Document:

Exhibit 10.1

 

From: YA II PN, LTD ("YA II")

 

To: CooTek (Cayman) Inc. (the "Company")

 

October 29, 2021

 

		RE:	Convertible Note issued by the Company to YA II issued March 19,
2021 (the “Note”) pursuant to that certain Securities Purchase Agreement entered into between the Company
and YA II on March 19, 20201 (the “SPA”).

 

Dear Sirs,

 

This
letter shall set forth the written agreement of the Company and YA II regarding the matters set forth herein. On the date hereof, the
parties desire to amend the Note by issuing an amended and restated version of the Note (the “Amended Note”) in the
form of Exhibit I attached hereto to make the modifications to the Note as shown on Exhibit II attached hereto. In furtherance
of the foregoing, on the date hereof, the Company shall execute and deliver to YA II the Amended Note, which upon its issuance shall
amend, replace, and supersede the Note solely with respect to the principal amount thereunder outstanding as of the date hereof.
Capitalized terms used herein, but not otherwise defined herein, shall have the meaning ascribed to them under the SPA.

 

In connection with the issuance
of the Amended Note, the Company represents, warrants, and agrees as follows:

 

1.            The
Company has the requisite power and authority to issue the Amended Note in accordance with the terms hereof and thereof. The execution
and delivery of the Amended Note has been duly authorized by the Company's board of directors and no further filing, consent or authorization
is required by the Company, its board of directors or its stockholders. The Amended Note, when issued, will be duly executed and delivered
by the Company, and constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance
with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors'
rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law.

 

     

     

    

 

2.            The
issuance of the Amended Note is authorized and shall be validly issued, fully paid and non-assessable and free from all pre-emptive or
similar rights, mortgages, liens, pledges, charges, taxes, rights of first refusal, encumbrances, security interests and other encumbrances
with respect to the issuance thereof. Upon issuance or conversion in accordance with the Notes, the Conversion Shares, when issued, will
be validly issued, fully paid and nonassessable and free from all pre-emptive or similar rights or liens with respect to the issue thereof,
with the holders being entitled to all rights accorded to a holder of ADSs.

 

This Agreement may be executed
in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission
or by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as
if such signature page were an original thereof.

 

	YA II PN, LTD.	 	COOTEK (CAYMAN)
    INC.
	By: Yorkville Advisors
    Global, LP	 	 
	Its: Investment
    Manager	 	 
	 	 	/s/ Karl Kan Zhang
	 	By: Yorkville Advisors
    Global II LLC	 	Name:	Karl Kan Zhang
	 	Its: General Partner	 	Title:	Chairman of the Board of Directors and Chief Technology Officer
	 	 	 	 	 	              
	 	/s/
    Matt Beckham 	 	 
	 	Name:	Matt Beckham	 	 
	 	Title:	Member	 	 
	 	 	 	 

     

     

    

 

EXHIBIT I

AMENDED AND RESTATED NOTE

 

     

     

    

 

 

COOTEK
(CAYMAN) INC.

 

Convertible
Note

 

Principal Amount:   $20,000,000

Note Issuance
Date: March 19, 2021

Amended and
Restated on: October 29, 2021

Note Number:
CTK-2

 

FOR
VALUE RECEIVED, COOTEK (CAYMAN) INC., a Cayman Island corporation (the "Company"),
hereby promises to pay to the order of YA II PN, Ltd., or its registered assigns (the "Holder") the amount set out above
as the Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal")
when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the
terms hereof) and to pay interest ("Interest") on any outstanding Principal at the applicable Interest Rate from the
date set out above as the Note Issuance Date (the "Issuance Date") until the same becomes due and payable, whether upon
a the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Convertible
Note (including all notes issued in exchange, transfer or replacement hereof, this "Note") was originally issued pursuant
to the Securities Purchase Agreement dated March 19, 2021 (the “Securities Purchase Agreement”) between the Company
and the Buyers listed on the Schedule of Buyers attached thereto, and was amended and restated on October 29, 2021. Certain capitalized
terms used herein are defined in Section (14).

 

(1)              
GENERAL TERMS

 

(a)              
Maturity Date. On the Maturity Date, the Company shall pay to the Holder an amount in cash
representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this
Note. The "Maturity Date" shall be August 31, 2022, or as may be extended at the option of the Holder as contemplated
upon an Event of Default. Other than as specifically permitted by this Note, the Company may not prepay or redeem any portion of the
outstanding Principal and accrued and unpaid Interest, and the Holder may not require the payment of Interest prior to the Maturity Date.

 

(b)              
Interest Rate and Payment of Interest. Interest shall accrue on the outstanding Principal
balance hereof at an annual rate equal to 5 % (“Interest Rate”), which Interest Rate shall increase to an annual rate
of 15% for the remainder of the term for so long as any Event of Default remains uncured. Interest shall be calculated on the basis of
a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law. For the avoidance of doubt, no Interest
shall accrue on the Principal balance that is not outstanding at the Maturity Date.

 

(c)              

Triggering Event. If, any time after the Issuance Date, and from time to time thereafter,
the daily VWAP is less than the Floor Price for a period of 5 consecutive Trading Days (each such occurrence, a “Triggering
Event”), then the Interest Rate shall increase to an annual rate of 15%. The Interest Rate shall return to the rate set forth
in Clause 1(b) if any time after a Triggering Event the daily VWAP is greater than the Floor Price for a period of 5 consecutive Trading
Days, unless a subsequent Triggering Event occurs.

 

     

     

    

 

(2)              
EVENTS OF DEFAULT.

 

(a)              
An “Event of Default”, wherever used herein, means any one of the following events
(whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree
or order of any court, or any order, rule or regulation of any administrative or governmental body):

 

(i)                
the Company's failure to pay to the Holder any amount of Principal, Interest, or other amounts when
and as due under this Note or any other Transaction Document within five (5) Business Days after such payment is due;

 

(ii)             
The Company or any subsidiary of the Company shall commence, or there shall be commenced against
the Company or any subsidiary of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any
successor thereto, or the Company or any subsidiary of the Company commences any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter
in effect relating to the Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the
Company any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any
subsidiary of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding
is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver
or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of sixty one (61) days;
or the Company or any subsidiary of the Company makes a general assignment for the benefit of creditors; or the Company or any subsidiary
of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become
due; or the Company or any subsidiary of the Company shall call a meeting of its creditors with a view to arranging a composition, adjustment
or restructuring of its debts; or the Company or any subsidiary of the Company shall by any act or failure to act expressly indicate
its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or any
subsidiary of the Company for the purpose of effecting any of the foregoing;

 

(iii)           
The ADSs shall cease to be quoted or listed for trading, as applicable, on any Primary Market for
a period of 10 consecutive Trading Days;

 

(iv)            
The Company or any subsidiary of the Company shall be a party to any Change of Control Transaction
(as defined in Section (14)) unless in connection with such Change of Control Transaction this Note is retired;

 

(v)              
the Company's (A) failure to cure a Conversion Failure by delivery of the required number of ADSs
within five (5) Business Days after the applicable Conversion Failure or (B) notice, written or oral, to any holder of the Notes, including
by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Notes into Ordinary Shares,
the deposit of such Ordinary Shares with the Depositary and the issuance of the ADSs representing such Ordinary Shares that are tendered
in accordance with the provisions of the Notes, other than pursuant to Section (5)(d);

 

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(vi)            
The Company shall fail to observe or perform any other material covenant, agreement or warranty
contained in, or otherwise commit any material breach or default of any provision of this Note (except as may be covered by Section (2)(a)(i)
through (2)(a)(viii) hereof) or any Transaction Document (as defined in Section (14)) which is not cured within the time prescribed.

 

(vii)         
The depositary agreement between the Depositary and the Company shall be amended or changed in any
manner that is materially disadvantageous to ADS holders in general or to the Holder, or such agreement, or the ADS facility, is terminated.

 

(viii)       
any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

 

(b)              
During the time that any portion of this Note is outstanding, if any Event of Default has occurred
and is continuing, the full unpaid Principal amount of this Note, together with interest and other amounts owing in respect thereof,
to the date of acceleration shall become at the Holder's election, immediately due and payable in cash. Furthermore, in addition to any
other remedies, the Holder shall have the right (but not the obligation) to convert this Note (subject to the beneficial ownership limitations
set out in Section (4)(e)) at any time after (x) an Event of Default (provided that such Event of Default is continuing) or (y) the Maturity
Date at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice
of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder at any
time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent
thereon.

 

(3)              
REDEMPTIONS

 

(a)              
Monthly Principal Cash Redemptions. The Company shall, at its own option, (i) redeem in cash
each Redemption Amount (as defined in Section (14)) set forth on the Redemption Schedule (as defined in Section (14)) (a “Company
Redemption”) on each applicable Redemption Date (as defined in Section (14)), subject to the provisions of Section (3)(a) and
(3)(b), (ii) allow such Redemption Amount to be Converted by the Holder in accordance with Section (4)(c), or (iii) redeem in a combination
of cash and ADSs. On or prior to the date which is the third (3rd) Trading Day prior to each Redemption Date (each, a “Redemption
Notice Due Date”), the Company shall deliver written notice in the form attached hereto as Exhibit II (each, an “Company
Redemption Notice”) to the Holder which Company Redemption Notice shall either: (i) confirm that the applicable Redemption
Amount may be converted by the Holder in whole, or in part, pursuant Section (4)(c) anytime after the applicable Redemption Date; or
(ii) state that the Company elects to redeem, in whole or in part, the applicable Redemption Amount in cash pursuant to a Company Redemption.
If the Company does not timely deliver a Company Redemption Notice in accordance with this Section (3)(a), then the Company shall be
deemed to have delivered a Company Redemption Notice confirming that the applicable Redemption Amount may be converted by the Holder
in accordance with Section (4)(c). Notwithstanding the foregoing, (i) in the event that there is an Equity Conditions Failure with respect
to the conversion in full of a Redemption Amount then the Company shall be required to redeem in cash the portion of the applicable Redemption
Amount that would be subject to an Equity Conditions Failure, and (ii) in the event that the daily VWAP on each of the five consecutive
Trading Days immediately prior to the Redemption Date exceeds a price equal to 108% of the Fixed Conversion Price and no Equity Conditions
Failure has occurred during such period then no cash redemption shall be due on such Redemption Date. The amounts of any conversions
made by the Holder at the Fixed Conversion Price, or pursuant to Section 4(c)(ii) hereof, or any Optional Redemptions made by the Company
pursuant to this Note contemporaneous with or prior to any Redemption Date shall have the effect of adjusting the Redemption Schedule
by reducing the Redemption Amount of each payment coming due by a pro rata amount.

 

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(b)              
Company Redemption. If the Company elects a Company Redemption in cash in accordance with
Section (3)(a), then the Redemption Amount which is to be paid to the Holder on the applicable Redemption Date shall be paid by the Company
on or before such Redemption Date, by wire transfer of immediately available funds, in an amount in cash equal to the Redemption Amount.
If the Company fails to redeem the full Redemption Amount on the applicable Redemption Date, then the Company shall be deemed to have
delivered a Company Redemption Notice confirming that the unpaid portion of the applicable Redemption Amount may be converted by the
Holder.

 

(c)              
Company Additional Early Redemption. The Company shall have the right, but not the obligation,
to redeem (“Optional Redemption”) early in cash a portion or all amounts outstanding under this Note as described
in this Section; provided that (i) the Company provides the Holder with at least 10 Business Days’ prior written notice
(each, a “Optional Redemption Notice”) of its desire to exercise an Optional Redemption, and (ii) the trading price
of the ADS is less than the Fixed Conversion Price at the time of the delivery of the Optional Redemption Notice. Each Optional Redemption
Notice shall be irrevocable and shall specify the outstanding balance of the Convertible Debentures to be redeemed and the applicable
Redemption Amount. The “Optional Redemption Amount” shall be equal to the outstanding Principal balance being redeemed
by the Company times the Redemption Premium, plus all accrued and unpaid interest. On the 11th Business Day after the Optional Redemption
Notice, the Company shall deliver to the Holder the Optional Redemption Amount with respect to the Principal amount redeemed after giving
effect to conversions effected pursuant to the terms of this Note during the 10 Business Day period.

 

(4)              
CONVERSION OF NOTE.This Note shall be convertible into the Company's Ordinary Shares,
which would be deposited for delivery of ADSs so long as the conversion is effected pursuant to an effective registration statement or
in compliance with Rule 144 promulgated under the Securities Act, on the terms and conditions set forth in this Section (4).

 

(a)              
Conversion Right. Subject to the limitations of Section (4)(e), at any time or times on or
after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined
below) into fully paid and nonassessable Ordinary Shares in accordance with Section (4)(b) and (4)(c), at the Conversion Rate (as defined
below). The Company will deposit such Ordinary Shares and cause the delivery of ADSs to the Holder. The number of ADSs issuable upon
conversion of any Conversion Amount pursuant to this Section (4)(a) shall be determined by dividing (x) such Conversion Amount by (y)
the Conversion Price (the "Conversion Rate") and the underlying Ordinary Shares to be issued shall be determined by
multiplying the resulting number of ADSs by the then applicable Ordinary Share-to-ADS conversion ratio, which is set at one (1) ADS representing
fifty (50) Ordinary Shares as of the date hereof. No fraction of an ADS will be delivered upon any conversion. All calculations under
this Section (3) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an ADS, the Company
shall round such fraction of a share up to the nearest whole share. The Company shall bear all transfer, stamp and similar taxes that
may be payable with respect to the issuance and delivery of shares upon conversion of any Conversion Amount as well as any conversion
or issuance fees of the Depositary in respect of the ADSs.

 

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(i)                
"Conversion Amount" means the portion of the Principal, accrued Interest, and Premium
Payment (if applicable) to be converted, redeemed or otherwise with respect to which this determination is being made.

 

(ii)             
"Conversion Price" means, as of any Conversion Date (as defined below) or other
date of determination (A) with respect to a Conversion pursuant to Section (4)(b), $3.00 per ADS (the “Fixed Conversion Price”),
and (B) with respect to a Conversion pursuant to Section (2)(b) or Section (4)(c), the lower of (i) the Fixed Conversion Price, or (ii)
100% of the lowest daily VWAP during the 10 consecutive Trading Days immediately preceding the Conversion Date (the “Variable
Conversion Price”), but not lower than the Floor Price. The Conversion Price shall be adjusted from time to time pursuant to
the other terms and conditions of this Note.

 

(b)              
The Holder may at any time and from time to time, elect to convert any Principal amount which is
outstanding, and any accrued and unpaid interest, at a Conversion Price equal to the Fixed Conversion Price by serving a Conversion Notice
on the Company in accordance with Section (4)(d).

 

(c)              
Conversions at the Variable Conversion Price.

 

(i)                
In respect of any Redemption Amount subject to a Company Redemption Notice confirming (or deemed
to pursuant to Section (3)(a) or (3)(b)) that the applicable Redemption Amount may be converted by the Holder, the Holder may, at any
time and from time to time after such applicable Redemption Date, convert a Conversion Amount up to the applicable Redemption Amount
(or any portion thereof) at a Conversion Price based on the Variable Conversion Price by serving a Conversion Notice on the Company,
and subject to, and in accordance with, Section (4)(d).

 

(ii)             
In addition to clause 4(c)(i), the Holder may, at its option, convert an additional amount per month
equal to $1,000,000 of Principal, plus accrued and unpaid interest thereon, plus the applicable Payment Premium at a Conversion Price
based on the Variable Conversion Price by serving a Conversion Notice on the Company, and subject to, and in accordance with, Section
4(d) of the if the Variable Conversion Price for such conversions are $2.00 or greater.

 

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(d)              
Mechanics of Conversion.

 

(i)                
Optional Conversion. To convert any Conversion Amount into Ordinary Shares to be converted
into ADSs on any date (a "Conversion Date"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt
on or prior to 11:59 p.m., New York Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit
III (the "Conversion Notice") to the Company and the Depositary, and (B) if required by Section (4)(d)(iii), surrender
this Note to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably
satisfactory to the Company with respect to this Note in the case of its loss, theft or destruction). On or before the third Business
Day following the date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (X) if legends
are not required to be placed on the ADS certificates and provided that the Depositary is participating in the Depository Trust Company's
("DTC") Fast Automated Securities Transfer Program, issue and deposit Ordinary Shares and instruct the Depositary to
credit the ADSs to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal and Custodian system, as specified
in the Conversion Notice or (Y) if the Depositary is not participating in the DTC Fast Automated Securities Transfer Program, issue and
deposit Ordinary Shares and instruct the Depositary to deliver to the address as specified in the Conversion Notice, a certificate, registered
in the name of the Holder or its designee, for the number of ADSs specified in the Conversion Notice. If this Note is physically surrendered
for conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted,
then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Note and at its
own expense, issue and deliver to the holder a new Note representing the outstanding Principal not converted. The Person or Persons entitled
to receive ADSs issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such ADSs
upon the transmission of a Conversion Notice.

 

(ii)             
Company's Failure to Timely Convert. If within three (3) Trading Days after the Company's
receipt of a Conversion Notice and any other documentation required by the Depositary, the Company shall fail to issue and deliver a
certificate to the Holder or credit the Holder's balance account with DTC for the number of ADSs to which the Holder is entitled upon
such holder's conversion of any Conversion Amount, such event shall constitute a conversion failure, subject to the limitations on conversion
outlined in Sections 4(c)(i) and (ii) below (a "Conversion Failure"), provided however, the Company shall get an extension
of two Trading Days in the event that a delay occurs through no fault of the Company.

 

(iii)           
Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of
any portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the
Company unless (A) the full Conversion Amount represented by this Note is being converted or (B) the Holder has provided the Company
with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender
of this Note. The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions
or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this
Note upon conversion.

 

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(e)  
Limitations on Conversions.

 

(i)                
Beneficial Ownership. The Holder shall not have the right to convert any portion of this
Note or otherwise receive ADSs or Ordinary Shares hereunder to the extent that after giving effect to such conversion or receipt of such
ADSs or Ordinary Shares, the Holder, together with any affiliate thereof, would beneficially own (as determined in accordance with Section
13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of Ordinary Shares outstanding immediately
after giving effect to such conversion. Since the Holder will not be obligated to report to the Company the number of ADSs or Ordinary
Shares it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of ADSs representing
beneficial ownership in excess of 4.99% of the then outstanding Ordinary Shares without regard to any other ADSs or Ordinary Shares which
may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether
the restriction contained in this Section will limit any particular conversion hereunder and to the extent that the Holder determines
that the limitation contained in this Section applies, the determination of which portion of the Principal amount of this Note is convertible
shall be the responsibility and obligation of the Holder, provided however, upon the request of the Company, the Holder shall report
its holdings in ADSs and Ordinary Shares to the Company. If the Holder has delivered a Conversion Notice for a Principal amount of this
Note that, without regard to any other ADSs or Ordinary Shares that the Holder or its affiliates may beneficially own, would result in
the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion
for the maximum Principal amount permitted to be converted on such Conversion Date in accordance with Section 3(a) and any Principal
amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding under this Note. The provisions of
this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon not less than 65 days prior notice to
the Company. Other Holders shall be unaffected by any such waiver.

 

(ii)             
Principal Market Limitation. Notwithstanding anything in this Note to the contrary, the Company
shall not issue any Ordinary Shares or ADSs upon conversion of this Note, or otherwise, if the issuance of such Ordinary Shares or ADSs,
together with any Ordinary Shares or ADSs issued in connection with any related transactions that may be considered part of the same
series of transactions, would exceed the aggregate number of Ordinary Shares or ADSs that the Company may issue in a transaction in compliance
with the Company’s obligations under the rules or regulations of New York Stock Exchange (the “NYSE”) and shall
be referred to as the Exchange Cap (as defined in the Securities Purchase Agreement), except that such limitation shall not apply in
the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the NYSE for issuances
of shares in excess of such amount or (B) invokes the home country exemption and obtains a written opinion from outside counsel to the
Company, to the extent required by the NYSE, that it may follow its home country practice, and therefore, such approval is not required.
The Exchange Cap shall be appropriately adjusted for any stock dividend, stock split, reverse stock split or similar transaction.

 

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(iii)           
Sales Limitations. The Holder shall not sell such number of ADSs in any calendar month (being
the 1st of the month through the last day of the same month) that would result in gross proceeds received by the Holder in excess of
the greater of (a) 30% of the dollar trading volume of the Ordinary Shares during such calendar month, of (b) $3,290,000. This limitation
shall not apply (i) at any time after the occurrence of an Event of Default, and (ii) with respect to any sales of ADSs at prices greater
than or equal to the Fixed Conversion Price. This limitation may be waived with the consent of the Company.

 

(f)   
Other Provisions.

 

(i)                
The Company shall at all times reserve and keep available out of its authorized Ordinary Shares
the full number of Ordinary Shares issuable upon conversion of all outstanding amounts under this Note; and within five (5) Business
Days following the receipt by the Company of a Holder's notice that such minimum number of Underlying Shares is not so reserved, the
Company shall promptly reserve a sufficient number of shares to comply with such requirement.

 

(ii)             
All calculations under this Section (3) shall be rounded to the nearest $0.00001 or whole share.

 

(iii)           
Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default
pursuant to Section (2) herein for the Company’s failure to deliver certificates representing shares upon conversion within the
period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other
security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section
hereof or under applicable law.

 

(5)  
Adjustments to Conversion Price

 

(a)  
RESERVED

 

(b)  
Adjustment of Conversion Price upon Subdivision or Combination of ADSs. If the Company, at
any time while this Note is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on its
Ordinary Shares or any other equity or equity equivalent securities payable in shares which results in an increase in the number of outstanding
ADSs, (b) subdivide its outstanding Ordinary Shares or ADSs into a larger number of Ordinary Shares of ADSs, (c) combine (including by
way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of Ordinary Shares or ADSs, or (d) issue additional
Ordinary Shares or ADSs by reclassification of ADSs or Ordinary Shares or any shares of capital stock of the Company, then each of the
Fixed Conversion Price and the Floor Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares
or ADSs (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of Ordinary
Shares or ADSs outstanding after such event, provided however, the Floor Price shall not be adjusted upon any event described in subpart
(c) of this Section. Any adjustment made pursuant to this Section shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in
the case of a subdivision, combination or re-classification.

 

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(c)  
Other Events. If any event occurs of the type contemplated by the provisions of this Section
(5) but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom
stock rights or other rights with equity features, changing the number of Ordinary Shares represented by each ADS, or issuing Convertible
Securities with a variable conversion formula that is more favorable than this Note), then the Company's Board of Directors will make
an appropriate adjustment in the Conversion Price so as to protect the rights of the Holder under this Note; provided that no such adjustment
will increase the Conversion Price as otherwise determined pursuant to this Section (5).

 

(d)  
Other Corporate Events. In addition to and not in substitution for any other rights hereunder,
prior to the consummation of any Fundamental Transaction pursuant to which holders of Ordinary Shares or ADSs are entitled to receive
securities or other assets with respect to or in exchange for Ordinary Shares or ADSs (a "Corporate Event"), the Company
shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Note,
at the Holder's option, (i) in addition to the Ordinary Shares or ADSs receivable upon such conversion, such securities or other assets
to which the Holder would have been entitled with respect to such Ordinary Shares or ADSs had such shares been held by the Holder upon
the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of this Note)
or (ii) in lieu of the Ordinary Shares or ADSs otherwise receivable upon such conversion, such securities or other assets received by
the holders of Ordinary Shares or ADSs in connection with the consummation of such Corporate Event in such amounts as the Holder would
have been entitled to receive had this Note initially been issued with conversion rights for the form of such consideration (as opposed
to the Ordinary Shares or ADSs) at a conversion rate for such consideration commensurate with the Conversion Rate. Provision made pursuant
to the preceding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section shall
apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or
redemption of this Note.

 

(e)  
Whenever the Conversion Price is adjusted pursuant to Section (5) hereof, the Company shall promptly
mail to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

 

(f)   
In case of any (1) merger or consolidation of the Company or any subsidiary of the Company controlling
more than one-half of the assets of the Company with or into another Person not affiliated with the Company, or (2) sale by the Company
or any subsidiary of the Company of more than one-half of the assets of the Company in one or a series of related transactions, the Holder
shall have the right to (A) exercise any rights under Section (2)(b), (B) convert the aggregate amount of this Note then outstanding
into the shares of stock and other securities, cash and property receivable upon or deemed to be held by holders Ordinary Shares or ADSs
following such merger, consolidation or sale, and such Holder shall be entitled upon such event or series of related events to receive
such amount of securities, cash and property as the ADSs into which such aggregate Principal amount of this Note could have been converted
immediately prior to such merger, consolidation or sales would have been entitled, or (C) in the case of a merger or consolidation, require
the surviving entity to issue to the Holder a Convertible Note with a Principal amount equal to the aggregate Principal amount of this
Note then held by such Holder, plus all accrued and unpaid interest and other amounts owing thereon, which such newly issued Convertible
Note shall have terms identical (including with respect to conversion) to the terms of this Note, and shall be entitled to all of the
rights and privileges of the Holder of this Note set forth herein and the agreements pursuant to which this Notes were issued. In the
case of clause (C), the conversion price applicable for the newly issued shares of Convertible Notes shall be based upon the amount of
securities, cash and property that each Ordinary Share would receive in such transaction and the Conversion Price in effect immediately
prior to the effectiveness or closing date for such transaction. The terms of any such merger, sale or consolidation shall include such
terms so as to continue to give the Holder the right to receive the securities, cash and property set forth in this Section upon any
conversion or redemption following such event. This provision shall similarly apply to successive such events.

 

    9

     

    

 

(6)              
REISSUANCE OF THIS NOTE.

 

(a)              
Transfer. This Note may be transferred to a party affiliated with the Holder at any time
and may be transferred to a party not affiliated with the Holder only after the reasonable determination by the Company that such transfer
would not cause the Company to be out of compliance any of the requirements of the applicable securities laws and regulations. If this
Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company will forthwith issue and deliver
upon the order of the Holder a new Note (in accordance with Section (6)(d)), registered in the name of the registered transferee or assignee,
representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid interest thereof) and, if less
then the entire outstanding Principal is being transferred, a new Note (in accordance with Section (6)(d)) to the Holder representing
the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree that,
by reason of the provisions of Section (4)(d)(iii) following conversion or redemption of any portion of this Note, the outstanding Principal
represented by this Note may be less than the Principal stated on the face of this Note.

 

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note,
the Company shall execute and deliver to the Holder a new Note (in accordance with Section (6)(d)) representing the outstanding Principal.

 

(c)              
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender
hereof by the Holder at the principal office of the Company, for a new Note or Notes (in accordance with Section (6)(d)) representing
in the aggregate the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal
as is designated by the Holder at the time of such surrender.

 

(d)              
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the
terms of this Note, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new
Note, the Principal remaining outstanding (or in the case of a new Note being issued pursuant to Section 5(6)(a) or Section 5(6)(c),
the Principal designated by the Holder which, when added to the Principal represented by the other new Notes issued in connection with
such issuance, does not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes),
(iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv)
shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

 

    10

     

    

 

(7)              
NOTICES.     Any notices, consents, waivers or other communications required or permitted
to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of
(A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next
day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail.
The addresses and email addresses for such communications shall be:

 

 

	If
    to the Company, to:	COOTEK
    (CAYMAN) INC.
	 	9-11
    Floors, No.16, Lane 399, Xinlong Road, Minhang District, 

Shanghai 201101, People’s Republic
    of China

    Telephone:  +86 021 6485 6352

    Attention:  Robert Cui, CFO

    E-Mail:  ir@cootek.cn

	 	 
	If
    to the Holder:	YA
    II PN, Ltd
	 	c/o Yorkville Advisors Global, LLC

    1012 Springfield Avenue

	 	Mountainside,
    NJ 07092
	 	Attention:
    Mark Angelo
	 	Telephone:
    201-985-8300
	 	Email:  Legal@yorkvilleadvisors.com

 

or
at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice
given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given
by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service
provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service,
shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service
in accordance with clause (i), (ii) or (iii) above, respectively.

 

(8)              
Except as expressly provided herein, no provision of this Note shall alter or impair the obligations
of the Company, which are absolute and unconditional, to pay the Principal of, interest and other charges (if any) on, this Note at the
time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct obligation of the Company. As long as this
Note is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, (i) amend its
certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holder; (ii) repay, repurchase
or offer to repay, repurchase or otherwise acquire shares of its ADSs, Ordinary Shares or other equity securities; (iii) terminate its
ADS facility, or (iv) enter into any agreement with respect to any of the foregoing.

 

    11

     

    

 

(9)              
This Note shall not entitle the Holder to any of the rights of a stockholder of the Company, including
without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings
of stockholders or any other proceedings of the Company, unless and to the extent converted into ADSs in accordance with the terms hereof.

 

(10)          
This Note shall be governed by and construed in accordance with the laws of the State of New York,
without giving effect to conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Supreme Court of the State
of New York located in the City of New York, Borough of Manhattan, and the U.S. District Court for the Southern District of New
York in connection with any dispute arising under this Note and hereby waives, to the maximum extent permitted by law, any objection,
including any objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions. THE PARTIES HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON
OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE
OF THIS AGREEMENT.

 

(11)          
If the Company fails to strictly comply with the terms of this Note, then the Company shall reimburse
the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the
Holder in any action in connection with this Note, including, without limitation, those incurred: (i) during any workout, attempted workout,
and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii) collecting any
sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or
(iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

 

(12)          
Any waiver by the Holder of a breach of any provision of this Note shall not operate as or be construed
to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Holder
to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

 

(13)          
If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall
remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all
other persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable
laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate
of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or
forgive the Company from paying all or any portion of the Principal of or interest on this Note as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and the Company (to the
extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort
to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution
of every such as though no such law has been enacted.

 

    12

     

    

 

 

(14)          
CERTAIN DEFINITIONS For purposes of this Note, the following terms shall have the following meanings:

 

(a)              
“ADSs” mean American Depositary Shares, each representing 50 Ordinary Shares of the Company.

 

(b)              
"Bloomberg" means Bloomberg Financial Markets.

 

(c)              
“Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the
United States or a day on which banking institutions are authorized or required by law or other government action to close.

 

(d)              
“Change of Control Transaction” means the occurrence of (a) an acquisition after the date hereof by an individual
or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether
through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of
the voting securities of the Company (except that the acquisition of voting securities by the Holder or any other current holder of convertible
securities of the Company shall not constitute a Change of Control Transaction for purposes hereof), (b) a replacement at one time or
over time of more than one-half of the members of the board of directors of the Company (other than as due to the death or disability
of a member of the board of directors) which is not approved by a majority of those individuals who are members of the board of directors
on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination to the board
of directors was approved by a majority of the members of the board of directors who are members on the date hereof), (c) the merger,
consolidation or sale of fifty percent (50%) or more of the assets of the Company or any subsidiary of the Company in one or a series
of related transactions with or into another entity, or (d) the execution by the Company of an agreement to which the Company is a party
or by which it is bound, providing for any of the events set forth above in (a), (b) or (c). No transfer to a wholly-owned subsidiary
shall be deemed a Change of Control Transaction under this provision.

 

(e)              
“Closing Bid Price” means the price per share in the last reported trade of the ADSs on a Primary Market or
on the exchange which the ADS is then listed as quoted by Bloomberg.

 

    13

     

    

 

(f)               
“Commission” means the Securities and Exchange Commission.

 

(g)              
“Company Redemption” shall have the meaning assigned in Section (3)(a).

 

(h)              
“Company Redemption Notice” shall have the meaning assigned in Section (3)(a).

 

(i)                
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for Ordinary Shares or ADSs.

 

(j)                
“Depositary” means Deutsche Bank Trust Company Americas or its successor as the depositary for the ADS facility.

 

(k)              
“Equity Conditions Failure” means that any of the following conditions are not satisfied: (i) all applicable
ADSs issuable upon conversion of Ordinary Shares to be issued in connection with the event requiring determination shall be eligible for
sale without restriction under any applicable federal or state securities laws; (ii) the ADSs are designated for quotation on the Primary
Market and shall not have been suspended from trading on such exchange nor shall delisting or suspension by such exchange been threatened
or pending; (iii) any applicable ADSs issuable upon conversion of Ordinary Shares to be issued in connection with the event requiring
determination may be issued in full without the rules or regulations of the Primary Market; (iv) there shall not have occurred either
(A) an Event of Default or (B) an event that with the passage of time or giving of notice would constitute an Event of Default; (v) the
daily VWAP is greater than 125% of the Floor Price for each of the five (5) consecutive Trading Days immediately prior to the date of
the event requiring determination; and (vi) the Company shall have no knowledge of any fact that would cause any Ordinary Shares to be
issued in connection with the event requiring determination not to be eligible for sale without restriction under any applicable federal
or state securities laws.

 

(l)                
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(m)            
“Floor Price” means $0.50 per ADS.

 

(n)              
“Fundamental Transaction” means any of the following: (1) the Company effects any merger or consolidation
of the Company with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with a wholly
owned subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of all or substantially
all of its assets in one or a series of related transactions, (3) any tender offer or exchange offer (whether by the Company or another
Person) is completed pursuant to which holders of Ordinary Shares are permitted to tender or exchange their shares for other securities,
cash or property, or (4) the Company effects any reclassification of the Ordinary Shares or any compulsory share exchange pursuant to
which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or property.

 

    14

     

    

 

(o)              
“Optional Redemption” shall have the meaning assigned in Section (3)(c).

 

(p)              
“Optional Redemption Amount” shall have the meaning assigned in Section (3)(c).

 

(q)              
“Optional Redemption Notice” shall have the meaning assigned in Section (3)(c).

 

(r)               
“Ordinary Shares” means the Company's shares of class A ordinary shares, par value $0.00001 per share, and any
capital stock into which such shares shall have been changed or any share capital resulting from a reclassification of such ordinary shares.

 

(s)               
“Other Notes” means any other Notes issued pursuant to the Securities Purchase Agreement and any other notes,
debentures, or other instruments issued in exchange, replacement, or modification of the foregoing.

 

(t)                
“Payment Premium” means 8% of the Principal amount of each Redemption as set forth in the Redemption Schedule.

 

(u)              
“Person” means a corporation, an association, a partnership, organization, a business, an individual, a government
or political subdivision thereof or a governmental agency.

 

(v)              
“Primary Market” means the NYSE and any successor to any of the foregoing markets or exchanges.

 

(w)            
“Redemption Amount” means the total of the amount of Principal, Interest, and Payment Premium set out under
the column ‘Redemption Amount” in the Redemption Schedule.

 

(x)              
“Redemption Date” means the first date of each calendar month beginning on June 1, 2021 and continuing thereafter
through January 2022.

 

(y)              
“Redemption Notice Due Date” shall have the meaning assigned in Section (3)(a).

 

(z)              
“Redemption Premium” means 15% of the Principal amount being redeemed.

 

(aa)           
“Redemption Schedule” means the schedule of redemptions as set out on Exhibit I, or such other schedule of repayments
as the parties may agree in writing from time to time.

 

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

 

    15

     

    

 

(cc)           
“Trading Day” means a day on which the ADSs are quoted or traded on a Primary Market on which the shares are
then quoted or listed; provided, that in the event that the ADSs are not listed or quoted, then Trading Day shall mean a Business Day.

 

(dd)          
“Transaction Document(s)” shall mean this Note, along with the Securities Purchase Agreement, and any other
documents or agreements entered into in connection with the foregoing.

 

(ee)           
“Underlying Shares” means the Ordinary Shares or ADSs issuable upon conversion of this Note in accordance with
the terms hereof.

 

(ff)             
“Underlying Shares Registration Statement” means a registration statement meeting the requirements set forth
in the Securities Purchase Agreement, covering among other things the issuance of the Note and the sale of the Underlying Shares by the
Holder.

 

(gg)          
“VWAP” means, for the ADSs as of any date, the daily dollar volume-weighted average price for such security
on the Primary Market as reported by Bloomberg through its “Historical Prices – Px Table with Average Daily Volume”
functions, or, if no dollar volume-weighted average price is reported for such security by Bloomberg.

 

[Signature Page Follows]

 

    16

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Convertible Note to be duly executed by a duly authorized officer as of the date
set forth above.

 

	 	COMPANY:
	 	COOTEK (CAYMAN) INC.
	 	   
	 	By:	/s/ Karl Kan Zhang
	 	Name:	Karl Kan Zhang
	 	Title:	Chairman of the Board of Directors and Chief Technology Officer

 

     

     

    

 

EXHIBIT I

REDEMPTION SCHEUDLE(1)

 

	 	 	Principal	 	 	Payment	 	 	 	 	 	Redemption	 
	Redemption Date	 	Amount	 	 	Premium	 	 	Interest(2)	 	 	Amount	 
	June 1, 2021	 	$	2,000,000	 	 	$	160,000	 	 	$	166,667	 	 	$	2,326,667	 
	July 1, 2021	 	$	2,000,000	 	 	$	160,000	 	 	$	75,000	 	 	$	2,235,000	 
	August 1, 2021	 	$	2,000,000	 	 	$	160,000	 	 	$	66,667	 	 	$	2,226,667	 
	September 1, 2021	 	$	250,000	 	 	$	20,000	 	 	$	58,333	 	 	$	328,333	 
	October 1, 2021	 	$	1,500,000	 	 	$	120,000	 	 	$	57,292	 	 	$	1,677,292	 
	November 1, 2021	 	$	1,225,000	 	 	$	98,000	 	 	$	51,042	 	 	$	1,374,042	 
	December 1, 2021	 	$	1,225,000	 	 	$	98,000	 	 	$	45,938	 	 	$	1,368,938	 
	January 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	40,833	 	 	$	1,363,833	 
	February 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	35,729	 	 	$	1,358,729	 
	March 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	30,625	 	 	$	1,353,625	 
	April 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	25,521	 	 	$	1,348,521	 
	May 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	20,417	 	 	$	1,343,417	 
	June 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	15,313	 	 	$	1,338,313	 
	July 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	10,208	 	 	$	1,333,208	 
	August 1, 2022	 	$	1,225,000	 	 	$	98,000	 	 	$	5,104	 	 	$	1,328,104	 
	 	 	$	20,000,000	 	 	$	1,600,000	 	 	$	704,688	 	 	$	22,304,688	 

 

		(1)	The amounts shown in the table below shall be subject to adjustment in accordance with Section (3)(a)
to reflect the conversion or redemption otherwise effected pursuant to this Convertible Note contemporaneous with or prior to the scheduled
redemption provided in the schedule.

 

		(2)	Note: Interest is estimated and will be calculated based on the actual accrued and unpaid interest as
of each Redemption Date.

 

     

     

    

 

EXHIBIT II

 

COMPANY REDEMPTION NOTICE

 

Date: [__________]

 

VIA E-MAIL: trading@yorkvilleadvisors.com and [_______________]

 

This
letter shall serve as Company Redemption Notice by CooTek (Cayman) Inc, (“Company”) in accordance with Section (3)(a)
of the Convertible Note issued to YA II PN, Ltd. (the “Holder”) on March 19, 2021, as amended and restated on
October 29, 2021 (the “Note”). Unless otherwise specified, capitalized terms used in this letter shall have the meaning
assigned to them in the Note.

 

	Note Number:	CTK-2
	Applicable Redemption Date:	[_______________]
	                  Principal Amount:	[$______________]
	                 Payment Premium:	[$______________]
	                                    Interest:	[$______________]
	Total Redemption Amount:	[$______________]

 

The Company hereby elects the following in respect
of the above referenced Redemption Amount:

 

		__	The applicable Redemption Amount may be converted by the Holder in whole, or in part, pursuant Section
4(c) anytime after the applicable Redemption Date; or

 

		___	The Company elects to redeem in cash the applicable Redemption Amount pursuant to a Company Repayment.[1]

 

	 	Sincerely,
	 	 
	 	Authorised Signatory,

 

 

1 If the Company elects a Company
Redemption, then the Redemption Amount which is to be paid to the Holder on the applicable Redemption Date shall be repaid by the Company
on or before such Redemption Date, and the Company shall pay to the Holder on or before such Redemption Date, by wire transfer of immediately
available funds, in an amount in cash equal to the Redemption Amount. If the Company fails to redeem the full Redemption Amount on the
applicable Redemption Date, then the Company shall be deemed to have delivered a Company Redemption Notice confirming that the unpaid
portion of the applicable Redemption Amount may be converted by the Holder at the lower of the Fixed Conversion Price or the Variable
Conversion Price.

 

     

     

    

 

EXHIBIT III

CONVERSION NOTICE

 

(To be executed by the Holder in order
to convert the Note)

 

Via Email

 

	TO:	COOTEK (CAYMAN) INC.
	 	 
	 	9-11 Floors, No.16, Lane 399, Xinlong Road, Minhang District, Shanghai 201101, People’s Republic of China
	 	Attention: Robert Cui, CFO; Yeting Cai, General Legal Counsel
	 	E-Mail: robert.cui@cootek.cn; yeting.cai@cootek.cn

 

	CC:	Deutsche Bank Trust Company Americas, as Depositary
	 	 
	 	60 Wall Street
	 	New York, NY 10005
	 	United States of America
	 	Fax: +1-732-544-6346, Email: adr@db.com

 

The undersigned registered
holder of Note No. CTK-2 (the “Note”) hereby irrevocably elects to convert the Note or a portion of the outstanding
and unpaid Conversion Amount of the Note into Class A Ordinary Shares of COOTEK (CAYMAN) INC. (the “Company”) to be deposited
by the Company with the Depositary for the issuance of American Depositary Shares (“ADSs”) in accordance with the conditions
stated in the Note and the delivery instructions below. The ADSs will be issued pursuant to the terms and conditions of the Deposit Agreement
dated as of September 27, 2018, among the Company, the Depositary, and holders and beneficial owners from time to time of ADSs issued
thereunder (as amended from time to time, the “Deposit Agreement”).

 

In connection with the conversion
of the Note, or the portion hereof below designated, the undersigned acknowledges, represents to and agrees with the Company and the Depositary
that the undersigned is not an “affiliate” (as defined in Rule 144 under the Securities Act of 1933) of the Company and has
not been an “affiliate” (as defined in Rule 144 under the Securities Act of 1933) of the Company during the three months immediately
preceding the date hereof.

 

The undersigned acknowledges
that the undersigned (and any such other account) may not continue to hold or retain any interest in ADSs if the undersigned (or such
other account) becomes an “affiliate” (as defined in Rule 144 under the Securities Act of 1933) of the Company.

 

     

     

    

 

The undersigned confirms the
following conversion information:

 

	Conversion Date:	 
	Principal Amount to be Converted:	 
	Payment Amount (if applicable):	 
	Accrued Interest to be Converted:	 
	Total Conversion Amount to be converted:	 
	Fixed Conversion Price: 	 
	Variable Conversion Price (if applicable): 	 
	Conversion Price: 	 
	Number of ADSs to be issued:	 
	 	 
	
    Upon
confirmation by the Company to the Depositary of the above information, the undersigned instructs the Depositary to deliver the
above noted Number of ADSs to the following account:

     

	Issue to:	
	 	 
	Authorized Signature:	
	Name:	
	Title:	
	Broker DTC Participant Code:	
	
    Account Number: 

     
	 
	 	 	 

	Dated: 		 	
	 	 	 	Signature(s) 	
	 	 	 	 

 

	 	 	
     NOTICE: The above signature(s) of the Holder(s) hereof must
correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

	 	 	 
	 	 	
     Social Security or Other Taxpayer

Identification Number

 

     

     

    

 

EXHIBIT II

MODIFICATIONS TO THE NOTE

 

    

     

    

	
	COOTEK (CAYMAN) INC.
CONVERTIBLE NOTE
Principal Amount:  $20,000,000
Note Issuance Date:  March 19, 2021
Amended and Restated on: October 29, 2021
Note Number: CTK-2
FOR  VALUE  RECEIVED,  COOTEK  (CAYMAN)  INC.,  a  Cayman  Island
corporation  (the  "Company"),  hereby  promises  to  pay  to  the  order  of  YA  II  PN,  Ltd.,  or  its
registered assigns (the "Holder") the amount set out above as the Principal Amount (as reduced
pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "Principal")
when  due,  whether  upon  the  Maturity  Date  (as  defined  below),  acceleration,  redemption  or
otherwise (in each case in accordance with the terms hereof) and to pay interest ("Interest") on any
outstanding  Principal  at  the  applicable  Interest  Rate  from  the  date  set  out  above  as  the  Note
Issuance Date (the "Issuance Date") until the same becomes due and payable, whether upon a the
Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance
with the terms hereof). This Convertible Note (including all notes issued in exchange, transfer or
replacement  hereof,  this  "Note")  was  originally  issued  pursuant  to  the  Securities  Purchase
Agreement dated March 19, 2021 (the “Securities Purchase Agreement”) between the Company
and the Buyers listed on the Schedule of Buyers attached thereto, and was amended and restated
on October 29, 2021.  Certain capitalized terms used herein are defined in Section (14).
(1) GENERAL TERMS
(a) Maturity Date. On the Maturity Date, the Company shall pay to the
Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and
any other amounts outstanding pursuant to the terms of this Note. The "Maturity Date" shall be
March 19, 2022August 31, 2022, or as may be extended at the option of the Holder as contemplated
upon an Event of Default. Other than as specifically permitted by this Note, the Company may not
prepay or redeem any portion of the outstanding Principal and accrued and unpaid Interest, and
the Holder may not require the payment of Interest prior to the Maturity Date.
(b) Interest Rate and Payment of Interest. Interest shall accrue on the
outstanding Principal balance hereof at an annual rate equal to 5 % (“Interest Rate”), which Interest
Rate shall increase to an annual rate of 15% for the remainder of the term for so long as any Event
of Default remains uncured. Interest shall be calculated on the basis of a 365-day year and the
actual number of days elapsed, to the extent permitted by applicable law. For the avoidance of
doubt, no Interest shall accrue on the Principal balance that is not outstanding at the Maturity Date.
(c) Triggering Event.  If, any time after the Issuance Date, and from time to
time thereafter, the daily VWAP is less than the Floor Price for a period of 5 consecutive Trading
Days (each such occurrence, a “Triggering Event”), then the Interest Rate shall increase to an
annual rate of 15%. The Interest Rate shall return to the rate set forth in Clause 1(b) if any time 

	
	2
after  a  Triggering  Event  the  daily  VWAP  is  greater  than  the  Floor  Price  for  a  period  of  5
consecutive Trading Days, unless a subsequent Triggering Event occurs.
(2) EVENTS OF DEFAULT.
(a) An “Event of Default”, wherever used herein, means any one of the
following events (whatever the reason and whether it shall be voluntary or involuntary or effected
by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule
or regulation of any administrative or governmental body):
(i) the Company's failure to pay to the Holder any amount of
Principal, Interest, or other amounts when and as due under this Note or any other Transaction
Document within five (5) Business Days after such payment is due;
(ii) The  Company  or  any  subsidiary  of  the  Company  shall
commence, or there shall be commenced against the Company or any subsidiary of the Company
under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor
thereto, or the Company or any subsidiary of the Company commences any other proceeding under
any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or
liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the
Company or any subsidiary of the Company or there is commenced against the Company or any
subsidiary of the Company any such bankruptcy, insolvency or other proceeding which remains
undismissed  for  a  period  of  61  days;  or  the  Company  or  any  subsidiary  of  the  Company  is
adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or
proceeding is entered; or the Company or any subsidiary of the Company suffers any appointment
of any custodian, private or court appointed receiver or the like for it or any substantial part of its
property which continues undischarged or unstayed for a period of sixty one (61) days; or the
Company  or  any  subsidiary  of  the  Company  makes  a  general  assignment  for  the  benefit  of
creditors; or the Company or any subsidiary of the Company shall fail to pay, or shall state that it
is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company
or any subsidiary of the Company shall call a meeting of its creditors with a view to arranging a
composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the
Company  shall  by  any  act  or  failure  to  act  expressly  indicate  its  consent  to,  approval  of  or
acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or
any subsidiary of the Company for the purpose of effecting any of the foregoing;
(iii) The ADSs shall cease to be quoted or listed for trading, as
applicable, on any Primary Market for a period of 10 consecutive Trading Days;
(iv) The Company or any subsidiary of the Company shall be a
party to any Change of Control Transaction (as defined in Section (14)) unless in connection with
such Change of Control Transaction this Note is retired;
(v) the Company's (A) failure to cure a Conversion Failure by
delivery  of  the  required  number  of  ADSs  within  five  (5)  Business  Days  after  the  applicable
Conversion Failure or (B) notice, written or oral, to any holder of the Notes, including by way of
public announcement, at any time, of its intention not to comply with a request for conversion of 

	
	3
any Notes into Ordinary Shares, the deposit of such Ordinary Shares with the Depositary and the
issuance of the ADSs representing such Ordinary Shares that are tendered in accordance with the
provisions of the Notes, other than pursuant to Section (5)(d);
(vi) The  Company  shall  fail  to  observe  or  perform  any  other
material covenant, agreement or warranty contained in, or otherwise commit any material breach
or default of any provision of this Note (except as may be covered by Section (2)(a)(i) through
(2)(a)(viii) hereof) or any Transaction Document (as defined in Section (14)) which is not cured
within the time prescribed.
(vii) The depositary agreement between the Depositary and the
Company shall be amended or changed in any manner that is materially disadvantageous to ADS
holders in general or to the Holder, or such agreement, or the ADS facility, is terminated.
(viii) any Event of Default (as defined in the Other Notes) occurs
with respect to any Other Notes.
(b) During the time that any portion of this Note is outstanding, if any
Event of Default has occurred and is continuing, the full unpaid Principal amount of this Note,
together with interest and other amounts owing in respect thereof, to the date of acceleration shall
become at the Holder's election, immediately due and payable in cash.  Furthermore, in addition
to any other remedies, the Holder shall have the right (but not the obligation) to convert this Note
(subject to the beneficial ownership limitations set out in Section (4)(e)) at any time after (x) an
Event of Default (provided that such Event of Default is continuing) or (y) the Maturity Date at
the  Conversion  Price.  The  Holder  need  not  provide  and  the  Company  hereby  waives  any
presentment, demand, protest or other notice of any kind, (other than required notice of conversion)
and the Holder may immediately enforce any and all of its rights and remedies hereunder and all
other  remedies  available  to  it  under  applicable  law.  Such  declaration  may  be  rescinded  and
annulled by Holder at any time prior to payment hereunder. No such rescission or annulment shall
affect any subsequent Event of Default or impair any right consequent thereon.
(3) REDEMPTIONS
(a) Monthly  Principal  Cash  Redemptions.  The  Company  shall,  at  its
own option, (i) redeem in cash each Redemption Amount (as defined in Section (14)) set forth on
the  Redemption  Schedule  (as  defined  in  Section  (14))  (a  “Company  Redemption”)  on  each
applicable Redemption Date (as defined in Section (14)), subject to the provisions of Section (3)(a)
and (3)(b), (ii) allow such Redemption Amount to be Converted by the Holder in accordance with
Section (4)(c), or (iii) redeem in a combination of cash and ADSs. On or prior to the date which is
the third (3rd) Trading  Day prior to  each Redemption Date (each, a “Redemption Notice Due
Date”), the Company shall deliver written notice in the form attached hereto as Exhibit II (each,
an “Company Redemption Notice”) to the Holder which Company Redemption Notice shall either:
(i) confirm that the applicable Redemption Amount may be converted by the Holder in whole, or
in part, pursuant Section (4)(c) anytime after the applicable Redemption Date; or (ii) state that the
Company  elects  to  redeem,  in  whole  or  in  part,  the  applicable  Redemption  Amount  in  cash
pursuant  to  a  Company  Redemption.  If  the  Company  does  not  timely  deliver  a  Company
Redemption Notice in accordance with this Section (3)(a), then the Company shall be deemed to 

	
	4
have delivered a Company Redemption Notice confirming that the applicable Redemption Amount
may be converted by the Holder in accordance with Section (4)(c). Notwithstanding the foregoing,
(i) in the event that there is an Equity Conditions Failure with respect to the conversion in full of
a Redemption Amount then the Company shall be required to redeem in cash the portion of the
applicable Redemption Amount that would be subject to an Equity Conditions Failure, and (ii) in
the event that the daily VWAP on each of the five consecutive Trading Days immediately prior to
the Redemption Date exceeds a price equal to 108% of the Fixed Conversion Price and no Equity
Conditions Failure has occurred during such period then no cash redemption shall be due on such
Redemption Date.  The amounts of any conversions made by the Holder at the Fixed Conversion
Price, or pursuant to Section 4(c)(ii) hereof, or any Optional Redemptions made by the Company
pursuant to this Note contemporaneous with or prior to any Redemption Date shall have the effect
of  adjusting  the  Redemption  Schedule  by  reducing  the  Redemption  Amount  of  each  payment
coming due by a pro rata amount.
(b) Company  Redemption.  If  the  Company  elects  a  Company
Redemption in cash in accordance with Section (3)(a), then the Redemption Amount which is to
be paid to the Holder on the applicable Redemption Date shall be paid by the Company on or
before such Redemption Date, by wire transfer of immediately available funds, in an amount in
cash  equal  to  the  Redemption  Amount.  If  the  Company  fails  to  redeem  the  full  Redemption
Amount on the applicable Redemption Date, then the Company shall be deemed to have delivered
a Company Redemption Notice confirming that the unpaid portion of the applicable Redemption
Amount may be converted by the Holder.
(c) Company Additional Early Redemption. The Company shall have
the right, but not the obligation, to redeem (“Optional Redemption”) early in cash a portion or all
amounts outstanding under this Note as described in this Section; provided that (i) the Company
provides  the  Holder  with  at  least  10  Business  Days’  prior  written  notice  (each,  a  “Optional
Redemption Notice”) of its desire to exercise an Optional Redemption, and (ii) the trading price
of the ADS is less than the Fixed Conversion Price at the time of the delivery of the Optional
Redemption Notice. Each Optional Redemption Notice shall be irrevocable and shall specify the
outstanding balance of the Convertible Debentures to be redeemed and the applicable Redemption
Amount. The “Optional Redemption Amount” shall be equal to the outstanding Principal balance
being redeemed by the Company times the Redemption Premium, plus all accrued and unpaid
interest.  On  the  11th Business  Day  after  the  Optional  Redemption  Notice,  the  Company  shall
deliver  to  the  Holder  the  Optional  Redemption  Amount  with  respect  to  the  Principal  amount
redeemed after giving effect to conversions effected pursuant to the terms of this Note during the
10 Business Day period.
(4) CONVERSION OF NOTE.  This  Note  shall  be  convertible  into  the
Company's  Ordinary  Shares,  which  would  be  deposited  for  delivery  of  ADSs  so  long  as  the
conversion is effected pursuant to an effective registration statement or in compliance with Rule
144 promulgated under the Securities Act, on the terms and conditions set forth in this Section (4).
(a) Conversion Right.  Subject to the limitations of Section (4)(e), at
any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion
of  the  outstanding  and  unpaid  Conversion  Amount  (as  defined  below)  into  fully  paid  and
nonassessable Ordinary Shares in accordance with Section (4)(b) and (4)(c), at the Conversion 

	
	5
Rate (as defined below). The Company will deposit such Ordinary Shares and cause the delivery
of ADSs to the Holder. The number of ADSs issuable upon conversion of any Conversion Amount
pursuant to this Section (4)(a) shall be determined by dividing (x) such Conversion Amount by (y)
the Conversion Price (the "Conversion Rate") and the underlying Ordinary Shares to be issued
shall be determined by multiplying the resulting number of ADSs by the then applicable Ordinary
Share-to-ADS conversion ratio, which is set at one (1) ADS representing fifty (50) Ordinary Shares
as  of  the  date  hereof.  No  fraction  of  an  ADS  will  be  delivered  upon  any  conversion.  All
calculations under this Section (3) shall be rounded to the nearest $0.0001. If the issuance would
result in the issuance of a fraction of an ADS, the Company shall round such fraction of a share
up to the nearest whole share. The Company shall bear all transfer, stamp and similar taxes that
may  be  payable  with  respect  to  the  issuance  and  delivery  of  shares  upon  conversion  of  any
Conversion Amount as well as any conversion or issuance  fees of the Depositary in respect of the
ADSs.
(i) "Conversion  Amount"  means  the  portion  of  the  Principal,
accrued Interest, and Premium Payment (if applicable) to be converted, redeemed or otherwise
with respect to which this determination is being made.
(ii) "Conversion Price" means, as of any Conversion Date (as
defined below) or other date of determination (A) with respect to a Conversion pursuant to Section
(4)(b), $3.005.00 per ADS (the “Fixed Conversion Price”), and (B) with respect to a Conversion
pursuant to Section (2)(b) or Section (4)(c), the lower of (i) the Fixed Conversion Price, or (ii)
100% of the lowest daily VWAP during the 10 consecutive Trading Days immediately preceding
the Conversion Date (the “Variable Conversion Price”), but not lower than the Floor Price. The
Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of
this Note.
(b) The Holder may at any time and from time to time, elect to convert
any Principal amount which is outstanding, and any accrued and unpaid interest, at a Conversion
Price equal to the Fixed Conversion Price by serving a Conversion Notice on the Company in
accordance with Section (4)(d).
(c) Conversions at the Variable Conversion Price.
(i) Only inIn respect of any Redemption Amount subject to a
Company Redemption Notice confirming (or deemed to pursuant to Section (3)(a) or (3)(b)) that
the applicable Redemption Amount may be converted by the Holder,  may the Holder may, at
any time and from time to time after such applicable Redemption Date, convert a Conversion
Amount up to the applicable Redemption Amount (or any portion thereof) at a Conversion Price
based on the Variable Conversion Price by serving a Conversion Notice on the Company, and
subject to, and in accordance with, Section (4)(d).
(i)(ii) In addition to clause 4(c)(i), the Holder may, at its option,
convert an additional amount per month equal to $1,000,000 of Principal, plus accrued and unpaid
interest thereon, plus the applicable Payment Premium at a Conversion Price based on the Variable
Conversion  Price  by  serving  a  Conversion  Notice  on  the  Company,  and  subject  to,  and  in 

	
	6
accordance with, Section 4(d) of the  if the Variable Conversion Price for such conversions are
$2.00 or greater.
(c)(d) Mechanics of Conversion.
(i) Optional Conversion.  To convert any Conversion Amount
into Ordinary Shares to be converted into ADSs on any date (a "Conversion Date"), the Holder
shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York
Time, on such date, a copy of an executed notice of conversion in the form attached hereto as
Exhibit III (the "Conversion Notice") to the Company and the Depositary, and (B) if required by
Section (4)(d)(iii), surrender this Note to a nationally recognized overnight delivery service for
delivery  to  the  Company  (or  an  indemnification  undertaking  reasonably  satisfactory  to  the
Company with respect to this Note in the case of its loss, theft or destruction). On or before the
third Business Day  following  the  date  of receipt of a Conversion  Notice (the "Share  Delivery
Date"), the Company shall (X) if legends are not required to be placed on the ADS certificates and
provided that the Depositary is participating in the Depository Trust Company's ("DTC") Fast
Automated  Securities  Transfer  Program,  issue  and  deposit  Ordinary  Shares  and  instruct  the
Depositary to credit the ADSs to the Holder's or its designee's balance account with DTC through
its Deposit Withdrawal and Custodian system, as specified in the Conversion Notice or (Y) if the
Depositary is not participating in the DTC Fast Automated Securities Transfer Program, issue and
deposit Ordinary Shares and instruct the Depositary to deliver to the address as specified in the
Conversion  Notice,  a  certificate,  registered  in  the  name  of  the  Holder  or  its  designee,  for  the
number of ADSs specified in the Conversion Notice.  If this Note is physically surrendered for
conversion and the outstanding Principal of this Note is greater than the Principal portion of the
Conversion Amount being converted, then the Company shall as soon as practicable and in no
event later than five (5) Business Days after receipt of this Note and at its own expense, issue and
deliver to the holder a new Note representing the outstanding Principal not converted.  The Person
or Persons entitled to receive ADSs issuable upon a conversion of this Note shall be treated for all
purposes as the record holder or holders of such ADSs upon the transmission of a Conversion
Notice.
(ii) Company's Failure to Timely Convert.  If within three (3)
Trading Days after the Company's receipt of a Conversion Notice and any other documentation
required by the Depositary, the Company shall fail to issue and deliver a certificate to the Holder
or credit the Holder's balance account with DTC for the number of ADSs to which the Holder is
entitled upon such holder's conversion of any Conversion Amount, such event shall constitute a
conversion failure, subject to the limitations on conversion outlined in Sections 4(c)(i) and (ii)
below (a "Conversion Failure"), provided however, the Company shall get an extension of two
Trading Days in the event that a delay occurs through no fault of the Company.
(iii) Book-Entry.  Notwithstanding  anything  to  the  contrary  set
forth herein, upon conversion of any portion of this Note in accordance with the terms hereof, the
Holder shall not be required to physically surrender this Note to the Company unless (A) the full
Conversion Amount represented by this Note is being converted or (B) the Holder has provided
the Company with prior written notice (which notice may be included in a Conversion Notice)
requesting  reissuance  of  this  Note  upon  physical  surrender  of  this  Note.    The  Holder  and  the
Company shall maintain records showing the Principal and Interest converted and the dates of such 

	
	7
conversions  or  shall  use  such  other  method,  reasonably  satisfactory  to  the  Holder  and  the
Company, so as not to require physical surrender of this Note upon conversion.
(d)(e) Limitations on Conversions.
(i) Beneficial Ownership.  The Holder shall not have the right
to convert any portion of this Note or otherwise receive ADSs or Ordinary Shares hereunder to the
extent that after giving effect to such conversion or receipt of such ADSs or Ordinary Shares, the
Holder, together with any affiliate thereof, would beneficially own (as determined in accordance
with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99%
of the number of Ordinary Shares outstanding immediately after giving effect to such conversion.
Since the Holder will not be obligated to report to the Company the number of ADSs or Ordinary
Shares it may hold at the time of a conversion hereunder, unless the conversion at issue would
result in the issuance of ADSs representing beneficial ownership in excess of 4.99% of the then
outstanding Ordinary Shares without regard to any other ADSs or Ordinary Shares which may be
beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and
obligation to determine whether the restriction contained in this Section will limit any particular
conversion hereunder and to the extent that the Holder determines that the limitation contained in
this Section applies, the determination of which portion of the Principal amount of this Note is
convertible shall be the responsibility and obligation of the Holder, provided however, upon the
request of the Company, the Holder shall report its holdings in ADSs and Ordinary Shares to the
Company.  If the Holder has delivered a Conversion Notice for a Principal amount of this Note
that, without regard to any other ADSs or Ordinary Shares that the Holder or its affiliates may
beneficially own, would result in the issuance in excess of the permitted amount hereunder, the
Company shall notify the Holder of this fact and shall honor the conversion for the maximum
Principal amount permitted to be converted on such Conversion Date in accordance with Section
3(a) and any Principal amount tendered for conversion in excess of the permitted amount hereunder
shall remain outstanding under this Note.  The provisions of this Section may be waived by a
Holder (but only as to itself and not to any other Holder) upon not less than 65 days prior notice
to the Company. Other Holders shall be unaffected by any such waiver.
(ii) Principal  Market  Limitation.  Notwithstanding  anything  in
this  Note  to  the  contrary,  the  Company  shall  not  issue  any  Ordinary  Shares  or  ADSs  upon
conversion of this Note, or otherwise, if the issuance of such Ordinary Shares or ADSs, together
with any Ordinary Shares or ADSs issued in connection with any related transactions that may be
considered part of the same series of transactions, would exceed the aggregate number of Ordinary
Shares or ADSs that the Company may issue in a transaction in compliance with the Company’s
obligations under the rules or regulations of New York Stock Exchange (the “NYSE”) and shall
be referred to as the Exchange Cap (as defined in the Securities Purchase Agreement), except that
such  limitation  shall  not  apply  in  the  event  that  the  Company  (A)  obtains  the  approval  of  its
stockholders as required by the applicable rules of the NYSE for issuances of shares in excess of
such  amount  or  (B)  invokes  the  home  country  exemption  and  obtains  a  written  opinion  from
outside counsel to the Company, to the extent required by the NYSE, that it may follow its home
country  practice,  and  therefore,  such  approval  is  not  required.  The  Exchange  Cap  shall  be
appropriately adjusted for any stock dividend, stock split, reverse stock split or similar transaction. 

	
	8
(iii) Sales Limitations. The Holder shall not sell such number of
ADSs in any calendar month (being the 1st of the month through the last day of the same month)
that would result in gross proceeds received by the Holder in excess of the greater of (a) 30% of
the dollar trading volume of the Ordinary Shares during such calendar month, of (b) $3,290,000.
This limitation shall not apply (i) at any time after the occurrence of an Event of Default, and (ii)
with respect to any sales of ADSs at prices greater than or equal to the Fixed Conversion Price.
This limitation may be waived with the consent of the Company.
(e)(f) Other Provisions.
(i) The Company shall at all times reserve and keep available
out of its authorized Ordinary Shares the full number of Ordinary Shares issuable upon conversion
of all outstanding amounts under this Note; and within five (5) Business Days following the receipt
by the Company of a Holder's notice that such minimum number of Underlying Shares is not so
reserved, the Company shall promptly reserve a sufficient number of shares to comply with such
requirement.
(ii) All calculations under this Section (3) shall be rounded to
the nearest $0.00001 or whole share.
(iii) Nothing herein shall limit a Holder's right to pursue actual
damages or declare an Event of Default pursuant to Section (2) herein for the Company’s failure
to deliver certificates representing shares upon conversion within the period specified herein and
such Holder shall have the right to pursue all remedies available to it at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief, in each case without
the need to post a bond or provide other security. The exercise of any such rights shall not prohibit
the  Holder  from  seeking  to  enforce  damages  pursuant  to  any  other  Section  hereof  or  under
applicable law.
(5) Adjustments to Conversion Price
(a) RESERVED
(b) Adjustment of Conversion Price upon Subdivision or Combination of
ADSs.  If the Company, at any time while this Note is outstanding, shall (a) pay a stock dividend
or otherwise make a distribution or distributions on its Ordinary Shares or any other equity or
equity  equivalent  securities  payable  in  shares  which  results  in  an  increase  in  the  number  of
outstanding ADSs, (b) subdivide its outstanding Ordinary Shares or ADSs into a larger number of
Ordinary  Shares  of  ADSs,  (c)  combine  (including  by  way  of  reverse  share  split)  outstanding
Ordinary  Shares  or  ADSs  into  a  smaller  number  of  Ordinary  Shares  or  ADSs,  or  (d) issue
additional Ordinary Shares or ADSs by reclassification of ADSs or Ordinary Shares or any shares
of capital stock of the Company, then each of the Fixed Conversion Price and the Floor Price shall
be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares or ADSs
(excluding treasury shares, if any) outstanding before such event and of which the denominator
shall be the number of Ordinary Shares or ADSs outstanding after such event, provided however,
the Floor Price shall not be adjusted upon any event described in subpart (c) of this Section. Any
adjustment made pursuant to this Section shall become effective immediately after the record date 

	
	9
for the determination of stockholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or
re-classification.
(c) Other  Events.    If  any  event  occurs  of  the  type  contemplated  by  the
provisions of this Section (5) but not expressly provided for by such provisions (including, without
limitation,  the  granting  of  stock  appreciation  rights,  phantom  stock  rights  or  other  rights  with
equity features, changing the number of Ordinary Shares represented by each ADS, or issuing
Convertible Securities with a variable conversion formula that is more favorable than this Note),
then the Company's Board of Directors will make an appropriate adjustment in the Conversion
Price so as to protect the rights of the Holder under this Note; provided that no such adjustment
will increase the Conversion Price as otherwise determined pursuant to this Section (5).
(d) Other Corporate Events.  In addition to and not in substitution for any
other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to
which holders of Ordinary Shares or ADSs are entitled to receive securities or other assets with
respect to or in exchange for Ordinary Shares or ADSs (a "Corporate Event"), the Company shall
make appropriate provision to ensure that the Holder will thereafter have the right to receive upon
a conversion of this Note, at the Holder's option, (i) in addition to the Ordinary Shares or ADSs
receivable upon such conversion, such securities or other assets to which the Holder would have
been entitled with respect to such Ordinary Shares or ADSs had such shares been held by the
Holder  upon  the  consummation  of  such  Corporate  Event  (without  taking  into  account  any
limitations or restrictions on the convertibility of this Note) or (ii) in lieu of the Ordinary Shares
or ADSs otherwise receivable upon such conversion, such securities or other assets received by
the holders of Ordinary Shares or ADSs in connection with the consummation of such Corporate
Event in such amounts as the Holder would have been entitled to receive had this Note initially
been issued with conversion rights for the form of such consideration (as opposed to the Ordinary
Shares or ADSs) at a conversion rate for such consideration commensurate with the Conversion
Rate.    Provision  made  pursuant  to  the  preceding  sentence  shall  be  in  a  form  and  substance
satisfactory to the Required Holders.  The provisions of this Section shall apply similarly and
equally to successive Corporate Events and shall be applied without regard to any limitations on
the conversion or redemption of this Note.
(e) Whenever  the  Conversion  Price  is  adjusted  pursuant  to  Section  (5)
hereof, the Company shall promptly mail to the Holder a notice setting forth the Conversion Price
after such adjustment and setting forth a brief statement of the facts requiring such adjustment.
(f) In  case  of  any  (1)  merger  or  consolidation  of  the  Company  or  any
subsidiary of the Company controlling more than one-half of the assets of the Company with or
into another Person not affiliated with the Company, or (2) sale by the Company or any subsidiary
of the Company of more than one-half of the assets of the Company in one or a series of related
transactions, the Holder shall have the right to (A) exercise any rights under Section (2)(b), (B)
convert the aggregate amount of this Note then outstanding into the shares of stock and other
securities, cash and property receivable upon or deemed to be held by holders Ordinary Shares or
ADSs following such merger, consolidation or sale, and such Holder shall be entitled upon such
event or series of related events to receive such amount of securities, cash and property as the
ADSs  into  which  such  aggregate  Principal  amount  of  this  Note  could  have  been  converted 

	
	10
immediately prior to such merger, consolidation or sales would have been entitled, or (C) in the
case of a merger or consolidation, require the surviving entity to issue to the Holder a Convertible
Note with a Principal amount equal to the aggregate Principal amount of this Note then held by
such Holder, plus all accrued and unpaid interest and other amounts owing thereon, which such
newly issued Convertible Note shall have terms identical (including with respect to conversion) to
the terms of this Note, and shall be entitled to all of the rights and privileges of the Holder of this
Note set forth herein and the agreements pursuant to which this Notes were issued. In the case of
clause (C), the conversion price applicable for the newly issued shares of Convertible Notes shall
be based upon the amount of securities, cash and property that each Ordinary Share would receive
in such transaction and the Conversion Price in effect immediately prior to the effectiveness or
closing date for such transaction. The terms of any such merger, sale or consolidation shall include
such terms so as to continue to give the Holder the right to receive the securities, cash and property
set forth in this Section upon any conversion or redemption following such event. This provision
shall similarly apply to successive such events.
(6) REISSUANCE OF THIS NOTE.
(a) Transfer.  This Note may be transferred to a party affiliated with the
Holder at any time and may be transferred to a party not affiliated with the Holder only after the
reasonable determination by the Company that such transfer would not cause the Company to be
out of compliance any of the requirements of the applicable securities laws and regulations. If this
Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance
with Section (6)(d)), registered in the name of the registered transferee or assignee, representing
the outstanding  Principal being transferred by the Holder (along  with  any accrued  and  unpaid
interest thereof) and, if less then the entire outstanding Principal is being transferred, a new Note
(in accordance with Section (6)(d)) to the Holder representing the outstanding Principal not being
transferred.  The Holder and any assignee, by acceptance of this Note, acknowledge and agree that,
by reason of the provisions of Section (4)(d)(iii) following conversion or redemption of any portion
of this Note, the outstanding Principal represented by this Note may be less than the Principal
stated on the face of this Note.
(b) Lost, Stolen or Mutilated Note.  Upon receipt by the Company of
evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary form and, in the case of mutilation, upon surrender and cancellation
of this Note, the Company shall execute and deliver to the Holder a new Note (in accordance with
Section (6)(d)) representing the outstanding Principal.
(c) Note  Exchangeable  for  Different  Denominations.    This  Note  is
exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for
a  new  Note  or  Notes  (in  accordance  with  Section  (6)(d))  representing  in  the  aggregate  the
outstanding Principal of this Note, and each such new Note will represent such portion of such
outstanding Principal as is designated by the Holder at the time of such surrender.
(d) Issuance of New Notes.  Whenever the Company is required to issue
a new Note pursuant to the terms of this Note, such new Note (i) shall be of like tenor with this 

	
	11
Note,  (ii)  shall  represent,  as  indicated  on  the  face  of  such  new  Note,  the  Principal  remaining
outstanding  (or in  the case  of a new Note being issued  pursuant  to Section  5(6)(a) or Section
5(6)(c), the Principal designated by the Holder which, when added to the Principal represented by
the  other  new  Notes  issued  in  connection  with  such  issuance,  does  not  exceed  the  Principal
remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall
have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance
Date of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent
accrued and unpaid Interest from the Issuance Date.
(7) NOTICES.  Any  notices,  consents,  waivers  or  other  communications
required or permitted to be given under the terms hereof must be in writing by letter and email and
will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered
personally or (ii) one (1) Business Day after deposit with an overnight courier service with next
day delivery specified, in each case, properly addressed to the party to receive the same and (B)
receipt, when sent by electronic mail. The addresses and e•mail addresses for such communications
shall be:
If to the Company, to: COOTEK (CAYMAN) INC.
9-11 Floors, No.16, Lane 399, Xinlong Road,  Minhang District,
Shanghai 201101, People’s Republic of China
Telephone:  +86 021 6485 6352
Attention:  Robert Cui, CFO
E-Mail: ir@cootek.cn
If to the Holder: YA II PN, Ltd
c/o Yorkville Advisors Global, LLC
1012 Springfield Avenue
Mountainside, NJ 07092
Attention: Mark Angelo
Telephone: 201-985-8300
Email:  Legal@yorkvilleadvisors.com
or at such other address and/or email and/or to the attention of such other person as the recipient
party has specified by written notice given to each other party three (3) Business Days prior to the
effectiveness of such change.  Written confirmation of receipt (i) given by the recipient of such
notice, consent, waiver or other communication, (ii) electronically generated by the sender's email
service provider containing the time, date, recipient email address or (iii) provided by a nationally
recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by
facsimile or receipt from a nationally recognized overnight delivery service in accordance with
clause (i), (ii) or (iii) above, respectively.
(8) Except as expressly provided herein, no provision of this Note shall alter or
impair the obligations of the Company, which are absolute and unconditional, to pay the Principal
of, interest and other charges (if any) on, this Note at the time, place, and rate, and in the coin or 

	
	12
currency, herein prescribed.  This Note is a direct obligation of the Company. As long as this Note
is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent
of the Holder, (i) amend its certificate of incorporation, bylaws or other charter documents so as
to adversely affect any rights of the Holder; (ii) repay, repurchase or offer to repay, repurchase or
otherwise acquire shares of its ADSs, Ordinary Shares or other equity securities; (iii) terminate its
ADS facility, or (iv) enter into any agreement with respect to any of the foregoing.
(9) This Note shall not entitle the Holder to any of the rights of a stockholder
of the Company, including without limitation, the right to vote, to receive dividends and other
distributions,  or  to  receive  any  notice  of,  or  to  attend,  meetings  of  stockholders  or  any  other
proceedings of the Company, unless and to the extent converted into ADSs in accordance with the
terms hereof.
(10) This Note shall be governed by and construed in accordance with the laws
of the State of New York, without giving effect to conflicts of laws thereof.  Each of the parties
consents to the jurisdiction of the Supreme Court of the State of New York located in the City of
New York, Borough of Manhattan, and the U.S. District Court for the Southern District of New
York in connection with any dispute arising under this Note and hereby waives, to the maximum
extent permitted by law, any objection, including any objection based on forum non conveniens to
the  bringing  of  any  such  proceeding  in  such  jurisdictions.    THE  PARTIES  HEREBY
KNOWINGLY,  VOLUNTARILY  AND  INTENTIONALLY  WAIVE  THE  RIGHT  ANY  OF
THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PARTY.    THIS  PROVISION  IS  A  MATERIAL  INDUCEMENT  FOR  THE  PARTIES’
ACCEPTANCE OF THIS AGREEMENT.
(11) If the Company fails to strictly comply with the terms of this Note, then the
Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without
limitation, attorneys’ fees and expenses incurred by the Holder in any action in connection with
this Note, including, without limitation, those incurred: (i) during any workout, attempted workout,
and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and
obligations,  (ii)  collecting  any  sums  which  become  due  to  the  Holder,  (iii)  defending  or
prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection,
preservation or enforcement of any rights or remedies of the Holder.
(12) Any waiver by the Holder of a breach of any provision of this Note shall
not operate as or be construed to be a waiver of any other breach of such provision or of any breach
of any other provision of this Note. The failure of the Holder to insist upon strict adherence to any
term of this Note on one or more occasions shall not be considered a waiver or deprive that party
of the right thereafter to insist upon strict adherence to that term or any other term of this Note.
Any waiver must be in writing.
(13) If any provision of this Note is invalid, illegal or unenforceable, the balance
of  this  Note  shall  remain  in  effect,  and  if  any  provision  is  inapplicable  to  any  person  or
circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it 

	
	13
shall  be  found  that  any  interest  or  other  amount  deemed  interest  due  hereunder  shall  violate
applicable laws governing usury, the applicable rate of interest due hereunder shall automatically
be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent
that  it  may  lawfully  do  so)  that  it  shall  not  at  any  time  insist  upon,  plead,  or  in  any  manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law
which would prohibit or forgive the Company from paying all or any portion of the Principal of or
interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter in
force, or which may affect the covenants or the performance of this indenture, and the Company
(to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such
law,  and  covenants  that  it  will  not,  by  resort  to  any  such  law,  hinder,  delay  or  impeded  the
execution of any power herein granted to the Holder, but will suffer and permit the execution of
every such as though no such law has been enacted.
(14) CERTAIN DEFINITIONS   For  purposes  of  this  Note,  the  following
terms shall have the following meanings:
(a) “ADSs” mean American Depositary Shares, each representing 50
Ordinary Shares of the Company.
(b) "Bloomberg" means Bloomberg Financial Markets.
(c) “Business Day” means any day except Saturday, Sunday and any
day  which  shall  be  a  federal  legal  holiday  in  the  United  States  or  a  day  on  which  banking
institutions are authorized or required by law or other government action to close.
(d) “Change  of  Control  Transaction” means  the occurrence of (a)  an
acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule
13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or
beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of
fifty percent (50%) of the voting securities of the Company (except that the acquisition of voting
securities by the Holder or any other current holder of convertible securities of the Company shall
not constitute a Change of Control Transaction for purposes hereof), (b) a replacement at one time
or over time of more than one-half of the members of the board of directors of the Company (other
than as due to the death or disability of a member of the board of directors) which is not approved
by a majority of those individuals who are members of the board of directors on the date hereof
(or by those individuals who are serving as members of the board of directors on any date whose
nomination to the board of directors was approved by a majority of the members of the board of
directors who are members on the date hereof), (c) the merger, consolidation or sale of fifty percent
(50%) or more of the assets of the Company or any subsidiary of the Company in one or a series
of related transactions with or into another entity, or (d) the execution by the Company of an
agreement to which the Company is a party or by which it is bound, providing for any of the events
set forth above in (a), (b) or (c). No transfer to a wholly-owned subsidiary shall be deemed a
Change of Control Transaction under this provision.
(e) “Closing Bid Price” means the price per share in the last reported
trade of the ADSs on a Primary Market or on the exchange which the ADS is then listed as quoted
by Bloomberg. 

	
	14
(f) “Commission” means the Securities and Exchange Commission.
(g) “Company Redemption” shall have the meaning assigned in Section
(3)(a).
(h) “Company Redemption Notice” shall have the meaning assigned in
Section (3)(a).
(i) “Convertible Securities” means any stock or securities (other than
Options) directly or indirectly convertible into or exercisable or exchangeable for Ordinary Shares
or ADSs.
(j) “Depositary” means Deutsche Bank Trust Company Americas or its
successor as the depositary for the ADS facility.
(k) “Equity  Conditions  Failure”  means  that  any  of  the  following
conditions are not satisfied: (i) all applicable ADSs issuable upon conversion of Ordinary Shares
to be issued in connection with the event requiring determination shall be eligible for sale without
restriction under any applicable federal or state securities laws; (ii) the ADSs are designated for
quotation on the Primary Market and shall not have been suspended from trading on such exchange
nor shall delisting or suspension by such exchange been threatened or pending; (iii) any applicable
ADSs  issuable  upon  conversion  of  Ordinary  Shares  to  be issued in  connection with  the  event
requiring  determination  may  be  issued  in  full  without  the  rules  or  regulations  of  the  Primary
Market; (iv) there shall not have occurred either (A) an Event of Default or (B) an event that with
the passage of time or giving of notice would constitute an Event of Default; (v) the daily VWAP
is  greater  than  125%  of  the  Floor  Price  for  each  of  the  five  (5)  consecutive  Trading  Days
immediately prior to the date of the event requiring determination; and (vi) the Company shall
have no knowledge of any fact that would cause any Ordinary Shares to be issued in connection
with the event requiring determination not to be eligible for sale without restriction under any
applicable federal or state securities laws.
(l) “Exchange  Act”  means  the  Securities  Exchange  Act  of  1934,  as
amended.
(m) “Floor Price” means $0.750.50 per ADS.
(n) “Fundamental  Transaction” means  any  of  the  following:  (1)  the
Company effects any merger or consolidation of the Company with or into another Person and the
Company is the non-surviving company (other than a merger or consolidation with a wholly owned
subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects
any sale of all or substantially all of its assets in one or a series of related transactions, (3) any
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Ordinary Shares are permitted to tender or exchange their shares for other
securities, cash or property, or (4) the Company effects any reclassification of the Ordinary Shares
or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted
into or exchanged for other securities, cash or property.  

	
	15
(o) “Optional Redemption” shall have the meaning assigned in Section
(3)(c).
(p) “Optional Redemption Amount” shall have the meaning assigned in
Section (3)(c).
(q) “Optional Redemption Notice” shall have the meaning assigned in
Section (3)(c).
(r) “Ordinary Shares” means the Company's shares of class A ordinary
shares, par value $0.00001 per share, and any capital stock into which such shares shall have been
changed or any share capital resulting from a reclassification of such ordinary shares.
(s) “Other  Notes”  means  any  other  Notes  issued  pursuant  to  the
Securities Purchase Agreement and any other notes, debentures, or other instruments issued in
exchange, replacement, or modification of the foregoing.
(t) “Payment  Premium”  means  8%  of  the  Principal  amount  of  each
Redemption as set forth in the Redemption Schedule.
(u) “Person”  means  a  corporation,  an  association,  a  partnership,
organization,  a  business,  an  individual,  a  government  or  political  subdivision  thereof  or  a
governmental agency.
(v) “Primary Market” means the NYSE and any successor to any of the
foregoing markets or exchanges.
(w) “Redemption Amount” means the total of the amount of Principal,
Interest,  and  Payment  Premium  set  out  under  the  column  ‘Redemption  Amount”  in  the
Redemption Schedule.
(x) “Redemption  Date”  means  the  first  date  of  each  calendar  month
beginning on June 1, 2021 and continuing thereafter through January 2022.
(y) “Redemption Notice Due Date” shall have the meaning assigned in
Section (3)(a).
(z) “Redemption Premium” means 15% of the Principal amount being
redeemed.
(aa) “Redemption Schedule” means the schedule of redemptions as set
out on Exhibit I, or such other schedule of repayments as the parties may agree in writing from
time to time.
(bb) “Securities Act” means the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder. 

	
	16
(cc) “Trading Day” means a day on which the ADSs are quoted or traded
on a Primary Market on which the shares are then quoted or listed; provided, that in the event that
the ADSs are not listed or quoted, then Trading Day shall mean a Business Day.
(dd) “Transaction  Document(s)”  shall  mean  this  Note,  along  with  the
Securities Purchase Agreement, and any other documents or agreements entered into in connection
with the foregoing.
(ee) “Underlying Shares” means the Ordinary Shares or ADSs issuable
upon conversion of this Note in accordance with the terms hereof.
(ff) “Underlying  Shares  Registration  Statement”  means  a  registration
statement  meeting  the  requirements  set  forth  in  the  Securities  Purchase  Agreement,  covering
among other things the issuance of the Note and the sale of the Underlying Shares by the Holder.
(gg) "VWAP"  means,  for  the  ADSs  as  of  any  date,  the  daily  dollar
volume-weighted average price for such security on the Primary Market as reported by Bloomberg
through its “Historical Prices – Px Table with Average Daily Volume” functions, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg.
[Signature Page Follows] 

	
	IN WITNESS WHEREOF, the Company has caused this Convertible Note to be duly
executed by a duly authorized officer as of the date set forth above.
COMPANY:
COOTEK (CAYMAN) INC.
By:
Name:
Title:

	
	EXHIBIT I
REDEMPTION SCHEUDLE(1)
Redemption Date Principal
Amount
 Payment
Premium  Interest(2)  Redemption
Amount
June 1, 2021 2,000,000 $      160,000 $          166,667 $          2,326,667 $
July 1, 2021 2,000,000 $      160,000 $          75,000 $            2,235,000 $
August 1, 2021 2,000,000 $      160,000 $          66,667 $            2,226,667 $
September 1, 2021 250,000 $          20,000 $            58,333 $            328,333 $
October 1, 2021 1,500,000 $      120,000 $          57,292 $            1,677,292 $
November 1, 2021 1,225,000 $      98,000 $            51,042 $            1,374,042 $
December 1, 2021 1,225,000 $      98,000 $            45,938 $            1,368,938 $
January 1, 2022 1,225,000 $      98,000 $            40,833 $            1,363,833 $
February 1, 2022 1,225,000 $      98,000 $            35,729 $            1,358,729 $
March 1, 2022 1,225,000 $      98,000 $            30,625 $            1,353,625 $
April 1, 2022 1,225,000 $      98,000 $            25,521 $            1,348,521 $
May 1, 2022 1,225,000 $      98,000 $            20,417 $            1,343,417 $
June 1, 2022 1,225,000 $      98,000 $            15,313 $            1,338,313 $
July 1, 2022 1,225,000 $      98,000 $            10,208 $            1,333,208 $
August 1, 2022 1,225,000 $      98,000 $            5,104 $               1,328,104 $
20,000,000 $    1,600,000 $      704,688 $          22,304,688 $    

	
	Redemption
Date
Principal
Amount
Payment
Premium   Interest(2)
Redemption
Amount
6/1/21 $2,000,000  $160,000  $166,667  $2,326,667
7/1/21 $2,000,000  $160,000  $75,000  $2,235,000
8/1/21 $2,000,000  $160,000  $66,667  $2,226,667
9/1/21 $2,000,000  $160,000  $58,333  $2,218,333
10/1/21 $3,000,000  $240,000  $50,000  $3,290,000
11/1/21 $3,000,000  $240,000  $37,500  $3,277,500
12/1/21 $3,000,000  $240,000  $25,000  $3,265,000
1/1/22 $3,000,000  $240,000  $12,500  $3,252,500
$20,000,000  $1,600,000  $491,667  $22,091,667
(1) The amounts shown in the table below shall be subject to adjustment in accordance with Section (3)(a) to reflect the
conversion or redemption otherwise effected pursuant to this Convertible Note contemporaneous with or prior to the
scheduled redemption provided in the schedule.
(2) Note:  Interest  is  estimated  and  will  be  calculated  based  on  the  actual  accrued  and  unpaid  interest  as  of  each
Redemption Date.  

	
	EXHIBIT II
COMPANY REDEMPTION NOTICE
Date: [__________]
VIA E-MAIL:  trading@yorkvilleadvisors.com and [_______________]
This letter shall serve as Company Redemption Notice by CooTek (Cayman) Inc, (“Company”) in
accordance with Section (3)(a) of the Convertible Note issued to YA II PN, Ltd. (the “Holder”) on
March 19, 2021, as amended and restated on October 29, 2021 (the “Note”). Unless otherwise
specified, capitalized terms used in this letter shall have the meaning assigned to them in the Note.
Note Number: CTK-2
Applicable Redemption Date: [_______________]
                  Principal Amount: [$______________]
                 Payment Premium: [$______________]
                                    Interest: [$______________]
Total Redemption Amount: [$______________]
The Company hereby elects the following in respect of the above referenced Redemption Amount:
 __    The applicable Redemption Amount may be converted by the Holder in whole, or in
part, pursuant Section 4(c) anytime after the applicable Redemption Date; or
___  The Company elects to redeem in cash the applicable Redemption Amount pursuant to
a Company Repayment.1
Sincerely,
Authorised Signatory,
1  If the Company elects a Company Redemption, then the Redemption Amount which is to be paid to the Holder on
the applicable Redemption Date shall be repaid by the Company on or before such Redemption Date, and the Company
shall pay to the Holder on or before such Redemption Date, by wire transfer of immediately available funds, in an
amount in cash equal to the Redemption Amount. If the Company fails to redeem the full Redemption Amount on the
applicable Redemption Date, then the Company shall be deemed to have delivered a Company Redemption Notice
confirming that the unpaid portion of the applicable Redemption Amount may be converted by the Holder at the lower
of the Fixed Conversion Price or the Variable Conversion Price.   

	
	EXHIBIT III
CONVERSION NOTICE
(To be executed by the Holder in order to convert the Note)
Via Email
TO:   COOTEK (CAYMAN) INC.
9-11 Floors, No.16, Lane 399, Xinlong Road,  Minhang District, Shanghai 201101,
People’s Republic of China
Attention:  Robert Cui, CFO; Yeting Cai, General Legal Counsel
E-Mail:  robert.cui@cootek.cn; yeting.cai@cootek.cn
CC:     DEUTSCHE BANK TRUST COMPANY AMERICAS, as Depositary
60 Wall Street
New York, NY 10005
United States of America
Fax: +1-732-544-6346, Email: adr@db.com
The undersigned registered holder of Note No. CTK-2 (the “Note”) hereby irrevocably
elects to convert the Note or a portion of the outstanding and unpaid Conversion Amount of the
Note  into  Class  A  Ordinary  Shares  of  COOTEK  (CAYMAN)  INC.  (the  “Company”)  to  be
deposited by the Company with the Depositary for the issuance of American Depositary Shares
(“ADSs”) in accordance with the conditions stated in the Note and the delivery instructions below.
The ADSs will be issued pursuant to the terms and conditions of the Deposit Agreement dated as
of September 27, 2018, among the Company, the Depositary, and holders and beneficial owners
from  time  to  time  of  ADSs  issued  thereunder  (as  amended  from  time  to  time,  the  “Deposit
Agreement”).
In connection with the conversion of the Note, or the portion hereof below designated, the
undersigned acknowledges, represents to and agrees with the Company and the Depositary that
the undersigned is not an “affiliate” (as defined in Rule 144 under the Securities Act of 1933) of
the Company and has not been an “affiliate” (as defined in Rule 144 under the Securities Act of
1933) of the Company during the three months immediately preceding the date hereof.
The undersigned acknowledges that the undersigned (and any such other account) may not
continue to hold or retain any interest in ADSs if the undersigned (or such other account) becomes
an “affiliate” (as defined in Rule 144 under the Securities Act of 1933) of the Company. 

	
	The undersigned confirms the following conversion information:
Conversion Date:
Principal Amount to be Converted:
Payment Amount (if applicable):
Accrued Interest to be Converted:
Total Conversion Amount to be converted:
Fixed Conversion Price:
Variable Conversion Price (if applicable):
Conversion Price:
Number of ADSs to be issued:
Upon confirmation by the Company to the Depositary of the above information, the undersigned
instructs the Depositary to deliver the above noted Number of ADSs to the following account:
Issue to:
Authorized Signature:
Name:
Title:
Broker DTC Participant
Code:
Account Number:
NOTICE: The above signature(s) of the Holder(s)
hereof must correspond with the name as written
upon the face of the Note in every particular without
alteration or enlargement or any change whatever.
__________________________
Social Security or Other Taxpayer
Identification Number
Dated:  __________________________ ________________________________
Signature(s)  _____________________EX-4.1

 Exhibit 4.1 

SLM CORPORATION 
 AND

 DEUTSCHE BANK NATIONAL TRUST COMPANY, 

as Trustee 
  

 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of November 1, 2021 

to the 
 INDENTURE

 Dated as of June 17, 2015 
  

 
  

 TABLE OF CONTENTS 

 
  

 

					
	 	  	Page	 
	 ARTICLE 1
	  			
	 Definitions
	  			
	 Section 1.01. Relation to Base Indenture
	  	 	1	 
	 Section 1.02. Definition of Terms
	  	 	1	 
	 ARTICLE 2
	  			
	 General Terms and Conditions of the Notes
	  			
	 Section 2.01. Designation and Principal Amount
	  	 	4	 
	 Section 2.02. Maturity
	  	 	4	 
	 Section 2.03. Form, Payment and Appointment
	  	 	4	 
	 Section 2.04. Global Notes
	  	 	4	 
	 Section 2.05. Interest
	  	 	5	 
	 Section 2.06. No Sinking Fund
	  	 	5	 
	 Section 2.07. Satisfaction and Discharge
	  	 	5	 
	 Section 2.08. Events of Default
	  	 	5	 
	 ARTICLE 3
	  			
	 Redemption of the Notes
	  			
	 Section 3.01. Optional Redemption by the Company
	  	 	6	 
	 Section 3.02. Redemption following a Change of Control Repurchase Offer
	  	 	6	 
	 Section 3.03. Notice of Redemption; Selection of Notes to be Redeemed
	  	 	7	 
	 Section 3.04. Payment of Redemption Price
	  	 	7	 
	 ARTICLE 4
	  			
	 Change of Control Repurchase Event
	  			
	 Section 4.01. Purchase of Notes Upon a Change of Control Repurchase Event
	  	 	7	 
	 ARTICLE 5
	  			
	 Particular Covenants of the Company
	  			
	 Section 5.01. Limitation On Disposition of Voting Stock of our Significant
Subsidiaries
	  	 	8	 
	 Section 5.02. Limitation on Creation of Liens
	  	 	8	 
	 ARTICLE 6
	  			
	 Forms of Notes
	  			
	 Section 6.01. Forms of Notes
	  	 	9	 
	 ARTICLE 7
	  			
	 Original Issue of Notes
	  			
	 Section 7.01. Original Issue of Notes
	  	 	9	 
	 ARTICLE 8
	  			
	 Miscellaneous
	  			
	 Section 8.01. Ratification of Indenture
	  	 	9	 
	 Section 8.02. Trustee Not Responsible for Recitals
	  	 	9	 
	 Section 8.03. Governing Law
	  	 	9	 
	 Section 8.04. Waiver of Trial by Jury
	  	 	9	 
	 Section 8.05. Table of Contents, Headings, etc
	  	 	10	 
	 Section 8.06. Execution in Counterparts
	  	 	10	 
	 Section 8.07. Separability; Benefits
	  	 	10	 
		
	 EXHIBIT A Form of 3.125% Senior Notes due 2026
	  	 	A-1	 

  
 i 

 THIS THIRD SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as
of November 1, 2021, is between SLM CORPORATION, a Delaware corporation (the “Company”), and Deutsche Bank National Trust Company, a national banking association (the “Trustee”). 

R E C I T A L S 
 WHEREAS, the
Company has executed and delivered to the Trustee an Indenture, dated as of June 17, 2015, between the Company and the Trustee (the “Base Indenture” and, as supplemented by this Supplemental Indenture, the
“Indenture”), providing for the issuance from time to time of series of Securities of the Company; 
 WHEREAS,
Section 10.01(c) of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.01 and
Section 2.02 of the Base Indenture; 
 WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for
the issuance of a new series of Securities to be known as its 3.125% Senior Notes due 2026 (the “Notes”), the form and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this
Supplemental Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all
requirements necessary to make this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid,
binding and enforceable obligations of the Company, have been done and performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects; 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

Definitions 
 Section 1.01.
Relation to Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture. 
 Section 1.02.
Definition of Terms. For all purposes of this Supplemental Indenture: 
 (a) Capitalized terms used herein without definition shall
have the meanings set forth in the Base Indenture; 
 (b) a term defined anywhere in this Supplemental Indenture has the same meaning
throughout; 
 (c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; 

(e) the following terms have the meanings given to them in this Section 1.02(e): 

“Business Day” shall mean, unless otherwise specified, any calendar day that is not a Saturday, Sunday or a day on which
commercial banking institutions are not required to be open for business in The City of New York, New York. 
 “Change of
Control” shall mean the occurrence of any of the following: 
 (1) any “person” or “group” of related persons
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of a majority of the total voting power of the Voting Stock of the Company (or its successors by merger, consolidation or purchase of all or substantially all of its assets); 

  
 1 

 (2) the sale, assignment, lease, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act) other than a Subsidiary; or 
 (3) the adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company. 
 “Change of Control Offer” has the meaning assigned to that term in
Section 4.01(a). 
 “Change of Control Repurchase Event” shall mean the occurrence of both a Change of Control and a
Ratings Event. 
 “Comparable Treasury Issue” shall mean the United States Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming for this purpose, that such term ended on the Par Call Date) that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed (assuming for this purpose, that such term ended on the Par
Call Date). 
 “Comparable Treasury Price” shall mean, with respect to any Redemption Date, (a) the average of the
Reference Treasury Dealer Quotations for such Redemption Date for the Notes to be redeemed, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Controlled Subsidiary” shall mean a
Subsidiary of the Company in respect of which at least 80% of the outstanding shares of the Voting Stock of such Subsidiary is at the time owned by the Company, by one or more of its Subsidiaries or by the Company and one or more of its Controlled
Subsidiaries. 
 “DTC” shall have the meaning set forth in Section 2.04(b). 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Global Notes” shall have the meaning set forth in Section 2.04(b). 

“Independent Investment Banker” shall mean an independent investment banking institution of national standing appointed by
the Company, which may be one of the Reference Treasury Dealers. 
 “Interest Payment Date” shall have the meaning set
forth in Section 2.05(c). 
 “Interest Period” shall have the meaning set forth in Section 2.05(b). 

“Investment Grade” shall mean (1) BBB- (with a stable outlook) or above, in the
case of S&P (or its equivalent under any successor rating categories of S&P) and Baa3 (with a stable outlook) or above, in the case of Moody’s (or its equivalent under any successor rating categories of Moody’s), or (2) the
equivalent in respect of the Rating Category of any Rating Agencies. 
 “Maturity Date” shall have the meaning set forth in
Section 2.02. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Optional Redemption Price” shall mean, with respect to any redemption of Notes, the redemption price for such Notes set
forth in subsection (a) or (b) of Section 3.01, as applicable. 
 “Par Call Date” shall have the meaning set
forth in Section 3.01(a). 
 “Person” shall mean any individual, corporation, limited liability company, partnership,
joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
 2 

 “Rating Agencies” shall mean (1) S&P and Moody’s or
(2) if S&P or Moody’s or both of them are not making ratings publicly available, a nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, as the case may be, selected by
the Company, which shall be substituted for S&P or Moody’s or both, as the case may be. 
 “Rating Category” shall
mean (i) with respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa,
Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or Moody’s used by another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations,
gradations within Rating Categories (+ and - for S&P; 1, 2 and 3 for Moody’s; or the equivalent gradations for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in rating from BB+ to BB, as well as
from BB- to B+, will constitute a decrease of one gradation). 
 “Ratings Event”
means (i) if the Notes are rated by one or both of the Rating Agencies as Investment Grade, a decrease in, or withdrawal of, the rating of the Notes so that such Notes are not rated as Investment Grade by both Rating Agencies or (ii) if
the Notes are rated below Investment Grade by both Rating Agencies, (x) a decrease of one or more gradations (including gradations within Rating Categories as well as between Rating Categories) in the rating of the Notes by both Rating
Agencies, (y) a decrease of one or more gradations (including gradations within Rating Categories as well as between Rating Categories) in the rating of the Notes by one Rating Agency and a withdrawal of the rating of the Notes by the other
Rating Agency, or (z) a withdrawal of the rating of the Notes by both Rating Agencies, in each of (i) and (ii), directly as a result of a Change of Control; provided, however, that such decrease or withdrawal occurs on, or
within 30 days following, the earlier of (x) the occurrence of a Change of Control or (y) the date of public notice of the occurrence of a Change of Control or of the intention by the Company, or a stockholder of the Company, as
applicable, to effect a Change of Control, which period shall be extended so long as the rating of the Notes relating to the Change of Control as noted by the Rating Agency is under publicly announced consideration for downgrade by the applicable
Rating Agency. Unless both Rating Agencies are providing a rating for the Notes on the earlier of (x) the occurrence of a Change of Control or (y) the date of public notice of the occurrence of a Change of Control or of the intention by
the Company, or a stockholder of the Company, as applicable, to effect a Change of Control, a Ratings Event shall be deemed to have occurred. 

“Record Date” shall have the meaning set forth in Section 2.05(c). 

“Redemption Date” shall mean, with respect to any redemption of Notes, the date fixed for such redemption pursuant to the
Indenture and such Notes. 
 “Reference Treasury Dealer” shall mean (a) each of J.P. Morgan Securities LLC and Goldman
Sachs & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers in New York City (a “Primary Treasury Dealer”), and their respective successors, plus (b) two other Primary Treasury
Dealers selected by the Company; provided that if any of the foregoing or its affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” shall mean, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Notes to be redeemed (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by the Reference Treasury Dealer at 3:30 p.m. on the third Business Day preceding such Redemption Date. 

“S&P” shall mean Standard & Poor’s Ratings Group. 

“Significant Subsidiary” shall mean any Subsidiary that satisfies the criteria for a “significant subsidiary” set
forth in Rule 1-02(w) of Regulation S-X under the Exchange Act. 

“Subsidiary” shall mean any corporation, association or other business entity of which more than 50%, by number of votes, of
the Voting Stock is at the time directly or indirectly owned by the Company. 

  
 3 

 “Treasury Rate” shall mean, with respect to any Redemption Date, the
semiannual equivalent yield to maturity of the Comparable Treasury Issue for the Notes to be redeemed, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date with respect to the Notes to be redeemed. 
 “Voting Stock” of any specified Person as of any date
shall mean the capital stock or other equity interests of such Person of the class or classes having general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person;
provided that, for the purposes hereof, capital stock or equity interests which carry only the right to vote conditionally on the happening of an event shall not be considered “Voting Stock” whether or not such event shall have
happened. 
 The terms “Base Indenture,” “Company,” “Indenture,” “Supplemental
Indenture,” “Trustee,” and “Notes” shall have the respective meanings set forth in the recitals to this Supplemental Indenture and the paragraph preceding such recitals. 

ARTICLE 2 
 General Terms and
Conditions of the Notes 
 Section 2.01. Designation and Principal Amount. The Notes may be issued from time to time upon
written order of the Company for the authentication and delivery of Notes pursuant to Section 2.03 of the Base Indenture. 
 (a)
Notes. There is hereby authorized a series of Securities designated as 3.125% Senior Notes due 2026, limited in aggregate principal amount to U.S. $500,000,000 (except for Notes authenticated and delivered in accordance with the last
paragraph of Section 2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture). 

Section 2.02. Maturity. The date upon which the Notes shall become due and payable at final maturity, together with any accrued
and unpaid interest, is November 2, 2026 (the “Maturity Date”). 
 Section 2.03. Form, Payment and
Appointment. Except as provided in Section 2.04, the Notes shall be issued in fully registered, certificated form, bearing identical terms. Principal of and interest on the Notes will be payable, the transfer of such Notes will be
registrable, and such Notes will be exchangeable for Notes of a like aggregate principal amount bearing identical terms and provisions, at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of New
York, which shall initially be the Principal Office of the Trustee in the Borough of Manhattan, The City of New York; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person
entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided that the paying agent shall have received written notice of such
account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or Maturity Date). 

No service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require payment from the holder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Security Registrar and
paying agent for the Notes shall initially be the Trustee. 
 The Specified Currency of the Notes shall be U.S. Dollars. 

Section 2.04. Global Notes. (a) The Notes shall be issued initially in the form of one or more permanent Global Securities in
registered form (each, a “Global Note”). The Depository Trust Company (“DTC”) shall initially act as the Depositary for the Notes. Each Global Note (i) shall be deposited with the Depositary or its custodian
and registered in the name of DTC’s nominee, (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend substantially to the effect set forth in
Section 2.12 of the Base Indenture. 

  
 4 

 (b) The aggregate amount of Outstanding Notes represented by any Global Note may from time
to time be increased or decreased to reflect exchanges. The Trustee may make any endorsement on a Global Note to reflect the amount, or any increase or decrease in the amount, or changes in the rights of holders of the Notes represented thereby, in
each case in accordance with the terms of the Indenture and the Notes. Each Global Note shall represent the aggregate amount of Notes from time to time endorsed thereon. 

(c) Unless and until any Global Note is exchanged for Notes in certificated form, such Global Note may be transferred, in whole but not in
part, and any payments on the Notes evidenced by such Global Note shall be made, only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such successor Depositary, in
each case as the Securityholder of such Notes. 
 Section 2.05. Interest. (a) Interest payable on any Interest Payment
Date, the Maturity Date or, if applicable, the Redemption Date, shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and
including the original issue date of November 1, 2021, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the case may
be (each, an “Interest Period”). 
 (b) Interest on the Notes shall accrue from November 1, 2021 and shall be payable
semi-annually in arrears on May 2 and November 2 of each year (each, an “Interest Payment Date”), beginning on May 2, 2022 to, but excluding, the Maturity Date. Interest shall be payable to the Persons in whose names
the relevant Notes are registered at the close of business on April 16 or October 16 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”) at the annual rate
of 3.125% per year, except as provided in Section 2.05(e). 
 (c) The amount of interest payable for any full semi-annual Interest
Period in respect of the Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period
shorter than a full semi-annual Interest Period in respect of the Notes will be calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days
elapsed per 30-day month. If any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the
next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 

(d) In the event that the Maturity Date or a Redemption Date for any Note falls on a day that is not a Business Day, then the related payments
of principal, premium, if any, and interest will be made on the next succeeding day that is a Business Day (and no additional interest will accumulate on the amount payable for the period from and after such Maturity Date or Redemption Date, as the
case may be). 
 (e) Interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of any
Notes will be paid to the Person to whom principal of such Notes is payable. 
 Section 2.06. No Sinking Fund. The Notes are not
entitled to the benefit of any sinking fund. 
 Section 2.07. Satisfaction and Discharge. Article 12 of the Base Indenture
contains provisions for discharge of the Indenture and defeasance of the obligations of the Company with respect to any Securities at any time upon compliance by the Company with certain conditions set forth therein, which provisions shall apply to
the Notes. 
 Section 2.08. Events of Default. In addition to the Events of Default contained in Section 6.01 of the Base
Indenture, each of the following is an Event of Default with respect to the Notes: 
 (a) any indebtedness for borrowed money of the Company
or any Significant Subsidiary shall have been accelerated by its terms so that the same shall be or become due and payable prior to the date on which the same would otherwise have become due and payable, and the aggregate principal amount of any
indebtedness with respect to which such acceleration has occurred exceeds $75,000,000, and such indebtedness has not been discharged or such acceleration shall not have been rescinded or annulled within fifteen (15) days after written

  
 5 

 
notice thereof shall have been given to the Company by the Trustee by registered mail, or to the Company and the Trustee by the holders of at least 25% in aggregate principal amount of the Notes
at the time Outstanding; provided, however, that if any default with respect to such indebtedness giving rise to such acceleration shall be remedied, cured or waived, as the case may be, then the Event of Default hereunder by reason
thereof shall be deemed likewise to have been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the holders of such Notes; 

(b) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Significant Subsidiary (or any successor thereof) or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Significant Subsidiary (or any successor thereof) for a substantial part of its assets, and, in any such case, such proceeding or
petition shall continue undismissed for 60 days, or an order or decree or other action approving or ordering any of the foregoing shall be entered, including by any Bank Regulatory Authority; 

(c) any Significant Subsidiary (or any successor thereof) shall: (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect; or (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in Section 2.08(b) hereof; or (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Significant
Subsidiary (or any successor thereof) or for a substantial part of its assets; or (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding; or (v) make a general assignment for the
benefit of creditors; or (vi) take any action for the purpose of effecting any of the foregoing; or (vii) admit in writing its inability to pay its debts as they become due. 

ARTICLE 3 
 Redemption of the Notes

 Section 3.01. Optional Redemption by the Company. (a) Except as otherwise may be specified in this Supplemental
Indenture, at any time and from time to time prior to October 2, 2026 (the date that is one month prior to the Maturity Date) (the “Par Call Date”), the Company shall have the right to redeem the Notes, in whole or in part, at
its option, at a redemption price equal to the greater of: 
 (i) 100% of the aggregate principal amount of the Notes to be
redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date; and 
 (ii) the sum of the present values
of the remaining scheduled payments of principal and interest to, but not including, the Par Call Date in respect of the Notes to be redeemed (not including any portion of the accrued and unpaid interest to, but excluding, the Redemption Date),
discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 35 basis
points, plus accrued and unpaid interest to, but excluding, the Redemption Date. 
 (b) At any time and from time to time on or after the Par
Call Date, the Company shall have the right to redeem the Notes, in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the
Redemption Date. 
 Section 3.02. Redemption following a Change of Control Repurchase Offer. If holders of not less than 90% in
aggregate principal amount of the Outstanding Notes tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described in Section 4.01
hereof, purchases all of the Notes validly tendered and not withdrawn by such holders, the Company or such third party shall have the right, upon at least 15 and not more than 60 days’ prior notice, given not more than 30 days following such
purchase pursuant to such Change of Control Offer, to redeem all of the Notes that remain Outstanding following such purchase at a price in cash equal to the Change of Control Payment plus, to the extent not included in the Change of Control
Payment, accrued and unpaid interest, if any, thereon, to, but excluding, the Redemption Date. 

  
 6 

 Section 3.03. Notice of Redemption; Selection of Notes to be Redeemed. The
Company shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary if the Notes to be redeemed are issued in the form of one or more Global Notes) notice of any redemption to the registered holders of the Notes
to be redeemed pursuant to Section 3.01 or Section 3.02 hereof at least 15 and not more than 60 days prior to the Redemption Date. If the Notes are only partially redeemed pursuant to Section 3.01 hereof, the Notes to be redeemed will
be selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes to be redeemed are registered as a Global Note, the Depositary shall determine, in
accordance with its procedures, the principal amount of the Notes to be redeemed held by each of its participants that holds a position in such Notes. 

Section 3.04. Payment of Redemption Price. The Optional Redemption Price for any Notes to be redeemed pursuant to
Section 3.01 or the redemption price for any Notes to be redeemed pursuant to Section 3.02 shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such later time as is then permitted by the rules of the
Depositary for the Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes to be redeemed pursuant to Section 3.01 or
the redemption price for any Notes to be redeemed pursuant to Section 3.02 by 10:00 a.m., New York City time, on the date such payment is to be made. 

ARTICLE 4 
 Change of Control
Repurchase Event 
 Section 4.01. Purchase of Notes Upon a Change of Control Repurchase Event. (a) If a Change of Control
Repurchase Event occurs, unless the Company at such time has given written notice of redemption with respect to all Outstanding Notes, pursuant to Section 3.03 hereof, each holder of Notes shall have the right to require the Company to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such holder’s Notes pursuant to the offer described in Section 4.01(b) hereof (such offer, the “Change of Control Offer”)
at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased up to, but not including, the date of purchase (the “Change of Control
Payment”). 
 (b) Within 30 days following any Change of Control Repurchase Event, unless the Company at such time has given notice
of redemption with respect to all Outstanding Notes pursuant to Section 3.03, the Company shall send a notice to each holder and the Trustee describing the transaction or transactions that constitute the Change of Control and offering to
repurchase all Outstanding Notes on the date specified in the notice (the “Change of Control Payment Date”), which date shall be no earlier than 15 days and no later than 60 days from the date such notice is sent, pursuant to the
procedures required by the Indenture and described in such notice. The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned upon the Change of Control being
consummated on or prior to the Change of Control Payment Date. If a Change of Control Payment Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose
name such Note is registered at the close of business on such Record Date. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict
with this Section 4.01, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached the Company’s obligations pursuant to the Indenture by virtue of such compliance. 

(c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes (equal to $2,000 or an integral multiple of $1,000 in excess thereof)
properly tendered and not withdrawn pursuant to the Change of Control Offer; 
 (ii) deposit with the paying agent an amount
equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered and not withdrawn; and 

  
 7 

 (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

(d) The paying agent shall promptly mail to each holder of Notes properly tendered and not withdrawn the Change of Control Payment for such
Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such
new Note shall be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date. 
 (e) The Company shall not be required to make a Change of Control Offer with respect to the Notes upon a Change of Control
Repurchase Event if (i) a third party makes the Change of Control Offer with respect to such Notes in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01 applicable to a Change of
Control Offer made by the Company and purchases the Notes properly tendered and not withdrawn under the Change of Control Offer, or (ii) a notice of redemption has been given with respect to the Notes, pursuant to Section 3.03, at any time
prior to 30 days following any Change of Control Repurchase Event, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in
advance of a Change of Control Repurchase Event, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made. 

ARTICLE 5 
 Particular Covenants of
the Company 
 Section 5.01. Limitation On Disposition of Voting Stock of our Significant Subsidiaries. (a) So long as any
Notes remain Outstanding, the Company: 
 (i) shall not, and shall not permit any Subsidiary to, sell, assign, transfer or
otherwise dispose of any shares of Voting Stock of a Significant Subsidiary or securities convertible into or options, warrants or rights to subscribe for or purchase shares of Voting Stock of a Significant Subsidiary, and shall not permit any
Significant Subsidiary to issue any shares of, or securities convertible into or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of a Significant Subsidiary, in each case if, after giving effect to such transaction
and to the issuance of the maximum number of shares of Voting Stock of such Significant Subsidiary issuable upon the exercise of all such convertible securities, options, warrants or rights, such Significant Subsidiary would cease to be a Controlled
Subsidiary; and 
 (ii) shall not permit any Significant Subsidiary to: (A) merge or consolidate with or into any
corporation unless the survivor is the Company or is, or upon consummation of the merger or consolidation will become, a Controlled Subsidiary; or (B) lease, sell or transfer all or substantially all of its properties and assets to any Person,
except to the Company or to a Controlled Subsidiary or a Person that, upon such lease, sale or transfer, will become a Controlled Subsidiary. 

(b) Notwithstanding Section 5.01(a), any such sale, assignment or transfer of securities, any such merger or consolidation or any such
lease, sale or transfer of properties and assets shall not be prohibited by this Section 5.01 if required by law, rule, regulation or order of any governmental agency or authority. In addition, for the avoidance of doubt, the limitations
described in Section 5.01(a)(ii) shall not apply to any transfer of loan receivables, on customary terms and in the ordinary course of business, directly or indirectly to the Company’s or the Company’s subsidiaries’
securitization entities in connection with its securitization facilities. 
 Section 5.02. Limitation on Creation of Liens.
(a) So long as any Notes remain Outstanding, the Company shall not, and shall not permit any Subsidiary to, create, assume or incur any pledge, encumbrance or lien upon any shares of Voting Stock of a Significant Subsidiary, or upon securities
convertible into or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of any Significant Subsidiary, in each case to secure indebtedness for borrowed money, if, treating such pledge, encumbrance or lien as a transfer
of the shares of Voting Stock of such Significant Subsidiary, or securities convertible into or options, warrants or rights to subscribe for or purchase shares of Voting Stock of such Significant Subsidiary to the secured party (in each case after
giving effect 

  
 8 

 
to such transaction and to the issuance of the maximum number of shares of Voting Stock of such Significant Subsidiary issuable upon the exercise of all such convertible securities, options,
warrants or rights), such Significant Subsidiary would cease to be a Controlled Subsidiary, unless the Notes are equally and ratably secured with any and all such indebtedness for so long as such indebtedness is so secured. 

(b) The limitations described in this Section 5.02 shall not apply to the incurrence of any pledge, encumbrance or lien upon loan
receivables, on customary terms and in the ordinary course of business, in connection with the Company’s or the Company’s subsidiaries’ securitization financing facilities. 

ARTICLE 6 
 Forms of Notes 

Section 6.01. Forms of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms attached as Exhibit A hereto, with such changes therein as the Officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution
thereof. 
 ARTICLE 7 
 Original
Issue of Notes 
 Section 7.01. Original Issue of Notes. The Notes having an aggregate principal amount of U.S. $500,000,000
(subject to the last paragraph of Section 2.02 of the Base Indenture) may from time to time, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Notes to or upon the written order of the Company pursuant to Section 2.03 of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 

ARTICLE 8 
 Miscellaneous 

Section 8.01. Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 8.02. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 8.03. Governing Law. THIS SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
RELATED TO THIS SUPPLEMENTAL INDENTURE OR ANY NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Each of the parties hereto hereby submits to the personal jurisdiction of, and each agrees that all proceedings relating hereto may be brought
in, courts located within the City and State of New York. The Company waives personal service of process and consents to service of process by certified or registered mail, return receipt requested, directed to it at the address last specified for
notices hereunder, and such service shall be deemed completed ten (10) calendar days after the same is so mailed. Any court order shall be accompanied by a legal opinion by counsel for the presenting party satisfactory to the Trustee to the
effect that said opinion is final and nonappealeable. The Trustee shall act on such court order and legal opinions without further question. 

Section 8.04. Waiver of Trial by Jury. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF NOTES, BY ITS ACCEPTANCE THEREOF,
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 9 

 Section 8.05. Table of Contents, Headings, etc. The table of contents and the
titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof. 
 Section 8.06. Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Supplemental Indenture or any document to be signed in connection with this Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of
the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means. 
 Section 8.07. Separability; Benefits. In case any one or more of the provisions
contained in this Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability of the remaining
provisions shall not in any way be affected or impaired thereby. Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the holders of
the Notes, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture. 
 [Signature Page Follows]

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, as of the day and year first written above. 
  

			
	SLM CORPORATION
		
	By:	 	 /s/ Steven J. McGarry

		 	Name: Steven J. McGarry
		 	Title:   Executive Vice President and Chief             Financial Officer

 [Signature Page to Third Supplemental Indenture] 

 
			
	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	 /s/ Ronaldo Reyes

		 	Name: Ronaldo Reyes
		 	Title: Vice President

  

			
	By:	 	 /s/ Timothy Johnson

		 	Name: Timothy Johnson
		 	Title: Assistant Vice President

 [Signature Page to Third Supplemental Indenture] 

 EXHIBIT A 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

SLM CORPORATION 
 3.125%
Senior Notes due 2026 
  

			
		  	CUSIP: 78442PGE0
		
	No. ______	  	$______

 SLM CORPORATION, a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to _____________, or registered assigns, the principal sum as set forth in the
Schedule of Increases or Decreases In Note attached hereto on November 2, 2026 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from November 1, 2021 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 2 and November 2 of each year (each, an “Interest Payment Date”), commencing May 2, 2022, at the rate of
3.125% per annum, until the principal hereof is paid or duly provided for or made available for payment. 
 The amount of interest payable
for any full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any
period shorter than a full semi-annual Interest Period will be calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding
day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business Day” means any calendar day that is not a Saturday, Sunday or a day on
which commercial banking institutions are not required to be open for business in The City of New York, New York. 
 The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the
Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal
of such Note is payable. 
 Payment of the principal of and interest on this Note will be made at the office or agency of the Company
maintained for that purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall

  
 A-1 

 
appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment; provided that the paying agent shall have received written
notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the Maturity Date). 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	SLM CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated: _____________ 
  

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	  

		 	Authorized Signatory

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of June 17, 2015, between the Company and Deutsche Bank National Trust Company, as Trustee (herein called the “Trustee,” which term
includes any successor trustee), as amended and supplemented by the Third Supplemental Indenture, dated as of November 1, 2021, between the Company and the Trustee (the “Third Supplemental Indenture,” and the Base Indenture as
supplemented by the Third Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$500,000,000. 
 All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in
the Indenture. 
 The Notes are subject to certain optional redemption provisions as set forth in the Indenture. 

The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the consent of the holders of a majority in the aggregate principal amount of the Notes of each series affected thereby at the time
Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in
registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Third Supplemental Indenture. As provided in the Indenture and subject to
certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 The Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-R-1 

 THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE,
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish a copy of the Indenture
to any holder upon written request and without charge. 

  
 A-R-2 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

	
	  

	
	  

	
	(Insert assignee’s social security or tax identification number)
	
	  

	
	  

	
	  

	
	(Insert address and zip code of assignee) and irrevocably appoints
	
	  

	
	  

	
	  

	
	agent to transfer this Note on the books of the Company. The agent may substitute another to act for him or her.

 Date: _________ 
  

	
	Signature:
	
	  

	Signature Guarantee: __________

 (Sign exactly as your name appears on the other side of this Note) 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is $[______]. The following increases or decreases in the principal amount of this Note have been
made: 
  

									
	 Date
	 	 Amount of

decrease in
 principal
amount
 of this Note
	 	 Amount of

increase in
 principal
amount
 of this Note
	  	 Principal

amount of this
 Note
following
 such decrease or

increase
	  	 Signature of

authorized
 signatory
of
 Trustee

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