Document:

Exhibit

Exhibit 10.6

Bin Zhao
Wenjing Ma
Shanghai Zhaoyan Network Technology Co., Ltd.
and
Dayin Network Technology (Shanghai) Co., Ltd.
	
	
	

Exclusive Option Agreement

Dated June 18, 2015

Exclusive Option Agreement
This Exclusive Option Agreement (this “Agreement”) is executed on June 18, 2015 by and among the following parties in Shanghai, the People’s Republic of China (the “PRC” or “China”):
		
	(1)
	Bin Zhao, Chinese Citizen, ID No.: [***];

		
	(2)
	Wenjing Ma, Chinese Citizen, ID No.: [***];

		
	(3)
	Shanghai Zhaoyan Network Technology Co., Ltd. (the “Zhaoyan Technology”); 

Registered address: Room 21, 2nd Floor, 1222 Changyang Road, Yangpu District, Shanghai 
Legal representative: Bin Zhao
		
	(4)
	Dayin Network Technology (Shanghai) Co., Ltd. (the “Dayin Technology”). 

Registered address: Room 2009, 2nd Floor, Block 1, 180 Huashen Road, China (Shanghai) Pilot Free Trade Zone 
Legal representative: Bin Zhao
(In this Agreement, the above parties hereto may be individually referred to as a “Party” and collectively referred to as the “Parties”. Among them, Bin Zhao and Wenjing Ma may be hereinafter individually referred to as a “Shareholder” and collectively the “Shareholders”.)
Whereas:
		
	(1)
	As of the execution date of this Agreement, the Shareholders are registered shareholders of Zhaoyan Technology who hold 100% of Zhaoyan Technology’s equity interests in total, among whom, Zhao Bin holds 90% of Zhaoyan Technology’s equity interests, and Ma Wenjing holds 10%.

		
	(2)
	The Shareholders intend to transfer all the equity held by the Shareholders in Zhaoyan Technology to Dayin Technology on the premise of not violating PRC Law, and Dayin Technology intends to accept such transfer.

		
	(3)
	For the purpose of the above-mentioned equity transfer, the Shareholders agree to jointly and irrevocably grant an exclusive option (hereinafter referred to as “Equity Purchase Option”) to Dayin Technology. According to such Equity Purchase Option and to the extent permitted by the laws of China, the Shareholders shall, upon request of Dayin Technology, transfer the Optioned Equity (as defined below) to Dayin Technology and/or any other entity or individual designated by Dayin Technology in accordance with the provisions of this Agreement.

By friendly negotiation and on the basis of equality and mutual benefits, the Parties agree as follows:
		
	1.
	Definitions

		
	1.1.
	Unless otherwise provided herein, the following words and terms shall have the respective meanings set forth below:

		
	1.1.1.
	“PRC Law” refers to the laws, administrative regulations, administrative rules, local regulations, judicial interpretations and other binding regulatory documents of the People’s Republic of China in force at that time.

		
	1.1.2.
	“Optioned Equity” refers to all the equity interests held by the Shareholders in Registered Capital of Zhaoyan Technology (as defined below).

		
	1.1.3.
	“Registered Capital of Zhaoyan Technology” refers to the registered capital of Zhaoyan Technology as of the execution date of this Agreement, including its increase or reduction if any during the term of this Agreement.

		
	1.1.4.
	“Transferred Equity” refers to all or part of the Optioned Equity that Dayin Technology is entitled to ask the Shareholders to transfer to itself and/or the entities or individuals designated by it in accordance with Article 3.2 of this Agreement in the execution of its Equity Purchase Option (hereinafter referred to as “Execution”). The specific amount of the Transferred Equity can be unilaterally decided by Dayin Technology in accordance with PRC Law and its business considerations at that time.

		
	1.1.5.
	“Equity Purchase Price” refers to the consideration to be paid to the Shareholders by Dayin Technology and/or the entities or individuals designated by Dayin Technology for the Transferred Equity at each execution. The Equity Purchase Price paid to a Shareholder shall be the Registered Capital of Zhaoyan Technology multiplying by the shareholding ratio of the Transferred Equity. If there are any mandatary regulations on the equity purchase price under the PRC Law at the time of execution, Dayin Technology and/or the entities or individuals designated by it shall have the right to set the lowest price permitted by PRC Law as the Equity Purchase Price. 

		
	1.1.6.
	“Business License” refers to any approval, permit, filing, registration, license or qualification which is required in connection with the business operation of Zhaoyan Technology, including but not limited to the Business License of the Enterprise Legal Person, Tax Registration Certificate and other relevant permits and certificates required under PRC Law at that time.

		
	1.1.7.
	“Assets of Zhaoyan Technology” refers to all tangible and intangible assets owned or entitled to be used by Zhaoyan Technology during the term of this Agreement, including but not limited to any real property, movable property, intellectual property (i.e., trademarks, copyrights, patents, proprietary technologies, domain names, software use rights, etc.), and other documents, files and information such as customer information and databases.

		
	1.1.8.
	“Material Contracts” refers to such contracts to which Zhaoyan Technology is bound or subject to that have a significant impact on the business or assets of Zhaoyan Technology.

		
	1.2.
	Any reference to any PRC Law in this Agreement shall be deemed to include (1) references to amendments, modifications, supplements, and reenactions of such PRC Law, effective either before or after the date of this Agreement; and (2) references to any other decisions, notices, or regulations made thereunder or effective as a result of its provisions.

		
	1.3.
	Unless otherwise provided herein, reference to the articles, provisions, clauses, sections or paragraphs shall be refences to such articles, provisions, clauses, sections or paragraphs in this Agreement.

		
	2.
	Grant of Equity Purchase Option 

		
	2.1.
	The Parties agree that the Shareholders hereby irrevocably and unconditionally grant Dayin Technology an exclusive Equity Purchase Option. According to the Equity Purchase Option, to the extent permitted under PRC Law, Dayin Technology is entitled to require the Shareholders to transfer the Optioned Equity to Dayin Technology and/or the entities or individuals designated by Dayin Technology in accordance with this Agreement. Dayin Technology hereby agrees to accept such Equity Purchase Option.

		
	3.
	Execution of Equity Purchase Option

		
	3.1.
	To the extent permitted under PRC Law, Dayin Technology is entitled to determine the specific time, method and frequency of its Execution at its sole discretion.

		
	3.2.
	Dayin Technology is entitled to execute all of its Equity Purchase Option at one time if it is permitted under PRC Law at that time, that is, Dayin Technology and/or the entities or individuals designated by it is entitled to purchase all the Optioned Equity at one time. If, according to PRC law at that time, Dayin Technology and/or the entities or individuals designated by it is only permitted to hold part of the equity of Zhaoyan Technology, Dayin Technology is entitled to unilaterally determine the specific amount of Transferred Equity and to purchase by itself and/or the entities or individuals designated by it to the extent permitted by PRC Law (hereinafter referred to as the “Maximum Shareholding Ratio”). In the latter case, Dayin Technology is entitled to execute its Equity Purchase Option in accordance with the gradually increased Maximum Shareholding Ratio if any in phases, and to finally obtain all of the Optioned Equity. 

		
	3.3.
	For each Execution of Dayin Technology, the Shareholders shall transfer corresponding amount of equity in Zhaoyan Technology to Dayin Technology and/or the entities and individuals designated by it in accordance with the Purchase Notice mentioned in Article 3.5 of this Agreement. Dayin Technology and/or the entities or individuals designated by it shall pay the Equity Purchase Price to the Shareholders in respect of each Execution. Provided that no PRC Law shall be violated, Dayin Technology may offset the debt of 

Equity Purchase Price with the claim(s) it has or its affiliates have against the Shareholders (if any).
		
	3.4.
	For each Execution of Dayin Technology, Dayin Technology can purchase all or part of the Transferred Equity by itself or any third party designated by it.

		
	3.5.
	For each Execution, Dayin Technology shall send a notice of Execution to the Shareholders (hereinafter referred to as the “Purchase Notice”, the format of which is shown in Schedule I). Upon receipt of the Purchase Notice, the Shareholders shall immediately transfer the corresponding Transferred Equity to Dayin Technology and/or the entities or individuals designated by it in accordance with Article 3.3 of this Agreement.

		
	3.6.
	The Shareholders hereby covenant and warrant that once Dayin Technology sends the Purchase Notice:

		
	(1)
	He/she shall immediately convene or request the convening of a shareholder meeting of Zhaoyan Technology, at which a resolution shall be adopted and all necessary measure shall be taken to approve the Shareholder’ transfer of Transferred Equity to Dayin Technology and/or the entities or individuals designated by it at the Equity Purchase Price, and to waive the Shareholders’ preemptive rights if any.

		
	(2)
	He/she shall immediately sign the equity transfer agreement with Dayin Technology and/or the entities or individuals designated by it to transfer the Transferred Equity to Dayin Technology and/or its designated entities or individuals at the Equity Purchase Price.

		
	(3)
	He/she shall provide necessary support to Dayin Technology (including providing and signing all relevant legal documents, fulfilling all government approval and registration procedures and undertaking all relevant obligations) in comply with the requirements of Dayin Technology and PRC Law to ensure that Dayin Technology and/or the entities or individuals designated by it can obtain the Transferred Equity without legal defects.

		
	3.7.
	On the execution date of this Agreement, upon request of Dayin Technology, the Shareholders shall each sign a Letter of Authorization (hereinafter referred to as the “Letter of Authorization”, the format of which is shown in Schedule II) and entrust anyone designated by Dayin Technology to sign the legal documents which will enable Dayin Technology and/or the entities or individuals designated by it to acquire all the Transferred Equity without legal defects. The Letter of Authorization shall be kept by Dayin Technology, and if necessary, Dayin Technology may at any time require each of the Shareholders to sign multiple copies of the Letter of Authorization separately and submit the Letter of Authorization to the relevant government departments.

		
	4.
	Representations and Warranties

		
	4.1.
	The Shareholders hereby make representations and warranties respectively on their own and on behalf of Zhaoyan Technology as follows:

		
	4.1.1.
	The Shareholders are Chinese citizens with full capacity, and have full and independent legal status and legal capacity. The Shareholders have been properly authorized to sign, deliver, and perform this Agreement, and can independently be the subject of litigation proceedings as one party.

		
	4.1.2.
	This Agreement is duly signed and delivered by the Shareholders and constitutes a valid and binding obligation to the Shareholders, and can be enforceable against them in accordance with the provisions of this Agreement.

		
	4.1.3.
	The Shareholders are the registered owners of the Optioned Equity as of the date of this Agreement. According to this Agreement, Dayin Technology and/or the entities or individuals designated by it can obtain valid ownership of the Transferred Equity without liens, pledges, claims, or other third-party encumbrance after Execution.

		
	4.1.4.
	Zhaoyan Technology has obtained all the required licenses in connection with its business operation as of the date of this Agreement. Zhaoyan Technology has been operating in compliance with PRC Law since its establishment. There has been no material violation or possible violation of the regulations and requirements of government departments in industry and commerce, tax, culture, news, quality and technical supervision, labor and social insurance, and others. There is no dispute for breach of contracts of Zhaoyan Technology.

		
	5.
	Covenants of the Shareholders

		
	5.1.
	The Shareholders covenant that during the term of this Agreement, they shall make every effort and take all necessary measures to ensure that Zhaoyan Technology can obtain all the business licenses in time and keep all the business licenses continuously valid at all time. Unless with the prior written consent of Dayin Technology, if the business period of Zhaoyan Technology expires within the term of this Agreement, Shareholders will take all necessary measures to extend the business period of Zhaoyan Technology to the expiry date of this Agreement.

		
	5.2.
	Each of the Shareholders covenants that during the term of this Agreement, unless otherwise provided by applicable PRC Law by then, without the prior written consent of Dayin Technology it shall:

		
	5.2.1.
	Not transfer or dispose of any Optioned Equity or establish any secured interests or other third party’s rights on any Optioned Equity, except for the transfer under this Agreement.

		
	5.2.2.
	Not increase or decrease the Registered Capital of Zhaoyan Technology, or vote for the increase or decrease of the aforementioned registered capital.

		
	5.2.3.
	Not dispose of or facilitate the management of Zhaoyan Technology to dispose of any Assets of Zhaoyan Technology (except in the process of normal business operations).

		
	5.2.4.
	Not terminate or facilitate the management of Zhaoyan Technology to terminate any Major Contracts or to enter into any other agreement that conflicts with any of the existing Major Contracts.

		
	5.2.5.
	Not individually or jointly facilitate Zhaoyan Technology to make transactions that may materially affect Zhaoyan Technology’s assets, responsibilities, business operations, equity structure, equity holdings in third parties and other legal rights (except for those generated in the process of normal or daily business operation, or disclosed to Dayin Technology and obtained written consent of Dayin Technology).

		
	5.2.6.
	Not appoint or replace any of the executive directors or members of the board of directors of Zhaoyan Technology (if any), supervisors or other management personnel of Zhaoyan Technology who shall be appointed and replaced by shareholders.

		
	5.2.7.
	Not announce or distribute any distributable profits, dividends or interest, or vote for the aforementioned distribution.

		
	5.2.8.
	Ensure that Zhaoyan Technology exists effectively and will not be terminated, liquidated or dissolved.

		
	5.2.9.
	Not amend the articles of association of Zhaoyan Technology or vote for the amendment of the articles of association.

		
	5.2.10.
	Ensure that Zhaoyan Technology shall not provide or borrow loans, provide guarantees or make other forms of guarantees, or undertake any substantive liabilities except for those generated in normal business operations.

		
	5.3.
	Each of the Shareholders hereby covenants that during the term of this Agreement, it shall make every effort to develop Zhaoyan Technology’s business and ensure its operating in compliance with laws and regulations. The Shareholders will not carry out any activities or omissions that may damage the assets, business reputation of Zhaoyan Technology or any acts that will affect the validity of Zhaoyan Technology’s business licenses.

		
	5.4.
	Zhaoyan Technology covenants that before the Execution of all Equity Purchase Option of Dayin Technology, without the prior written consent of Dayin Technology, it shall not:

		
	5.4.1.
	sell, transfer, mortgage or dispose of any of its own assets, business, income or other legal rights, or allow any secured interests or other third party’s rights to be established on such assets, business, income or other legal rights (except for those generated in the process of normal or daily business operation, or disclosed to Dayin Technology and obtained written consent of Dayin Technology);

		
	5.4.2.
	enter into any legal documents that may substantially affect its assets, responsibilities, operations, shareholding structure, equity holdings in third parties and other legal rights or carry out such transactions (except those generated in the process of normal or daily business operation, or disclosed to Dayin Technology and obtained written consent of Dayin Technology);

		
	5.4.3.
	distribute dividends or profit to relevant Shareholders in any form.

		
	6.
	Confidentiality

		
	6.1.
	Whether this Agreement has been terminated or not, the Shareholders shall undertake the obligation to keep confidential of (i) the signing, performance and content of the Agreement, (ii) the trade secrets, proprietary information and customer information that it has learned or received due to the signing and performance of this Agreement, and (iii) the trade secrets, proprietary information, and customer information of Zhaoyan Technology that it has learned or received as Shareholders of Zhaoyan Technology (hereinafter collectively referred to as “Confidential Information”). The Shareholders may use such Confidential Information only for the purpose of fulfilling the obligations under this Agreement. Without the written permission of Dayin Technology, the Shareholders shall not disclose the above-mentioned Confidential Information to any third party, otherwise they shall bear the liability for breach of contract and compensate for losses.

		
	6.2.
	Once this Agreement is terminated, the Shareholders shall, upon request by Dayin Technology, return, destroy or dispose in any other method with all documents, materials or software containing Confidential Information, and stop using such Confidential Information.

		
	6.3.
	Notwithstanding other provisions of this Agreement, the validity of this Article shall not be affected by the suspension or termination of this Agreement.

		
	7.
	Term

		
	7.1.
	Subject to Article 7.2 and 7.3 of this Agreement, this Agreement shall enter into force on the date of its formal signing by the Parties and shall be valid for ten (10) years, unless the Parties agree to terminate this Agreement in advance in writing, or to terminate this agreement pursuant to Article 9.1 of this Agreement. This term of agreement will be automatically extended for one (1) year after expiration, unless Dayin Technology otherwise notifies the parties of its intent not to extend at least thirty (30) days  before the end of the then-current term, and so on.

		
	7.2.
	For each of the Shareholders, after all the Optioned Equity of Zhaoyan Technology held by him/her has been transferred to Dayin Technology and/or the entities or individuals designated by it in accordance with the Agreement, his/her obligations as a shareholder of Zhaoyan Technology under this Agreement shall be terminated. This Agreement will remain in full force and effect to other remaining Shareholders and their Optioned Equity.

		
	7.3.
	If Zhaoyan Technology’s business period is terminated for any reason during the term of this Agreement, this Agreement will be terminated for Zhaoyan Technology and its shareholders (within the limits of being a shareholder of Zhaoyan Technology).

		
	8.
	Notice

		
	8.1.
	All notices, requests, demands and other communications required by or in accordance with this Agreement shall be delivered to the Parties in writing.

		
	8.2.
	If the above notice or other communication is sent by facsimile, it will be deemed to have been delivered once it has been sent; if delivered in person, it will be deemed to have been delivered once delivered in person; if sent by post, it will be deemed to have been delivered five (5) days after posting.

		
	9.
	Responsibility upon Breach

		
	9.1.
	The Parties agree and acknowledge that it constitutes a breach of contract under this Agreement (hereinafter referred to as the “Breach”) if any Party (hereinafter referred to as the “Breaching Party”) materially violates any articles under this Agreement, or materially fails to perform any of its obligations under this Agreement. The injured party (hereinafter referred to as the “Non-breaching Party”) is entitled to demand the Breaching Party to make corrections or take remedial measures within a reasonable period. If the Breaching Party fails to make corrections or take remedial measures within a reasonable period or within ten (10) days upon written request made by the Non-breaching Party, the Non-breaching Party is entitled to choose at its sole discretion any of the following remedies for breach of contract: (1) to terminate this Agreement and ask for full compensation for damages from the Breaching Party; or (2) to ask for specific performance of the Breaching Party’s obligations under this Agreement and full compensate for damages from the Breaching Party at the same time 

		
	9.2.
	The Parties agree and acknowledge that, except as otherwise provided by law and this Agreement, the Shareholders shall not, under any circumstances, require termination of this Agreement for any reason.

		
	9.3.
	Notwithstanding other provisions of this Agreement, the effect of this Article shall not be affected by the suspension or termination of this Agreement.

		
	10.
	Miscellaneous

		
	10.1.
	This Agreement is written in Chinese in four (4) originals. Each Party of this Agreement shall have one (1) original.

		
	10.2.
	The execution, validity, implementation, amendment, interpretation and termination of this Agreement shall be governed by PRC Law.

		
	10.3.
	Any dispute arising from and relating to this Agreement shall be first settled by the Parties through friendly negotiation. If the dispute cannot be resolved within thirty (30) days, the relevant dispute shall be submitted to Shanghai International Economic and Trade Arbitration Commission for arbitration in accordance with the arbitration rules then effective. The arbitration shall be conducted in Shanghai and the language used shall be Chinese. The decision of the arbitral tribunal shall be final and binding on the Parties.

		
	10.4.
	Any rights, powers and remedies conferred on each Party by any provision of this Agreement shall not preclude any other rights, powers or remedies that the Party enjoys in accordance with law and other provisions under this Agreement, and the exercise of a Party’s rights, powers and remedies shall not preclude the Party’s exercise of other rights, powers and remedies.

		
	10.5.
	Failure by a Party to exercise or delay in exercising any of its rights, powers and remedies under this Agreement or law (hereinafter referred to as the “Party’s Rights”) shall not result in a waiver of such rights, and the waiver of any single or part of that Party’s rights shall not preclude the Party from exercising such rights in any other ways and the other Party’s rights.

		
	10.6.
	The headings of the articles of this Agreement are for reference only. In no circumstance shall these headings be used as or affect the interpretation of the provisions of this Agreement.

		
	10.7.
	Each article of this Agreement is severable and independent to every other article. If, at any time, any one or more of the articles of this Agreement become invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining articles of this Agreement shall not be affected.

		
	10.8.
	This Agreement, once signed, supersedes any other legal documents previously signed by relevant Parties under this Agreement on the same subject.

		
	10.9.
	Any amendment or supplement of this Agreement must be made in writing and shall become effective after being duly signed by all Parties under this agreement.

		
	10.10.
	Without the prior written consent of Dayin Technology, the Shareholders shall not transfer any of their rights and/or obligations under this Agreement to any third party. Dayin Technology is entitled to transfer the rights and/or obligations under this Agreement to any third party designated by it after notifying the Shareholders.

		
	10.11.
	This Agreement is binding on the legal successors of all Parties.

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

[Signature Page]
IN WITNESS WHEREOF, the Parties have caused this Exclusive Option Agreement to be duly executed as of the date first above written.
	
					
	Bin Zhao
	 
	Wenjing Ma

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	Signature:
	/s/ Bin Zhao
	 
	Signature:
	/s/ Wenjing Ma

	
			
	Shanghai Zhaoyan Network Technology Co., Ltd. (Seal)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Signature:
	/s/ Bin Zhao
	 

	Name:  Bin Zhao
Title:  Legal Representative

	
			
	Dayin Network Technology (Shanghai) Co., Ltd. (Seal)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Signature:
	/s/ Bin Zhao
	 

	Name:  Bin Zhao
Title:  Legal Representative

Schedule I:
Purchase Notice
To: [Name of Shareholder]
Given that we have signed an Exclusive Option Agreement (“Option Agreement”) with you and other interested parties on June 18, 2015, it is agreed that, to the extent permitted by PRC Law and regulations, you shall transfer your equity in Shanghai Zhaoyan Network Technology Co., Ltd. (“Zhaoyan Technology”) to us and/or any third party designated by us.
Therefore, we hereby send you this notice as follows:
We hereby request the execution of the Equity Purchase Option under the Option Agreement, and we/the [company/individual’s name] designated by us will accept the equity held by you equal to _______% of the Registered Capital of Zhaoyan Technology (“Proposed Transfer Equity”). After receiving this notice, you are requested to transfer all the Proposed Transfer Equity to us/[designated company/individual’s name] in accordance with the Option Agreement.
Sincerely,
Dayin Network Technology (Shanghai) Co., Ltd. (Seal)
	
			
	Authorized Representative:
	 

	Date:
	 

Schedule II:
Letter of Authorization
I, _______, hereby appoint _______ (Identity Number: _____________________), as my authorized trustee, to sign the equity transfer agreement and other relevant legal documents between Dayin Network Technology (Shanghai) Co. Ltd. and me on the equity transfer of Shanghai Zhaoyan Network Technology Co., Ltd.
Regarding the equity transfer agreement and other relevant legal documents on the equity transfer of Shanghai Zhaoyan Network Technology Co., Ltd. signed by the authorized trustee on behalf of me with Dayin Network Technology (Shanghai) Co., Ltd., I confirm that they are legally binding on me once signed.
	
	
	Signature: [Name of Shareholder]

	 

	Date:Exhibit

Exhibit 10.7

AGORA, INC.
2014 EQUITY INCENTIVE PLAN
1.    Purposes of the Plan.  The purposes of this Plan are:
		
	•
	to attract and retain the best available personnel for positions of substantial responsibility,

		
	•
	to provide additional incentive to Employees, Directors and Consultants, and

		
	•
	to promote the success of the Company’s business.

The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units.
2.    Definitions.  As used herein, the following definitions will apply:
(a)    “Administrator”  means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.
(b)    “Applicable Laws”  means the legal and regulatory requirements relating to the administration of equity-based awards, including but not limited to the related issuance of Shares, including but not limited to, under U.S. federal and state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted and the applicable laws of any country or jurisdiction where Awards are, or will be, granted under the Plan.
(c)    “Award”  means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, or Restricted Stock Units.
(d)    “Award Agreement”  means the written or electronic agreement in a form satisfactory to the Administrator setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.
(e)    “Board”  means the Board of Directors of the Company.
(f)    “Change in Control”  means the occurrence of any of the following events:
(i)    Change in Ownership of the Company.  A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in Control; provided further, 

that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board also will not be considered a Change in Control. Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall not be considered a Change in Control under this subsection (i). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or
(ii)    Change in Effective Control of the Company.  If the Company has a class of securities registered pursuant to Section 12 of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subsection (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or
(iii)    Change in Ownership of a Substantial Portion of the Company’s Assets.  A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.
For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.

-2-

Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time.
Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(g)    “Code”  means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.
(h)    “Committee”  means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by a duly authorized committee of the Board, in accordance with Section 4 hereof.
(i)    “Company”  means Agora, Inc., a company incorporated under the laws of the Cayman Islands, or any successor thereto.
(j)    “Consultant”  means any person, including natural individual and legal entity, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company’s securities.
(k)    “Director”  means a member of the Board.
(l)    “Disability”  means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.
(m)    “Employee”  means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.
(n)    “Exchange Act”  means the Securities Exchange Act of 1934, as amended.
(o)    “Exchange Program”  means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants 

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would have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.
(p)    “Fair Market Value”  means, as of any date, the value of the Shares determined as follows:
(i)    If the Shares are listed on any established stock exchange or a national market system, including without limitation the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or, if no closing sales price was reported on that date, as applicable, on the last trading date such closing sales price was reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii)    If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Shares on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
(iii)    In the absence of an established market for the Shares, the Fair Market Value will be determined in good faith by the Administrator.
(q)    “Incentive Stock Option”  means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option within the meaning of Code Section 422 and the regulations promulgated thereunder.
(r)    “Nonstatutory Stock Option”  means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.
(s)    “Option”  means a stock option granted pursuant to the Plan.
(t)    “Ordinary Share”  means an ordinary share of the Company.
(u)    “Parent”  means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).
(v)    “Participant”  means the holder of an outstanding Award.
(w)    “Period of Restriction”  means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the Administrator.

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(x)    “Plan”  means this 2014 Equity Incentive Plan, as amended from time to time.
(y)    “Restricted Stock”  means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant to the early exercise of an Option.
(z)    “Restricted Stock Unit”  means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.
(aa)    “Securities Act”  means the Securities Act of 1933, as amended.
(bb)    “Service Provider”  means an Employee, Director or Consultant.
(cc)    “Share”  means an Ordinary Share of the Company, as adjusted in accordance with Section 13 of the Plan.
(dd)    “Stock Appreciation Right”  means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated as a Stock Appreciation Right.
(ee)    “Subsidiary”  means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).
3.    Stock Subject to the Plan.
(a)    Stock Subject to the Plan.  Subject to the provisions of Section 13 of the Plan, the maximum aggregate number of Shares that may be subject to Awards and sold under the Plan will not exceed 41,541,963 Shares (the “Share Reserve”), which number is the sum of (x) 6,928,798 new Shares, plus (y) the returned Shares, if any, which become available for grant (in accordance with Section 3(b) hereof) under this Plan from time to time, up to a maximum of 34,613,165 Shares. The Shares may be authorized but unissued, or reacquired Shares. For clarity, the Share Reserve in this Section 3(a) is a limitation on the number of Shares that may be issued pursuant to the Plan. As a Share may be subject to grant more than once, the Share Reserve is not a limit on the number of Awards that can be granted.
(b)    Lapsed Awards.  If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan under any Award and are thereafter repurchased by the Company or are forfeited to the Company for whatsoever reasons, will be returned to the Plan and will become 

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available for future distribution under the Plan. If Shares issued pursuant to Awards of Restricted Stock or Restricted Stock Units are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholdings related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan pursuant to Section 3(b). For the purposes of this Section 3(b), the term “Award” shall be construed to include a grant under the 2018 Plan.
(c)    Share Reserve.  The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan.
4.    Administration of the Plan.
(a)    Procedure.  The Plan will be administered by the Administrator or any one or two officers or management members designated by the Administrator.
(i)    Multiple Administrative Bodies.  Different Committees with respect to different groups of Service Providers may administer the Plan.
(ii)    Other Administration.  Other than as provided above,.
(b)    Powers of the Administrator.  Subject to the provisions of the Plan, the Administrator will have the authority, in its discretion:
(i)    to determine the Fair Market Value;
(ii)    to select the Service Providers to whom Awards may be granted hereunder;
(iii)    to determine the number of Shares to be covered by each Award granted hereunder;
(iv)    to approve forms of Award Agreements for use under the Plan;
(v)    to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

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(vi)    to institute and determine the terms and conditions of an Exchange Program;
(vii)    to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;
(viii)    to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws;
(ix)    to modify or amend each Award (subject to Section 18(c) of the Plan), including but not limited to the discretionary authority to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d));
(x)    to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;
(xi)    to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by the Administrator;
(xii)    to temporarily suspend the exercisability of an Award if the Administrator deems such suspension to be necessary or appropriate for administrative purposes;
(xiii)    to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise would be due to such Participant under an Award; and
(xiv)    to make all other determinations deemed necessary or advisable for administering the Plan.
(c)    Effect of Administrator’s Decision.  The Administrator’s decisions, determinations and interpretations will be final and binding on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable Laws.
5.    Eligibility.  Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.
6.    Stock Options.
(a)    Grant of Options.  Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, will determine.
(b)    Option Agreement.  Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, will determine.

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(c)    Limitations.  Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder.
(d)    Term of Option.  The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement.
(e)    Option Exercise Price and Consideration.
(i)    Exercise Price.  The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by the Administrator. In the case of an Incentive Stock Option granted to an Employee, the exercise price shall, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Code Section 424(a) or other Applicable Laws.).
(ii)    Waiting Period and Exercise Dates.  At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.
(iii)    Form of Consideration.  The Administrator will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check; (3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under cashless exercise 

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program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise; (7) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws, or (8) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be reasonably expected to benefit the Company.
(f)    Exercise of Option.
(i)    Procedure for Exercise; Rights as a Stockholder.  Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share.
An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the Participant’s family member (as defined in Rule 701(c)(3) of the Securities Act). Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13 of the Plan.
Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.
(ii)    Termination of Relationship as a Service Provider.  If a Participant ceases to be a Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within thirty (30) days of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iii)    Disability of Participant.  If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her Option 

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within six (6) months of termination, or such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
(iv)    Death of Participant.  If a Participant dies while a Service Provider, the Option may be exercised within six (6) months following the Participant’s death, or within such longer period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.
7.    Stock Appreciation Rights.
(a)    Grant of Stock Appreciation Rights.  Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.
(b)    Number of Shares.  The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation Rights.
(c)    Exercise Price and Other Terms.  The per Share exercise price for the Shares that will determine the amount of the payment to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan.
(d)    Stock Appreciation Right Agreement.  Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine.
(e)    Expiration of Stock Appreciation Rights.  A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 

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6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.
(f)    Payment of Stock Appreciation Right Amount.  Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:
(i)    The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times
(ii)    The number of Shares with respect to which the Stock Appreciation Right is exercised.
At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.
8.    Restricted Stock.
(a)    Grant of Restricted Stock.  Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.
(b)    Restricted Stock Agreement.  Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such Shares have lapsed.
(c)    Transferability.  Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.
(d)    Other Restrictions.  The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.
(e)    Removal of Restrictions.  Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed.
(f)    Voting Rights.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.
(g)    Dividends and Other Distributions.  During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other 

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distributions paid with respect to such Shares, unless the Administrator provides otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid.
(h)    Return of Restricted Stock to Company.  On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan.
9.    Restricted Stock Units.
(a)    Grant.  Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units.
(b)    Vesting Criteria and Other Terms.  The Administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.
(c)    Earning Restricted Stock Units.  Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.
(d)    Form and Timing of Payment.  Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted Stock Units in cash, Shares, or a combination of both.
(e)    Cancellation.  On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company for future grants.
10.    Compliance With Code Section 409A.  Awards will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted, paid, settled or deferred in a manner that 

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will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A. In no event will the Company have any obligation under the terms of this Plan to reimburse a Participant for any taxes or other costs that may be imposed on Participant as a result of Section 409A.
11.    Leaves of Absence/Transfer Between Locations.  Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.
12.    Limited Transferability of Awards.
(a)    Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent and distribution, (iii) to an entity or individual acceptable to the Administrator and such transfer will not have adverse accounting consequences, or (iv) as permitted by Rule 701 of the Securities Act.
(b)    Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the “Rule 12h-1(f) Exemption”), an Option, or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated or otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than to (i) persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant, in each case, to the extent required for continued reliance on the Rule 12h-1(f) Exemption. Notwithstanding the foregoing sentence, the Administrator, in its sole discretion, may determine to permit transfers to the Company or in connection with a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f) or, if the Company is not relying on the Rule 12h-1(f) Exemption, to the extent permitted by the Plan.
13.    Adjustments; Dissolution or Liquidation; Merger or Change in Control.
(a)    Adjustments.  In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse 

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stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each outstanding Award. Further, the Administrator will make such adjustments to an Award as required by Section 25102(o) of the California Corporations Code to the extent the Company is relying upon the exemption afforded thereby with respect to the Award.
(b)    Dissolution or Liquidation.  In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.
(c)    Merger or Change in Control.  In the event of a merger of the Company with or into another corporation or other entity or a Change in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant’s consent, including, without limitation, that (i) Awards will be assumed, or substantially equivalent awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange for an amount of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted under this subsection 13(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly.
In the event that the successor corporation does not assume or substitute for the Award (or portion thereof), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the 

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Company or any of its Subsidiaries or Parents, as applicable. In addition, if an Option or Stock Appreciation Right is not assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period.
For the purposes of this subsection 13(c), an Award will be considered assumed if, following the merger or Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely ordinary shares of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, for each Share subject to such Award, to be solely ordinary shares of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Shares in the merger or Change in Control.
Notwithstanding anything in this Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent, in all cases, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the Company or any of its Subsidiaries or Parents, as applicable; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.
Notwithstanding anything in this Section 13(c) to the contrary, and unless otherwise provided in an Award Agreement, if an Award that vests, is earned or paid out under any Award Agreement, is subject to Code Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.
14.    Tax Withholding.
(a)    Withholding Requirements.  Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise thereof).

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(b)    Withholding Arrangements.  The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by such methods as the Administrator shall determine, including, without limitation, (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum statutory amount required to be withheld or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion, (iii) delivering to the Company already-owned Shares having a fair market value equal to the statutory amount required to be withheld or such greater amount as the Administrator may determine, in each case, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines in its sole discretion, (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld, or (v) any combination of the foregoing methods of payment. The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined or such greater amount as the Administrator may determine if such amount would not have adverse accounting consequences, as the Administrator determines in its sole discretion. The fair market value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.
15.    No Effect on Employment or Service.  Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing the Participant’s relationship as a Service Provider with the Company or its Subsidiaries or Parents, as applicable, nor will they interfere in any way with the Participant’s right or the right of the Company and its Subsidiaries or Parents, as applicable to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.
16.    Date of Grant.  The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such grant.
17.    Term of Plan.  Subject to Section 21 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner terminated under Section 18, it will continue in effect for a term of ten (10) years from the later of (a) the effective date of the Plan, or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan.
18.    Amendment and Termination of the Plan.
(a)    Amendment and Termination.  The Board may at any time amend, alter, suspend or terminate the Plan.

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(b)    Stockholder Approval.  The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.
(c)    Effect of Amendment or Termination.  No amendment, alteration, suspension or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.
19.    Conditions Upon Issuance of Shares.
(a)    Legal Compliance.  Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.
(b)    Investment Representations.  As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.
20.    Inability to Obtain Authority.  The inability of the Company to obtain authority from any regulatory body having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, U.S. federal or non-U.S. law or under the rules and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been obtained.
21.    Stockholder Approval.  The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.
22.    Information to Participants.  If and as required (i) pursuant to Rule 701 of the Securities Act, if the Company is relying on the exemption from registration provided pursuant to Rule 701 of the Securities Act with respect to the applicable Award, and/or (ii) pursuant to Rule 12h-1(f) of the Exchange Act, to the extent the Company is relying on the Rule 12h-1(f) Exemption, then during the period of reliance on the applicable exemption and in each case of (i) and (ii) until such time as the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall provide to each Participant the information described in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities Act not less frequently than every 

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six (6) months with the financial statements being not more than 180 days old and with such information provided either by physical or electronic delivery to the Participants or by written notice to the Participants of the availability of the information on an Internet site that may be password-protected and of any password needed to access the information. The Company may request that Participants agree to keep the information to be provided pursuant to this section confidential. If a Participant does not agree to keep the information to be provided pursuant to this section confidential, then the Company will not be required to provide the information unless otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act (if the Company is relying on the Rule 12h-1(f) Exemption) or Rule 701 of the Securities Act (if the Company is relying on the exemption pursuant to Rule 701 of the Securities Act).
23.    Forfeiture Events.
(a)    All Awards under the Plan will be subject to recoupment under any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Laws. In addition, the Administrator may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Administrator determines necessary or appropriate, including but not limited to a reacquisition right regarding previously acquired Shares or other cash or property. Unless this Section 23 is specifically mentioned and waived in an Award Agreement or other document, no recovery of compensation under a clawback policy or otherwise will be an event that triggers or contributes to any right of a Participant to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or a Subsidiary or Parent of the Company.
(b)    The Administrator may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an Award will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include, but will not be limited to, termination of such Participant’s status as Service Provider for cause or any specified action or inaction by a Participant, whether before or after such termination of service, that would constitute cause for termination of such Participant’s status as a Service Provider.
24.    Governing Law.  This Plan shall be governed by the laws of the Cayman Islands.

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