Document:

EX-4.4

 Exhibit 4.4 

SECOND AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

DATED THIS SEPTEMBER 6, 2011 

BY AND AMONG 
 TARENA
INTERNATIONAL, INC. 
 (as “Company”) 

each of the Persons listed on Schedule 1 hereto 

(as “Investors”) 

the Person listed on Schedule 2 hereto 

(as “Founder”) 

CONNION CAPITAL LIMITED 

(as “Key Holder”) 

ZHAO MEI 
 (as
“Existing Holder”) 
 each of the Persons listed on Schedule 3 hereto 

(as “Domestic Companies”) 

AND 
 BEIJING TARENA
TECHNOLOGY CO., LTD. 
  
 

 
 (as “WFOE”) 

 SECOND AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 

This SECOND AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (the “Agreement”) is made as of September 6, 2011 by and among
(i) Tarena International, Inc., an exempted company duly incorporated and validly existing under the Laws of the Cayman Islands (the “Company”), (ii) Goldman Sachs Investment Partners Master Fund, L.P. (“GS Master
Fund”), Goldman Sachs Investment Partners Private Opportunities Holdings, L.P. (“GS Private Opportunities Holdings”, and together with GS Master Fund, “GS”) and the persons identified on Schedule 1
of this Agreement (each individually an “Existing Investor” and collectively the “Existing Investors” and together with GS, the “Investors”), (iii) the person identified on Schedule 2 of
this Agreement (the “Founder”), (iv) Connion Capital Limited, a business company with limited liability duly incorporated and validly existing under the Laws of the British Virgin Islands (the “Key Holder”),
(v) Zhao Mei, a PRC citizen with passport number of *** (the “Existing Holder”), (vi) the entities identified as Domestic Companies on Schedule 3 of this Agreement (each individually a “Domestic
Company” and collectively the “Domestic Companies”) and (vii) Beijing Tarena Technology Co., Ltd.

 a wholly-foreign owned enterprise organized and existing under the Laws of the PRC (the “WFOE”). Each of the Company, the Investors, the Founder, the Key Holder, the Existing Holder, the WFOE and the
Domestic Companies shall be referred to individually as a “Party” and collectively as the “Parties”. 

RECITALS 
 WHEREAS,
the Company, GS, the Founder, the Key Holder, the Existing Holder, the WFOE and the Domestic Companies are parties to the Series C Preferred Share Purchase Agreement dated as of August 8, 2011 (the “Purchase Agreement”); and

 WHEREAS, the Company, certain of the Investors, the Founder, the Key Holder, the WFOE and the Domestic Company are parties to the
Amended and Restated Shareholders’ Agreement dated as of September 22, 2008 (the “2008 Shareholders Agreement”) to record the respective information, registration and other rights and obligations of the shareholders of the
Company; and 
 WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce GS to invest funds in the
Company pursuant to the Purchase Agreement, the Investors, the Founder, the Key Holder, the Company, the Existing Holder, the Domestic Companies and the WFOE hereby agree that this Agreement shall govern certain shareholder rights and other matters
as set forth in this Agreement. 
 NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 

 

	1.	DEFINITIONS. 

 For purposes of this Agreement, capitalized terms shall have the
meanings set forth in Exhibit A attached hereto. 

  
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	2.	REGISTRATION RIGHTS; GOING PUBLIC. 

  

	 	(a)	Registration Rights. 

 The registrations rights of the Investors with respect to the
Company and the rights and obligations of the parties with respect to registration of the Company’s Ordinary Shares are set forth on Exhibit B attached hereto. No Holder shall be entitled to exercise any right provided for in Exhibit
B following the date that is five (5) years after the consummation of the Qualifying IPO. The rights set forth in Exhibit B shall terminate upon the earlier of (i) the date of the completion of a Liquidation Event, as such term
is defined in the Company’s Articles, or (ii) as to any Holder, when all Registrable Securities held by such Holder (together with any Affiliate of such Holder with whom such Holder must aggregate its sales under SEC Rule 144) could be
sold without restriction under SEC Rule 144(k) within a ninety (90) day period. 
  

	 	(b)	Going Public. 

 Each of the Key Holder, the Founder and the Company undertakes to use
best efforts to, within twenty-four (24) months from the date of Closing, consummate a Qualifying IPO of the Company on NASDAQ or the Hong Kong Stock Exchange (Main Board or GEM) or any other stock exchange acceptable to the Investors, or
consummate a Trade Sale. In connection with the forgoing, each of the Shareholders shall exercise their voting rights in favor of the Company’s application for such listing. The Company and the Shareholders will not do or permit to be done or
permit to be omitted or otherwise undertake, agree or propose any act, deed, transaction or proposal prejudicial to or which may affect its ability to achieve such listing. 
  

	3.	INFORMATION AND OBSERVER RIGHTS. 

  

	3.1	Delivery of Financial Statements. 

 The Company shall deliver to the Investors: 

 

	 	(a)	as soon as practicable, but in any event within sixty (60) days after the end of each financial year of the Company, (i) an unaudited consolidated balance sheet as of the last day of such year; (ii) an
unaudited consolidated income statement for such year; and (iii) an unaudited consolidated statement of cash flows for such year; such year-end financial statements to be in reasonable detail, prepared in accordance with U.S. GAAP, consistently
applied and in each case setting forth in comparative form figures for the previous year, such financial statements to be prepared by a reputable international accounting firm acceptable to the Investors and certified by the Company’s Chief
Executive Officer; 

  

	 	(b)	as soon as practicable, but in any event within ninety (90) days after the end of each financial year of the Company, (i) a consolidated balance sheet as of the last day of such year; (ii) a consolidated
income statement for such year; and (iii) a consolidated statement of cash flows for such year; such year-end financial reports to be in reasonable detail, prepared in accordance with U.S. GAAP consistently applied and in each case setting
forth in comparative form figures for the previous year and audited and certified by independent public accountants of internationally recognized standing selected by the Company with the approval of the Board of Directors, including the affirmative
consent of both the Series C Director and the JAFCO Director, and accompanied by a report and opinion thereon by such independent public accountants and certified by the Company’s Chief Executive Officer; 

  
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	 	(c)	as soon as practicable, but in any event within thirty (30) days after the end of each quarter of each financial year of the Company, (i) a consolidated unaudited balance sheet as of the last day of such
quarter; (ii) a consolidated unaudited income statement for such quarter; (iii) an unaudited consolidated statement of cash flows for such quarter; and (iv) a statement of shareholder’s equity, each certified by the
Company’s Chief Financial Officer as of the last day of such quarter, along with a statement certified by the Company’s Chief Financial Officer showing the number of shares of each class of share capital and securities convertible into or
exercisable for share capital outstanding at the end of the period, the number of Ordinary Shares issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Ordinary Shares and the exchange ratio or exercise
price applicable thereto and number of shares of issued share options and share options not yet issued but reserved for issuance, if any (all in sufficient detail as to permit each Investor to calculate its respective percentage equity ownership in
the Company), except that any financial reports or statements submitted pursuant to this Section 3.1(c) may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto which may be required in
accordance with U.S. GAAP; 

  

	 	(d)	as soon as practicable, but in any event within thirty (30) days of the end of each month, (i) an unaudited consolidated balance sheet as of the last day of such month; (ii) an unaudited consolidated
income statement for such month and (iii) an unaudited consolidated statement of cash flows for such month, each certified by the Company’s Chief Financial Officer; 

 

	 	(e)	as soon as practicable, but in any event forty-five (45) days prior to the end of each financial year, a comprehensive proposed consolidated budget and business plan for the next financial year to be submitted to
the Board for approval (collectively, the “Budget”), prepared on a monthly basis including, revenues, expenses, cash position, balance sheets and sources and applications of funds statements (including any anticipated or planned
capital expenditure or borrowings) for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company; 

  

	 	(f)	with respect to the financial statements called for in Sections 3.1(a), 3.1(b), 3.1(c) and 3.1(d), an instrument executed by the Chief Financial Officer of the Company and certifying that
such financials were prepared in accordance with U.S. GAAP consistently applied with prior practice for earlier periods (with the exception, for unaudited statements, such statements may be subject to normal year-end audit adjustments and exclude
all footnotes required by applicable accounting standard). Management shall also provide an analysis of results, highlighting notable events and a thorough explanation of any material differences between actual figures, on the one hand and figures
for the prior year and figures presented in the Budget on the other hand. 

  
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	 	(g)	such other information relating to the financial condition, business, prospects or corporate affairs of the Company as determined by the Board, an Investor and/or any assignee of an Investor may from time to time
reasonably request; 

  

	 	(h)	if for any period the Company shall have any Subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections
shall be the consolidated and consolidating financial statements of the Company and all such consolidated Subsidiaries; 

  

	 	(i)	Notwithstanding anything else in this Section 3.1 to the contrary, the Company may cease providing the information set forth in this Section 3.1 during the period starting with the date sixty
(60) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date one hundred and eighty (180) days after the effective date of the registration effecting the Qualifying IPO, to the extent required
under the applicable rules of the jurisdiction in which the registration statement (or similar application for listing of the Ordinary Shares or statement) is to be filed; provided that the Company is actively employing its reasonable best
efforts to cause such registration statement to become effective. 

  

	3.2	Inspection. 

 So long as an Investor holds any Shares, each Group Company shall permit
such Investor, at the Investor’s expense, to visit and inspect such Group Company’s properties, to examine its books of account and records and to discuss the Group Company’s affairs, finances and accounts with its officers, any time
during regular business hours and at such reasonable times as may be reasonably requested by the Investors. 
  

	3.3	Observer Rights. 

 So long as any Investor holds any Shares, such Investor shall be
entitled to nominate a representative (an “Observer”) to attend, at its own expense, and speak at all meetings of the Board. An Observer is entitled to receive all notices of meetings of the Board as well as copies of all minutes,
consents and other materials, financial or otherwise, in the same manner as such notices, minutes, consents and other materials are provided to a Director. 

An Observer shall have full rights of audience and may speak at all meetings of the Board, but shall not be entitled to vote or be counted
towards the quorum at any such meetings. 
  

	3.4	Termination of Information, Inspection and Observer Rights. 

 The covenants set forth in
Section 3.1 and Section 3.2 shall terminate and be of no further force or effect immediately prior to (i) the consummation of the sale of Ordinary Shares in the Qualifying IPO, or (ii) upon the completion of a
Liquidation Event, as such term is defined in the Articles, whichever event shall first occur. 

  
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	3.5	Confidentiality. 

  

	 	(a)	Disclosure of Terms 

 Each party hereto acknowledges that the terms and conditions
(collectively, the “Financial Terms”) of this Agreement, the other Transaction Documents, and all exhibits, restatements and amendments hereto and thereto, including their existence, shall be considered confidential information and
shall not be disclosed by it to any third party except in accordance with the provisions set forth below. Each Investor agrees with the Company that such Investor will keep confidential and will not disclose or divulge, any information which such
Investor obtains from the Company, pursuant to financial statements, reports, presentations, correspondence, and any other materials provided by the Company to, or communications between the Company and such Investor, or pursuant to information
rights granted under this Agreement or any other related documents, unless the information is known, or until the information becomes known, to the public through no fault of such Investor, or unless the Company gives its written consent to such
Investor’s release of the information. 
  

	 	(b)	Press Releases 

 Any press release, public announcement and disclosure disclosing that
the Investors have invested in the Company may only be issued, if (a) it does not disclose any of the Financial Terms or any transactions contemplated in the Purchase Agreement, (b) it does not disclose the amount or other specific terms
of the investment, and (c) its final form was approved in advance in writing by each Investor mentioned therein. Investors’ names and the fact that Investors have made an investment in the Company can be included in a reusable press
release boilerplate statement, so long as each Investor has given its initial approval of such boilerplate statement and the boilerplate statement is reproduced in exactly the form in which it was approved. No other announcement regarding any
Investor or any of its Affiliates in a press release, conference, advertisement, announcement, professional or trade publication, mass marketing materials or otherwise to the general public may be made without such Investor’s prior written
consent (and the prior written consent of the Affiliate(s) of such Investor named), which consent may be withheld at such Investor’s sole discretion (and at the sole discretion of such Investor’s Affiliate(s), as the case may be). 

 

	 	(c)	Permitted Disclosures 

 Notwithstanding anything in the foregoing to the contrary: 

 

	 	(i)	the Company may disclose, on a need to know basis, any of the Financial 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 or entities are under appropriate nondisclosure obligations imposed by professional ethics, Law or otherwise; 

  
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	 	(ii)	each Investor (and its fund manager) may, without disclosing the identities of the other Investors or the Financial Terms of their respective investments in the Company without their or the Company’s consent,
disclose such Investor’s investment in the Company to third parties or to the public at its sole discretion and in relation thereto may use the Company’s logo and trademark (without requiring the Company’s further consent). If it does
so, the other parties shall have the right to disclose to third parties any such information disclosed in a press release or other public announcement by such Investor. 

 

	 	(iii)	each Investor shall have the right to disclose: 

  

	 	(A)	any information to such Investor’s Affiliates, such Investor’s and/or its fund manager’s and/or its Affiliates’ legal counsel, fund manager auditor, insurer, accountant, consultant or to an officer,
director, general partner, limited partner, its fund manager, shareholder, investor or transferee, potential investor or transferee, counsel or advisor, or employee of such Investor and/or any of its Affiliates; provided, however, that
any such counsel, auditor, insurer, accountant, consultant, officer, director or employee shall be advised of the confidential nature of the information and are under appropriate non-disclosure obligation imposed by professional ethics, Law or
otherwise; 

  

	 	(B)	any information for fund and inter-fund reporting purposes; 

  

	 	(C)	any information as required by Law, government authorities, exchanges and/or regulatory bodies; 

  

	 	(D)	any information to bona fide prospective purchasers/investors of any share, security or other interests in the Company; and/or 

  

	 	(E)	any information contained in press releases or public announcements of the Company pursuant to
 Section 3.5(b) above. 

 

	 	(iv)	the confidentiality obligations set out in this Section 3.5 do 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 (i) a breach by that party of this Section 3.5 or (ii) a breach of a confidentiality obligation by a third party discloser, where the breach was actually known to that relevant party; 

 

	 	(B)	information the disclosure of which is necessary in order to comply with any applicable Law, the order of any court, the requirements of a stock exchange or to obtain tax or other clearances or consents from any
relevant authority; or 

  
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	 	(C)	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 3.5(c). 

  

	 	(d)	Legally Compelled Disclosure. 

 In the event that any party is requested or becomes
legally compelled (including without limitation, pursuant to securities Laws and regulations) to disclose the existence of this Agreement or any Agreement Financing Terms, such party (the “Disclosing Party”) shall provide the other
parties (the “Non-Disclosing Parties”) with prompt written notice of that fact, if lawfully permitted to do so, so that the appropriate party may seek (with the cooperation and reasonable efforts of the other parties) a protective
order, confidential treatment or other appropriate remedy. In such event, the Disclosing Party shall furnish only that portion of the information that is legally required and shall exercise reasonable efforts to obtain reliable assurance that
confidential treatment will be accorded such information to the extent reasonably requested by any Non-Disclosing Party. 
  

	 	(e)	Entire Agreement. 

 This Section 3.5 constitutes the entire agreement among
the Parties as to the matter of confidentiality and supersedes the separate nondisclosure agreements executed by the Company with the Investors (and/or their Affiliates) with respect to the transactions contemplated. 

 

	3.6	Tax Matters. 

  

	 	(a)	The Company shall upon the request of any U.S. Investor (a) determine, with respect to such taxable year whether the Company (or any of its Affiliates) is a passive foreign investment company
(“PFIC”) as described in Section 1297 of the United States Internal Revenue Code of 1986, as amended (the “Code”) (including whether any exception to PFIC status may apply) or is or may be classified as a
partnership or branch for U.S. federal income tax purposes, and (b) provide such information reasonably available to the Company as any U.S. Investor may reasonably request to permit such U.S. Investor to elect to treat the Company and/or any
such entity (including a Subsidiary of the Company) as a “qualified electing fund” (within the meaning of Section 1295 of the Code) (a “QEF Election”) for U.S. federal income tax purposes. The Company shall also,
reasonably promptly upon request, obtain and provide any and all other information reasonably deemed necessary by the U.S. Investor to comply with the provisions of this Section 3.6(a). The Company shall, upon the request of any U.S.
Investor, appoint an internationally reputable accounting firm acceptable to the Investor to prepare and submit its U.S. tax filings. 

  

	 	(b)	If a determination is made by the Company that the Company is a PFIC for a particular taxable year, then for such year and for each year thereafter, the Company shall also provide each known U.S. Investor within sixty
(60) days upon the request of such U.S. Investor with a completed “PFIC Annual Information Statement” as required by Treasury Regulation Section 1.1295-1(g) and any other information reasonably required by a U.S. Investor to
comply with any reporting or other requirements in connection with the QEF Election. 

  
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	 	(c)	The Company shall promptly provide each U.S. Investor with written notice if it (or any of its Subsidiaries) becomes aware that it is a controlled foreign corporation as described in Section 957 of the Code
(“CFC”). The Company shall, upon the reasonable request of a U.S. Investor, furnish on a timely basis all information requested by such Investor to satisfy its U.S. federal income tax return filing requirements, if any, arising from
its investment in the Company and relating to the Company or any Group Company’s classification as a CFC. 

  

	 	(d)	The Company, upon a reasonable request, will comply and will cause its Subsidiaries to comply with all record-keeping, reporting, and other requests reasonably necessary for the Company and its Subsidiaries to allow any
U.S. Investor to comply with any applicable U.S. federal income tax Law. The Company will also provide any known U.S. Investor with any information reasonably requested to allow such U.S. Investor to comply with any applicable U.S. federal income
tax Law (including but not limited to information relating to the transfer of any equity interests of the Company (or any Subsidiary) and the issuance or redemption by the Company (or any Subsidiary) of any equity interests). 

 

	 	(e)	The Company shall, if reasonably requested by a U.S. Investor, cooperate in determining whether it would be desirable, reasonable and appropriate for the Company and/or any Subsidiary to elect to be classified as a
partnership or branch for U.S. federal income tax purposes and, if so, to take all reasonable steps to cause any such elections to be made, including by filing or by causing to be filed, Internal Revenue Service Form 8832 (or any successor form),
and the Company shall not permit such election, once made, to be terminated or revoked without the written consent of the U.S. Investors; provided that the Company shall notify all U.S. Investors prior to the making of any such election.

  

	 	(f)	The Company shall, and shall cause each Group Company to, timely and accurately file tax returns in each jurisdiction in which such returns are required to be filed. 

 

	 	(g)	All out-of-pocket expenses incurred by the Company or any Subsidiary, resulting from the affirmative requests of a U.S. Investor pursuant to Sections 3.6(a)-(f) above shall be borne by the Company.

  

	 	(h)	The covenants set forth in this Section 3.6 shall terminate and be of no further force or effect, with respect to the Company’s obligation to any U.S. Investor, at such time as the U.S. Investor no
longer holds any Ordinary Shares (on an as-converted basis) in the Company. 

  
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	4.	RIGHT OF FIRST OFFER. 

  

	4.1	Right of First Offer. 

 Subject to the terms and conditions specified in this
Section 4.1, and applicable securities Laws, in the event the Company proposes to offer or sell any New Securities, the Company shall first make an offering of such New Securities to the Investors in proportion to their respective
shareholding in the Company in accordance with the following provisions of this Section 4.1. Any Investor shall be entitled to apportion the right of first offer hereby granted it among themselves and their partners, members and
Affiliates in such proportions as it deems appropriate provided that, with respect to any Investor other than GS, such partners, members and Affiliates of such Investors do not have any interest in any business, company or asset which competes with
the business of the Company or any of its Subsidiaries. 
  

	 	(a)	The Company shall deliver a notice, in accordance with the provisions of Section 9.4 hereof, (the “Offer Notice”) to the Investors stating (i) its bona fide intention to offer such New
Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

 

	 	(b)	By written notification received by the Company, within twenty (20) calendar days after mailing of the Offer Notice, each Investor may elect to purchase or obtain, at the price and on the terms specified in the
Offer Notice, up to that portion of such New Securities which equals the proportion that the number of Ordinary Shares issued and held or issuable upon conversion of the Preferred Shares (and any other securities convertible into, or otherwise
exercisable or exchangeable for, Ordinary Shares) then held, by such Investor bears to the total number of Ordinary Shares issued and held by all Investors, or issuable to all Investors upon conversion of all Preferred Shares then outstanding. The
Company shall promptly, in writing, inform each Investor that elects to purchase all the shares available to it (each, a “Fully-Exercising Holder”) of any other Investors’ failure to do likewise. During the ten
(10) day-period commencing immediately after receipt of such information, each Fully-Exercising Holder shall be entitled to obtain that portion of the New Securities for which any of the Investors were entitled to subscribe but which were not
subscribed for by the Investors which is equal to the proportion that the number of Ordinary Shares issued and held, or issuable upon conversion of Preferred Shares then held by such Fully-Exercising Holder bears to the total number of Ordinary
Shares issued and held, or issuable upon conversion of the Preferred Shares then held by all Fully-Exercising Holders who wish to purchase such unsubscribed shares. 

 

	 	(c)	If not all New Securities referred to in the Offer Notice are elected to be purchased or obtained as provided in
 Section 4.1(b) hereof, the Company may, during the sixty (60) day period following
the expiration of the period provided in Section 4.1(b) hereof, offer the remaining unsubscribed portion of such New Securities (collectively, the “Refused Securities”) to any person or persons at a price not less than,
and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty
(30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this Section 4.1. 

  
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	 	(d)	The right of first offer in this Section 4.1 shall not be applicable to: (i) up to 6,002,020 Ordinary Shares (including outstanding options) (as adjusted for stock splits, stock divisions,
recapitalizations and similar transactions) issued or to be issued to employees or directors of, or consultants to, the Company or any of its Subsidiaries pursuant to the 2008 employee stock option plan as previously approved by the Board of the
Company; (ii) the issuance of Ordinary Shares pursuant to the conversion of the issued and outstanding Preferred Shares; (iii) securities issued in connection with any share split, share dividend, combination, recapitalization or other
similar transaction of the Company; or (iv) the issuance of Ordinary Shares issued in a Qualifying IPO. 

  

	4.2	Termination. 

 The provisions of this Section 4 shall terminate upon the
earlier of: (a) the consummation of the Company’s Qualifying IPO and (b) upon a Liquidation Event, as such term is defined in the Articles. 
  

	5.	BOARD COMPOSITION AND VOTING MATTERS. 

  

	5.1	Board Composition. 

 Each Shareholder agrees to vote all of his, her or its Shares in the
Company (whether now owned or hereafter acquired or which the Shareholder may be empowered to vote), from time to time and at all times, in whatever manner shall be necessary to ensure that at each annual or special meeting of shareholders at which
an election of directors is held or pursuant to any written consent of the shareholders, the following persons shall be elected to the Board: 
  

	 	(a)	For so long as the Series A Investor holds no less than fifteen percent (15%) of the Series A Preferred Shares purchased under the Series A Preferred Share Purchase Agreement (as adjusted for any conversion, share
splits, share dividends, combinations, recapitalizations or similar transactions), the Series A Investor shall be entitled to nominate and elect one (1) director of the Board of the Company(the “Series A Director”), initially
to be Li Jianguang. The Series A Investor shall also be entitled to remove any director occupying in such position and to fill any vacancy caused by the resignation, death or removal of any director occupying such position. 

 

	 	(b)	For so long as JAFCO holds no less than fifteen percent (15%) of the Series B Preferred Shares purchased under the Series B Preferred Share Purchase Agreement (as adjusted for any conversion, share splits, share
dividends, combinations, recapitalizations or similar transactions), JAFCO shall be entitled to nominate and elect one (1) director of the Board of the Company (the “JAFCO Director”), initially to be Zhang Yang. JAFCO shall
also be entitled to remove any director occupying in such position and to fill any vacancy caused by the resignation, death or removal of any director occupying such position. 

  
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	 	(c)	For so long as the Series C Investor holds no less than fifteen percent (15%) of the Series C Preferred Shares purchased under the Purchase Agreement (as adjusted for any conversion, share splits, share dividends,
combinations, recapitalizations or similar transactions), the Series C Investor shall be entitled to nominate and elect one (1) director of the Board of the Company (the “Series C Director” and together with the Series A
Director and the JAFCO Director, the “Preferred Directors”), initially to be Terence Ting. The Series C Investor shall also be entitled to remove any director occupying in such position and to fill any vacancy caused by the
resignation, death or removal of any director occupying such position. 

  

	 	(d)	The holders of more than fifty percent (50%) of the Ordinary Shares of the Company shall be entitled to nominate and elect four (4) directors of the Board of the Company (the “Ordinary Share
Directors”), initially to be Han Shaoyun, Liu Dan, Tang Ning and Xia Xiaotao. Such holders shall also be entitled to remove any director occupying in such position and to fill any vacancy caused by the resignation, death or removal of any
director occupying such position. 

  

	5.2	Size of the Board; Board of Subsidiaries; Committees. 

  

	 	(a)	Each Shareholder agrees to vote all of its Shares from time to time and at all times, in whatever manner shall be necessary to ensure that the size of the Board shall be no less than one (1) nor more than seven
(7) directors. 

  

	 	(b)	The Investors shall have the right but not the obligation to appoint their nominees to the board of any Subsidiary (including in the event that the Company shall form or acquire any new Subsidiaries), and the Company
and the Common Shareholders shall procure that such nominees are appointed to the relevant board of directors. The Investors shall also be entitled to remove any director occupying such position and to fill any vacancy caused by the resignation,
death or removal of any director occupying such position. 

  

	 	(c)	Compensation Committee and Audit Committee. The JAFCO Director and the Series C Director shall be entitled to serve as a member of any committee or subcommittee duly established by the Board. The Company shall
set up a compensation committee (the “Compensation Committee”) and an audit committee (the “Audit Committee”, together with the Compensation Committee, the “Committees”) at the time determined by
the Board, each with three (3) members, including one (1) member nominated by JAFCO, one (1) member nominated by GS, and one (1) member nominated by the Key Holder. The chairman of each Committee shall be the member nominated by
GS. The Compensation Committee shall be responsible for evaluating and recommending to the Board for action all matters related to the Company’s annual compensation and/or bonus plan, share option plan, and employee related compensation
matters. The Audit Committee shall be responsible for internal audit and nomination of auditors for the Company. Any recommendation to be made to the Board shall require the approval by the majority of the members of the relevant Committee(s). The
meetings of the Committees shall be held at least every three (3) months. 

  
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	5.3	Removal of Board Members. 

 Each Shareholder also agrees to vote all of his, her or its
Shares from time to time and at all times in whatever manner as shall be necessary to ensure that (i) no director elected pursuant to Section 5.1 of this Agreement may be removed from office unless (A) with respect to the
Series A Director, such removal is directed or approved by IDG, (B) with respect to the JAFCO Director, such removal is directed or approved by JAFCO, (C) with respect to the Series C Director, such removal is directed or approved by GS,
(D) with respect to the Ordinary Share Directors, such removal is directed or approved by the holders of more than fifty percent (50%) of the Ordinary Shares of the Company, or (E) the person(s) or entity(ies) originally entitled to
designate or approve such director or occupy such Board seat pursuant to Section 5.1 is no longer so entitled to designate or approve such director or occupy such Board seat; and (ii) any vacancies created by the resignation,
removal or death of a director elected pursuant to Section 5.1 shall be filled pursuant to the provisions of Section 5.1. All Shareholders agree to execute any written consents required to effectuate the obligations of this
Agreement, and the Company agrees at the request of any Shareholder entitled to designate directors to call a special meeting of shareholders for the purpose of electing directors. 

 

	5.4	Quorum; Notice. 

 The Company’s Articles of Association shall provide for a quorum
(which shall exist at the time of the voting as well as the attendance of the Board meeting) of the Board meeting of four (4) directors, including the Series A Director, the JAFCO Director, and the Series C Director (or a temporary alternate
director selected by the Series C Director) provided, however, if such quorum cannot be obtained for a Board meeting after two (2) consecutive notices of Board meetings have been sent by the Company, with the first notice
providing not less than seven (7) days of prior notice and the second notice providing not less than three (3) days of prior notice, then the attendance of any four (4) directors shall constitute a quorum; it being understood that if
the Series C Director is unable to attend any such reconvened meeting, the Series C Director may suggest an alternative date and time for a reconvened meeting and if such alternative meeting cannot be accommodated, then the Series C Director may
appoint an alternate director to attend the reconvened meeting in the capacity of the Series C Director. Except as otherwise provided in this Agreement (including the schedules and exhibits hereto) and the Company’s Articles of Association, all
Board resolutions shall require the affirmative vote of a majority of the directors (or their respective alternate directors) present. Notices and agendas of Board meetings as well as copies of all board papers shall be sent to all Investors at
least seven (7) days prior to the relevant Board meeting. Minutes of Board meetings shall be sent to Investors within seven (7) days after the relevant meeting. 

  
 13 

	5.5	Waiver. 

 The Company acknowledges that each Investor will likely have, from time to
time, information that may be of interest to the Company or the Subsidiaries of the Company (“Information”) regarding a wide variety of matters including, by way of example only, (1) an Investor’s technologies, plans and
services, and plans and strategies relating thereto, (2) current and future investments an Investor has made, may make, may consider or may become aware of with respect to other companies and other technologies, products and services,
including, without limitation, technologies, products and services that may be competitive with those of the Company or its Subsidiaries, and (3) developments with respect to the technologies, products and services, and plans and strategies
relating thereto, of other companies, including, without limitation, companies that may be competitive with the Company or any of its Subsidiaries. The Company recognizes that a portion of such Information may be of interest to the Company or any of
its Subsidiaries. Such Information may or may not be known by the Preferred Directors or the Observers. The Company, as a material part of the consideration for entering into the Transaction Documents, agrees that neither any Observer nor any
Preferred Directors shall have any duty to disclose any Information to the Company or its Subsidiaries, or permit the Company or any of its Subsidiaries to participate in any projects or investments based on any Information, or to otherwise take
advantage of any opportunity that may be of interest to the Company or any of its Subsidiaries if it were aware of such Information, and hereby waives, to the extent permitted by Law, any claim based on the corporate opportunity doctrine or
otherwise that could limit an Investor’s ability to pursue opportunities based on such Information or that would require any Investor, any Preferred Director or any Observer to disclose any such Information to the Company or any of its
Subsidiaries or offer any opportunity relating thereto to the Company or any of its Subsidiaries. The Founder, the Key Holder and the Company hereby irrevocably agree that each Preferred Director and Observer is a nominee of the Investor who
appoints him and that such Preferred Director and Observer shall be entitled to, and the Investor who nominates him can require him to, report all matters concerning the Company and its Subsidiaries, including but not limited to, matters discussed
at any meeting of the Board, and that the Preferred Director and Observer may take advice and obtain instructions from his/her nominating Investor. Notwithstanding the foregoing, each Preferred Director shall undertake general fiduciary obligations
to the Company according to the Company Law. 
  

	5.6	Insurance and Indemnification. 

 The Company shall procure customary directors and
officers insurance for the directors, covering an amount of at least one million U.S. dollars (US$1,000,000) or such other amount as is approved by a majority of the Investors (including the Series C Investor and JAFCO, where the Series C Investor
and JAFCO have appointed directors, respectively). Notwithstanding anything to the contrary in this Agreement or in the Articles, the Company shall indemnify and hold harmless each Director and his alternate, to the fullest extent permitted by Law,
from and against all liabilities, damages, actions, suits, proceedings, claims, costs, charges and expenses suffered or incurred by or brought or made against such Director or his alternate as a result of any act, matter or thing done or omitted to
be done by him in good faith in the course of acting as a director or alternate director, as applicable, of the Company, by delivering to such Director or its alternate, at the time of its appointment as a director or an alternate director, an
indemnification agreement duly executed by the Company substantially in the form attached hereto as Exhibit D. 

  
 14 

	5.7	Appointment of Key Personnel. 

 The appointment of the chairman, chief executive officer,
president, chief financial officer, chief operations officer and/or other key personnel of the Company shall be subject to the prior approval of the Board, including the affirmative consent of all of the Preferred Directors. 

 

	5.8	Drag-Along Right. 

  

	 	(a)	Drag-Along Right. If, after June 30, 2014 (the “Maturity Date”), the Series C Investor or JAFCO (A) approves (1) a transaction or series of related transactions in which a Person,
or a group of related Persons, shall acquire from Shareholders of the Company Shares representing more than fifty percent (50%) of the outstanding voting power of the Company, or (2) a transaction that qualifies as a “Liquidation
Event”, or (B) proposes to transfer its Shares to a Person or a group of related Persons (such events described in subsections (A) and (B) shall reflect a valuation of the Company of no less than US$200 million, such events
are referred to in this Agreement as a “Trade Sale”), then each Key Holder and Investor (other than the Series C Investor) hereby agrees with respect to all Shares that he, she or it holds and any other Company securities over which
he, she or it otherwise exercises dispositive power: 

  

	 	(i)	in the event such transaction requires the approval of shareholders, (a) if the matter is to be brought to a vote at a shareholder meeting, after receiving proper notice of any meeting of shareholders of the
Company to vote on the approval of a Trade Sale, to be present, in person or by proxy, as a holder of Shares, at all such meetings and be counted for the purposes of determining the presence of a quorum at such meetings; and (b) to vote (in
person, by proxy or by action by written consent, as applicable) all Shares in favor of such Trade Sale and in opposition of any and all other proposals that could reasonably be expected to delay or impair the ability of the Company to consummate
such Trade Sale; 

  

	 	(ii)	in the event that the Trade Sale is to be effected by the sale of Shares held by another Shareholder (the “Selling Shareholder”) without the need for shareholder approval (including without limitation
by way of a change in Control of such Shareholder), to sell all shares of the Company beneficially held by such Shareholder (or in the event that the Selling Shareholder is selling fewer than all of its shares held in the Company, shares in the same
proportion as the Selling Shareholder is selling) to the person to whom the Selling Shareholder proposes to sell its shares, for the same per-share consideration (on an as-converted basis) and on the same terms and conditions as the Selling
Shareholder, except that the Shareholder will not be required to sell its shares unless the liability for indemnification if any, of the Shareholder in such Trade Sale is several, not joint, and is pro rata in accordance with the Shareholder’s
relative share ownership of the Company, and will not exceed the consideration payable to the Shareholder, if any, in such transaction (except in the case of potential liability for fraud or willful misconduct by the Shareholder); 

  
 15 

	 	(iii)	to refrain from exercising any dissenters’ rights or rights of appraisal under applicable Law at any time with respect to such Trade Sale; 

 

	 	(iv)	to execute and deliver all related documentation and take such other action in support of the Trade Sale as shall reasonably be requested by the Company; 

 

	 	(v)	not to deposit, and to cause their affiliates not to deposit, except as provided in this Agreement, any voting securities owned by such Party or affiliate in a voting trust or subject any such voting securities to any
arrangement or agreement with respect to the voting of such securities, unless specifically requested to do so by the acquiror in connection with a Trade Sale; and 

 

	 	(vi)	to: (A) make representation and warranties in connection with such a Trade Sale regarding (i) ownership and authority to sell their respective Shares and (ii) the existence of any material violations as a
result of such sale under any material agreement to which such Shareholder is a party; (B) obtain any consents or approvals that can be obtained without significant expense; and (C) pay its pro rata share of expenses in connection with the
contemplated Trade Sale. 

  

	5.9	Increase in Authorized Share Capital. 

 Each Shareholder agrees to vote all of its Shares
from time to time and at all times, in whatever manner shall be necessary to authorize an increase in the authorized share capital of the Company so that there will be sufficient Ordinary Shares available for conversion of all of the
then-outstanding Preferred Shares at any time that an adjustment to the relevant conversion price with respect to the Preferred Shares is made under the Articles. 
  

	5.10	Term. 

 The provisions of this Section 5 shall be effective as of the date
hereof and shall continue in effect until and shall terminate upon the earlier to occur of (a) the consummation of a Qualifying IPO, and (b) a Liquidation Event; provided, however, that the provisions of
Section 5.9 shall survive until the Investors have converted all of their Preferred Shares into Ordinary Shares. 
  

	5.11	Specific Enforcement. 

 Each Shareholder acknowledges and agrees that each party hereto
will be irreparably damaged in the event any of the provisions of this Section 5 are not performed by the Shareholder in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the Company
and the Shareholders shall be entitled to an injunction to prevent breaches of this Agreement and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of competent jurisdiction, in addition to
any other remedy to which the Parties may be entitled at Law or in equity. Each of the Parties to this Agreement hereby consents to personal jurisdiction in any such action brought in the courts of Hong Kong. 

  
 16 

	5.12	Director Expenses. 

 The Company shall reimburse any non-local independent directors and
the Preferred Directors for all reasonable out-of-pocket travel and related expenses incurred in connection with Board duties and attending meetings of the Board. 
  

	6.	RIGHT OF FIRST REFUSAL, CO-SALE AND RESTRICTIONS ON TRANSFER. 

  

	6.1	Right of First Refusal - Transfers by the Key Holder, the Founder or any Employees Holding 1% or more of the Company’s Ordinary Shares. 

 

	 	(a)	Grant. If any of the Key Holder, the Founder, or an employee holding one percent (1%) or more of the Company’s Ordinary Shares (calculated on a fully-diluted basis) (each a “Restricted
Employee” and collectively, the “Restricted Employees”) (each a “Restricted Shareholder”, and collectively, the “Restricted Shareholders”) (including its successors and permitted assigns)
proposes to sell, assign, pledge, hypothecate, encumber or otherwise transfer any Shares held by such Restricted Shareholder or in any other way dilute any beneficial ownership, control and discretion over any Shares held by such Restricted
Shareholder (the “Proposed Transfer”), then such Restricted Shareholder may not complete the Proposed Transfer unless it complies with this Section 6 (including without limitation Section 6.6). For avoidance
of doubt, any change in the equity interest of the Key Holder, including without limitation as a result of (i) the issuance or redemption by such Key Holder of any portion of its outstanding shares or equity, or (ii) a transfer of such Key
Holder’s equity by the Founder, shall constitute a “Proposed Transfer” for purposes of this Agreement. 

  

	 	(b)	Subject to the provisions of the Company Law, any other applicable Law and this Section 6, each Restricted Shareholder hereby unconditionally and irrevocably grants to each Investor a first Right of First
Refusal to purchase its Pro Rata ROFR Share of the Shares that such Restricted Shareholder may propose to transfer in a Proposed Transfer (the “Transfer Shares”), at the same price and on the same terms and conditions as those
offered to the Prospective Transferee. For purposes of this Section 6.1, an Investor’s “Pro Rata ROFR Share” of a specified quantity of Shares proposed to be transferred shall mean that number of Shares which equals
the specified quantity of Shares proposed to be transferred by the Restricted Shareholder multiplied by a fraction equal to (i) the number of Ordinary Shares (on an as converted basis) then held by such Investor, divided by (ii) the total
number of Ordinary Shares (on an as converted basis) then held by all Investors. The phrase “on an as converted basis” shall mean assuming the conversion, exercise and exchange of all securities, directly or indirectly, convertible,
exercisable or exchangeable into or for Ordinary Shares. 

  
 17 

	 	(c)	Notice. Each Restricted Shareholder proposing to make a Proposed Transfer must deliver a written notice to the Company and each Investor not later than forty-five (45) days prior to the consummation of such
Proposed Transfer (the “Proposed Transfer Notice”). Such Proposed Transfer Notice shall contain the material terms and conditions of the Proposed Transfer and the identity of the Prospective Transferee. The Investors must exercise
their Right of First Refusal under this Section 6 by giving notice (an “Investor Exercise Notice”) to the selling Restricted Shareholder within fifteen (15) days after delivery of the Proposed Transfer Notice (the
“Investor Notice Period”). Such right shall at all times be exercised in accordance with the provisions of the Company Law and any other applicable Laws. In the event of a conflict between this Agreement and any other agreement that
may have been entered into by a Restricted Shareholder with the Company that contains a preexisting right of first refusal, the terms of this Agreement shall control and the preexisting right of first refusal shall be deemed satisfied by compliance
with this Section 6.1. 

  

	 	(d)	Undersubscription of Transfer Shares. If rights to purchase have been exercised by the Investors with respect to some but not all of the Transfer Shares by the end of the Investor Notice Period, then the Company
shall, immediately after the expiration of the Investor Notice Period, send written notice to those Investors who fully exercised their rights within the Investor Notice Period (the “Exercising Investors”). Each Exercising Investor
shall have an additional right to purchase all or any part of the balance of any such remaining unsubscribed Transfer Shares on the terms and conditions set forth in the Proposed Transfer Notice. To exercise such right, an Investor must deliver an
Undersubscription Notice to the selling Restricted Shareholder and the Company within ten (10) days after the expiration of the Investor Notice Period (the “Undersubscription Exercise Period”). In the event that there are two
(2) or more Exercising Investors that choose to exercise the last-mentioned right for a total number of remaining Shares in excess of the number available, the remaining unsubscribed Transfer Shares shall be sold to the Exercising Investors in
proportion (as nearly as may be without involving fractions or increasing the number sold to any Restricted Shareholder beyond that applied by it) to their then existing holding of Shares (on an as converted basis). Within five (5) calendar
days after the expiration of the Undersubscription Exercise Period, the selling Restricted Shareholder will give written notice to the Company and each Investor specifying the number of Transfer Shares that were subscribed by the Investors
exercising their Rights of First Refusal (the “Confirmation Notice”). 

  

	 	(e)	Sale of Remaining Transfer Shares. The selling Restricted Shareholder shall be free to sell the remaining Transfer Shares not sold after employing the above procedures to the Prospective Transferee (subject to
the other terms and restrictions of this Agreement), provided, that such sale shall be consummated within ninety (90) days after receipt of the Proposed Transfer Notice by the Company. 

 

	 	(f)	Consideration; Closing. If the consideration proposed to be paid for the Transfer Shares is in property, services or other non-cash consideration, the fair market value of the consideration shall be determined in
good faith by the Board. If any Investor cannot for any reason pay for the Transfer Shares in the same form of non-cash consideration, such Investor may pay the cash value equivalent thereof, as determined by the Board. The closing of the purchase
of Transfer Shares by the Investors shall take place, and all payments from the Investors shall have been delivered to the selling Restricted Shareholder by the later of (i) the date specified in the Proposed Transfer Notice as the intended
date of the Proposed Transfer and (ii) forty-five (45) days after delivery of the Proposed Transfer Notice. 

  
 18 

	6.2	Right of First Refusal - Transfer by Investors. 

  

	 	(a)	Subject to the provisions of the Company Law, any other applicable Law and this Section 6, each selling Investor other than the Series C Investor and the Series B Investor (each a “Subject
Investor” and together, the “Subject Investors”) hereby unconditionally and irrevocably grants to each non-selling Investor a first Right of First Refusal to purchase its Pro Rata ROFR Share of the Preferred Shares (the
“Investor Transfer Shares”) that such selling Subject Investor may propose to transfer (a “Proposed Investor Transfer”), at the same price and on the same terms and conditions as those offered to the Prospective
Transferee. For purposes of this Section 6.2, a non-selling Investor’s “Pro Rata ROFR Share” of a specified quantity of Preferred Shares proposed to be transferred shall mean that number of Preferred Shares which
equals the specified quantity of Preferred Shares proposed to be transferred multiplied by a fraction equal to (i) the number of Ordinary Shares (on an as converted basis) then held by such non-selling Investor, divided by (ii) the total
number of Ordinary Shares (on an as converted basis) then held by all non-selling Investors. 

  

	 	(b)	Notice. Each selling Subject Investor proposing to make a Proposed Investor Transfer must deliver a Proposed Transfer Notice to the Company and each non-selling Investor not later than forty-five (45) days
prior to the consummation of such Proposed Transfer (the “Investor Proposed Transfer Notice”). Such Proposed Transfer Notice shall contain the material terms and conditions of the Proposed Transfer and the identity of the
Prospective Transferee. The non-selling Investors must exercise their Right of First Refusal under this Section 6.2 by giving notice (an “Investor Exercise Notice”) to the selling Subject Investor within fifteen
(15) days after delivery of the Investor Proposed Transfer Notice (the “Investor Notice Period”). Such right shall at all times be exercised in accordance with the provisions of the Company Law and any other applicable Laws. In
the event of a conflict between this Agreement and any other agreement that may have been entered into by an Investor with the Company that contains a preexisting right of first refusal, the terms of this Agreement shall control and the preexisting
right of first refusal shall be deemed satisfied by compliance with this Section 6.2. 

  

	 	(c)	Undersubscription of Subject Investor Transfer Shares. If rights to purchase have been exercised by the non-selling Investors with respect to some but not all of the Investor Transfer Shares by the end of the
Investor Notice Period under Section 6.2(b), then the Company shall, immediately after the expiration of the Investor Notice Period, send written notice to the non-selling Investors that have exercised the right of first refusal pursuant
to Section 6.2(b) (each an “Exercising Investor”) and the Restricted Shareholders. Each Exercising Investor and Restricted Shareholder shall have a right to purchase all or any part of the balance of any such remaining
unsubscribed Investor Transfer Shares on the terms and conditions set forth in the Investor Proposed Transfer Notice. To exercise such right, such Exercising Investors and Restricted Shareholders must deliver an Undersubscription Notice to the
selling Subject Investor and the Company within ten (10) days after the expiration of the Investor Notice Period. In the event that there are two (2) or more Exercising Investors and/or Restricted Shareholders that choose to exercise the
last-mentioned right for a total number of remaining Investor Transfer Shares in excess of the number available, the remaining unsubscribed Investor Transfer Shares shall be sold to the Exercising Investors and Restricted Shareholders in proportion
(as nearly as may be without involving fractions or increasing the number sold to any Exercising Investor beyond that applied by it) to their then existing holding of Shares (on a deemed converted basis). If the rights to purchase the remaining
Investor Transfer Shares are exercised in full by the Exercising Investors and Restricted Shareholders, the Company shall immediately notify all of the Exercising Investors of that fact. 

  
 19 

	 	(d)	Forfeiture of Right of First Refusal with Respect to Investor Transfer. Notwithstanding the foregoing, if the total number of Investor Transfer Shares to be transferred by any Subject Investor that the
non-selling Investors and Restricted Shareholders indicate an interest in purchasing in the Investor Exercise Notices and Undersubscription Notices is less than the total number of Investor Transfer Shares, then the non-selling Investors and
Restricted Shareholders shall be deemed to have forfeited any right to purchase the Investor Transfer Shares, and the selling Subject Investor shall be free to sell all, but not less than all, of the Investor Transfer Shares to the Prospective
Transferee (subject to the other terms and restrictions of this Agreement), provided, that such sale shall be consummated within ninety (90) days after receipt of the Proposed Transfer Notice by the Company. 

 

	 	(e)	Consideration; Closing. If the consideration proposed to be paid for the Investor Transfer Shares is in property, services or other non-cash consideration, the fair market value of the consideration shall be
determined in good faith by the Board. If any Investor or Restricted Shareholder cannot for any reason pay for the Investor Transfer Shares in the same form of non-cash consideration, such Investor or
Restricted Shareholder may pay the cash value equivalent thereof, as determined by the Board. The closing of the purchase of Investor Transfer Shares shall take place, and all payments shall have been delivered to the selling Investor by the later
of (i) the date specified in the Investor Proposed Transfer Notice as the intended date of the Proposed Investor Transfer and (ii) forty-five (45) days after delivery of the Investor Proposed Transfer Notice. 

 

	6.3	Right of Co-Sale. 

  

	 	(a)	If any Transfer Shares subject to a Proposed Transfer by any Restricted Shareholder pursuant to Section 6.1 are not purchased pursuant to Section 6.1(a) above and thereafter are to be sold to a
Prospective Transferee, each respective Investor that has not exercised its Right of First Refusal may elect to exercise its Right of Co-Sale and participate on a pro-rata basis in the Proposed Transfer on the
same terms and conditions specified in the Proposed Transfer Notice (each such Investor, a “Co-Sale Exercising Investor”). To exercise its Right of Co-Sale the Investor must give the selling Restricted Shareholder written notice to
that effect within fifteen (15) days after receipt of the Confirmation Notice as provided in Section 6.1(d) (the “Co-Sale Period”), and upon giving such notice the Investors shall be deemed to have effectively
exercised the Right of Co-Sale. 

  
 20 

	 	(b)	Each Co-Sale Exercising Investor, by timely exercising its Right of Co-Sale by delivering the written notice provided for above in Section 6.3(a) may include in the Proposed Transfer pursuant to this
Section 6.3 all or any part of its Shares equal to such Investor’s Pro Rata Co-Sale Share. A Co-Sale Exercising Investor’s “Pro Rata Co-Sale Share” of a specified quantity of Transfer Shares proposed to be
transferred shall mean that number of Transfer Shares proposed to be transferred pursuant to this Section 6.3 multiplied by a fraction equal to (i) the total number of Ordinary Shares (on an as converted basis) then held by such
Co-Sale Exercising Investor, divided by (ii) the total number of Ordinary Shares held by the selling Restricted Shareholder plus the total number of Ordinary Shares (on an as converted basis) then held by all
Co-Sale Exercising Investors;. To the extent that one or more of the Investors exercises such right of participation in accordance with the terms and conditions set forth herein, the number of Shares that the
selling Restricted Shareholder may sell in the Proposed Transfer shall be correspondingly reduced. 

  

	 	(c)	The sale of the Pro Rata Co-Sale Shares and remaining Transfer Shares shall occur within ninety (90) calendar days from the beginning of the Co–Sale Period (the “Co-Sale Closing”). For
avoidance of doubt, the Right of Co–Sale shall not apply with respect to Transfer Shares sold or to be sold to the Investors under the Right of First Refusal in Section 6.2. 

 

	 	(d)	Subject to Section 6.3(b) above, an Investor shall effect its participation in the Proposed Transfer by delivering to the transferring Restricted Shareholder prior to the Co-Sale Closing, one or more share
certificates, properly endorsed for transfer to the Prospective Transferee, representing: 

  

	 	(i)	the number of Ordinary Shares that such Investor elects to include in the Proposed Transfer; or 

  

	 	(ii)	the number of Preferred Shares that are at such time convertible into the number of Ordinary Shares that such Investor elects to include in the Proposed Transfer; provided, however, that if the Prospective
Transferee objects to the delivery of convertible Preferred Shares in lieu of Ordinary Shares, such Investor shall first convert the Preferred Shares into Ordinary Shares and deliver Ordinary Shares as provided above. The Company agrees to make any
such conversion concurrent with and contingent upon the actual transfer of such shares to the Prospective Transferee. 

  

	 	(e)	The terms and conditions of any sale pursuant to this Section 6.3 will be contained in, and governed by, a written purchase and sale agreement with customary terms and provisions for such a transaction.

  
 21 

	 	(f)	Each share certificate an Investor delivers to the selling Restricted Shareholder pursuant to Section 6.3(d) above will be transferred to the Prospective Transferee against payment therefor in consummation
of the sale of the Transfer Shares pursuant to the terms and conditions specified in the Proposed Transfer Notice and the purchase and sale agreement, and the selling Restricted Shareholder shall concurrently therewith remit to each Investor the
portion of the sale proceeds to which such Investor is entitled by reason of its participation in such sale. If any Prospective Transferee refuses to purchase securities subject to the Right of Co-Sale from any Investor exercising its Right of
Co-Sale hereunder, no Restricted Shareholder may sell any Shares to such Prospective Transferee unless and until, simultaneously with such sale, such Restricted Shareholder purchases all securities subject to the Right of Co-Sale from such Investor.

  

	 	(g)	If any Proposed Transfer is not consummated within ninety (90) days after receipt of the Proposed Transfer Notice by the Company, the Restricted Shareholder proposing the Proposed Transfer may not sell any Shares
unless they first comply in full with each provision of this Section 6. The exercise or election not to exercise any right by any Investor hereunder shall not adversely affect its right to participate in any other sales of Transfer
Shares subject to this Section 6.3. 

  

	6.4	Effect of Failure to Comply. 

  

	 	(a)	Any Proposed Transfer or Proposed Investor Transfer not made in compliance with the requirements of this Agreement shall be null and void ab initio, shall not be recorded on the books or register of the Company
or its transfer agent and shall not be recognized by the Company. Each party hereto acknowledges and agrees that any breach of this Section 6 would result in substantial harm to the other parties hereto for which monetary damages alone
could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available at Law or in equity
(including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Shares not made in strict compliance with this Section 6). 

 

	 	(b)	If any Restricted Shareholder purports to sell any Shares in contravention of the Right of Co-Sale (a “Prohibited Transfer”), each Investor, in addition to such remedies as may be available by Law, in
equity or hereunder, is entitled to require such Restricted Shareholder to purchase Shares from the Investors, as provided below, and such Restricted Shareholder will be bound by the terms of such option. If a Restricted Shareholder makes a
Prohibited Transfer, each Investor upon timely exercise of its Right of Co-Sale under Section 6.3 may require such Restricted Shareholder to purchase from such Investor the type and number of Shares that such Investor would have been
entitled to sell to the Prospective Transferee under Section 6.3 had the Prohibited Transfer been effected pursuant to and in compliance with the terms of Section 6.3. The sale will be made on the same terms and subject to
the same conditions as would have applied had the Restricted Shareholder not made the Prohibited Transfer, except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the
Investor learns of the Prohibited Transfer, as opposed to the timeframe prescribed in Section 6.3. Such Restricted Shareholder shall also reimburse such Investor for any and all fees and expenses, including legal fees and expenses,
incurred pursuant to the exercise or the attempted exercise of such Investor’s rights under Section 6.3. 

  
 22 

	6.5	Exempt Transfers. 

  

	 	(a)	Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 6.1, Section 6.2 and Section 6.3 shall not apply: (i) to a repurchase of Shares from a
Restricted Shareholder by the Company at a price no greater than that originally paid by such Restricted Shareholder for such Shares and pursuant to an agreement containing vesting and/or repurchase provisions approved by a majority of the Board
including the affirmative vote of the Preferred Directors, (ii) in the case of a Restricted Shareholder that is a natural person, upon a gratuitous transfer of Shares by such Restricted Shareholder (including on death by will or intestacy) to
an Immediate Family Member of such Restricted Shareholder, or to a custodian, trustee, executor, or other fiduciary for the account of such Restricted Shareholder’s Immediate Family Member, or to a trust for such Restricted Shareholder’s
own self, in each case for bona fide estate and/or tax planning purposes, provided that (A) each such transferee or assignee, prior to the completion of the sale, shall have executed documents assuming the obligations of the transferring
Restricted Shareholder under this Agreement with respect to the transferred Shares; and provided further that any such transfer or distribution shall comply with applicable Law and regulations, including without limitation any requirement for the
transferee to make any required filings with SAFE pursuant to Circular 75 issued by the State Administration of Foreign Exchange of the PRC (“SAFE”) on October 21, 2005 (and any successor regulation) (“Circular
75”) and (B) any such transfer shall not exceed ten percent (10%) of the total shares held by such Restricted Shareholder, (iii) in the case of a Restricted Shareholder that is an entity, upon a transfer by such Restricted
Shareholder to an Affiliate provided that the transferee, prior to the completion of the sale, shall have executed documents assuming the obligations of the transferring Shareholder under this Agreement with respect to the transferred Shares, and
provided further that any such transfer or distribution shall comply with applicable Law and regulations, including without limitation any requirement for the transferee to make any required filings with SAFE pursuant to Circular 75, (iv) the
sale of any Shares to the public in a Qualifying IPO, or (v) in the case of an Investor that is an entity, upon a transfer by such Investor to a transferee that is a subsidiary, Affiliate, parent, partner, member, limited partner, retired
partner, retired member or shareholder; provided that in each of the above cases such transferee or assignee, prior to the completion of the sale, shall have executed documents assuming the obligations of the transferring Shareholder under this
Agreement with respect to the transferred Shares. 

  

	 	(b)	Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 6.1, Section 6.2, and Section 6.3 shall not apply to the sale of any Shares to the public
in a Qualifying IPO (as defined in the Purchase Agreement). 

  
 23 

	6.6	Prohibition on Transfer of Restricted Shareholders’ Shares. 

 In addition to the
restrictions set forth in Sections 6.1 to 6.5 above, without the prior written consent of the holders of more than forty-five (45%) of each of the Series C Preferred Shares, Series B Preferred Shares and the Series A Preferred
Shares (voting separately) then outstanding (and the holders of the Series C Preferred Shares shall include the Series C Investor and the holders of the Series B Preferred Shares shall include JAFCO, respectively), within forty-eight
(48) months following the closing date of the Purchase Agreement, the Restricted Shareholders shall not affect a Proposed Transfer unless otherwise permitted pursuant to Section 6.5. The Key Holder hereby irrevocably and
unconditionally undertakes with the Investors that without the prior written approval of the Investors, it shall not directly or indirectly issue, sell, transfer or otherwise dispose of or create any mortgage, charge, pledge, lien or other
encumbrance, third party rights or security interest whatsoever on or over or in respect of all or any of its shares (or any interest therein). The Founder hereby irrevocably and unconditionally undertakes with the Investors that without the prior
written approval of the Investors, he shall not allow, directly or indirectly, sell, transfer or otherwise dispose of or create any mortgage, charge, pledge, lien or other encumbrance, third party rights or security interest whatsoever on or over or
in respect of all or any of the shares in the Key Holder. 
  

	6.7	Term. 

 The provisions of this Section 6 shall terminate upon the earlier of
(i) immediately prior to the Qualifying IPO and (ii) the occurrence of a Liquidation Event (as defined in the Articles). 
  

	7.	ADDITIONAL COVENANTS. 

  

	7.1	Insurance. 

  

	 	(a)	Upon request by the Investors, the Company shall use its reasonable best efforts to obtain within ninety (90) days from financially sound and reputable insurers (i) Directors and Officers Liability insurance
and (ii) term “key-person” insurance as appropriate, each in an amount satisfactory to the Investors, and will use reasonable best efforts to cause such insurance policies to be maintained until such time as the Board (including the
Series C Director and the JAFCO Director) determines that such insurance should be discontinued. The “key person” policy shall name the Company as loss payee and neither policy shall be cancelable by the Company without prior approval of
the Board including the Series A Director, JAFCO Director and the Series C Director. 

  

	 	(b)	Notwithstanding any other provision in this Agreement or in the Articles, the Company shall, and shall cause each Group Company to, jointly and severally, indemnify to the fullest extent permitted by applicable Law any
director made or threatened to be made a party to an action or proceeding, whether criminal, civil, administrative or investigative, by reason of the fact that he, his testator or interstate is or was a director or officer of the Company or any
predecessor of the Company or any other Group Company or serves or served at any other enterprise as a director or officer at the request of the Company or any predecessor to the Company. 

  
 24 

	7.2	Employee Stock Option Plan. 

 The Company shall maintain a share incentive option plan
(the “Stock Plan”), under which the Company may grant not more than 6,002,020 (including outstanding options) of its authorized Ordinary Shares (as reflected in the capitalization table attached as Schedule 8 to the Purchase
Agreement) for issuance to officers, directors, employees and consultants of the Company. The Stock Plan shall be managed by the Board. Unless approved by the Board (including the affirmative consent of each of the Series A Director, JAFCO Director
and the Series C Director), all officers, directors, employees and consultants of the Company who shall purchase, or receive options to purchase, shares of the Company under the Stock Plan shall be required to execute share purchase or option
agreements providing for (i) vesting of shares over not less than a five-year period with the first twenty percent (20%) of such shares vesting following twelve (12) months of continued employment or services, and the remaining shares
vesting in equal yearly instalments over the following four (4) years, and (ii) a one hundred eighty (180) day lockup period in connection with the Company’s initial public offering. All options granted under the Stock Plan can
only be exercised upon the occurrence of (i) the consummation of a Qualifying IPO; (ii) the consummation of a Liquidation Event; or (iii) the expiry of five (5) year period commencing from the date hereof. 

 

	7.3	Acts of the Company. 

 Notwithstanding anything to the contrary, the Parties (with the
exception of the Company in relation to Sections 7.3(e), (f), (g), (v) and (w) below) hereby agree that the following acts of any Group Company shall require the prior written approval, in addition to
approval by the shareholders as required by law, of the holders of more than sixty-seven percent (67%) of the Series A Preferred Shares, the holders of more than forty-five percent (45%) of the Series B Preferred Shares (which holders
shall include JAFCO) and the holders of more than sixty-seven percent 67% of the Series C Preferred Shares (which holders shall include the Series C Investor), or by way of a written resolution signed by all holders of the Preferred Shares: 

 

	 	(a)	any approval of the business plan and change in the business plan or scope of principal business of any Group Company, or engaging in any new line of business by any Group Company, or ceasing to conduct or carry on the
business of any Group Company substantially as now conducted; 

  

	 	(b)	any purchase or disposal of assets (including intangible assets) and businesses by any Group Company worth more than one million U.S. dollars (US$1,000,000) per transaction or, in the aggregate, more than three million
U.S. dollars (US$3,000,000) in a period of twelve (12) months; 

  

	 	(c)	any disposal or dilution of the Company’s interest, directly or indirectly, in any Domestic Company or in any of its subsidiaries; 

  
 25 

	 	(d)	any capital commitment of any Group Company, in one or a series of transactions, exceeding the amount of fifty thousand U.S. dollars (US$50,000) (or its equivalent in other currency) or any non-core business investments
(other than in prime commercial paper, money market funds, certificates of deposit in an international bank having net worth in excess of one hundred million U.S. dollars (US$100,000,000) or obligations issued or guaranteed by a sovereign
government, in each case having a maturity not in excess of two (2) years), or any-acquisition of assets or equity interests outside the PRC (including Hong Kong Special Administrative Region and Macau Special Administrative Region);

  

	 	(e)	any merger, consolidation, scheme of arrangement, recapitalization, sale or disposal of the whole or a substantial part of the undertaking, goodwill or the assets of any Group Company; 

 

	 	(f)	any increase of the authorized or issued share capital or registered capital (where applicable) of any Group Company save for increase of authorized capital of the Company for the purpose of issuing Ordinary Shares upon
the conversion of the Preferred Shares; 

  

	 	(g)	repurchase or redemption by any Group Company of any outstanding securities or any other reduction of share capital or similar process other than pursuant to the redemption right of the holders of Preferred Shares, as
provided in the Articles, or contractual rights to repurchase Ordinary Shares from the employees, directors or consultants of the Company upon termination of their employment or services; 

 

	 	(h)	issuance of any new securities or any instruments that are convertible into securities, excluding (i) any issuance of the Series C Preferred Shares under the Purchase Agreement, (ii) any issuance of Ordinary
Shares upon conversion of the Preferred Shares, and (iii) any issuance of Ordinary Shares (or options or warrants therefor) under employee equity incentive plans approved by the Board, the holders of more than sixty-seven percent (67%) of
the Series A Preferred Shares, the holders of more than forty-five percent (45%) of the Series B Preferred Shares (which holders shall include JAFCO), and the holders of more than sixty-seven percent (67%) of the Series C Preferred Shares
(which holders shall include the Series C Investor), or issuance of any corporate debt or debt security; 

  

	 	(i)	any action by the Company to authorize, create or issue shares of any class or series of the Company having preferences superior to or on a parity with any Preferred Shares; 

 

	 	(j)	any amendment or change of, or other action that alters, the rights, preferences, privileges or powers of, or the restrictions provided for the benefit of, any Preferred Share; 

 

	 	(k)	the declaration and/or payment of any and all dividends by, or the making of any distribution on or with respect to the shares or any other share capital of, any Group Company; 

  
 26 

	 	(l)	any action by the Company to reclassify any outstanding shares into shares having preferences or priority as to dividends or assets senior to or on a parity with the preference of any Preferred Shares;

  

	 	(m)	appointment, removal and remuneration of executive management, including the CEO, CFO and COO of any Group Company, or any purchase of automobiles and accommodation for the management; 

 

	 	(n)	appointment, removal and remuneration of the directors of any Group Company, other than appointments and removals effected in accordance with Sections 5.1 5.2(b) and 5.3; 

 

	 	(o)	establishment of any board committee and the delegation of any authority to the Board of Directors of any Group Company, or any change in the number of directors of any Group Company; 

 

	 	(p)	adoption of, or amendment to any bonus or profit sharing scheme, any employee equity incentive scheme or equity participation scheme of any Group Company; 

 

	 	(q)	adoption of, or amendment to any treasury policy, any accounting policy or financial year of any Group Company; 

  

	 	(r)	appointment or change of the auditors of any Group Company; 

  

	 	(s)	other than in the ordinary course of the business, the grant or creation by any Group Company of any indemnity or guarantee or any charge, lien or debenture or other security over all or any part of the assets or rights
of any Group Company; 

  

	 	(t)	borrowing any money or obtaining any financial facilities (except pursuant to trade facilities obtained from banks or other financial institutions in the ordinary course of business, provided that the aggregate amount
of such indebtedness or facilities shall not exceed five hundred thousand U.S. dollars (US$500,000)); 

  

	 	(u)	any transfer, sale, encumbrance of, or grant of license in any of the Group Companies’ intellectual property or other proprietary rights other than in the ordinary course of business, provided that any grant of
exclusive license shall be deemed to be not in the ordinary course of business; 

  

	 	(v)	any application or filing for the dissolution, liquidation or winding up of any Group Company or any application or filing by or against any Group Company for the appointment of a receiver, administrator or other form
of external manager, or passing of any resolution for the winding up, liquidation, bankruptcy or insolvency of any Group Company; 

  

	 	(w)	adoption of or amendment to the Articles or other charter documents of any Group Company; 

  
 27 

	 	(x)	any agreement, or any modification of the terms of any agreement, undertaking or other arrangement between any officer or director of any Group Company or any “Affiliate” or “Associate” (as those
terms are defined in Rule 405 promulgated under the Securities Act or Rule 12b-2 of the Exchange Act) and any Group Company, which shall be deemed an interested party transaction under the Securities Act; 

 

	 	(y)	any acquisition of any equity or other securities of any body corporate or the establishment of any brands by any Group Company; 

  

	 	(z)	approval of any transfer, disposal or dilution of shares in any Group Company; 

  

	 	(aa)	any increase in compensation of any of the five (5) most highly compensated employees of any Group Company by more than fifteen percent (15%) in a twelve (12) month period or any change in the terms of
employment of such employees (other than any increase in compensation already approved by the compensation Committee of the Board); 

  

	 	(bb)	any adoption or amendment of the employment contracts or benefit plans for employees whose annual remuneration rate exceeds sixty thousand U.S. dollars (US$60,000) (other than any adoption or amendment of the employment
contracts or benefit plans already approved by the Compensation Committee of the Board); 

  

	 	(cc)	adoption of, or any material amendment to, the Budget; 

  

	 	(dd)	any non-budgeted and non-operating expenditure exceeding the amount of twenty-five thousand U.S. dollars (US$25,000), per payment or in the aggregate in a period of three (3) months, by any Group Company;

  

	 	(ee)	other than in the ordinary course of business, any business transaction of any Group Company exceeding the amount of twenty-five thousand U.S. dollars (US$25,000), or any business transaction outside the scope of the
principal business of any Group Company; 

  

	 	(ff)	any amendment to the operational agreements among the Group Companies (including all current and future agreements), or any transaction involving both a Group Company and a shareholder or any of a Group Company’s
employees, officers, directors or shareholders or any affiliate of a shareholder or any of its officers, directors or shareholders; 

  

	 	(gg)	provision of loans or advances by any Group Company to any other person (including any Group Company (unless it is wholly owned), employees or directors of any Group Company or any other entity) except in the ordinary
course of business or in accordance with any stock option plan or stock incentive plan approved by the Board; 

  

	 	(hh)	any purchase or lease by any Group Company of any real estate properties not in the ordinary course of business; 

  

	 	(ii)	establishment of any subsidiary or affiliates (other than those provided under the Budget already approved in the manner described under Section 7.3(cc)) and the signing of any shareholders agreement or
joint venture agreement by any Group Company; 

  
 28 

	 	(jj)	change of the co-signatories to the Closing Account (as described under Section 1.3 of the Purchase Agreement); 

  

	 	(kk)	change in the size, composition or structure of the Board of Directors; 

  

	 	(ll)	entry, extension or renewal of any franchisor or franchising arrangement or agreement; 

  

	 	(mm)	an initial public offering of any Group Company; or 

  

	 	(nn)	any change in the corporate structure of the Group Companies. 

  

	7.4	Acts of the WFOE and the Domestic Companies. 

 Without limitation of the foregoing and
subject to applicable PRC Laws and regulations, the following acts by the Domestic Companies and the WFOE shall in each case require the prior written approval of the holders of more than sixty-seven percent (67%) of the Series A Preferred
Shares, the holders of more than forty-five percent (45%) of the Series B Preferred Shares (which holders shall include JAFCO), and the holders of more than sixty-seven percent (67%) of the Series C Preferred Shares (which holders shall
include the Series C Investor): 
  

	 	(a)	any amendment to the Domestic Companies’ or the WFOE’s Articles of Association; 

  

	 	(b)	the liquidation, termination or dissolution of the Domestic Companies or the WFOE; 

  

	 	(c)	any increase of the registered capital of the Domestic Companies or the WFOE or any increase or transfer of any equity interest in the Domestic Companies or the WFOE; 

 

	 	(d)	the sale, lease, transfer or other disposition of all or substantially all of the assets of the Domestic Companies or the WFOE or any merger or consolidation of the Domestic Companies or the WFOE with or into any other
business entity; or 

  

	 	(e)	any issuance of equity securities or equity-like securities of the Domestic Companies or the WFOE. 

  

	7.5	Meetings of the Board. 

 Unless otherwise determined by the vote of a majority of the
directors then in office, the Board shall meet at least quarterly in accordance with an agreed upon schedule. 

  
 29 

	7.6	Successor Indemnification. 

 In the event that the Company or any of its affiliates,
successors or assigns (i) consolidates with or merges into any other entity and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its
properties and assets to any person or entity, then, and in each such case, to the extent necessary, proper provision shall be made so that the successors and assigns of the Company assume the obligations of the Company with respect to
indemnification of members of the Board as in effect immediately prior to such transaction, whether in the Company’s Articles or elsewhere, as the case may be. 
  

	7.7	Business Principles. 

 The Company agrees and undertakes to the Investors that the
business of the Company will be designed and carried on in accordance with the following business principles (collectively, the “Business Principles”), namely, in a way that: 

 

	 	(a)	provides safe and healthy working conditions for its employees and contractors; 

  

	 	(b)	encourages the efficient use of natural resources and promotes the protection of the environment; 

  

	 	(c)	treats all employees fairly in terms of recruitment, progression, remuneration and conditions of work, irrespective of gender, race, color, language, disability, political opinion, age, religion, or national/social
origin; 

  

	 	(d)	allows consultative work-place structures and associations that provide employees with an opportunity to present their views to management; 

 

	 	(e)	takes account of the impact of its operations on the local community and seeks to ensure that potentially harmful occupational health and safety, environmental and social effects are properly assessed, addressed and
monitored; 

  

	 	(f)	upholds high standards of business integrity and honesty, and operates in accordance with local Laws and international good practice (including those intended to fight extortion, bribery and financial crime);

  

	 	(g)	implements a social and environmental management system that enables effective identification, management and monitoring of any risks and provides a framework for action; and 

 

	 	(h)	provides for the reporting of the company’s compliances with the Business Principles in an annual report by the company to its Board in a manner that allows a reader to make an informed assessment of the business
of the Company and, to the extent relevant, the undertakings of the Group Companies as against the requirements of the Business Principles. 

  

	7.8	Amendment to Control Documents. 

 In the event that any provision under the Control
Documents is ruled by any relevant Governmental Entity as invalid or unenforceable under the Laws of the PRC, the Founder and the Group Companies shall, subject to the Laws of the PRC, use their best efforts to take, or cause to be taken, such
action, to execute and deliver, or cause to be executed and delivered, such documents and instruments and to do, or cause to be done, all things necessary, proper or advisable to ensure that substantially all of the income generated by the Domestic
Companies is consolidated into the WFOE. 

  
 30 

	7.9	Option to Purchase the Domestic Companies. 

 The Company shall maintain a fully
transferable option, exercisable by the Company or its designee at any time to purchase one hundred percent (100%) of the shares or ownership of the Domestic Companies, for a total nominal consideration of RMB10 (or for the lowest price that is
in compliance with PRC Law). The shareholders of each of the Group Companies shall return any proceeds from the Company’s exercise of this option to the Company. 
  

	7.10	Termination of Covenants. 

 The covenants set forth in this Section 7 (other
than Section 7.7) shall terminate and be of no further force or effect upon (a) the consummation of a Qualifying IPO, or (b) upon the consummation of a Liquidation Event, as such term is defined in the Company’s Articles,
whichever event shall first occur. 
  

	7.11	Notification and Public Dissemination Rights. 

 The Issuer shall keep the Investors
informed, on a current basis, of any events, discussions, notices or changes with respect to any criminal or regulatory investigation or action involving the Issuer or any of its subsidiaries, so that the Investors will have the opportunity to take
appropriate steps to avoid or mitigate any regulatory consequences to them that might arise from such criminal or regulatory investigation or action and the Issuer shall reasonably cooperate with the respective Investor(s), their members and their
respective affiliates in an effort to avoid or mitigate any cost or regulatory consequences that might arise from such investigation or action (including by reviewing written submissions in advance, attending meetings with authorities, coordinating
and providing assistance in meeting with regulators and, if requested by the Investor(s), making a public announcement of such matters). 
  

	8.	[RESERVED]. 

  

	9.	MISCELLANEOUS. 

  

	9.1	Governing Law. 

 This Agreement shall be governed by and construed in accordance with the
Laws of Hong Kong without regard to the principles of conflicts of Laws of any jurisdiction. 
  

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

  
 31 

	9.3	Headings and Subheadings. 

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

	9.4	Notices. 

 All notices and other communications given or made pursuant to this Agreement
shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so
confirmed, then on the next Business Day, (c) three (3) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with an internationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on Schedule 4, or to such email address, facsimile number or
address as subsequently modified by written notice given in accordance with this Section 9.4. 
  

	9.5	Costs of Enforcement. 

 If any party to this Agreement seeks to enforce its rights under
this Agreement by legal proceedings, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable legal adviser’s fees. 

 

	9.6	Amendments and Waivers. 

  

	 	(a)	Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written
consents of each of the Company, the Founders, the Key Holder, the holders of more than sixty-seven percent ( 67%) of the Series A Preferred Shares then outstanding, the holders of more than forty-five percent (45%) of the Series B Preferred
Shares (which holders shall include JAFCO) and the holders of more than sixty-seven percent (67%) of the Series C Preferred Shares then outstanding (which holders shall include the Series C Investor). Any amendment or waiver effected in
accordance with this paragraph shall be binding upon each holder of any Registrable Securities then outstanding, each future holder of all such Registrable Securities, and the Company. 

  
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 In addition to the foregoing, in the case of an amendment (i) with respect to the
Registration Rights under any provision of Section 2 and Exhibit B hereof, any such amendment may be made only with the written consents of the Company, the holders of more than sixty-seven percent (67%) of the Series A
Preferred Shares then outstanding, the holders of more than forty-five percent (45%) of the Series B Preferred Shares (which holders shall include JAFCO), and the holders of more than sixty-seven percent (67%) of the Series C Preferred
Shares then outstanding (which holders shall include the Series C Investor); (ii) with respect to the Information and Observer Rights under Section 3, only with the written consents of the Company and each of the Investors;
(iii) with respect to the Right of First Offer under Section 4 and the Right of First Refusal, Co-Sale and Restrictions on Transfer under Section 6, any such amendment may be made only with the written consents of the
Company, the Restricted Shareholders (excluding the Restricted Employees), the holders of more than sixty-seven percent (67%) of the Series A Preferred Shares then outstanding, the holders of more than forty-five percent (45%) of the
Series B Preferred Shares (which holders shall include JAFCO), and the holders of more than sixty-seven percent (67%) of the Series C Preferred Shares then outstanding (which holders shall include the Series C Investor); (iv) with respect
to the Drag-Along Right under Section 5.8, any such amendment may be made only with the written consents of the Company, the holders of more than sixty-seven percent (67%) of the Series A Preferred Shares then outstanding, the
holders of more than forty-five percent (45%) of the Series B Preferred Shares (which holders shall include JAFCO), the holders of more than sixty-seven percent (67%) of the Series C Preferred Shares then outstanding (which holders shall
include the Series C Investor) and the Restricted Shareholders (excluding the Restricted Employees). Any amendment effected in accordance with this Section 9.6 shall be binding upon the Company, the WFOE, the Domestic Companies, each
Investor, the Founder, the Key Holder, the Existing Holder and their respective successors in interest. 
  

	 	(b)	Notwithstanding anything to the contrary in this Section 9.6: 

  

	 	(i)	no amendment to this Agreement shall be effective or enforceable against an Investor that does not consent to such amendment unless: (i) written notice describing the proposed amendment has been provided to each
Investor at least five (5) Business Days prior to such amendment; and (ii) a copy of the final executed version of the amendment shall be provided to each of the Investors within twenty (20) Business Days after such amendment; and

  

	 	(ii)	an amendment to this Agreement shall not be effective or enforceable in respect of any particular Investor if such amendment: (i) unilaterally and adversely affects the rights of such Investor and does not
materially and adversely affect the rights of all other Investors in the same manner; or (ii) imposes any material obligation or liability on such Investor beyond that already imposed on such Investor hereunder prior to such amendment or
waiver. 

  

	 	(c)	Any amendment, termination or waiver effected in accordance with this Section 9.6 shall be binding on all Parties hereto, even if they do not execute such consent. No waivers of or exceptions to any term,
condition or provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

 

	9.7	Severability. 

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

  
 33 

	9.8	Aggregation of Shares. 

 All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
  

	9.9	Entire Agreement. 

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

 

	9.10	Transfers, Successors and Assigns. 

  

	 	(a)	The rights of the Investors set forth in this Agreement are fully assignable to any person who holds or is acquiring Preferred Shares (or such other securities received in exchange for or upon conversion of such
Preferred Shares) in a transfer permitted hereunder; provided, however that the Company is given written notice at the time of such assignment stating the name and address of the assignee and identifying the securities of the Company
as to which the rights in question are being assigned; and provided further that the transferee executes and delivers an Assumption Agreement as provided in Section 9.10(c). 

 

	 	(b)	Subject to Section 9.10(a), this Agreement and the rights and obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, permitted assigns and legal
representatives. No Shareholder may assign or transfer, or purport to assign or transfer, any of its rights or obligations under this Agreement without the prior written consent of the other Parties except to a transferee of Shares in the event of
any transfer of Shares made in compliance with or permitted under this Agreement. For the avoidance of doubt, the rights of the Investors hereunder are assignable (A) to any Affiliate of such Investor, (B) to any other Investor, or
(C) to an assignee or transferee who acquires the Preferred Shares (or such other securities received in exchange for or upon conversion of such Preferred Shares) from an Investor. 

 

	 	(c)	Each transferee or assignee of the Shares subject to this Agreement shall continue to be subject to the terms hereof, and, as a condition to the Company’s recognizing such transfer, each transferee or assignee
shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering an Assumption Agreement substantially in the form attached hereto as Exhibit C. Upon the execution and delivery of an Assumption Agreement
by any transferee, such transferee shall be deemed to be a Party hereto as if such transferee’s signature appeared on the signature pages of this Agreement. By execution of this Agreement or of any Assumption Agreement, each of the Parties
appoints the Company as its attorney in fact for the purpose of executing any Assumption Agreement that may be required to be delivered under the terms of this Agreement. The Company shall not permit the transfer of the Shares subject to this
Agreement on its books or issue a new certificate representing any such Shares unless and until such transferee shall have complied with the terms of this Section 9.10. Each certificate representing the Shares subject to this Agreement
if issued on or after the date of this Agreement shall be endorsed by the Company with the legend set forth in Section 9.11. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the Parties or
their respective executors, administrators, heirs, successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 34 

	9.11	Legend. 

  

	 	(a)	Each certificate representing Shares issued by the Company to the Key Holder, as well as the register of members of the Company, shall be endorsed with the following legend: 

 

	 	i.	“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SECURITIES MAY NOT BE TRANSFERRED UNLESS (A) A REGISTRATION
STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR (B) PURSUANT TO RULE 144, OR (C) IN THE OPINION OF THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.”

  

	 	ii.	“THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A SHAREHOLDERS’ AGREEMENT DATED AS OF SEPTEMBER 6, 2011, AMONG THE COMPANY AND CERTAIN OF THE COMPANY’S SHAREHOLDERS, AS AMENDED AND MODIFIED FROM TIME TO
TIME. A COPY OF SUCH SHAREHOLDERS’ AGREEMENT SHALL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

  

	 	iii.	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE COMPANY FILED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.”

  
 35 

	 	iv.	“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE ACT, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET
FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER, IF NOT A U.S. PERSON: (1) REPRESENTS THAT IT IS NOT A U.S. PERSON AND IS ACQUIRING THESE SHARES IN AN OFFSHORE TRANSACTION; (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THESE
SHARES EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOR, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (C) INSIDE THE UNITED STATES, TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
ACT, (D) INSIDE THE UNITED STATES, TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE COMPANY A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THESE SHARES (THE
FORM OF WHICH LETTER CAN BE OBTAINED FROM THE COMPANY), (E) OUTSIDE THE UNITED STATES, IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULES 904 AND 905 UNDER THE ACT OR (F) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
UNDER THE ACT (IF AVAILABLE); AND (3) AGREES THAT IT WILL GIVE EACH PERSON TO WHOM THESE SHARES ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THESE SHARES PURSUANT TO CLAUSES (C),
(D) OR (F) ABOVE, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS, OR OTHER INFORMATION AS THE COMPANY MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE ACT. AS USED HEREIN, THE TERMS ‘OFFSHORE TRANSACTION’, ‘UNITED STATES’, AND ‘U.S. PERSON’ HAVE THE MEANING GIVEN TO THEM BY REGULATION S
UNDER THE ACT.” 

 The Key Holder agrees that the Company may instruct its transfer agent to impose transfer restrictions
on the shares represented by certificates bearing the legend referred to in Section 9.11(a) above to enforce the provisions of this Agreement, and the Company agrees to promptly do so. The legend shall be removed upon termination of this
Agreement at the request of the holder. 

  
 36 

	 	(b)	Each certificate representing Shares issued by the Company to the Preferred Shareholders, as well as the register of members of the Company, shall be endorsed with the following legend: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.” 
  

	9.12	Dispute Resolution. 

 Any dispute, controversy or claim arising out of or relating to
this Agreement, including the validity, invalidity, breach or termination thereof, shall be settled by arbitration in Hong Kong under the Hong Kong International Arbitration Centre Administered Arbitration Rules in force when the Notice of
Arbitration is submitted in accordance with these Rules. The number of arbitrators shall be three (3). The arbitration proceedings shall be conducted in English. 
  

	9.13	Delays or Omissions. 

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

 

	9.14	Termination of 2008 Shareholders Agreements; Waiver of Pre-emptive Rights. 

  

	 	(a)	In consideration of the mutual covenants and promises contained herein, each of the parties to the 2008 Shareholders Agreements hereby confirms and covenants with each of the other parties thereto that, with effect
immediately after Closing: (a) the 2008 Shareholders Agreements shall be absolutely terminated; (b) none of the parties to the 2008 Shareholders Agreements have or shall have any rights, claims or interests whatsoever against any of the
other parties to the 2008 Shareholders Agreements under or in respect of the 2008 Shareholders Agreements; and (c) to the extent that any of the parties to the 2008 Shareholders Agreements have or may have any rights, claims or interests
whatsoever against any of the other parties thereto under or in respect of the 2008 Shareholders Agreements, such rights, claims or interests are hereby absolutely, irrevocably and unconditionally waived, discharged and released by the parties
concerned. 

  

	 	(b)	Each of the shareholders of the Company hereby waives any right of first offer, pre-emptive right or other rights to purchase any portion of the Series C Preferred Shares issued by the Company pursuant to the Purchase
Agreement that such shareholder may have under the Prior Investment Agreements, the Articles of the Company, or otherwise. 

  
 37 

	9.15	Conflict with Articles of Association. 

 Subject to the Act, in the event of any conflict
or inconsistency between the provisions of this Agreement and the provisions of the Company’s Articles or other constitutional documents, the terms of this Agreement shall prevail as between the shareholders of the Company only. The Parties
shall, notwithstanding the conflict or inconsistency, act so as to effect the intent of this Agreement to the greatest extent possible under the Act and shall promptly amend the conflicting constitutional documents to conform to this Agreement to
the greatest extent possible under the laws of the Cayman Islands. 
  

	9.16	Performance. 

 The Founder shall procure that the Key Holder shall fully comply with and
perform all of the obligations, covenants, undertakings and commitments of the Key Holder under this Agreement. 
  

	9.17	JAFCO’s Rights. 

 Any rights of JAFCO under this Agreement may, without prejudice to
the rights of JAFCO to exercise any such rights, be exercised by JAFCO Investment (Asia Pacific) Ltd. (“JIAP”) or any other fund manager of JAFCO or their nominees (a “JAFCO Manager”), unless JAFCO has
(a) given notice to the other Parties that any such rights cannot be exercised by JIAP or a JAFCO Manager and (b) not given notice to the other Parties that such notice which is given under this Section 9.17 has been revoked.

 [Remainder of Page Intentionally Left Blank] 

  
 38 

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

							
	COMPANY:	 		 	TARENA INTERNATIONAL, INC.
				
		 		 	By:	 	/s/ Han Shaoyun
		 		 	Name:	 	
		 		 	Title:	 	
			
	DOMESTIC COMPANY:	 		 	 BEIJING TARENA JINQIAO

TECHNOLOGY CO., LTD.

				
		 		 	By:	 	/s/ Han Shaoyun
		 		 	Name:	 	
		 		 	Title:	 	
			
	DOMESTIC COMPANY:	 		 	 SHANGHAI TARENA SOFTWARE

TECHNOLOGY CO., LTD.

				
		 		 	By:	 	/s/ Han Shaoyun
		 		 	Name:	 	
		 		 	Title:	 	

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

							
	WFOE:	 		 	 BEIJING TARENA TECHNOLOGY CO., LTD.

				
		 		 	By:	 	/s/ Han Shaoyun
		 		 	Name:	 	
		 		 	Title:	 	

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

									
	SERIES C INVESTOR:	 		 	 GOLDMAN SACHS INVESTMENT

PARTNERS MASTER FUND, L.P.

				
		 		 	By: 	 	 Goldman Sachs Investment Partners

OP, LLC, its General Partner

					
		 		 		 	By:	 	 /s/ Michelle Barone

		 		 		 	Name:	 	Michelle Barone
		 		 		 	Title:	 	Vice President
			
		 		 	 GOLDMAN SACHS INVESTMENT

PARTNERS PRIVATE
 OPPORTUNITIES HOLDINGS,
L.P.

				
		 		 	By:	 	 Goldman Sachs Investment Partners

Private Opportunities Advisors, Inc. its General Partner

					
		 		 		 	By:	 	 /s/ Michelle Barone

		 		 		 	Name:	 	Michelle Barone
		 		 		 	Title:	 	Vice President

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

							
	SERIES A INVESTOR:	 		 	 IDG TECHNOLOGY VENTURE

INVESTMENTS, L.P.

				
		 		 	By:	 	/s/ Quan Zhou
		 		 	Name:	 	Quan Zhou
		 		 	Title:	 	Authorized Signatory

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

							
	SERIES B INVESTOR:	 		 	JAFCO ASIA TECHNOLOGY FUND IV
				
		 		 	By:	 	/s/ Hiroshi Yamada
		 		 	Name:	 	Hiroshi Yamada
		 		 	Title:	 	Attorney

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

							
	SERIES B INVESTOR:	 		 	 IDG TECHNOLOGY VENTURE

INVESTMENT III, L.P.

				
		 		 	By:	 	/s/ Quan Zhou
		 		 	Name:	 	Quan Zhou
		 		 	Title:	 	Authorized Signatory

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

 IN WITNESS WHEREOF, the Parties have executed this Shareholders Agreement as of the date first
above written. 
 FOUNDER: 
  

			
		
	By:	 	/s/ Han Shaoyun
	Name:	 	Han Shaoyun

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

							
	KEY HOLDER:	 		 	CONNION CAPITAL LIMITED
				
		 		 	By:	 	 /s/ Han Shaoyun

		 		 	Name:	 	
		 		 	Title:	 	

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

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

							
	 EXISTING HOLDER:
	 		 		 	
				
		 		 	By:	 	/s/ Zhao Mei
		 		 	Name:	 	Zhao Mei

 SHAREHOLDER AGREEMENT SIGNATURE PAGE 

 SCHEDULE 1 

LIST OF INVESTORS 
  

					
	 SERIES A INVESTOR
	  	Series A Shares	 
	 IDG Technology Venture Investments, LP
	  	 	8,571,430	  
	 Total Series A Shares
	  	 	8,571,430	  
		
	 SERIES B INVESTORS
	  	Series B Shares	 
	 JAFCO Asia Technology Fund IV and its affiliates
	  	 	5,630,630	  
	 IDG Technology Venture Investment III, L.P.
	  	 	1,689,190	  
	 Total Series B Shares
	  	 	7,319,820	  
		
	 SERIES C INVESTORS
	  	Series C Shares	 
	 Goldman Sachs Investment Partners Master Fund, L.P.
	  	 	5,457,426	  
	 Goldman Sachs Investment Partners Private Opportunities Holdings, L.P.
	  	 	5,457,426	  
	 Total Series C Shares
	  	 	10,914,852	  

  
 SCHEDULE 1-1 

 SCHEDULE 2 

FOUNDER 
  

					
	 FOUNDER
	  	ID NUMBER	 
	 Han Shaoyun
	  	 	*	** 

  
 SCHEDULE 2-1 

 SCHEDULE 3  

LIST OF DOMESTIC COMPANIES 
  

	1.	Beijing Tarena Jinqiao Technology Co., Ltd.

 

  

	2.	Shanghai Tarena Software Technology Co., Ltd.

 

  
 SCHEDULE 3-1 

 SCHEDULE 4  

NOTICES 
  

			
	 Company
  

Address for Notices
 7/F, Tower B, Zhongding Plaza

A 18, West Road of North 3rd Ring Road

Haidian, 100098, Beijing
 Fax Number: (8610) 6219 6102
	 	
		
	 Key Holder
  

Address for Notices
 7/F, Tower B, Zhongding Plaza

A 18, West Road of North 3rd Ring Road

Haidian, 100098, Beijing
 Fax Number: (8610) 6219 6102
	 	
		
	 Domestic Company
  

Address for Notices
 7/F, Tower B, Zhongding Plaza

A 18, West Road of North 3rd Ring Road

Haidian, 100098, Beijing
 Fax Number: (8610) 6219 6102
	 	
		
	 WFOE
  

Address for Notices
 7/F, Tower B, Zhongding Plaza

A 18, West Road of North 3rd Ring Road

Haidian, 100098, Beijing
 Fax Number: (8610) 6219 6102
	 	
		
	 Founder
  

Address for Notices
 7/F, Tower B, Zhongding Plaza

A 18, West Road of North 3rd Ring Road

Haidian, 100098, Beijing
 Fax Number: (8610) 6219 6102
	 	
		
	 Existing Holder
  

Address for Notices
 7/F, Tower B, Zhongding Plaza

A 18, West Road of North 3rd Ring Road

Haidian, 100098, Beijing
 Fax Number: (8610) 6219 6102
	 	
		
	 IDG Technology Venture Investments, L.P.

and IDG Technology Venture Investment III, L.P.
  

Address for Notices
 c/o IDG VC Management (HK) Limited

Unit 1509, The Center
 99 Queen’s Road, Central, Hong
Kong
 Fax Number: (852) 25291619
 Att.: Mr. Simon Ho
	 	

  
 SCHEDULE 4-1 

			
	JAFCO Asia Technology Fund IV	 	
		
	 Address for Notices
 c/o JAFCO Investment
(Asia Pacific) Ltd.
 6 Battery Road
 #42-01 Singapore
049909
 Fax Number: +65 6221-3690
  

Address with effect from 12 September 2011
 c/o JAFCO
Investment (Asia Pacific) Ltd.
 10 Marina Boulevard
 Marina Bay
Financial Centre Tower 2,
 #33-05 Singapore 018983
	 	 With a copy to:
 JAFCO Investment (Hong
Kong) Ltd.
 Beijing Representative Office
 Room 817

Beijing Fortune Building
 No. 5 Dong San Huan Bei Lu

Chao Yang District, Beijing 100004
 Fax Number: +8610 6590
9729
 Attention: Chief Representative

		
	Goldman Sachs Investment Partners Master Fund, L.P.	 	
		
	 Address for Notices
 c/o Goldman Sachs
Investment Partners GP, LLC
 200 West Street, 34th Floor

New York, NY 10282, USA
 Fax Number: +1 (917) 977-3246

Attention: Ms. Michelle Barone
	 	 With a copy to:
 Goldman Sachs (Asia)
L.L.C.
 66th Floor, Cheung Kong Center

2 Queens Road, Central, Hong Kong
 Fax Number: +852 2978-6686

Attention: Ms. Daisy Cai

		
	Goldman Sachs Investment Partners Private Opportunities Holdings, L.P.	 	
		
	 Address for Notices
 c/o Goldman Sachs
Investment Partners Private
 Opportunities Advisors, Inc.
 200
West Street, 34th Floor
 New York, NY 10282, USA
	 	 With a copy to:
 Goldman Sachs (Asia)
L.L.C.
 66th Floor, Cheung Kong Center

2 Queens Road, Central, Hong Kong
 Fax Number: +852
2978-6686

  
 SCHEDULE 4-2 

 EXHIBIT A 

DEFINITIONS 
 For purposes of this
Agreement, capitalized terms shall have the meanings set forth in this Exhibit A. 
  

	1.	“2008 Shareholders Agreement” has the meaning ascribed to such term in the Recitals to this Agreement. 

  

	2.	“Act” means the Companies Law (as amended) of the Cayman Islands. 

  

	3.	The term “Audit Committee” has the meaning ascribed to such term in Section 5.2(c). 

  

	4.	The term “Affiliate” means, with respect to any individual, corporation, partnership, association, trust, or any other entity (in each case, a “Person”), any Person which,
directly or indirectly, controls, is controlled by or is under common control with such Person, including, without limitation (i) any general partner, officer or director of such Person and any venture capital fund now or hereafter existing
which is controlled by or under common control with one or more general partners or shares the same management company with such Person and (ii) with respect to GS, (a) the general partners or limited partners of GS Master Fund and/or GS
Private Opportunities Holdings, (b) the fund manager managing GS Master Fund and/or GS Private Opportunities Holdings (and general partners, limited partners and officers thereof) and other funds managed by such fund manager, (c) trusts
Controlled by or for the benefit of any such Person referred in (a) or (b), and (d) any fund or holding company formed for investment purposes that is promoted, sponsored, managed, advised or serviced by The Goldman Sachs Group, Inc. or
any of its Affiliates. 

  

	5.	The term “Agreement” has the meaning ascribed to such term in the Preamble to this Agreement. 

  

	6.	The term “Articles” means the Company’s Fourth Amended and Restated Memorandum and/or Fourth Amended and Restated Articles of Association. 

 

	7.	The term “Board” means the Company’s Board of Directors. 

  

	8.	The term “Budget” has the meaning ascribed to such term in Section 3.1(e). 

  

	9.	The term “Business” means the research, development, manufacture, marketing and sales of software or hardware products in relation to information technology, as conducted by the Company.

  

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

  

	11.	The term “Business Principles” has the meaning ascribed to such term in Section 7.7. 

  

	12.	The term “CEO” means the chief executive officer as appointed by the Board. 

  
 EXHIBIT A-1 

	13.	The term “CFC” has the meaning ascribed to such term in Section 3.6(c). 

  

	14.	The term “CFO” means the chief financial officer as appointed by the Board. 

  

	15.	The term “Circular 75” has the meaning ascribed to such term in Section 6.5(a). 

  

	16.	The term “Closing” means the closing of the sale and purchase of the Series C Preferred Shares in accordance with the Purchase Agreement. 

 

	17.	The term “Code” has the meaning ascribed to such term in Section 3.6(a). 

  

	18.	The term “Committee” has the meaning ascribed to such term in Section 5.2(c). 

  

	19.	The term “Company” has the meaning ascribed to such term in the Preamble to this Agreement. 

  

	20.	The term “Company Law” means the Companies Law (as amended) of the Cayman Islands. 

  

	21.	The term “Compensation Committee” has the meaning ascribed to such term in Section 5.2(c). 

  

	22.	The term “Confirmation Notice” has the meaning ascribed to such term in Section 6.1(d). 

  

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

  

	24.	The term “Control Documents” includes share pledge agreement, exclusive business cooperation agreement, and exclusive option agreement by and between the WFOE and the Domestic Companies.

  

	25.	The term “COO” means the chief operating officer as appointed by the Board. 

  

	26.	The term “Co-Sale Exercising Investor” has the meaning ascribed to such term in Section 6.3(a). 

  

	27.	The term “Co-Sale Period” has the meaning ascribed to such term in Section 6.3(a). 

  

	28.	The term “Co-Sale Closing” has the meaning ascribed to such term in Section 6.3(c). 

  

	29.	The term “Disclosing Party” has the meaning ascribed to such term in Section 3.5(d). 

  

	30.	The terms “Domestic Company” and “Domestic Companies” have the meanings ascribed to such term in the Preamble to this Agreement. 

  
 EXHIBIT A-2 

	31.	The term “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, or any comparable Law of any other jurisdiction
in which the Company’s Shares are subject to regulation. 

  

	32.	The term “Exercising Investors” for purposes of Section 6.1 has the meaning ascribed to such term in Section 6.1(d) and for purposes of Section 6.2 has the
meaning ascribed to such term in Section 6.2(c). 

  

	33.	The term “Existing Holder” has the meaning ascribed to such term in the Preamble to this Agreement. 

  

	34.	The term “Financial Terms” has the meaning ascribed to such term in Section 3.5(a). 

  

	35.	The term “Form F-3/S-3” means such form under the Securities Act as in effect on the date hereof (including Form S-3 or Form F-3, as appropriate) or any registration form under the
Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

 

	36.	The term “Founder” has the meaning ascribed to such term in the Preamble of the Purchase Agreement. 

  

	37.	The term “Fully-Exercising Holder” has the meaning ascribed to such term in Section 4.1(b). 

  

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

  

	39.	The term “Group Companies” means the Company, the WFOE, and the Domestic Companies, and any other direct or indirect Subsidiary of a Group Company collectively, and “Group Company”
means any one of them. 

  

	40.	The term “GS” has the meaning ascribed to such term in the Preamble to this Agreement. 

  

	41.	The term “Holder” means any Person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 12 of the Exhibit D hereof.

  

	42.	The term “Hong Kong” means the Hong Kong Special Administrative Region of the PRC. 

  

	43.	The term “IDG” means IDG Technology Venture Investments III, L.P. 

  

	44.	The term “Immediate Family Member” means a child, stepchild, grandchild, parent, steparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law, including adoptive relationships, of a person referred to herein. 

  
 EXHIBIT A-3 

	45.	The term “Information” has the meaning ascribed to such term in Section 5.5. 

  

	46.	The term “Initiating Holders” means, collectively, any Holders who properly initiate a registration request under this Agreement. 

 

	47.	The terms “Investor” and “Investors” have the meanings ascribed to such terms in the Preamble to this Agreement and shall include the Series A Investor, the Series B
Investor and the Series C Investor. 

  

	48.	The term “Investor Exercise Notice” has the meaning ascribed to such term in Section 6.1(c) or has the meaning ascribed to such term in Section 6.2(b), as applicable.

  

	49.	The term “Investor Notice Period” has the meaning ascribed to such term in Section 6.1(c) or has the meaning ascribed to such term in Section 6.2(b), as applicable.

  

	50.	The term “Investor Proposed Transfer Notice Period” has the meaning ascribed to such term in Section 6.2(b). 

 

	51.	The term “Investor Transfer Shares” has the meaning ascribed to such term in Section 6.2(a). 

  

	52.	The term “IPO” means the Company’s first underwritten public offering of its Ordinary Shares and listing on an internationally-recognized securities
exchange. 

  

	53.	The term “JAFCO” means JAFCO Asia Technology Fund IV and its affiliates, successors and permitted assigns. 

  

	54.	The term “JAFCO Director” has the meaning ascribed to such term in Section 5.1(b). 

  

	55.	The term “JAFCO Manager” has the meaning set forth in Section 9.17. 

  

	56.	The term “JIAP” has the meaning set forth in Section 9.17. 

  

	57.	The term “Key Employee” means each of the Group Companies Chief Executive Officer (or the General Manager, in the absence of such a position), Chief Financial Officer, Vice President, Deputy
General Manager and Secretary (or the Secretary of the board of directors of each of the Domestic Companies in the case of the Domestic Companies). 

  

	58.	The term “Key Holder” has the meaning ascribed to such term in the Preamble to this Agreement. 

  

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

  
 EXHIBIT A-4 

	60.	The term “Liquidation Event” has the meaning ascribed to such term in Section 2.2 of the Schedule to the Articles. 

 

	61.	The term “Maturity Date” has the meaning ascribed to such term in Section 5.8(a). 

  

	62.	The term “New Securities” means equity securities of the Company, whether now authorized or not, or rights, options, or warrants to purchase said equity securities, or securities of any type
whatsoever that are, or may become, convertible into or exchangeable into or exercisable for said equity securities. 

  

	63.	The term “Non-Disclosing Parties” has the meaning ascribed to such term in Section 3.5(d). 

  

	64.	The term “Observer” has the meaning ascribed to such term in Section 3.3. 

  

	65.	The term “Offer Notice” has the meaning ascribed to such term in Section 4.1(a). 

  

	66.	The term “on an as converted basis” has the meaning ascribed to such term in Section 6.1(b). 

  

	67.	The term “Ordinary Shares” means ordinary shares of the Company, par value US$0.001 per share. 

  

	68.	The term “Ordinary Share Directors” has the meaning ascribed to such term in Section 5.1(d). 

  

	69.	The term “Party” or “Parties” shall mean the parties to this Agreement, as set forth in the Preamble. 

 

	70.	The term “Permitted Registration” shall mean any registration of the Company’s Registrable Securities pursuant to Sections 2, 3 and 4 of Exhibit B.

  

	71.	The term “PFIC” has the meaning ascribed to such term in Section 3.6(a). 

  

	72.	The term “PRC” means the People’s Republic of China, which for purposes of this Agreement excludes Hong Kong, the Macau Special Administrative Region and Taiwan. 

 

	73.	The term “Preferred Directors” has the meaning ascribed to such term in Section 5.1(c). 

  

	74.	The term “Preferred Shares” means the Series A Preferred Shares, the Series B Preferred Shares and the Series C Preferred Shares. 

 

	75.	The term “Pro Rata Co-Sale Share” has the meaning ascribed to such term in Section 6.3(b). 

  

	76.	The term “Pro Rata ROFR Share” has the meaning ascribed to such term in Section 6.1(b). 

  

	77.	The term “Prohibited Transfer” has the meaning ascribed to such term in Section 6.4(b). 

  
 EXHIBIT A-5 

	78.	The term “Proposed Investor Transfer” has the meaning ascribed to such term in Section 6.2(a). 

  

	79.	The term “Proposed Transfer” has the meaning ascribed to such term in Section 6.1(a). 

  

	80.	The term “Proposed Transfer Notice” has the meaning ascribed to such term in Section 6.1(c). 

  

	81.	The term “Prospective Transferee” means any person to whom a Restricted Shareholder or selling Subject Investor proposes to make a Proposed Transfer or Proposed Investor Transfer as the case may
be. 

  

	82.	The term “Purchase Agreement” has the meaning ascribed to such term in the Recitals to this Agreement. 

  

	83.	The term “QEF Election” has the meaning ascribed to such term in Section 3.6(a). 

  

	84.	The term “Qualifying IPO” means a firm commitment underwritten public offering of the Ordinary Shares in the United States, that has been registered under the Securities Act, with the pre-money
valuation of the Company of no less than US$270,000,000 and gross proceeds to the Company of at least US$50,000,000 and the total securities issued by the Company in such offering no less than twenty percent (20%) of all outstanding share
capital of the Company after the offering, or in a similar public offering of the Ordinary Shares of the Company in Hong Kong or another jurisdiction which results in the Ordinary Shares trading publicly on a recognized international securities
exchange; provided that such offering satisfies the foregoing pre-money valuation and offering share percentage is subject to the prior written approval of the holders of more than forty five percent (45%) of the Series A Preferred Shares, the
holders of more than forty five percent (45%) of the Series B Preferred Shares (including JAFCO) and the holders of more than sixty-seven percent (67%) of the Series C Preferred Shares. 

 

	85.	The term “Refused Securities” has the meaning ascribed to such term in Section 4.1(c). 

  

	86.	The terms “Register,” “Registered,” and “Registration” refer to a registration effected by preparing and filing a registration statement or similar
document in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

  

	87.	The term “Registrable Securities” means (i) the Ordinary Shares issuable or issued upon conversion of the Preferred Shares; (ii) any Ordinary Shares issued or issuable upon conversion
of any shares of the Company acquired by the Investors after the date hereof; (iii) any Ordinary Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend
or other distribution with respect to, or in exchange for or in replacement of the shares referenced in clauses (i) and (ii) above; (iv) any other Ordinary Shares owned or hereafter acquired by any Investor, including, without
limitation, any Ordinary Shares issued in respect of the Ordinary Shares described in clauses (i)-(iv) above upon any share split, share dividend, recapitalization or a similar event; and (v) any depositary receipts issued by an
institutional depositary upon deposit of any of the foregoing, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under Section 2 hereof are not assigned or any shares for
which registration rights have terminated pursuant to Section 2 of this Agreement. 

  
 EXHIBIT A-6 

	88.	The term “Registrable Securities then Outstanding” means the number of shares determined by adding the number of Ordinary Shares outstanding which are, and the number of Ordinary Shares issuable
pursuant to, then exercisable or convertible securities which are, Registrable Securities. 

  

	89.	The term “Registration Expenses” shall mean all expenses incurred by the Company in complying with a Permitted Registration, including, without limitation, all registration and filing fees,
printing expenses, fees, and disbursements of counsel for the Company, reasonable fees and disbursements of one (1) counsel for the Investors, “blue sky” fees and expenses and the expense of any special audits incident to or required
by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

  

	90.	The term “Restricted Employee” or “Restricted Employees” has the meaning ascribed to such term in Section 6.1(a). 

 

	91.	The terms “Restricted Shareholder” and “Restricted Shareholders” have the meanings ascribed to such terms in
 Section 6.1(a). 

 

	92.	The term “Right of Co-Sale” means the right, but not an obligation, of each Investor to participate in a Proposed Transfer on the terms and conditions specified in the Proposed Transfer Notice.

  

	93.	The term “Right of First Refusal” means the right, but not an obligation, of the Company, an Investor or a Restricted Shareholder, as the case may be, or its permitted transferees or assigns, to
purchase some or all of the Transfer Shares or the Investor Transfer Shares, as the case may be, with respect to a Proposed Transfer or Proposed Investor Transfer, as the case may be, on the terms and conditions specified in the Proposed Transfer
Notice or the Investor Proposed Transfer Notice, as the case may be. 

  

	94.	The term “SAFE” has the meaning ascribed to such term in Section 6.5(a). 

  

	95.	The term “SEC” means the United States Securities and Exchange Commission, or comparable regulatory authority in any other jurisdiction having oversight over the trading of the Company’s
Shares. 

  

	96.	The term “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act (or comparable law in a jurisdiction other than the United States). 

 

	97.	The term “SEC Rule 144(k)” means Rule 144(k) promulgated by the SEC under the Securities Act (or comparable law in a jurisdiction other than the United States). 

 

	98.	The term “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act (or comparable law in a jurisdiction other than the United States). 

  
 EXHIBIT A-7 

	99.	The term “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, (or comparable law in a jurisdiction other than the
United States). 

  

	100.	The term “Selling Expenses” has the meaning ascribed to such term in Section 5 of Exhibit B hereto. 

 

	101.	The term “Selling Shareholder” has the meaning ascribed to such term in Section 5.8(ii). 

  

	102.	The term “Series A Director” has the meaning ascribed to such term in Section 5.1(a). 

  

	103.	The term “Series A Investor” shall mean IDG Technology Venture Investments, LP. 

  

	104.	The term “Series A Preferred Shares” means the Company’s Series A Convertible Preferred Shares with a par value of US$0.001 per share. 

 

	105.	The term “Series B Investor” shall mean JAFCO or IDG. 

  

	106.	The term “Series B Preferred Shares” means the Company’s Series B Convertible Preferred Shares with a par value of US$0.001 per share. 

 

	107.	The term “Series B Share Price” means the price for each Series B Preferred Share, being US$8.88. 

  

	108.	The term “Series C Director” has the meaning ascribed to such term in Section 5.1(c). 

  

	109.	The term “Series C Investor” shall mean GS Master Fund and GS Private Opportunities Holdings and their respective affiliates, successors and permitted assigns. 

 

	110.	The term “Series C Preferred Shares” means the Company’s Series C Convertible Preferred Shares with a par value of US$0.001 per share. 

 

	111.	The term “Series C Share Price” means the price for each Series C Preferred Share, being US$1.83. 

  

	112.	The term “Shareholder” shall mean each of the Restricted Shareholder, the Existing Holder and the Investors. 

 

	113.	The term “Shares” means shares of any class in the capital of the Company and including, without limitation, (i) Common Shares (whether now outstanding or hereafter issued in any context),
and (ii) the Preferred Shares. 

  

	114.	The term “Stock Plan” has the meaning ascribed to such term in Section 2.21 of the Purchase Agreement. 

  

	115.	The term “Subject Investor” and “Subject Investors” have the meaning ascribed to such term in Section 6.2(a). 

  
 EXHIBIT A-8 

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

  

	117.	The term “Trade Sale” shall have the meaning ascribed to such term in Section 5.8(a). 

  

	118.	The term “Transaction Documents” means this Agreement, the Purchase Agreement, and any other agreements, instruments or documents entered into in connection with this Agreement.

  

	119.	The term “Transfer Shares” has the meaning ascribed to such term in Section 6.1(b). 

  

	120.	The term “Undersubscription Exercise Period” has the meaning ascribed to such term in Section 6.1(d). 

 

	121.	The term “Undersubscription Notice” means written notice from an Investor notifying the Company and the selling Restricted Shareholder or selling Investor, as the case may be, that such Investor
or Restricted Shareholder, as the case may be, intends to exercise its option to purchase a portion of the Transfer Shares or Investor Transfer Shares not purchased pursuant to an initial Right of First Refusal. 

 

	122.	The term “United States Person” means any person described in Section 7701(a)(30) of the Code. 

  

	123.	The term “US$” means the United States dollar, the lawful currency of the United States of America. 

  

	124.	The term “U.S. GAAP” means the generally accepted accounting principles of the United States of America.” 

 

	125.	The term “U.S. Investor” means (A) any Investor that is a United States Person and (B) any Investor, one or more of the owners of which are, or controlled by, United States persons.

  
 EXHIBIT A-9 

	126.	The term “Violation” means losses, claims, damages, or liabilities (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act or other applicable
Laws of the United States or other relevant jurisdictions, 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: (i) any
untrue statement or alleged untrue statement of a material fact contained in a registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or
alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by any other party hereto, of the Securities Act, the
Exchange Act, any state securities Law or any rule or regulation promulgated under the Securities Act, the Exchange Act, any state securities Law, or other applicable Laws of the United States or other relevant jurisdictions. 

 

	127.	The term “WFOE” has the meaning ascribed to such term in the Preamble to this Agreement. 

  
 EXHIBIT A-10 

 Exhibit B 
  

	1.	Applicability of Rights; Non-U.S. Registrations. 

  

	1.1	The Holders shall be entitled to the following rights with respect to any potential public offering of the Company’s Ordinary Shares in the United States and shall be entitled to reasonably analogous or equivalent
rights with respect to any other offering of Company securities in any other jurisdiction pursuant to which the Company undertakes to publicly offer or list such securities for trading on a recognized securities exchange. 

 

	1.2	For purposes of this Agreement and Exhibit B, reference to registration of securities under the Securities Act and the Exchange Act shall be deemed to mean the equivalent registration in a jurisdiction other than
the United States as designated by such Holders, it being understood and agreed that in each such case all references in this Agreement to the Securities Act, the Exchange Act and rules, forms of registration statements and registration of
securities thereunder, U.S. Law and the SEC, shall be deemed to refer, to the equivalent statutes, rules, forms of registration statements, registration of securities and Laws of and equivalent government authority in the applicable non-U.S.
jurisdiction. 

  

	2.	Demand Registration. 

  

	2.1	Request by Holders. 

 If the Company shall, at any time after the earlier of
(i) twenty-four (24) months after the Closing, (ii) after the Company’s IPO, or (iii) six (6) months after the Company becomes subject to the reporting requirements of the Securities Exchange Act, receive a written
request from the Holders of at least ten percent (10%) of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act pursuant to this Section 2, then the Company shall, within
five (5) Business Days of the receipt of such written request, give written notice of such request (the “Request Notice”) to all Holders, and use its best efforts to effect, as soon as practicable, the registration under the
Securities Act of all Registrable Securities that the Holders request to be registered and included in such registration by written notice given by such Holders to the Company within fifteen (15) days after receipt of the Request Notice,
subject only to the limitations of this Section 2; provided that the Company shall not be obligated to effect any such registration if the Company has, within the six (6) month period preceding the date of such request, already
effected a registration under the Securities Act pursuant to this Section 2 or Section 4 or in which the Holders had an opportunity to participate pursuant to the provisions of Section 3, other than a registration
from which the Registrable Securities of the Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.2(b) or
3.2(b). 

  
 EXHIBIT B-1 

	2.2	Underwriting. 

  

	 	(a)	If the Holders initiating the registration request under this Section 2 (the “Initiating Holders”) intend to distribute the Registrable Securities covered by their request by means of an
underwriting, then they shall so advise the Company as a part of their request made pursuant to this Section 2 and the Company shall include such information in the Request Notice. 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 underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a
majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting by the Holders of a majority of the Registrable Securities being registered and reasonably acceptable to the Company. 

 

	 	(b)	Notwithstanding any other provision of this Section 2, if the underwriter(s) determine in good faith that marketing factors require a limitation of the number of securities to be underwritten then the
Company shall so advise all Holders of Registrable Securities which would otherwise be registered and underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be reduced as required by the
underwriter(s) and allocated (x) first, to the Investors on a pro rata basis according to the total number of Registrable Securities then outstanding held by each Investor requesting registration and (y) then, to the other Holders of
Registrable Securities on a pro rata basis according to the number of Registrable Securities then outstanding held by each such Holder requesting registration; provided, however, that the number of shares of Registrable Securities to
be included in such underwriting and registration shall not be reduced unless all other securities are first entirely excluded from the underwriting and registration including, without limitation, all shares that are not Registrable Securities and
are held by any other person, including, without limitation, any person who is an employee, officer or director of the Company or any subsidiary of the Company; provided further that at least twenty-five percent (25%) of the Registrable
Securities requested by the Holders to be included in such underwriting and registration shall be so included. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the
Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from
the registration. 

  

	2.3	Maximum Number of Demand Registrations. 

 The Company shall not be obligated to effect
more than three (3) such registrations (excluding registrations which are declared or ordered effective but pursuant to which securities have not been sold) on behalf of the Investors pursuant to this Section 2. 

  
 EXHIBIT B-2 

	2.4	Deferral. 

 Notwithstanding the foregoing, if the Company shall furnish to Holders
requesting registration pursuant to this Section 2, a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the Company
and its shareholders for such registration statement to be filed at such time, then the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders;
provided, however, that the Company may not utilize this right more than once in any twelve (12) month period; provided further, that the Company shall not register any other of its shares during such twelve
(12) month period. A demand right shall not be deemed to have been exercised until such deferred registration shall have been effected. 
  

	3.	Piggyback Registrations. 

  

	3.1	The Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of
securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements relating to any registration under Section 4 of this
Agreement or to any employee benefit plan or a corporate reorganization) and shall afford each such Holder an opportunity to include in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder
desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall within thirty (30) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in
such notice shall inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter
filed 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 with respect to offerings of its
securities, all upon the terms and conditions set forth herein. Upon the written request of each Holder given within thirty (30) days after mailing of such notice by the Company, the Company shall use its commercial best efforts to cause to be
registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. 

  

	3.2	Underwriting. 

  

	 	(a)	If a registration statement under which the Company gives notice under this Section 3 is for an underwritten offering, then the Company shall so advise the Holders of Registrable Securities. In such event,
the right of any such Holder’s Registrable Securities to be included in a registration pursuant to this Section 3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the
managing underwriter or underwriters selected for such underwriting. 

  
 EXHIBIT B-3 

	 	(b)	Notwithstanding any other provision of this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the managing
underwriter(s) may exclude shares from the registration and the underwriting, and the number of shares that may be included in the registration and the underwriting shall be allocated, first, to the Company, second, to each of the Investors
requesting inclusion of their Registrable Securities in such registration statement on a pro rata basis based on the total number of shares of Registrable Securities then held by each such Investor, third, to the other Holders requesting inclusion
of their Registrable Securities in such registration statement on a pro rata basis based on the total number of shares of Registrable Securities then held by each such Holder and fourth, to holders of other securities of the Company;
provided, however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described above shall be restricted so that (i) the number of Registrable
Securities included in any such registration is not reduced below twenty-five percent (25%) of the aggregate number of shares of Registrable Securities for which inclusion has been requested; and (ii) all shares that are not Registrable
Securities and are held by any other person, including, without limitation, any person who is an employee, officer or director of the Company (or any subsidiary of the Company) shall first be excluded from such registration and underwriting before
any Registrable Securities are so excluded, unless otherwise approved by the holders of a majority of the Registrable Securities. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written
notice to the Company and the underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and
withdrawn from the registration. 

  

	3.3	Not Demand Registration. 

 Registration pursuant to this Section 3 shall not
be deemed to be a demand registration as described in Section 2 above. There shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 3. 

 

	4.	Form F-3/S-3 Registration. 

 After the Company’s IPO, the Company shall use
its best efforts to qualify for registration on Form F-3/S-3 or any comparable or successor form or forms. In case the Company shall receive from any Holder or Holders of a majority of all Registrable Securities then outstanding a written request or
requests that the Company effect a registration on Form F-3/S-3 (or an equivalent registration in a jurisdiction outside of the United States) and any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by such Holder or Holders, then the Company will: 
  

	4.1	Notice. 

 Promptly give written notice of the proposed registration and the Holder’s
or Holders’ request therefor, and any related qualification or compliance, to all other Holders of Registrable Securities; and 

  
 EXHIBIT B-4 

	4.2	Registration. 

 As soon as practicable, effect such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together with all or
such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after the Company provides the notice contemplated by
Section 4.1; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 4: 

 

	 	(a)	if Form F-3/S-3 (or any successor or similar form) is not available for such offering by the Holders; 

  

	 	(b)	if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate
price to the public of less than US$500,000; 

  

	 	(c)	if the Company shall furnish to the Holders a certificate signed by the President or Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be
materially detrimental to the Company and its shareholders for such Form F-3/S-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form F-3/S-3 registration statement no more than
once during any twelve (12) month period for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this Section 4; provided that the Company shall not register any of its other
shares during such sixty (60) day period. 

  

	 	(d)	if the Company has, within the six (6) month period preceding the date of such request, already effected registrations under the Securities Act other than a registration from which the Registrable Securities of
Holders have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration) pursuant to the provisions of Sections 2.2 and 3.2; or 

 

	 	(e)	in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance unless
the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

  

	4.3	Not a Demand Registration. 

 Form F-3/S-3 registrations shall not be deemed to be demand
registrations as described in Section 2 above. Except as otherwise provided herein, there shall be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 4. 

  
 EXHIBIT B-5 

	4.4	Underwriting. 

 If the Holders of Registrable Securities requesting registration under
this Section 4 intend to distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of Section 2.2 shall apply to such registration. 

 

	5.	Expenses. 

 All Registration Expenses incurred in connection with a Permitted
Registration (but excluding underwriting discounts and commissions (the “Selling Expenses”)) shall be borne by the Company. In the event the Company does not issue any securities in connection with a Permitted Registration, each
Holder participating in such Permitted Registration shall bear such Holder’s proportionate share (based on the total number of shares sold in such registration other than for the account of the Company) of all Selling Expenses, in connection
with such offering by the Holders. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2 if the registration request is subsequently withdrawn
at the request of the Holders of a majority of the Registrable Securities to be registered, unless the Holders of a majority of the Registrable Securities then outstanding agree that such registration constitutes the use by the Holders of one
(1) demand registration pursuant to Section 2 (in which case such registration shall also constitute the use by all Holders of Registrable Securities of one (1) such demand registration); provided further, however, that if at
the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the time of their request for such registration and have withdrawn their request
for registration with reasonable promptness after learning of such material adverse change, then the Holders shall not be required to pay any of such expenses and such registration shall not constitute the use of a demand registration pursuant to
Section 2. 
  

	6.	Obligations of the Company. 

 Whenever required to effect the registration of any
Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably possible: 
  

	6.1	Registration Statement. 

 Prepare and file with the SEC a registration statement with
respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration
statement effective for a period of up to ninety (90) days or, in the case of Registrable Securities registered under Form F-3/S-3 in accordance with Rule 415 under the Securities Act or a successor rule, until the distribution contemplated in
the registration statement has been completed; provided, however, that (i) such ninety (90) day period shall be extended for a period of time equal to the period any Holder refrains from selling any securities included in
such registration at the request of the underwriter(s), and (ii) in the case of any registration of Registrable Securities on Form F-3/S-3 which are intended to be offered on a continuous or delayed basis, such ninety (90) day period shall
be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold. 

  
 EXHIBIT B-6 

	6.2	Amendments and Supplements. 

 Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by
such registration statement. 
  

	6.3	Prospectuses. 

 Furnish to the Holders such number of copies of a prospectus, including a
preliminary prospectus, and amendments and supplements thereto, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by them that are included in such registration. 
  

	6.4	Blue Sky. 

 Use its best efforts to register and qualify the securities covered by such
registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify
to do business or to file a general consent to service of process in any such states or jurisdictions unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

 

	6.5	Underwriting. 

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

	6.6	Notification. 

 Notify each Holder of Registrable Securities covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as
a result of which the prospectus included in such 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 then existing. The Company will use reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any 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 the light of the circumstances then existing. 

  
 EXHIBIT B-7 

	6.7	Opinion and Comfort Letter. 

 Furnish, at the request of any Holder requesting
registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriter(s) for sale, if such securities are being sold through underwriters, or, if such securities are not being sold through
underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and
substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and (ii) letters dated as
of (x) the effective date of the registration statement covering such Registrable Securities and (y) the closing date of the offering 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 and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the
Holders requesting registration of Registrable Securities. 
  

	6.8	Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective
date of such registration. 

  

	6.9	Cause all such Registrable Securities registered pursuant to such registration statement to be listed on each securities exchange on which similar securities issued by the Company are then listed. 

 

	7.	Furnish Information. 

 It shall be a condition precedent to the obligations of the
Company to take any the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to timely effect the Registration of their Registrable
Securities. 
  

	8.	Indemnification. 

 In the event any Registrable Securities are included in a
registration statement under Sections 2, 3 or 4: 
  

	8.1	By the Company. 

 To the extent permitted by Law, the Company will indemnify and hold
harmless each Holder, its partners, members, officers, directors, legal counsel, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities
Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other United States federal or state Law, 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 (collectively a “Violation”): 

 

	 	(a)	any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein, including any preliminary prospectus or final prospectus contained therein
or any amendments or supplements thereto; 

  
 EXHIBIT B-8 

	 	(b)	the omission or alleged omission to state therein 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 the Securities Act, the Exchange Act, any United States federal or state securities Law or any rule or regulation promulgated under the Securities Act, the Exchange
Act or any United States federal or state securities Law in connection with the offering covered by such registration statement; 

and the Company will reimburse each such Holder, its partner, officer, director, legal counsel, underwriter or controlling person for any legal
or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this
Section 8.1 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, delayed
or conditioned), 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 out of or is based upon a Violation which occurs in reliance upon and in conformity with written
information furnished expressly for use in connection with such registration by such Holder or any partner, officer, director, counsel, underwriter or controlling person of such Holder. 

 

	8.2	By Selling Holders. 

 To the extent permitted by Law, each selling Holder will, if
Registrable Securities held by Holder are included in the securities as to which such registration qualifications or compliance is being effected, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed
the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s
partners, directors, officers, legal counsel or any person who controls such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such
director, officer, legal counsel, controlling person, underwriter or other such Holder, partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other United States
federal or state Law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any of the following statements or omissions in respect of such Holder only: (a) any untrue statement or
alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein (provided by such Holder or its authorised agent for the express purpose of inclusion in such registration statement), including
any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; or (b) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the
statements therein not misleading (collectively, “Holder Violations”), 

  
 EXHIBIT B-9 

 In each case to the extent (and only to the extent) that such Holder Violation occurs in reliance
upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director,
officer, controlling person, underwriter or other Holder, partner, officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this Section 8.2 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; and provided further, that in no event shall any indemnity under this Section 8.2 exceed the net
proceeds received by such Holder in the registered offering out of which the applicable Holder Violation arises. 
  

	8.3	Notice. 

 Promptly after receipt by an indemnified party under this Section 8
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 indemnified party under this Section 8, 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 parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the 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 conflict of 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 shall relieve such indemnifying party of liability to the indemnified party under this Section 8
to the extent the indemnifying party is prejudiced as a result thereof, but the omission to so 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 8. 
  

	8.4	Contribution. 

 In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) any indemnified party makes a claim for indemnification pursuant to this Section 8 but it is judicially determined (by the entry of a final judgment or decree by a
court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 8 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any indemnified party in circumstances for which indemnification is provided under this Section 8; then, and in each such
case, the indemnified party and the indemnifying party will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that a Holder (together with its
related persons) is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities
offered by and sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion. The relative fault of the indemnifying Party and of the indemnified Party shall be determined by a court of
Law 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
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. 

  
 EXHIBIT B-10 

	8.5	Survival. 

 The obligations of the Company and Holders under this Section 8
shall survive the termination of this Agreement and the completion of any offering of Registrable Securities in a registration statement, regardless of the expiration of any statutes of limitation or extensions of such statutes. 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 plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 
  

	9.	No Registration Rights to Third Parties. 

 Without the prior written consent of
the Holders of a majority in interest of the Registrable Securities then outstanding, the Company covenants and agrees that it shall not grant, or cause or permit to be created, for the benefit of any person or entity any registration rights of any
kind (whether similar to the demand, “piggyback” or Form F-3/S-3 registration rights described in this Exhibit B, or otherwise) relating to any securities of the Company which are senior to, or on a parity with, those granted to the
Holders of Registrable Securities. 
  

	10.	Rule 144 Reporting. 

 With a view to making available the benefits of certain
rules and regulations of the SEC which may at any time permit the sale of the Registrable Securities to the public without registration or pursuant to a registration on Form F-3/S-3, after such time as a public market exists for the Ordinary Shares,
the Company agrees to: 
  

	10.1	Make and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times 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; 

  

	10.2	File with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and

  
 EXHIBIT B-11 

	10.3	So long as a Holder owns any Registrable Securities, to furnish to such Holder forthwith upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any
time after ninety (90) days after the effective date of the Company’s initial public offering), the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or its qualification as a
registrant whose securities may be resold pursuant to
 Form F-3/S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the Company
as a Holder may reasonably request in availing itself of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to Form F-3/S-3. 

 

	11.	Market Stand-Off. 

 Each Shareholder agrees that, so long as it holds any voting
securities of the Company, upon request by the Company or the underwriters managing the initial public offering of the Company’s securities, it will not sell or otherwise transfer or dispose of any securities of the Company (other than those
permitted to be included in the registration and other transfers to Affiliates permitted by Law) without the prior written consent of the Company or such underwriters, as the case may be, for a period of time specified by the representative of the
underwriters not to exceed one hundred and eighty (180) days from the effective date of the registration statement filed by the Company under the Securities Act and covering such public offering. The foregoing provision of this
Section 11 shall not apply to the sale of any securities of the Company to an underwriter pursuant to any underwriting agreement, and shall only be applicable to the Holders if all officers, directors and holders of one percent
(1%) or more of the Company’s outstanding share capital enter into similar agreements, and if the Company or any underwriter releases any officer, director or holder of one percent (1%) or more of the Company’s outstanding share
capital from his or her sale restrictions so undertaken, then each Holder shall be notified prior to such release and shall itself be simultaneously released to the same proportional extent. The Company shall require all future acquirers of the
Company’s securities to execute prior to a Qualifying IPO a market stand-off agreement containing substantially similar provisions as those contained in this Section 11. Notwithstanding anything herein to the contrary, Goldman,
Sachs & Co. and its Affiliates (other than GS) may engage in any brokerage, investment advisory, financial advisory, anti-raid advisory, merger advisory, financing, asset management, trading, market making, arbitrage and other similar
activities conducted in the ordinary course of their business. 

  
 EXHIBIT B-12EX-10.1

 Exhibit 10.1 

TARENA INTERNATIONAL, INC. 

2008 SHARE PLAN 
 (Adopted
by the members of the Company on September 22, 2008; and adopted by the 
 Company’s Board of Directors on September 22, 2008;
amended on November 28, 2012; share 
 information has reflected the 10-for-1 share split effective on December 16, 2008) 

1. Purposes of the Plan. The purpose of this Plan is to attract and retain the best available personnel for positions of substantial
responsibility, to provide additional incentives to selected Service Providers and to promote the success of the Company’s business by offering these individuals an opportunity to acquire a proprietary interest in the success of the Company or
to increase this interest, by permitting them to acquire Shares of the Company. The Plan provides both for the direct award or sale of Shares and for the grant of Options to purchase Shares. 

2. Definitions. For the purposes of this Plan, the following terms shall have the following meanings: 

(a) “Acquisition Date” means, with respect to Shares, the respective dates on which the Shares are sold under the Plan, the
Shares are issued upon exercise of an Option or the Shares are issued in connection with a Share Award. 
 (b)
“Administrator” means the Board, any of its Committees or such delegates as shall be administering the Plan in accordance with Section 4 hereof. 

(c) “Affiliate” means (a) any entity (other than the Company) in an unbroken chain of entities ending with the Company
if, at the time of the determination, each of the entities other than the Company owns shares possessing fifty percent (50%) or more of the total combined voting power of all classes of shares in one of the other entities in such chain, or
(b) any entity (other than the Company) in an unbroken chain of entities beginning with the Company if, at the time of the determination, each of the entities other than the last entity in the unbroken chain owns shares possessing fifty percent
(50%) or more of the total combined voting power of all classes of shares in one of the other entities in such chain. 
 (d)
“Applicable Law” means any applicable legal requirements relating to the administration of and the issuance of securities under equity securities-based compensation plans, including, without limitation, the requirements of laws of
the PRC, Hong Kong, U.S. federal and state laws, the laws of the Cayman Islands and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted and the applicable laws of any other country or
jurisdiction where Awards are granted under the Plan. For all purposes of this Plan, references to statutes and regulations shall be deemed to include any successor statutes or regulations, to the extent reasonably appropriate as determined by the
Administrator. 
 (e) “Award” means an Option, a Share Purchase Right or a Share Award. 

(f) “Awardee” means a recipient of an Award. 

 (g) “Board” means the Board of Directors of the Company. 

(h) “Change in Control” means the occurrence of any of the following events: 

(i) any legal or natural person or group acting in concert becomes the beneficial owner, directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the total voting power represented by the Company’s then outstanding voting securities; or 

(ii) the consummation of the sale, lease, or disposition by the Company of all or substantially all of the Company’s assets; or 

(iii) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation that would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent
(50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation. 

Anything in the foregoing to the contrary notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is to
change the legal jurisdiction of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. In
addition, a sale by the Company of its securities in a transaction, the primary purpose of which is to raise capital for the Company’s operations and business activities including, without limitation, an initial public offering of Shares under
the Securities Act or other Applicable Law, shall not constitute a Change in Control. 
 (i) “Committee” means a committee
of Directors appointed by the Board in accordance with Section 4 hereof. 
 (j) “Company” means Tarena
International, Inc., a limited liability company duly incorporated and validly existing under the Laws of the Cayman Islands, or any successor corporation thereto. 

(k) “Consultant” means any natural person, including an advisor, who is engaged by the Company, or any Parent, Subsidiary or
variable interest entity whose financial statements are intended to be consolidated with the Company, any Parent or Subsidiary to render bona fide consulting or advisory services to such entity and who is compensated for the services; provided that
the term “Consultant” does not include (i) Employees or (ii) securities promoters. 
 (l) “Date of
Grant” means the date an Award is granted to an Awardee in accordance with Section 13 hereof. 
 (m)
“Director” means a member of the Board. 
 (n) “Disability” means total and permanent disability. 

 (o) “Employee” means any person, including officers and Directors, employed by
the Company or any Parent or Subsidiary. A Service Provider shall not cease to be an Employee in the case of (i) any leave of absence approved by the Company or any Parent or Subsidiary, including sick leave, military leave, or any other
personal leave, or (ii) transfers between locations of the Company or between the Company or variable interest entity whose financial statements are intended to be consolidated with the Company or any Parent or Subsidiary, or any successor.
Neither service as a Director nor payment of a director’s fee by the Company or any Parent or Subsidiary shall be sufficient to constitute “employment” by the Company or any Parent or Subsidiary. 

(p) “Exercise Price” means the amount for which one Share may be purchased upon exercise of an Option, as specified by the
Administrator in the applicable Option Agreement in accordance with Section 6(c) hereof. 
 (q) “Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 (r) “Fair Market
Value” means, as of any date, the value of the Shares determined as follows: 
 (i) if the Shares are listed on any established
stock exchange or a national market system, including, without limitation, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of the Nasdaq Stock Market, Hong Kong Stock Exchange and the London Stock Exchange
(Main Listing or Alternative Investment Market), the Fair Market Value shall be the closing sales price for the Shares (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in
The Wall Street Journal or such other source as the Administrator deems reliable; 
 (ii) if the Shares are regularly quoted by a
recognized securities dealer but selling prices are not reported, the Fair Market Value shall be the mean of the high bid and low asked prices for the Shares on the day of determination, as reported in The Wall Street Journal or any other
source as the Administrator deems reliable; or 
 (iii) in the absence of an established market for the Shares, the Fair Market Value
thereof shall be determined in good faith by the Administrator in accordance with Applicable Law. 
 (s) “Hong Kong” means
Hong Kong Special Administrative Region of the People’s Republic of China. 
 (t) “Option” means an option to purchase
Shares that is granted pursuant to the Plan in accordance with Section 6 hereof. 
 (u) “Option Agreement” means a
written or electronic agreement between the Company and an Optionee, the form(s) of which shall be approved from time to time by the Administrator, evidencing the terms and conditions of an individual Option granted under the Plan, and includes any
documents attached to or incorporated into the Option Agreement, including, but not limited to, a notice of option grant and a form of exercise notice. The Option Agreement shall be subject to the terms and conditions of the Plan. 

 (v) “Optioned Shares” means the Shares subject to an Option. 

(w) “Optionee” means the holder of an outstanding Option granted under the Plan. 

(x) “Parent” means a “parent corporation” with respect to the Company, whether now or hereafter existing. 

(y) “Plan” means this 2008 Share Plan, as amended from time to time. 

(z) “PRC” means the People’s Republic of China, which, for the purpose of this Plan, shall exclude Hong Kong, the Macau
Special Administrative Region of the PRC and Taiwan. 
 (aa) “Purchase Price” means the amount of consideration for which
one Share may be acquired pursuant to a Share Purchase Right or Share Award, as specified by the Administrator in the applicable Restricted Share Purchase Agreement or Share Award in accordance with Section 7(c) hereof. 

(bb) “Purchaser” means the holder of Shares purchased pursuant to the exercise of a Share Purchase Right. 

(cc) “Restricted Share Purchase Agreement” means a written or electronic agreement between the Company and a Purchaser, the
form(s) of which shall be approved from time to time by the Administrator, evidencing the terms and conditions of an individual Share Purchase Right, and includes any documents attached to or incorporated into the Restricted Share Purchase
Agreement. The Restricted Share Purchase Agreement shall be subject to the terms and conditions of the Plan. 
 (dd) “Restricted
Shares” means Shares acquired pursuant to a Restricted Share Purchase Agreement or Share Award Agreement (if subjected to rights of redemption, repurchase or forfeiture). 

(ee) “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 (ff) “Service Provider” means an Employee, Director, or Consultant. 

(gg) “Share” means an ordinary share of the Company, as adjusted in accordance with Section 12 hereof. 

(hh) “Share Award” means an award or issuance of Shares or stock appreciation rights or other similar awards made under
Section 7 of the Plan, the grant, issuance, retention, vesting, settlement and/or transferability of which is subject during specified periods of time to such conditions (including continued employment or performance conditions) and terms as
are expressed in the agreement or other documents evidencing the Award (the “Share Award Agreement”). 

 (ii) “Shareholders Agreement” means any agreement between an Awardee and the
Company or members of the Company or both. 
 (jj) “Share Purchase Right” means a right to purchase Restricted Shares
pursuant to Section 7 hereof. 
 (kk) “Subsidiary” means, as of the relevant date of determination, with respect to any
legal or natural person (the “subject entity”), (i) any legal or natural person (x) more than fifty percent (50%) of whose shares or other interests entitled to vote in the election of directors or (y) more than a fifty
percent (50%) interest in the profits or capital of such person are owned or controlled directly or indirectly by the subject entity or through one (1) or more Subsidiaries of the subject entity, (ii) any legal or natural person whose
assets, or portions thereof, are consolidated with the net earnings of the subject entity and are recorded on the books of the subject entity for financial reporting purposes in accordance with the U.S. GAAP, or (iii) any legal or natural
person with respect to which the subject entity has the power to otherwise direct the business and policies of that entity directly or indirectly through another subsidiary.

(ll) “United States” means the United States of America, its territories and possessions, any State of the United States, and
the District of Columbia. 
 3. Shares Subject to the Plan. 

(a) Basic Limitation. Subject to the provisions of Section 12 hereof, the maximum aggregate number of Shares that may be issued
under the Plan shall not exceed 8,184,990 Shares. The Shares may be authorized but unissued or reacquired Shares. The number of Shares that are subject to Awards outstanding under the Plan at any time shall not exceed the aggregate number of Shares
that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of outstanding Awards granted under the Plan. 

(b) Additional Shares. If a Share Purchase Right or an Award expires, becomes unexercisable, or is cancelled, forfeited, or otherwise
terminated without having been exercised or settled in full, as the case may be, the Shares allocable to the unexercised portion of the Share Purchase Right or the Award shall again become available for future grant or sale under the Plan (unless
the Plan has terminated). Shares that actually have been issued under the Plan, upon exercise of an Option or delivery under a Share Purchase Right or Share Award, shall not be returned to the Plan and shall not become available for future
distribution under the Plan except to the extent such Shares are repurchased or otherwise re-acquired by the Company pursuant to the terms of this Plan, any Option Agreement, any Restricted Share Purchase Agreement or any Share Award Agreement. 

 4. Administration of the Plan. 

(a) Administrator. The Plan shall be administered by the Board or a Committee appointed by the Board. Any Committee of the Board shall
be constituted to comply with Applicable Law. 
 (b) Powers of the Administrator. Subject to the provisions of the Plan and, in the
case of a Committee, the specific duties delegated by the Board to such Committee, and subject to the approval of any relevant authorities, the Administrator shall have the authority in its discretion: 

(i) to determine the Fair Market Value, in accordance with Section 2(r) hereof; 

(ii) to select the Awardees to whom Awards may from time to time be granted hereunder; 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 

(iv) to approve the form(s) of agreement for use under the Plan; 

(v) to determine the terms and conditions of any Award granted hereunder including, but not limited to, the Exercise Price, the Purchase
Price, the time or times when Options may be exercised (which may be based on performance criteria), the time or times when repurchase or redemption rights shall lapse, any vesting acceleration or waiver of forfeiture restrictions, and any
restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator, in its sole discretion, shall determine; 

(vi) to implement a program where (A) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may
have lower Exercise/Purchase Prices and different terms), Awards of a different type, or cash, or (B) the Exercise/Purchase Price of an outstanding Award is reduced, based in each case on terms and conditions determined by the Administrator in
its sole discretion; 
 (vii) to prescribe, amend, and rescind rules and regulations relating to the Plan, including rules and regulations
relating to sub-plans established for the purpose of satisfying applicable laws of jurisdictions other than the United States; 
 (viii) to
allow Awardees to satisfy withholding tax obligations by electing to have the Company withhold from the Shares to be issued under an Award that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld. The Fair
Market Value of the Shares to be withheld shall be determined on the date that the amount of tax to be withheld is to be determined. All elections by Awardees to have Shares withheld for this purpose shall be made in such form and under such
conditions as the Administrator may deem necessary or advisable; 
 (ix) to modify or amend each Award (subject to Section 17 hereof
and Awardee consent if the modification or amendment is to the Awardee’s detriment), including, without limitation, the discretionary authority to extend the post-termination exercisability of an Option longer than is otherwise provided for in
an Option Agreement or accelerate the vesting or exercisability of an Option or lapsing of a repurchase or redemption right to which Restricted Shares may be subject; 

 (x) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; and

 (xi) to make any other determination and take any other action that the Administrator deems necessary or desirable for the administration
of the Plan. 
 (c) Delegation of Authority to Officers. Subject to Applicable Law, the Administrator may delegate limited authority
to specified officers of the Company to execute on behalf of the Company any instrument required to effect an Award previously granted by the Administrator. 

(d) Effect of Administrator’s Decision. All decisions, determinations, and interpretations of the Administrator shall be final and
binding on all Awardees. 
 5. Rules of Eligibility. Only Service Providers, or trusts or companies established in connection with
any employee benefit plan of the Company (including the Plan) for the benefit of a Service Provider, shall be eligible for the grant of Awards. 

6. Terms and Conditions of Options. 

(a) Option Agreement. Each grant of an Option under the Plan shall be evidenced by an Option Agreement between the Optionee and the
Company. Each Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Administrator deems appropriate for inclusion in an
Option Agreement; provided, however, that any such inclusion shall be subject to Section 6A hereof. The provisions of the various Option Agreements entered into under the Plan need not be identical. 

(b) Number of Shares. Each Option Agreement shall specify the number of Shares that are subject to the Option and shall provide for the
adjustment of such number in accordance with Section 12 hereof. 
 (c) Exercise Price and Method of Payment. Each Option
Agreement shall specify the Exercise Price. The Exercise Price shall be payable in accordance with Section 9 hereof. Notwithstanding anything to the contrary hereunder, (i) the exercise price for such amount of options set forth against
the name of each optionee under Appendix I (totaling 5,385,000 Shares) shall be US$0.58 per share in the First Stage Options and Second Stage Options (as defined in Appendix I) and US$1.58 per share in the Third Stage Options (as defined
in Appendix I); and (ii) the exercise price of the remaining 617,020 Shares that may be issued under the Plan pursuant to Section 3(a) shall be determined by the Board (including the affirmative votes of the Series A Director and
the JAFCO Director, each defined under the Second Amended and Restated Memorandum and Articles of Association of the Company adopted by the Shareholders’ resolutions dated September 22, 2008). 

 (d) Term of Option. The Option Agreement shall specify the term of the Option; provided,
however, that the term shall not exceed ten (10) years from the Date of Grant. The Option Agreement will be subject to earlier termination as provided in or pursuant to Section 6. 

(e) Exercisability. Each Option Agreement shall specify the date when all or any installment of the Option is to become exercisable. The
exercisability provisions of any Option Agreement shall be determined by the Administrator in its sole discretion; provided, however, that such exercisability provisions shall be subject to Sections 6A and 6B hereof. 

(f) Exercise Procedure. Any Option granted hereunder shall be exercisable according to the terms hereof at such times and under such
conditions as may be determined by the Administrator subject to Sections 6A and 6B hereof and as set forth in the Option Agreement; provided, however, that an Option shall not be exercised for a fraction of a Share. 

(i) An Option shall be deemed exercised when the Company receives (A) written or electronic notice of exercise (in accordance with the
Option Agreement) from the person entitled to exercise the Option, (B) full payment for the Shares with respect to which the Option is exercised, and (C) all representations, indemnifications, and documents reasonably requested by the
Administrator including, without limitation, any Shareholders Agreement. Full payment may consist of any consideration and method of payment authorized by the Administrator in accordance with Section 9 hereof and permitted by the Option
Agreement. 
 (ii) Shares issued upon exercise of an Option shall be issued in the name of the Optionee or, if requested by the Optionee, in
the name of the Optionee and his or her spouse. Subject to the provisions of Sections 8, 9, 14, and 15, the Company shall issue (or cause to be issued) certificates evidencing the issued Shares promptly after the Option is exercised. Notwithstanding
the foregoing, the Administrator in its discretion may require the Company to retain possession of any certificate evidencing Shares acquired upon the exercise of an Option, if those Shares remain subject to repurchase or redemption under the
provisions of the Option Agreement, any Shareholders Agreement, or any other agreement between the Company and the Optionee, or if those Shares are collateral for a loan or obligation due to the Company. 

(iii) Exercise of an Option in any manner shall result in a decrease in the number of Shares thereafter available, both for purposes of the
Plan (in accordance with Section 3(b)) and for sale under the Option, by the number of Shares as to which the Option is exercised. 

(g) Termination of Service (other than by death). 

(i) If an Optionee ceases to be a Service Provider for any reason other than because of death, then the Optionee’s Options shall expire
on the earliest of the following occasions: 
 (A) The expiration date determined by Section 6(d) hereof; 

 (B) The 30th day following the termination of the Optionee’s relationship as a Service
Provider for any reason other than Disability, or such later date as the Administrator may determine and specify in the Option Agreement; or 

(C) The last day of the six-month period following the termination of the Optionee’s relationship as a Service Provider by reason of
Disability, or such later date as the Administrator may determine and specify in the Option Agreement. 
 (ii) Following the termination of
the Optionee’s relationship as a Service Provider pursuant to this Section 6(h), the Optionee may exercise all or part of the Optionee’s Option at any time before the expiration of the Option as set forth in

Section 6(h)(i) hereof, but only to the extent that the Option was vested and exercisable as of the date of termination of the Optionee’s relationship as a Service Provider (or became vested and exercisable as a result of the
termination). The balance of the Shares subject to the Option shall be forfeited on the date of termination of the Optionee’s relationship as a Service Provider. In the event that the Optionee dies after the termination of the Optionee’s
relationship as a Service Provider but before the expiration of the Optionee’s Option as set forth in Section 6(h)(i) hereof, all or part of the Option may be exercised (prior to expiration) by the executors or administrators of the
Optionee’s estate or by any person who has acquired the Option directly from the Optionee by beneficiary designation, bequest, or inheritance, but only to the extent that the Option was vested and exercisable as of the termination date of the
Optionee’s relationship as a Service Provider (or became vested and exercisable as a result of the termination). Any Optioned Shares subject to the portion of the Option that are vested as of the termination date of the Optionee’s
relationship as a Service Provider but that are not purchased prior to the expiration of the Option pursuant to this Section 6(h) shall be forfeited immediately following the Option’s expiration. 

(h) Leaves of Absence. Unless otherwise determined by the Administrator, for purposes of this Section 6, the service of an Optionee
as a Service Provider shall be deemed to continue while the Optionee is on a bona fide leave of absence, if such leave was approved by the Company in writing. Unless otherwise determined by the Administrator and subject to Applicable Law, vesting of
an Option shall be suspended during any unpaid leave of absence. 
 (i) Death of Optionee. 

(i) If an Optionee dies while a Service Provider, then the Optionee’s Option shall expire on the earlier of the following dates: 

(A) The expiration date determined by Section 6(d) hereof; 

(B) The last day of the six-month period immediately following the Optionee’s death, or such later date as the Administrator may
determine and specify in the Option Agreement. 

 (ii) All or part of the Optionee’s Option may be exercised at any time before the
expiration of the Option as set forth in Section 6(j)(i) hereof by the executors or administrators of the Optionee’s estate or by any person who has acquired the Option directly from the Optionee by beneficiary designation, bequest, or
inheritance, but only to the extent that the Option was vested and exercisable as of the date of the Optionee’s death or had became vested and exercisable as a result of the death. The balance of the Shares subject to the Option shall be
forfeited upon the Optionee’s death. Any Optioned Shares subject to the portion of the Option that are vested as of the Optionee’s death but that are not purchased prior to the expiration of the Option pursuant to this Section 6(j)
shall be forfeited immediately following the Option’s expiration. 
 (j) No Assignment. The Optionee shall not sell, transfer,
pledge, hypothecate, encumber or otherwise assign any of his or her rights under the Option Agreement (including any Option, vested or unvested, issued or unissued, exercised or unexercised) without prior written consent of the Board (including the
affirmative votes of the Series A Directors and the Series B Director). 
 (k) Restrictions on Transfer of Shares. Shares issued upon
exercise of an Option shall be subject to such special forfeiture conditions, rights of repurchase or redemption, rights of first refusal, nomination arrangements, and other transfer restrictions as the Administrator may determine. The restrictions
described in the preceding sentence shall be set forth in the applicable Option Agreement and shall apply in addition to any restrictions that may apply to holders of Shares generally. 

6A. Restriction on Issue of Shares 

Notwithstanding anything else in this Plan, all Options can only be exercised (if vested) and Shares issued pursuant thereunder, and Shares can
only be issued pursuant to a Share Award, only upon the occurrence of any of the following events: 
 (a) the consummation of a Qualified IPO
(as defined below); 
 (b) the consummation of a Liquidation Event (as defined below); or 

(c) the expiry of the five (5) year period commencing from the date hereof. 

For the purpose of this Section 6A, (i) the term “Qualified IPO” shall mean a firm commitment underwritten public
offering of the Ordinary Shares in the United States, that has been registered under the Securities Act, with the pre-money valuation of the Company of no less than US$270,000,000 and gross proceeds to the Company of at least US$50,000,000 and the
total securities issued by the Company in such offering no less than twenty percent (20%) of all outstanding share capital of the Company after the offering, or in a similar public offering of the Ordinary Shares of the Company in Hong Kong or
another jurisdiction which results in the Ordinary Shares trading publicly on a recognized international securities exchange; provided that such offering satisfies the foregoing pre-money valuation and offering share percentage is subject to
the prior written approval of the holders of more than forty five percent (45%) of the Series A Preferred Shares and the holders of more than forty five percent (45%) of the Series B Preferred Shares (including JAFCO Asia Technology Fund
IV); and (ii) the term “Liquidation Event” shall have the meaning described under Article 2.2 of the Schedule of the Second Amended and Restated Articles of Association of the Company. 

 6B. Automatic Extension of Termination Date 

Due to the exercise restrictions set forth in Section 6A hereof, any expiration dates associated with termination, including by death, as
described in Sections 6(g) and 6(i) hereof, shall be calculated starting from the occurrence of any of the events enumerated in Section 6A hereof. 

7. Terms and Conditions of Share Purchase Rights and Share Awards. 

(a) Restricted Share Purchase Agreement or Share Award Agreement. Each Share Purchase Right or Share Award under the Plan shall be
evidenced by a Restricted Share Purchase Agreement or Share Award Agreement, respectively, between the Purchaser and the Company. Each Share Purchase Right and each Share Award shall be subject to all applicable terms and conditions of the Plan and
may be subject to any other terms and conditions that are not inconsistent with the Plan and that the Administrator deems appropriate for inclusion in a Restricted Share Purchase Agreement or Share Award Agreement, including without limitation,
(i) the number of Shares subject to such Restricted Share Purchase Agreement or Share Award Agreement, as applicable, or a formula for determining such number, (ii) the purchase price of the Shares, if any, and the means of payment for the
Shares, (iii) the performance criteria, if any, and level of achievement versus these criteria that shall determine the number of Shares granted, issued, retainable and/or vested, (iv) such terms and conditions on the grant, issuance,
vesting, settlement and/or forfeiture of the Shares as may be determined from time to time by the Administrator and (v) restrictions on the transferability of the Share Purchase Rights and the Share Awards. The provisions of the various
Restricted Share Purchase Agreements and Share Award Agreements entered into under the Plan need not be identical. 
 (b) Duration of
Offers of Share Purchase Rights or Share Awards. Any Share Purchase Right or Share Award granted under the Plan shall automatically expire if not exercised by the Purchaser within 30 days (or such longer time as is specified in the Restricted
Share Purchase Agreement or the Share Award Agreement) after the Date of Grant. Share Purchase Rights or Share Awards shall not be transferable and shall be exercisable only by the Awardee to whom the Share Purchase Right or the Share Award was
granted. 
 (c) Purchase Price. The Purchase Price, if any, shall be determined by the Administrator in its sole discretion. The
Purchase Price, if any, shall be payable in a form described in Section 9 hereof. 
 (d) Restrictions on Transfer of Shares. Any
Shares awarded or sold pursuant to Share Purchase Rights or Share Awards shall be subject to such special forfeiture conditions, rights of repurchase or redemption, rights of first refusal, market stand-offs, and other transfer restrictions as the
Administrator may determine. The restrictions described in the preceding sentence shall be set forth in the applicable Restricted Share Purchase Agreement or Share Award Agreement, as applicable, and shall apply in addition to any restrictions that
may apply to holders of Shares generally. Unless otherwise determined by the Administrator and subject to Applicable Law, vesting of Shares acquired pursuant to a Restricted Share Purchase Agreement or a Share Award Agreement shall be suspended
during any unpaid leave of absence. 

 8. Withholding Taxes. As a condition to the exercise of an Option, purchase of Restricted
Shares or receipt of a Share Award, the Awardee (or in the case of the Awardee’s death or in the event of a permissible transfer of Awards hereunder, the person exercising the Option, purchasing Restricted Shares or receiving the Share Award)
shall make such arrangements as the Administrator may require for the satisfaction of any applicable withholding taxes arising in connection with the exercise of an Option or purchase of Restricted Shares under the laws of any applicable
jurisdiction including the Cayman Islands, the PRC, the U.S., Hong Kong and any other jurisdiction. The Awardee (or in the case of the Awardee’s death or in the event of a permissible transfer of Awards hereunder, the person exercising the
Option, purchasing Restricted Shares or receiving Share Awards) also shall make such arrangements as the Administrator may require for the satisfaction of any applicable Cayman Islands, PRC, Hong Kong, U.S. federal, state, local, or non-Cayman
Islands, non-PRC, non-Hong Kong and non-U.S. withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option, purchasing Restricted Shares or receiving Share Awards. The Company shall not be
required to issue any Shares under the Plan until the foregoing obligations are satisfied. Without limiting the generality of the foregoing, upon the exercise of the Option or delivery of Restricted Shares or Share or Award, the Company shall have
the right to withhold taxes from any compensation or other amounts that the Company may owe to the Awardee, or to require the Awardee to pay to the Company the amount of any taxes that the Company may be required to withhold with respect to the
Shares issued to the Awardee. Without limiting the generality of the foregoing, the Administrator in its discretion may authorize the Awardee to satisfy all or part of any withholding tax liability by (i) having the Company withhold from the
Shares that would otherwise be issued upon the exercise of an Option, purchase of Restricted Shares that number of Shares or received in a Share Award having a Fair Market Value, as of the date the withholding tax liability arises, equal to the
portion of the Company’s withholding tax liability to be so satisfied or (ii) by delivering to the Company previously owned and unencumbered Shares having a Fair Market Value, as of the date the withholding tax liability arises, equal to
the amount of the Company’s withholding tax liability to be so satisfied. 
 9. Payment for Shares. The consideration to be paid
for the Shares to be issued under the Plan, including the method of payment, shall be determined by the Administrator, subject to the provisions in this Section 9. 

(a) General Rule. The entire Purchase Price or Exercise Price (as the case may be) for Shares issued under the Plan shall be payable in
cash or cash equivalents at the time when the Shares are purchased, except as otherwise provided in this Section 9. 
 (b) Surrender
of Shares. To the extent that an Option Agreement, Restricted Share Purchase Agreement or Share Award Agreement so provides, all or any part of the Exercise Price or Purchase Price (as the case may be) may be paid by surrendering, or attesting
to the ownership of, Shares that are already owned by the Awardee. These Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on the date the Option is exercised or Restricted Shares are
purchased. The Awardee shall not surrender, or attest to the ownership of, Shares in payment of the Exercise Price or Purchase Price (as the case may be) if this action would subject the Company to adverse accounting consequences, as determined by
the Administrator. 
 (c) Services Rendered. At the discretion of the Administrator and to the extent so provided in the agreements
evidencing Awards of Shares under the Plan, Shares may be awarded under the Plan in consideration of services rendered to the Company or any Parent or Subsidiary prior to the Award. 

 (d) Other Forms of Consideration. At the discretion of the Administrator and to the extent
an Option Agreement, a Restricted Share Purchase Agreement or Share Award so provides, all or a portion of the Exercise Price or Purchase Price may be paid by any other form of consideration and method of payment to the extent permitted by
Applicable Law. 
 10. Nontransferability of Awards. Unless otherwise determined by the Administrator and so provided in the
applicable Option Agreement, Restricted Share Purchase Agreement or Share Award Agreement (or be amended to provide), no Award shall be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner (whether by operation of law or
otherwise) other than (i) by will or applicable laws of descent and distribution or pursuant to a qualified domestic relations order or (ii) by trusts or companies established in connection with any employee benefit plan of the Company
(including the Plan) for the benefit of a Service Provider or Service Providers, in each case subject to Applicable Law, and shall not be subject to execution, attachment, or similar process. In the event the Administrator in its sole discretion
makes an Award transferable, only a Share Purchase Right or Share Award may be transferred provided such Award is transferred without payment of consideration to members of the Awardee’s immediate family or to trusts or partnerships established
exclusively for the benefit of the Awardee and the members of the Awardee’s immediate family, all as permitted by Applicable Law. Upon any attempt to pledge, assign, hypothecate, transfer, or otherwise dispose of any Award or of any right or
privilege conferred by this Plan contrary to the provisions hereof, or upon the sale, levy or attachment or similar process upon the rights and privileges conferred by this Plan, such Award shall thereupon terminate and become null and void. 

11. Rights as a Member. Until the Shares actually are issued (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a member shall exist with respect to the Shares, notwithstanding the exercise of the Award. No adjustment shall be made for a dividend or
other right for which the record date is prior to the date the Shares are issued, except as provided in Section 12 of the Plan. 
 12.
Adjustment of Shares. 
 (a) Changes in Capitalization. Subject to the Board’s prior written approval, the class(es) and
number and type of Shares that have been authorized for issuance under the Plan shall be proportionately adjusted for any increase, decrease, or change in the number or type of outstanding Shares or other securities of the Company or exchange of
outstanding Shares or other securities of the Company into or for a different number or type of shares or other securities of the Company or successor entity, or for other property (including, without limitation, cash) or other change to the Shares
resulting from a share split, reverse share split, share dividend, dividend in property other than cash, combination of shares, exchange of shares, combination, consolidation, recapitalization, reincorporation, reorganization, change in corporate
structure, reclassification, or other distribution of the Shares effected without receipt of consideration by the Company; provided, however, that the conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” The adjustment contemplated in this Section 12(a) shall be made by the Board, whose determination shall be final, binding and conclusive. Except as expressly provided herein, no issuance by
the Company of equity securities of the Company of any class, or securities convertible into equity securities of the Company of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number, type, or price
of Shares subject to an Award. 

 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of
the Company, the Administrator shall notify each Awardee as soon as practicable prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for an Optionee to have the right to exercise his or her Option
until fifteen (15) days prior to the proposed dissolution or liquidation as to all of the Optioned Shares covered thereby, including Shares as to which the Option would not otherwise be exercisable. In addition, the Administrator may provide
that any Company repurchase or redemption option applicable to any Shares purchased upon exercise of an Option or Restricted Shares purchased under a Share Purchase Right shall lapse as to all such Shares, provided the proposed dissolution or
liquidation takes place at the time and in the manner contemplated. To the extent an Option has not been previously exercised and all Restricted Shares covered by a Share Purchase Right have not been purchased, the Award will terminate immediately
prior to the consummation of such proposed action. 
 (c) Change in Control. In the event of a Change in Control, unless the Option
Agreement, Restricted Share Purchase Agreement or Share Award Agreement provides otherwise, each outstanding Option shall be assumed or an equivalent option shall be substituted by, and each right of the Company to repurchase, redeem or reacquire
Shares upon termination of a Purchaser’s relationship as a Service Provider shall be assigned to, the successor corporation or a Parent or Subsidiary of the successor corporation. If, in the event of a Change in Control, the Option is not
assumed or substituted, or the repurchase, redemption or reacquisition or similar right is not assigned, in the case of an outstanding Option, the Option shall fully vest immediately and the Awardee shall have the right to exercise the Option as to
all of the Optioned Shares, including Shares as to which it would not otherwise be vested or exercisable, and, in the case of Restricted Shares, the Company’s repurchase, redemption or reacquisition or similar right shall lapse immediately and
all of the Restricted Shares subject to the repurchase, redemption or reacquisition or similar right shall become vested. If an Option becomes fully vested and exercisable, in lieu of assumption or substitution in the event of a Change in Control,
the Administrator shall notify the Optionee in writing or electronically that the Option shall be fully exercisable for a period of fifteen (15) days from the date of such notice, and the Option shall terminate upon the expiration of such
period. For purposes of this Section 12(c), an Option shall be considered assumed, and Restricted Shares will be considered assigned if, following the Change in Control, the Award confers the right to purchase or receive, for each covered Share
immediately prior to the Change in Control, the consideration (whether shares, cash, or other securities or property) received in connection with the Change in Control by holders of Shares for each Share held on the effective date of the transaction
(and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if the consideration received in the Change in Control is not solely common
stock or ordinary shares of the successor corporation or its Parent or Subsidiary, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of the Option or vesting of the
Restricted Shares, for each covered Share, to be solely common stock or ordinary shares of the successor corporation or its Parent or Subsidiary equal in Fair Market Value to the per Share consideration received by holders of Shares in the Change in
Control. 

 (d) Reservation of Rights. Except as provided in this Section 12 and in the
applicable Option Agreement, Restricted Share Purchase Agreement or Share Award Agreement, an Awardee shall have no rights by reason of (i) any subdivision or consolidation of Shares or other securities of any class, (ii) the payment of
any dividend, or (iii) any other increase or decrease in the number of Shares or other securities of any class. Any issuance by the Company of equity securities of any class, or securities convertible into equity securities of any class, shall
not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Optioned Shares. The grant of an Option, Share Purchase Right or Share Award shall not affect in any way the right or power of the Company
to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell, or transfer all or any part of its business or assets. 

13. Date of Grant. The Date of Grant of an Award shall, for all purposes, be the date on which the Administrator makes the
determination to grant the Award, or such other later date as is determined by the Administrator. 
 14. Securities Law Requirements.

 (a) Legal Compliance. Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the
Plan, the Company shall not be obligated, and nor shall it have any liability for failure to deliver any Shares under the Plan unless the issuance and delivery of Shares comply with (or are exempt from) all Applicable Law, including, without
limitation, the applicable securities laws in the PRC, Hong Kong and the British Virgin Islands, Securities Act, U.S. state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the
Company’s securities may then be traded, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

(b) Investment Representations. Shares delivered under the Plan shall be subject to transfer restrictions, and the person acquiring the
Shares shall, as a condition to the exercise of an Option or the purchase or acquisition of Restricted Shares if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to
assure compliance with Applicable Law, including, without limitation, the representation and warranty at the time of acquisition of Shares that the Shares are being acquired only for investment purposes and without any present intention to sell,
transfer, or distribute the Shares. 
 15. Inability to Obtain Authority. The inability of the Company to obtain authority from any
regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or
sell such Shares as to which such requisite authority shall not have been obtained. 

 16. Approval by Members. The Plan shall be subject to approval by the members of the
Company within twelve (12) months before or after the date the Plan is adopted by the Board. Such approval by members of the Company shall be obtained in the degree and manner required under Applicable Law. Awards may be granted but Options may
not be exercised and Restricted Shares may not be purchased or acquired prior to approval of the Plan by members of the Company. 
 17.
Duration and Amendment. 
 (a) Term of Plan. Subject to approval by members of the Company in accordance with Section 16
hereof, the Plan shall become effective upon the earlier to occur of its adoption by the Board or its approval by the members of the Company as described in Section 16 hereof. In the event that the members of the Company fail to approve the
Plan within 12 months prior to or after its adoption by the Board, any Awards that have been granted and any Shares that have been awarded or purchased under the Plan shall be rescinded, and no additional Awards shall be granted thereafter. Unless
sooner terminated under Section 17(b) hereof, the Plan shall continue in effect for a term of ten (10) years. 
 (b) Amendment
and Termination. The Board may at any time amend, alter, suspend, or terminate the Plan. 
 (c) Approval by Members. The Board
shall obtain approval of the members of any Plan amendment to the extent necessary and desirable to comply with Applicable Law. 
 (d)
Effect of Amendment or Termination. No amendment, alteration, suspension, or termination of the Plan shall materially and adversely impair the rights of any Awardee with respect to an outstanding Award, unless mutually agreed otherwise
between the Awardee and the Administrator, which agreement must be in writing and signed by the Awardee and the Company. Termination of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with
respect to Awards granted under the Plan prior to the date of such termination. No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an Award granted prior to the termination of the Plan. 

18. Legending Share Certificates. In order to enforce any restrictions imposed upon Shares issued upon the exercise of Options or the
acquisition of Restricted Shares, including, without limitations, the restrictions described in Sections 6(k), 7(d), and
 14(c) hereof, the Administrator may cause a legend or legends to be placed on any share certificates representing the
Shares, which legend or legends shall make appropriate reference to the restrictions, including, without limitation, a restriction against sale of the Shares for any period as may be required by Applicable Law. 

19. No Retention Rights. Neither the Plan nor any Award shall confer upon any Awardee any right to continue his or her relationship as
a Service Provider with the Company for any period of specific duration or interfere in any way with his or her right or the right of the Company (or any Parent or Subsidiary employing or retaining the Awardee), which rights are hereby expressly
reserved by each, to terminate this relationship at any time, with or without cause, and with or without notice. 

 20. No Registration Rights. The Company may, but shall not be obligated to, register or
qualify the sale of Shares under the Securities Act or any other Applicable Law. The Company shall not be obligated to take any affirmative action in order to cause the sale of Shares under this Plan to comply with any law. 

21. No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the Company or any Parent or Subsidiary and an Awardee or any other person. To the extent that any Awardee acquires a right to receive payments from the Company or any Parent or Subsidiary pursuant to an
Award, such right shall be no greater than the right of any unsecured general creditor of the Company, a Parent, or any Subsidiary. 
 22.
No Rights to Awards. No Awardee, eligible Service Provider, or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of a Service Provider, Awardee, or holders or
beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to any Awardee or with respect to different Awardees. 

23. Governing Law. The Plan and any Option Agreement, Restricted Share Purchase Agreement or Share Award Agreement entered into by the
Company pursuant to the Plan shall be governed by the laws of Hong Kong without regard to its principles of conflicts of laws. 
 24.
Dispute Resolution. 
 (a) Any dispute, controversy or claim arising out of or relating to the Share Plan and any Option Agreement,
Restricted Share Purchase Agreement or Share Award Agreements, or the interpretation, breach, termination or validity hereof or thereof, shall first be subject to resolution through consultation of the parties to such dispute, controversy or claim.
Such consultation shall begin within three (3) days after one party hereto has delivered to the other party hereto a written request for such consultation. If within thirty (30) days following the commencement of such consultation the
dispute cannot be resolved, the dispute shall be submitted to arbitration upon the request of either party with notice to the other. 
 (b)
The arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”) in accordance with the UNCITRAL Arbitration Rules (“UNCITRAL Rules”) in effect,
which rules are deemed to be incorporated by reference into this subsection (b), subject to the following: The arbitration tribunal shall consist of one (1) arbitrator to be appointed according to the UNCITRAL Rules by the Centre. The language
of the arbitration shall be English. 
 (c) Each party hereto shall cooperate with any party to the dispute in making full disclosure of and
providing complete access to all information and documents requested by such party to the dispute in connection with such arbitration proceedings, subject only to any confidentiality obligations binding on such party. 

 (d) The award of the arbitration tribunal shall be final and binding upon the disputing parties,
and either party may apply to a court of competent jurisdiction for enforcement of such award. 
 (e) Either party shall be entitled to seek
preliminary injunctive relief, if possible, from any court of competent jurisdiction pending the constitution of the arbitral tribunal. 

25. No Guarantee of Continued Service. The vesting of shares pursuant to the vesting schedule under any Option Agreement is earned only
be continuing as a Service Provider and does not constitute an express or implied promise of continued engagement as a Service Provider for the vesting period, for any period, or at all and shall not interfere with the right of any party or third
party to terminate the Optionee’s relationship as a Service Provider at any time subject to Applicable Law.

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