Document:

Merger Agreement

 Exhibit 10.17 
 Confidential Treatment Requested 
 MERGER AGREEMENT 

by and among 
 TAMARAC INC., 
 ENVESTNET INC. 

AND 

TITAN MERGER CORP. 
 AND 
 KLJ CONSULTING, LLC 

(as the Shareholders’ Representative) 
 Dated as of February 16, 2012 

 Confidential Treatment Requested 

 
 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 1.1
	    	Definitions	  	 	1	  
	 1.2
	    	Interpretation	  	 	13	  
	 ARTICLE II THE MERGER
	  	 	13	  
	 2.1
	    	The Merger	  	 	13	  
	 2.2
	    	Closing; Effective Time	  	 	13	  
	 2.3
	    	Effect of Merger	  	 	14	  
	 2.4
	    	Articles of Incorporation; Bylaws; Directors and Officers	  	 	14	  
	 2.5
	    	Effect on Capital Stock	  	 	14	  
	 2.6
	    	Exchange	  	 	16	  
	 2.7
	    	Dissenting Shares	  	 	18	  
	 ARTICLE III WORKING CAPITAL
	  	 	19	  
	 3.1
	    	Closing Date Balance Sheet	  	 	19	  
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	21	  
	 4.1
	    	Organization	  	 	21	  
	 4.2
	    	Authorization	  	 	22	  
	 4.3
	    	Consents and Approvals; No Conflicts	  	 	22	  
	 4.4
	    	Capitalization	  	 	23	  
	 4.5
	    	Financial Statements; Undisclosed Liabilities; Company Debt; Financial Controls	  	 	24	  
	 4.6
	    	No Adverse Effects or Changes	  	 	25	  
	 4.7
	    	Title to Assets	  	 	27	  
	 4.8
	    	Condition and Sufficiency of Assets	  	 	27	  
	 4.9
	    	Real Property	  	 	27	  
	 4.10
	    	Computer System	  	 	28	  
	 4.11
	    	Intellectual Property	  	 	29	  
	 4.12
	    	Contracts	  	 	30	  
	 4.13
	    	Employee Benefit Plans	  	 	32	  
	 4.14
	    	Employment and Labor Matters	  	 	34	  
	 4.15
	    	Taxes	  	 	34	  

  
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(continued) 
  

							
	 	    	 	  	Page	 
	 4.16
	    	Compliance with Laws; No Improper Payments; Internal Compliance	  	 	36	  
	 4.17
	    	Environmental Matters	  	 	37	  
	 4.18
	    	Litigation	  	 	37	  
	 4.19
	    	Accounts Receivable; Advances and Warranties	  	 	38	  
	 4.20
	    	Permits	  	 	38	  
	 4.21
	    	Insurance	  	 	38	  
	 4.22
	    	Capital Improvements	  	 	39	  
	 4.23
	    	No Conflict of Interest	  	 	39	  
	 4.24
	    	Bank Accounts	  	 	39	  
	 4.25
	    	Customers	  	 	39	  
	 4.26
	    	Brokers	  	 	40	  
	 4.27
	    	Services	  	 	40	  
	 4.28
	    	[Intentionally Omitted.]	  	 	40	  
	 4.29
	    	Reports	  	 	40	  
	 4.30
	    	Accuracy of Statements	  	 	40	  
	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT
	  	 	40	  
	 5.1
	    	Organization	  	 	40	  
	 5.2
	    	Authorization	  	 	41	  
	 5.3
	    	Consents and Approvals; No Conflicts	  	 	41	  
	 5.4
	    	Sufficiency of Funds	  	 	42	  
	 5.5
	    	Brokers	  	 	42	  
	 5.6
	    	Investment Intent	  	 	42	  
	 5.7
	    	No Other Representations	  	 	42	  
	 ARTICLE VI COVENANTS
	  	 	42	  
	 6.1
	    	Access to Information and Facilities	  	 	42	  
	 6.2
	    	Conduct of Business	  	 	42	  
	 6.3
	    	Consents and Approvals	  	 	45	  
	 6.4
	    	Resignations	  	 	45	  
	 6.5
	    	Shareholder Approval	  	 	45	  
	 6.6
	    	Insurance	  	 	46	  

  
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(continued) 
  

							
	 	    	 	  	Page	 
	 6.7
	    	Tax Matters	  	 	46	  
	 6.8
	    	Supplemental Information	  	 	48	  
	 6.9
	    	Exclusivity	  	 	48	  
	 6.10
	    	Interim Financial Statements	  	 	48	  
	 6.11
	    	Takeover Statutes	  	 	49	  
	 6.12
	    	Closing Payment Calculation Statement	  	 	49	  
	 6.13
	    	Management Incentive Plan	  	 	49	  
	 6.14
	    	Parent Stock Investment at Effective Time	  	 	51	  
	 6.15
	    	Termination of Benefit Plans	  	 	52	  
	 ARTICLE VII CONDITIONS TO CLOSING
	  	 	52	  
	 7.1
	    	Conditions to Obligations of Parent and MergerCo	  	 	52	  
	 7.2
	    	Conditions to Obligations of the Company	  	 	53	  
	 ARTICLE VIII CLOSING
	  	 	54	  
	 8.1
	    	Closing	  	 	54	  
	 8.2
	    	Deliveries by the Company	  	 	54	  
	 8.3
	    	Deliveries by Parent	  	 	55	  
	 ARTICLE IX TERMINATION
	  	 	55	  
	 9.1
	    	Termination	  	 	55	  
	 9.2
	    	Effect of Termination	  	 	56	  
	 ARTICLE X INDEMNIFICATION
	  	 	56	  
	 10.1
	    	Survival	  	 	56	  
	 10.2
	    	Indemnification by Shareholders	  	 	56	  
	 10.3
	    	Indemnification by Parent	  	 	57	  
	 10.4
	    	Limitations on Liability	  	 	57	  
	 10.5
	    	Materiality	  	 	58	  
	 10.6
	    	Claims	  	 	58	  
	 10.7
	    	Notice of Third Party Claims; Assumption of Defense	  	 	58	  
	 10.8
	    	Settlement or Compromise	  	 	59	  
	 10.9
	    	Failure of Indemnifying Person to Act	  	 	59	  
	 10.10
	    	Indemnification Escrow Amount	  	 	60	  

  
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(continued) 
  

							
	 	    	 	  	Page	 
	 10.11
	    	No Contribution/Subrogation	  	 	60	  
	 10.12
	    	Purchase Price Adjustments	  	 	60	  
	 ARTICLE XI MISCELLANEOUS
	  	 	60	  
	 11.1
	    	Expenses	  	 	60	  
	 11.2
	    	Amendment	  	 	60	  
	 11.3
	    	Notices	  	 	60	  
	 11.4
	    	Payments	  	 	61	  
	 11.5
	    	Waivers	  	 	61	  
	 11.6
	    	Assignment	  	 	62	  
	 11.7
	    	No Third Party Beneficiaries	  	 	62	  
	 11.8
	    	Publicity	  	 	62	  
	 11.9
	    	Further Assurances	  	 	62	  
	 11.10
	    	Severability	  	 	62	  
	 11.11
	    	Entire Understanding	  	 	62	  
	 11.12
	    	Language	  	 	63	  
	 11.13
	    	Applicable Law	  	 	63	  
	 11.14
	    	Exclusive Jurisdiction of Disputes; Waiver of Jury Trial	  	 	63	  
	 11.15
	    	Counterparts	  	 	63	  
	 11.16
	    	Facsimile and Electronic Signatures	  	 	63	  
	 11.17
	    	Effect of Investigation	  	 	63	  
	 11.18
	    	Specific Performance	  	 	64	  
	 11.19
	    	Remedies Cumulative	  	 	64	  
	 11.20
	    	Shareholders’ Representative	  	 	64	  

  
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	 EXHIBITS
	  	 
		
	Exhibit A	  	Form of Escrow Agreement
	Exhibit B	  	Shareholders Entering Into Shareholder Support Agreement
	Exhibit C	  	Shareholder Support Agreement
	Exhibit D	  	Shareholders’ Representative Authorization Letter
	Exhibit E	  	Articles of Merger
	Exhibit F	  	Articles of Incorporation of the Surviving Corporation
	Exhibit G	  	Initial Officers of the Surviving Corporation (ref.: Section 2.4(c))
	Exhibit H	  	Management Incentive Plan Qualified Employees
	Exhibit I	  	Parent Stock Investment Qualified Employees
	Exhibit J	  	Form of Parent Stock Option Agreements
	Exhibit K	  	Business Plan and Budget

  

			
	 SCHEDULES

		
	1.1A	 	Financial Statements
	1.1B	 	Change of Control Payments
	4.1	 	Organization
	4.3	 	Consents and Approvals; No Conflicts
	4.4(a)	 	Preemptive Rights; Reserved Shares
	4.4(c)	 	- Agreements Affecting Capitalization
	4.5	 	Undisclosed Liabilities; Company Debt; Financial Controls
	4.6	 	No Adverse Effects or Changes
	4.7	 	Title to Assets
	4.8	 	Condition of Assets
	4.9(b)	 	Leased Real Property; Real Property Leases
	4.10	 	Computer System
	4.11	 	Intellectual Property
	4.12	 	Contracts
	4.13	 	Employee Benefit Plans
	4.14	 	Employment and Labor Matters
	4.15	 	Taxes
	4.17	 	Environmental Matters
	4.18	 	Litigation
	4.19	 	Accounts Receivable and Advances
	4.20	 	Permits
	4.21	 	Insurance
	4.22	 	Capital Improvements
	4.23	 	No Conflict of Interest
	4.24	 	Bank Accounts
	4.25	 	Customers
	5.3	 	Consents and Approvals; No Conflicts
	6.2	 	Conduct of Business
	6.13(b)	 	Management Incentive Plan

  
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 MERGER AGREEMENT 

THIS MERGER AGREEMENT is made as of the 16th day of February, 2012, by and among Envestnet, Inc., a Delaware corporation
(“Parent”), Titan Merger Corp., a Washington corporation (“MergerCo”), Tamarac Inc., a Washington corporation (the “Company”), and KLJ Consulting, LLC, a Delaware limited liability company, as the
Shareholders’ Representative (the “Shareholders’ Representative”) solely for the purposes of the rights and obligations of the Shareholders’ Representative set forth herein. Certain capitalized terms used in this
Agreement are defined in Article I. 
 W I T N E S S E T H: 

WHEREAS, the parties desire that MergerCo, upon the terms and subject to the conditions of this Agreement and in accordance with the Act,
merge with and into the Company (the “Merger”); 
 WHEREAS, the Board of Directors of the Company has
unanimously (i) determined that the Merger is fair to and in the best interests of the Company and its shareholders, (ii) adopted this Agreement and approved the execution and delivery of this Agreement by the Company and the consummation
of the Merger and the other transactions contemplated hereby and (iii) resolved to recommend that this Agreement be approved by the shareholders of the Company; 
 WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to Parent’s entering into this Agreement, Parent has entered into an employment letter
agreement with Stuart DePina (the “DePina Employment Letter”), which includes certain non-competition and non-solicitation covenants; and 
 WHEREAS, concurrently with the execution and delivery of this Agreement, and as a condition and inducement to Parent’s entering into this Agreement, certain shareholders of the Company, whose names
are set forth on Exhibit B, are entering into a shareholder support agreement dated as of the date hereof in the form set forth on Exhibit C (the “Shareholder Support Agreement”), pursuant to which, subject to the
terms and conditions thereof, such shareholders have agreed, among other things, to vote their Shares (as defined below) to approve this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, the parties agree as follows: 

ARTICLE I 

DEFINITIONS 
  

	 	1.1	Definitions. The following terms shall have the following meanings for the purposes of this Agreement: 

“Accounting Firm” shall have the meaning set forth in Section 3.1(d). 

 Confidential Treatment Requested 

 
 “Accounts Receivable” shall mean all
accounts receivable, trade receivables, notes receivable and other receivables resulting from goods sold or services provided by the Company and shall include, as of the date hereof, all receivables listed on Schedule 4.19 and, as of the
Closing Date, all receivables recorded on the Closing Date Balance Sheet. 
 “Act” means the Washington
Business Corporation Act, RCW Title 23B. 
 “Adjustment Escrow Amount” shall mean $300,000. 

“Advances” shall have the meaning set forth in Section 4.19. 

“Affiliate” shall mean, with respect to any specified Person, (i) any other Person that, directly or indirectly,
owns or controls, is under common ownership or control with, or is owned or controlled by, such specified Person, (ii) any other Person which is a director, officer or partner, or is, directly or indirectly, the beneficial owner of ten percent
(10%) or more of any class of equity securities, of the specified Person or a Person described in clause (i) of this paragraph, (iii) another Person of which the specified Person is a director, officer or partner or is,
directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (iv) another Person in which the specified Person has a substantial beneficial interest or as to which the specified Person serves
as trustee or in a similar capacity or (v) any relative or spouse of the specified Person or any of the foregoing Persons, any relative of such spouse or any spouse of any such relative; provided, that at any time after the Closing Date,
the Company, on the one hand, and the Shareholders and their respective Affiliates (other than the Company), on the other hand, shall not be deemed to be Affiliates of each other. 

“Agreement” shall mean this Stock Purchase Agreement, including all exhibits and schedules hereto, as it may be amended
from time to time in accordance with its terms. 
 “Annual Revenues” shall have the meaning set forth in
Section 6.13(c). 
 “Annual Revenues Target” shall have the meaning set forth in
Section 6.13(c). 
 “Arrangements” shall have the meaning set forth in
Section 4.13(a)(ii). 
 “Articles of Incorporation” shall have the meaning set forth in
Section 2.4. 
 “Articles of Merger” shall have the meaning set forth in Section 2.2.

 “Base Purchase Price” shall mean $54 million. 

“Basket Amount” shall have the meaning set forth in Section 10.4(a). 

“Benefit Plans” shall have the meaning set forth in Section 4.13(b). 

“Business Day” shall mean any day of the year other than (i) any Saturday or Sunday or (ii) any other day on
which banks located in Seattle, Washington or Chicago, Illinois generally are closed for business. 

  
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 Confidential Treatment Requested 

 
 “Business Plan and Budget” shall mean the
operating plan and budget for the Surviving Corporation, as set forth on Exhibit K attached hereto, and as the same may be amended, supplemented or modified from time to time as determined by Parent (in its sole discretion, but after consultation
with Stuart DePina). 
 “Cause” shall, with respect to the applicable employee, have the meaning ascribed to
such term in his or her offer letter, employment agreement, or other writing signed by Parent and such employee. If no such offer letter, employment agreement or other writing exists, then “Cause” shall mean, with respect to such employee,
his or her (i) willful misconduct or gross negligence in the performance of his or her duties, including any refusal to comply in any material respect with the reasonable business directives of Parent or the Surviving Corporation,
(ii) dishonest or fraudulent conduct, a deliberate attempt to injure the Surviving Corporation or conduct that materially discredits Parent or the Surviving Corporation or is materially detrimental to the reputation of Parent or the Surviving
Corporation, (iii) violation of any applicable Law or conviction of, or entering of a plea of nolo contendere to, any felony, (iv) material breach of its employment arrangement or any other agreement between Parent or any of its affiliates
(including the Surviving Corporation), or (v) theft or other misappropriation of any proprietary information of Parent or any of its affiliates (including the Surviving Corporation). 

“Certificate” shall have the meaning set forth in Section 2.5. 

“Change of Control Payee” shall mean any Person to whom the Company owes any portion of the Change of Control Payment
Amount. 
 “Change of Control Payment Amount” shall mean the aggregate amount of all liabilities of the
Company, whether or not contingent, for severance, change of control payments, stay bonuses, retention bonuses, success bonuses and other bonuses, employee benefits (such as contributions to 401(k) plans and similar liabilities to any of the
foregoing), in each case arising as a result of the transactions contemplated hereby and to the extent unpaid as of immediately prior to the Closing, including the payments listed on Schedule 1.1B. 

“Closing” shall mean the consummation of the transactions contemplated herein in accordance with Article VIII.

 “Closing Date” shall have the meaning set forth in Section 2.2. 

“Closing Date Balance Sheet” shall mean the Initial Closing Date Balance Sheet, as subsequently agreed (or deemed
agreed) or adjusted by the Final Statement of Adjustments pursuant to Section 3.1. 
 “Closing Payment
Calculation Statement” shall have the meaning set forth in Section 6.12. 
 “Closing Working
Capital” shall mean the value of the difference between (i) the aggregate amount of the current assets of the Company, less (ii) the aggregate amount of the current liabilities of the Company, all determined on a consolidated
basis as of the Closing in accordance with GAAP as applied in the Latest Balance Sheet. Notwithstanding anything in the foregoing definition or anything in Section 3.1, it is understood and agreed that the employer portion of any
employment Taxes attributable to any payments made pursuant to Article II shall be treated as a current liability for purposes of Closing Working Capital. 

  
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 Confidential Treatment Requested 

 
 “Closing Working Capital Statement” shall
mean the Initial Closing Working Capital Statement, as subsequently agreed (or deemed agreed) or adjusted by the Final Statement of Adjustments pursuant to Section 3.1. 

“Code” shall mean the United States Internal Revenue Code of 1986, as amended. 

“Common Stock” shall mean the Common Stock, $0.001 par value per share, of the Company. 

“Common Stock Equivalent” shall mean any outstanding option or warrant to purchase Common Stock to the extent that such
option or warrant is vested and may be exercised in connection with the Merger on or before the Effective Time. 

“Company” shall have the meaning set forth in the Preamble. 

“Company Creditor” shall mean any Person to whom the Company has any liability or obligation for Company Debt, including
any liability or obligation under any guarantee by the Company of any indebtedness of any third party of the type referenced in clauses (i) through (v) of the definition of “Indebtedness.” 

“Company Debt” shall mean the aggregate amount of all liabilities (including principal, accrued interest, pre-payment
penalties, if any, and lender fees and expenses) of the Company for Indebtedness, including all Indebtedness identified on Schedule 4.5. 
 “Company Debt Amount” shall mean the aggregate amount of all outstanding Company Debt as of immediately prior to the Closing. 

“Company Intellectual Property” shall mean all Intellectual Property owned by, licensed to or otherwise used or held for
use by the Company, including the Owned Intellectual Property and the Licensed Intellectual Property. 
 “Computer
System” shall have the meaning set forth in Section 4.10. 
 “Contract” shall mean any
contract, lease, license, sales order, purchase order, agreement, warranty, indenture, mortgage, note, bond, right, warrant or instrument, whether written or verbal (and any and all amendments thereto). 

“DePina Employment Letter” shall have the meaning set forth in the Recitals. 

“Effective Time” shall have the meaning set forth in Section 2.2. 

“Employment Agreements” shall have the meaning set forth in Section 4.13(a)(iii). 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

  
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 Confidential Treatment Requested 

 
 “ERISA Affiliate” shall mean, with respect
to any Person, any corporation, trade or business which, together with such Person, is a member of a controlled group of corporations or a group of trades or businesses under common control within the meaning of sections 414(b) or (c) of the
Code. 
 “Escrow Account” shall mean the escrow account established pursuant to the Escrow Agreement.

 “Escrow Agent” shall mean a national banking association mutually agreed upon by Company and Parent.

 “Escrow Agreement” shall mean the Escrow Agreement, substantially in the form of Exhibit A attached
hereto, to be entered into by Parent, Shareholders’ Representative and the Escrow Agent. 
 “Escrow
Amount” shall mean the sum of the Adjustment Escrow Amount, the Indemnification Escrow Amount and the Expense Reserve Fund. 
 “Expense Reserve Fund” shall mean $300,000. 
 “Final
Statement of Adjustments” shall have the meaning set forth in Section 3.1(d). 
 “Financial
Statements” shall mean all of the following: 
 (a) the audited consolidated financial statements of
the Company as of and for the fiscal years ended December 31, 2008, December 31, 2009 and December 31, 2010 (including all notes thereto), which are included in Schedule 1.1A, consisting of the balance sheet at such dates and
the related statements of earnings and retained earnings and cash flows for the fiscal years then ended; 
 (b)
the unaudited consolidated financial statements of the Company as of and for the twelve (12) month period ended December 31, 2011 (including all notes thereto), which are included in Schedule 1.1A, consisting of the balance sheet at
such date and the related statements of earnings and retained earnings for the twelve (12) month period then ended; and 
 (c) the unaudited consolidated financial statements of the Company as of and for the one (1) month period ended January 31, 2012 (including all notes thereto), which are included in Schedule
1.1A, consisting of the balance sheet at such date and the related statements of earnings and retained earnings for the one (1) month period then ended. 
 In addition, the term “Financial Statements” shall include any and all Interim Financial Statements then in existence and the Year End Financial Statements if then in existence.

 “Fully Diluted Common Stock” shall mean all Shares of Common Stock outstanding, all Shares of Common Stock
that would be issued upon the conversion of all Shares of Preferred Stock outstanding, all Shares of Common Stock that would be issued upon the exercise of any applicable Common Stock Equivalent outstanding and all Shares of Common Stock that would
be issued upon the conversion of all Shares of Preferred Stock that would be issued upon the exercise of any applicable Preferred Stock Equivalent outstanding. 

  
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 Confidential Treatment Requested 

 
 “GAAP” shall mean United States generally
accepted accounting principles at the time in effect. 
 “Good Reason” shall, with respect to the applicable
employee, have the meaning ascribed to such term in his or her offer letter, employment agreement, or other writing signed by Parent and such employee. If no such offer letter, employment agreement or other writing exists, then “Good
Reason” shall mean, with respect to such employee, (i) any material change in such employee’s job position or responsibilities which such employee has not agreed to and which is not remedied by the Surviving Corporation within ten
(10) Business Days after written notice from such employee, or (ii) the Surviving Corporation requiring such employee to relocate outside of, or to change such employee’s primary business location outside of, the geographic area
encompassed within a fifty (50) mile radius of such employee’s primary office with the Company immediately prior to the Closing. 
 “Governmental Authority” shall mean the government of the United States, or any foreign country or any provincial, state, local or other political subdivision thereof and any entity, body
or authority exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any quasi-governmental entity established to perform such functions. 

“Hazardous Substance” shall mean any material, substance, constituent, waste, compound or other matter that
(i) constitutes a hazardous substance, toxic substance or pollutant (as such terms are defined by, or pursuant to, or result in liability under, any Environmental Law) or (ii) is regulated or controlled as a hazardous substance, toxic
substance, pollutant or other regulated or controlled material, substance, constituent, waste, compound or other matter pursuant to any Environmental Law; provided, however, that Hazardous Substance shall not mean or include any
material, substance, constituent, waste, compound or other matter that is contained or used in commercially available enterprise hardware and office equipment, including without limitation computers, monitors, peripherals, servers, routers, network
equipment, cables, copy machines, telephones and smart phones. 
 “Incapacitated” shall mean, with respect to
the applicable employee, such employee has been unable to perform his or her duties under such employee’s employment arrangement with the Surviving Corporation as a result of his or her incapacity due to physical or mental illness, and such
inability, which continues for at least one hundred twenty (120) consecutive calendar days or for one hundred fifty (150) days during any twelve (12) month period, is reasonably determined to be total and permanent by a physician
selected by the Surviving Corporation and its insurers. 
 “Indebtedness” shall mean, with respect to any
Person, all (i) indebtedness (including indebtedness relating to deferred purchase price for assets or services and conditional sales or title retention agreements) or other obligations of such Person for borrowed money or evidenced by a note,
debenture or similar instrument, (ii) letters of credit issued for the account of such Person, (iii) capitalized lease obligations of such Person, (iv) bankers’ acceptances and

  
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 Confidential Treatment Requested 

 
 
overdrafts of such Person, (v) liabilities and obligations under any interest rate swap, hedging or similar arrangement (valued at the termination value thereof if such arrangement were
terminated as of the Closing Date) and (vi) guarantees by such Person of indebtedness of any third parties of the type referenced in foregoing clauses (i) through (v). 

“Indemnification Escrow Amount” shall mean an amount equal to fifteen percent (15%) of the Base Purchase Price.

 “Indemnified Person” shall mean the Person or Persons entitled to, or claiming a right to, indemnification
under Article X. 
 “Indemnifying Person” shall mean the Person or Persons claimed by the Indemnified
Person to be obligated to provide indemnification under Article X. 
 “Initial Closing Date Balance
Sheet” shall have the meaning set forth in Section 3.1(a). 
 “Initial Closing Working Capital
Statement” shall have the meaning set forth in Section 3.1(a). 
 “Intellectual Property”
shall mean all intangible legal rights, title or interest in or arising under the laws of the United States, any provincial, state, local or other political subdivision thereof, any other country or political subdivision thereof or any international
treaty regime, whether or not filed, perfected, registered or recorded, in any or all of the following: (i) patents, patent applications and patent rights, including any and all continuations, continuations-in-part, provisionals, divisions,
reissues, reexaminations or extensions thereof, and any and all related inventions, invention disclosures and technological developments; (ii) rights associated with works of authorship and literary property rights, including copyrights, mask
works, copyright and mask work applications and registrations, including moral rights; (iii) rights relating to know-how or trade secrets, including ideas, concepts, methods, techniques, inventions (whether patentable or unpatentable), and
other works, whether or not developed or reduced to practice, rights in industrial property, customer, vendor, and prospect lists, and all associated information or databases, and other confidential or proprietary information; (iv) trademarks,
service marks, logos, images, trade dress, domain names, trade names, and service names, whether or not registered, and the goodwill associated therewith; (v) any rights analogous to those set forth in the preceding clauses and any other
proprietary rights relating to intangible property anywhere in the world, including all intellectual property rights in and to customer lists, databases, data collections, engineering data, manufacturing and production processes and procedures,
design documents and analyses, diagrams, documentation, drawings, formulae, marketing plans, methodologies, processes, program listings, protocols, sales data, schematics, specifications, computer data, computer programs and software (in any form,
including source code and executable or object code), websites, rights to Uniform Resource Locators, website addresses and domain names, and other forms of technology (whether or not embodied in any tangible form and including all tangible
embodiments of the foregoing, such as blueprints, compilations of information, instruction manuals, notebooks, prototypes, reports, samples, studies, and summaries); and (vi) all rights to sue or make any claims for any past, present or future
infringement, misappropriation or unauthorized use of any of the foregoing rights and the right to all income, royalties, damages and other payments that are now or may hereafter become due or payable with respect to any of the foregoing rights,
including damages for past, present or future infringement, misappropriation or unauthorized use thereof. 

  
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 Confidential Treatment Requested 

 
 “Interim Financial Statements” shall have
the meaning set forth in Section 6.10(a). 
 “Inventory” shall mean all raw materials inventories,
work-in-process inventories and finished goods inventories of the Company, wherever located. 
 “IRS” shall
mean the United States Internal Revenue Service. 
 “Knowledge” of the Company, or words of comparable
import, shall mean facts or circumstances that are known, or that should have been known after having made due inquiry with respect to the subject matter at issue, to Stuart DePina, Chris Tarrach, Clive Matthew Springer, Brandon Rembe, Andina
Anderson, Jim Peterson and Mathieu Stroh.  
 “Latest Balance Sheet” shall mean the unaudited balance
sheet of the Company included in the financial statements described in clause (b) of the definition of “Financial Statements.” 
 “Law” shall mean any law, statute, regulation, ordinance, rule, order, decree, judgment, injunction, common law, consent decree, settlement agreement or governmental requirement enacted,
promulgated, entered into, agreed to or imposed by any Governmental Authority. 
 “Leased Real Property” shall
have the meaning set forth in Section 4.9(b)(i). 
 “Licensed Intellectual Property” shall have the
meaning set forth in Section 4.11(a). 
 “Lien” shall mean any lien (except for any lien for Taxes
not yet due and payable as to which adequate reserves have been reflected in the Latest Balance Sheet and the Closing Date Balance Sheet), mortgage, charge, adverse claim of title, restriction (including any shareholders’ agreement, buy-sell
agreement, right of first refusal, right of first offer or right of redemption), pledge, security interest, option, lease, sublease, proxy, voting agreement, voting trust or right of any third party. 

“Loss” or “Losses” shall mean any and all losses, liabilities, costs, claims, damages, penalties and
expenses (including attorneys’ fees and expenses and costs of investigation and litigation). In the event any of the foregoing are indemnifiable hereunder, the terms “Loss” and “Losses” shall include any and
all attorneys’ fees and expenses and costs of investigation and litigation incurred by the Indemnified Person in enforcing such indemnity. 
 “Major Customer” shall have the meaning set forth in Section 4.25(a)(i). 
 “Market Price” shall have the meaning set forth in Section 6.13(a). 
 “Material Adverse Change” shall mean a change (or circumstance involving a prospective change) in the business, operations, assets, liabilities, results of operations, cash flows,
condition (financial or otherwise) or prospects of the Company that is, or could reasonably be expected to be, materially adverse or any other change (or circumstance involving a prospective change) that materially impairs, or could reasonably be
expected to impair, the ability of the Company to consummate the transactions contemplated hereby or by its Related Agreements in a timely manner. 

  
 8 

 Confidential Treatment Requested 

 
 “Material Adverse Effect” shall mean an
effect (or circumstance involving a prospective effect) on the business, operations, assets, liabilities, results of operations, cash flows, condition (financial or otherwise) or prospects of the Company that is, or could reasonably be expected to
be, materially adverse or any other effect (or circumstance involving a prospective effect) that materially impairs, or could reasonably be expected to impair, the ability of the Company to consummate the transactions contemplated hereby or by its
Related Agreements in a timely manner. 
 “Merger” shall have the meaning set forth in the Recitals.

 “MergerCo” shall have the meaning set forth in the Preamble. 

“Minimum Closing Working Capital” shall mean $2 million. 

“Notice of Disagreement” shall have the meaning set forth in Section 3.1(b). 

“Owned Intellectual Property” shall have the meaning set forth in Section 4.11(a). 

“Owned Real Property” shall have the meaning specified in Section 4.9(a)(i). 

“Outside Date” means May 31, 2012. 
 “Parent” shall have the meaning set forth in the Preamble. 

“Parent Common Stock” shall mean common stock of Parent with a par value of $0.005. 

“Parent Indemnified Person” shall mean Parent and each of its Affiliates (including, after the Closing, the Company),
and their respective officers, directors, employees, agents and representatives; provided, that in no event shall any Shareholder be deemed a Parent Indemnified Person. 
 “Per Share Adjustment Escrow Consideration” shall mean an amount equal to (a) any release to the Shareholders of the Adjustment Escrow Amount from the Escrow Account, divided
by (b) the aggregate number of Shares of Fully Diluted Common Stock outstanding (and not held of record by the Company) immediately prior to the Effective Time. 
 “Per Share Closing Payment Consideration” shall mean an amount equal to (a) the Base Purchase Price, minus the Escrow Amount, minus the Company Debt Amount, minus the Change of
Control Payment Amount, minus the Preferred Stock Preference Amount divided by (b) the aggregate number of Shares of Fully Diluted Common Stock outstanding (and not held of record by the Company) immediately prior to the Effective Time.

 “Per Share Indemnification Escrow Consideration” shall mean an amount equal to (a) any release to the
Shareholders of the Indemnification Escrow Amount from the Escrow Account, divided by (b) the aggregate number of Shares of Fully Diluted Common Stock outstanding (and not held of record by the Company) immediately prior to the Effective
Time. 

  
 9 

 Confidential Treatment Requested 

 
 “Per Share Merger Consideration” shall mean
the Per Share Closing Payment Consideration, the Per Share Adjustment Escrow Consideration and the Per Share Indemnification Escrow Consideration. 
 “Permit” shall mean any permit, license, approval, consent or other authorization required or granted by any Governmental Authority. 

“Permitted Liens” shall mean those Liens set forth in Schedule 4.7 and designated as “Permitted Liens.”

 “Person” shall mean any individual, corporation, proprietorship, firm, partnership, limited partnership,
limited liability company, trust, association or other entity. 
 “Plans” shall have the meaning set forth in
Section 4.13(a)(i). 
 “Pre-Closing Tax Period” shall mean (i) any Tax period ending on or
before the Closing Date and (ii) in the case of any Tax period that includes, but does not end on, the Closing Date, the portion of such period up to and including the Closing Date. 

“Preferred Stock” shall mean the preferred stock, $0.001 par value per share, of the Company, including the Series A
Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and the Series C-1 Preferred Stock. 

“Preferred Stock Equivalent” shall mean any outstanding warrant to purchase Preferred Stock to the extent that such
warrant is vested and may be exercised in connection with the Merger on or before the Effective Time. 
 “Preferred
Stock Preference Amount” shall mean the aggregate payment of the Series A Preference Amount, the Series B Preference Amount, the Series C Preference Amount and the Series C-1 Preference Amount to be made by Parent pursuant to
Section 2.5(b). 
 “Proceeding” shall mean any action, claim, suit, arbitration, proceeding,
governmental investigation, regulatory audit or other litigation.
 “Property Taxes” shall have the meaning set
forth in Section 6.7(b). 
 “Proposed Adjustments” shall have the meaning set forth in
Section 3.1(b). 
 “Proxy Statement” shall have the meaning set forth in Section 6.5.

 “Purchase Amount” shall have the meaning set forth in Section 6.14(a). 

“Real Property Leases” shall have the meaning set forth in Section 4.9(b)(i). 

“Related Agreements” shall mean the Escrow Agreement and any other Contract or certificate that is or is to be entered
into at the Closing or otherwise pursuant to this Agreement. 

  
 10 

 Confidential Treatment Requested 

 
 
The Related Agreements executed or to be executed by a specified Person shall be referred to as “such Person’s Related Agreements,” “its Related Agreements” or another
similar expression. 
 “Series A Preference Amount” shall mean $0.95. 

“Series A Preferred Stock” shall mean the Series A Preferred Stock of the Company. 

“Series B Preference Amount” shall mean $1.01. 
 “Series B Preferred Stock” shall mean the Series B Preferred Stock of the Company. 
 “Series C Preference Amount” shall mean $1.01. 
 “Series
C Preferred Stock” shall mean the Series C Preferred Stock of the Company. 
 “Series C-1 Preference
Amount” shall mean $1.79. 
 “Series C-1 Preferred Stock” shall mean the Series C-1 Preferred Stock of
the Company. 
 “Shareholder” shall mean a holder of Shares of Common Stock or Preferred Stock immediately
prior to the Effective Time. 
 “Shareholder Approval” shall have the meaning set forth in
Section 4.2(b). 
 “Shareholder Indemnified Person” shall mean the Shareholders and each of their
respective Affiliates, and their respective officers, directors, employees, agents and representatives; provided, that in no event shall Parent or MergerCo be deemed a Shareholder Indemnified Person. 

“Shareholders’ Meeting” shall have the meaning set forth in Section 6.5. 

“Shareholders’ Representative” shall have the meaning set forth in the Recitals. 

“Shareholders’ Representative Authorization Letter” shall mean a letter from the applicable Shareholder
substantially in the form attached hereto as Exhibit D, with such amendments as mutually agreed by the Company, the Shareholders’ Representative and Parent. 
 “Shareholder Support Agreement” shall have the meaning set forth in the Recitals. 
 “Shares” shall mean all of the issued and outstanding shares of capital stock of the Company. 
 “Specified Liabilities” shall mean (i) any liability or obligation of the Company relating to or arising out of any of the matters set forth on, or required to be set forth on,
Schedule 4.18, (ii) any Company Debt outstanding as of immediately prior to the Closing to the extent not discharged at the Closing pursuant hereto, (iii) any fees or expenses of the Company relating to or incurred in connection
with the transactions contemplated hereby (except to the extent included in the Working Capital Deficiency or Working Capital Excess) and (iv) any liabilities or obligations of the Company, whether or not contingent, for severance, change of
control 

  
 11 

 Confidential Treatment Requested 

 
 
payments, stay bonuses, retention bonuses, success bonuses and other bonuses, employee benefits (such as contributions to 401(k) plans and similar liabilities to any of the foregoing, in each
case arising as a result of the transactions contemplated hereby and to the extent not discharged at the Closing pursuant hereto. 
 “Straddle Period” shall have the meaning set forth in Section 6.7(b). 
 “Surviving Corporation” shall have the meaning set forth in Section 2.1. 
 “Tax Claim” shall have the meaning set forth in Section 6.7(f)(i). 
 “Tax Return” shall mean any report, return or other information required to be supplied to a Governmental Authority or Person in connection with any Taxes. 

“Tax Statute of Limitations Date” shall mean the close of business on the 60th day after the expiration of the
applicable statute of limitations with respect to Taxes, including any extensions thereof (or if such date is not a Business Day, the next Business Day). 
 “Tax Warranties” shall mean the representations and warranties in Section 4.13 or 4.15. 
 “Taxes” shall mean all taxes, charges, fees, duties (including customs duties), levies or other assessments, including income, gross receipts, net proceeds, ad valorem, turnover, real and
personal property (tangible and intangible), sales, use, franchise, excise, goods and services, value added, stamp, leasing, lease, user, transfer, fuel, excess profits, escheat, unclaimed property, occupational, interest equalization, windfall
profits, severance, license, payroll, environmental, capital stock, disability, employee’s income withholding, other withholding, unemployment and Social Security taxes, which are imposed by any Governmental Authority, and such term shall
include any interest, penalties or additions to tax attributable thereto. 
 “Terminating Event” shall have the
meaning set forth in Section 11.20. 
 “Termination Fee” shall mean $2.5 million. 

“Title and Authorization Warranties” shall mean a representation or warranty in Section 4.1, 4.2,
4.3, 4.4, 4.7, 4.8(b), 4.26, 5.1, 5.2 or 5.4. 
 “Total Parent
Shares” shall have the meaning set forth in Section 6.13(a). 
 “Transfer Taxes” shall
have the meaning set forth in Section 6.7(c). 
 “Unresolved Adjustments” shall have the meaning
set forth in Section 3.1(d). 
 “Working Capital Deficiency” shall have the meaning set forth in
Section 3.1(f). 
 “Working Capital Excess” shall have the meaning set forth in
Section 3.1(f). 
 “Year End Financial Statements” shall have the meaning set forth in
Section 6.10(b). 

  
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 Confidential Treatment Requested 

 
 1.2 Interpretation. The headings preceding the text of
Articles and Sections included in this Agreement and the headings to Schedules attached to this Agreement are for convenience only and shall not be deemed part of this Agreement or be given any effect in interpreting this Agreement. The use of the
masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Agreement. The use of the terms “including” or “include” shall in all cases herein mean “including,
without limitation” or “include, without limitation,” respectively. The word “or” is not exclusive unless expressly indicated otherwise. All references to “$” and dollars shall be deemed to refer to United
States currency unless expressly indicated otherwise. Reference to any Person includes such Person’s successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a
Person in a particular capacity excludes such Person in any other capacity or individually. Reference to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified and in
effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof. Reference to any Law means such Law as amended, modified, codified, replaced or re-enacted, in whole or in part, including rules, regulations,
enforcement procedures and any interpretations promulgated thereunder. Underscored references to Articles, Sections, Subsections or Schedules shall refer to those portions of this Agreement. The use of the terms “hereunder,”
“hereof,” “hereto” and words of similar import shall refer to this Agreement as a whole and not to any particular Article, Section or clause of or Exhibit or Schedule to this Agreement. No specific representation, warranty or
covenant contained herein shall limit the generality or applicability of a more general representation, warranty or covenant contained herein. A breach of or inaccuracy in any representation, warranty or covenant shall not be affected by the fact
that any more general or less general representation, warranty or covenant was not also breached or inaccurate. 
 ARTICLE II

 THE MERGER 
 2.1 The Merger. Upon the terms and subject to the conditions of this Agreement and the applicable provisions of the Act, at the Effective Time, MergerCo shall be merged with and into the Company,
the separate corporate existence of MergerCo shall cease, and the Company shall continue as the surviving corporation of the Merger (the “Surviving Corporation”). 

2.2 Closing; Effective Time. Unless otherwise mutually agreed in writing between Parent and the Company, the Closing will be held
(i) at the offices of Mayer Brown LLP, 71 S. Wacker Drive, Chicago, Illinois 60606, at 9:00 a.m., local time, on the third (3rd) Business Day after the satisfaction or waiver of the conditions set forth in Article VII or (ii) at such
other place or at such other time or on such other date as Parent and the Company may agree upon in writing. The date on which the Closing is held is referred to herein as the “Closing Date”. As soon as practicable on or after the Closing
Date, Parent, MergerCo and the Company shall cause the Merger to be consummated by filing articles of merger (the “Articles of Merger”), attaching thereto the plan of merger in the form attached hereto as Exhibit E, with the
Secretary of State of the State of Washington. The term “Effective Time” means the date and time of the filing of the Articles of Merger with the Secretary of State of the State of Washington (or such later time as may be agreed in
writing by Parent and the Company and specified in the Articles of Merger). 

  
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 Confidential Treatment Requested 

 
 2.3 Effect of Merger. At the Effective Time, the
effect of the Merger shall be as provided in this Agreement and the applicable provisions of the Act. Without limiting the generality of the foregoing, at the Effective Time, all of the property, rights, privileges, powers and franchises of the
Company and MergerCo shall vest in the Surviving Corporation, and all debts, liabilities and duties of the Company and MergerCo shall become debts, liabilities and duties of the Surviving Corporation. 

2.4 Articles of Incorporation; Bylaws; Directors and Officers. 

(a) At the Effective Time, the Articles of Incorporation of the Company shall be amended and restated in their entirety as set forth in
Exhibit F and, as so amended and restated, shall be the Articles of Incorporation of the Surviving Corporation (the “Articles of Incorporation”) until thereafter amended in accordance with the Act and such Articles of
Incorporation. 
 (b) At the Effective Time, the bylaws of the Company shall be amended and restated in their entirety to be
identical to the bylaws of MergerCo, as in effect immediately prior to the Effective Time, until thereafter amended in accordance with the Act and such bylaws. 
 (c) The initial directors of the Surviving Corporation shall be the directors of MergerCo immediately prior to the Effective Time, until their respective successors are duly elected or appointed and
qualified. Parent and the Company shall use their respective reasonable best efforts to come to a good faith agreement on the initial officers of the Surviving Corporation, who shall be chosen from among the persons listed on Exhibit G, until
their successors are duly appointed. 
 2.5 Effect on Capital Stock. 

(a) Conversion of Common Stock. Subject to the terms and conditions of this Agreement, including Section 6.14, at the
Effective Time, each Share of Common Stock and each Share of Preferred Stock that is issued and outstanding immediately prior to the Effective Time shall, by virtue of the Merger and without the need for any further action on the part of the holder
thereof (except as expressly provided herein), be converted into and represent the right to receive in cash, without interest, the Per Share Closing Payment Consideration and, when and if payable, the Per Share Adjustment Escrow Consideration and
the Per Share Indemnification Escrow Consideration. Subject to Section 6.14, at the Effective Time, all of the Shares of Common Stock and all Shares of Preferred Stock shall cease to exist, and each certificate or contractual right (a
“Certificate”) formerly representing any of the Shares shall thereafter represent only the right to receive the Per Share Merger Consideration and, with respect to the Shares of Preferred Stock, the right to receive an applicable
portion of the Preferred Stock Preference Amount, without interest. 
 (b) Conversion of Preferred Stock. Subject to the
terms and conditions of this Agreement, including Section 6.14, at the Effective Time, each Share of Preferred Stock that is issued and outstanding immediately prior to the Effective Time shall, by virtue of the Merger and without the
need for any further action on the part of the holder thereof (except as expressly 

  
 14 

 Confidential Treatment Requested 

 
 
provided herein), shall, in addition to the Per Share Merger Consideration, be converted into and represent the right to receive in cash, without interest, the following amounts: 

 

	 	(i)	with respect to each Share of Series A Preferred Stock, the Series A Preference Amount; 

 

	 	(ii)	with respect to each Share of Series B Preferred Stock, the Series B Preference Amount; 

 

	 	(iii)	with respect to each Share of Series C Preferred Stock, the Series C Preference Amount; and 

 

	 	(iv)	with respect to each Share of Series C-1 Preferred Stock, the Series C-1 Preference Amount. 

(c) Cancellation of Company-Owned Stock. Notwithstanding Sections 2.5(a) and (b), each share of Common Stock and
Preferred Stock held of record by the Company immediately prior to the Effective Time shall be cancelled and extinguished without any conversion thereof. 
 (d) Other Shares. The Company shall take all requisite action so that, prior to the Effective Time, all Shares other than Shares of Common Stock and Preferred Stock that are outstanding immediately
prior to the Effective Time shall be, by virtue of the Merger and without any action on the part of Parent, MergerCo, the Company , the holder of any such Share or any other Person, converted into Shares of Common Stock, all Shares other than Common
Stock shall cease to exist and each certificate formerly representing any Shares other than Shares of Common Stock shall be cancelled without any further action required by Parent, MergerCo or the Surviving Corporation. 

(e) MergerCo. At the Effective Time, each share of common stock, par value $10.00 per share, of MergerCo issued and outstanding
immediately prior to the Effective Time shall be converted into one duly authorized, validly issued, fully paid and nonassessable share of common stock, par value $10.00 per share, of the Surviving Corporation. 

(f) FIRPTA Certificate. On the Closing Date, the Company shall deliver to Parent a statement, in a form satisfactory to Parent,
pursuant to Treasury regulation Section 1.1445-2(c)(3) certifying that none of the outstanding Shares are U.S. real property interests as defined by the Code. 
 (g) Shareholders’ Representative Authorization Letter. Parent shall not pay, or cause to be paid, the Per Share Closing Payment Consideration to any Person who has not delivered an executed
Shareholders’ Representative Authorization Letter to each of the Shareholders’ Representative and Parent; provided, however, that it is expressly understood and agreed that nothing in the foregoing, nor anything in Section 2.6, shall
prohibit or impede Parent from prompt compliance with any lawful order or decree of any court of competent jurisdiction, with respect to payment of Per Share Closing Payment Consideration to any Person. 

  
 15 

 Confidential Treatment Requested 

 
 (h) Escrow. Prior to the Effective Time, the
Shareholders’ Representative and Parent shall enter into the Escrow Agreement with the Escrow Agent. At the Closing, Parent shall deliver to the Escrow Agent the Escrow Amount by wire transfer in immediately available funds to be held and
disbursed by the Escrow Agent in accordance with the Escrow Agreement. 
 (i) Other Payments. At the Closing, Parent
shall (i) pay to each Company Creditor, on behalf of the Company, that portion of the Company Debt Amount owed to such Company Creditor according to the Closing Payment Calculation Statement and (ii) to each Change of Control Payee, on
behalf of the Company, that portion of the Change of Control Payment Amount owed to such Change of Control Payee according to the Closing Payment Calculation Statement and pursuant to and in accordance with wire instructions delivered by the
Shareholders’ Representative to Parent at least three (3) Business Days in advance of the Closing. 
 2.6
Exchange. 
 (a) Surrender of Certificates. At the Effective Time, any Shareholder who (i) surrenders or has
previously surrendered Certificates (or affidavits of loss in lieu thereof as provided in Section 2.6(d)) representing Shares to the Surviving Corporation for cancellation together with any related documentation reasonably requested by
the Surviving Corporation to be provided in connection therewith (including a letter of transmittal duly completed and validly executed in accordance with the instructions thereto) and (ii) delivers an executed Shareholders’ Representative
Authorization Letter to the Shareholders’ Representative (with a copy delivered to Parent), shall have the right to payment in respect of such Certificates in accordance with Section 2.6(b). 

(b) Exchange Procedures. At the Effective Time, upon surrender (or surrender prior to the Effective Time) to the Surviving
Corporation of a Certificate (or affidavits of loss in lieu thereof as provided in Section 2.6(d)) together with any related documentation reasonably requested by the Surviving Corporation as provided in Section 2.6(a) and
delivery of an executed Shareholders’ Representative Authorization Letter to the Shareholders’ Representative (with a copy delivered to Parent), by a Shareholder, subject to Section 6.14, Parent shall promptly pay or cause to
be paid to each such Shareholder a cash amount in immediately available funds (after giving effect to any required Tax withholdings) to an account designated by such Shareholder in writing equal to the following: 

 

	 	(i)	with respect to each Share of Common Stock represented by such Certificate (or affidavit of loss in lieu of the Certificate as provided in Section 2.6(d)),
the Per Share Closing Payment Consideration; 

  

	 	(ii)	with respect to each Share of Series A Preferred Stock represented by such Certificate (or affidavit of loss in lieu of the Certificate as provided in
Section 2.6(d)), the Series A Preference Amount plus the Per Share Closing Payment Consideration; 

  

	 	(iii)	with respect to each Share of Series B Preferred Stock represented by such Certificate (or affidavit of loss in lieu of the Certificate as provided in
Section 2.6(d)), the Series B Preference Amount plus the Per Share Closing Payment Consideration; 

  
 16 

 Confidential Treatment Requested 

 

	 	(iv)	with respect to each Share of Series C Preferred Stock represented by such Certificate (or affidavit of loss in lieu of the Certificate as provided in
Section 2.6(d)), the Series C Preference Amount plus the Per Share Closing Payment Consideration; and 

  

	 	(v)	with respect to each Share of Series C-1 Preferred Stock represented by such Certificate (or affidavit of loss in lieu of the Certificate as provided in
Section 2.6(d)), the Series C-1 Preference Amount plus the Per Share Closing Payment Consideration. 

 Any Certificate
so surrendered shall forthwith be cancelled. The aggregate amount payable upon surrender of the Certificates (together with any related documentation reasonably requested by the Surviving Corporation as provided in Section 2.6(a)) and
delivery of an executed Shareholders’ Representative Authorization Letter, as applicable, which is not paid to Shareholders at the Effective Time on account of such Shareholders’ failure to make such deliveries, shall be paid by Parent to
the Escrow Agent and designated as “Shareholder Payment Pending Deliveries,” and the applicable amount of such payment shall be paid by the Escrow Agent to each applicable Shareholder that satisfies the surrender and delivery
requirements of Section 2.6(a) after the Effective Time. No interest will be paid or accrued on any amount payable upon surrender of the Certificates (together with any related documentation reasonably requested by the Surviving
Corporation as provided in Section 2.6(a)) and the delivery of an executed Shareholders’ Representative Authorization Letter, as applicable. Any Per Share Adjustment Escrow Consideration, Shareholder Payment Pending Deliveries or
Per Share Indemnification Escrow Consideration shall be payable as specified in writing by the Shareholders’ Representative to the Escrow Agent. The Shareholders’ Representative shall not be required to direct any payment to any holder of
a Certificate who has not surrendered its Certificate (together with any related documentation reasonably requested by the Surviving Corporation as provided in Section 2.6(a)) and delivered an executed Shareholders’ Representative
Authorization Letter in accordance with this Section 2.6(b). Parent shall advise the Shareholders’ Representative in writing of the surrender of any Certificate promptly following such surrender. 

(c) Transfers. From and after the Effective Time, there shall be no transfers on the stock transfer books of the Company of the
Shares that were outstanding immediately prior to the Effective Time. If, after the Effective Time, any Certificate is presented to the Surviving Corporation or Parent for transfer, it shall be cancelled and, upon the delivery of a
Shareholders’ Representative Authorization Letter to the Shareholders’ Representative (with a copy delivered to Parent) by the holder of such Certificate (together with any related documentation reasonably requested by the Surviving
Corporation as provided in Section 2.6(a)), exchanged for the cash amount in escrow to which the holder of the Certificate is entitled pursuant to this Article II, and the Shareholders’ Representative agrees to instruct the
Escrow Agent accordingly. In the event of a transfer of ownership of Shares that is not registered in the transfer records of the Company, a check for any cash to be exchanged upon due surrender of the Certificate may be issued to such transferee if
(i) the Certificate formerly representing such Shares is presented to the Surviving 

  
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 Confidential Treatment Requested 

 
 
Corporation or Parent, accompanied by all documents required to evidence and effect such transfer and to evidence that any applicable stock transfer taxes have been paid or are not applicable
(together with any related documentation reasonably requested by the Surviving Corporation as provided in Section 2.6(a)) and (ii) such transferee delivers an executed Shareholders’ Representative Authorization Letter to the
Shareholders’ Representative (with a copy delivered to Parent). 
 (d) Lost, Stolen or Destroyed Certificates. In
the event any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by Parent, the posting by such Person of a
bond in customary amount and upon such terms as may be required by Parent as indemnity against any claim that may be made against it or the Surviving Corporation with respect to such Certificate, Parent will pay or cause the payment of an amount
(after giving effect to any required tax withholdings) then required to be paid in respect of such Certificate following the delivery of an executed Shareholders’ Representative Authorization Letter by such Person to the Shareholders’
Representative (with a copy to Parent) (together with any related documentation reasonably requested by the Surviving Corporation as provided in Section 2.6(a)). 
 2.7 Dissenting Shares. 
 (a) Dissenters’ Rights.
Notwithstanding anything to the contrary contained in this Agreement, Shares of Common Stock or Preferred Stock that are held by a Shareholder (or held by a beneficial owner or by a nominee who complies with Section 23B.13.030 of the Act) who,
(i) if this Agreement has been approved at the Company Shareholder Meeting, did not vote such shares in favor of the approval of this Agreement and has properly notified the Company of such Shareholder’s intent to demand payment for such
Shareholder’s Shares of Common Stock and/or Preferred Stock in accordance with Chapter 23B.13 of the Act (and who has neither effectively withdrawn such demand nor lost his, her or its right of dissent) and (ii) following receipt of a
dissenters’ notice from the Company, has demanded payment and taken such other actions required by Chapter 23B.13 of the Act (the “Dissenting Shares”) shall not be converted into or represent the right to receive any Per Share
Merger Consideration or, if applicable, any portion of the Preferred Stock Preference Amount pursuant to this Article II or any other provision of this Agreement, and such Shareholder shall be entitled only to such rights as may be granted to
such Shareholder by the Act. If after the Effective Time such Shareholder fails to perfect or withdraws or otherwise loses such Shareholder’s right of dissent, such Dissenting Shares shall be treated as if they had been converted as of the
Effective Time into the right to receive the Per Share Merger Consideration as provided in this Article II. 
 (b)
Notice of Exercise. The Company shall give Parent (i) prompt notice of any notices of intent to demand payment with respect to any Shares of Common Stock, attempted withdrawals of such notices and any other instruments served pursuant to
the Act and received by the Company relating to dissenters’ rights and (ii) the opportunity to participate in the conduct of all negotiations and proceedings with respect to the exercise of dissenters’ rights under the Act. Except
with the prior written consent of Parent, the Company shall not voluntarily make any payment with respect to the exercise of dissenters’ rights or settle or offer to settle any such demands for payment with respect to Dissenting Shares.

  
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 Confidential Treatment Requested 

 
 (c) Withholding. Parent shall be entitled to deduct
and withhold from the consideration otherwise payable under this Agreement to any Shareholder or other holder of Shares such amounts as are required to be withheld or deducted under the Code, or any provision of U.S. state or local or foreign Tax
Law with respect to the making of such payment. To the extent that amounts are so withheld or deducted and paid over to the applicable Governmental Authority, such withheld or deducted amounts shall be treated for all purposes of this Agreement as
having been paid to the holder of the Shares, in respect of which such deduction and withholding were made. 
 ARTICLE III

 WORKING CAPITAL 
 3.1 Closing Date Balance Sheet. 
 (a) Within ninety (90) days after
the Closing Date, Parent shall prepare and deliver to the Shareholders’ Representative an unaudited consolidated balance sheet for the Company as of the Closing Date (the “Initial Closing Date Balance Sheet”), which shall be
prepared by Parent in accordance with GAAP as applied in the Latest Balance Sheet, and a statement setting forth an initial calculation of the Closing Working Capital (the “Initial Closing Working Capital Statement”). Promptly upon
the Shareholders’ Representative request, Parent shall make available to the Shareholders’ Representative copies of the work papers and back-up materials used by Parent in preparing the Initial Closing Date Balance Sheet, the Initial
Closing Working Capital Statement and such other documents as the Shareholders’ Representative may reasonably request in connection with its review of the Initial Closing Date Balance Sheet and the Initial Closing Working Capital Statement. Any
information supplied to the Shareholders’ Representative by Parent to enable the Shareholders’ Representative to review the Initial Closing Date Balance Sheet and the Initial Closing Working Capital Statement shall be maintained by the
Shareholders’ Representative in strict confidence and shall not be disclosed to any Person (other than the Shareholders and its and their respective accountants and other representatives who need to know such information) or used by the
Shareholders’ Representative or any Shareholder for any purpose, except in each case in connection with the matters specifically covered by this Section 3.1. 
 (b) The Shareholders’ Representative shall review the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement during the thirty (30) day period commencing on the date
that the Shareholders’ Representative receives the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement. If the Shareholders’ Representative disagrees with the calculation of Closing Working Capital set forth
therein, the Shareholders’ Representative shall, prior to the end of such period, deliver a written notice to Parent (a “Notice of Disagreement”) setting forth its objections in reasonable detail and specifying the adjustments
that, in its opinion, should be made to the Initial Closing Date Balance Sheet and the Initial Closing Working Capital Statement in order to accurately calculate Closing Working Capital in accordance with this Agreement (collectively, the
“Proposed Adjustments”). To the extent that there are any Proposed Adjustments, Parent shall, no later than fifteen (15) days after receipt of the Proposed Adjustments, notify the Shareholders’ Representative which, if
any, of the Proposed Adjustments it accepts and which, if any, of the 

  
 19 

 Confidential Treatment Requested 

 
 
Proposed Adjustments it rejects, and the Shareholders’ Representative and Parent shall seek in good faith to resolve any remaining differences in relation to the Proposed Adjustments and to
reach agreement in writing on all such Proposed Adjustments. 
 (c) If the Shareholders’ Representative is satisfied with
the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement (either as originally submitted or after adjustments are agreed upon by Parent and the Shareholders’ Representative in accordance with
Section 3.1(b)), or the Shareholders’ Representative fails to deliver a Notice of Disagreement with respect to the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement within the period specified in the
first sentence of Section 3.1(b), then the Initial Closing Date Balance Sheet and the Initial Closing Working Capital Statement (incorporating, if applicable, any agreed adjustments) shall be deemed to constitute the Closing Date Balance
Sheet and Closing Working Capital Statement for purposes of this Agreement. 
 (d) If any of the Proposed Adjustments are not
resolved in accordance with Section 3.1(b) (the “Unresolved Adjustments”) within thirty (30) days after Parent’s receipt of the Notice of Disagreement, then the Unresolved Adjustments may be submitted at the
request of either the Shareholders’ Representative or Parent to BDO Seidman or another nationally recognized independent accounting firm mutually agreed upon by the Shareholders’ Representative and Parent (the “Accounting
Firm”) for arbitration. The scope of the review by the Accounting Firm shall be limited to (i) a determination of whether the portions of the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement relating to
the Unresolved Adjustments were prepared in accordance with GAAP as applied in the Latest Balance Sheet and (ii) based on its determinations of the matters described in clause (i), a final statement of the adjustments (if any) to the
Initial Closing Date Balance Sheet and the Initial Closing Working Capital Statement that are necessary with respect to the Unresolved Adjustments in order to comply with the requirements of this Agreement (such statement of adjustments, the
“Final Statement of Adjustments”). The Accounting Firm is not to make, or be asked to make, any determination other than as set forth in the preceding sentence. The Shareholders’ Representative and Parent shall use reasonable
best efforts to cause the Accounting Firm to render its written decision resolving the matters submitted to it as promptly as practicable after such submission of the Unresolved Adjustments. The fees and expenses of the Accounting Firm incurred
pursuant to this Section 3.1(d) shall be borne equally by the Shareholders, on the one hand, and Parent, on the other hand. To the extent available (after any payments to Parent hereunder), the fees and expenses of the Accounting Firm
borne by the Shareholders shall be distributed from the Adjustment Escrow Amount. All other fees, expenses and costs incurred by the Shareholders or Parent in implementing the provisions of this Section 3.1 shall be borne by the
Shareholders or Parent, respectively. 
 (e) When (i) the Initial Closing Date Balance Sheet and Initial Closing Working
Capital Statement are deemed to constitute the Closing Date Balance Sheet and Closing Working Capital Statement pursuant to Section 3.1(c), (ii) the Shareholders’ Representative and Parent reach agreement in writing with
respect to the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement or (iii) the Final Statement of Adjustments is issued by the Accounting Firm in accordance with the procedures set forth in
Section 3.1(d), the Initial Closing Date Balance Sheet and Initial Closing Working Capital Statement as so agreed (or deemed agreed) or adjusted by the Final Statement of Adjustments shall constitute the Closing Date

  
 20 

 Confidential Treatment Requested 

 
 
Balance Sheet and Closing Working Capital Statement for purposes of this Agreement, shall be final and binding on all parties, shall have the effect of an arbitral award and shall be used for the
adjustment, if any, pursuant to Section 3.1(f). 
 (f) The Base Purchase Price shall be decreased by the amount (if
any) by which (i) the sum of (A) Closing Working Capital as set forth in the Closing Working Capital Statement plus (B) the lesser of (x) $3 million and (y) the product obtained by multiplying the Purchase Amount by 0.85, is
less than (ii) the Minimum Closing Working Capital (such amount, the “Working Capital Deficiency”). The Shareholders’ Representative shall cause the amount of the Working Capital Deficiency to be released by the Escrow
Agent to Parent by wire transfer of immediately available funds to an account designated by Parent not more than five (5) Business Days after the date on which the Closing Working Capital Statement becomes final and binding on all parties
pursuant to Section 3.1(e). 
 (g) The Base Purchase Price shall be increased by the amount (if any) by which the
Closing Working Capital as set forth in the Closing Working Capital Statement is greater than the Minimum Closing Working Capital (such amount, the “Working Capital Excess”). Not more than five (5) Business Days after the date
on which the Closing Working Capital Statement becomes final and binding pursuant to Section 3.1(e), Parent shall pay the Shareholders’ Representative the amount of the Working Capital Excess, by wire transfer of immediately
available funds to an account designated by the Shareholders’ Representative. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company represents and warrants to Parent and MergerCo, as of the date of this Agreement and as of the Closing Date (as if such representations and warranties were remade on the Closing Date), as
follows: 
 4.1 Organization. The Company is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, with all requisite power and authority to own, lease and operate its properties and to carry on its business as they are now being owned, leased, operated and conducted. The Company is licensed or qualified to do
business and is in good standing as a foreign corporation in each jurisdiction where the nature of the properties owned, leased or operated by it or the business transacted by it require such licensing or qualification. The jurisdictions in which
the Company is incorporated and licensed or qualified to do business as a foreign corporation are set forth on Schedule 4.1. Except as set forth on Schedule 4.1, the Company has no direct or indirect subsidiaries, either wholly or
partially owned, and the Company does not hold, and has never held, any direct or indirect economic, voting or management interest in any Person or directly or indirectly own, or has never owned, any security issued by any Person. Correct and
complete copies of the Articles of Incorporation and By-laws (or similar organizational instruments), and all minutes of all meetings (or written consents in lieu of meetings) of the Board of Directors (and all committees thereof) and shareholders,
of the Company have been delivered to Parent. Except as set forth in Schedule 4.1, all action taken by the Boards of Directors (and all committees thereof) and shareholders of the Company is reflected in such minutes and written consents.

  
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 Confidential Treatment Requested 

 
 4.2 Authorization. (a) The Company has full power
and authority to enter into this Agreement and its Related Agreements and to consummate the transactions contemplated hereby and thereby, subject only to obtaining the Shareholder Approval and the filing of the Articles of Merger. The Company has
duly and validly executed and delivered this Agreement and has duly and validly executed and delivered (or prior to or at the Closing will duly and validly execute and deliver) its Related Agreements. This Agreement constitutes legal, valid and
binding obligations of the Company and each of the Company’s Related Agreements constitute (or upon execution and delivery by the Company will constitute) legal, valid and binding obligations of the Company, in each case, enforceable in
accordance with their respective terms. 
 (b) The Board of Directors of the Company has unanimously (i) determined that
the Merger is fair to and in the best interests of the Company and its shareholders, (ii) adopted this Agreement and approved the execution and delivery of this Agreement by the Company and the consummation of the Merger and the other
transactions contemplated hereby as a “significant business transaction” as provided in Section 23B.19.040 of the Act and (iii) resolved to recommend that this Agreement be approved by the shareholders of the Company. The
Board of Directors of the Company has directed that this Agreement be submitted to the holders of Shares for their approval. The only votes of the holders of Shares required to approve this Agreement and approve the transactions contemplated
hereby are: (i) the affirmative vote of the holders of a majority of the Shares at a meeting at which a quorum consisting of at least a majority of the votes entitled to be cast on this Agreement, either in person or by proxy, exists and
(ii) the affirmative vote of the holders of a majority of the Preferred Stock, voting together as a single class on an as-converted basis, at a meeting at which a quorum of at least a majority of such Preferred Stock votes entitled to be cast
on this Agreement, either in person or by proxy, exists (such approvals together, the “Shareholder Approval”). 

(c) No “fair price”, “merger moratorium”, “control share acquisition” or similar anti-takeover statute or
regulation, including Section 23B.19 of the Act, is applicable to the Merger or any other transaction contemplated hereby, except for such statutes or regulations as to which all necessary action has been taken by the Company and the Board of
Directors of the Company to permit the consummation of the Merger and the other transactions contemplated hereby. 
 4.3
Consents and Approvals; No Conflicts. 
 (a) Except as set forth on Schedule 4.3 and other than the Shareholder
Approval, no consent, authorization or approval of, filing or registration with, waiver of any right of first refusal or first offer from, or cooperation from, any Governmental Authority or any other Person is necessary in connection with the
execution, delivery and performance by the Company of this Agreement and the execution, delivery and performance by the Company of its Related Agreements or the consummation by the Company of the transactions contemplated hereby or thereby.

 (b) Except as set forth on Schedule 4.3 and other than the Shareholder Approval, the execution, delivery and
performance by the Company of this Agreement and the execution, delivery and performance by the Company of its Related Agreements, and the consummation by the Company of the transactions contemplated hereby and thereby, do not and will not
(i) violate any Law applicable to or binding on the Company or any of its assets or properties; (ii) violate or 

  
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 Confidential Treatment Requested 

 
 
conflict with, result in a breach or termination of, constitute a default or give any third party any additional right (including a termination or acceleration right) under, permit cancellation
of, result in the creation of any Lien upon any of the assets or properties of the Company under, or result in or constitute a circumstance which, with or without notice or lapse of time or both, would constitute any of the foregoing under, any
Contract or Permit to which the Company is a party or by which the Company or any of its assets or properties are bound; (iii) permit the acceleration of the maturity of any Indebtedness of the Company or Indebtedness secured by any of its
assets or properties; or (iv) violate or conflict with any provision of any of the Articles of Incorporation, By-laws (or similar organizational instruments) of the Company. 

4.4 Capitalization. 
 (a) As of the date hereof, there are 18,825,503 Shares issued and outstanding, consisting of 2,131,547 shares of Common Stock, 9,711,175 shares of Series A Preferred Stock, 3,465,344 shares of Series B
Preferred Stock, 1,625,111 shares of Series C Preferred Stock and 1,892,326 shares of Series C-1 Preferred Stock. At the Effective Time, the Shares issued and outstanding will consist of: (i) (A) 2,131,547 shares of Common Stock, plus
(B) that number of shares of Common Stock that will be issued by the Company in connection with the exercise of Common Stock Equivalents for 1,720,493 shares of Common Stock; (ii) 9,711,175 shares of Series A Preferred Stock;
(iii) (A) 3,465,344 shares of Series B Preferred Stock, plus (B) that number of shares of Series B Preferred Stock that will be issued by the Company in connection with the exercise of Preferred Stock Equivalents for 374,999 shares of
Series B Preferred Stock; (iv) (A) 1,625,111 shares of Series C Preferred Stock, plus (B) that number of shares of Series C Preferred Stock that will be issued by the Company in connection with the exercise of Preferred Stock
Equivalents for 99,008 shares of Series C Preferred Stock; and (v) 1,892,326 shares of Series C-1 Preferred Stock. All of the Shares (x) are validly issued, fully paid and nonassessable, (y) except as set forth on Schedule
4.4(a), are, and when issued were, free of preemptive rights (whether statutory, contractual or otherwise) and (z) were offered and sold in compliance with all applicable federal and state securities Laws. There are no equity securities of
the Company held in the treasury of the Company. Except as set forth on Schedule 4.4(a), no equity securities of the Company are currently reserved for issuance for any purpose or upon the occurrence of any event or condition. 

(b) The Company does not hold or otherwise have any rights with respect to any equity or debt securities of any Person. 

(c) Except as set forth on Schedule 4.4(c), there is no capital stock or any other debt or equity securities or profits interest
or similar interests (whether or not such securities or interests have voting rights) of the Company issued or outstanding or any subscriptions, options, warrants, calls, puts, rights, convertible securities, exchangeable securities or other
agreements or commitments of any character obligating the Company to issue, transfer or sell, or cause the issuance, transfer or sale of, any capital stock or any other debt or equity securities or profits interest or similar interests (whether or
not such securities or interests have voting rights) of the Company. Except as set forth on Schedule 4.4(c), there are no outstanding contractual obligations of the Company that relate to the purchase, sale, issuance, repurchase, redemption,
acquisition, transfer, disposition, holding or voting of any capital stock or any other debt or equity securities or profits interest or similar interests of the Company or the management or 

  
 23 

 Confidential Treatment Requested 

 
 
operation of the Company. Except for the Shareholders’ rights as holders of Shares, and except for employee benefit plans or bonus arrangements disclosed pursuant to
Section 4.13, no Person has any right to participate in, or receive any payment based on any amount relating to, the revenue, income, value or net worth of the Company or any component or portion thereof, or any increase or decrease in
any of the foregoing. 
 (d) The stock register of the Company accurately records: (i) the name and address of each Person
owning Shares, (ii) the certificate number of each certificate evidencing Shares issued by the Company, (iii) the number of Shares evidenced by each such certificate, (iv) the date of issuance thereof and (v) in the case of
cancellation, the date of cancellation. 
 4.5 Financial Statements; Undisclosed Liabilities; Company Debt; Financial
Controls. 
 (a) The Financial Statements have been prepared in accordance with GAAP consistently applied and present fairly
and accurately the consolidated financial position, assets and liabilities of the Company as of the dates thereof and the consolidated results of operations, revenues, expenses and cash flows of the Company for the periods covered thereby. The
Financial Statements are in accordance with the books and records of the Company, do not reflect any transactions that are not bona fide transactions and do not contain any untrue statement of a material fact or omit to state any material
fact necessary to make the statements contained therein, in light of the circumstances in which they were made, not misleading. 

(b) Except as set forth on Schedule 4.5 or in the Latest Balance Sheet, the Company has no liabilities, debts, claims or
obligations, whether accrued, absolute, contingent or otherwise, whether due or to become due, other than trade payables and accrued expenses incurred in the ordinary course of business and consistent with past practice since the date of the Latest
Balance Sheet (none of which is Indebtedness and none of which results from, arises out of, relates to, is in the nature of or was caused by any breach of contract, breach of warranty, tort, infringement or violation of Law). 

(c) Schedule 4.5 sets forth a correct and complete list of all Company Debt outstanding as of the date hereof and specifies, with
respect to each item of Company Debt. 
 (d) Except as set forth on Schedule 4.5, the Company maintains a system of
accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation
of the consolidated financial statements of the Company in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization;
(iv) the reporting of assets is compared with existing assets at regular intervals and appropriate action is taken with respect to any differences; and (v) any significant deficiencies or material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to materially and adversely affect the ability to record, process, summarize and report financial information, and any fraud, whether or not material, which involves management or
other employees who have a significant role in respect of internal control over financial reporting, are adequately and promptly disclosed to the independent auditors and directors of the Company. The Company has disclosed to Parent any deficiency
or weakness described in clause (v) of this Section 4.5(c) that has been reported to the independent auditors or directors of the Company during the past five (5) years. 

  
 24 

 Confidential Treatment Requested 

 
 4.6 No Adverse Effects or Changes. 

(a) Except as set forth on Schedule 4.6, since June 30, 2011 the Company has not: 

 

	 	(i)	suffered any Material Adverse Effect; 

  

	 	(ii)	amended or modified its Certificate of Incorporation or By-laws (or equivalent governing documents); 

 

	 	(iii)	taken any action or entered into or authorized any Contract or transaction other than in the ordinary course of business and consistent with past practice;

  

	 	(iv)	suffered any damage, destruction or Loss to any of its assets or properties (whether or not covered by insurance); 

 

	 	(v)	sold, transferred, conveyed, assigned or otherwise disposed of any of its assets or properties or sold, assigned, transferred or licensed any Intellectual Property or
adopted any plan of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization of the Company; 

  

	 	(vi)	acquired, leased or encumbered any assets outside the ordinary course of business or any assets which are material to the Company or merged or consolidated with any
other Person or otherwise acquired (by merger, consolidation, acquisition of securities or assets or otherwise) any corporation, partnership or other business organization or division or any material assets of any other Person;

  

	 	(vii)	made any loans, advances or capital contributions to, or investments in, any other Person; 

 

	 	(viii)	made any capital improvements or purchases or other capital expenditures, or series of related capital improvements or purchases or other capital expenditures, or
entered into any commitment for capital improvements or purchases or other capital expenditures or series of related capital improvements or purchases or other capital expenditures, involving more than $10,000 individually, or more than $50,000 in
the aggregate; 

  

	 	(ix)	authorized for issuance, issued, sold, delivered or agreed or committed to issue, sell or deliver (whether through the issuance or granting of options, warrants,
convertible or exchangeable securities, commitments, subscriptions, rights to purchase or otherwise) any capital stock or any other debt or equity securities or profits interest or similar interests, or amended any of the terms thereof;

  
 25 

 Confidential Treatment Requested 

 
  

	 	(x)	split, combined or reclassified any capital stock, declared, set aside or paid any dividend or other distribution (whether in cash, shares or property or any
combination thereof) in respect of its capital stock, or redeemed or otherwise acquired any securities of the Company; 

  

	 	(xi)	made any borrowings, incurred any Indebtedness, or assumed, guaranteed, endorsed (except for the negotiation or collection of negotiable instruments in transactions in
the ordinary course of business and consistent with past practice) or otherwise become liable (whether directly, contingently or otherwise) for the obligations of any other Person, or made any payment or repayment in respect of any Indebtedness or
mortgaged, pledged or otherwise caused any of its assets or properties to become subject to a Lien; 

  

	 	(xii)	waived, released or canceled any claims against third parties or debts owing to it, or any rights which have any value; 

 

	 	(xiii)	paid any amount, performed any obligation or agreed to pay any amount or perform any obligation, in settlement or compromise of any Proceedings or claims of liability
against the Company or any of its directors, officers, employees or agents; 

  

	 	(xiv)	accelerated, terminated, modified, amended, waived or otherwise altered or changed any of the terms or provisions of any Contract, or paid any amount not required by
Law or by any Contract; 

  

	 	(xv)	made any change in its accounting systems, policies, principles, practices or methods; 

 

	 	(xvi)	entered into, authorized or permitted any Contract or transaction with any Shareholder or any Affiliate of any Shareholder; 

 

	 	(xvii)	entered into, adopted, amended or terminated any bonus, profit sharing, compensation, termination, share option, share appreciation right, restricted share, performance
unit, pension, retirement, deferred compensation, employment, severance or other employee benefit agreement, trust, plan, fund or other arrangement for the benefit or welfare of any director, officer or employee, or increased in any manner the
compensation or fringe benefits of any director, officer or employee or paid any benefit not required by any existing plan and arrangement or entered into any Contract, commitment or arrangement to do any of the foregoing; 

 

	 	(xviii)	made any Tax election or settled or compromised any federal, provincial state, local or foreign Tax liability, surrendered any right to claim a Tax refund, offset or
other reduction in Tax liability, prepared any Tax Return in a manner that is not consistent with past practices, or filed any amended material Tax Return or waived or extended the statute of limitations in respect of any such Taxes; or

  
 26 

 Confidential Treatment Requested 

 

	 	(xix)	authorized or agreed to do any of the things described in the preceding clauses (i) through (xviii). 

4.7 Title to Assets. Except as set forth on Schedule 4.7, the Company (i) has good and marketable title to, and is the
lawful owner of, all of the tangible and intangible assets, properties and rights used, or held for use, in connection with its business and all of the tangible and intangible assets, properties and rights reflected in the Financial Statements
(other than assets disposed of in the ordinary course of business since the date of such Financial Statements) and (ii) on the Closing Date will have good and marketable title to, and will be the lawful owner of, all of the tangible and
intangible assets, properties and rights to be reflected in the Closing Date Balance Sheet, in any case free and clear of any and all Liens other than Permitted Liens. 
 4.8 Condition and Sufficiency of Assets. 
 (a) Except as set forth on
Schedule 4.8, all of the tangible assets and properties of the Company, whether real or personal, owned or leased, have been well maintained and are in good operating condition and repair (with the exception of normal wear and tear), and are
free from defects other than such minor defects as do not interfere with the intended use thereof in the conduct of normal operations. 
 (b) Immediately after the Closing Date, the Company shall own or have the right to use all the assets, properties and rights (including all Company Intellectual Property) that are currently used in
connection with its business. Except as set forth on Schedule 4.8(b), no key personnel that are required for the operation of the Company’s business have informed that Company that they intend to leave the Company’s employment. Such
assets, properties and rights (including Company Intellectual Property) and key personnel were sufficient to produce the income for the period ended on December 31, 2011 and the period ended on January 31, 2011, in each case as shown on
the income statement for that period set forth in Schedule 1.1A. 
 4.9 Real Property. 

(a) Owned Real Property. The Company owns no real property and has no obligation to purchase any real property. 

(b) Leased Real Property. 
  

	 	(i)	 Schedule 4.9(b) includes a correct and complete list of all real estate held by the Company under real property leases (the “Leased Real
Property”) and all leases covering the Leased Real Property (the “Real Property Leases”). The Leased Real Property constitutes all of the real property interests held by the Company and required for or currently used in
connection with the operation of its business as it is presently conducted. All covenants or other restrictions (if any) to which any of the Leased Real Property is subject are being in all respects properly performed and observed, and the Company
has received no notice of violation (or 

  
 27 

 Confidential Treatment Requested 

 

	 	
claimed violation) thereof. The Company has delivered to Parent correct and complete copies of all Real Property Leases, together with copies of all reports (if any) of any engineers,
environmental consultants or other consultants in its possession or control relating to any of the Leased Real Property. 

  

	 	(ii)	Each separate parcel included in the Leased Real Property has adequate water supply, storm and sanitary sewer facilities, access to telephone, gas and electrical
connections, fire protection, drainage and other public utilities, and has adequate parking facilities that meet all requirements imposed by Laws applicable to or binding on the Company or any of its assets or properties. None of the Leased Real
Property is subject to any Lien, easement, right-of-way, building or use restriction, exception, variance, reservation or limitation that might interfere with or impair the present and continued use thereof in the usual and normal conduct of the
business and operations of the Company. 

  

	 	(iii)	To the Knowledge of the Company, there is no pending, threatened or proposed Proceeding or governmental action to modify the zoning classification of, or to condemn or
take by the power of eminent domain (or to purchase in lieu thereof), or to classify as a landmark, or to impose special assessments on, or otherwise to take or restrict in any way the right to use, develop or alter, all or any part of the Leased
Real Property. 

  

	 	(iv)	All of the Real Property Leases are in full force and effect, valid and enforceable in accordance with their respective terms. The Company has received no notice of any
dispute, claim, event of default or event that constitutes or would constitute (with notice or lapse of time or both) a default under any Real Property Lease. All rent and other amounts due and payable with respect to the Real Property Leases have
been paid through the date of this Agreement and all rent and other amounts due and payable with respect to the Real Property Leases on or prior to the Closing Date shall have been paid prior to the Closing Date. Except as set forth in Schedule
4.9(b), none of the Real Property Leases are expected to expire or terminate during the year following the Closing Date. Except as set forth in Schedule 4.9(b), there are no indications that the landlord with respect to any Real Property
Lease would refuse to renew such lease upon expiration of the period thereof. 

 4.10 Computer System.
Except as set forth on Schedule 4.10, all computer hardware and information technology software and related equipment and materials used by the Company in its businesses (collectively, the “Computer System”) are in good
working order and condition; the Company has not experienced any significant defect in design, workmanship or material of the Computer System, and the Computer System has the performance capabilities, characteristics and functions necessary to the
conduct of the business and operations of the Company. To the Knowledge of the Company, the use of the Computer System by the Company (including any software modifications) (i) has not violated or infringed upon and will not violate or infringe

  
 28 

 Confidential Treatment Requested 

 
 
upon the rights of any third parties and (ii) has not resulted in and will not result in the termination of any maintenance, service or support agreement relating to any part of the Computer
System or any reduction in the services provided to the Company, warranties available to the Company or rights of the Company thereunder. To the Knowledge of the Company, the Company has full and adequate user and service documentation for the
Computer System. 
 4.11 Intellectual Property. 
 (a) Schedule 4.11 is a correct and complete list of all Intellectual Property owned by the Company (the “Owned Intellectual Property”), all Intellectual Property licensed to the
Company (the “Licensed Intellectual Property”) and all Contracts providing for the license of the Company Intellectual Property or otherwise relating to the Company Intellectual Property. 

(b) Except as set forth on Schedule 4.11, all of the Owned Intellectual Property is owned only by the Company, and where
registered, the Company is the only owner of record in all patent, trademark and copyright offices, free and clear of any and all Liens, and none of the Owned Intellectual Property is subject to any license, royalty or other agreement. Except as set
forth on Schedule 4.11, the Company has not granted any license or agreed to pay or receive any royalty in respect of any of the Company Intellectual Property. Subject to obtaining the consents set forth on Schedule 4.3, the Company
Intellectual Property will be available for use by the Company on substantially identical terms immediately after the Closing as were applicable to the Company immediately prior to the consummation of the Closing. All necessary registration,
maintenance and renewal fees have been paid in full, and all necessary documents have been filed, for the purposes of maintaining the registered Owned Intellectual Property. 
 (c) Except as set forth on Schedule 4.11: 
  

	 	(i)	the Company has not received any notice of any claim that challenges the validity or enforceability of the Company Intellectual Property or any of the rights of the
Company therein; 

  

	 	(ii)	none of the Company Intellectual Property has been or is the subject of any pending or threatened Proceeding claim of infringement and, to the Knowledge of the Company,
there is no basis for making any such claim; 

  

	 	(iii)	there is no pending or threatened Proceeding, and there has never been any such Proceeding, involving the Company, and the Company has not received any notice that the
Company Intellectual Property infringes, dilutes, misappropriates or otherwise violates any rights of any third party, and to the Knowledge of the Company there is no basis for making any such claim; 

 

	 	(iv)	the Company has the right and authority to use all items of the Company Intellectual Property in connection with the operation and conduct of its business in the manner
presently operated and conducted without the payment of any license fee, royalty or similar charge; 

  
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 Confidential Treatment Requested 

 
  

	 	(v)	to the Knowledge of the Company, there is no infringement, dilution, misappropriation or otherwise improper use of the Company Intellectual Property by any Person; and

  

	 	(vi)	to the Knowledge of the Company, the Company owns or possesses adequate rights in perpetuity in and to all Intellectual Property necessary to conduct its business as
presently conducted. 

 (d) The Company has been diligent in its efforts to keep the confidentiality of the trade
secrets and confidential information included in the Company Intellectual Property. 
 (e) All personnel, including employees,
agents, consultants, and contractors, who have contributed to or participated in the conception or development of the Company Intellectual Property on behalf of Company either (i) have been party to a “work-for-hire” arrangement or
agreement with the Company, in accordance with applicable Laws, that has transferred the creator’s right to the Company as “author” under applicable copyright law or (ii) have executed appropriate instruments of assignment in
favor of the Company as assignee that have conveyed to the Company full, effective, and exclusive ownership of all tangible and intangible property and all Intellectual Property rights thereby arising. 

4.12 Contracts. 
 (a) Schedule 4.12 is a true, correct and complete list of all the Contracts of the following types to which the Company is a party or by which it is bound, or to which any of its assets or
properties is subject: 
  

	 	(i)	any Contract which either (i) requires a payment by any party in excess of, or a series of payments which in the aggregate exceed, $25,000 or provides for the
delivery of goods or performance of services, or any combination thereof, having a value in excess of $25,000, or (ii) has a term of, or requires the performance of any obligations by any party over a period in excess of, 12 months;

  

	 	(ii)	any Contract pursuant to which any third party agrees to perform any services for the Company that are required to be performed by the Company under any other Contract;

  

	 	(iii)	any collective bargaining agreement; 

  

	 	(iv)	any Contract of any kind with any employee, officer or director of the Company, any of the respective Affiliates of such individuals or any other Affiliate of the
Company, or any Contract or other arrangement of any kind with any Shareholder or any Affiliates of any Shareholder; 

  

	 	(v)	any Contract with a sales representative, distributor, dealer, broker, sales agency, advertising agency or other Person engaged in sales, distributing or promotional
activities, or any Contract to act as one of the foregoing on behalf of any Person; 

  
 30 

 Confidential Treatment Requested 

 
  

	 	(vi)	any Contract pursuant to which the Company has made or will make loans or advances, or has or will have incurred debts or become a guarantor or surety or pledged its
credit on or otherwise become responsible with respect to any undertaking of another (except for the negotiation or collection of negotiable instruments in transactions in the ordinary course of business); 

 

	 	(vii)	any indenture, credit agreement, loan agreement, note, mortgage, security agreement, loan commitment or other Contract relating to Indebtedness, an extension of credit
or financing; 

  

	 	(viii)	any Contract involving a partnership, joint venture or other cooperative undertaking; 

 

	 	(ix)	any Contract involving any restrictions with respect to the geographical area of operations or scope or type of business of the Company; 

 

	 	(x)	any power of attorney or agency agreement or arrangement with any Person pursuant to which such Person is granted the authority to act for or on behalf of the Company
or the Company is granted the authority to act for or on behalf of any Person; 

  

	 	(xi)	any Contract, whether or not fully performed, relating to any acquisition or disposition of any capital stock or other debt or equity securities or profits interests or
similar interests of the Company or any predecessor in interest of the Company, or any acquisition or disposition of any Person, division, line of business, material assets or real property; 

 

	 	(xii)	any Contract not made in the ordinary course of business which is to be performed in whole or in part at or after the date of this Agreement; 

 

	 	(xiii)	any Contract pursuant to which the Company is obligated to provide any customer with equal or preferred pricing terms as compared to the pricing terms offered by the
Company to any or all of the other customers of the Company; 

  

	 	(xiv)	any Contract that requires the payment of royalties, commissions, finders’ fees or similar payments; 

 

	 	(xv)	any assignment, license, indemnification agreement or other Contract with respect to any Company Intellectual Property; 

 

	 	(xvi)	any Contract with any Governmental Authority; and 

  

	 	(xvii)	any Contract not specified above that is material to the Company. 

 (b) The Company has delivered to Parent true, correct and complete copies of each document listed on Schedules 4.11 and 4.12 and a written description of each oral arrangement so listed. The
Company has delivered or made available to Parent true, correct and complete copies of each form used by the Company in the conduct of its business. 

  
 31 

 Confidential Treatment Requested 

 
 (c) Except as set forth on Schedule 4.12: the Company
has not breached any provision of, or is in default under the terms of, any Contract to which it is a party or under which it has any rights or by which it is bound; no condition exists or event has occurred which, with or without notice or the
passage of time or both, would constitute a breach of, or a default under, any such Contract by the Company; and, to the Knowledge of the Company, no other party to any such Contract has breached any provision of, or is in default under the terms
of, any such Contract. Each of the Contracts listed or required to be listed on Schedules 4.11 and 4.12 are in full force and effect and constitute the valid and binding obligation of the Company and, to the Knowledge of the Company,
the other party(ies) thereto in accordance with its terms. The Company has not repudiated any such Contract or given any notice that it intends to terminate any such Contract. 
 4.13 Employee Benefit Plans. 
 (a) Except as listed on Schedule
4.13, neither the Company nor any of its ERISA Affiliates is a party to, participates in or has any liability or contingent liability with respect to: 
  

	 	(i)	any “employee welfare benefit plan” or “employee pension benefit plan” as those terms are respectively defined in sections 3(1) and 3(2) of ERISA,
other than a “multiemployer plan” (as defined in section 3(37) of ERISA) (referred to collectively hereinafter as “Plans”); 

 

	 	(ii)	any retirement or deferred compensation plan, incentive compensation plan, stock plan, unemployment compensation plan, vacation pay, severance pay, bonus or benefit
arrangement, insurance or hospitalization program or any other fringe benefit arrangements for any current or former employee, director, consultant or agent, whether pursuant to contract, arrangement, custom or informal understanding, which
does not constitute an “employee benefit plan” (as defined in section 3(3) of ERISA) (referred to collectively hereinafter as “Arrangements”); or 

 

	 	(iii)	any employment agreement (referred to collectively hereinafter as “Employment Agreements”). 

(b) Except as provided on Schedule 4.13, a true, correct and complete copy of each of the Plans, Arrangements and Employment Agreements
listed on Schedule 4.13 (collectively, the “Benefit Plans”), including all trust agreements, insurance contracts, administration contracts, investment management agreements and record-keeping agreements, each as in effect on
the date hereof, has been furnished or made available to Parent. In the case of any Benefit Plan that is not in written form, Parent has been supplied with an accurate description of such Benefit Plan as in effect on the date hereof. True and
complete copies of the (i) most recently filed Form 5500 series and all schedules thereto, (ii) most recent summary plan description and (iii) most recently issued IRS determination letter with respect to each Plan, to the extent
applicable, have been furnished or made available to Parent, and there have been no material changes in the financial condition in the respective Benefit Plans from that stated in the most recently filed Form 5500 and the schedules thereto.

  
 32 

 Confidential Treatment Requested 

 
 (c) As to all Benefit Plans: 

 

	 	(i)	all Benefit Plans have been administered in form and in operation in all material respects with all requirements of Law applicable thereto, and there has been no notice
issued by any Governmental Authority questioning or challenging such compliance; 

  

	 	(ii)	all Benefit Plans that are employee pension benefit plans (as defined in section 3(2) of ERISA) comply in form and in operation with all applicable requirements of
sections 401(a) and 501(a) of the Code; there have been no amendments to such plans which are not the subject of a determination letter issued with respect thereto by the IRS; and no event has occurred which will or could give rise to
disqualification of any such plan under such sections or to a Tax under section 511 of the Code; 

  

	 	(iii)	none of the assets of any Benefit Plan is invested in “employer securities” or “employer real property” within the meaning of Section 407 of
ERISA; 

  

	 	(iv)	there have been no “prohibited transactions” (as described in section 406 of ERISA or section 4975 of the Code) with respect to any Benefit Plan and the
Company has not otherwise engaged in any prohibited transaction; 

  

	 	(v)	there has been no act or omission which has given rise to or may give rise to fines, penalties, taxes or related charges under sections 502(c), 502(i), 502(l) or 4071
of ERISA or Chapters 43, 47, 68 or 100 of the Code for which the Company or any of its ERISA Affiliates may be liable; 

  

	 	(vi)	except as set forth on Schedule 4.13, none of the payments contemplated by the Benefit Plans would, in the aggregate, constitute excess parachute payments as
defined in section 280G of the Code (without regard to subsection (b)(4) thereof); 

  

	 	(vii)	except as set forth on Schedule 4.13, the Company’s execution of, and performance of the transactions contemplated by, this Agreement will not constitute an
event under any Benefit Plan that will result in any material payment (whether as severance pay or otherwise), acceleration, vesting or increase in benefits; 

 

	 	(viii)	there are no actions, suits or claims (other than routine claims for benefits) pending or threatened involving the Benefit Plans or the assets thereof and, to the
Knowledge of the Company, no facts exist which could give rise to any such actions, suits or claims (other than routine claims for benefits); 

  

	 	(ix)	no Benefit Plan is subject to Title IV of ERISA; and 

  
 33 

 Confidential Treatment Requested 

 
  

	 	(x)	neither the Company nor any of its ERISA Affiliates has any liability or contingent liability under any Benefit Plan for providing post-retirement medical or life
insurance benefits, other than statutory liability for providing group health plan continuation coverage under Part 6 of Title I of ERISA and section 4980B (or any predecessor section thereto) of the Code. 

(d) Neither the Company nor any of its ERISA Affiliates is a party to, participates in, contributes to, has contributed to or has any
liability or contingent liability with respect to any multiemployer plan (as defined in section 3(37) of ERISA). 
 4.14
Employment and Labor Matters. Schedule 4.14 contains a correct and complete list of the names, titles or job descriptions, full-time or part time status, annual compensation or hourly rate schedule and all bonuses and similar payments
made with respect to each such individual for the preceding fiscal year for all directors, officers and employees of the Company. The Company has and currently is conducting its business in compliance with all Laws relating to employment and
employment practices, terms and conditions of employment, wages and hours and nondiscrimination in employment. Except as set forth on Schedule 4.14, the relationships of the Company with its employees are good and there is, and since
January 1, 2009 there has been, no labor strike, dispute, slow-down, work stoppage or other labor difficulty pending or threatened against or involving the Company. Except as set forth on Schedule 4.14, none of the employees of the
Company is covered by any collective bargaining agreement, no collective bargaining agreement is currently being negotiated and no attempt is currently being made or since January 1, 2009 has been made to organize any employees of the Company
to form or enter a labor union or similar organization. 
 4.15 Taxes. 

(a) All Tax Returns have been filed for the Company, and all other filings in respect of Taxes have been made for the Company, for all
periods through and including the Closing Date as required by applicable Law. Each such Tax Return and filing is accurate and complete and the Company has not or will not have any additional liability for Taxes with respect to any Tax Return or
other filing heretofore filed or which was required by Law to be filed. All Taxes and estimated Taxes owed by the Company have been paid for all periods through and including the Closing Date as required by applicable Law. The amounts provided as a
current liability on the Financial Statements for all Taxes are, and on the Closing Date Balance Sheet for all Taxes will be, adequate to cover all unpaid liabilities for all Taxes, whether or not disputed, that have accrued with respect to or are
applicable to the period ended on and including the date thereof or to any periods prior thereto and for which the Company may be directly or contingently liable in its own right or as a transferee of the assets of, or a successor to, any Person.
Except as set forth in Schedule 4.15, none of the Tax Returns or other filings that include the operations of the Company has ever been audited or investigated by any Governmental Authority, and no facts exist which would constitute grounds
for the assessment of any additional Taxes by any Governmental Authority with respect to the taxable years covered in such Tax Returns and filings. Except as set forth in Schedule 4.15, no material issues have been raised in any examination
by any Governmental Authority with respect to the business and operations of the Company which, by application of similar principles, reasonably could be expected to result in a 

  
 34 

 Confidential Treatment Requested 

 
 
proposed adjustment to the liability for Taxes for any other period not so examined, and no position has been taken on any Tax Return with respect to the business or operations of the Company for
a taxable year for which the statute of limitations for the assessment of any Tax with respect thereto has not expired that is contrary to any publicly announced position of a Governmental Authority or that is substantially similar to any position
which a Governmental Authority has successfully challenged in the course of an examination of a Tax Return of the Company or any other taxpayer. 
 (b) All Taxes which the Company is required by Law to withhold or collect, including sales and use Taxes, and amounts required to be withheld for Taxes of employees and other withholding Taxes, have been
duly withheld or collected and, to the extent required, have been paid over to the proper Governmental Authorities or are held in separate bank accounts for such purpose. All information returns required to be filed by the Company prior to the
Closing Date have been filed, and all statements required to be furnished to payees by the Company prior to the Closing Date have been furnished to such payees, and the information set forth on such information returns and statements is accurate and
complete. 
 (c) The Company has not incurred any Tax liabilities other than in the ordinary course of business for any taxable
year for which the applicable statute of limitations has not expired; there are no Tax Liens (other than Liens for current Taxes not yet due and payable) upon the properties or assets of the Company. The Company has not granted or been requested to
grant any waiver of any statutes of limitations applicable to any claim for Taxes. 
 (d) No Shareholder is a “foreign
person” as defined in section 1445(f)(3) of the Code. 
 (e) Except as set forth in Schedule 4.15, the Company is
not a party to or otherwise subject to any arrangement having the effect of or giving rise to the recognition of a deduction or loss in a taxable period ending on or before the Closing Date, and a corresponding recognition of taxable income or gain
in a taxable period ending after the Closing Date, or any other arrangement that would have the effect of or give rise to the recognition of taxable income or gain in a taxable period ending after the Closing Date without the receipt of or
entitlement to a corresponding amount of cash. 
 (f) Except as set forth in Schedule 4.15, the Company is not subject to
any joint venture, partnership or other arrangement or contract which is treated as a partnership for Federal income tax purposes. The Company is not a party to any tax sharing agreement. 

(g) None of the assets of the Company constitute tax-exempt bond financed property or tax-exempt use property within the meaning of
section 168 of the Code, and none of the assets reflected on the Financial Statements is subject to a lease, safe harbor lease or other arrangement as a result of which the Company is not treated as the owner for Federal income tax purposes.

 (h) Except as set forth in Schedule 4.13 or Schedule 4.15, the Company has not made or become obligated to
make, and the Company will not as a result of any event connected with any transaction contemplated herein become obligated to make, any payments that could be nondeductible by reason of section 280G or 162(m) of the Code. 

  
 35 

 Confidential Treatment Requested 

 
 (i) The basis of all depreciable or amortizable assets of the
Company, and the methods used in determining allowable depreciation or amortization (including cost recovery) deductions of the Company, are correct and in compliance with the Code and the regulations thereunder. 

(j) The Company is not required to include in income any adjustment pursuant to section 481(a) of the Code, for any period after the
Closing Date, by reason of any voluntary or involuntary change in accounting method (nor has any taxing authority proposed in writing any such adjustment or change of accounting method). 

(k) The Company does not have or could not have any liability for Taxes of any Person other than itself under Treasury Regulation
Section 1.1502-6 (or any similar provision of state, local or foreign law), as a transferee or successor, by Contract or otherwise. 
 (l) The Company has not filed a consent pursuant to section 341(f) of the Code (or any predecessor provision) or agreed to have section 341(f)(2) of the Code apply to any disposition of a subsection
(f) asset (as such term is defined in section 341(f)(4) of the Code) owned by the Company. 
 (m) The Company has not
requested or received a ruling from any taxing authority or signed a closing or other agreement with any taxing authority which would affect any taxable period after the Closing Date. 

(n) In the past five (5) years, the Company has not been a party to a transaction that has been reported as a reorganization within
the meaning of section 368 of the Code, or distributed as a corporation (or been distributed) in a transaction that is reported to qualify under section 355 of the Code. 
 (o) The Company has not engaged in a transaction that would be reportable by or with respect to the Company pursuant to sections 6011, 6111, or 6112 of the Code. 

(p) No claim has been made in writing to the Company or with respect to the Company’s business by a Governmental Authority in a
jurisdiction where the Company does not file Tax Returns that the Company may be subject to Tax by such jurisdiction. 
 4.16
Compliance with Laws; No Improper Payments; Internal Compliance. 
 (a) The Company is in compliance in all material
respects with all Laws applicable to or binding on the Company or any of its assets or properties, and no condition exists or event has occurred which, with or without notice or the passage of time or both, would constitute a material violation
under any such Law. No notice from any Governmental Authority has been received by the Company claiming any material violation of any Law or requiring any work, construction or expenditure, or asserting any Tax, assessment or penalty. 

(b) Without limiting the generality of the foregoing, (i) neither the Company, any director, officer, employee, agent or
representative of the Company nor any Person acting on behalf of any of them, has made, paid or received any bribes, kickbacks or other similar payments to or from any Person, whether lawful or unlawful, (ii) no contributions have been

  
 36 

 Confidential Treatment Requested 

 
 
made by or on behalf of the Company, directly or indirectly, to a domestic or foreign political party or candidate, (iii) no improper foreign payment (as defined in the Foreign Corrupt
Practices Act of 1977, as amended) has been made and (iv) the internal accounting controls of the Company are adequate to detect any of the foregoing. 
 (c) There has been no violation of or non-compliance with any of the code of business conduct, ethics or other similar internal policies of the Company. 

4.17 Environmental Matters. Except as set forth in Schedule 4.17: 

(a) the Company is in compliance in all material respects with all Environmental Laws, and no condition exists or event has occurred
which, with or without notice or the passage of time or both, would constitute a material violation of or give rise to any material liability, obligation or Lien under any Environmental Law; 

(b) the Company is in possession of all Environmental Permits, if any, required for the conduct or operation of their respective
businesses (or any part thereof), and are in compliance in all material respects with all of the requirements and limitations included in such Environmental Permits; 
 (c) there are no, and the Company has not used or stored any, Hazardous Substances in, on, or at any of the Leased Real Property, and no Hazardous Substances have been used in the construction or repair
of, or any alterations or additions to, any of the Leased Real Property; 
 (d) no notice from any Governmental Authority or any
other Person has been received by the Company claiming that any aspect of the business, operations or facilities of the Company is in violation of any Environmental Law or Environmental Permit, or that the Company is responsible (or potentially
responsible) for the cleanup or remediation of any substances at any location; 
 (e) the Company has not deposited or
incorporated any Hazardous Substances into, on, beneath or adjacent to any property; and 
 (f) the Company is not the subject
of any pending or, to the Knowledge of the Company, threatened Proceedings in any forum, judicial or administrative, involving a demand for damages, injunctive relief, penalties or other potential liability under, or with respect to violations of,
any Environmental Law. 
 4.18 Litigation. 
 (a) Except as set forth in Schedule 4.18, there are no Proceedings pending or, to the Knowledge of the Company, threatened against or affecting the Company or any of its officers, directors,
employees, agents or shareholders in their capacity as such, or any of its properties or its business, and, to the Knowledge of the Company, there are no facts or circumstances which may give rise to any of the foregoing. Except as set forth on
Schedule 4.18, all of the Proceedings, pending or threatened, against the Company are fully covered by insurance policies (or other indemnification agreements with third parties) and are being defended by the insurers (or such third parties),
subject to such deductibles as are set forth in Schedule 4.18. Except as set 

  
 37 

 Confidential Treatment Requested 

 
 
forth in Schedule 4.18, the Company is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any court or other Governmental Authority. The
Company has not entered into any agreement to settle or compromise any Proceeding pending or threatened against it which has involved any obligation other than the payment of money or for which the Company has any continuing obligation. 

(b) There are no Proceedings pending, or to the Knowledge of the Company, threatened by or against the Company with respect to this
Agreement or the Related Agreements, or in connection with the transactions contemplated hereby or thereby, and to the Knowledge of the Company, there is no reason to believe that there is a valid basis for any such Proceeding. 

4.19 Accounts Receivable; Advances and Warranties. Schedule 4.19 contains a correct and complete aging schedule of all
Accounts Receivable as of January 31, 2012 and all loans and advances by the Company to third parties (“Advances”) as of January 31, 2012. Except as set forth on Schedule 4.19, (i) each Account Receivable
represents a sale made in the ordinary course of business and arose pursuant to an enforceable Contract for a bona fide sale of goods or for services performed, and the Company has performed all of its obligations to deliver the goods or
perform the services to which such Account Receivable relates and (ii) to the Knowledge of the Company, no Account Receivable or Advance is subject to any claim for reduction, counterclaim, set-off, recoupment or other claim for credit,
allowances or adjustments by the obligor thereof. Except as reserved against in the Closing Date Balance Sheet, to the Knowledge of the Company, all Accounts Receivable and Advances recorded on the Closing Date Balance Sheet will be collectible in
full within ninety (90) days of their origination. Claims made under warranties covering goods sold or services provided by the Company prior to the Closing will not, to the Knowledge of the Company, exceed the warranty reserve recorded on the
Closing Date Balance Sheet. 
 4.20 Permits. Schedule 4.20 sets forth a true, correct and complete list of all
Permits held by the Company. The Company has not received any notice that any such Permit may be revoked or canceled, and, to the Knowledge of the Company, all the Permits so listed are in full force and effect. To the Knowledge of the Company,
except for the Permits listed on Schedule 4.20, there are no Permits, whether federal, provincial, state, local or foreign, which are necessary for the lawful operation of the business of the Company. 

4.21 Insurance. 
 (a) Schedule 4.21 contains a true, correct and complete list of all material policies of insurance owned held by the Company, and the Company has heretofore delivered or made available to Parent
correct and complete copies of all such policies. All such policies are valid, in full force and effect and enforceable, all premiums with respect thereto covering all periods up to and including the Closing Date have been paid, and no notice of
cancellation or termination has been received by the Company with respect to any such policy. Except as set forth in Schedule 4.21, the Company has not been refused any insurance with respect to its assets or operations, and its coverage has
not been limited by any insurance carrier to which it has applied for any such insurance or with which it has carried insurance. 

  
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 Confidential Treatment Requested 

 
 (b) The Company has furnished or made available to Parent a
correct and complete list of all claims which have been made by the Company since January 1, 2011, under any workers’ compensation, general liability, property or other insurance policy applicable to the Company or any of its assets
or its business. Except as set forth on such list, there are no pending or threatened claims under any insurance policy. 
 4.22
Capital Improvements. Schedule 4.22 describes all the capital improvements or purchases or other capital expenditures which the Company has committed to or contracted for and which have not been completed prior to the date hereof and
the cost and expense reasonably estimated to complete such work and purchases. 
 4.23 No Conflict of Interest. Except as
set forth on Schedule 4.23, neither any Shareholder nor any Affiliate of the Shareholder has any direct or indirect interest in any tangible or intangible property used or held for use in the business of the Company, except for the
Shareholders as holders of the Shares. Except as set forth on Schedule 4.23, neither any Shareholder nor any Affiliate of any Shareholder, to the Knowledge of the Company, has any direct or indirect interest in any Person which conducts a
business similar to, has any Contract or arrangement with, or does business or is involved in any way with, the Company, except for the ownership of less than one percent (1%) of the outstanding stock of any publicly held corporation.

 4.24 Bank Accounts. Schedule 4.24 sets forth a correct and complete list of the names and locations of each
bank or other financial institution at which the Company has an account (giving the account numbers) or safe deposit box and the names of all Persons authorized to draw thereon or have access thereto, and the names of all Persons, if any, now
holding powers of attorney or comparable delegation of authority from the Company and a summary statement thereof. 
 4.25
Customers. 
 (a) Schedule 4.25 sets forth: 

 

	 	(i)	a correct and complete list of the one hundred (100) largest customers of the Company, taken as a whole, in terms of revenue received by the Company during each of
the 2009, 2010, and 2011 fiscal years (collectively, the “Major Customers”), showing the total revenue received in each such period from each such customer; and 

 

	 	(ii)	a correct and complete report of customer churn during each of the 2009, 2010, and 2011 fiscal years and the portion of fiscal year 2012 prior to the date of this
Agreement. 

 (b) Except as set forth in Schedule 4.25, since January 1, 2011, there has been no
adverse change in the business relationship, and there has been no material dispute, between the Company, on the one hand, and any Major Customer, on the other hand, and, to the Knowledge of the Company, there are no indications that there will be
any such adverse change or dispute or that any Major Customer intends to reduce its purchases from, or sales to, the Company. 

  
 39 

 Confidential Treatment Requested 

 
 4.26 Brokers. The Company has not used any broker or
finder in connection with the transactions contemplated by this Agreement or the Related Agreements, and neither Parent nor any Affiliate of Parent (including the Company after the Closing) has or shall have any liability or otherwise suffer or
incur any Loss as a result of or in connection with any brokerage or finder’s fee or other commission of any Person retained by the Company in connection with any of the transactions contemplated by this Agreement or the Related Agreements.

 4.27 Services. To the Knowledge of the Company, all services delivered or performed by the Company have been in
conformity in all material respects (within standard industry tolerances) with (a) all applicable Laws, (b) all commitments under applicable Contracts and (c) all express warranties. 

4.28 [Intentionally Omitted.] 
 4.29 Reports. The Company has filed all material reports, registrations and statements, together with any material amendments required to be made with respect thereto, that each was required to
file since January 1, 2009 with any Governmental Authority, and has paid all fees and assessments due and payable in connection therewith. All such reports, registrations and statements complied in all material respects with applicable
regulatory requirements, and none of such reports, registrations or statements, as of their respective dates, contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained therein,
in light of the circumstances under which they were made, not misleading. 
 4.30 Accuracy of Statements. Neither this
Agreement nor any schedule or certificate or any other document or information furnished or to be furnished by or on behalf of the Company to Parent or any representative or Affiliate of Parent in connection with this Agreement, any Related
Agreement or any of the transactions contemplated hereby or thereby contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary to make the statements contained herein or therein, in
light of the circumstances in which they are made, not misleading. The disclosure schedule numbers referenced in this Article IV correspond to the numbered and lettered sections contained in this Article IV, and the information disclosed
in any schedule shall qualify other sections or subsections of this Article IV to the extent it is apparent from a reading of the applicable schedule that such disclosure is applicable to such other sections or subsections. 

ARTICLE V 

REPRESENTATIONS AND WARRANTIES OF PARENT 
 Parent represents and warrants to the Company, as of the date of this Agreement and as of the Closing Date (as if such representations and warranties were remade on the Closing Date), as follows:

 5.1 Organization. Parent is a corporation duly organized, validly existing and in good standing under the laws of
Delaware, with all requisite power and authority to own, lease and operate its properties and to carry on its business as they are now being owned, leased, operated and conducted. MergerCo is a corporation duly organized, validly existing and in
good standing 

  
 40 

 Confidential Treatment Requested 

 
 
under the laws of Washington, with all requisite power and authority to own, lease and operate its properties and to carry on its business as they are now being owned, leased, operated and
conducted. 
 5.2 Authorization. Each of Parent and MergerCo has full power and authority to enter into this Agreement
and its Related Agreements and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by each of Parent and MergerCo of this Agreement and its Related Agreements, and the consummation by each of
Parent and MergerCo of the transactions contemplated hereby and thereby, have been duly and validly approved by the board of directors, and no other proceedings on the part of Parent or MergerCo are necessary to authorize this Agreement, their
Related Agreements and the transactions contemplated hereby and thereby. Each of Parent and MergerCo has duly and validly executed and delivered this Agreement and has duly and validly executed and delivered (or prior to or at the Closing will duly
and validly execute and deliver) its Related Agreements. This Agreement constitutes legal, valid and binding obligations of each of Parent and MergerCo and their respective Related Agreements upon execution and delivery by Parent or MergerCo (as
applicable) will constitute legal, valid and binding obligations of them, in each case, enforceable in accordance with their respective terms. 
 5.3 Consents and Approvals; No Conflicts. 
 (a) No consent, authorization
or approval of, filing or registration with, or cooperation from, any Governmental Authority or any other Person not a party to this Agreement is necessary in connection with the execution, delivery and performance by Parent and MergerCo of this
Agreement and their Related Agreements and the consummation by Parent of the transactions contemplated hereby and thereby, except where the failure to obtain any consent, authorization, approval or cooperation or make any filing or registration
could not reasonably be expected to have a material adverse effect on the financial condition of Parent or Parent’ and MergerCo’s ability to consummate the transactions contemplated hereby or thereby. 

(b) The execution, delivery and performance by each of Parent and MergerCo of this Agreement and its Related Agreements, and the
consummation by each of Parent and MergerCo of the transactions contemplated hereby and thereby, do not and will not (i) violate any Law applicable to or binding on it or any of its assets or properties; (ii) violate or conflict with,
result in a breach or termination of, constitute a default or give any third party any additional right (including a termination or acceleration right) under, permit cancellation of, result in the creation of any Lien upon any of its assets or
properties of it under, or result in or constitute a circumstance which, with or without notice or lapse of time or both, would constitute any of the foregoing under, any Contract or Permit to which it is a party or by which it or any of its assets
or properties are bound; (iii) permit the acceleration of the maturity of any of its Indebtedness or Indebtedness secured by its assets or properties; or (iv) violate or conflict with any provision of its Certificate of Incorporation or
By-laws (or similar organizational instruments), except for violations, conflicts, breaches, terminations, defaults, additional rights, cancellations or Liens that could not reasonably be expected to have a material adverse effect on the financial
condition of Parent or Parent’s or MergerCo’s ability to consummate the transactions contemplated hereby or thereby. 

  
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 Confidential Treatment Requested 

 
 5.4 Sufficiency of Funds. Parent has funds sufficient
to pay, or to cause MergerCo to pay, the Base Purchase Price in cash. 
 5.5 Brokers. Neither Parent, MergerCo nor any of
their respective Affiliates has used any broker or finder in connection with the transactions contemplated by this Agreement or the Related Agreements, and no Shareholder nor any Affiliate of any Shareholder has or shall have any liability or
otherwise suffer or incur any Loss as a result of or in connection with any brokerage or finder’s fee or other commission of any Person retained by Parent, MergerCo or any of their respective Affiliates in connection with any of the
transactions contemplated by this Agreement or the Related Agreements. 
 5.6 Investment Intent. Parent is consummating
the Merger and acquiring the Company for its own account, for investment purposes only and not with a view toward, or for resale in connection with, any distribution thereof, nor with any present intention of distributing or selling any shares in
the Surviving Corporation in violation of the federal securities Laws or any applicable foreign or state securities Law; provided, that the disposition of the shares in the Surviving Corporation shall at all times remain within the sole
discretion and control of Parent. Parent understands that the acquisition of the Company pursuant to the terms of this Agreement involves substantial risk. Parent can bear the economic risk of its investment (which may be for an indefinite period)
and has such knowledge and experience in financial or business matters that Parent is capable of evaluating the merits and risks of its investment in the Company to be acquired by it pursuant to the transactions contemplated hereby. 

5.7 No Other Representations. Notwithstanding anything in this Agreement to the contrary, Parent and MergerCo understand and agree
that neither the Company nor any other Person has made, and none of them are making, any representation or warranty whatsoever, express or implied, with respect to the Company, its business, the transactions contemplated by this Agreement or any
other matter, other than those representations and warranties of the Company expressly set forth in Article IV. 
 ARTICLE
VI 
 COVENANTS 
 6.1 Access to Information and Facilities. From and after the date of this Agreement until the Closing Date, the Company shall (i) upon reasonable notice to the Company, give Parent and
Parent’s representatives reasonable access to all of the facilities, properties, books, records and Contracts of the Company, (ii) upon reasonable notice to the Company, make the officers and employees of the Company available to Parent
and its representatives as Parent and its representatives shall from time to time reasonably request and (iii) furnish Parent and its representatives with any and all information concerning the Company which Parent or its representatives
reasonably request. 
 6.2 Conduct of Business. From the date of this Agreement until the Closing Date, the Company shall
(i) operate only in the ordinary course of business consistent with past practice, (ii) preserve intact the present business organization and personnel of the Company, (iii) preserve the good will and advantageous relationships of the
Company with customers, suppliers, 

  
 42 

 Confidential Treatment Requested 

 
 
employees, independent contractors and other Persons material to the operation of their respective businesses and (iv) not permit any action or omission which would cause any of the
representations or warranties in Article IV to become inaccurate or any of the covenants of the Company to be breached. Without limiting the generality of the foregoing, except as set forth in Schedule 6.2, prior to the Closing
the Company shall not without the prior written consent of Parent: 
  

	 	(i)	incur any obligation or enter into any Contract that would be required to be disclosed on Schedule 4.11 or 4.12; 

 

	 	(ii)	amend or modify the Certificate of Incorporation or By-laws of the Company; 

 

	 	(iii)	sell, transfer, convey, assign or otherwise dispose of any of its assets or properties or sell, assign, transfer or license any Intellectual Property or adopt any plan
of complete or partial liquidation, dissolution, restructuring, recapitalization or other reorganization of the Company; 

  

	 	(iv)	acquire, lease or encumber any assets outside the ordinary course of business or any assets which are material to the Company or merge or consolidate with any other
Person or otherwise acquire (by merger, consolidation, acquisition of securities or assets or otherwise) any corporation, partnership or other business organization or division or any material assets of any other Person; 

 

	 	(v)	make any loans, advances or capital contributions to, or investments in, any other Person; 

 

	 	(vi)	make any material capital improvements or purchases or other material capital expenditures, or material series of related capital improvements or purchases or other
capital expenditures, or enter into any new commitment for material capital improvements or purchases or other capital expenditures or material series of related capital improvements or purchases or other capital expenditures;

  

	 	(vii)	authorize for issuance, issue, sell, deliver or agree or commit to issue, sell or deliver (whether through the issuance or granting of options, warrants, convertible or
exchangeable securities, commitments, subscriptions, rights to purchase or otherwise) any capital stock or any other debt or equity securities or profits interest or similar interests, or amend any of the terms thereof; 

 

	 	(viii)	split, combine or reclassify any capital stock, declare, set aside or pay any dividend or other distribution (whether in cash, shares or property or any combination
thereof) in respect of its capital stock, or redeem or otherwise acquire any securities of the Company; 

  
 43 

 Confidential Treatment Requested 

 
  

	 	(ix)	make any borrowings, incur any new Indebtedness, or assume, guarantee, endorse (except for the negotiation or collection of negotiable instruments in transactions in
the ordinary course of business and consistent with past practice) or otherwise become liable (whether directly, contingently or otherwise) for the obligations of any other Person, or otherwise cause any of its assets or properties to become subject
to a material Lien; 

  

	 	(x)	waive, release or cancel any material claims against third parties or debts owing to it, or any rights which have any material value; 

 

	 	(xi)	pay any material amount or agree to pay any material amount or perform any obligation in settlement or compromise of any Proceedings or claims of liability against the
Company or any of its directors, officers, employees or agents; 

  

	 	(xii)	accelerate, terminate, modify, amend, waive or otherwise alter or change any of the terms or provisions of any material Contract, or pay any material amount not
required by Law or by any Contract; 

  

	 	(xiii)	make any change in its accounting systems, policies, principles, practices or methods; 

 

	 	(xiv)	enter into, authorize or permit any Contract or transaction with any Shareholder or any Affiliate of any Shareholder; 

 

	 	(xv)	enter into, adopt, amend or terminate any bonus, profit sharing, compensation, termination, share option, share appreciation right, restricted share, performance unit,
pension, retirement, deferred compensation, employment, severance or other employee benefit agreement, trust, plan, fund or other arrangement for the benefit or welfare of any director, officer or employee, or increase in any manner the compensation
or fringe benefits of any director, officer or employee or pay any benefit not required by any existing plan and arrangement or entered into any Contract, commitment or arrangement to do any of the foregoing; 

 

	 	(xvi)	make any Tax election or settle or compromise any federal, provincial state, local or foreign Tax liability, surrender any right to claim a Tax refund, offset or other
reduction in Tax liability, prepare any Tax Return in a manner that is not consistent with past practices, or file any amended material Tax Return or waive or extend the statute of limitations in respect of any such Taxes; or

  

	 	(xvii)	authorize or agree to do any of the things described in the preceding clauses (i) through (xvi). 

  
 44 

 Confidential Treatment Requested 

 
 6.3 Consents and Approvals. 

(a) On the terms and subject to the conditions hereof, each party shall take all action required of it to fulfill its obligations under
the terms of this Agreement and shall otherwise use all commercially reasonable efforts to facilitate the consummation of the transactions contemplated by this Agreement and the Related Agreements. Each party agrees that unless this Agreement is
terminated in accordance with the provisions of Section 9.1, it will not take any action that would have the effect of preventing or impairing the performance by it of its obligations under this Agreement. 

(b) From the date of this Agreement until the Closing Date, each party shall use all commercially reasonable efforts to obtain all
consents, approvals, certificates and other documents required in connection with the performance of this Agreement and the Related Agreements and the consummation of the transactions contemplated hereby and thereby, including, with respect to the
Company, all consents and approvals by each party to any of the Contracts referred to in Schedule 4.3. The Company shall promptly make all filings, applications, statements and reports to all Governmental Authorities and other Persons that
are required to be made prior to the Closing Date by or on behalf of the Company to any applicable Law or Contract in connection with this Agreement, the Related Agreements and the transactions contemplated hereby and thereby. 

6.4 Resignations. Prior to the Closing Date, the Company shall cause each officer and member of the Board of Directors (or
equivalent governing body), and each non-corporate trustee or fiduciary of any plan or arrangement involving employee benefits of, the Company to tender his or her resignation from such position effective as of the Closing by delivering a
resignation and release substantially in the form attached hereto as Schedule 6.4. 
 6.5 Shareholder Approval.
The Company shall duly call, give notice of, convene and hold a meeting of the holders of Shares for the purpose of voting upon the approval of this Agreement (the “Shareholders’ Meeting”) and shall use its reasonable best
efforts to hold the Shareholders’ Meeting as promptly as practicable after the date hereof (and in no event later than thirty (30) days after the mailing of the Proxy Statement). Promptly following the execution of this Agreement, the
Company shall prepare, and Parent shall, if requested by the Company, cooperate with the Company in preparing, a proxy statement relating to the Shareholders’ Meeting (together with any amendments thereof and supplements thereto, the
“Proxy Statement”). As promptly as practicable after the execution of this Agreement, the Company shall mail the Proxy Statement to the holders of Shares, and the Proxy Statement shall contain the recommendation of the Board of
Directors of the Company that the holders of Shares vote to approve this Agreement (and in no event later than twenty (20) days after the date hereof). The Company shall provide Parent and its counsel a reasonable opportunity to review the
Proxy Statement and shall reasonably consider Parent’s reasonable comments to the Proxy Statement prior to mailing the Proxy Statement to the holders of Shares. The Company shall ensure that the notice for the Shareholders’ Meeting
complies with the Act, including a statement of a holder of Shares’ right to assert dissenters’ rights under the Act and shall be accompanied by a copy of RCW Chapter 23B.13 of the Act. The Company shall promptly correct any information in
the Proxy Statement that becomes false or misleading in any material respect and shall take all reasonable steps to cause the Proxy Statement, as so corrected, to be disseminated to holders of Shares. The Company shall use its reasonable best
efforts to solicit from holders of Shares proxies in favor of approval of this Agreement and shall take all other actions necessary or advisable to secure the vote or proxy of holders of Shares required to approve this Agreement. 

  
 45 

 Confidential Treatment Requested 

 
 6.6 Insurance. From the date of this Agreement until
the Closing Date, the Company shall continue to carry its existing insurance through the Closing Date, and shall not allow any breach, default termination or cancellation of such insurance policies or agreements to occur or exist. 

6.7 Tax Matters. 
 (a) Parent shall prepare or cause to be prepared and file or cause to be filed all Tax Returns for the Company for all (i) taxable years ending on or prior to the Closing Date that are filed after
the Closing Date, (ii) taxable years beginning prior to the Closing Date and ending after the Closing Date, and (iii) taxable years beginning after the Closing Date. Parent shall provide to Shareholders’ Representative for review and
comment each Tax Return described in clauses (i) and (ii) above (it being understood that Parent may redact any delivered Tax Return relating to clause (ii) to the extent information relates to periods after the
Closing Date) at least fifteen (15) days prior to the due date for filing such return (or, if required to be filed within fifteen (15) days of the Closing Date, as soon as reasonably practicable following the Closing). The Shareholders
shall reimburse Parent for Taxes paid in clauses (i) and (ii) above within fifteen (15) days after payment by Parent or an Affiliate of Parent to the extent such Taxes are subject to their obligation to indemnify Parent
pursuant to Section 6.7(d). 
 (b) For purposes of allocating liability for Taxes under Section 6.7(d),
in the case of any taxable period that includes (but does not end on) the Closing Date (a “Straddle Period”): (i) real, personal and intangible property Taxes (“Property Taxes”) of the Company allocable to the
Pre-Closing Tax Period shall be equal to the amount of such Property Taxes for the entire Straddle Period multiplied by a fraction, the numerator of which is the number of days during the Straddle Period that are in the Pre-Closing Tax Period and
the denominator of which is the number of days in the Straddle Period; and (ii) Taxes (other than Property Taxes) of the Company allocable to the Pre-Closing Tax Period shall be computed as if such taxable period ended as of the close of
business on the Closing Date; provided, that exemptions, allowances or deductions that are calculated on an annual basis (including depreciation and amortization deductions) shall be allocated between the period ending on the Closing Date and
the period after the Closing Date in proportion to the number of days in each period. 
 (c) The Shareholders shall be
responsible for all sales, use and transfer Taxes, including any value added, stock transfer, gross receipts, stamp duty and real, personal, or intangible property transfer Taxes (“Transfer Taxes”), arising from the transactions
contemplated hereby or by the Related Agreements, including any interest or penalties in respect thereof. 
 (d) From and after
the Closing Date, the Shareholders shall severally and proportionately indemnify Parent and the Company against, and hold them harmless from: (i) any and all Taxes of the Company attributable to any Pre-Closing Tax Period; (ii) all Taxes
of any Person for which the Company may be liable under Treasury Regulation §1.1502-6 (or any similar provision of provincial, state, local or foreign law), as a transferee or successor, by contract, or otherwise; and (iii) all Transfer
Taxes allocated to the Shareholders under Section 6.7(c). 

  
 46 

 Confidential Treatment Requested 

 
 (e) After the Closing, upon reasonable written notice, Parent
and Shareholders’ Representative shall furnish or cause to be furnished to each other, as promptly as practicable, such information and assistance (to the extent within the control of such party) relating to the Company (including access to
books and records) as is reasonably requested for the filing of all Tax Returns, and making of an election related to Taxes, the preparation for any audit by any Governmental Authority and the prosecution or defense of any claim, suit or proceeding
related to any Tax Return. 
 (f) Procedures Relating to Tax Claims. 

 

	 	(i)	After the Closing, Parent, on the one hand, and the Shareholders’ Representative, on the other hand (the “Recipient”), shall promptly notify the
other party in writing upon receipt by the Recipient or any of its Affiliates or, in the case of the Shareholders’ Representative, any Shareholder or any Affiliate of any Shareholder of any written notice of any pending or threatened audit or
assessment, suit, proposed adjustment, deficiency, dispute, administrative judicial proceeding or other similar claim from any Governmental Authority or any other Person and which relates to Taxes or a Tax Return and involves Losses for which any of
Shareholders or Parent may be liable under this Agreement (“Tax Claim”); provided, however, that a failure by Parent or the Shareholders’ Representative to give such notice shall not affect the applicable
rights to indemnification under Article X or this Section 6.7 unless the other party is actually and materially prejudiced as a consequence of such failure. 

 

	 	(ii)	Parent shall control the conduct of any Tax Claim (including selection of counsel and accountants) and, without limiting the foregoing, may in its sole discretion
pursue or forego any and all administrative appeals, Proceedings, hearings, audits and conferences with any Governmental Authority with respect thereto and may, in its sole discretion, either pay the Tax claimed and sue for a refund where Law
permits such refund suits or contest the Tax Claim in any permissible manner; provided, however, that Parent shall afford the Shareholders’ Representative the opportunity to participate, as may reasonably be requested by the
Shareholders’ Representative, with Parent in contesting any Tax Claim solely to the extent such Tax Claim would give rise to an indemnity obligation under Section 6.7(d); and provided further that Parent shall not settle or
otherwise compromise any Tax Claim that would give rise to an indemnity obligation under Section 6.7(d) without the Shareholders’ Representative’s prior written consent (which consent shall not be unreasonably withheld,
conditioned or delayed). 

 (g) Notwithstanding any provision to the contrary herein, (i) any Tax deductions
arising from transactions contemplated pursuant to this Agreement, including Change of Control 

  
 47 

 Confidential Treatment Requested 

 
 Payment Amounts and expenses which become currently
deductible by the Company for Tax purposes as a result of the satisfaction of any portion of indebtedness on the Closing Date shall be treated as arising in, and shall be allocated to, a tax period that begins after the Closing Date and
(ii) any Taxes attributable to any transaction occurring on the Closing Date after the Closing that is not in the ordinary course of business of the Company as carried on prior to the Closing Date shall be treated as arising in, and shall be
allocated to, a tax period that begins after the Closing Date. The parties shall report consistently with the preceding sentence for all Tax purposes, and shall not take any inconsistent position in any Tax proceeding. 

(h) The Company shall not seek approval from the Shareholders with respect to any payments or benefits to be paid or provided to the
Change in Control Payees that may constitute “excess parachute payments” as defined in section 280G of the Code and applicable rulings and final regulations thereunder. 

6.8 Supplemental Information. From time to time prior to the Closing Date, the Company shall disclose in writing to Parent any
matter hereafter arising which becomes Known to the Company and which, if existing, occurring or known at the date of this Agreement would have been required to be disclosed to Parent in connection with any of the representations or warranties set
forth in Article IV. No information provided to Parent pursuant to this Section 6.8 shall be deemed to cure any breach of any representation or warranty contained in this Agreement, including for purposes of
Section 7.2(a) or Article X. 
 6.9 Exclusivity. Prior to the Outside Date, none of the Company or any
of its directors, officers, employees, representatives, agents or Affiliates shall, directly or indirectly, solicit, initiate, encourage, respond favorably to, condone inquiries or proposals from, or provide any non-public confidential information
to, or participate in any discussions or negotiations with, any Person (other than Parent and its directors, officers, employees, representatives and agents) concerning (i) any merger, amalgamation, sale of assets not in the ordinary course of
business, acquisition, business combination, change of control or other similar transaction involving the Company or (ii) any sale or issuance by the Company of any shares of its capital. The Company shall promptly (but in any event within one
(1) Business Day) advise Parent of, and communicate to Parent the terms and conditions of (and the identity of the Person making), any such inquiry or proposal received. 
 6.10 Interim Financial Statements. 
 (a) Prior to the Closing Date, the
Company shall provide to Parent, as soon as practicable after the end of each calendar month, unaudited consolidated financial statements of the Company, consisting of a balance sheet as of the end of such month and an income statement for that
month and for the portion of the year then ended (such financial statements, “Interim Financial Statements”). 

(b) The Company shall provide to Parent, by March 31, 2012, the audited consolidated financial statements of the Company, consisting
of the audited consolidated balance sheet at December 31, 2011 and the related statements of earnings and retained earnings and cash flows for the fiscal year then ended (the “Year End Financial Statements”). 

  
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 Confidential Treatment Requested 

 
 (c) As promptly as practicable following the date hereof, the
Company shall deliver to Parent an SAS100 review of financial statements for the first, second and third fiscal quarters of calendar year 2011. 
 (d) As promptly as practicable following the end of each fiscal quarter, the Company shall deliver to Parent an SAS100 review of financial statements for such fiscal quarter of calendar year 2012.

 (e) The Company will cause the appropriate officers of the Company to, or any Shareholder will, execute and deliver to
Parent’s independent auditors such representation letters in customary form in respect of each audited period and each SAS100 review period commencing with the fiscal year ended December 31, 2011 and continuing through the Closing Date as
Parent shall require. Should the Company’s audit in respect of its fiscal year ended December 31, 2011 not be completed by the Closing Date, such representation letters will be provided by one or more Shareholders, as determined by Parent.

 6.11 Takeover Statutes. No party hereto shall take any action that would cause the Merger or the other transactions
contemplated hereby to be subject to any “fair price”, “merger moratorium”, “control share acquisition” or similar anti-takeover statute or regulation, including Section 23B.19 of the Act. If any such statute or
regulation is or may become applicable to the Merger or the other transactions contemplated hereby, each of Parent and the Company and their respective Board of Directors shall grant such approvals and take such lawful actions as are necessary to
ensure that the Merger and the other transactions contemplated hereby may be consummated as promptly as practicable on the terms contemplated by this Agreement and otherwise act to eliminate or minimize the effects of such statute or regulation on
the Merger and the other transactions contemplated hereby. 
 6.12 Closing Payment Calculation Statement. Not earlier
than ten (10) Business Days and not later than three (3) Business Days prior to the Closing Date, the Company shall prepare and deliver to Parent a certificate (the “Closing Payment Calculation Statement”), duly executed
by an officer of the Company, setting forth (a) a good faith estimate of the Closing Working Capital, (b) a good faith estimate of the aggregate Company Debt Amount, together with a schedule listing the amount payable to each Company
Creditor in connection therewith which shall in each case correspond to the payoff letters delivered pursuant to Section 8.2, (c) the Change of Control Payment Amount, together with a schedule listing the amount payable to each
Change of Control Payee in connection therewith and (d) the wire instructions for each Person to whom payments will be made in accordance with the terms herewith at the Closing. Parent shall have the right to review the Closing Payment
Calculation Statement and object thereto, and the Company, on the one hand, and Parent, on the other hand, shall cooperate in good faith to resolve any such objections prior to the Closing and update the Closing Payment Calculation Statement
accordingly. 
 6.13 Management Incentive Plan. 
 (a) At the Effective Time, Parent shall set aside an aggregate number of shares, which shall be registered prior to issuance to a Company employee pursuant to this Section 6.13 (the
“Total Parent Shares”) of Parent Common Stock equal to (i) $7 million, divided by (ii) the 

  
 49 

 Confidential Treatment Requested 

 
 
price per share of Parent Common Stock as listed on the New York Stock Exchange as of the close of business on the Business Day immediately preceding the Effective Time (the “Market
Price”). 
 (b) Parent shall issue to each Company employee identified in Exhibit H who is employed on the
applicable date such person’s allocation (determined as set forth in Section 6.13(d) below) of registered shares of Parent Common Stock set aside pursuant to Section 6.13(a) as follows: prior to May 15 of each of
years 2013, 2014 and 2015, if the Annual Revenues for the applicable twelve (12) month period ending March 31 equal or exceed
[***                                         
                   ] of the Target Annual Revenues for such period, a number of registered shares equal to: 

 

	 	(i)	(x) Annual Revenues, divided by Target Annual Revenues, minus (y) [***]; multiplied by  

 

	 	(ii)	[***]; multiplied by 

  

	 	(iii)	[***                           
             ] of the Total Parent Shares; 

 provided,
that Parent shall have no obligation to issue any registered shares in excess of the Total Parent Shares. By way of example, if, prior to May 15, 2015, Parent has issued pursuant to this Section 6.13(b) all of the Total Parent
Shares, regardless of whether Annual Revenues for the twelve (12) months ending March 31, 2015 equal or exceed
[***                                         
                   ] of the Target Annual Revenues for such twelve (12) month period, Parent shall have no obligation to issue any registered shares
with respect to the twelve (12) months ending March 31, 2015. All registered shares of Parent Common Stock issued pursuant to this Section 6.13(b) shall be (x) subject to all applicable Tax withholdings, (y) subject
to a two (2) year vesting period (from the applicable March 31 date) and (z) allocated among the identified employees as determined in accordance with Section 6.13(d). For the avoidance of doubt, (a) if the Annual
Revenues during any applicable measurement period is less than
[***                                         
                   ] of the Annual Revenues Target, then no issuance of registered shares of Parent Common Stock shall be made under this
Section 6.13(b) to any of the identified employees with respect to such applicable measurement period; and (b) with respect to any identified employee who has been terminated for Cause, or who voluntarily terminates his or her
employment (other than for Good Reason), in either event prior to an applicable issuance or vesting date, no further issuance of registered shares of Parent Common Stock shall be made to such individual under this Section 6.13(b)
following such event. If Parent terminates an identified employee without Cause, if an identified employee leaves or resigns for Good Reason, or if an employee dies or becomes Incapacitated, in any such event prior to any applicable issuance date
(pertaining to a fiscal year during which such employee would have otherwise worked for the Company or Parent for such entire fiscal year and all subsequent fiscal years) or prior to any applicable vesting date (with respect to restricted registered
shares of Parent Common Stock previously issued under this Section 6.13(b) and to be issued pursuant to this sentence), then Parent’s issuance obligations under this Section 6.13(b) with respect to such employee shall
survive such termination, and all registered shares of Parent Common Stock allocated to such employee shall be deemed fully vested on the earlier to occur of such termination or issuance. 

 

	[***]	Certain information has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions.

  
 50 

 Confidential Treatment Requested 

 
 (c) For purposes of this Section 6.13:
“Annual Revenues” shall mean, with respect to each applicable twelve (12) month period ended March 31, an amount equal to (without duplication): (i) the sum of (A) all gross revenues in such period from sales of
products of the Company in existence as of the Closing plus (B) all gross revenues in such period from sales of new products developed by or for the Surviving Corporation plus (C) twenty-five percent (25%) of gross revenues in such
period from sales by Surviving Company of investment products of Parent, its Affiliates (other than Surviving Corporation) or their respective subsidiaries (other than Surviving Corporation’s) minus (ii) the Base Revenue Amount.
“Base Revenue Amount” and “Target Annual Revenue” shall have the meanings set forth on Schedule 6.13(c). The term “products” as used herein is understood to refer to both products and services.

 (d) All shares of Parent Common Stock issued pursuant to this Section 6.13 shall be allocated among the
identified employees as determined by Parent (in its sole discretion, but after consultation with Stuart DePina). If and to the extent that an identified employee is terminated for Cause, or voluntarily terminates his or her employment (other than
for Good Reason), in either event prior to an applicable issuance or vesting date, then Parent (in its sole discretion, but after consultation with Stuart DePina) shall reallocate such un-issued and/or unvested shares among one or more of the
identified employees who remain employed, such that, at any given time, all Total Parent Shares are fully allocated. 
 (e)
Nothing in this Section 6.13 is intended to or shall (i) limit Parent’s right to operate the business of the Surviving Corporation in a commercially reasonable manner at any time following the Closing, or (ii) limit Parent
from improving or modifying any aspect of the business of the Surviving Corporation in the exercise of its reasonable business judgment; provided, that Parent shall use commercially reasonable efforts to ensure that the business of the
Surviving Corporation can support the operating expenses reflected in the Business Plan and Budget agreed to by the Company and Parent on the date hereof. For the avoidance of doubt, the right to payment under this Section 6.13 is a
contract right and shall not give rise to any rights or duties (including fiduciary duties), express or implied, other than those expressly set forth herein. No employee identified in Exhibit H shall be entitled to receive any of the Total
Parent Shares until such employee has executed an acknowledgment for the benefit of Parent containing the disclaimers contained in this Section 6.13(e). 
 6.14 Parent Stock Investment at Effective Time. 
 (a) Each Company employee
identified in Exhibit I shall have the obligation to apply fifty percent (50%) of the aggregate net proceeds of the Change of Control Payment Amount received by each such individual at the Effective Time as a Change of Control Payee
(assuming a tax rate of 40%) to purchase registered shares of Parent Common Stock, and shall have the right to apply up to one hundred percent (100%) of such aggregate net proceeds to purchase registered shares of Parent Common Stock. Each
individual so electing to purchase additional registered shares of Parent Common Stock must deliver written notice to Parent at least ten (10) Business Days prior to the Effective Time, which notice must identify the additional amount of such
individual’s net proceeds that will be used for such purchase (with respect to each electing individual, the required amount plus any timely elected additional amount, the “Purchase Amount”). 

  
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 Confidential Treatment Requested 

 
 (b) At the Effective Time, the payment made by Parent
to each Company employee identified in Exhibit I shall be offset by the Purchase Amount, and Parent shall (in lieu of payment of the Purchase Amount) issue to such individual registered shares of Parent Common Stock in an amount equal to
(i) the Purchase Amount, divided by (ii) (x) 0.95, multiplied by (y) the Market Price. All such registered shares issued shall be subject to the following restrictions: (A) such registered shares cannot be sold or otherwise
transferred by such individual to any Person for a period of two (2) years (and shall be subject to any rules and regulations generally applicable to Parent employees with respect to sales or transfers thereof); and (B) if, prior to the
date that is two (2) years after the Effective Time, such individual’s employment with the Company or Parent is terminated for Cause, or if such individual terminates his or her employment with the Company or Parent, such individual shall
be required to pay Parent an amount equal to (x) 0.05, multiplied by (y) the Market Price.  
 (c) In
addition, Parent shall issue to each such individual option agreements substantially in the form attached hereto as Exhibit J. Any such individual who is terminated by Parent without Cause, or who leaves or resigns for Good Reason, or who
dies or becomes Incapacitated, in any such event prior to such individual’s exercise of such option, shall have six (6) months from the date of such event to exercise the vested portion of his or her option (including, without limitation,
that portion of his or her option with respect to which vesting may accelerate upon any such event).  
 (d) Parent and
the Company acknowledge that each individual identified in Exhibit I will be bound by the provisions of this Section 6.14 either as a Shareholder or, if such individual is not a Shareholder, by the terms of their employment
arrangement with the Surviving Corporation. 
 6.15 Termination of Benefit Plans. The Company shall take all actions
necessary to terminate, effective as of the day immediately prior to, and conditioned upon, the Closing, all employee benefit plans, including any tax-qualified retirement plan, sponsored or maintained by the Company. 

ARTICLE VII 

CONDITIONS TO CLOSING 
 7.1 Conditions to Obligations of Parent and MergerCo. The obligations of Parent to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver by
Parent of the following conditions on or before the Closing Date: 
 (a) The representations and warranties contained in
Article IV and in each of the Company’s Related Agreements shall have been accurate, true and correct in all material respects on and as of the date hereof and of the Related Agreements, respectively, and shall also be accurate, true and
correct in all material respects on and as of the Closing Date with the same force and effect as though made by the Company on and as of the Closing Date. 

  
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 Confidential Treatment Requested 

 
 (b) The Company shall have performed and complied in all
material respects with all of its covenants and obligations contained in this Agreement and in their Related Agreements to be performed and complied with by it or prior to the Closing Date. 

(c) No Material Adverse Change shall have occurred and no event shall have occurred which, in the reasonable judgment of Parent, may have
a Material Adverse Effect. 
 (d) No Proceeding by any Governmental Authority or other Person shall have been instituted or
threatened which (i) causes or might cause a Material Adverse Effect or (ii) enjoins, restrains, prohibits or results in substantial damages in respect of, or could enjoin, restrain, prohibit or result in substantial damages in respect of,
any provision of this Agreement or any Related Agreement or the consummation of the transactions contemplated hereby or thereby. 
 (e) The Company shall have delivered a schedule evidencing that clients representing at least ninety percent (90%) of run-rate revenue of the Company either (i) are not required to consent to or
not object to the assignment of such client’s Contracts under applicable Law (including the Advisers Act) or (ii) have either consented to or not objected to the assignment of such client’s Contracts under the Advisers Act, such
percentage to be calculated as set forth in Schedule 7.1(e). 
 (f) Parent shall have received all of the agreements,
documents and items set forth in Section 8.2. 
 (g) The Shareholder Approval shall have been obtained. 

(h) Holders of Shares that represent no greater than one percent (1%) of the Shares of Common Stock as of the Effective Time shall
have demanded appraisal for such Shares in accordance with the Act prior to the Closing. 
 (i) The DePina Employment Letter
shall be in full force and effect, and Stuart DePina shall not have terminated employment with the Company for any reason and shall not have committed an act or omitted to take an action that would permit termination for “cause”
thereunder. 
 (j) The Closing Payment Calculation Statement shall reflect an estimated Closing Working Capital equal to or
greater than the Minimum Closing Working Capital. 
 7.2 Conditions to Obligations of the Company. The obligations of the
Company to consummate the transactions contemplated by this Agreement are subject to the satisfaction or written waiver by the Company of the following conditions on or before the Closing Date: 

(a) The representations and warranties of Parent contained herein and in its Related Agreements shall have been accurate, true and
correct in all material respects on and as of the date hereof and of the Related Agreements, respectively, and shall also be accurate, true and correct in all material respects on and as of the Closing Date with the same force and effect as though
made by Parent on and as of the Closing Date. 

  
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 (b) Each of Parent and MergerCo shall have performed and
complied in all material respects with all of its covenants and obligations contained in this Agreement and in its Related Agreements to be performed and complied with by it on or prior to the Closing Date. 

(c) No action or proceeding by any Governmental Authority or other Person shall have been instituted or threatened which enjoins,
restrains, prohibits or results in substantial damages in respect of, or could enjoin, restrain, prohibit or result in substantial damages in respect of, any provision of this Agreement or any Related Agreement or the consummation of the
transactions contemplated hereby or thereby. 
 (d) The Shareholders’ Representative shall have received all of the
agreements, documents and items set forth in Section 8.3. 
 ARTICLE VIII 

CLOSING 
 8.1
Closing. The Closing may be conducted by overnight mail, e-mail and wire transfer. All transactions and deliveries required to be made or completed at the Closing pursuant to the terms of this Agreement shall be deemed to occur concurrently
and none shall be deemed completed unless all are completed (or, to the extent permitted, are waived in a writing signed by the parties entitled to the benefit thereof). 
 8.2 Deliveries by the Company. At the Closing, in addition to any other documents or agreements required under this Agreement, the Company shall deliver to Parent the following: 

(a) the resignations of all officers and directors of, and each non-corporate trustee or fiduciary of any plan or arrangement involving
employee benefits of, the Company duly executed by such Persons; 
 (b) evidence, in form satisfactory to Parent, that all
consents and approvals set forth on Schedule 4.3 have been obtained; 
 (c) estoppel certificates of all landlords under
the Real Property Leases in form and substance satisfactory to Parent duly executed by all such landlords; 
 (d) a certificate
of the Secretary of the Company certifying resolutions of the Board of Directors of the Company approving and authorizing the execution, delivery and performance of this Agreement and its Related Agreements and the consummation of the transactions
contemplated hereby and thereby (together with an incumbency and signature certificate regarding the officer(s) signing on behalf of the Company); 
 (e) the Certificate of Incorporation (or similar instrument) of the Company, certified by the Secretary of State or equivalent Person of its jurisdiction of formation, and the By-laws or similar
instrument of the Company, certified by its Secretary; 
 (f) certificates of Good Standing for the Company from the State of
Washington. 

  
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 (g) a certificate dated as of the Closing Date, signed by an
officer of the Company certifying as to compliance with Sections 7.1(a) and 7.1(b); 
 (h) payoff letters
with respect to each item of Company Debt, duly executed by the applicable Company Creditor, pursuant to which such Company Creditor shall have agreed to unconditionally release all Liens in favor of such Company Creditor relating to the Shares or
the assets or properties of the Company upon receipt of the amounts indicated in such payoff letters and which shall otherwise be in a form satisfactory to Parent; 
 (i) the Escrow Agreement, duly executed by the Shareholders’ Representative and the Escrow Agent; 
 (j) evidence that each of the Contracts and transactions listed (or required to be listed) on Schedule 4.23 has been terminated at or prior to the Closing, in form satisfactory to Parent;

 (k) documentation satisfactory to Parent that any and all Liens (other than Permitted Liens or Liens which a Company Creditor
has agreed to unconditionally release in accordance with a payoff letter delivered pursuant to Section 8.2(h) upon receipt by such Company Creditor of the applicable payoff amount) on the assets and properties of the Company shall have
been terminated and released; and 
 (l) such other documents and instruments as may be required by any other provision of this
Agreement or any Related Agreement or as may reasonably be required to consummate the transactions contemplated by this Agreement and the Related Agreements. 
 8.3 Deliveries by Parent. At the Closing, Parent shall deliver to the Shareholders’ Representative the following: 
 (a) a certificate of Parent dated as of the Closing Date, signed by an officer of Parent, certifying as to compliance with Sections 7.2(a) and 7.2(b); 

(b) the Escrow Agreement, duly executed by Parent; and 
 (c) a certificate of Parent’s secretary certifying resolutions of the Board of Directors of Parent and MergerCo approving this Agreement and its Related Agreements and the transactions contemplated
hereby and thereby (together with an incumbency and signature certificate regarding the officer(s) signing on behalf of Parent and MergerCo). 
 ARTICLE IX 
 TERMINATION 

9.1 Termination. This Agreement may be terminated at any time on or prior to the Closing Date: 

(a) by the mutual written consent of the Company and Parent; 

  
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 (b) by either the Company or Parent, if the Closing shall not
have taken place on or before the Outside Date; provided, that the right to terminate this Agreement under this Section 9.1(b) shall not be available to (i) the Company if the failure of the Company to fulfill any obligation
under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or before such date or (ii) Parent if the failure of Parent to fulfill any obligation under this Agreement has been the cause of or resulted in the
failure of the Closing to occur on or before such date; 
 (c) by Parent, if there shall have been a material breach of any
covenant, obligation, representation or warranty of the Company hereunder, and in the case of a breach of covenant or obligation only such breach shall not have been remedied within ten (10) Business Days after receipt by the Company of a
notice in writing from Parent specifying the breach and requesting such breach be remedied; or 
 (d) by the Company, if there
shall have been a material breach of any covenant, obligation, representation or warranty of Parent or MergerCo hereunder, and in the case of a breach of covenant or obligation only such breach shall not have been remedied within ten
(10) Business Days after receipt by Parent of notice in writing from the Company specifying the breach and requesting such breach be remedied. 
 9.2 Effect of Termination. If this Agreement is terminated pursuant to Section 9.1, all obligations of the parties hereunder shall terminate, except for Article XI and this
Section 9.2 (including the second sentence hereof), which shall survive the termination of this Agreement, and except that no such termination shall relieve any party from liability for any prior breach of this Agreement. If this
Agreement is terminated (i) by Parent due to a breach of Section 6.9 which results in the Company’s failure to close, then the Company shall, within five (5) Business Days of such termination, pay to Parent an amount equal
to the Termination Fee plus all actual fees, costs and expenses reasonably incurred by Parent in connection with the preparation, execution and performance of this Agreement; or (ii) by the Company pursuant to Section 9.1(d), then
Parent shall, within five (5) Business Days of such termination, pay to the Company an amount equal to the Termination Fee plus all actual fees, costs and expenses reasonably incurred by the Company in connection with the preparation, execution
and performance of this Agreement. 
 ARTICLE X 
 INDEMNIFICATION 
 10.1 Survival. The representations and warranties of the
parties contained herein shall survive the Closing for a period of eighteen (18) months, except that Tax Warranties shall survive until the Tax Statute of Limitations Date and Title and Authorization Warranties shall survive forever. The
covenants and agreements of the parties contained herein shall survive the Closing forever unless a shorter period of time is specified therein. 
 10.2 Indemnification by Shareholders. The Shareholders shall severally and proportionately indemnify each Parent Indemnified Person against, and each Shareholder agrees

  
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to hold each of them harmless from, any and all Losses incurred or suffered by them relating to or arising out of or in connection with any of the following: 

(a) any breach of or any inaccuracy in any representation or warranty made in Article IV or any document delivered by the Company
at the Closing; provided, that (i) in the case of all representations and warranties, except for Title and Authorization Warranties and Tax Warranties, a notice of the Parent Indemnified Person’s claim shall have been given to the
Shareholders’ Representative not later than the close of business eighteen (18) months after the Closing Date and (ii) in the case of Tax Warranties, a notice of the Parent Indemnified Person’s claim shall have been given to the
Shareholders’ Representative not later than the close of business on the Tax Statute of Limitations Date; 
 (b) any breach
or failure of the Company to perform any covenant or obligation of the Company set forth or contemplated in this Agreement or any Related Agreement or any document delivered by the Company at the Closing; and 

(c) any Specified Liability. 
 10.3 Indemnification by Parent. Parent agrees to indemnify each Shareholder Indemnified Person against, and agrees to hold each of them harmless from, any and all Losses incurred or suffered by
them relating to or arising out of or in connection with any of the following: 
 (a) any breach of or any
inaccuracy in any representation or warranty made by Parent in this Agreement or any Related Agreement or any document delivered by Parent at the Closing; provided, that in the case of all representations and warranties, except for Title and
Authorization Warranties, a notice of the Shareholder Indemnified Person’s claim shall have been given to Parent not later than the close of business on the second (2nd) anniversary of the Closing Date; or 
 (b) any breach of or failure by Parent or MergerCo to perform any covenant or obligation of them set out or contemplated in this Agreement or any Related Agreement or any document delivered by them at the
Closing. 
 10.4 Limitations on Liability. 
 (a) No Shareholder shall have any liability pursuant to Section 10.2(a) (other than with respect to any breach of or inaccuracy in any of the Title and Authorization Warranties or the Tax
Warranties) unless and until the aggregate amount of all Losses incurred or suffered by the Parent Indemnified Persons pursuant to any matter described in Section 10.2(a) exceeds one half percent (0.5%) of the Base Purchase Price (the
“Basket Amount”), but in the event such Losses exceed the Basket Amount, Shareholder shall be liable and responsible to the Parent Indemnified Persons for the full amount of such Losses (subject to Section 10.4(b) and
the other terms and conditions of this Agreement), without reduction for the Basket Amount. 
 (b) In no event shall
Shareholders’ aggregate liability pursuant to Section 10.2 for Losses incurred or suffered by the Parent Indemnified Persons (other than with respect to any breach of or inaccuracy in any of the Title and Authorization Warranties or
the Tax Warranties) exceed the Indemnification Escrow Amount. 

  
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 (c) Notwithstanding anything contained herein or otherwise to
the contrary, including Sections 10.4(a) and 10.4(b), nothing herein shall be deemed to limit any party’s rights to recover any and all Losses incurred or suffered by it relating to or arising out of or in connection with fraud or
intentional misrepresentation, it being understood and agreed that the right to recover such Losses shall survive forever. 

10.5 Materiality. For purposes of Sections 10.2, 10.3 and 10.4, the representations and warranties herein
shall be deemed to have been made without any qualifications as to materiality and, accordingly, for such purposes, all references therein to “material”, “in all material respects” and similar qualifications as to materiality
shall be deemed to be deleted therefrom (except where any such provision requires disclosure of lists of items of a material nature or above a specified threshold). 
 10.6 Claims. As soon as is reasonably practicable after becoming aware of a claim for indemnification under this Agreement not involving a claim (or the commencement of any suit, action or
proceeding) of the type described in Section 10.7 or 6.7(f), the Indemnified Person shall give notice to the Indemnifying Person of such claim; provided, that the failure of the Indemnified Person to give notice shall not
relieve the Indemnifying Person of its obligations under this Article X except to the extent (if any) that the Indemnifying Person shall have been actually and materially prejudiced thereby. If the Indemnifying Person does not object in
writing to such indemnification claim within thirty (30) calendar days after receiving notice thereof, the Indemnified Person shall be entitled to recover promptly from the Indemnifying Person and the Indemnifying Person shall promptly pay to
the Indemnified Person the amount of such claim (but such recovery shall not limit the amount of any additional indemnification to which the Indemnified Person may be entitled pursuant to Section 10.2 or 10.3), and no later
objection by the Indemnifying Person shall be permitted. If within such thirty (30) day period the Indemnifying Person agrees that it has an indemnification obligation but objects that it is obligated to pay only a lesser amount, the
Indemnified Person shall nevertheless be entitled to recover from the Indemnifying Person and the Indemnifying Person shall promptly pay to the Indemnified Person the lesser amount, without prejudice to the Indemnified Person’s claim for the
difference. 
 10.7 Notice of Third Party Claims; Assumption of Defense. The Indemnified Person shall give notice as
promptly as is reasonably practicable to the Indemnifying Person of the assertion of any claim (or the commencement of any suit, action or proceeding) by any Person not a party hereto (other than by a Governmental Authority with respect to Taxes,
which shall be governed by Section 6.7(f)) in respect of which indemnity may be sought under this Agreement; provided, that the failure of the Indemnified Person to give notice shall not relieve the Indemnifying Person of its
obligations under this Article X except to the extent (if any) that the Indemnifying Person shall have been actually prejudiced thereby. The Indemnifying Person may, at its own expense, (i) participate in the defense of any such claim,
suit, action or proceeding and (ii) upon notice to the Indemnified Person and the Indemnifying Person’s delivering to the Indemnified Person a written agreement that the Indemnified Person is entitled to indemnification pursuant to
Section 10.2 or 10.3 for all Losses arising out of such claim, suit, 

  
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action or proceeding and that the Indemnifying Person shall be liable for the entire amount of any Loss resulting therefrom, at any time during the course of any such claim, suit, action or
proceeding, assume the defense thereof; provided, that (a) the Indemnifying Person’s counsel is reasonably satisfactory to the Indemnified Person and (b) the Indemnifying Person shall thereafter consult with the Indemnified
Person upon the Indemnified Person’s reasonable request for such consultation from time to time with respect to such claim, suit, action or proceeding. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to defend any
such claim, suit, action or proceeding if: (I) such claim, suit action or proceeding relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation; (II) such claim, suit action or
proceeding relates to or arises in connection with any non-criminal Proceeding by a Governmental Authority that would reasonably be expected to materially and adversely affect the operations or conduct of Parent and its Affiliates (including the
Company); (III) such claim, suit action or proceeding could result in an injunction or equitable relief against the Indemnified Person; (IV) upon petition by the Indemnified Party, the appropriate court rules that the Indemnifying Party failed or is
failing to vigorously prosecute or defend such claim, suit action or proceeding; (V) the Indemnified Party reasonably believes that the Losses relating to such claim, suit action or proceeding could exceed the maximum amount that such
Indemnified Person could then be entitled to recover under the applicable provisions of this Article X; or (VI) the Indemnifying Party does not provide the Indemnified Party with reasonable evidence that the Indemnifying Party has the
financial resources to defend such Third-Party Claim and to fulfill its indemnification obligations under this Article X. If the Indemnifying Person assumes such defense, the Indemnified Person shall have the right (but not the duty) to
participate in the defense thereof and to employ counsel, at its own expense, separate from the counsel employed by the Indemnifying Person. If, however, the Indemnified Person reasonably determines in its judgment that representation by the
Indemnifying Person’s counsel of both the Indemnifying Person and the Indemnified Person would present such counsel with a conflict of interest, then such Indemnified Person may employ separate counsel to represent or defend it in any such
claim, action, suit or proceeding and the Indemnifying Person shall pay the fees and disbursements of such separate counsel. Whether or not the Indemnifying Person chooses to defend or prosecute any such claim, suit, action or proceeding, all of the
parties hereto shall cooperate in the defense or prosecution thereof. 
 10.8 Settlement or Compromise. Any settlement or
compromise made or caused to be made by the Indemnified Person or the Indemnifying Person, as the case may be, of any such claim, suit, action or proceeding of the kind referred to in Section 10.7 shall also be binding upon the
Indemnifying Person or the Indemnified Person, as the case may be, in the same manner as if a final judgment or decree had been entered by a court of competent jurisdiction in the amount of such settlement or compromise; provided, that
(i) no obligation, restriction or Loss shall be imposed on the Indemnified Person as a result of such settlement without its prior written consent, and (ii) the Indemnified Person shall not compromise or settle any claim, suit, action or
proceeding without the prior written consent of the Indemnifying Person, which consent shall not be unreasonably withheld. 

10.9 Failure of Indemnifying Person to Act. In the event that the Indemnifying Person does not elect to assume the defense of any
claim, suit, action or proceeding, then any failure of the Indemnified Person to defend or to participate in the defense of any such claim, suit, action or proceeding or to cause the same to be done, shall not relieve the Indemnifying Person of its
obligations hereunder. 

  
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 10.10 Indemnification Escrow Amount. In the event any
Parent Indemnified Person is entitled to receive any amount from Shareholders under this Agreement, including any indemnification payment under this Agreement, the such Parent Indemnified Person’s sole and exclusive remedy shall be to seek
recovery from the Indemnification Escrow Amount for such amounts. 
 10.11 No Contribution/Subrogation. Notwithstanding
anything to the contrary contained in this Agreement, no Shareholder shall have any right of contribution, indemnification or similar right (whether at common law, by statute or otherwise) from or against the Company with respect to any claim by any
Parent Indemnified Person pursuant to this Article X, provided that this section shall not limit any right of contribution, indemnification or similar right (whether at common law, by statute or otherwise) a Shareholder may have from or
against any other Shareholder. 
 10.12 Purchase Price Adjustments. Any amounts payable under Section 6.7(d)
or 10.2 or Section 10.3 shall be treated by Parent and Shareholders as an adjustment to the Per Share Merger Consideration. 
 ARTICLE XI 
 MISCELLANEOUS 

11.1 Expenses. Except as expressly set forth in this Agreement, each party shall bear its own fees and expenses with respect to
the transactions contemplated hereby, it being understood and agreed that the Company shall ensure that any and all such fees and expenses of the Company shall be paid prior to the Closing. 

11.2 Amendment. This Agreement may be amended, modified or supplemented but only in writing signed by Parent and the Company.

 11.3 Notices. Any notice, request, instruction or other document to be given hereunder by a party shall be in writing
and shall be deemed to have been given, (i) when received if given in person or by courier or a courier service or (ii) on the date of transmission if sent by facsimile or other wire transmission (receipt confirmed): 

(i) If to the Shareholders’ Representative, addressed as follows: 

KLJ Consulting, LLC 
 1215 4th Ave, Suite 900 
 Seattle, WA 98161 

Attention: Kent L. Johnson 
     Managing Member 
 Facsimile No.:
(206) 341-9810 

  
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 (ii) If to the Company (prior to the Closing), addressed as
follows: 
 Tamarac Inc. 

811 First Avenue, Suite 340 
 Seattle, Washington 98104 
 Attention: Stuart DePina, 

    Chairman and CEO 

Facsimile No.: (206) 529-0238 
 with a copy (which shall not constitute notice) to: 
 McNaul Ebel
Nawrot & Helgren PLLC 
 600 University Street, Suite 2700 

Seattle, Washington 98101 
 Attention: William A. Carleton 
 Facsimile No.: (206) 624-5128

 (iii) If to Parent or MergerCo, addressed as follows: 

Envestnet, Inc. 
 35 East Wacker Drive, Suite 2400 
 Chicago, Illinois 60601

 Attention: Shelly O’Brien, 

    General Counsel and Corporate Secretary 

Facsimile No.: (312) 827-2801 
 with a copy (which shall not constitute notice) to: 
 Mayer Brown
LLP 
 71 South Wacker Drive 

Chicago, Illinois 60606 
 Attention: Edward S. Best 
 Facsimile No.: (312) 706-8106

 or to such other individual or address as a party may designate for itself by notice given as herein provided. 

11.4 Payments. Except as otherwise provided in this Agreement or in a Related Agreement, all payments pursuant to this Agreement
shall be made by wire transfer in Dollars in same day or immediately available funds. 
 11.5 Waivers. The failure of a
party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same. No waiver by a party of any condition or of any breach of any term, covenant, representation or
warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other
condition or breach of any other term, covenant, representation or warranty. 

  
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 11.6 Assignment. This Agreement shall be binding upon
and inure to the benefit of the parties and their respective successors, assigns, heirs and legal representatives; provided, that no assignment of any rights or obligations hereunder shall be made by the Company or the Shareholders’
Representative without the written consent of Parent and no assignment of any rights or obligations hereunder shall be made by Parent or MergerCo to any Person without the written consent of the Shareholders’ Representative. Notwithstanding the
foregoing, Parent may assign this Agreement to any lender to Parent or any Affiliate thereof as security for obligations to such lender in respect of any financing arrangements entered into in connection with the transactions contemplated hereby and
any refinancings, extensions, refundings or renewals thereof; provided, that no assignment to any lender shall in any way affect Parent’s obligations or liabilities under this Agreement. 

11.7 No Third Party Beneficiaries. This Agreement is solely for the benefit of the parties and, to the extent provided herein,
their respective Affiliates, directors, officers, employees, agents and representatives, and no provision of this Agreement shall be deemed to confer upon other third parties any remedy, claim, liability, reimbursement, cause of action or other
right. 
 11.8 Publicity. Prior to the Closing Date, no public announcement or other publicity regarding the existence of
this Agreement or its contents or the transactions contemplated hereby shall be made by Parent, MergerCo, the Company or any of their respective Affiliates, officers, directors, employees, representatives or agents, without the prior written
agreement of Parent and the Company, in any case, as to form, content, timing and manner of distribution or publication; provided, that nothing in this Section 11.8 shall (i) prevent Parent from filing a Form 8-K with the
United States Securities and Exchange Commission or publicly issuing a press release, in each case, with respect to this Agreement or its contents or the transactions contemplated hereby (the contents of which Form 8-K and press release shall be
determined by Parent and its Affiliates in their sole discretion) or making any public announcement required by Law or the rules of any stock exchange so long as Parent consults with the Company as to the form, content, timing and manner of
distribution of publication, or (ii) any party from discussing this Agreement or its contents or the transactions contemplated hereby with those Persons whose approval, agreement or opinion, as the case may be, is required for consummation of
such particular transaction or transactions or enforcing its rights hereunder. 
 11.9 Further Assurances. By accepting
any payment pursuant to Article II, a Shareholder shall be deemed to have agreed to, upon the reasonable request of Parent on and after the Closing Date, execute and deliver to Parent such other documents, releases, assignments and other
instruments as may be required to effectuate completely the Merger and to otherwise carry out the purposes of this Agreement. 

11.10 Severability. If any provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality or
enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to the provision at issue. 

11.11 Entire Understanding. This Agreement and the Related Agreements set forth the entire agreement and understanding of the
parties with respect to the transactions contemplated hereby and supersede any and all prior agreements, arrangements and understandings among the parties relating to the subject matter hereof. 

  
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 11.12 Language. The Company, the Shareholders’
Representative, Parent and MergerCo agree that the language used in this Agreement is the language chosen by the parties hereto to express their mutual intent, and that no rule of strict construction is to be applied against any party. 

11.13 Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the
State of Washington without giving effect to the principles of conflicts of law thereof. 
 11.14 Exclusive Jurisdiction of
Disputes; Waiver of Jury Trial. In the event any party to this Agreement commences any litigation, proceeding or other legal action in connection with or relating to this Agreement, any Related Agreement or any matters described or contemplated
herein or therein, the parties to this Agreement hereby: (i) agree that any such litigation, proceeding or other legal action shall be brought exclusively in a court of competent jurisdiction located within the State of Washington, whether a
state or federal court; (ii) agree that in connection with any such litigation, proceeding or action, such parties will consent and submit to personal jurisdiction in any such court described in clause (i) above and to service of
process upon them in accordance with the rules and statutes governing service of process; (iii) agree to waive to the full extent permitted by law any objection that they may now or hereafter have to the venue of any such litigation, proceeding
or action in any such court or that any such litigation, proceeding or action was brought in an inconvenient forum; and (iv) agree that nothing herein shall affect the rights of any party to effect service of process in any other manner
permitted by Law. EACH PARTY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, AND AGREES TO TAKE ANY AND ALL ACTION
NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER. 
 11.15 Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 11.16
Facsimile and Electronic Signatures. Any signature page delivered via a facsimile machine or electronic transmission (e.g., PDF file) shall be binding to the same extent as an original signature page. Any party who delivers such a
signature page agrees to later deliver an original counterpart to any party that requests it. 
 11.17 Effect of
Investigation. Any due diligence review, audit or other investigation or inquiry undertaken or performed by or on behalf of Parent or MergerCo shall not limit, qualify, modify or amend the representations, warranties, covenants or obligations of
(including indemnities by) any Shareholder or the Company made in or undertaken pursuant to this Agreement or any of their Related Agreements, irrespective of the knowledge and information received (or which should have been received) therefrom by
Parent or MergerCo. 

  
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 11.18 Specific Performance. The Company recognizes and
affirms that in the event of breach by it of any of the provisions of this Agreement money damages would be inadequate and Parent and MergerCo would have no adequate remedy at law. Accordingly, the Company agrees that Parent and MergerCo shall have
the right, in addition to any other rights and remedies existing in its favor, to enforce its rights and the Company’s obligations under this Agreement not only by an action or actions for damages, but also by an action or actions for specific
performance, injunction and/or other equitable relief in order to enforce or prevent any violations (including anticipatory, continuing or future) of the provisions of this Agreement, without the necessity of posting any bond. 

11.19 Remedies Cumulative. The remedies provided in this Agreement shall be cumulative and shall not preclude the assertion or
exercise of any other rights or remedies available by Law, in equity or otherwise. 
 11.20 Shareholders’
Representative. 
 (a) The Company hereby appoints the Shareholders’ Representative as the representative of the
Shareholders for the purposes set forth herein and for purposes of enforcing all obligations of Parent that are for the benefit of the Shareholders after the Effective Time. If the Shareholders’ Representative should dissolve, disappear,
liquidate, merge out of existence, enter into bankruptcy proceedings, or otherwise experience a similar event (or, in the case Shareholders’ Representative is an individual, die or become incapacitated) (each such event, a “Terminating
Event”), its successor shall be appointed within fifteen (15) calendar days of such event by Persons holding a majority of the Shares of Common Stock as of immediately prior to the Effective Time, and any such successor shall be a
Shareholder, an officer of a Shareholder or an Affiliate of a Shareholder and shall agree in writing to accept such appointment. The choice of a successor Shareholders’ Representative appointed in any manner permitted above shall be final and
binding upon all of the Shareholders. The decisions and actions of any successor Shareholders’ Representative shall be, for all purposes, those of the Shareholders’ Representative as if originally named herein. 

(b) A Terminating Event of any Shareholder shall not terminate the authority and agency of the Shareholders’ Representative.

 (c) The Shareholders’ Representative shall have no liability (i) to any Shareholder in connection with performing
its obligations hereunder, except to the extent the Shareholders’ Representative shall have acted maliciously in connection with the performance of its duties hereunder, and (ii) under this Agreement prior to the Effective Time.

 (d) By their acceptance of any payments pursuant to Article II of this Agreement, the Shareholders shall be deemed to
have authorized the Shareholders’ Representative, on their behalf and in their name, to: 
  

	 	(i)	receive all notices or documents given or to be given to the Shareholders pursuant hereto or in connection herewith and to receive and accept service of legal process
in connection with any suit or proceeding arising under this Agreement; 

  
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	 	(ii)	engage counsel and such accountants and other advisors for the Shareholders and incur such other expenses on behalf of the Shareholders in connection with this
Agreement and the transactions contemplated hereby as the Shareholders’ Representative may deem appropriate; 

  

	 	(iii)	take such action on behalf of the Shareholders as the Shareholders’ Representative may deem appropriate in respect of: (A) any claims (including settlement
thereof) made by any Parent Indemnified Person for indemnification pursuant to Article X; and (B) any calculations or distributions with respect to the Per Share Adjustment Escrow Consideration and the Per Share Indemnification Escrow
Consideration; 

  

	 	(iv)	take such other action (A) as the Shareholders’ Representative is authorized to take under this Agreement or (B) on written instructions executed by
holders of a majority of the outstanding Shares of Common Stock immediately prior to the Effective Time; 

  

	 	(v)	receive all documents or certificates or notices and make all determinations on behalf of the Shareholders required under this Agreement; 

 

	 	(vi)	represent each individual Shareholder or all or certain Shareholders as a group in all litigation and negotiate or enter into settlements and compromises relating to
any disputes arising in connection with this Agreement and the transactions contemplated hereby; and 

  

	 	(vii)	take all relevant action in all such other matters as the Shareholders’ Representative may deem necessary or appropriate to consummate this Agreement and the
transactions contemplated hereby. 

 (e) The appointment of the Shareholders’ Representative hereunder is
coupled with an interest shall survive the bankruptcy, liquidation or dissolution of each Shareholder and irrevocable, and any action taken by the Shareholders’ Representative pursuant to the authority granted in this Section 11.20
shall be effective and binding on behalf of each Seller by a facsimile signature or by referencing the Seller executing any instrument with a single signature as attorney-in-fact for all of them notwithstanding any contrary action of, or direction
from, any Shareholder. 
 * * * 

  
 65 

 Confidential Treatment Requested 

 
 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed and delivered as of the date first above written. 
  

			
	PARENT:
	
	Envestnet, Inc.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 MERGERCO:

	
	Titan Merger Corp.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	 COMPANY:

	
	Tamarac Inc.
		
	By:	 	 
		 	        Stuart DePina
		 	        Chairman and Chief Executive Officer

  

			
	 SHAREHOLDERS’ REPRESENTATIVE:

	
	KLJ Consulting, LLC
		
	By:	 	 
		 	        Kent L. Johnson
		 	        Managing Member

 [Signature Page to Merger Agreement]Form of Deposit Agreement among the Registrant

 Exhibit 4.3 
 EXECUTION VERSION 
  

 
 DEPOSIT
AGREEMENT 
  
  

by and among 

VIPSHOP HOLDINGS LIMITED 
 as Issuer, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 

as Depositary, 

AND 
 THE
HOLDERS AND BENEFICIAL OWNERS OF 
 AMERICAN DEPOSITARY SHARES EVIDENCED BY 

AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER 

 
  

Dated as of                  2012 

 
  

 DEPOSIT AGREEMENT 
 DEPOSIT AGREEMENT, dated as of                 , 2012, by and among (i) Vipshop Holdings Limited, a company
incorporated in the Cayman Islands, with its principal executive office at No. 20 Huahai Street, Liwan District, Guangzhou 510370, The People’s Republic of China, and its successors (the “Company”), (ii) Deutsche Bank
Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with its principal office at 60 Wall Street, New York, NY 10005, United States of America and any successor depositary
hereunder (the “Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined). 

W I T N E S S E T H   T H A T: 

WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide for the deposit of the Shares and the creation of
American Depositary Shares representing the Shares so deposited; and 
 WHEREAS, the Depositary is willing to act as the Depositary for
such ADR facility upon the terms set forth in this Deposit Agreement; and 
 WHEREAS, the American Depositary Receipts evidencing the
American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the forms of Exhibit A and Exhibit B annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter
provided in this Deposit Agreement; and 
 WHEREAS, the American Depositary Shares to be issued pursuant to the terms of this Deposit
Agreement are accepted for trading on the New York Stock Exchange; and 
 WHEREAS, the Board of Directors of the Company (or an
authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company
and the transactions contemplated herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I. 

DEFINITIONS 
 All
capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated: 
 SECTION 1.1 “Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act. 

SECTION 1.2 “Agent” shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof,
including the Custodian or any successor or addition thereto. 

 SECTION 1.3 “American Depositary Share(s)” and “ADS(s)”
shall mean the securities represented by the rights and interests in the Deposited Securities granted to the Holders and Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder. Each
American Depositary Share shall represent the right to receive two Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities referred to in Section 4.9
hereof with respect to which additional American Depositary Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections. 

SECTION 1.4 “Article” shall refer to an article of the American Depositary Receipts as set forth in the Form of
Face of Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B annexed hereto. 
 SECTION 1.5 “Articles
of Association” shall mean the articles of association of the Company, as may be amended from time to time. 
 SECTION
1.6 “ADS Record Date” shall have the meaning given to such term in Section 4.7 hereof. 
 SECTION
1.7 “Beneficial Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such ADS. A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any
rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest. 
 SECTION 1.8 “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The
City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which Receipts are traded are closed. 
 SECTION 1.9 “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States. 

SECTION 1.10 “Company” shall mean Vipshop Holdings Limited, a company incorporated and existing under the laws of
the Cayman Islands, and its successors. 
 SECTION 1.11 “Corporate Trust Office” when used with respect to
the Depositary, shall mean the corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street, New York, New
York 10005, U.S.A. 
 SECTION 1.12 “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Hong
Kong Branch, having its principal office at 57/F International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong S.A.R., People’s Republic of China, as the custodian for the purposes of this Deposit Agreement, and any other firm or
corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the context shall require. The term “Custodian” shall
mean all custodians, collectively. 

  
 2 

 SECTION 1.13 “Deliver”, “Deliverable” and
“Delivery” shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical delivery of the certificate representing such security, or the electronic delivery of such security
by means of book-entry transfer (except with respect to the Shares), as appropriate, including, without limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms “execute”, “issue”,
“register”, “surrender”, “transfer” or “cancel” refer to applicable entries or movements to or within DRS/Profile. 

SECTION 1.14 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may
from time to time be amended and supplemented in accordance with the terms hereof. 
 SECTION
1.15 “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor
depositary hereunder. 
 SECTION 1.16 “Deposited Securities” as of any time shall mean Shares at such time
deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of
cash, to the provisions of Section 4.6 hereof and, in the case of collateral delivered in connection with Pre-Release Transactions, to the provisions of Section 2.10 hereof. 

SECTION 1.17 “Dollars” and “$” shall mean the lawful currency of the United States. 

SECTION 1.18 “DRS/Profile” shall mean the system for the uncertificated registration of ownership of securities
pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the
Depositary. Ownership of ADSs held in DRS/Profile is evidenced by periodic statements issued by the Depositary to the Holders entitled thereto. 
 SECTION 1.19 “DTC” shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the United States, and any successor
thereto. 
 SECTION 1.20 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as from time
to time amended. 
 SECTION 1.21 “Foreign Currency” shall mean any currency other than Dollars.

 SECTION 1.22 “Foreign Registrar” shall mean the entity, if any, that carries out the duties of
registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company. 

SECTION 1.23 “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary
(or the Registrar, if any) maintained for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall be deemed to have all requisite authority to act on behalf of the Beneficial Owners of the ADRs registered in such Holder’s
name. 

  
 3 

 SECTION 1.24 “Indemnified Person” and “Indemnifying Person”
shall have the meaning set forth in Section 5.8 hereof. 
 SECTION 1.25 “Memorandum” shall mean the
memorandum of association of the Company. 
 SECTION 1.26 “Opinion of Counsel” shall mean a written
opinion from legal counsel to the Company who is acceptable to the Depositary. 
 SECTION 1.27 “Pre-Release
Transaction” shall have the meaning set forth in Section 2.10 hereof. 
 SECTION 1.28 “Receipt(s);
“American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statement(s) issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such
Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without
limitation, DRS/Profile, unless the context otherwise requires. 
 SECTION 1.29 “Registrar” shall mean the
Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include
any co-registrar appointed by the Depositary for such purposes. Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary. 
 SECTION 1.30 “Restricted ADRs” shall have the meaning set forth in Section 2.11 hereof. 
 SECTION 1.31 “Restricted ADSs” shall have the meaning set forth in Section 2.11 hereof. 
 SECTION 1.32 “Restricted Securities” shall mean Shares, or American Depositary Shares representing such Shares, which (i) have been acquired directly or indirectly from the
Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and subject to resale limitations under the Securities Act or the rules issued thereunder, (ii) are held by an officer or director (or
persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions on sale or deposit under the laws of the United States or the Cayman Islands, under a shareholders’ agreement,
shareholders’ lock-up agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to persons other than an Affiliate of the Company in a transaction
(x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the Shares are not, when held by such person, Restricted Securities. 

SECTION 1.33 “Restricted Shares” shall have the meaning set forth in Section 2.11 hereof. 

  
 4 

 SECTION 1.34 “Securities Act” shall mean the United States Securities
Act of 1933, as from time to time amended. 
 SECTION 1.35 “Shares” shall mean ordinary shares in
registered form of the Company, par value U.S.$0.0001 each, heretofore or hereafter validly issued and outstanding and fully paid. References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular
instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have theretofore not been validly
waived or exercised; and provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, conversion or any other event described in Section 4.9 hereof in respect of the Shares,
the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, exchange, conversion, reclassification or event. 

SECTION 1.36 “United States” or “U.S.” shall mean the United States of America. 

ARTICLE II. 
 APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 
 SECTION 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act
in accordance with the terms set forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement, shall be deemed for all
purposes to (a) be a party to and bound by the terms of this Deposit Agreement and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this
Deposit Agreement, to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement (the
taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof). 
 SECTION
2.2 Form and Transferability of Receipts. 
 (a) Form. Receipts in certificated form shall be substantially in the forms set
forth in Exhibit A and Exhibit B annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares.
No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the manual or facsimile signature of a duly
authorized signatory of the Depositary. The Depositary shall maintain books on which each Receipt so executed and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including, without
limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered. Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who
was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding that such signatory has ceased to hold such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on
the date of issuance of such Receipts. 

  
 5 

 Notwithstanding anything in this Deposit Agreement or in the form of Receipt to the contrary, the Depositary
may, in its discretion, issue ADRs, including Restricted ADRs, in certificated form or through any book-entry system, including, without limitation, DRS/Profile, and Holders of ADRs shall only be entitled to receive Receipts in certificated form to
the extent the Depositary has made Receipts in certificated form available at the expense of the Company (i) in its sole discretion, or (ii) (a) during a continuous period lasting at least 14 days during which DTC ceases to operate as
a book-entry clearing house and settlement system (other than by reason of holidays, statutory or otherwise) or (b) if DTC announces an intention permanently to cease and subsequently ceases business as a book-entry clearing house and
settlement system and no alternative book-entry clearing house and settlement system satisfactory to the Depositary is available within 45 days. Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement
and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile. 
 (b) Legends. In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated in the text thereof, such legends or recitals
or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any applicable
laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations
or restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise or (iv) required by any book-entry system in which the ADSs are held. Holders and Beneficial Owners
shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on
the ADR representing the ADSs owned by such Beneficial Owners. 
 (c) Title. Subject to the limitations contained herein and in the form
of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose
of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be
subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof. 

  
 6 

 SECTION 2.3 Deposits. 
 (a) Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares (including Restricted Securities) may be deposited by any person
(including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time beginning on the 181st day after the date of the prospectus contained in
the registration statement on Form F-1 under which the ADSs are first sold, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian. Except for Shares deposited by the
Company in connection with the initial sale of ADSs under the registration statement on Form F-1, no deposit of Shares shall be accepted under this Deposit Agreement prior to such date. Every deposit of Shares shall be accompanied by the following:
(A)(i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued
in bearer form, such Shares or the certificates representing such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been
given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or
otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to
execute and Deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the
Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been
granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the
Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such
deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit,
a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee. No Share shall be
accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by
the person depositing such Shares under the laws and regulations of the Cayman Islands and any necessary approval has been granted by any governmental body in the Cayman Islands, if any, which is then performing the function of the regulator of
currency exchange. The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or
transaction records in respect of the Shares. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the
provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Memorandum and
Articles of Association. The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such
instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States and other jurisdictions, provided that the
Company shall indemnify the Depositary and the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company’s instructions. 

  
 7 

 (b) As soon as practicable after receipt of any permitted deposit hereunder and compliance with the
provisions of this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of
the Shares (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the
Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine. 

(c) In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to
ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to such deposit. The Company agrees to
give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall assist the Depositary with the establishment of procedures enabling the
identification of such non-fungible Shares upon Delivery to the Custodian. 
 SECTION 2.4 Execution and Delivery of
Receipts. After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable in
respect thereof and the number of American Depositary Shares to be evidenced thereby. Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable,
telex, SWIFT, facsimile or electronic transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing
hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice Delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by
such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled. Nothing herein shall prohibit any Pre-Release Transaction upon the terms set forth in this Deposit Agreement.

  
 8 

 SECTION 2.5 Transfer of Receipts; Combination and Split-up of Receipts.

 (a) Transfer. The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar,
subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized
attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of, proper instruments of
transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States and any other applicable law. Subject to the terms and
conditions of this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, the Depositary shall execute a new Receipt or Receipts and
Deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered. 
 (b) Combination and Split Up. The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or
combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto, execute and Deliver a new Receipt or Receipts for any
authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on
behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to
protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary. Each co-transfer agent appointed under this Section 2.5 (other than the Depositary)
shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement. 
 (d) Substitution of Receipts. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through any book-entry system,
including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those
evidenced by the relevant Receipt. 
 SECTION 2.6 Surrender of Receipts and Withdrawal of Deposited Securities. Upon
surrender, at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the
making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 hereof and Article (9) of Exhibit A hereto) and (ii) all applicable taxes and/or governmental charges payable in connection with
such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Memorandum and Articles of Association, Section 7.10 hereof and any other provisions of or governing the Deposited Securities and other
applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares
may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.

  
 9 

 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in
blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being
withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through
a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms and conditions of this Deposit Agreement, to the Memorandum and Articles of Association, to the provisions of or governing the
Deposited Securities and to applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such
American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such person. 

The Depositary may refuse to accept for surrender American Depositary Shares only in the circumstances described in Article (4) of Exhibit A hereto.
Subject thereto, in the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered
in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional
Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes and/or governmental charges) to the person surrendering the Receipt. 
 At the request, risk and expense of any Holder so
surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or
certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such
direction shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the
Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may
at the time be held by the Depositary. 

  
 10 

 SECTION 2.7 Limitations on Execution and Delivery, Transfer, etc. of Receipts;
Suspension of Delivery, Transfer, etc. 
 (a) Additional Requirements. As a condition precedent to the execution and Delivery,
registration, registration of transfer, split-up, subdivision, combination or surrender of any Receipt, the Delivery of any distribution thereon or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment
from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with
respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 hereof and Article (9) of Exhibit A hereto, (ii) the production of proof satisfactory to it as
to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American
Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law.

 (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be
suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended,
during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any
government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of
shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10 hereof. 
 SECTION
2.8 Lost Receipts, etc. To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired
by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry system, including, without limitation, DRS/Profile,
unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt. Before the Depositary shall execute and Deliver
a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been
acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary. 

SECTION 2.9 Cancellation and Destruction of Surrendered Receipts; Maintenance of Records. All Receipts surrendered to the
Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices. Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be
valid or obligatory for any purpose. 

  
 11 

 SECTION 2.10 Pre-Release. Subject to the further terms and provisions of this
Section 2.10, the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall not lend Shares
or ADSs; provided, however, that the Depositary may, unless otherwise instructed by the Company, (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 hereof and (ii) Deliver Shares prior to the receipt and
cancellation of ADSs which were issued under (i) above but for which Shares may not yet have been received (each such transaction, a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under
(i) above and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or
Shares are to be Delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the Shares or ADSs that are to be Delivered by the Applicant under such Pre-Release Transaction, (2) agrees to
indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are Delivered to the Depositary or the Custodian, (3) unconditionally guarantees to
deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United
States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five Business Days’ notice (save for a prescribed termination event in which case any such
Pre-Release Transaction may be immediately terminable by the Depositary) and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares
involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding (without giving effect to ADSs outstanding pursuant to any Pre-Release Transaction under (i) above), provided, however, that the Depositary reserves
the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis
as it deems appropriate. 
 The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing.
Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held as security for the performance of the Applicant’s obligations in respect of the relevant Pre-Release Transaction and shall not constitute Deposited
Securities. 

  
 12 

 SECTION 2.11 Restricted ADSs. The Depositary shall, at the request and expense of the Company,
establish procedures enabling the deposit hereunder of Shares that are Restricted Securities in order to enable the holder of such Shares to hold its ownership interests in such restricted Shares in the form of ADSs issued under the terms hereof
(such Shares, “Restricted Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of such Restricted Shares
and the issuance of ADSs representing such deposited Restricted Shares (such ADSs, the “Restricted ADSs,” and the ADRs evidencing such Restricted ADSs, the “Restricted ADRs”). The Company shall assist the Depositary
in the establishment of such procedures and agrees that it shall take all steps necessary and reasonably satisfactory to the Depositary to insure that the establishment of such procedures does not violate the provisions of the Securities Act or any
other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and the Restricted ADSs evidenced thereby or
the withdrawal of the Restricted Shares represented by Restricted ADSs to provide such written certifications or agreements as the Depositary or the Company may require. The Company shall provide to the Depositary in writing the legend(s) to be
affixed to the Restricted ADRs, which legends shall (i) be in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under which the Restricted ADRs and the Restricted ADSs represented thereby may be
transferred or the Restricted Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be separately identified on the books of the Depositary and the Restricted Shares so deposited shall be held separate and distinct
from the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any book-entry settlement system,
including, without limitation, DTC, and shall not in any way be fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced thereby shall be transferable only by the Holder
thereof upon delivery to the Depositary of (i) all documentation otherwise contemplated by this Deposit Agreement and (ii) an Opinion of Counsel setting forth, inter alia, the conditions upon which the Restricted ADR presented is, and the
Restricted ADSs evidenced thereby are, transferable by the Holder thereof under applicable securities laws and the transfer restrictions contained in the legend set forth on the Restricted ADR presented for transfer. Except as set forth in this
Section 2.11 and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced thereby shall be treated as ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement. In the event that, in
determining the rights and obligations of parties hereto with respect to any Restricted ADSs, any conflict arises between (a) the terms of this Deposit Agreement (other than this Section 2.11) and (b) the terms of (i) this
Section 2.11 or (ii) the applicable Restricted ADR, the terms and conditions set forth in this Section 2.11 and of the Restricted ADR shall be controlling and shall govern the rights and obligations of the parties to this Deposit
Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs. 
 If any of the Restricted ADRs, the
Restricted ADSs and the Restricted Shares are no longer Restricted Securities, the Depositary, upon receipt of (x) an Opinion of Counsel setting forth, inter alia, that such Restricted ADRs, Restricted ADSs and Restricted Shares are not as of
such time Restricted Securities, and (y) instructions from the Company to remove the restrictions applicable to such Restricted ADRs, Restricted ADSs and the Restricted Shares, shall (i) eliminate the distinctions and separations between
such Restricted Shares held on deposit under this Section 2.11 and the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted Shares, (ii) treat such newly unrestricted ADRs and ADSs on the same terms
as, and fully fungible with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove any distinctions, limitations and
restrictions previously existing under this Section 2.11 between such Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other
hand, including, without limitation, by making the newly unrestricted ADSs eligible for Pre-Release Transactions and for inclusion in the applicable book-entry settlement systems. 
 SECTION 2.12 Maintenance of Records. The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts
Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States. 

  
 13 

 ARTICLE III. 
 CERTAIN OBLIGATIONS OF HOLDERS 
 AND BENEFICIAL OWNERS OF RECEIPTS

 SECTION 3.1 Proofs, Certificates and Other Information. Any depositor presenting Shares for deposit and any
Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes
or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited
Securities or other information; to execute such certifications and to make such representations and warranties, and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably
require by written request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may, and at the request of the Company shall, withhold the execution or Delivery or registration of transfer of
any Receipt or the distribution or sale of any dividend or distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.10 hereof, the Delivery of any Deposited Securities, until such proof or other
information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary
shall from time to time on written request advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company
upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this Section 3.1. Nothing
herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial
Owners. 
 SECTION 3.2 Liability for Taxes and Other Charges. If any present or future tax or other governmental
charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the
Depositary and such Holders and Beneficial Owners shall be deemed liable therefor. The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of
a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges, with the Holder and the Beneficial Owner
remaining fully liable for any deficiency. In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver ADRs, register the transfer,
split-up or combination of ADRs and (subject to Section 7.10 hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the
Depositary, the Company, the Custodian, and each of their respective agents, officers, directors, employees and Affiliates for, and to hold each of them harmless from, any claims with respect to taxes (including applicable interest and penalties
thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and
withdrawal of Deposited Securities, or the termination of this Deposit Agreement. 

  
 14 

 SECTION 3.3 Representations and Warranties on Deposit of Shares. Each person
presenting Shares for deposit under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and were legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented
for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities (except as contemplated by
Section 2.11), (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a
lock-up agreement but such lock-up agreement has terminated or the lock-up restrictions imposed thereunder have expired. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of
American Depositary Shares in respect thereof and the transfer of such American Depositary Shares. If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of
the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 
 SECTION
3.4 Compliance with Information Requests. Notwithstanding any other provision of this Deposit Agreement, the Articles of Association and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the
Company or the Depositary may request pursuant to law (including, without limitation, relevant Cayman Islands law, any applicable law of the United States, the Memorandum and Articles of Association, any resolutions of the Company’s Board of
Directors adopted pursuant to the Memorandum and Articles of Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which
the ADSs or Receipts may be transferred), and (b) be bound by and subject to applicable provisions of the laws of the Cayman Islands, the Memorandum and Articles of Association and the requirements of any markets or exchanges upon which the
ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares
directly, in each case irrespective of whether or not they are Holders or Beneficial Owners at the time such request is made. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s
expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 

  
 15 

 ARTICLE IV. 
 THE DEPOSITED SECURITIES 
 SECTION 4.1 Cash Distributions.
Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under
the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars
transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of
(a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held
by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any such fractional amounts shall be rounded to the
nearest whole cent and so distributed to Holders entitled thereto. Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds three or four decimal places (the
number of decimal places used by the Depositary to report distribution rates). The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall
not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes,
duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the
relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall forward to the Company or its agent such information from its records as the Company
may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies, such reports necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

 SECTION 4.2 Distribution in Shares. If any distribution upon any Deposited Securities consists of a dividend in,
or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees. Upon receipt of confirmation of such
deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in
proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including,
without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after
the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of,
and expenses incurred by, the Depositary and (b) taxes and/or governmental charges). In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the
proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of Receipts if it has not received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of
the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act. To the extent such distribution may be withheld, the Depositary may dispose of all
or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of
applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 hereof. 

  
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 SECTION 4.3 Elective Distributions in Cash or Shares. Whenever the Company
intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or
not it wishes such elective distribution to be made available to Holders of ADSs. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the
Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs. The Depositary shall make such elective
distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have determined that such distribution is reasonably
practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the
Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either cash upon the terms described in Section 4.1 hereof or additional ADSs representing such additional
Shares upon the terms described in Section 4.2 hereof. If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to
elect the receipt of the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Subject to Section 5.9 hereof, if a Holder elects to receive the proposed
dividend in cash, the dividend shall be distributed upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof. Nothing herein shall obligate the Depositary
to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on
the same terms and conditions as the holders of Shares. 
 SECTION 4.4 Distribution of Rights to Purchase Shares.

 (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the holders of the Deposited Securities rights to
subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon receipt of a
notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received
satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable. In the event any of the conditions set forth above are
not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse. In the event all conditions set
forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable the Holders to
exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges). Nothing herein shall obligate the Depositary to make available to the Holders a method to
exercise such rights to subscribe for Shares (rather than ADSs). 

  
 17 

 (b) Sale of Rights. If (i) the Company does not timely request the Depositary to make the rights
available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 hereof or determines it is not lawful or reasonably
practicable to make the rights available to Holders or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, in a
riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper. The Company shall assist the Depositary to the extent necessary to determine such legality and practicability. The
Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1
hereof. 
 (c) Lapse of Rights. If the Depositary is unable to make any rights available to Holders upon the terms described in
Section 4.4(a) hereof or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse. 
 The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular,
(ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution. 

Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights
or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the
Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes at its expense the Depositary with opinion(s) of counsel for the Company in the United
States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are
exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any
distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event that the Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and
rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges. 

  
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 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity
to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to
be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose. 

SECTION 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares. 

(a) Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional
Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs. Upon receipt of a notice indicating
that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and practicable. The Depositary shall not make such distribution unless (i) the Company shall
have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that
such distribution is reasonably practicable. 
 (b) Upon receipt of satisfactory documentation and the request of the Company to distribute
property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary may distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs
held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary
and (ii) net of any taxes and/or other governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary
may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges applicable to the distribution. 
 (c) If (i) the Company does not request the Depositary to make such distribution to Holders or requests not to make such distribution to Holders, (ii) the Depositary does not receive
satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary shall endeavor to sell or cause such
property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of applicable fees and charges of, and
expenses incurred by, the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof. If the Depositary is unable to sell such property, the Depositary may dispose of such
property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom. 

  
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 SECTION 4.6 Conversion of Foreign Currency. Whenever the Depositary or the
Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a
practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be
converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of such conversion) in
accordance with the terms of the applicable sections of this Deposit Agreement. If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to
the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any
distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise. 
 In converting Foreign
Currency, amounts received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places). Any excess amount may
be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. 
 If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for approval or license, if any, as it
may deem necessary, practicable and at nominal cost and expense. Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license. 

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds
of such conversion received by the Depositary is not practical or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied, or not obtainable at a
reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the Foreign Currency (or an appropriate document evidencing the
right to receive such Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and without liability for interest thereon for the respective accounts of
the Holders entitled to receive the same. 
 SECTION 4.7 Fixing of Record Date. Whenever necessary in connection
with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS Record Date”), as
close as practicable to the record date fixed by the Company with respect to the Shares, for the determination of the Holders who shall be entitled to receive such distribution, to give instructions to the Depositary for the exercise of voting
rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action or to exercise the rights of Holders with respect to such changed number of Shares represented by each American
Depositary Share. Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record
Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action. 

  
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 SECTION 4.8 Voting of Deposited Securities. Subject to the next sentence, as
soon as practicable after receipt of notice of any meeting at which the holders of Shares or other Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the
Depositary shall fix the ADS Record Date in respect of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action
if the request shall not have been received by the Depositary at least 30 Business Days prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail
delivery, or by electronic transmission, or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the
Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be
summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other Deposited Securities represented by such Holder’s American Depositary Shares; and
(c) a brief statement as to the manner in which such instructions may be given to the Depositary or in which voting instructions may be deemed to have been given in accordance with this Section 4.8, including an express indication that
instructions may be given (or be deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a person or persons designated by the
Company. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Shares or other Deposited Securities. Upon the timely receipt from a Holder of American Depositary Shares on the
ADS Record Date of written voting instructions in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Memorandum and Articles
of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Shares and/or other Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such
Receipt in accordance with such voting instructions. 
 In the event that (i) the Depositary timely receives voting instructions from a
Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect to any of the
Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a
discretionary proxy to a person designated by the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that
no such instruction shall be deemed to have been given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as
practicable in writing, if applicable) that (x) the Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person
designated by the Company would otherwise vote or (z) the outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Shares; provided, further, that the Company
will have no liability to any Holder or Beneficial Owner resulting from such notification. 

  
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 In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance
with the Memorandum and Articles of Association, the Depositary will refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse. The Depositary will have
no obligation to demand voting on a poll basis with respect to any resolution and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis. 
 Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to
vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Shares or other Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed
instruction to the Depositary to give a discretionary proxy to a person designated by the Company. Shares or other Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the
Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s
ADSs, shall be voted in the manner provided in this Section 4.8. Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so requested in
writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at a meeting of
shareholders. 
 There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will
receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner. 
 Notwithstanding the above, save for applicable provisions of the law of the Cayman Islands, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be liable for any failure
to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote. 

  
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 SECTION 4.9 Changes Affecting Deposited Securities. Upon any change in par
value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or sale of assets affecting the Company or to which
it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be
treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional
securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company’s expense
reasonably satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations), execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications to the form of Receipt contained in Exhibit A and Exhibit B hereto,
specifically describing such new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the
issuance of such new form of Receipt. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company
requests, subject to receipt of an Opinion of Counsel furnished at the Company’s expense reasonably satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or
private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) for the
account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a
distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any
Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities. 
 SECTION 4.10 Available Information. The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the
Securities Act) and accordingly files certain information with the Commission. These reports and documents can be obtained via the internet at the Commission’s website at www.sec.gov or inspected and copied at the public reference facilities
maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. 
 SECTION
4.11 Reports. The Depositary shall make available during normal business hour on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials,
received from the Company which are both received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally available to the holders of such Deposited Securities by the Company.
The Company agrees to provide to the Depositary, at the Company’s expense, all documents that it provides to the Custodian. The Depositary shall, at the expense of the Company (unless otherwise agreed in writing by the Company and the
Depositary), and in accordance with Section 5.6 hereof, also mail by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the Depositary) and unless otherwise agreed in writing by the Company and the
Depositary, to Holders copies of such reports when furnished by the Company pursuant to Section 5.6 hereof. 
 SECTION
4.12 List of Holders. Promptly upon written request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names
Receipts are registered on the books of the Depositary. 

  
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 SECTION 4.13 Taxation; Withholding. The Depositary will, and will instruct
the Custodian to, forward to the Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The
Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under
applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner, to file such proof of taxpayer status, residence and
beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the
Depositary’s or the Custodian’s obligations under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian and any of their respective directors, employees, agents and Affiliates against,
and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by
the Beneficial Owner or Holder. 
 The Company shall remit to the appropriate governmental authority or agency any amounts required to be
withheld by the Company and owing to such governmental authority or agency. Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental
charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor. The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by
it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The
Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is
provided by the Company to the Depositary. Neither the Depositary, the Custodian, nor the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such
Holder’s or Beneficial Owner’s income tax liability. 
 In the event that the Depositary determines that any distribution in property
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale
dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary shall
distribute the net proceeds of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company. The
Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares. 

  
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 ARTICLE V. 
 THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 
 SECTION
5.1 Maintenance of Office and Transfer Books by the Registrar. Until termination of this Deposit Agreement in accordance with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall
maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers, combination and split-up of Receipts, the surrender of Receipts and the delivery and
withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement. 
 The Depositary or the Registrar as
applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the
Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit
Agreement or the Receipts. 
 The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any
time and from time to time, when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company. 
 If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or
appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or
co-registrars may be removed and a substitute or substitutes appointed by the Depositary. 
 If any Receipts or the American Depositary Shares
evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to
comply with the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the
Company shall provide the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so. 

Each Registrar and co-registrar appointed under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms of the Deposit Agreement. 

  
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 SECTION 5.2 Exoneration. Neither the Depositary, the Custodian nor the
Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or
agents shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state
thereof, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or
future, of the Memorandum and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization,
expropriation, currency restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement or in the Memorandum and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in
reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be
competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under
the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise. 

The Depositary, its controlling persons, its agents, the Custodian and the Company, its controlling persons and its agents may rely and shall be
protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement. 
 SECTION 5.3 Standard of Care. The Company and the Depositary and their respective directors, officers, affiliates, employees and agents assume no obligation and shall not be subject to
any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary and their respective directors,
officers, affiliates, employees and agents agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or willful misconduct. 

Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers,
affiliates, employees or agents, shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in
expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely to the Depositary). 

  
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 The Depositary and its directors, officers, affiliates, employees and agents shall not be liable for any
failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote. The Depositary shall not incur any liability for any failure to determine that any distribution or
action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an
interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for
allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non action by it in reliance upon the opinion, advice of or information from legal counsel,
accountants, any person representing Shares for deposit, any Holder or any other person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents shall not be liable for any acts or omissions made
by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of
which such potential liability arises the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary. 
 SECTION 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of resignation
delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be
entitled to take the actions contemplated in Section 6.2 hereof) and (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or
expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. 

The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than
90 days after delivery by the Depositary of written notice of resignation as provided in this Section 5.4. In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the
preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof. 
 The Depositary may at any
time be removed by the Company by written notice of such removal, which removal shall be effective on the earlier of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2 hereof), and (ii) upon the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the
Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal. 

  
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 In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its
best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall be required by the Company to execute and deliver to its
predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the
rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and
(iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail
notice of its appointment to such Holders. 
 Any corporation into or with which the Depositary may be merged or consolidated shall be the
successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.5 The
Custodian. The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be
responsible solely to it. If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute
custodian. The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary
may request, to the Custodian designated by the Depositary. Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or
discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities. After any such change, the Depositary shall give notice
thereof in writing to all Holders. 
 Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless
otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall,
nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.

 SECTION 5.6 Notices and Reports. On or before the first date on which the Company gives notice, by
publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in
respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to
be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Memorandum and Articles of Association
that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat. 

  
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 The Company will also transmit to the Depositary (a) English language versions of the other notices,
reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and other reports prepared in accordance with the
applicable requirements of the Commission. The Depositary shall arrange, at the request of the Company and at the Company’s expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the
Depositary (at the Company’s expense) or make such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence reasonably satisfactory to it, including in the
form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other
communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders. The Company will timely
provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the
Custodian a copy of the Memorandum and Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each
case, to the extent not in English, along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or
change therein, to the extent not in English, along with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement. 
 The Depositary will make available a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the
American Depositary Shares representing such Shares governed by such provisions at the Depositary’s Corporate Trust Office, at the office of the Custodian and at any other designated transfer office. 

SECTION 5.7 Issuance of Additional Shares, ADSs etc. The Company agrees that in the event it or any of its Affiliates
proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares,
(iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited
Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets or (viii) any reclassification, recapitalization, reorganization,
merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities, it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners
does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United
States). In support of the foregoing, the Company will furnish to the Depositary at its reasonable request, at the Company’s expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application
of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such
other issues reasonably requested by the Depositary; (b) a written opinion of Cayman Islands counsel (satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the
laws or regulations of the Cayman Islands and (2) all requisite regulatory consents and approvals have been obtained in the Cayman Islands; and (c) as the Depositary may reasonably request, a written Opinion of Counsel in any other
jurisdiction in which Holders or Beneficial Owners reside to the effect that making the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction. If the filing of a registration
statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such
distribution is in accordance with all applicable laws or regulations. If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such
transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this
Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act. 

  
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 The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time
(i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional
Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from registration
under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective). 

Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any
registration statement in respect of any proposed transaction. 
 SECTION 5.8 Indemnification. The Company
agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any direct losses, liabilities, taxes, costs, claims, judgments,
proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable fees and expenses of counsel, in each case, irrevocable value added tax and any similar tax charged or otherwise imposed in
respect thereof) (collectively referred to as “Losses”) which the Depositary or any agent thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and
duties under this Agreement or that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case
may be, (b) out of or in connection with any offering documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of
information regarding the Company in connection with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective
directors, officers, employees, agents and Affiliates, except to the extent any such Losses arises out of the gross negligence or bad faith of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and
Affiliates. Notwithstanding the above, in no event shall the Company or any of its directors, officers, employees, agents and/or Affiliates be liable for (a) any indirect, special, punitive or consequential damages to the Depositary, any
Custodian and each of their respective directors, officers, employees, agents and Affiliates or any other person, or (b) any Losses arising out of information relating to the Depositary or any Custodian, as the case may be, furnished in writing
by the Depositary to the Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering documents relating to the Receipts, the American Depositary Share, the Shares or any
Deposited Securities. 

  
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 The Depositary agrees to indemnify the Company and any of its respective directors, officers, employees,
agents and Affiliates against and hold each of them harmless from any direct Losses which may arise out of acts performed or omitted to be performed by the Depositary arising out of the gross negligence, wilful misconduct, or bad faith of the
Depositary or any of their respective directors, officers or employees, agents and/or Affiliates. Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents and/or Affiliates be liable for any
indirect, special punitive or consequential damages to the Company, Holders, Beneficial Owners or any other person. 
 Any person seeking
indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after
such Indemnified Person becomes aware of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially
prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the
circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld. 

The obligations set forth in this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

 SECTION 5.9 Fees and Charges of Depositary. The Company, the Holders, the Beneficial Owners, and persons
depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and related charges identified as payable by them respectively as provided for under
Article (9) of Exhibit A hereto. All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial
Owners, only in the manner contemplated in Section 6.1 hereof. The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request. 
 The Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties which the Depositary finds
necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in accordance with
Article (20) of Exhibit B hereto. 

  
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 In connection with any payment by the Company to the Depositary: 

 

	 	(i)	all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be procured to be paid by the Company (and any such amounts which
are paid by the Depositary shall be reimbursed to the Depositary by the Company upon demand therefor); 

  

	 	(ii)	such payment shall be subject to all necessary applicable exchange control and other consents and approvals having been obtained. The Company undertakes to use its
reasonable endeavours to obtain all necessary approvals that are required to be obtained by it in this connection; and 

  

	 	(iii)	the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the Company, an Opinion of Counsel regarding U.S. law, the
laws of the Cayman Islands or of any other relevant jurisdiction, to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity of any action to be taken or instructed
to be taken under this Agreement. 

 The Company agrees to promptly pay to the Depositary such other fees, charges and expenses
and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time. Responsibility for payment of such charges may at any time and from time to time be changed by agreement
between the Company and the Depositary. 
 All payments by the Company to the Depositary under this Clause 5.9 shall be paid without set-off or
counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Cayman Islands or by any
department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto. 
 The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement. As to any Depositary, upon the resignation or
removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal. 

SECTION 5.10 Restricted Securities Owners/Ownership Restrictions. From time to time or upon request of the Depositary,
the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update such list on a regular basis. The Depositary
may rely on such list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities
that such Restricted Securities are ineligible for deposit hereunder (except under the circumstances contemplated in Section 2.11) and, to the extent practicable, shall require each of such persons to represent in writing that such person will
not deposit Restricted Securities hereunder (except under the circumstances contemplated in Section 2.11). The Company shall, in accordance with Article (24) of Exhibit B hereto, inform Holders and Beneficial Owners and the Depositary of
any other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by reason of the number of ADSs held under the Articles of Association or applicable Cayman Islands law, as such restrictions may be in force from
time to time. 

  
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 The Company may, in its sole discretion, but subject to applicable law, instruct the Depositary to take
action with respect to the ownership interest of any Holder or Beneficial Owner pursuant to the Memorandum and Articles of Association, including but not limited to, the removal or limitation of voting rights or the mandatory sale or disposition on
behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Memorandum and Articles
of Association; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and provided further the Depositary’s agreement to the foregoing is conditional upon it being advised of any
applicable changes in the Memorandum and Articles of Association. The Depositary shall have no liability for any actions taken in accordance with such instructions. 
 ARTICLE VI. 
 AMENDMENT AND TERMINATION 

SECTION 6.1 Amendment/Supplement. Subject to the terms and conditions of this Section 6.1 and applicable law, the
Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between
the Company and the Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or
increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses payable by Holders or Beneficial Owners), or which shall
otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to
the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such
notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval
from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and
the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do
not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or
supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no
event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.
Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or
supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such
amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations. 

  
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 SECTION 6.2 Termination. The Depositary shall, at any time at the written
direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 45 days prior to the date fixed in such notice for such termination, provided that, the
Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the
Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may
terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit
Agreement, the Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 hereof and subject to the
conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any
Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the
Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell
rights or other property as provided in this Deposit Agreement, and shall continue to Deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for
the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of
six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by
it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all
obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in
each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or
assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. 

  
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 ARTICLE VII. 
 MISCELLANEOUS 
 SECTION 7.1 Counterparts. This Deposit
Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the
Depositary and shall be open to inspection by any Holder during business hours. 
 SECTION 7.2 No Third-Party
Beneficiaries. This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the
extent specifically set forth in this Deposit Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties.
The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time
in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such
transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or
relationships. 
 SECTION 7.3 Severability. In case any one or more of the provisions contained in this Deposit
Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed
thereby. 
 SECTION 7.4 Holders and Beneficial Owners as Parties; Binding Effect. The Holders and Beneficial
Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein. 

 

  
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 SECTION 7.5 Notices. Any and all notices to be given to the Company shall
be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to Vipshop Holdings Limited, No. 20 Huahai
Street, Liwan District, Guangzhou 510370, The People’s Republic of China, or to any other address which the Company may specify in writing to the Depositary. 
 Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or by
electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas,
60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone: +1 212 250-9100, facsimile: + 1 212 797 0327 or to any other address which the Depositary may specify in writing to the Company. 

Any and all notices to be given to any Holder shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable,
telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder at the
address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the
address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement. 
 Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however, act upon any
cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the case
may be. 
 SECTION 7.6 Governing Law and Jurisdiction. This Deposit Agreement and the Receipts shall be
interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof. Except as set forth in
the following paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle
any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby irrevocably designates, appoints and
empowers Law Debenture Corporate Services Inc., (the “Process Agent”), now at 400 Madison Avenue, 4th Floor, New York, New York 10017 as its authorized agent to receive and accept for and on its behalf, and on behalf of its
properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the
preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in The City of New York on the terms and for the
purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding
against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such
service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of such service to it
shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. 

  
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 Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in the event that a
Holder or Beneficial Owner brings a suit, action or proceeding against (a) the Company, (b) the Depositary in its capacity as Depositary under this Deposit Agreement or (c) against both the Company and the Depositary, in any state or
federal court of the United States, and the Depositary or the Company have any claim, for indemnification or otherwise, against each other arising out of the subject matter of such suit, action or proceeding, then the Company and the Depositary may
pursue such claim against each other in the state or federal court in the United States in which such suit, action, or proceeding is pending, and for such purposes, the Company and the Depositary irrevocably submit to the non-exclusive jurisdiction
of such courts. The Company agrees that service of process upon the Process Agent in the manner set forth in the preceding paragraph shall be effective service upon it for any suit, action or proceeding brought against it as described in this
paragraph. 
 The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 
 The Company and the Depositary agree
that, notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature between the parties hereto arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole
discretion, shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the applicable rules of the American Arbitration Association (the “Rules”)
then in force, by a sole arbitrator appointed in accordance with the Rules. The seat and place of any reference to Arbitration shall be New York, New York State. The procedural law of any Arbitration shall be New York law and the language to be used
in the Arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party that is unsuccessful in such Arbitration. 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE ADRs) HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE
SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). 

  
 37 

 The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or
in part. 
 SECTION 7.7 Assignment. Subject to the provisions of Section 5.4 hereof, this Deposit
Agreement may not be assigned by either the Company or the Depositary. 
 SECTION 7.8 Agents. The Depositary
shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying
out its obligations under this Agreement. 
 SECTION 7.9 Exclusivity. The Company agrees not to appoint any
other depositary for the issuance or administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder. 

SECTION 7.10 Compliance with U.S. Securities Laws. Notwithstanding anything in this Deposit Agreement to the contrary,
the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time
to time, under the Securities Act. 
 SECTION 7.11 Titles. All references in this Deposit Agreement to
exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise. The words “this Deposit
Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the
Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular
form shall be construed to include the plural and vice versa unless the context otherwise requires. Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this
Deposit Agreement. 

  
 38 

 IN WITNESS WHEREOF, VIPSHOP HOLDINGS LIMITED and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed
this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the terms
hereof. 
  

			
	VIPSHOP HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 39 

 EXHIBIT A 

 

			
		  	CUSIP                     

		  	  
 ISIN
                    

		  	  
 American Depositary Shares (Each

American Depositary

Share
 representing
two
 Fully Paid Ordinary
 Shares)

 [FORM OF FACE OF RECEIPT] 
 AMERICAN DEPOSITARY RECEIPT 
 for 

AMERICAN DEPOSITARY SHARES 
 representing 
 DEPOSITED ORDINARY SHARES 

of 
 VIPSHOP
HOLDINGS LIMITED 
 (Incorporated under the laws of the Cayman Islands) 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that
                     is the owner of
                     American Depositary Shares (hereinafter “ADS”), representing deposited ordinary shares, each of Par Value of
U.S.$0.0001 including evidence of rights to receive such ordinary shares (the “Shares”) of Vipshop Holdings Limited, a company incorporated under the laws of the Cayman Islands (the “Company”). As of the date of the
Deposit Agreement (hereinafter referred to), each ADS represents two Shares deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit Agreement is Deutsche Bank AG, Hong Kong Branch (the
“Custodian”). The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement. The Depositary’s Corporate Trust Office is located at 60 Wall Street, New
York, New York 10005, U.S.A. 
 (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of American Depositary
Receipts (“Receipts”), all issued or to be issued upon the terms and conditions set forth in the Deposit Agreement, dated as of                 , 2012
(as amended from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to
become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the
Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited
Securities”). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the Depositary and the Custodian. 

  
 40 

 Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in
accordance with the terms and conditions of the Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its
attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take
such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant of the necessity and
appropriateness thereof. 
 The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit
Agreement and the Memorandum and Articles of Association (as in effect on the date of the Deposit Agreement) and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. All capitalized
terms used herein which are not otherwise defined herein shall have the meanings ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as to the validity or worth of the Deposited Securities. The Depositary
has made arrangements for the acceptance of the American Depositary Shares into DTC. Each Beneficial Owner of American Depositary Shares held through DTC must rely on the procedures of DTC and the DTC Participants to exercise and be entitled to any
rights attributable to such American Depositary Shares. The Receipt evidencing the American Depositary Shares held through DTC will be registered in the name of a nominee of DTC. So long as the American Depositary Shares are held through DTC or
unless otherwise required by law, ownership of beneficial interests in the Receipt registered in the name of DTC (or its nominee) will be shown on, and transfers of such ownership will be effected only through, records maintained by (i) DTC (or
its nominee), or (ii) DTC Participants (or their nominees). 
 (2) Surrender of Receipts and Withdrawal of Deposited Securities.
Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the charges of the Depositary for the
making of withdrawals and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement and Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and
withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Memorandum and Articles of Association, Section 7.10 of the Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited
Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the Deposited Securities represented by the ADS so surrendered. Subject to the last sentence of
this paragraph, such Deposited Securities may be Delivered in certificated form or by electronic Delivery. ADS may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered
form) or by book-entry delivery of such ADS to the Depositary. 

  
 41 

 A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in
blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being
withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian (subject
to the terms and conditions of the Deposit Agreement, to the Memorandum and Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the
person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities
or evidence of the electronic transfer thereof (if available) as the case may be to or for the account of such person. The Depositary may make delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends or
distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 

Subject to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares,
the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such
Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of
(a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt. At the request, risk and expense of any Holder so surrendering a Receipt, and
for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper
documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder. Such direction shall be given by
letter or, at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. 
 (3) Transfers, Split-Ups and
Combinations of Receipts. Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder
thereof in person or by duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of
the State of New York and of the United States of America, of the Cayman Islands and of any other applicable jurisdiction. Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred
by, and charges of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts
evidencing the same aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts upon payment of the applicable
fees and charges of the Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate
number of ADSs as the Receipt or Receipts surrendered. 

  
 42 

 (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the execution and
delivery, registration of transfer, split-up, combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of
a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of
any applicable fees and charges of the Depositary as provided in the Deposit Agreement and in this Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matters and
(iii) compliance with (A) any laws or governmental regulations relating to the execution and delivery of Receipts and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable regulations of the Depositary or the
Company consistent with the Deposit Agreement and applicable law. 
 The issuance of ADSs against deposits of Shares generally or against
deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfer of
Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are listed, or under any provision of the Deposit Agreement or provisions of, or governing, the
Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof. Notwithstanding any provision of the Deposit Agreement or this Receipt to the contrary, the Holders of
Receipts are entitled to surrender outstanding ADSs to withdraw the Deposited Securities at any time subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the deposit of Shares in
connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment of fees, taxes and/or similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts
or to the withdrawal of the Deposited Securities, and (iv) other circumstances specifically contemplated by Section I.A.(l) of the General Instructions to Form F-6 (as such General Instructions may be amended from time to time). Without
limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act, unless a registration
statement is in effect as to such Shares. 
 (5) Compliance With Information Requests. Notwithstanding any other provision of the Deposit
Agreement or this Receipt, each Holder and Beneficial Owner of the ADSs represented hereby agrees to comply with requests from the Company pursuant to the laws of the Cayman Islands, the rules and requirements of the New York Stock Exchange and any
other stock exchange on which the Shares are, or will be registered, traded or listed, the Memorandum and Articles of Association, which are made to provide information as to the capacity in which such Holder or Beneficial Owner owns ADSs and
regarding the identity of any other person interested in such ADSs and the nature of such interest and various other matters whether or not they are Holders and/or Beneficial Owner at the time of such request. The Depositary agrees to use reasonable
efforts to forward any such requests to the Holders and to forward to the Company any such responses to such requests received by the Depositary. 

  
 43 

 (6) Liability of Holder for Taxes, Duties and Other Charges. If any tax or other governmental charge
shall become payable by the Depositary or the Custodian with respect to any Receipt or any Deposited Securities or ADSs, such tax, or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the
Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of the Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such
distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) or charges, with the Holder and the Beneficial Owner hereof remaining fully liable for any deficiency. The Custodian may refuse the deposit of
Shares, and the Depositary may refuse to issue ADSs, to deliver Receipts, register the transfer, split-up or combination of ADRs and (subject to Article (22) hereof) the withdrawal of Deposited Securities, until payment in full of such tax,
charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and each of their respective agents, directors, employees and Affiliates for, and hold each of them harmless
from, any claims with respect to taxes (including applicable interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or Beneficial Owner. 
 Holders understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which may exceed the number of decimal places used by the Depositary to report distribution
rates (which in any case will not be less than two decimal places). Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be
subject to escheatment. 
 (7) Representations and Warranties of Depositors. Each person depositing Shares under the Deposit Agreement
shall be deemed thereby to represent and warrant that (i) such Shares (and the certificates therefor) are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all preemptive (and
similar) rights, if any, with respect to such Shares, have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien,
encumbrance, security interest, charge, mortgage or adverse claim, and are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except as contemplated by Section 2.11 of the Deposit Agreement), (v) the Shares
presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to lock-up agreement but such lock-up agreement
has terminated or the lock-up restrictions imposed thereunder have expired or been validly waived. Such representations and warranties shall survive the deposit and withdrawal of Shares and the issuance, cancellation and transfer of ADSs. If any
such representations or warranties are false in any way, the Company and Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. 

  
 44 

 (8) Filing Proofs, Certificates and Other Information. Any person presenting Shares for deposit, any
Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other
governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or
other information as the Depositary deems necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Subject to Article (22) hereof and the
terms of the Deposit Agreement, the Depositary and the Registrar, as applicable, may withhold the delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds
thereof or the delivery of any Deposited Securities until such proof or other information is filed, or such certifications are executed, or such representations and warranties made, or such information and documentation are provided. 

(9) Charges of Depositary. The Depositary reserves the right to charge the following fees for the services performed under the terms of the
Deposit Agreement, provided, however, that no fees shall be payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed: 

(i) to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to
stock dividends or other free distributions of stock, bonus distributions, stock splits or other distributions (except where converted to cash), a fee of up to U.S.$0.05 per ADS so issued under the terms of the Deposit Agreement to be determined by
the Depositary; 
 (ii) to any person surrendering ADSs for cancellation and withdrawal of Deposited Securities including,
inter alia, cash distributions made pursuant to a cancellation or withdrawal, a fee of up to U.S.$0.05 per ADS so surrendered; 
 (iii) to any Holder of ADSs, a fee of up to U.S.$0.05 per ADS held for the distribution of cash proceeds, including cash dividends or sale of rights and other entitlements, not made pursuant to a
cancellation or withdrawal; 
 (iv) to any holder of ADSs, a fee of up to U.S.$0.05 per ADS issued upon the exercise of rights;
and 
 (v) for the operation and maintenance costs in administering the ADSs an annual fee of up to U.S.$0.05 per ADS, such fee
to be assessed against Holders of record as of the date or dates set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash
dividends or other cash distributions. 
 In addition, Holders, Beneficial Owners, any depositor depositing Shares for deposit and any person
surrendering ADSs for cancellation and withdrawal of Deposited Securities will be required to pay the following charges: 
 (i)
taxes (including applicable interest and penalties) and other governmental charges; 
 (ii) such registration fees as may from
time to time be in effect for the registration of Shares or other Deposited Securities with the Foreign Registrar and applicable to transfers of Shares or other Deposited Securities to or from the name of the Custodian, the Depositary or any
nominees upon the making of deposits and withdrawals, respectively; 

  
 45 

 (iii) such cable, telex, facsimile and electronic transmission and delivery expenses as are
expressly provided in the Deposit Agreement to be at the expense of the depositor depositing or person withdrawing Shares or Holders and Beneficial Owners of ADSs; 
 (iv) the expenses and charges incurred by the Depositary in the conversion of Foreign Currency; 
 (v) such fees and expenses as are incurred by the Depositary in connection with compliance with exchange control regulations and other regulatory requirements applicable to Shares, Deposited Securities,
ADSs and ADRs; 
 (vi) the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities,
including any fees of a central depository for securities in the local market, where applicable; 
 (vii) any additional fees,
charges, costs or expenses that may be incurred by the Depositary from time to time. 
 Any other fees and charges of, and expenses incurred by,
the Depositary or the Custodian under the Deposit Agreement shall be for the account of the Company unless otherwise agreed in writing between the Company and the Depositary from time to time. All fees and charges may, at any time and from time to
time, be changed by agreement between the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial Owners, only in the manner contemplated by Article (20) hereof. 

(10) Title to Receipts. It is a condition of this Receipt, and every successive Holder of this Receipt by accepting or holding the same consents
and agrees, that title to this Receipt (and to each ADS evidenced hereby) is transferable by delivery of the Receipt, provided it has been properly endorsed or accompanied by proper instruments of transfer, such Receipt being a certificated security
under the laws of the State of New York. Notwithstanding any notice to the contrary, the Depositary may deem and treat the Holder of this Receipt (that is, the person in whose name this Receipt is registered on the books of the Depositary) as the
absolute owner hereof for all purposes. The Depositary shall have no obligation or be subject to any liability under the Deposit Agreement or this Receipt to any holder of this Receipt or any Beneficial Owner unless such holder is the Holder of this
Receipt registered on the books of the Depositary or, in the case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books of the Depositary. 

(11) Validity of Receipt. This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for any
purpose, unless this Receipt has been (i) dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the Depositary, (iii) if a Registrar for the Receipts shall have been appointed, countersigned by the
manual or facsimile signature of a duly authorized signatory of the Registrar and (iv) registered in the books maintained by the Depositary or the Registrar, as applicable, for the issuance and transfer of Receipts. Receipts bearing the
facsimile signature of a duly-authorized signatory of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding
the fact that such signatory has ceased to be so authorized prior to the execution and delivery of such Receipt by the Depositary or did not hold such office on the date of issuance of such Receipts. 

  
 46 

 (12) Available Information; Reports; Inspection of Transfer Books. The Company is subject to the
periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission. These reports and documents can be inspected and
copied at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A. The Depositary shall make available during normal business hours on any Business Day for inspection
by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of either of them as the
holder of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. 
 The
Depositary or the Registrar, as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such
inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter
related to the Deposit Agreement or the Receipts. 
 The Depositary or the Registrar, as applicable, may close the transfer books with respect
to the Receipts, at any time or from time to time, when deemed necessary or advisable by it in good faith in connection with the performance of its duties hereunder, or at the reasonable written request of the Company subject, in all cases, to
Article (22) hereof. 
  

							
	Dated:	 		 	 DEUTSCHE BANK TRUST
 COMPANY AMERICAS, as Depositary

				
		 		 	By:	 	  

				
		 		 	By:	 	  

 The address of the Corporate Trust Office of the Depositary is 60 Wall Street, New York, New York 10005, U.S.A.

  
 47 

 EXHIBIT B 
 [FORM OF REVERSE OF RECEIPT] 
 SUMMARY OF CERTAIN ADDITIONAL
PROVISIONS 
 OF THE DEPOSIT AGREEMENT 
 (13) Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited
Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment
of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will
distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) to the Holders of record as of the ADS Record Date in proportion to the number of
ADS representing such Deposited Securities held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent. Any
such fractional amounts shall be rounded to the nearest whole cent and so distributed to Holders entitled thereto. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash
distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld
amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority. Any Foreign Currency received by the Depositary shall be converted upon the terms and conditions set forth in the Deposit Agreement.

 If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such
Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or their nominees. Upon receipt of confirmation of such deposit, the Depositary shall, subject to and in accordance with the
Deposit Agreement, establish the ADS Record Date and either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in aggregate the number of
Shares received as such dividend, or free distribution, subject to the terms of the Deposit Agreement (including, without limitation, the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes and/or governmental
charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed
upon the Deposited Securities represented thereby (net of the applicable fees and charges of, and the expenses incurred by, the Depositary, and taxes and/or governmental charges). In lieu of delivering fractional ADSs, the Depositary shall sell the
number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms set forth in the Deposit Agreement. 

  
 48 

 In the event that (x) the Depositary determines that any distribution in property (including Shares) is
subject to any tax or other governmental charges which the Depositary is obligated to withhold, or, (y) if the Company, in the fulfillment of its obligations under the Deposit Agreement, has either (a) furnished an opinion of
U.S. counsel determining that Shares must be registered under the Securities Act or other laws in order to be distributed to Holders (and no such registration statement has been declared effective), or (b) fails to timely deliver the
documentation contemplated in the Deposit Agreement, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of taxes and/or governmental charges, and fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms of the Deposit Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in accordance with the provisions of the Deposit Agreement. 

Upon timely receipt of a notice indicating that the Company wishes an elective distribution to be made available to Holders upon the terms described in
the Deposit Agreement, the Depositary shall, upon provision of all documentation required under the Deposit Agreement, (including, without limitation, any legal opinions the Depositary may request under the Deposit Agreement) determine whether such
distribution is lawful and reasonably practicable. If so, the Depositary shall, subject to the terms and conditions of the Deposit Agreement, establish an ADS Record Date according to Article (14) hereof and establish procedures to enable the
Holder hereof to elect to receive the proposed distribution in cash or in additional ADSs. If a Holder elects to receive the distribution in cash, the dividend shall be distributed as in the case of a distribution in cash. If the Holder hereof
elects to receive the distribution in additional ADSs, the distribution shall be distributed as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is not lawful or reasonably
practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement, the Depositary shall, to the extent permitted by law, distribute to Holders, on the basis of the same determination as is made in the
Cayman Islands, in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon the terms described in the Deposit Agreement. Nothing herein shall
obligate the Depositary to make available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance that the Holder hereof will be given the opportunity to receive elective
distributions on the same terms and conditions as the holders of Shares. 

  
 49 

 Upon receipt by the Depositary of a notice indicating that the Company wishes rights to subscribe for
additional Shares to be made available to Holders of ADSs, the Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only
if the Company shall have timely requested that such rights be made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined that such distribution of
rights is lawful and reasonably practicable. If such conditions are not satisfied, the Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date
and establish procedures (x) to distribute such rights (by means of warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary
and taxes and/or governmental charges). Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs). If (i) the Company
does not timely request the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement
or determines it is not lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and
reasonably practicable to sell such rights, in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem proper. The Depositary shall, upon such sale, convert and distribute
proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) upon the terms hereof and in the Deposit Agreement. If the Depositary is unable to make any rights
available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such rights to lapse. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or
practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to
the Holders on behalf of the Company in connection with the rights distribution. 
 Notwithstanding anything herein to the contrary, if
registration (under the Securities Act and/or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities
represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to
the Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case satisfactorily to the Depositary, to the effect that the offering
and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws. In the event that the Company, the Depositary or the Custodian
shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly. In the event
that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all
or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

 There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same
terms and conditions as the holders of Shares or to exercise such rights. Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such
rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose. 

  
 50 

 Upon receipt of a notice regarding property other than cash, Shares or rights to purchase additional Shares,
to be made to Holders of ADSs, the Depositary shall determine, after consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable. The Depositary shall not make such distribution unless (i) the
Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received the documentation required by the Deposit Agreement, and (iii) the Depositary shall have determined that such
distribution is lawful and reasonably practicable. Upon satisfaction of such conditions, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such
Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary, and
(ii) net of any taxes and/or governmental charges. The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem
practicable or necessary to satisfy any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution. 
 If the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and
shall distribute the proceeds of such sale received by the Depositary (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges) to the Holders upon the terms hereof and
of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances. 
 (14) Fixing of Record Date. Whenever necessary in connection with any distribution (whether in cash, shares, rights or other distribution), or whenever for any reason the Depositary causes a change
in the number of Shares that are represented by each ADS, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or
convenient in connection with the giving of any notice, or any other matter, the Depositary shall fix a record date (“ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares (if
applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, or to give or withhold such consent, or to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such changed number of Shares represented by each ADS or for any other reason. Subject to applicable law and the terms and conditions of this Receipt and
the Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distributions, to give such voting instructions, to receive such notice or solicitation, or otherwise
take action. 

  
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 (15) Voting of Deposited Securities. Subject to the next sentence, as soon as practicable after
receipt of notice of any meeting at which the holders of Shares or other Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS
Record Date in respect of such meeting or solicitation of consent or proxy. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have
been received by the Depositary at least 30 Business Days prior to the date of such vote or meeting) and at the Company’s expense and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery, or by electronic
transmission, or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of
business on the ADS Record Date will be entitled, subject to any applicable law, the Memorandum and Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part
by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Shares or other Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as to
the manner in which such instructions may be given to the Depositary or in which voting instructions may be deemed to have been given in accordance with Section 4.8 of the Deposit Agreement, including an express indication that instructions may
be given (or deemed to have been given in accordance with the immediately following paragraph of this section) to the Depositary to give a discretionary proxy to a person or persons designated by the Company. Voting instructions may be given only in
respect of a number of American Depositary Shares representing an integral number of Shares or other Deposited Securities. Upon the timely receipt from a Holder of American Depositary Shares on the ADS Record Date of written voting instructions in
the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Memorandum and Articles of Association and the provisions of or governing
the Deposited Securities, to vote or cause the Custodian to vote the Shares and/or other Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

 In the event that (i) the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the
Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or (ii) no timely instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs held by
such Holder on the ADS Record Date, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with
respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall be deemed to have been given and no
such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company
does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Shares, provided, further, that the Company will have no liability to any Holder or Beneficial Owner resulting
from such notification. 
 In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the
Memorandum and Articles of Association, the Depositary will refrain from voting and the voting instructions (or the deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse. The Depositary will have no
obligation to demand voting on a poll basis with respect to any resolution and shall have no liability to any Holder or Beneficial Owner for not having demanded voting on a poll basis. 

  
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 Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to
voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Shares or other Deposited Securities represented by ADSs except
pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary to give a discretionary proxy to a person designated by the Company. Shares or other Deposited Securities represented by
ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in
which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in Section 4.8 of the Deposit Agreement. Notwithstanding anything else contained herein, and subject to
applicable law, regulation and the Memorandum and Articles of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting instructions have been received in respect of such
Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders. 
 There can
be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely
manner. 
 Notwithstanding the above, save for applicable provisions of the law of the Cayman Islands, and in accordance with the terms of
Section 5.3 of the Deposit Agreement, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote. 

(16) Changes Affecting Deposited Securities. Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger, amalgamation or consolidation or sale of assets affecting the Company or to which it otherwise is a party, any securities which shall be received by the
Depositary or a Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under the Deposit Agreement, and the
Receipts shall, subject to the provisions of the Deposit Agreement and applicable law, evidence ADSs representing the right to receive such additional securities. Alternatively, the Depositary may, with the Company’s approval, and shall, if the
Company shall so request, subject to the terms of the Deposit Agreement and receipt of satisfactory documentation contemplated by the Deposit Agreement, execute and deliver additional Receipts as in the case of a stock dividend on the Shares, or
call for the surrender of outstanding Receipts to be exchanged for new Receipts, in either case, as well as in the event of newly deposited Shares, with necessary modifications to this form of Receipt specifically describing such new Deposited
Securities and/or corporate change. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall if the Company
requests, subject to receipt of satisfactory legal documentation contemplated in the Deposit Agreement, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net
proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities and distribute the net proceeds so allocated to
the extent practicable as in the case of a distribution received in cash pursuant to the Deposit Agreement. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities
available to Holders in general or any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of such securities. 

  
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 (17) Exoneration. Neither the Depositary, the Custodian or the Company shall be obligated to do or
perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any liability (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or
forbidden from, or subjected to any civil or criminal penalty or restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present
or future law or regulation of the United States, the Cayman Islands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the Memorandum
and Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency
restrictions, work stoppage, strikes, civil unrest, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Memorandum
and Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or
information, (iv) for any inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit
Agreement, made available to Holders of ADS, (v) for any consequential or punitive damages for any breach of the terms of the Deposit Agreement, (vi) any Losses arising out of information relating to the Depositary or any Custodian, as the
case may be, furnished in writing by the Depositary to the Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering documents relating to the Receipts, the American
Depositary Shares, the Shares or any Deposited Securities. The Depositary, its controlling persons, its agents, any Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice,
request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. No disclaimer of liability under the Securities Act is intended by any provision of the Deposit Agreement.

 (18) Standard of Care. The Company and the Depositary and their respective directors, officers, affiliates, employees and agents
assume no obligation and shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the
Company and the Depositary and their respective directors, officers, affiliates, employees and agents agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence, wilful misconduct, or bad
faith. The Depositary and its directors, officers, affiliates, employees and agents shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effect
of any vote, provided that any such action or omission is in good faith and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability for any failure to determine that any distribution or action may be
lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in
the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any
rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. In no event shall the Depositary or any of its Agents be liable for any indirect, special, punitive or consequential damage.

  
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 (19) Resignation and Removal of the Depositary; Appointment of Successor Depositary. The Depositary
may at any time resign as Depositary under the Deposit Agreement by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company, or
(ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance
with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use reasonable efforts to appoint such successor depositary,
and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by written
notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary, or (ii) upon the appointment of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement save that, any amounts, fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time
shall be paid to the Depositary prior to such removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary which shall be a bank or trust company
having an office in the Borough of Manhattan, the City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary, upon payment of all sums due it and on the written request of the Company,
shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title
and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may
reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the
execution or filing of any document or any further act. 

  
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 (20) Amendment/Supplement. Subject to the terms and conditions of this Article (20), and
applicable law, this Receipt and any provisions of the Deposit Agreement may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or
desirable without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than the charges of the Depositary in connection with foreign exchange control regulations, and
taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts
until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific
amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and
Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary). The parties hereto agree that any
amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or Shares to be traded
solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every
Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such ADS, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended or
supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary
may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of
such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, or rules or regulations. 

  
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 (21) Termination. The Depositary shall, at any time at the written direction of the Company,
terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 45 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed
for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to
such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a
written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement
by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of the Deposit Agreement, the Holder will, upon surrender
of such Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the
conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any
Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the
Holders thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell
rights as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a
Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the
date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an
unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the
Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for
the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit
Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except as set forth in the Deposit Agreement. 
 (22) Compliance with U.S. Securities Laws; Regulatory Compliance. Notwithstanding any provisions in this Receipt or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited
Securities will not be suspended by the Company or the Depositary except as would be permitted by Section I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

  
 57 

 (23) Certain Rights of the Depositary; Limitations. Subject to the further terms and provisions of
this Article (23), the Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs. The Depositary may issue ADSs against evidence of rights to
receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares. Such evidence of rights shall consist of
written blanket or specific guarantees of ownership of Shares furnished on behalf of the holder thereof. In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs
prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver Shares prior to the receipt and cancellation of ADSs which were issued under (i) above but for which Shares may not yet have been
received (each such transaction a “Pre-Release Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be
(a) accompanied by or subject to a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (1) represents that at the time of the Pre-Release Transaction the Applicant or its
customer owns the Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (2) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the
Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian, (3) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs and (4) agrees to any additional
restrictions or requirements that the Depositary deems appropriate, (b) at all times fully collateralized with cash, United States government securities or such other collateral as the Depositary deems appropriate, (c) terminable by the
Depositary on not more than five business days’ notice (save for a prescribed termination event in which case any such Pre-Release Transaction may be immediately terminable by the Depositary) and (d) subject to such further indemnities and
credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release Transactions at any one time to 30% of the ADSs outstanding (without giving effect to ADSs
outstanding pursuant to any Pre-Release Transaction under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also
set limits with respect to the number of ADSs and Shares involved in Pre-Release Transactions with any one person on a case by case basis as it deems appropriate. 
 The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held
for the benefit of the Holders (other than the Applicant). 
 (24) Ownership Restrictions. Owners and Beneficial Owners shall comply with
any limitations on ownership of Shares under the Memorandum and Articles of Association or applicable Cayman Islands law as if they held the number of Shares their American Depositary Shares represent. The Company shall inform the Owners, Beneficial
Owners and the Depositary of any such ownership restrictions in place from time to time. 
 (25) Waiver. EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN THE ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR
THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). 

  
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 (ASSIGNMENT AND TRANSFER SIGNATURE LINES) 
 FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto
                     whose taxpayer identification number is
                     and whose address including postal zip code is
                    , the within Receipt and all rights thereunder, hereby irrevocably constituting and appointing
                     attorney-in-fact to transfer said Receipt on the books of the Depositary with full power of substitution in the premises.

  

							
	Dated:	 	  	 	Name:	 	  

		 		 	By:	 	
		 		 	Title:	 	
				
		 		 		 	NOTICE: The signature of the Holder to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or
enlargement or any change whatsoever.
				
		 		 		 	If the endorsement be executed by an attorney, executor, administrator, trustee or guardian, the person executing the endorsement must give his/her full title in such capacity
and proper evidence of authority to act in such capacity, if not on file with the Depositary, must be forwarded with this Receipt.

  

			
	SIGNATURE GUARANTEED
	
	
                        
                                        

  
 59 

							
	ARTICLE I.	  	DEFINITIONS	  	1
				
		  	SECTION 1.1	  	“Affiliate”	  	1
		  	SECTION 1.2	  	“Agent”	  	1
		  	SECTION 1.3	  	“American Depositary Share(s)” and “ADS(s)”	  	2
		  	SECTION 1.4	  	“Article”	  	2
		  	SECTION 1.5	  	“Articles of Association”	  	2
		  	SECTION 1.6	  	“ADS Record Date”	  	2
		  	SECTION 1.7	  	“Beneficial Owner”	  	2
		  	SECTION 1.8	  	“Business Day”	  	2
		  	SECTION 1.9	  	“Commission”	  	2
		  	SECTION 1.10	  	“Company”	  	2
		  	SECTION 1.11	  	“Corporate Trust Office”	  	2
		  	SECTION 1.12	  	“Custodian”	  	2
		  	SECTION 1.13	  	“Deliver” and “Delivery”	  	3
		  	SECTION 1.14	  	“Deposit Agreement”	  	3
		  	SECTION 1.15	  	“Depositary”	  	3
		  	SECTION 1.16	  	“Deposited Securities”	  	3
		  	SECTION 1.17	  	“Dollars” and “$”	  	3
		  	SECTION 1.18	  	“DRS/Profile”	  	3
		  	SECTION 1.19	  	“DTC”	  	3
		  	SECTION 1.20	  	“Exchange Act”	  	3
		  	SECTION 1.21	  	“Foreign Currency”	  	3
		  	SECTION 1.22	  	“Foreign Registrar”	  	3
		  	SECTION 1.23	  	“Holder”	  	3
		  	SECTION 1.24	  	“Indemnified Person” and “Indemnifying Person”	  	4
		  	SECTION 1.25	  	“Memorandum”	  	4
		  	SECTION 1.26	  	“Opinion of Counsel”	  	4
		  	SECTION 1.27	  	“Pre-Release Transaction”	  	4
		  	SECTION 1.28	  	“Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)”	  	4
		  	SECTION 1.29	  	“Registrar”	  	4
		  	SECTION 1.30	  	“Restricted ADRs”	  	4
		  	SECTION 1.31	  	“Restricted ADSs”	  	4
		  	SECTION 1.32	  	“Restricted Securities”	  	4
		  	SECTION 1.33	  	“Restricted Shares”	  	4
		  	SECTION 1.34	  	“Securities Act”	  	5
		  	SECTION 1.35	  	“Shares”	  	5
		  	SECTION 1.36	  	“United States” or “U.S.”	  	5
	ARTICLE II.	  	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	  	5
				
		  	SECTION 2.1	  	Appointment of Depositary	  	5
		  	SECTION 2.2	  	Form and Transferability of Receipts	  	5
		  	SECTION 2.3	  	Deposits	  	7
		  	SECTION 2.4	  	Execution and Delivery of Receipts	  	8
		  	SECTION 2.5	  	Transfer of Receipts; Combination and Split-up of Receipts	  	9
		  	SECTION 2.6	  	Surrender of Receipts and Withdrawal of Deposited Securities	  	9

							
		  	SECTION 2.7	  	Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc.	  	11
		  	SECTION 2.8	  	Lost Receipts, etc.	  	11
		  	SECTION 2.9	  	Cancellation and Destruction of Surrendered Receipts; Maintenance of Records	  	11
		  	SECTION 2.10	  	Pre-Release	  	12
		  	SECTION 2.11	  	Restricted ADSs	  	13
		  	SECTION 2.12	  	Maintenance of Records	  	13
	ARTICLE III.	  	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS	  	14
				
		  	SECTION 3.1	  	Proofs, Certificates and Other Information	  	14
		  	SECTION 3.2	  	Liability for Taxes and Other Charges	  	14
		  	SECTION 3.3	  	Representations and Warranties on Deposit of Shares	  	15
		  	SECTION 3.4	  	Compliance with Information Requests	  	15
	ARTICLE IV	  	THE DEPOSITED SECURITIES.	  	16
				
		  	SECTION 4.1	  	Cash Distributions	  	16
		  	SECTION 4.2	  	Distribution in Shares	  	16
		  	SECTION 4.3	  	Elective Distributions in Cash or Shares	  	17
		  	SECTION 4.4	  	Distribution of Rights to Purchase Shares	  	17
		  	SECTION 4.5	  	Distributions Other Than Cash, Shares or Rights to Purchase Shares	  	19
		  	SECTION 4.6	  	Conversion of Foreign Currency	  	20
		  	SECTION 4.7	  	Fixing of Record Date	  	20
		  	SECTION 4.8	  	Voting of Deposited Securities	  	21
		  	SECTION 4.9	  	Changes Affecting Deposited Securities	  	23
		  	SECTION 4.10	  	Available Information	  	23
		  	SECTION 4.11	  	Reports	  	23
		  	SECTION 4.12	  	List of Holders	  	23
		  	SECTION 4.13	  	Taxation; Withholding	  	24
	ARTICLE V.	  	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	  	25
				
		  	SECTION 5.1	  	Maintenance of Office and Transfer Books by the Registrar	  	25
		  	SECTION 5.2	  	Exoneration	  	26
		  	SECTION 5.3	  	Standard of Care	  	26
		  	SECTION 5.4	  	Resignation and Removal of the Depositary; Appointment of Successor Depositary	  	27
		  	SECTION 5.5	  	The Custodian	  	28
		  	SECTION 5.6	  	Notices and Reports	  	28
		  	SECTION 5.7	  	Issuance of Additional Shares, ADSs etc.	  	29
		  	SECTION 5.8	  	Indemnification	  	30
		  	SECTION 5.9	  	Fees and Charges of Depositary	  	31
		  	SECTION 5.10	  	Restricted Securities Owners/Ownership Restrictions	  	32
	ARTICLE VI.	  	AMENDMENT AND TERMINATION	  	33
				
		  	SECTION 6.1	  	Amendment/Supplement	  	33
		  	SECTION 6.2	  	Termination	  	34
	ARTICLE VII.	  	MISCELLANEOUS	  	35
		  	SECTION 7.1	  	Counterparts	  	35
		  	SECTION 7.2	  	No Third-Party Beneficiaries	  	35

  
 61 

							
		  	SECTION 7.3	  	Severability	  	35
		  	SECTION 7.4	  	Holders and Beneficial Owners as Parties; Binding Effect	  	35
		  	SECTION 7.5	  	Notices	  	36
		  	SECTION 7.6	  	Governing Law and Jurisdiction	  	36
		  	SECTION 7.7	  	Assignment	  	38
		  	SECTION 7.8	  	Agents	  	38
		  	SECTION 7.9	  	Exclusivity	  	38
		  	SECTION 7.10	  	Compliance with U.S. Securities Laws	  	38
		  	SECTION 7.11	  	Titles	  	38
	EXHIBIT A	  		  		  	40
	EXHIBIT B	  		  		  	48

  
 62

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