or the equivalent amount of Ordinary Shares, if such Shares have been converted), Tencent shall at
its sole discretion have an exclusive right but not an obligation to purchase such number of Shares directly from the Company and/or from YY (subject to any applicable co-sale right of holders of Series A
Preferred Shares pursuant to Section 11) so that Tencent’s total voting power in the Company shall be 50.10% on an as-converted and fully-diluted basis immediately upon the completion of such
purchase; provided that the purchase price per Share shall be the Fair Market Price. 

  
 25 

  
 Shareholders Agreement 

 (ii) If and when Tencent exercises its purchase right during the Purchase Right
Period, YY has the priority to sell its Shares (subject to any applicable co-sale right of holders of Series A Preferred Shares pursuant to Section 11) to Tencent at its discretion. If YY decides not to
sell any or sells only a portion of the Shares (subject to any applicable co-sale right of holders of Series A Preferred Shares pursuant to Section 11) that Tencent intends to purchase, the Company shall
issue new Shares, all of which shall have High Voting Rights, in a new offering (a “New Offering”) to Tencent so that immediately after the completion of YY’s transfer (subject to any applicable
co-sale right of holders of Series A Preferred Shares pursuant to Section 11), a New Offering or a combination of the foregoing, Tencent’s total voting power in the Company will be no less than
50.10%, on an as-converted and fully diluted basis. 
 (iii) For purposes of this
Agreement, a “Qualified Financing” means a bona fide financing of the Company with the total investment proceeds of no less than US$50 million or with the new issuance of shares in an amount equivalent to no less than 3% of the
total issued share capital of the Company calculated on a fully diluted basis prior to the closing of such financing, and the “Fair Market Price” means the higher of (i) the price per Share based on the Company’s post-money
valuation upon the Closing, and (ii) either (1) a per Share issue price for the most recent Qualified Financing of the Company, if the Company has not then completed a Qualified IPO at the time of Tencent’s exercise of such purchase right,
or (2) the average of closing trading prices in the last 20 trading days prior to the Company’s and YY’s receipt of Tencent’s written notice to exercise such purchase right, if the Company is then a public company. 

(iv) Tencent’s right to purchase additional shares pursuant to this Section 8.9 is non-transferrable and can only be exercised once during the Purchase Right Period. Such right to purchase additional shares shall be terminated from and after the time when Tencent holds a number of shares less than
95% of shares that it acquires at the Closing (or the equivalent amount of Ordinary Shares, if such Shares have been converted). 

(v) This Section 8.9 shall survive the completion of a Qualified IPO. 

 

	9.	Rights of First Refusal. 

 9.1 Transfer Notice. 

(i) If any holder of Shares proposes to Transfer any Shares or any interest therein to any Person that is not an Affiliate of
such holder, then such holder shall give each of YY (unless YY is such holder, and so long as YY holds any Share in the Company) and Tencent (unless Tencent is such holder, and so long as Tencent holds at least 95% of the Shares that it acquired at
the Closing) (each such holder, when Transferring Equity Securities of the Company, shall be referred to as a “Transferor”), written notice of the Transferor’s intention to make the Transfer (the “Transfer
Notice”), which shall include (a) a description of the Shares to be transferred (the “Offered Shares”), (b) the identity and address of the prospective transferee and (c) the consideration and the material terms
and conditions upon which the proposed Transfer is to be made. 

  
 26 

  
 Shareholders Agreement 

 (ii) The Transfer Notice shall certify that the Transferor has received a definitive offer from
the prospective transferee and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of
intent or other agreement relating to the proposed Transfer. 
 9.2 Option of Tencent and YY. 

(i) 

(a) In the event that any Transferor (other than Tencent and YY) is proposing to Transfer any Shares to any third party
purchaser that is not an Affiliate of such Transferor, Tencent (for so long as Tencent holds at least 95% of Series B Preferred Shares that it acquired at the Closing) and YY shall have an option for a period of ten (10) Business Days following
receipt of the Transfer Notice (the “Option Period”) to elect to purchase all or any portion of the Offered Shares at the same price and subject to the same terms and conditions as described in the Transfer Notice, on a pro rata
basis in proportion to the aggregate number of Ordinary Shares held by Tencent and YY (including any Preferred Shares on an as-converted to Ordinary Share basis), by notifying the Transferor in writing before
expiration of the Option Period as to the number of such Offered Shares that it wishes to purchase. 
 (b) In the event that
either Tencent or YY is the Transferor proposing to Transfer any Shares to any third party purchaser that is not an Affiliate of such Transferor, Tencent (in the event that YY is the Transferor, and for so long as Tencent holds at least 95% of
Series B Preferred Shares that it acquired at the Closing) or YY (in the event Tencent is the Transferor) shall have an option in the Option Period to elect to purchase all or any portion of the Offered Shares, subject to any applicable co-sale right of holders of Series A Preferred Shares pursuant to Section 11, at the same price and subject to the same terms and conditions as described in the Transfer Notice, by notifying the Transferor in
writing before expiration of the Option Period as to the number of such Offered Shares that it wishes to purchase. 
 (ii) If
either YY or Tencent, as applicable, does not exercise its right to purchase its full entitlement of the Offered Shares pursuant to Section 9.2(i)(a), the Transferor shall deliver written notice thereof
(the “Second Notice”), within five (5) days after the expiration of the Option Period, to the other Investor between YY and Tencent that has exercised its right to purchase its full entitlement of the Offered Shares
pursuant to Section 9.2(i)(a), and such other Investor shall be entitled to, and may elect to, purchase the unpurchased Offered Shares (an “Exercising Shareholder”) at the same price and subject to the same terms and conditions
as described in the Transfer Notice. The Exercising Shareholder may exercise the right to purchase such unpurchased Offered Shares by notifying the Transferor in writing within ten (10) Business Days after receipt of the Second Notice. 

  
 27 

  
 Shareholders Agreement 

 (iii) Subject to applicable securities Laws, each of Tencent and YY, as
applicable, shall be entitled to apportion the Offered Shares to be purchased among its Affiliates, provided that it notifies the Transferor in writing and such Affiliates shall execute and deliver such documents and take such other actions
as may be necessary for such Affiliates to join in and be bound by the terms of this Agreement as an “Investor” (if not already a Party hereto) upon and after such Transfer. 

9.3 Procedure. If Tencent or YY, as applicable, gives the Transferor notice that it desires to purchase Offered Shares and the
Transferor delivers to the Company a validly executed instrument of transfer, then payment for the Offered Shares to be purchased (subject to any applicable co-sale right of holders of Series A Preferred
Shares pursuant to Section 11) shall be made by check (if agreeable to the Transferor), or by wire transfer in immediately available funds of the appropriate currency, and the Company will deliver an updated register of members reflecting
Tencent or YY, as applicable, as the holder of such Offered Shares purchased (subject to any applicable co-sale right of holders of Series A Preferred Shares pursuant to Section 11), at a place agreed to
by the Transferor and the Exercising Shareholder and at the time of the scheduled closing therefor, but if they cannot agree, then at the principal executive offices of the Company on the 45th day after the Company’s receipt of the Transfer
Notice, unless such notice contemplated a later closing date with the prospective transferee or unless the value of the purchase price has not yet been established pursuant to Section 9.4, in which case the closing shall be
on such later date or as provided in Section 9.4(iv). The Company shall update its register of members upon the consummation of any such Transfer. 

9.4 Valuation of Property. 

(i) Should the purchase price specified in the Transfer Notice be payable in property other than cash or evidences of
indebtedness, the Exercising Shareholder shall have the right to pay the purchase price in the form of cash equal in amount to the fair market value of such property. 

(ii) If the Transferor and the Exercising Shareholder cannot agree on such cash value within the Option Period, the valuation
shall be made by an appraiser of internationally recognized standing jointly selected by agreement of the Transferor and the Exercising Shareholder or, if they cannot agree on an appraiser within the Option Period, the Transferor on one side and the
Exercising Shareholder on the other side shall each select an appraiser of internationally recognized standing and such appraisers shall designate another appraiser of internationally recognized standing, whose appraisal shall be determinative of
such value and shall be final and binding on the Transferor and the Exercising Shareholder. 
 (iii) The cost of such
appraisal shall be shared equally by the Transferor, on the one hand, and the Exercising Shareholder pro rata based on the number of Offered Shares such Exercising Shareholder is purchasing, on the other hand. 

(iv) If the value of the purchase price offered by the prospective transferee is not determined within 45 days following the
Company’s receipt of the Transfer Notice from the Transferor, the closing of the purchase of Offered Shares by the Exercising Shareholder shall be held on or prior to the fifth (5th) Business Day after such valuation shall have been made
pursuant to this Section 9.4(iv). 

  
 28 

  
 Shareholders Agreement 

	10.	Drag-Along 

 10.1 Prior to a Qualified IPO, if (A) holders of a majority of the
Ordinary Shares and (B) Majority Series B Preferred Holders (collectively, the “Drag-Along Transferors”), propose to Transfer all their interests in the Company in a transaction that would constitute a Deemed Liquidation Event
(a “Drag Transaction”), the Drag-Along Transferors shall have the right to require, by written notice of the identity of the counterparty and the pricing and payment terms of the Drag Transaction (the “Drag
Notice”), each of the remaining holders of Shares (the “Non-Transferring Parties”) to, and each of the Non-Transferring Parties shall, approve,
and take all actions reasonably necessary or appropriate to enable, the consummation of such Drag Transaction, including but not limited to: 

(i) Transfer, at the same time as the Drag-Along Transferors Transfer to the potential purchaser in the Drag Transaction, all
of its interests in the Company, on the same terms and conditions and for the same price that the interests of the Drag-Along Transferors will be Transferred, 

(ii) vote all of its Shares (A) in favor of such Drag Transaction, (B) against any other transaction that would
interfere with, delay, restrict, or otherwise adversely affect such Drag Transaction, and (C) against any action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the
Company under the definitive agreement(s) relating to such Drag Transaction or that could result in any of the conditions to the closing obligations under such agreement(s) not being fulfilled, and, in connection therewith, to be present (in person
or by proxy) at all relevant meetings of the shareholders of the Company (or adjournments thereof) or to approve and execute all relevant written consents in lieu of a meeting; 

(iii) not exercise any dissenters’ or appraisal rights under applicable Law with respect to such Drag Transaction; 

(iv) take all necessary actions in connection with the consummation of such Drag Transaction as reasonably requested by the
Drag-Along Transferors, including but not limited to the execution and delivery of any share transfer or other agreements prepared in connection with such Drag Transaction, and the delivery, at the closing of such Drag Transaction involving a sale
of Shares, of all certificates representing Shares held or controlled by such holder, duly endorsed for transfer or accompanied by a duly executed share transfer form, or affidavits and indemnity undertakings with respect to lost certificates; and

 (v) restructure such Drag Transaction, as and if reasonably requested by the Drag-Along Transferors, as a merger,
consolidation, restructuring or similar transaction, or a sale of all or substantially all of the assets (either in terms of quantities or value) of the Company, or otherwise. 

10.2 In the event that any such Non-Transferring Party fails for any reason to take any of the
foregoing actions in Section 10.1 after receipt of the Drag Notice, such Non-Transferring Party hereby grants an irrevocable power of attorney and proxy to any Drag-Along Transferor
to take all necessary actions and to execute and deliver all documents deemed by such Drag-Along Transferor to be reasonably necessary or appropriate to effectuate the terms of Section 10.1. 

  
 29 

  
 Shareholders Agreement 

 10.3 None of the transfer restrictions set forth in this Agreement shall apply in connection with
a Drag Transaction, notwithstanding anything contained to the contrary herein. 
  

	11.	Right of Co-Sale. 

 11.1 Prior to a Qualified
IPO, if (x) YY is the Transferor and (y) the Transfer will cause a change of Control of the Group, then (a) YY shall deliver to each holder of Series A Preferred Shares a written notice (the
“Co-Sale Notice”) specifying (1) a description of the Offered Shares, including the number of the Offered Shares (the “Co-Sale
Shares”) and the maximum number of Series A Preferred Shares that such holder of Series A Preferred Shares may participate in sale, (2) the identity and address of the prospective transferee, and (3) the consideration and the
material terms and conditions upon which the proposed Transfer is to be made, and (b) each holder of Series A Preferred Shares shall be entitled to, and may elect to, participate in the Transfer by YY to the prospective transferee identified in
the Co-Sale Notice of the Offered Shares on the same terms and conditions as specified in the Co-Sale Notice, by delivering to YY, within ten (10) days following
delivery of the Co-Sale Notice, a written notice indicating the number of Series A Preferred Shares that the holder wishes to sell under its right to participate, provided that, if Tencent is the transferee
pursuant to Tencent’s exercise of its purchase right in accordance with Section 8.9, any Series A-1 Preferred Shares Transferred to Tencent pursuant to this Section 11 shall, automatically and
immediately upon and after such Transfer, convert into an equal number of Series A-2 Preferred Shares.

11.2 The maximum number of Series A Preferred Shares that each holder thereof may elect to sell under its right to participate shall be equal
to the product of (i) the aggregate number of the Co-Sale Shares (on an as-converted basis) being transferred to the prospective transferee identified in the Co-Sale Notice, multiplied by (ii) a fraction, the numerator of which is the number of Series A Preferred Shares (on an as-converted basis) owned by such holder and the
denominator of which is the sum of (x) the total number of Series A Preferred Shares (on an as-converted basis) owned by all holders thereof, and (y) the total number of Shares (on an as-converted basis) owned by YY, in each case on the date of the Co-Sale Notice. 

11.3 Each holder of Series A Preferred Shares shall effect its participation in the sale of the
Co-Sale Shares by promptly delivering to YY for transfer to the prospective transferee, before the applicable closing, one or more certificates, properly endorsed for transfer, which represent the type and
number of Series A Preferred Shares that such holder elects to sell. 
 11.4 The share certificate or certificates that a holder of Series A
Preferred Shares delivers to YY pursuant to Section 11.3 shall be transferred to the prospective transferee in consummation of the sale of the Co-Sale Shares pursuant to the terms and
conditions specified in the Co-Sale Notice, and YY shall concurrently therewith remit to such holder of Series A Preferred Shares that portion of the sale proceeds to which such holder is entitled by reason of
its participation in such sale. The Company will update its register of members upon the consummation of any such Transfer. 
 11.5 To the
extent that any prospective transferee prohibits the participation by, or otherwise refuses to purchase Series A Preferred Shares from, any holder of Series A Preferred Shares exercising its co-sale rights
hereunder, YY shall not sell to such prospective transferee any Shares unless and until, simultaneously with such sale, YY shall purchase from such holder such Series A Preferred Shares that such holder would otherwise be entitled to sell to the
prospective transferee pursuant to its co-sale rights hereunder for the same consideration and on the same terms and conditions as the proposed Transfer described in the
Co-Sale Notice. 

  
 30 

  
 Shareholders Agreement 

	12.	Non-Exercise of Rights of First Refusal and Co-Sale; Limitations to Right of First Refusal and
Co-Sale. 

 12.1 If Tencent and YY, as applicable, do not elect to purchase all of
the Offered Shares in accordance with Section 9, then, subject to the right of holders of Series A Preferred Shares to participate in the sale of the Offered Shares within the time periods specified in
Section 11, the Transferor shall have a period of sixty (60) days from the expiration of the Option Period in which to sell the remaining Offered Shares that have not been taken up under
Section 9 and Section 11, to the transferee identified in the Transfer Notice upon terms and conditions (including the purchase price) no more favorable to the purchaser than those specified in the
Transfer Notice, so long as any such sale is effected in accordance with all applicable Laws. The Parties agree that each such transferee, prior to and as a condition to the consummation of any sale, shall execute and deliver to the Parties
documents and other instruments assuming the obligations of such Transferor under this Agreement and the Memorandum and Articles, and the transfer shall not be effective and shall not be recognized by any Party until such documents and instruments
are so executed and delivered. 
 12.2 In the event the Transferor does not consummate the sale of such Offered Shares (subject to any
applicable co-sale right of holders of Series A Preferred Shares pursuant to Section 11) to the transferee identified in the Transfer Notice within such sixty (60) day period, the rights of Tencent
and YY under Section 9 and the right of holders of Series A Preferred Shares under Section 11, as applicable, shall be re-invoked and shall be applicable to each subsequent
disposition of such Offered Shares by the Transferor until such rights lapse in accordance with the terms of this Agreement. 
 12.3 The
exercise or non-exercise of the rights of Tencent and YY under Section 9 to purchase Equity Securities from a Transferor shall not adversely affect their rights to make subsequent
purchases from the Transferor of Equity Securities. 
 12.4 Subject to the requirements of applicable Law hereof, the restrictions under
Section 8 and the right of first refusal under Section 9 shall not apply to (a) any repurchase by the Company of any Equity Securities of the Company now or hereafter held by a holder in
accordance with such Person’s any other written agreement with the Company (if any) that is approved by the Majority Series A Preferred Holders and the Majority Series B Preferred Holders, each voting as a separate class, (b) any sale of
Equity Securities of the Company to the public pursuant to a Qualified IPO, (c) Transfer of any Equity Securities of the Company now or hereafter held by a shareholder or a special purpose vehicle of such shareholder to the parents, children,
spouse of such shareholder, or to a trustee, executor, or other fiduciary for the benefit of such shareholder or his/her parents, children, spouse for bona fide estate planning purposes (each such transferee pursuant to clause (c) above, a
“Permitted Transferee”, and collectively, the “Permitted Transferees”), (d) Transfer of any Equity Securities of the Company now or hereafter held by any Investor to its Affiliates and (e) any Transfer of
Equity Securities to Tencent by YY pursuant to Tencent’s exercise of its purchase right in accordance with Section 8.9; provided, that (i) such Transfer is effected in compliance with all applicable Laws,
including without limitation, the SAFE Rules and Regulations, (ii) respecting any transfer pursuant to clause (c) above, the transferring shareholder has provided Tencent and YY with reasonable evidence of the bona fide estate planning
purposes for such transfer and reasonable evidence of the satisfaction of all applicable filings or registrations required by SAFE under the SAFE Rules and Regulations, (iii) such Transfer will not result in a change of Control of the Company
(other than as otherwise contemplated pursuant to the exercise by Tencent of its purchase right in accordance with Section 8.9), and (iv) each such Permitted Transferee, prior to the completion of the Transfer, shall
have executed the Deed of Adherence assuming the obligations of the holder of such Equity Securities of the Company under this Agreement and the Memorandum and Articles, with respect to the transferred Equity Securities; provided further,
that the Transferor shall remain liable for any breach by such Permitted Transferee of any provision under this Agreement and the Memorandum and Articles. 

  
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 Shareholders Agreement 

	13.	Lock-Up. 

 13.1 In addition to but not in lieu of
any other transfer restriction contained herein, each of the holders of any Equity Securities of the Company agrees that such Person will not during the period commencing on the date of the final prospectus relating to the first underwritten
registered public offering of the Ordinary Shares and ending on the date specified by the Company and the managing underwriter (i) lend, offer, pledge, hypothecate, hedge, sell, make any short sale of, loan, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Equity Securities of the Company (other than those included in such
offering) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Equity Securities, whether any such transaction described in clause (i) or
(ii) above is to be settled by delivery of Equity Securities of the Company or other securities, in cash or otherwise. The underwriters in connection with such public offering are intended third party beneficiaries of this
Section 13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each of the holders agrees to execute and deliver to the underwriters a lock-up agreement containing customary terms and conditions. 
  

	14.	Information and Inspection Rights. 

 14.1 Delivery of Financial Statements and Other
Information. The Group Companies shall deliver to each Investor holding at least 10,769,535 Ordinary Shares (on an as-converted basis) the following documents or reports: 

(i) within ninety (90) days after the end of each fiscal year of the Company, a consolidated income statement and
statement of cash flows for the Company for such fiscal year and a consolidated balance sheet for the Company as of the end of the fiscal year, audited and certified by the Auditor, and a management report including a comparison of the financial
results of such fiscal year with the corresponding annual budget, all prepared in English or Chinese and in accordance with the Accounting Standards consistently applied throughout the period; 

(ii) within thirty (30) days of the end of each of the first three fiscal quarters, an unaudited consolidated income
statement and statement of cash flows for such quarter and an unaudited consolidated balance sheet for the Company as of the end of such quarter, and a comparison of the financial results of such quarter with the corresponding quarterly budget, all
prepared in English or Chinese and in accordance with the Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and except for the absence of notes), and
certified by the chief financial officer of the Company; 

  
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 Shareholders Agreement 

 (iii) within thirty (30) days of the end of each month, a consolidated
unaudited income statement and statement of cash flows for such month and a consolidated unaudited balance sheet for the Company as of the end of such month, and a comparison of the financial results of such month with the corresponding monthly
budget, all prepared in English or Chinese and in accordance with the Accounting Standards consistently applied throughout the period (except for customary year-end adjustments and except for the absence of
notes), and certified by the chief financial officer of the Company; 
 (iv) a draft annual capital expenditure and operating
budget and strategic plan within fifteen (15) days prior to the end of each fiscal year, setting forth: the projected detailed budgets, balance sheets, income statements and statements of cash flows on a month-to-month basis for the upcoming fiscal year of each Group Company; any dividend or distribution projected to be declared or paid; the projected incurrence, assumption or refinancing of Indebtedness; and
all other material matters relating to the operation, development and business of the Group Companies; and 
 (v) copies of
all documents or other information sent to all other shareholders and any reports publicly filed by the Company with any relevant securities exchange, regulatory authority or governmental agency, no later than five (5) days after such documents
or information are filed by the Company. 
 The Company shall cause the chief financial officer and the financial controller of the Company
to timely provide the above information. 
 14.2 Inspection Rights. The Group Companies covenant and agree that YY and each Investor
holding at least 10,769,535 Ordinary Shares (on an as-converted basis) shall have the right, at its own expenses, to reasonably inspect facilities, properties, records and books of each Group Company at any
time during regular working hours on reasonable prior notice to such Group Company and the right to discuss the business, operation and conditions of a Group Company with any Group Company’s directors, officers, employees, accountants, legal
counsels, auditors and investment bankers. Such inspection rights shall terminate upon an IPO; however, statutory inspection rights granted under applicable laws shall remain unaffected. 

 

	15.	Election of Directors. 

 15.1 Board of Directors.  

(i) Upon and after the Closing and prior to a Qualified IPO of the Company, the Company shall have, and the Parties
hereto agree to cause the Company to have, a Board consisting of three (3) Directors, each having one (1) vote for each of the matters submitted to the Board and being appointed as follows: (a) the holders of Series B Preferred Shares
shall have the right to appoint one Director (the “Series B Director”), who (1) shall be designated by Tencent for so long as Tencent holds all of the Series B Preferred Shares it acquired at the Closing and (2) shall be
included on any committee of the Board, and (b) YY shall have the right to appoint two Directors. 
 (ii) Upon and after
the consummation of a Qualified IPO, the Board shall consist of at least five (5) Directors including no less than two (2) independent Directors and, for as long as Tencent and its Affiliates collectively hold 20% of the issued share
capital of the Company on a fully diluted basis, Tencent shall have the right to appoint at least one (1) Director. Notwithstanding the foregoing, any holder of a majority of the voting power in the Company shall have the right to appoint up to
the lowest number of Directors that (x) constitutes a majority of the Directors and (y) is no less than proportionate to its voting power in the Company. 

  
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 Shareholders Agreement 

 (iii) Any Director designated pursuant to Sections 15.1(i) and
(ii) may be removed from the Board, either for or without cause, only upon the vote or written consent of the Person or group of Persons then entitled to designate such Director pursuant to Sections 15.1(i) and (ii), and the Parties
agree not to seek, vote for or otherwise effect the removal of any such Director without such vote or written consent. Any Person or group of Persons then entitled to designate any individual to be elected as a Director on the Board shall have the
exclusive right at any time or from time to time to remove any such Director occupying such position and to fill any vacancy caused by the death, disability, retirement, resignation or removal of any Director occupying such position or any other
vacancy therein, and each other Party agrees to cooperate with such Person or group of Persons in connection with the exercise of such right. Prior to a Qualified IPO of the Company, each Party that is a holder of voting securities of the Company
agrees to always vote such holder’s respective voting securities of the Company at a meeting of the members of the Company (and give written consents in lieu thereof) in support of the foregoing. It is agreed that this
Section 15.1(iii) shall be subject to the applicable corporate governance requirements under the listing rules of the stock exchange on which the Company’s shares are listed upon and after the completion of a Qualified
IPO of the Company. 
 (iv) The Series B Director appointed by Tencent shall be entitled to (A) enter into an
indemnification agreement with the Company in form and substance reasonably satisfactory to Tencent, (B) a veto right on the grant of awards under the ESOP if the vesting schedule for such award materially deviates from the Agreed Vesting
Schedule or the exercise price of such award is substantially lower than the then fair value of the Ordinary Shares at the time of such grant, and (C) the right to review and discuss the Company’s draft annual budget or annual business and
financial plan with the management of the Company.  
 (v) Frequency, location, notices and quorum of meetings of the
Board, and the voting rights of each Director, shall be set out in the Memorandum and Articles. 
 15.2 Observer. Each of Ping An and
Engage shall be entitled to appoint one observer (the “Observer”) to attend all meetings of the Board and all subcommittees of the Board, in a nonvoting observer capacity and the Company shall give such Observer copies of all
notices, minutes, consents, and other materials that the Company provides to the Company’s Directors at the same time and in the same manner as provided to such Directors. Each Observer shall be entitled to be reimbursed for all reasonable out-of-pocket expenses incurred in connection with attending board or committee meetings. 
  

	16.	Protective Provisions. 

 16.1 Each Group Company shall not, and Mr. Dong shall cause
each Group Company not to, take, permit to occur, approve, authorize, or agree or commit to do any of the following matters, whether in a single transaction or a series of related transactions, whether directly or indirectly, and whether or not by
amendment, merger, consolidation, scheme of arrangement, amalgamation, or otherwise, unless approved in writing in advance by (a) holders of at least 75% of the Series B Preferred Shares on an as converted basis, and (b) the Majority
Series A Preferred Holders: 

  
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 Shareholders Agreement 

 (i) any amendment or change of the rights, preferences, privileges or powers of,
or the restrictions provided for the benefit of, the Series B Preferred Shares; 
 (ii) any action that creates, authorizes
the creation of or issues any other security convertible into or exercisable for any equity security, having rights, preferences or privileges senior to or on parity with the Series B Preferred Shares, or increase the authorized number of the Series
B Preferred Shares; 
 (iii) any purchase, repurchase, redemption or retirement of any Equity Securities, other than
(A) repurchases pursuant to the ESOP or pursuant to other contractual agreements approved by the Board upon termination of a director, employee or consultant and (B) repurchases, redemption or cancellation of Series A Preferred Shares or
Series B Preferred Shares pursuant to these Articles; 
 (iv) any amendment or modification to or waiver under any of the
Charter Documents of any Group Company in a manner adverse to the Series B Preferred Shares; 
 (v) adoption, material
amendment or termination of the ESOP or any other equity incentive, purchase or participation plan for the benefit of employees, officers, directors, contractors, advisors or consultants of any of the Group Companies; 

(vi) any transaction with a Related Party, which either is outside the ordinary course of business of any Group Company or
which individually, or in a series of transactions, exceeds US$15,000,000 in aggregate in any fiscal year (including but not limited to any expenses and fees payable in respect of any payment channels, bandwith or property leases); 

(vii) the commencement of or consent to any proceeding seeking (A) to adjudicate it as bankrupt or insolvent,
(B) liquidation, winding up, dissolution, reorganization, or other arrangement of any of the Group Companies under any Law relating to bankruptcy, insolvency or reorganization or relief of debtors, or (C) the entry of an order for relief
or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property; 

(viii) any investment in a subsidiary, partnership or joint venture that exceeds US$15,000,000, unless an investment and/or
internal control policy (the “Investment Policy”) governing such investment exists (in which case, such investment shall solely be subject to compliance with the Investment Policy); 

(ix) any amendment or termination of the Investment Policy that exists at the Closing; 

(x) any divestiture or sale of all or substantially all the asset or business of a Group Company or more than 50% of voting
power of a Group Company; 
 (xi) any Deemed Liquidation Event; 

(xii) an initial public offering of any Equity Securities of any Group Company other than a Qualified IPO; 

  
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 Shareholders Agreement 

 (xiii) incurrence of indebtedness or guarantees of indebtedness in excess of
equivalent to 10% of the total assets of the Group, whether in a single or series of related transaction(s), except for the purpose of securing borrowings from banks or other financial institutions in the ordinary course of business not exceeding
US$25,000,000 (or its equivalence in other currency or currencies), whether in a single or series of related transaction(s), at any time in any fiscal year; 

(xiv) any change in the equity ownership of the Domestic Company or any restatement, amendment, termination or modification to
or waiver under any of the Control Documents or entering into any agreements between the Domestic Company or any other entity which relates to the contractual Control of the Domestic Company; 

(xv) any material change to the business scope or nature of business, or cessation of any business line or entering into any
new business lines; and 
 (xvi) any change of the size of the board of directors of any Group Company other than changes
pursuant to and in compliance with Section 15 hereof, and any modifications to the powers of the board of directors of any Group Company. 

It is agreed that if the director designated by Tencent gives his/her explicit consent to items subject to these protective
provisions or any other matters that need Tencent’s consent, the consent from such director shall constitute the consent from Tencent regarding these matters as required under the Transaction Documents and, without limiting the generality of
the foregoing, Tencent shall authorize such director designee to sign any documents relating to the Company’s proposed initial public offering of any Equity Securities that need to be executed by Tencent as a shareholder. 

Where any Special Resolution (as defined in the Memorandum and Articles) is required to approve any of the matters referred to
in this Section 16 and such matter has not received the written approval of (i) holders of at least 75% of the Series B Preferred Shares on an as-converted basis, and
(ii) the Majority Series A Preferred Holders, as required by this Section 16, the holders of the Preferred Shares who vote against the Special Resolution (as defined in the Memorandum and Articles) shall have the
number of votes equal to (i) the votes of all holders of the Shares who vote for the resolution, plus (ii) one. 
  

	17.	Additional Covenants. 

 17.1 Business of the Group Companies. The Company shall
procure that the Group Companies shall (i) conduct their respective business in compliance with all material respects with all applicable Laws and (ii) obtain, make and maintain in effect, all Consents, permits, approvals, authorizations,
registrations and filings from the relevant Governmental Authority or other Persons required (including any required approvals under Section 16) in respect of the due and proper establishment and operations of each Group
Company as now conducted in accordance with applicable Laws and regulations. 
 17.2 SAFE Registration. If any holder or beneficial
owner of any Equity Security of the Company (other than the Investors) (each, a “Security Holder”) is a “Domestic Resident” as defined in Circular 37 and is subject to the SAFE registration or reporting requirements under
Circular 37, the Parties (other than the Investors) shall use their best efforts to promptly obtain a Power of Attorney in the form attached hereto as Exhibit B from such Security Holder, and shall use their best efforts to cause the
designated representative under such Power of Attorney to promptly take such actions and execute such instruments on behalf of such Security Holder to comply with the applicable SAFE registration or reporting requirements under SAFE Rules and
Regulations.

  
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 Shareholders Agreement 

 17.3 Control Documents. Mr. Dong and the Group Companies shall ensure that each party
to the relevant Control Documents fully perform its/his/her respective obligations thereunder and carry out the terms and the intent of the Control Documents. Any termination, material modification or waiver of, or extension to, any Control
Documents shall require the written consent of the Majority Series A Preferred Holders and the Majority Series B Preferred Holders, as provided in Section 16 hereof. If any of the Control Documents becomes illegal, void or
unenforceable under PRC Laws after the date hereof, the Parties (other than the Investors) shall devise a feasible alternative legal structure reasonably satisfactory to the Majority Series A Preferred Holders and the Majority Series B Preferred
Holders which gives effect to the intentions of the parties in each Control Document and the economic arrangement thereunder as closely as possible. 

17.4 Control of Subsidiaries. The Company shall institute and keep in place such arrangements as are reasonably satisfactory to the
Majority Series A Preferred Holders and the Majority Series B Preferred Holders such that the Company (i) will at all times Control the operations of each other Group Company, and (ii) will at all times be permitted to properly consolidate
the financial results for each other Group Company in the consolidated financial statements for the Company prepared under the Accounting Standards. 

17.5 US Tax Matters. 

(i) The Company will use, and will cause each of the other Group Companies to use, commercially reasonable best efforts to
avoid classification as a PFIC as defined in the Internal Revenue Code of 1986, as amended (the “Code”) for the current year or any subsequent year. 

(ii) The Company shall promptly provide the Investors with written notice if it (or any of the other Group Companies) becomes a
PFIC. Such notice shall include a reasonably detailed analysis of the determination that the Company (or any of the other Group Companies) has become a PFIC. 

(iii) The Company shall make due inquiry with its tax advisors on at least an annual basis regarding its status as a PFIC, and
if Company is informed by its tax advisors that any such entity has become a PFIC, or that there is a likelihood of any such entity being classified as a PFIC for any taxable year, the Company shall promptly notify the Investors of such status or
risk, as the case may be. The Company agrees to make available to the Investors upon request, the books and records of the Company and the other Group Companies, and to provide information to the Investors pertinent to the Company’s status or
potential status as a PFIC. Upon a determination by the Company, the Investors or any taxing authority that the Company has been or is likely to become a PFIC, the Company will provide the following information to the Investors and each of their
direct or indirect beneficial owners (a “PFIC Shareholder”): (i) all information reasonably available to the Company to permit such PFIC Shareholder to (a) accurately prepare its US tax returns and comply with any other
reporting requirements , if any, arising from its investment in the Company and relating to the Company or any of its Subsidiaries’ classification as a PFIC and (b) make any election (including, without limitation, a “qualified
electing fund” election under Section 1295 of the Code), with respect to the Company (or any of its Subsidiaries); and (ii) a completed “PFIC Annual Information Statement” as described under Treasury Regulation Section 1.1295-1(g). 

  
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 Shareholders Agreement 

 17.6 Compliance with Laws; Registrations. 

(i) The Group Companies shall cause the Group Companies to, conduct their respective business in compliance with all applicable
Laws, including but not limited to Laws regarding foreign investments, corporate registration and filing, import and export, customs administration, foreign exchange, telecommunication and e-commerce,
Intellectual Property rights, labor and social welfare and benefit (including housing fund contribution), taxation, and applicable anti-money laundering statutes of all jurisdictions, including, without limitation, all U.S. anti-money laundering
laws, the rule and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental or regulatory agency (collectively, the “Money Laundering Laws”), and
obtain, make and maintain in effect, all Consents from the relevant Governmental Authority or other Person required in respect of the due and proper establishment and operations of each Group Company as now conducted in accordance with applicable
Laws. Without limiting the generality of the foregoing, none of the Group Companies shall, and the Parties (other than the Investors) shall cause each Group Company not to, and the Parties shall ensure that its and their respective Affiliates and
its respective officers, directors, and representatives shall not, directly or indirectly, (a) offer or give anything of value to any Public Official with the intent of obtaining any improper advantage, affecting or influencing any act or
decision of any such Person, assisting any Group Company in obtaining or retaining business for, or with, or directing business to, any Person, or constituting a bribe, kickback or illegal or improper payment to assist any Group in obtaining or
retaining business, (b) take any other action, in each case, in violation of the Foreign Corrupt Practices Act of the United States of America, as amended (as if it were a U.S. Person), or any other applicable similar anti-corruption,
recordkeeping and internal controls Laws, or (c) establish or maintain any fund or assets in which any Group Company has proprietary rights that have not been recorded in its books and records of Group Company. 

(ii) None of the Group Companies shall directly or indirectly (i) take any action in furtherance of any boycott sanctioned
by the United States; (ii) engage in transactions with any Governmental Authority, agent, representative or resident of, or any entity based or resident in, any of the following countries: Cuba, Iran, Libya, Syria, Sudan, the Democratic
People’s Republic of Korea, Myanmar or any other country sanctioned by the Office of Foreign Assets Control of the U.S. Department of Treasury; or (iii) will otherwise engaged in transactions with any entity or person that is the target of
U.S. economic sanctions, as designated by the Office of Foreign Assets Control of the U.S. Department of Treasury, including “Specially Designated Nationals” and “Blocked Persons”; or (iv) will receive unlicensed donations
or engage in financial transactions with respect to which the Company or any Group Company knows or has reasonable cause to believe that the financial transaction poses a risk of furthering terrorist attacks anywhere in the world. 

(iii) Without limiting the generality of the foregoing, each Group Company shall ensure that all filings and registrations with
the PRC Governmental Authorities so required by them shall be duly completed in accordance with the relevant rules and regulations, including without limitation any such filings and registrations with the Ministry of Commerce, the Ministry of
Information Industry, the State Administration of Industry and Commerce, the State Administration for Foreign Exchange, tax bureau, customs authorities, product registration authorities, health regulatory authorities, and the local counterpart of
each of the aforementioned governmental authorities, in each case, as applicable. 

  
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 Shareholders Agreement 

 17.7 Intellectual Property Protection. Except with the written consent of the Majority
Series A Preferred Holders and the Majority Series B Preferred Holders, the Group Companies shall take all reasonable steps to protect their respective material Intellectual Property rights, including without limitation (a) registering their
material respective trademarks, brand names, domain names and copyrights, and (b) requiring each employee and consultant of each Group Company to enter into an employment agreement, a confidential information and intellectual property
assignment agreement and a non-competition and non-solicitation agreement requiring such persons to protect and keep confidential such Group Company’s confidential
information, intellectual property and trade secrets, prohibiting such persons from competing with such Group Company for a reasonable time after their termination of employment with any Group Company, and requiring such persons to assign all
ownership rights in their work product to such Group Company. 
 17.8 Internal Control System. The Group Companies shall maintain
their books and records in accordance with sound business practices and implement and maintain an adequate system of procedures and controls with respect to finance, management, and accounting that meets international standards of good practice to
provide reasonable assurance that (i) transactions by it are executed in accordance with management’s general or specific authorization, (ii) transactions by it are recorded as necessary to permit preparation of financial statements
in conformity with the Accounting Standards and to maintain asset accountability, (iii) access to assets of it is permitted only in accordance with management’s general or specific authorization, (iv) the recorded inventory of assets
is compared with the existing tangible assets at reasonable intervals and appropriate action is taken with respect to any material differences, (v) segregating duties for cash deposits, cash reconciliation, cash payment, proper approval is
established, and (vi) no personal assets or bank accounts of the employees, directors, officers are mingled with the corporate assets or corporate bank account, and no Group Company uses any personal bank accounts of any employees, directors,
officers thereof during the operation of the business. 
 17.9 Non-compete by Key Person.
Unless the Majority Series A Preferred Holders and the Majority Series B Preferred Holders otherwise consent in writing, Mr. Dong shall and shall cause each of the Key Employees for so long as such individual is a director, officer, manager
or a direct or indirect holder of Equity Securities of a Group Company, in no event earlier than the first anniversary date of the IPO, devote his/her full time and attention to the business of the Group Companies and will use his/her best efforts
to develop the business and interests of the Group Companies, unless an alternative arrangement with terms and conditions more favorable to Mr. Dong and/or the Key Employees is approved by the Majority Series A Preferred Holders and the
Majority Series B Preferred Holders. Mr. Dong, (a) for so long as he is a director, officer, manager or a direct or indirect holder of Equity Securities of a Group Company and, each of the holding companies of Mr. Dong, (b) for
so long as such holding company is a direct or indirect holder of Equity Securities of a Group Company or has the right to appoint any director, officer, manager to the Group Companies (together with the periods in paragraphs (a), the
“Restraint Period”), and for two (2) years after Mr. Dong is no longer a director, officer, or manager of a Group Company and for two (2) years after Mr. Dong is no longer a direct or indirect holder of Equity
Securities of a Group Company and Dong SPV is no longer a direct or indirect holder of Equity Securities of a Group Company or ceases to have any right to appoint any director, officer, manager to the Group Companies, shall not, and shall cause
his/its Affiliate or Associate not to, directly or indirectly, within the entire world, the PRC, Hong Kong, Macau and Taiwan (i) own, manage, engage in, operate, control, work for, consult with, render services for, do business with, maintain
any interest in (proprietary, financial or otherwise) or participate in the ownership, management, operation or control of, any business, whether in corporate, proprietorship or partnership form or otherwise, that is related or similar to the
Businesses, provided, however, that the restrictions contained in this clause (i) shall not restrict Mr. Dong’s holding or increase in the holding of equity interests in YY or YY’s Affiliates, directly or
indirectly, or the acquisition by Mr. Dong or Key Employee, directly or indirectly, of less than one percent (1%) of the outstanding share capital of any publicly traded company engaged in the business of any Group Company or otherwise competes
with the business of any Group Company (a “Restricted Business”) or the investment in any fund or investment company by Mr. Dong as a limited partner or similar passive investor; (ii) solicit any Person who is or has been
at any time a customer of the any Group Company for the purpose of offering to such customer goods or services similar to or competing with those offered by any Group Company, or canvass or solicit any Person who is or has been at any time a
supplier or licensor or customer of any Group Company for the purpose of inducing any such Person to terminate its business relationship with such Group Company; (iii) solicit or entice away or endeavor to solicit or entice away any director,
officer, consultant or employee of any Group Company; or (iv) utilize or disclose to any Person (other than the Group Companies) any confidential information relating to the Restricted Business or any customers, products, affairs and finances
or trade secrets of any Group Company (including technical data and know-how). Mr. Dong expressly agrees that the undertakings and limitations set forth in this Section are reasonably tailored and
reasonably necessary in light of the circumstances. Furthermore, if any part of this Section is more restrictive than permitted by the Laws of any jurisdiction in which a Party seeks enforcement thereof, then such part will be severed and this
Section will be enforced to the greatest extent permitted by Law. Each of the undertakings and limitations contained in this Section 17.9 shall be enforceable by each of the Group Companies and each Investor separately
and independently. Notwithstanding the foregoing, the Parties acknowledge and consent that nothing in this Agreement or other Transaction Documents shall create, imply or constitute a restriction on Mr. Dong to continue to hold his positions or
take new positions with YY or YY’s Affiliates or to devote his time and attention to the business of YY or YY’s Affiliates, or a restriction or limitation over the business activities of YY or YY’s Affiliates. 

  
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 Shareholders Agreement 

 17.10 No Avoidance; Voting Trust. The Company will not, by any voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be performed hereunder by the Company, and the Company will at all times in good faith assist and take action as appropriate in the carrying out of all of the provisions of this
Agreement. Each holder of Shares agrees that it shall not enter into any other agreements or arrangements of any kind with respect to the voting of any Shares or deposit any Shares in a voting trust or other similar arrangement. 

17.11 Option to Purchase the Domestic Company. The Parties hereby acknowledge and agree that, as part of the consideration for the
Investors’ investment in the Company and other valuable consideration, the Company has the option, exercisable by the Company or any then Subsidiary thereof at any time (provided that such purchase by the Company or such Subsidiary is
permitted under the then applicable Laws of the PRC), to purchase or transfer to an Affiliate of the Company the entire equity interest of the Domestic Company from the shareholders of the Domestic Company at the lowest amount permitted under the
Laws of the PRC then applicable. The Parties further agree to effect such transfer of equity interest in the Domestic Company upon and only upon receipt of the written request of the Majority Series A Preferred Holders and the Majority Series B
Preferred Holders, provided that such transfer shall at the time of such request be permissible under the Laws of the PRC then applicable. 

  
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 Shareholders Agreement 

 17.12 Confidentiality. 

(i) Disclosure of Terms. The terms and conditions of the Transaction Documents and all exhibits, restatements and
amendments hereto and thereto (collectively, the “Financing Terms”), including their existence, shall be considered confidential information and shall not be disclosed by any of the Parties to any other Person except as permitted in
accordance with the provisions set forth below. 
 (ii) Press Releases. None of the Parties hereto (other than the
Investors) shall issue a press release or make any public announcement or other public disclosure with respect to any of the transactions contemplated herein without obtaining the prior written consent of each Investor and the Company, or
(a) use the name of PING AN Insurance, 平安保险 or any of its Affiliates without obtaining in each
instance the prior written consent of Ping An, or (b) use the name of YY, 欢聚时代 or any
of its Affiliates without obtaining in each instance the prior written consent of YY. 
 (iii) Permitted
Disclosure. Notwithstanding the foregoing, (a) the Company may disclose the existence or content of any of the Financing Terms to its current or bona fide prospective investors, directors, officers, employees, shareholders, investment
bankers, lenders, accountants, auditors, insurers, business or financial advisors, and attorneys, in each case only where such Persons are under appropriate nondisclosure obligations imposed by professional ethics, law or otherwise; (b) the
Investors may disclose the existence or content of any of the Financing Terms to its Affiliates, the fund manager, auditor, insurer, accountant, consultant or an officer, director, general partner, limited partner, shareholder, investor, bona fide
potential investor, counsel, advisor, employee of the Investors and/or its Affiliates, and bona fide prospective purchasers/investors of any Equity Securities of the Company so long as such Persons shall be advised of the confidential nature of the
information or are under appropriate nondisclosure obligations imposed by professional ethics, law or otherwise; and (c) the Investors may disclose the existence or content of any of the Financing Terms for fund and inter-fund reporting
purposes and any information contained in press releases or public announcements of the Company pursuant to Section 17.12(ii). Any Party hereto may also provide disclosure in order to comply with applicable Laws, as set
forth in Section 17.12(iv) below; 
 (iv) Legally Compelled Disclosure. If any Party is
requested or becomes legally compelled (including without limitation, pursuant to any applicable Tax, securities, or other Laws and regulations of any jurisdiction or by subpoena or any requirement by governmental, judicial or regulatory body or any
stock exchange) to disclose the existence or content of any of the Financing Terms in contravention of the provisions of this Section, such Party shall, to the extent legally and practically permissible, promptly provide the other Parties with
written notice of that fact so that such other Parties may seek a protective order, confidential treatment or other appropriate remedy and in any event shall furnish only that portion of the information that is legally required and shall exercise
reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. 
 (v)
Other Exceptions. The confidentiality obligations of the Parties set out in this Section 17.12 shall not apply to (a) information which was in the public domain or otherwise known to the relevant Party before it
was furnished to it by another Party hereto or, after it was furnished to that Party, entered the public domain otherwise than as a result of (x) a breach by that Party of this Section 17.12 or (y) a breach of a
confidentiality obligation by a third party discloser, where the breach was actually known to that relevant Party; (b) information disclosed by any director or observer of the Company to its appointer or any of its Affiliates or to any Person
to whom disclosure would be permitted in accordance with the foregoing provisions of this Section 17.12. 

  
 41 

  
 Shareholders Agreement 

 (vi) The provisions of this Section shall terminate and supersede the provisions
of any separate nondisclosure agreement executed by any of the Parties hereto with respect to the transactions contemplated hereby, including without limitation, any term sheet, letter of intent, memorandum of understanding or other similar
agreement entered into by the Company and the Investors in respect of the transactions contemplated hereby, except for the nondisclosure provision set forth in the Subscription Agreement. 

17.13 Dual Class Voting Structure.  

(i) At the Closing prior to a Qualified IPO, the Company shall adopt a dual voting structure on its shares so that, subject to
Section 8.3, the Class B Ordinary Shares, the Series A-2 Preferred Shares and the Series B-2 Preferred Shares (collectively, the
“High Vote Shares”) shall each have ten votes on all matters in a shareholders meeting of the Company, and the Class A Ordinary Shares, the Series A-1 Preferred Shares and the Series B-1 Preferred Shares (collectively, the “Low Vote Shares”) shall each have one vote on all matters in a shareholders meeting of the Company. 

(ii) Upon and after the completion of a Qualified IPO, the Company shall continue to have a dual voting structure, where,
subject to Section 8.3, Class A Ordinary Shares shall each have one vote on all matters in a shareholders meeting of the Company, and Class B Ordinary Shares shall each have ten votes on all matters in a
shareholders meeting of the Company (“High Voting Rights”). 
 (iii) Upon the completion of a Qualified IPO
and subject to Section 8.3, all the Preferred Shares that are Low Vote Shares shall be automatically converted into Class A Ordinary Shares, and all the Preferred Shares that are High Vote Shares shall be automatically
converted into Class B Ordinary Shares. 
 (iv) This Section 17.13 shall survive the
completion of a Qualified IPO. 
 17.14 Capital contribution in Domestic Company. If Tencent holds not less than 30% of the issued
share capital of the Company after the completion of a Qualified IPO, then, at the request of Tencent, the Company shall procure the relevant Group Company to as soon as practicable (i) contribute such an amount to the Domestic Company as
additional registered capital of the Domestic Company so that Tencent (or its nominee) will hold a percentage of the registered capital of the Domestic Company that is proportionate to Tencent’s shareholding in the Company at such time,
(ii) obtain all necessary Consents in connection with the contribution of such additional registered capital, (iii) amend the constitutional documents of the Domestic Company to reflect the additional contribution, and (iv) terminate
the Control Documents then in force and effect, and enter into new Control Documents with the WFOE, the Domestic Company and the equity holders of the Domestic Company. 

  
 42 

  
 Shareholders Agreement 

	18.	Miscellaneous. 

 18.1 Representations and Warranties. Each Party represents and
warrants to the other Parties that: 
 (i) such Party has the full power and authority to enter into, execute and deliver
this Agreement and to perform the transactions contemplated hereby and, if such Party is not a natural Person, such party is duly incorporated or organized and existing under the Laws of the jurisdiction of its incorporation or organization; 

(ii) the execution and delivery by such Party of this Agreement and the performance by such Party of the transactions
contemplated hereby have been duly authorized by all necessary corporate or other action of such Party; 
 (iii) assuming the
due authorization, execution and delivery hereof by the other Parties, this Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except (a) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally, and (b) as limited by Laws relating to the availability of specific performance, injunctive relief or other equitable
remedies; and 
 (iv) the execution, delivery and performance of this Agreement by such Party and the consummation of the
transactions contemplated hereby will not, (a) violate any provision of the constitutional, organizational or governance documents of such Party to the extent relevant, (b) require such Party to obtain any Consent, approval or action of,
or make any filing with or give any notice to, any Governmental Authority in such Party’s country of organization or any other Person pursuant to any instrument, contract or other agreement to which such Party is a party or by which such Party
is bound, other than any such Consent, approval, action or filing that has already been duly obtained or made, or that is permitted to be, and will be, obtained or made following the date hereof, or that is otherwise required hereunder,
(c) conflict with or result in any material breach or violation of any of the terms and conditions of, or constitute (or with notice or lapse of time or both constitute) a material default under, any instrument, contract or other agreement to
which such Party is a party or by which such Party is bound, (d) violate any Law applicable to such Party that would materially and adversely affect such Party’s ability to execute, deliver or perform its obligations hereunder. 

18.2 Termination. This Agreement shall terminate upon mutual consent of the Parties hereto, and any right of a Party set forth
hereunder (other than the relevant Group Company) shall cease if such Party no longer holds, directly or indirectly, any Equity Securities of the Company. The provisions of Sections 7 through
Section 17 (except for Section 17.6, Section 17.9, Section 17.12, Section 17.13 and Section 17.14) shall terminate on the
earliest of the consummation of the Qualified IPO or a Deemed Liquidation Event. If this Agreement terminates, the Parties shall be released from their obligations under this Agreement, except in respect of any obligation stated, explicitly or
otherwise, to continue to exist after the termination of this Agreement (including without limitation those under Section 17.6, Section 17.9, Section 17.12,
Section 17.13, and Section 18). If any Party breaches this Agreement before the termination of this Agreement, it shall not be released from its obligations arising from such breach on termination.

 18.3 Further Assurances. Upon the terms and subject to the conditions herein, each of the Parties hereto agrees to use its
reasonable best efforts to take or cause to be taken all action, to do or cause to be done, to execute such further instruments, and to assist and cooperate with the other Parties hereto in doing, all things necessary, proper or advisable under
applicable Laws or otherwise to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement. Mr. Dong irrevocably agrees to cause Dong SPVs to perform and comply with all of their
respective covenants and obligations under this Agreement. Mr. Li irrevocably agrees to cause Li SPV to perform and comply with all of its covenants and obligations under this Agreement. 

  
 43 

  
 Shareholders Agreement 

 18.4 Assignments and Transfers; No Third Party Beneficiaries. Except as otherwise provided
herein, this Agreement and the rights and obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any
third party. Subject to Section 8.2 and Section 8.3 of this Agreement, the rights of any Investor (including, without limitation, registration rights) are assignable, and the obligations of any
Investor hereunder are transferrable, in each case, to an Affiliate, or to a third party in connection with the transfer of Equity Securities of the Company held by such Investor to such third party pursuant to this Agreement but only to the extent
of such transfer. This Agreement and the rights and obligations of each other Party hereunder shall not otherwise be assigned or transferred without the mutual written consent of the other Parties except as expressly provided herein. 

18.5 Governing Law. This Agreement shall be governed by and construed under the Laws of Hong Kong, without regard to principles of
conflict of Laws thereunder. 
 18.6 Dispute Resolution.  

(i) Any dispute, controversy or, claim or difference of any kind whatsoever arising out of, relating to or in connection with
this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof, the validity, scope and enforceability of this arbitration provision and any dispute regarding
no-contractual obligations arising out of or relating to it (the “Dispute”) shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration
Center (the “HKIAC”) in accordance with the HKIAC Administered Arbitration Rules in force at the time of the commencement of the arbitration. However, if such rules are in conflict with the provisions of this
Section 18.6, including the provisions concerning the appointment of arbitrators, the provisions of this Section 18.6 shall prevail. 

(ii) The law of this arbitration clause shall be Hong Kong law. The seat of arbitration shall be Hong Kong. 

(iii) The number of arbitrators shall be three and the language of the arbitration proceedings and written decisions or
correspondence shall be English. 
 (iv) Any party to the Dispute shall be entitled to seek preliminary injunctive relief, if
possible, from any court of competent jurisdiction pending the constitution of the tribunal. 
 18.7 Notices. Any notice required or
permitted pursuant to this Agreement shall be given in writing and shall be given either personally or by sending it by next-day or second-day courier service, fax,
electronic mail or similar means to the address of the relevant Party as shown on Schedule II attached to the Subscription Agreement (or at such other address as such Party may designate by fifteen (15) days’ advance written notice
to the other Parties to this Agreement given in accordance with this Section). Where a notice is sent by next-day or second-day courier service, service of the notice
shall be deemed to be effected by properly addressing, pre-paying and sending by next-day or second-day service through an
internationally-recognized courier a letter containing the notice, with a written confirmation of delivery, and to have been effected at the earlier of (i) delivery (or when delivery is refused) and (ii) expiration of two (2) Business
Days after the letter containing the same is sent as aforesaid. Where a notice is sent by fax or electronic mail, service of the notice shall be deemed to be effected by properly addressing, and sending such notice through a transmitting
organization, with a written confirmation of delivery, and to have been effected on the day the same is sent as aforesaid, if such day is a Business Day and if sent during normal business hours of the recipient, otherwise the next Business Day.
Notwithstanding the foregoing, to the extent a “with a copy to” address is designated, notice must also be given to such address in the manner above for such notice, request, consent or other communication hereunder to be effective. 

  
 44 

  
 Shareholders Agreement 

 18.8 Expenses. If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

18.9 Rights Cumulative; Specific Performance. Each and all of the various rights, powers and remedies of a Party hereto will be
considered to be cumulative with and in addition to any other rights, powers and remedies which such Party may have at Law or in equity in the event of the breach of any of the terms of this Agreement. The exercise or partial exercise of any right,
power or remedy will neither constitute the exclusive election thereof nor the waiver of any other right, power or remedy available to such Party. Without limiting the foregoing, the Parties hereto acknowledge and agree irreparable harm may occur
for which money damages would not be an adequate remedy in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall
be entitled to injunction to prevent to address breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement. 

18.10 Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges into any other
Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the
Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Memorandum and Articles, or elsewhere, as the case may be. 

18.11 Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. If, however, any provision of this Agreement shall be invalid, illegal, or unenforceable under any such applicable Law in any jurisdiction, it shall, as
to such jurisdiction, be deemed modified to conform to the minimum requirements of such Law, or, if for any reason it is not deemed so modified, it shall be invalid, illegal, or unenforceable only to the extent of such invalidity, illegality, or
limitation on enforceability without affecting the remaining provisions of this Agreement, or the validity, legality, or enforceability of such provision in any other jurisdiction. 

18.12 Amendments and Waivers. Any provision in this Agreement may be amended and the observance thereof may be waived (either generally
or in a particular instance and either retroactively or prospectively), only by the written consent of (i) the Company; (ii) the Investors; and (iii) Persons holding a majority of the Ordinary Shares; provided, however,
that (a) no amendment or waiver shall be effective or enforceable in respect of a holder of any particular series of shares of the Company if such amendment or waiver affects such holder materially and adversely differently from the other
holders of the same series of shares, respectively, unless such holder consents in writing to such amendment or waiver, and (b) any provision that specifically and expressly gives a right to a named Investor shall not be amended or waived
without the prior written consent of such named Investor. Notwithstanding the foregoing, any Party hereunder may waive any of its/his rights hereunder without obtaining the consent of any Parties. Any amendment or waiver effected in accordance with
this Section shall be binding upon all the Parties hereto. 

  
 45 

  
 Shareholders Agreement 

 18.13 No Waiver. Failure to insist upon strict compliance with any of the terms,
covenants, or conditions hereof will not be deemed a waiver of such term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right, power or remedy hereunder at any one or more
times be deemed a waiver or relinquishment of such right, power or remedy at any other time or times. 
 18.14 Delays or Omissions.
No delay or omission to exercise any right, power or remedy accruing to any Party under this Agreement, upon any breach or default of any other Party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting Party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or
default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of
any Party of any breach or default under this Agreement, or any waiver on the part of any Party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.

 18.15 No Presumption. The Parties acknowledge that any applicable Law that would require interpretation of any claimed ambiguities
in this Agreement against the Party that drafted it has no application and is expressly waived. If any claim is made by a Party relating to any conflict, omission or ambiguity in the provisions of this Agreement, no presumption or burden of proof or
persuasion will be implied because this Agreement was prepared by or at the request of any Party or its counsel. 
 18.16
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile and
e-mailed copies of signatures shall be deemed to be originals for purposes of the effectiveness of this Agreement. 

18.17 Entire Agreement. This Agreement (including the Exhibits and Schedules hereto) together with the other instruments and agreements
referenced herein constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject
matter hereof (including without limitation the Term Sheet between the Company, YY, Mr. Dong and Tencent dated February 3, 2018). 

18.18 Control. In the event of any conflict or inconsistency between any of the terms of this Agreement and any of the terms
of any of the Charter Documents for any of the Group Companies, or in the event of any dispute related to any such Charter Document, the terms of this Agreement shall prevail in all respects, the Parties shall give full effect to and
act in accordance with the provisions of this Agreement over the provisions of the Charter Documents, and the Parties hereto shall exercise all voting and other rights and powers (including to procure any required alteration to such
Charter Documents to resolve such conflict or inconsistency) to make the provisions of this Agreement effective, and not to take any actions that impair any provisions in this Agreement. For the avoidance of doubt, the Company is not bound
by any provision of this Agreement to the extent that it constitutes an unlawful fetter on any statutory power of the Company. This shall not affect the validity of the relevant provision as between the other Parties to this Agreement or the
respective obligations on the other Parties as between themselves under this Agreement. 

  
 46 

  
 Shareholders Agreement 

 18.19 Aggregation of Shares. All Shares held or acquired by any Affiliates shall be
aggregated together for the purpose of determining the availability of any rights of any Investor under this Agreement. 
 18.20
Adjustments for Share Splits, Etc. Wherever in this Agreement there is a reference to a specific number of Shares of the Company, then, upon the occurrence of any subdivision, combination or share dividend of the relevant class or series of
the Shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted, as appropriate, to reflect the effect on the outstanding shares of such class or series of Shares by such subdivision,
combination or share dividend. 
 18.21 Future Ordinary Holders. Except with the written consent of the Majority Series A Preferred
Holders and the Majority Series B Preferred Holders, the Company shall cause a future holder of more than one percent (1%) of the Company’s Ordinary Shares or a future holder of Equity Securities (other than the Preferred Shares) convertible,
exchangeable or exercisable for more than one percent (1%) of the Company’s Ordinary Shares (in any case, as designated by the Preferred Shareholders) to enter into this Agreement and become subject to the terms and conditions hereof as a
holder of the Company’s Ordinary Shares. The Parties hereto hereby agree that such future holders shall become parties to this Agreement by executing the Deed of Adherence, without any amendment of this Agreement, or any consent or approval of
any other party. 
 18.22 No Promotion. 

(i) The Company agrees that it will not, without the prior written consent of Ping An, in each instance, (a) use in
advertising, publicity, or otherwise the name of Ping An (including without limitation PING AN Insurance and 平安保险), or any Affiliate of Ping An or any partner or employee of any Affiliate of Ping An nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or
simulation thereof owned by Ping An or its Affiliates, or (b) represent, directly or indirectly, that any product or any service provided by the Company has been approved or endorsed by Ping An or an Affiliate of Ping An. The Company further
agrees that it shall obtain the written consent from Ping An prior to the Company’s issuance of any public statement detailing such Investor’s subscription of Shares pursuant to this Agreement. 

(ii) Each Group Company agrees that it will not, without the prior written consent of the holder of the Series B Preferred
Shares or Tencent (regardless of whether or not Tencent or its Affiliates are shareholders of any Group Company), in each instance, (a) use in advertising, publicity, or otherwise the name of Tencent, or any Affiliate of Tencent or any partner
or employee of any Affiliate of Tencent nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by Tencent or its Affiliates (whether alone or in combination thereof), or
(b) represent, directly or indirectly, that any product or any service provided by the Company has been approved or endorsed by Tencent or an Affiliate of Tencent. The Company further agrees that it shall obtain the written consent from Tencent
prior to the Company’s issuance of any public statement detailing Tencent’s subscription of the Series B-2 Preferred Shares. 

  
 47 

  
 Shareholders Agreement 

 18.23 No Fiduciary Duty. The Parties hereto acknowledge and agree that nothing in
this Agreement or the other Transaction Documents shall create a fiduciary duty of any Investor or its Affiliates to any Group Company or its shareholders. 

18.24 Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any person, firm or corporation, other than
the Group Companies and their officers and directors and the other Warrantors (as defined in the Subscription Agreement), in making its investment or decision to invest in the Company. Each Investor agrees that no Investor nor the respective
controlling persons, officers, directors, partners, agents, or employees of any Investor shall be liable to any other Investor for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the
Shares. 
 18.25 Use of English Language. This Agreement has been executed and delivered in the English language. Any translation of
this Agreement into another language shall have no interpretive effect. All documents or notices to be delivered pursuant to or in connection with this Agreement shall be in the English language or, if any such document or notice is not in the
English language, accompanied by an English translation thereof, and the English language version of any such document or notice shall control for purposes thereof. 

18.26 Independent Nature of Investors’ Obligations and Rights. The obligations of the Investors under this Agreement and the other
Transaction Documents are several and not joint, and no Investor is responsible in any way for the performance or conduct of any other Investors in connection with the transactions contemplated hereby. Nothing contained herein or in any other
Transaction Document, and no action taken by any Investor pursuant hereto or thereto, shall be or shall be deemed to constitute a partnership, association, joint venture, or joint group with respect to the Investors. Each Investor agrees that no
other Investor has acted as an agent for such Investor in connection with the transactions contemplated hereby. 
 18.27 Effective
Date. This Agreement shall take effect upon the Closing Date. 
 [The remainder of this page has been intentionally left blank.]

  
 48 

  
 Shareholders Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
  

	COMPANY:	 

  

			
	HUYA INC.
		
	By:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie (董荣杰)
	Title:	 	Director

  
 Shareholders Agreement 

  
 49 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 HK COMPANY:  

 

			
	HUYA LIMITED
		
	By:	 	 /s/ ZHANG Haifeng

	Name:	 	ZHANG Haifeng (张海峰)
	Title:	 	Director

  
 Shareholders Agreement 

  
 50 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 DOMESTIC COMPANY: 

 

			
	
广州虎牙信息科技有限公司

(Guangzhou Huya Information Technology Co., Ltd.)
  

(Company Seal)

		
	By:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie (董荣杰)
	Title:	 	Legal Representative

  
 Shareholders Agreement 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 WFOE: 

 

			
	 广州虎牙科技有限公司

(Guangzhou Huya Technology Co., Ltd.)
  

(Company Seal)

		
	By:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie (董荣杰)
	Title:	 	Legal Representative

  
 Shareholders Agreement 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 The undersigned (a) understands that this
Agreement imposes obligations on him, (b) understands English and has read and understands the terms of this Agreement or has had this Agreement translated and explained to him, and (c) has considered this Agreement with his own tax and
legal advisors and has relied solely on such advisors for tax and legal advice and will be responsible for his own liabilities resulting from this Agreement. 

签字人通晓英语,已阅读了本协议并且理解本协议的条款(或者已经请人提供了本协议的翻译件,

并获得了逐条的讲解),理解签字人在本协议下的义务,已与其税务和法律顾问一起审查了本协议,没有依赖任何税务和法律顾问的建议(签字人自己的税务和法律顾问除外),会履行其在本协议下的所有义务,并支付其在本协议下所需缴纳的款项。
 
  

			
	DONG Rongjie (董荣杰)
		
	By: 	 	 /s/ DONG Rongjie

		
	Name:	 	DONG Rongjie (董荣杰)

  
 Shareholders Agreement 

  
 53 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 The undersigned (a) understands that this
Agreement imposes obligations on him, (b) understands English and has read and understands the terms of this Agreement or has had this Agreement translated and explained to him, and (c) has considered this Agreement with his own tax and
legal advisors and has relied solely on such advisors for tax and legal advice and will be responsible for his own liabilities resulting from this Agreement. 

签字人通晓英语,已阅读了本协议并且理解本协议的条款(或者已经请人提供了本协议的翻译件,

并获得了逐条的讲解),理解签字人在本协议下的义务,已与其税务和法律顾问一起审查了本协议,没有依赖任何税务和法律顾问的建议(签字人自己的税务和法律顾问除外),会履行其在本协议下的所有义务,并支付其在本协议下所需缴纳的款项。
 
  

			
	LI Xueling (李学凌)
		
	By:	 	 /s/ LI Xueling

		
	Name:	 	LI Xueling (李学凌)

  
 Shareholders Agreement 

  
 54 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 YY: 

 

			
	YY Inc.
		
	By:	 	 /s/ LI Xueling

	Name:	 	LI Xueling (李学凌)
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 55 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 LI SPV: 

 

			
	NEW WALES HOLDINGS LIMITED
		
	By:	 	 /s/ LI Xueling

	Name:	 	LI Xueling (李学凌)
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 56 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 MANAGEMENT SPV: 

 

			
	LEGEND RANK VENTURES LIMITED
		
	By:	 	 /s/ LI Xueling

	Name:	 	LI Xueling (李学凌)
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 57 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 MANAGEMENT SPV: 

 

			
	Rosy Bay Limited
		
	By:	 	 /s/ LI Xueling

	Name:	 	LI Xueling (李学凌)
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 58 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 DONG SPV: 

 

			
	All Worth Limited
		
	By:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie (董荣杰)
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 59 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized representatives to execute
this Agreement on the date and year first above written. 
 DONG SPV: 

 

			
	Oriental Luck International Limited
		
	By:	 	 /s/ DONG Rongjie

	Name:	 	DONG Rongjie (董荣杰)
	Title:	 	Director

  
 Shareholders Agreement 

  
 60 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	 BANYAN PARTNERS FUND II, L.P.
  

By: Banyan Partners II Ltd., its general partner

		
	By:	 	 /s/ Anthony Wu

	Name:	 	Anthony Wu
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 61 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	D.I. Alpha Media Company Limited
		
	By:	 	 /s/ Irene ZHANG

	Name:	 	Irene ZHANG
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 62 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	HY Streaming Company Limited
		
	By:	 	 /s/ Yonghua PANG

	Name:	 	Yonghua PANG
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 63 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	Engage Capital Partners II Limited
		
	By:	 	 /s/ WANG ShuMin

	Name:	 	WANG ShuMin
	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 64 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 INVESTOR: 

 

	
	MORNINGSIDE CHINA TMT FUND IV, L.P.
	 a Cayman Islands exempted limited partnership
  

By:
 MORNINGSIDE CHINA TMT GP IV, L.P.,

a Cayman Islands exempted limited partnership,
 its general
partner
  
 By:

TMT GENERAL PARTNER LTD.,
 a Cayman Islands limited company,

its general partner
  

in        on

  

			
	By:	 	 /s/ Jill Marie Franklin

	Name:	 	Jill Marie Franklin
	Title:	 	Authorized Signatory

  

			
	 MORNINGSIDE CHINA TMT FUND IV
CO-INVESTMENT, L.P.,
 a Cayman Islands exempted limited partnership

		
	By:	 	
	MORNINGSIDE CHINA TMT GP IV, L.P.,
	 a Cayman Islands exempted limited partnership,

its general partner

		
	By:	 	
	TMT GENERAL PARTNER LTD.,
	 a Cayman Islands limited company,

its general partner
  

in        on

		
	By:	 	 /s/ Jill Marie Franklin

	Name:	 	Jill Marie Franklin
	Title:	 	Authorized Signatory

  

  
 Shareholders Agreement 

  
 65 

 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized
representatives to execute this Agreement on the date and year first above written. 
 INVESTOR: 

 

			
	Linen Investment Limited
		
	By:	 	 /s/ Huateng MA

	Name:	 	 Huateng MA 

	Title:	 	Authorized Signatory

  
 Shareholders Agreement 

  
 66 

 EXHIBIT A 

Part I 
 DEED OF ADHERENCE

 DEED OF ADHERENCE made on the [                ]
day of, [                ] 
  

	BETWEEN:	

  

	(1)	HUYA Inc., an exempted company incorporated with limited liability under the Laws of the Cayman Islands (the “Company”); and 

 

	(2)	[Name of New Shareholder] (the “New Shareholder”). 

  

	RECITALS:	

  

	(A)	On March 8, 2018, the Company and its Shareholders entered into the Amended and Restated Shareholders Agreement (the “Shareholders Agreement”) to which a form of this Deed is attached as Exhibit
A. 

  

	(B)	The New Shareholder wishes to [be allotted/have transferred to him/her/it] [ ] shares (the “Shares”) in the capital of the Company from
[                ] (the “Old Shareholder”) and in accordance with Section 8.2 of the Shareholders Agreement has agreed to enter into this Deed.

  

	(C)	The Company enters this Deed on behalf of itself and as agent for all the existing Shareholders of the Company. 

NOW THIS DEED WITNESSES as follows: 
  

	1.	Interpretation. In this Deed, except as the context may otherwise require, all words and expressions defined in the Shareholders Agreement shall have the same meanings when used herein. 

 

	2.	Covenant. The New Shareholder hereby covenants to the Company as trustee for all other persons who are at present or who may hereafter become bound by the Shareholders Agreement, and to the Company itself to
adhere to and be bound by all the duties, burdens and obligations of a Shareholder holding the same class of shares as the Shares imposed pursuant to the provisions of the Shareholders Agreement and all documents expressed in writing to be
supplemental or ancillary thereto as if the New Shareholder had been an original party to the Shareholders Agreement since the date thereof. 

  

	3.	Enforceability. Each existing Shareholder and the Company shall be entitled to enforce the Shareholders Agreement against the New Shareholder, and the New Shareholder shall be entitled to all rights and benefits
of the Old Shareholder (other than those that are non-assignable) under the Shareholders Agreement in each case as if the New Shareholder had been an original party to the Shareholders Agreement since the date thereof. 

 

	4.	Governing Law. THIS DEED OF ADHERENCE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF HONG KONG, EXCEPT TO THE EXTENT THAT THE COMPANIES LAW OF CAYMAN ISLANDS BY ITS TERMS IS APPLICABLE.

  
 Shareholders Agreement 

  
 67 

 IN WITNESS WHEREOF, this Deed of Adherence has been executed as a deed on the date first above written.

  

			
	HUYA Inc.
	
	By:
                                         
                                     
		
		 	Name:
		
		 	Title:
	
	[NAME OF NEW SHAREHOLDER]
	
	By:
                                         
                                     

  
 Shareholders Agreement 

  
 68 

 EXHIBIT A 

Part II 
 DEED OF ADHERENCE

  

	(1)	             This questionnaire applies to the taxable year of HUYA Inc. (the “Company”) beginning on [*], 20[*], and ending on [*],
20[*]. 

  

	(2)	             PLEASE CHECK HERE IF 75% OR MORE
OF THE COMPANY’S GROSS INCOME CONSTITUTES PASSIVE INCOME. 

Passive income: For purposes of this test, passive income includes: 

 

	 	◾	Dividends, interests, royalties, rents and annuities, excluding, however, rents and royalties which are received from an unrelated party in connection with the active conduct of a trade or business.

  

	 	◾	Net gains from the sale or exchange of property— 

 which gives rise to dividends,
interest, rents or annuities (excluding, however, property used in the conduct of a banking, finance or similar business, or in the conduct of an insurance business); 

which is an interest in a trust, partnership, or REMIC; or 

which does not give rise to income. 
  

	 	◾	Net gains from transactions in commodities. 

  

	 	◾	Net foreign currency gains. 

  

	 	◾	Any income equivalent to interest. 

 Look-through rule: if the Company owns, directly or
indirectly, 25% of the stock by value of another corporation, the Company must take into account its proportionate share of the income received by such other corporation. 
  

	(3)	             PLEASE CHECK HERE IF THE AVERAGE
FAIR MARKET VALUE DURING THE TAXABLE YEAR OF PASSIVE ASSETS HELD BY
THE COMPANY EQUALS 50% OR MORE OF THE AVERAGE FAIR MARKET VALUE OF
ALL OF THE COMPANY’S ASSETS. 

Note: This test is applied on a gross basis; no liabilities are taken into account. 

Passive Assets: For purposes of this test, “passive assets” are those assets which generate (or are reasonably
expected to generate) passive income (as defined above). Assets which generate partly passive and partly non-passive income are considered passive assets to the extent of the relative proportion of passive
income (compared to non-passive income) generated in a particular taxable year by such assets. Please note the following: 

  
 Shareholders Agreement 

  
 69 

	 	◾	A trade or service receivable is non-passive if it results from sales 

  

	 	◾	or services provided in the ordinary course of business. 

  

	 	◾	Intangible assets that produce identifiable items of income, such as patents or licenses, are characterized in terms of the type of income produced. 

 

	 	◾	Goodwill and going concern value must be identified to a specific income producing activity and are characterized in accordance with the nature of that activity. 

 

	 	◾	Cash and other assets easily convertible into cash are passive assets, even when used as working capital. 

  

	 	◾	Stock and securities (including tax-exempt securities) are passive assets, unless held by a dealer as inventory. 

Average value: For purposes of this test, “average fair market value” equals the average quarterly fair market value
of the assets for the relevant taxable year. 
 Look-through rule: if the Company owns, directly or indirectly, 25% of the stock by
value of another corporation, the Company must take into account its proportionate share of the passive assets of such other corporation. 
  

	(4)	             PLEASE CHECK HERE IF (A) MORE THAN 50%
OF THE COMPANY’S STOCK (BY VOTING POWER OR BY VALUE) IS
OWNED BY FIVE OR FEWER U.S. PERSONS OR ENTITIES AND (B) THE
AVERAGE AGGREGATE ADJUSTED TAX BASES (AS DETERMINED UNDER U.S. TAX PRINCIPLES)
DURING THE TAXABLE YEAR OF THE PASSIVE ASSETS HELD BY THE COMPANY
EQUALS 50% OR MORE OF THE AVERAGE AGGREGATE ADJUSTED TAX BASES OF ALL
OF THE COMPANY’S ASSETS. 

 Average
value: For purposes of this test, “average aggregate adjusted tax bases” equals the average quarterly aggregate adjusted tax bases of the assets for the relevant taxable year. 

Look-through rule: if the Company owns, directly or indirectly, 25% of the stock by value of another corporation, the Company must take
into account its proportionate share of the passive assets of such other corporation. 
  

	(5)	[INVESTOR] HAS THE FOLLOWING PRO-RATA SHARE
OF THE ORDINARY EARNINGS AND NET CAPITAL GAIN OF THE COMPANY AS
DETERMINED UNDER U.S. INCOME TAX PRINCIPLES FOR THE TAXABLE YEAR OF THE
COMPANY: 

 Ordinary Earnings:
                             (as determined under U.S. income tax principles) 

Net Capital Gain:
                             (as determined under U.S. income tax principles) 

  
 Shareholders Agreement 

  
 70 

 Pro Rata Share: For purposes of the foregoing, the shareholder’s pro rata share
equals the amount that would have been distributed with respect to the shareholder’s stock if, on each day during the taxable year of the Company, the Company had distributed to each shareholder its pro rata share of that day’s ratable
share (determined by allocating to each day of the year, an equal amount of the Company’s aggregate ordinary earnings and aggregate net capital gain for such year) of the Company’s ordinary earnings and net capital gain for such year.
Determination of a shareholder’s pro rata share will require reference to the Company’s charter, certificate of incorporation, articles of association or other comparable governing document. 

 

	(6)	The amount of cash and fair market value of other property distributed or deemed distributed by Company to [Investor] during the taxable year specified in paragraph 1. is as follows: 

Cash:
                             

Fair Market Value of Property:
                             
  

	(7)	Company will permit [Investor] to inspect and copy Company’s permanent books of account, records, and such other documents as may be maintained by Company that are necessary to establish that PFIC
ordinary earnings and net capital gain, as provided in Section 1293(e) of the U.S. Internal Revenue Code of 1986, as amended (or any successor provision thereto), are computed in accordance with U.S. income tax principles.

  
 Shareholders Agreement 

  
 71 

 The foregoing representations are true and accurate as of the date hereof. If in any respect such representations
shall cease to be true and accurate, the undersigned shall give immediate notice of such fact to [Investor]. 
  

	
	  
 [*]

	By:                                     
                                         
                  
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	Date:                                     
                                         
              

  
 Shareholders Agreement 

  
 72 

 EXHIBIT B 

FORM OF POWER OF ATTORNEY 

授
权 委 托 书 
  

					
	委托人/Authorizing party:	  	姓名/Name:	  	
		  	身份证号/ID card No.:	  	
		  	地 址/Address:	  	
		  	邮 编/Postal code:	  	
		  	电 话/Telephone:	  	
			
	受委托人/Authorized party:	  	姓名/Name:	  	
		  	身份证号/ID card No.:	  	
		  	地 址/Address:	  	
		  	邮 编/Postal code:	  	
		  	电 话/Telephone:	  	

委托人拟行使根据其于
      年 
     月      日与HUYA Inc,
一家根据开曼法律设立的公司(“
境外公司”),签署之认股证书
/期权协议而获得的认股权/期权。在满足认股证书/期权协议规定的相应条件的情况下,委托人将获得境外公司的
            
股普通股(占境外公司总股本的      
%)。现就上述认股权/期权行使行为委托受委托人代为办理相关的外汇登记手续。
 
 The authorizing party intends to exercise the call/options
obtained by it under the warrant/option agreement executed by and between it and HUYA Inc, an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Offshore Company”), on
month/day/year. Upon fulfilment of the appropriate conditions set forth in the warrant/option agreement, the authorizing party will acquire
                 ordinary shares in the Offshore Company (representing     % of the total share capital of the Offshore Company). In
connection with the exercise of such call/options, the authorized party is hereby empowered to go through relevant foreign exchange registration formalities on behalf of the authorizing party. 

受委托人的代理权限为:代为提出申请,并办理有关声明、承认、变更或放弃的手续,领取有关通知、证明、文件等资料,以及其他一切与办理此次外汇登记相关的事宜。
 
 The delegated authority of the authorized party includes, on
behalf of the authorizing party, filing application, going through the formalities for declaration, acknowledgement, amendment or waiver, collecting relevant notice, certificates, documents and other materials and handing all matters relating to the
foreign exchange registration. 

委托人/Authorizing
party:                 
   
(签字/Signature) 

                    
                年  
      月        日/Month/Day/YearEX-10.1

 Exhibit 10.1 

HUYA INC. 
 AMENDED AND
RESTATED 2017 SHARE INCENTIVE PLAN 
 ARTICLE 1 

PURPOSE 
 The purpose of
the HUYA Inc. Amended and Restated 2017 Share Incentive Plan (the “Plan”) is to promote the success and enhance the value of HUYA Inc., a company formed under the laws of the Cayman Islands (the “Company”), by
linking the personal interests of the members of the Board, Employees, and Consultants to those of the Company’s shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to the
Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and
special effort the successful conduct of the Company’s operation is largely dependent. The Plan amends and restates the 2017 Share Incentive Plan of the Company adopted by the Board in July 2017 (the “2017 Incentive Plan”) and
all rights and interests under the 2017 Incentive Plan will be acknowledged and replaced by the grants to be made hereunder. 
 ARTICLE 2

 DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates
otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1    “Applicable
Laws” 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. 

2.2    “Award” means an Option, Restricted Share or Restricted Share Unit award granted to a Participant
pursuant to the Plan. 
 2.3    “Award Agreement” means any written agreement, contract, or other
instrument or document evidencing an Award, including through electronic medium. 
 2.4    “Board”
means the Board of Directors of the Company. 
 2.5    “Cause” with respect to a Participant means
(unless otherwise expressly provided in the applicable Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the
Participant’s Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Participant: 

 (a)    has been negligent in the discharge of his or her
duties to the Service Recipient, has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

(b)    has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of
confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information; 

(c)    has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule,
regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic violations or similar offenses); 

(d)    has materially breached any of the provisions of any agreement with the Service Recipient; 

(e)    has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to
the reputation, business or assets of, the Service Recipient; or 
 (f)    has improperly induced a
vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship. 

A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date
on which the Service Recipient first delivers written notice to the Participant of a finding of termination for Cause. 

2.6    “Code” means the Internal Revenue Code of 1986 of the United States, as amended. 

2.7    “Committee” means the Board or a committee of the Board described in Article 10. 

2.8    “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona
fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a
market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

2.9    “Corporate Transaction”, unless otherwise defined in an Award Agreement, means any of the
following transactions, provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 

(a)    an amalgamation, arrangement or consolidation or scheme of arrangement (i) 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 (ii) following which the holders of the voting securities of the Company do not continue
to hold more than 50% of the combined voting power of the voting securities of the surviving entity; 

 (b)    the sale, transfer or other disposition of all or
substantially all of the assets of the Company; 
 (c)    the complete liquidation or dissolution of the
Company; 
 (d)    any reverse takeover or series of related transactions culminating in a reverse
takeover (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such takeover are converted or
exchanged by virtue of the takeover into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s
outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of
related transactions that the Committee determines shall not be a Corporate Transaction; or 

(e)    acquisition in a single or series of related transactions by any person or related group of persons
(other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of
the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction. 

2.10    “Disability”, unless otherwise defined in an Award Agreement, means that the Participant
qualifies to receive long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is
covered by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions
of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless
he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 

2.11    “Effective Date” shall have the meaning set forth in Section 11.1. 

2.12    “Employee” means any person, including an officer or a member of the Board of the Company or any
Parent or Subsidiary of the Company, who is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a
director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 

2.13    “Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended. 

 2.14    “Expiration Date” means July 10, 2027. 

2.15    “Fair Market Value” means, as of any date, the value of Shares determined as follows: 

(a)    If the Shares are listed on one or more established stock exchanges or national market systems,
including without limitation, The New York Stock Exchange and The Nasdaq Stock Market, its 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 (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing
bid was reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 

(b)    If the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin
Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair
Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall
Street Journal or such other source as the Committee deems reliable; or 
 (c)    In the absence of an
established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest
private placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the
development of the Company’s business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines
to be indicative of Fair Market Value and relevant. 
 2.16    “Incentive Share Option” means an Option
that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto. 

2.17    “Independent Director” means (i) before the Shares or other securities representing the
Shares are listed on a stock exchange, a member of the Board who is a Non-Employee Director; and (ii) after the Shares or other securities representing the Shares are listed on a stock exchange, a member
of the Board who meets the independence standards under the applicable corporate governance rules of the stock exchange. 

2.18    “Non-Employee Director” means a member of the Board who
qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor definition adopted by the Board. 

2.19    “Non-Qualified Share Option” means an Option that is not
intended to be an Incentive Share Option. 

 2.20    “Option” means a right granted to a Participant
pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option.

 2.21    “Participant” means a person who, as a member of the Board, Consultant or Employee, has been
granted an Award pursuant to the Plan. 
 2.22    “Parent” means a parent corporation under
Section 424(e) of the Code. 
 2.23    “Plan” means this Amended and Restated 2017 Share Incentive
Plan, as it may be amended from time to time. 
 2.24    “Related Entity” means any business,
corporation, partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which the Board
designates as a Related Entity for purposes of the Plan. 
 2.25    “Restricted Share” means a Share
awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture. 

2.26    “Restricted Share Unit” means the right granted to a Participant pursuant to Article 7 to receive
a Share at a future date. 
 2.27    “Securities Act” means the Securities Act of 1933 of the United
States, as amended. 
 2.28    “Service Recipient” means the Company, any Parent or Subsidiary of the
Company and any Related Entity to which a Participant provides services as an Employee, a Consultant or a Director. 

2.29    “Share” means Class A ordinary shares of the Company, and such other securities of the
Company that may be substituted for Shares pursuant to Article 9. 
 2.30    “Subsidiary” means any
corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. 

2.31    “Trading Date” means the closing of the first sale to the general public of the Shares pursuant
to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 

ARTICLE 3 
 SHARES
SUBJECT TO THE PLAN 
 3.1    Number of Shares. 

(a)    Subject to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of
Shares which may be issued pursuant to all Awards (including Incentive Share Options) shall be 28,394,117 Shares. 

 (b)    To the extent that an Award terminates, expires, or
lapses for any reason, any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding
awards of any entity acquired in any form or combination by the Company or any Parent or Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the
Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted
Shares are forfeited by the Participant or repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no
Shares may again be optioned, granted or awarded if such action would cause an Incentive Share Option to fail to qualify as an Incentive Share Option under Section 422 of the Code. 

3.2    Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of
authorized and unissued Shares, treasury shares (subject to Applicable Laws) or Shares purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which
otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 

ARTICLE 4 
 ELIGIBILITY
AND PARTICIPATION 
 4.1    Eligibility. Persons eligible to participate in this Plan include Employees,
Consultants, and all members of the Board, as determined by the Committee. 
 4.2    Participation. Subject to
the provisions of the Plan, the Committee may, from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be
granted an Award pursuant to this Plan. 
 4.3    Jurisdictions. In order to assure the viability of Awards
granted to Participants employed in various jurisdictions, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in
which the Participant resides or is employed. Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby
affecting the terms of the Plan as in effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan.
Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws. 

 ARTICLE 5 

OPTIONS 

5.1    General. The Committee is authorized to grant Options to Participants on the following terms and conditions:

 (a)    Exercise Price. The exercise price per Share subject to an Option shall be determined by
the Committee and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the
Committee, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment of the exercise prices of Options mentioned in the
preceding sentence shall be effective without the approval of the Company’s shareholders or the approval of the affected Participants. 

(b)    Time and Conditions of Exercise. The Committee shall determine the time or times at which an
Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in Section 12.1. The Committee shall also determine any
conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

(c)    Payment. The Committee shall determine the methods by which the exercise price of an Option
may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check
denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the
date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then
issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is then made
to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination of the foregoing. Notwithstanding any other provision of the Plan
to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method
which would violate Section 13(k) of the Exchange Act. 
 (d)    Evidence of Grant. All
Options shall be evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 

 (e)    Effects of Termination of Employment or Service on
Options. Termination of employment or service shall have the following effects on Options granted to the Participants: 

(i)    Dismissal for Cause. Unless otherwise provided in the Award Agreement, if a
Participant’s employment by or service to the Service Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not the Option is then vested and/or exercisable;

 (ii)    Death or Disability. Unless otherwise provided in the Award Agreement, if a
Participant’s employment by or service to the Service Recipient terminates as a result of the Participant’s death or Disability: 

(a)    the Participant (or his or her legal representative or beneficiary, in the case of the
Participant’s Disability or death, respectively), will have until the date that is 12 months after the Participant’s termination of Employment to exercise the Participant’s Options (or portion thereof) to the extent that such Options
were vested and exercisable on the date of the Participant’s termination of Employment on account of death or Disability; 

(b)    the Options, to the extent not vested and exercisable on the date of the Participant’s
termination of Employment or service, shall terminate upon the Participant’s termination of Employment or service on account of death or Disability; and 

(c)    the Options, to the extent exercisable for the 12-month
period following the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 12-month period. 

(iii)    Other Terminations of Employment or Service. Unless otherwise provided in the Award
Agreement, if a Participant’s employment by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because of the Participant’s death or Disability: 

(a)    the Participant will have until the date that is 90 days after the Participant’s termination
of Employment or service to exercise his or her Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment or service; 

(b)    the Options, to the extent not vested and exercisable on the date of the Participant’s
termination of Employment or service, shall terminate upon the Participant’s termination of Employment or service; and 

(c)    the Options, to the extent exercisable for the 90-day
period following the Participant’s termination of Employment or service and not exercised during such period, shall terminate at the close of business on the last day of the 90-day period. 

 5.2    Incentive Share Options. Incentive Share Options may be granted
to Employees of the Company, a Parent or Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The terms of any Incentive Share Options granted pursuant to
the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2: 

(a)    Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the
Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any
successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 

(b)    Exercise Price. The exercise price of an Incentive Share Option shall be equal to the Fair
Market Value on the date of grant. However, the exercise price of any Incentive Share Option granted to any individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of
shares of the Company may not be less than 110% of Fair Market Value on the date of grant and such Option may not be exercisable for more than five years from the date of grant. 

(c)    Transfer Restriction. The Participant shall give the Company prompt notice of any disposition
of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant. 

(d)    Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made
pursuant to this Plan after the Expiration Date. 
 (e)    Right to Exercise. During a
Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant. 
 ARTICLE 6 

RESTRICTED SHARES 

6.1    Grant of Restricted Shares. The Committee, at any time and from time to time, may grant Restricted Shares to
Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be granted to each Participant. 

6.2    Restricted Shares Award Agreement. Each Award of Restricted Shares shall be evidenced by an Award Agreement
that shall specify the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee determines otherwise, Restricted Shares shall
be held by the Company as escrow agent until the restrictions on such Restricted Shares have lapsed. 

 6.3    Issuance and Restrictions. Restricted Shares shall be subject
to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These
restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

6.4    Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award
or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting
from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares. 

6.5    Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in such
manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable to
such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

6.6    Removal of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the
Plan shall be released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the restrictions have
lapsed, the Participant shall be entitled to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal restrictions. The
Committee (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company. 

ARTICLE 7 
 RESTRICTED
SHARE UNITS 
 7.1    Grant of Restricted Share Units. The Committee, at any time and from time to time, may
grant Restricted Share Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Share Units to be granted to each Participant. 

7.2    Restricted Share Units Award Agreement. Each Award of Restricted Share Units shall be evidenced by an Award
Agreement that shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 

7.3    Performance Objectives and Other Terms. The Committee, in its discretion, may set performance objectives or
other vesting criteria which, depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out to the Participants. 

 7.4    Form and Timing of Payment of Restricted Share Units. At the
time of grant, the Committee shall specify the date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash,
in Shares or in a combination thereof. 
 7.5    Forfeiture/Repurchase. Except as otherwise determined by the
Committee at the time of the grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased in accordance
with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole
or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units. 

ARTICLE 8 
 PROVISIONS
APPLICABLE TO AWARDS 
 8.1    Award Agreement. Awards under the Plan shall be evidenced by Award Agreements
that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to
unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
 8.2    No Transferability; Limited
Exception to Transfer Restrictions. 
 8.2.1    Limits on Transfer. Unless otherwise expressly provided in
(or pursuant to) this Section 8.2, by applicable law and by the Award Agreement, as the same may be amended: 

(a)    all Awards are non-transferable and will not be subject in
any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge; 

(b)    Awards will be exercised only by the Participant; and 

(c)    amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the
account of), and, in the case of Shares, registered in the name of, the Participant. 
 In addition, the shares shall be subject to the
restrictions set forth in the applicable Award Agreement. 
 8.2.2    Further Exceptions to Limits on Transfer.
The exercise and transfer restrictions in Section 8.2.1 will not apply to: 
 (a)    transfers to
the Company or a Subsidiary; 

 (b)    transfers by gift to “immediate family” as
that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; 

(c)    the designation of a beneficiary to receive benefits if the Participant dies or, if the Participant
has died, transfers to or exercises by the Participant’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution; or 

(d)    if the Participant has suffered a disability, permitted transfers or exercises on behalf of the
Participant by the Participant’s duly authorized legal representative; or 
 (e)    subject to the
prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer to one or more natural persons who are the Participant’s family members or entities owned and controlled by the Participant
and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the Participant and/or the Participant’s family members, or to such other persons or entities as
may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer shall be subject to the condition that the Committee receives evidence satisfactory to it that the
transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities. 

Notwithstanding anything else in this Section 8.2.2 to the contrary, but subject to compliance with all applicable laws, Incentive Share
Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax consequences of such Awards. Notwithstanding clause
(b) above but subject to compliance with all applicable laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the condition precedent that the transfer be approved by the
Administrator in order for it to be effective. 
 8.3    Beneficiaries. Notwithstanding Section 8.2, a
Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian,
legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her
beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant,
payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided
the change or revocation is filed with the Committee. 

 8.4    Share Certificates. Notwithstanding anything herein to the
contrary, the Company shall not be required to issue or deliver any certificates evidencing the Shares pursuant to the exercise of any Award, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of
such certificates is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to the Plan
are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply all Applicable Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are
listed, quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Shares. In addition to the terms and conditions provided herein, the Committee may require that a Participant make such
reasonable covenants, agreements, and representations as the Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee 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 Committee. 

8.5    Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable
disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 

8.6    Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the
exercise price of any Award were acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is
paid in Chinese Renminbi or other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s Bank of China for Chinese Renminbi, or for
jurisdictions other than the Peoples Republic of China, the exchange rate as selected by the Committee on the date of exercise. 
 ARTICLE
9 
 CHANGES IN CAPITAL STRUCTURE 

9.1    Adjustments. In the event of any dividend, share split, combination or exchange of Shares, amalgamation,
arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change affecting the shares of Shares or
the share price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (a) the aggregate number and type of shares that may be
issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with
respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. 

 9.2    Corporate Transactions. 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 the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee may, in its sole discretion,
provide for (i) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall
determine, or (ii) the purchase of any Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith
that no amount would have been attained upon the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its
sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of
Award in cash based on the value of Shares on the date of the Corporate Transaction plus reasonable interest on the Award through the date when such Award would otherwise be vested or have been paid in accordance with its original terms, if
necessary to comply with Section 409A of the Code. 
 9.3    Outstanding Awards – Other Changes. In the
event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares
subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

9.4    No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of
any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, 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 of shares subject to an Award or the grant or exercise price of any Award. 
 ARTICLE 10

 ADMINISTRATION 

10.1    Committee. The Plan shall be administered by the Board or a committee of one or more members of the Board
to whom the Board shall delegate the authority to grant or amend Awards to Participants other than any of the Committee members. Any grant or amendment of Awards to any Committee member shall then require an affirmative vote of a majority of the
Board members who are not on the Committee. 
 10.2    Action by the Committee. A majority of the Committee shall
constitute a quorum. The acts of a majority of the members of the Committee present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the
Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent
certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

 10.3    Authority of the Committee. Subject to any specific
designation in the Plan, the Committee has the exclusive power, authority and discretion to: 

(a)    designate Participants to receive Awards; 

(b)    determine the type or types of Awards to be granted to each Participant; 

(c)    determine the number of Awards to be granted and the number of Shares to which an Award will relate;

 (d)    determine the terms and conditions of any Award granted pursuant to the Plan, including, but
not limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers
thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(e)    determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or
the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f)    prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(g)    decide all other matters that must be determined in connection with an Award; 

(h)    establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to
administer the Plan; 
 (i)    interpret the terms of, and any matter arising pursuant to, the Plan or
any Award Agreement; and 
 (j)    make all other decisions and determinations that may be required
pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan. 
 10.4    Decisions
Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all
parties. 
 ARTICLE 11 

EFFECTIVE AND EXPIRATION DATE 

11.1    Effective Date. This Plan shall become effective on the date of its adoption by the Board (the
“Effective Date”). 

 11.2    Replacement of Original Plan. The Plan shall replace the
previously adopted 2017 Incentive Plan in its entirety, and the 2017 Incentive Plan shall cease to be effective upon the Effective Date. The Awards granted and outstanding under the 2017 Share Incentive Plan and the evidencing original Award
Agreements shall survive the termination of the 2017 Incentive Plan and remain effective and binding under the Plan, subject to any amendment and modification to the original Award Agreements that the Committee, in its sole discretion, shall
determine. 
 11.3    Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan
after, the Expiration Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 12 
 AMENDMENT,
MODIFICATION, AND TERMINATION 
 12.1    Amendment, Modification, And Termination. With the approval of the
Board, at any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain shareholder
approval of any Plan amendment in such a manner and to such a degree as required, unless the Company decides to follow home country practice, and (b) unless the Company decides to follow home country practice, shareholder approval is required
for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 9), (ii) permits the Committee to extend the term of the Plan or the exercise period for an Option
beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. 

12.2    Awards Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no
termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

ARTICLE 13 
 GENERAL
PROVISIONS 
 13.1    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 Committee is obligated to treat Participants, employees, and other persons uniformly. 

13.2    No Shareholders Rights. No Award gives the Participant any of the rights of a Shareholder of the Company
unless and until Shares are in fact issued to such person in connection with such Award. 

 13.3    Taxes. No Shares shall be delivered under the Plan to any
Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the authority and the
right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld
with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares
otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the
issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax liabilities
applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding
or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income. 

13.4    No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or
limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or services of any Service Recipient. 

13.5    Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive
compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the
Company or any Subsidiary. 
 13.6    Indemnification. To the extent allowable pursuant to Applicable Laws, each
member of the Committee or of the Board 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 such member in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of
judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 13.7    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
except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 

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

 13.9    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. 

13.10    Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its
discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down as appropriate. 

13.11    Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of
the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of
the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by the Applicable Laws, the Plan and
Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 

13.12    Government and Other Regulations. The obligation of the Company to make payment of awards in Shares or
otherwise shall be subject to all Applicable Laws, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any
other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Act or other 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. 
 13.13    Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands. 

13.14    Section 409A. To the extent that the Committee determines that any Award granted under the Plan is or may
become 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 the Award Agreements shall be
interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any such regulation or other guidance that may be issued
after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to Section 409A of the Code and related Department of
Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee 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 Committee determines are necessary or appropriate to (a) 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 (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance. 

13.15    Appendices. The Committee may approve such supplements, amendments or appendices to the Plan as it may
consider necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan; provided, however, that no such supplements shall increase the
share limitation contained in Section 3.1 of the Plan without the approval of the Board.

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