Document:

EX-4.40

 Exhibit 4.40 

SHARE TRANSFER AGREEMENT 

Between 
 Beijing NQ
Technology Co., Ltd 
 NQ Mobile Inc. 

Beijing NationSky Network Technology Co., Ltd. 

Qidi (Beijing) Assets Management Corporation 

And 
 Hou Shuli 

Concerning 
 Beijing
NationSky Network Technology Co., Ltd. 
 November 26, 2015 

  
 1 

 Contents 
  

							
	 Article 1 Definitions
	  	 	4	  
	 1.1
	 	 Definitions
	  	 	4	  
	 1.2
	 	 Interpretation
	  	 	5	  
	 Article 2 Share Transfer
	  	 	5	  
	 2.1
	 	 Share Transfer
	  	 	5	  
	 2.2
	 	 Consideration
	  	 	6	  
	 2.3
	 	 Payment of the Share Transfer Price
	  	 	6	  
	 2.4
	 	 Equity Pledge and Equity Reverse Pledge
	  	 	7	  
	 2.5
	 	 Change Registration with the Administration for Industry and Commerce
	  	 	7	  
	 2.6
	 	 Closing Conditions and Closing Contents
	  	 	8	  
	 Article 3 Representations and Warranties
	  	 	8	  
	 3.1
	 	 Representations and Warranties of the Transferor
	  	 	8	  
	 3.2
	 	 Representations and Warranties of the Transferee
	  	 	8	  
	 Article 4 Assumption of Credit and Debts
	  	 	9	  
	 Article 5 Obligations of the Target Company and Transferor during the Transition Period
	  	 	9	  
	 Article 6 Covenants of the Transferee, the Target Company and the Transferor
	  	 	10	  
	 6.1
	 	 Covenants of the Transferee and the Target Company
	  	 	10	  
	 6.2
	 	 Covenants of the Transferor
	  	 	11	  
	 Article 7 Confidentiality
	  	 	13	  
	 Article 8 Default and Responsibility for Breach of Contract
	  	 	13	  
	 8.1
	 	 Default
	  	 	13	  
	 8.2
	 	 Responsibility for Breach of Contract
	  	 	14	  
	 8.3
	 	 Remedies Cumulative
	  	 	14	  
	 Article 9 Termination
	  	 	14	  
	 9.1
	 	 Termination
	  	 	14	  
	 9.2
	 	 Legal Consequences of Termination
	  	 	15	  
	 Article 10 Governing Law and Dispute Resolution
	  	 	15	  
	 10.1
	 	 Governing Law
	  	 	15	  
	 10.2
	 	 Dispute Resolution
	  	 	16	  
	 Article 11 Force Majeure
	  	 	16	  
	 11.1
	 	 Scope of Force Majeure
	  	 	16	  
	 11.2
	 	 Consequences of Force Majeure
	  	 	16	  
	 11.3
	 	 Notice of Force Majeure
	  	 	16	  
	 Article 12 Notices
	  	 	16	  
	 Article 13 Supplementary Provisions
	  	 	17	  
	 13.1
	 	 Taxes and Dues
	  	 	17	  
	 13.2
	 	 Consent of the Actual Controllers
	  	 	17	  
	 13.3
	 	 Entire Agreement
	  	 	18	  
	 13.4
	 	 Supplement, Modification and Waiver
	  	 	18	  
	 13.5
	 	 Effectiveness
	  	 	18	  
	 13.6
	 	 Counterparts
	  	 	18	  
	 13.7
	 	 Change in Name
	  	 	18	  

  
 2 

							
	 Schedule 1 Transferor’s Representations and Warranties
	  	 	1	  
	 Schedule 2 Transferee’s Representations and Warranties
	  	 	2	  
	 Schedule 3 Details of Target Company
	  	 	3	  
	 Schedule 4 Representations and Warranties by Senior Officers of Target Company
	  	 	4	  
	 Schedule 5 Repayment Agreement
	  	 	5	  
	 Schedule 6 Seal and Handover List of Relevant Information
	  	 	7	  
	 Schedule 7 List of Supplementary Materials for Due Diligence
	  	 	8	  
	 Schedule 8 Core Staff List of Target Company
	  	 	18	  
	 Schedule 9 Equity Pledge Agreement (For Pledge of 20% Shares)
	  	 	19	  
	 Schedule 10 Equity Pledge Agreement (For Pledge of 60% Shares)
	  	 	28	  
	 Schedule 11 Equity Pledge Agreement (For Reverse Pledge of 20% Shares)
	  	 	37	  

  
 3 

 SHARE TRANSFER AGREEMENT 

This Agreement is executed by the following parties on November 26, 2015 in Beijing. 
  

	1.	Transferor: Beijing NQ Technology Co., Ltd (“Transferor”) 

 Domicile: Rm.
1322, Unit C, Building 1, Zhongguancun Software Park Incubator, Haidian District, Beijing, P.R.China. 
 Legal Representative: Xu Zemin 

 

	2.	Actual Controller: NQ Mobile Inc. (“Actual Controller”) 

 Domicile: Maples
Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman KY-1-1104, Cayman Islands 
 Authorized Representative: Vincent Wenyong
Shi 
  

	3.	Transferee: Qidi (Beijing) Assets Management Corporation (“Transferee”) 

Domicile: 15th Floor, Tower A Building 1, No. 6 North Yongjia Road, Haidian District,
Beijing 
 Legal Representative: Hou Shuli 
  

	4.	Target Company: Beijing NationSky Network Technology Co., Ltd. (“Target Company”) 

Domicile: Rm 213, Building 5, No. 6 North Yongjia Road, Haidian District, Beijing 

Legal Representative: Xu Zemin 
  

	5.	Hou Shuli (“Hou Shuli/Senior Officer of the Target Company”) 

 Identity Card
No.: 220102197106013370 
 Address: Rm 1301, Gate 6, Building 2, Area 3, Xinyuan, Caoqiao, Fengtai District, Beijing 

WHEREAS: 
  

	(1)	The Target Company is a limited liability company validly existing under the laws of China. As of the date of this Agreement, the registered capital amount of the Target Company is ¥40,000,000 (amount in words: RMB
forty million Yuan), and the paid-in capital is ¥40,000,000 (amount in words: RMB forty million Yuan). 

  

	(2)	The Transferee intends to acquire from the Transferor 100% shares of the Target Company, and the Transferor agrees to transfer such shares to Transferee. 

 

	(3)	The Actual Controller, as the actual controller of the Transferor, also agrees on all contents of this Agreement. 

  

	(4)	Hou Shuli is one of the shareholders of the Transferee. 

 THEREFORE, in accordance with the
Company Law of the People’s Republic of China and the relevant laws and regulations, the parties, through amicable discussion, agree upon the follows in respect of the transactions of the Company so as to jointly observe and implement: 

Article 1 Definitions 
  

	1.1	Definitions 

 Unless otherwise expressly provided herein, the following terms shall have
the following meanings in this Agreement: 
  

	 	(1)	This Agreement shall mean this Share Transfer Agreement and its schedules and the amendments and supplements hereto and thereto. 

  
 4 

	 	(2)	Article of Association shall mean the Articles of Association of Beijing NationSky Network Technology Co., Ltd. amended so as to reflect the share transfer hereunder. 

 

	 	(3)	Business Day shall mean the business days on which the commercial banks in China deal with business (not including Saturdays, Sundays and public holidays). 

 

	 	(4)	Affiliate shall, for an entity, mean another entity controlling the entity, controlled by the entity and/or under the joint control with the entity by other entity. 

 

	 	(5)	Closing Date shall mean the date on which the closing under Clause 2.4 shall be completed. 

  

	 	(6)	Closing Conditions shall have the meaning as set forth in Clause 2.4. 

  

	 	(7)	Transaction Documents shall mean this Agreement and the schedules hereto. 

  

	 	(8)	Taxes shall mean all taxes, and costs, interests, penalties, surcharges and etc. in relation to such taxes levied on the parties by the legal governmental authorities pursuant to the laws, regulations and
ordinances of China or the applicable laws of other jurisdiction. 

  

	 	(9)	Entity shall mean an individual, partnership, company, trust, unincorporated society, any governmental authority or other entity or organization. 

 

	 	(10)	Effective Date shall mean the date of this Agreement. 

  

	 	(11)	Senior Officer of the Target Company shall mean Hou Shuli. 

  

	 	(12)	Target Company Group shall mean the Target Company and subsidiaries under it, including NationSky (Shenzhen) Network Technology Co., Ltd (a subsidiary wholly owned by the Target Company), NationSky (Tianjin)
Network Technology Co., Ltd (a subsidiary wholly owned by the Target Company) and Company G (26.01% shares of Company G held by the Target Company). 

  

	 	(13)	China shall mean the People’s Republic of China, for the purpose of this Agreement, not including Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan. 

 

	1.2	Interpretation 

  

	 	(1)	The Whereas provisions and schedules hereof shall be unseverable parts of this Agreement and shall have the validity equal to those provisions hereof as if they had been stipulated herein. All references to this
Agreement shall include the supplementary agreements which shall become effective after having been supplemented, altered, changed or amended, and include the whereas provisions, notes and schedules. 

 

	 	(2)	The headings of the provisions of this Agreement and the schedules hereto shall be only for convenience to make references, and shall not affect or limit the meaning or interpretation of the provisions hereof.

  

	 	(3)	If any act or step shall be performed or taken within or after a certain period of time, when calculating such period of time, the base date for calculation shall not be counted. In the event that the last day within
such period of time is not a Business Day, such period of time shall end on the following Business Day. 

 Article 2 Share Transfer

  

	2.1	Share Transfer 

  

	 	(1)	The Transferee agrees to purchase 100% of shares held by the Transferor in the Target Company; and the Transferor agrees to sell such shares. Pursuant to the provisions hereof, upon the completion of the share
transfer, the Transferor shall not be a shareholder of the Target Company and the Transferee shall the sole shareholder of the Target Company. 

  
 5 

	 	(2)	After the completion of the share transfer, the ownership structure of the Target Company shall be as follows: 

  

									
	 Shareholder
	  	 Registered Capital

(unit: ten thousand RMB Yuan)
	 	  	 Shareholding
Proportion
	 
	 Qidi (Beijing) Assets Management Corporation
	  	 	4,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	4,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

  

	2.2	Consideration 

 The parties agree that the Transferee shall pay RMB Yuan [510,000,000] (amount
in words: RMB Yuan Five Hundred and Ten Million) (the “Share Transfer Price”), as the consideration for purchasing 100% shares from the Transferor in the Target Company. 

 

	2.3	Payment of the Share Transfer Price 

 The parties agree that the Share Transfer Price hereunder
shall be paid by three installments in accordance with the conditions and time as provided herein: 
  

	 	(1)	The First Payment of Share Transfer Price: the parties confirm and agree that, unless otherwise specially provided herein, the Transferee shall pay 20% of the Share Transfer Price, namely, RMB Yuan 102,000,000 (amount
in words: RMB Yuan One Hundred and Two Million). 

 The obligator for such payment and the amount shall be as follows:

 The payment instruction for such payment must be rendered prior to [November 27th,
2015] (including this date) and such payment must be remitted to the bank account designated by the Transferor prior to [November 30th, 2015] (including this date). 

 

	 	(2)	The Second Payment of Share Transfer Price: the parties agree that the Transferee shall pay the second payment of Share Transfer Price, namely, 60% of the Share Transfer Price, RMB Yuan306,000,000 (amount in words: RMB
Yuan Three Hundred and Six Million) prior to [December 31st, 2015], under the condition that the Transferee shall have completed [the legal due diligence investigation, financial due diligence
investigation, auditing investigation and value assessment] and be satisfied with such investigations and the results thereof. 

The obligator for such payment and the amount shall be as follows: 

Such payment shall be remitted by the Transferee and/or the third party arranged by the Transferee to the bank account designated by the
Transferor. 
  

	 	(3)	The Third Payment of Share Transfer Price: the parties confirm and agree that the Transferee and/or the third party arranged by the Transferee shall remit all of the remainder of the Share Transfer Price, namely, 20% of
the Share Transfer Price, RMB Yuan 102,000,000 (amount in words: RMB Yuan One Hundred and Two Million) the bank account designated by the Transferor, within [3] Business Days from the date on which the 100% Shareholding Change Registration and
the “Handover Works” have been completed. 

  
 6 

	2.4	Equity Pledge and Equity Reverse Pledge 

  

	 	(1)	20% Equity Pledge and Release 

  

	 	1)	Registration of Equity Pledge: the parties agree that the Transferor shall execute with the Transferee the Equity Pledge Agreement in the form as provided in Schedule [9], under which the Transferor shall pledge 20% of
shares in the Target Company to the Transferee (“20% Equity Pledge”). The Transferor shall conduct the registration of such pledge with the administration for industry and commerce on the current date on which it receives the first payment
of the Share Transfer Price at the time as set forth in Clause 2.3 (1) hereof. 

  

	 	2)	Release: the Transferee further agree that it shall cooperate for the release of the 20% Equity Pledge before the Transferor conducts the 100% Shareholding Change Registration; if the 100% Shareholding Change
Registration cannot be completed at the time agreed hereunder due to the Transferee failing to timely cooperate for the release of the 20% Equity Pledge, the relevant time shall be accordingly postponed and the Transferor shall not bear the
liability for breach of this. 

  

	 	(2)	60% Equity Pledge and Release 

  

	 	1)	Registration of Equity Pledge: the parties agree that the Transferor shall execute with the Transferee the Equity Pledge Agreement in the form as provided in Schedule [10], under which the Transferor shall pledge 60% of
shares in the Target Company to the Transferee (“60% Equity Pledge”). The Transferor shall conduct the registration of such pledge with the administration for industry and commerce on the current date on which it receives the second
payment of the Share Transfer Price at the time as set forth in Clause 2.3 (2) hereof. 

  

	 	2)	Release: the Transferee further agree that it shall cooperate for the release of the 60% Equity Pledge before the Transferor conducts the 100% Shareholding Change Registration; if the 100% Shareholding Change
Registration cannot be completed at the time agreed hereunder due to the Transferee failing to timely cooperate for the release of the 60% Equity Pledge, the relevant time shall be accordingly postponed and the Transferor shall not bear the
liability for breach of this. 

  

	 	(3)	20% Equity Reverse Pledge and Release 

  

	 	1)	Registration of Reverse Pledge: the Transferee shall submit the registration procedure of the equity pledge with the administration for industry and commerce, as set forth in Schedule [11] the Equity Pledge Agreement,
after conducting of the 100% Shareholding Change Registration on the current date of conducting such registration, and pledge 20% of the shares then held by the Transferee in the Target Company against the Transferor. 

 

	 	2)	Release of Anti-Pledge: the Transferor agrees to submit the application documents to the administration for industry and commerce so as to release the reverse pledge on 20% shares on the current date or the Business Day
following the date on which it receives all the Share Transfer Price from the Transferee and/or the third party arranged by the Transferee. 

  

	2.5	Change Registration with the Administration for Industry and Commerce 

 The Transferor shall
complete the registration with the administration for industry and commerce of change of 100% of the shares under the name of the Transferee within [10] Business Days from the date on which it receives the second payment of the Share Transfer Price
(such registration shall be deemed to have completed upon “obtainment of the original of business license issued by the competent administration for industry and commerce to the Target Company”, referred to as the “100% Shareholding
Change Registration”). 

  
 7 

	2.6	Closing Conditions and Closing Contents 

 The parties confirm and agree that they will submit
the documents for conducting the 100% Shareholding Change Registration to the competent administration for industry and commerce governing the Target Company, and the Transferor shall deliver to the Transferee all the materials as listed in the
Handover List of Seals and Relevant Information attached hereto (hereinafter referred to as the “Handover Works”; such Handover Works shall be deemed to have completed upon the Transferor and Transferee stamping on their official
seals; the change with the administration for industry and commerce and the handover procedures shall be collectively referred to as the “Closing”; and the date on which the Closing is completed shall be the “Closing Date” )
within [3] Business Days after the satisfaction of the following conditions: 
  

	 	(1)	The Transferor shall have received the first and second payments of the Share Transfer Price; 

  

	 	(2)	The Transferor, Transferee and Target Company shall have completed all internal /competent authorities’ approval documents necessary for this transaction; 

 

	 	(3)	The Target Company and Hou Shuli shall have executed the Repayment Agreement attached hereto as Schedule 5; and 

  

	 	(4)	Other conditions (if any) otherwise agreed in writing upon by the Transferee or its Affiliates and the Transferor and/or its Affiliates. 

Article 3 Representations and Warranties 
  

	3.1	Representations and Warranties of the Transferor 

  

	 	(1)	The Transferor shall make to the Transferee all representations and warranties as listed in Schedule 1. Such representations and warranties shall remain substantially true, accurate and complete on the date of this
Agreement and the Closing Date (unless it expressly states that certain representations and warranties are only related to a certain date). The Target Company and Transferor understand that the Transferee conducts this transaction by relying on the
representations and warranties made by the Target Company and Transferor. 

  

	 	(2)	Should any of the representations and warranties made by the Transferor hereunder be untrue, inaccurate or incomplete and the Transferee therefore suffers any damage, loss, expense or other unfavorable situation, the
Transferee shall be entitled to require the Transferor to assume the liability for compensation. In addition, the compensation as set forth in this sub-clause shall not affect the Transferee’s entitle to any other rights and remedies under
other provisions hereof. 

  

	 	(3)	The Transferor undertakes that it and its Affiliates shall not hire the Senior Officer of the Target Company or the key employees of the Target Company (the key employees of the Target Company are listed in Schedule 8
the Key Employees of the Target Company) within [3] years after the execution of this Agreement. 

  

	3.2	Representations and Warranties of the Transferee 

  

	 	(1)	The Transferee shall make to the Transferor all representations and warranties as listed in Schedule 2. Such representations and warranties shall remain substantially true, accurate and complete on the date of this
Agreement and the Closing Date (unless it expressly states that certain representations and warranties are only related to a certain date). The Transferee understands that the Transferor agrees to conduct this transaction by relying on the
representations and warranties made by the Transferee. 

  

	 	(2)	Should any of the representations and warranties made by the Transferee hereunder be untrue, inaccurate or incomplete and the Transferor therefore suffers any damage, loss, expense or other unfavorable situation, the
Transferor shall be entitled to require the Transferor to assume the liability for compensation. In addition, the compensation as set forth in this sub-clause shall not affect the Transferor’s entitle to any other rights and remedies under
other provisions hereof. 

  
 8 

 Article 4 Assumption of Credit and Debts 

 

	4.1	The parties agree that the [Closing Date] shall be the base date; except for the debt amounting to [8224] ten thousand Yuan which has been disclosed by the Transferor to the Transferee (with exception of the debt not
exceeding RMB¥1,000,000 occurring during the normal operation of the Target Company), all debts of the Target Company occurring prior to the base date (not including the base date) shall be assumed by the Transferor, and all debts of the Target
Company occurring after the base date (including the base date) shall be assumed by the Transferee. The Transferor and Senior Officer of the Target Company shall be liable for compensating all losses sustained by the Target Company or the Transferee
for the reason that the Transferor fails to appropriately perform its above obligation for debts. 

  

	4.2	The parties further clarify that any debt of the Target Company (except for the debts as set forth in [Schedule 5 hereof]) occurring from the date of this Agreement and until the Closing Date (the “New
Debts”) shall be submitted by the Senior Officer of the Target Company and the Target Company to the Transferor and Transferee for approval, otherwise such New Debts shall be assumed by the Senior Officer of the Target Company.

 Article 5 Obligations of the Target Company and Transferor during the Transition Period 

 

	5.1	The period from the date of this Agreement and until the Closing Date shall be the transition period (the “Transition Period”), during which the Target Company shall and the Transferor shall cause the Target
Company to conduct business in the normal mode of business operation consistent with the past practices, and make all efforts to retain the completeness of business and commercial organization, the relationship with third parties and the current
management and employees, and the current conditions(excluding the normal wear and tear) of all assets and properties owned or used by the Target Company. 

  

	5.2	During the Transition Period, the Target Company and Transferor shall, in the normal working time of the Target Company, provide the Transferee and its representatives with the information of the company as may be
reasonably requested by them, including but not limited to providing the lawyers, accountants and other representatives appointed by the Transferee with all accounts, records, contracts, technical information, personnel list, management status and
other documents of the company (especially all materials as listed in Schedule 7 List of Supplementary Materials of Due Diligence Investigation, which shall be supplied to the Transferee by the Transferor and Target Company within
[    ] Business Days after the execution of this Agreement). The Transferor and Target Company agree that the Transferee shall be entitled to prudently check the finance, assets and operation thereof of the company at any time
prior to the Closing Date. Furthermore, the Transferor and Target Company shall promptly notify the Transferee in writing of any occurred or anticipated breach of this Agreement by the Transferor or the Target Company. 

 

	5.3	During the Transition Period, the Transferor and Target Company shall immediately notify the Transferee of the following matters and discuss the effects of the abovementioned matters on the company with the Transferee
so as to ensure the Target Company to stably operate in the reasonable mode: 

  

	 	(1)	Any change to the share capital structure, financial status, assets, liabilities, business, prospect or operation of the Target Company which affect or may affect the Target Company seriously and negatively;

  

	 	(2)	Execution of any agreement containing any abnormal terms (including but not limited to long-term and oppressive terms) and any agreement or proposal or intent for such above matters; and 

 

	 	(3)	The progress of approvals/registrations with the governmental authorities (if any) . 

  
 9 

	5.4	During the Transition Period, the Target Company and Transferor shall and shall cause their Affiliates and counsels and directors, senior officers and representatives to (i) on the exclusive basis, conduct the matters
in relation to this share transfer jointly with the Transferee and its Affiliates; (ii) not implement any other transaction similar to this share transfer or conflicting with the transactions as defined in transaction documents (any of such
transactions referred to as the “Third Party Transaction”); (iii) promptly terminate any discussion or negotiation with any person on the Third Party Transaction, and thereafter not make any discussion or negotiation with any person on the
Third Party Transaction, and not provide any person with any information of the Third Party Transaction; and (iv) not encourage any inquiry or proposal on any possible Third Party Transaction, or perform any other act to facilitate such inquiry or
proposal. The Target Company and Transferor shall immediately notify the Transferee if obtaining from any other person any inquiry in connection with a possible Third Party Transaction 

 

	5.5	Unless otherwise prior agreed on by the Transferee in writing, during the Transition Period, the Transferor shall cause the Target Company not to, and the Target Company shall not perform any of the following acts
(except for the acts related to this share transfer): 

  

	 	(1)	Increase, decrease, distribution, issuance, acquisition, repayment, assignment, pledge or redemption of any registered capital or equity; 

 

	 	(2)	By amending its Articles of Association or through restructure, merger, sale of shares, combination, sale of assets or otherwise, take any step which may dilute the shares held by the Transferee in the Target Company
after the Closing; 

  

	 	(3)	Sale, lease, assignment, authorization or transfer of any asset, except for those in the normal business and consistent with the past practices; 

 

	 	(4)	Assumption or occurrence of any liabilities, debts, obligations or costs exceeding RMB¥ [1,000,000] (or other equivalent currency); 

 

	 	(5)	Capital expenditure exceeding RMB¥ [1,000,000] (or other equivalent currency); 

  

	 	(6)	Setting of any security or encumbrance on any asset; 

  

	 	(7)	Declaration, payment, allocation or distribution of any dividend; 

  

	 	(8)	Conducting any transaction with the Affiliate; 

  

	 	(9)	Implementation of any acquisition or becoming a party of any acquisition; 

  

	 	(10)	Establishment of any subsidiary or branch, or acquisition of any share or other interest in any other entity; 

  

	 	(11)	Unless otherwise expressly provided herein, stipulation or adoption of any employee stock incentive plan, or allocation of options to employees or making undertaking of allocation of options; or 

 

	 	(12)	Consent or undertaking of performing any of the above acts, including but not limited to execution of a letter of intent to investment, a letter of undertaking or a letter of consent. 

Article 6 Covenants of the Transferee, the Target Company and the Transferor 
  

	6.1	Covenants of the Transferee and the Target Company 

  

	 	(1)	The Transferee and the Target Company shall help complete the procedures for changes in registration information with the competent administration for industry and commerce with respect to the Share Transfer
contemplated hereby in accordance with the provisions hereof. 

  
 10 

	 	(2)	Prior to the full performance of the obligation of payment of the Share Transfer Price hereunder, the Transferor shall be responsible for the management and operation of the Target Company, and the Senior Officer of the
Target Company shall continue to perform his duties and obligations as the Senior Officer of the Target Company. 

  

	 	(3)	Unless otherwise provided in Article 6 “Covenants of the Transferor” hereof, after the Closing, the Transferee and the Target Company Group may not apply for, register or use any kind of intellectual property
rights, including but not limited to any domain names, trademarks, service marks, trade names and address names, that contain “

”, “NetQin” or “NQ” elements or are otherwise identical with, similar to or confusing with any of the foregoing, or use any webpage design/ format or other distinctive brand characteristics
similar to “www.nq.com” or “www.netqin.com” website. The Transferee and the Target Company Group shall, within 30 Business Days from the Closing Date, complete the procedures for changes in all the copyrights, product names and
trademarks owned by them respectively so that they no longer contain the word “NQ”. 

  

	 	(4)	The Senior Officer of the Target Company shall immediately resign all his posts in the Transferor and its Affiliates as from the Closing Date. 

 

	 	(5)	The Transferee and the Target Company Group shall, within 30 Business Days from the Closing Date, complete the procedures of examination and approval of all the contracts under the name of “NationSky” in the
“NQ Contract Management System” prior to the Closing Date, including but not limited to uploading the executed copies of the “sealed” contracts onto the system. 

 

	 	(6)	The Senior Officer of the Target Company undertakes to keep confidential all the trade secrets involving the Transferor and/ or its Affiliates that he may have access to during his employment with the Transferor and/ or
its Affiliates. 

  

	6.2	Covenants of the Transferor 

  

	 	(1)	Prior to the completion of the procedures for changes in registration information with the competent administration for industry and commerce with respect to the Share Transfer contemplated hereby, the Transferee and
the Target Company Group shall, in accordance with the good financial and business standard and practice, maintain valid existing and operation of the Target Company Group, conduct its business and handle its affairs in a diligent and effective
manner. At the reasonable request of the Transferee, the Senior Officer of the Target Company and the Target Company Group shall provide the Transferee with detailed information of the operating and financial situations of the Target Company Group
that may be requested by the Transferee. 

  
 11 

	 	(2)	Within [3] years from the Closing Date, the Transferor shall permit the Target Company Group to continue to use, free of charge, the technologies and services of the Transferor and its Affiliates it uses as of the date
of this Agreement, including but not limited to the Transferor’s client-side antivirus program SDK, source code, virus database updating data in NQ antivirus application protocol file, source code of incremental updating of the virus database
in the Transferor’s antivirus application server, and support, upgrading and updating services for the aforesaid products and other intellectual property rights. The Transferor and its Affiliates may not, for any reason, charge the Target
Company Group or the Senior Officer of the Target Company or otherwise request the Target Company to pay any consideration for any intellectual property rights in any products of the Transferor used by the Target Company as a subsidiary of the
Transferor. 

  

	 	(3)	After the Closing, the Transferor and its Affiliates may not apply for, register, use or license to use in China or abroad, or transfer to any party other than the Target Company Group any kind of intellectual property
rights, including but not limited to any domain names, trademarks, service marks, trade names and address names, that contain “NQSky” element, the product name of “NQSky mobile management platform” (including its abbreviations
“NQSky EMM”, “NQSky MDM”, etc.) or are otherwise identical with, similar to or confusing with any of the foregoing, or any business license, including but not limited to the license for sale of products for the safety of computer
information system, or any competing business identical with or similar to the business thereunder. If there are any intellectual property rights or business licenses described above that are applied for or have been registered in the name of the
Transferor or any of its Affiliates as of the Closing Date, the “NQSky” element shall be transferred to the Target Company Group within 30 Business Days from the Closing Date free of charge, and the corresponding procedures for changes in
relevant registration information shall be completed, provided that the names thereof after transfer to the Target Company may not contain any information restricted in Article 6.1(3) hereof. Any company or address name containing the
“NQSky” element that may exist on the Closing Date shall be changed within 30 Business Days from the Closing Date, so that they no longer contain the word “NQSky”. 

 

	 	(4)	The Transferor and its Affiliates may not be engaged in any business that competes with the MDM, mobile antivirus for enterprises, application reinforcement and other businesses conducted by the Target Company.

  

	 	(5)	The Transferor and its Affiliates may not employ any employee listed in Schedule 8 hereto within [3] years from the Closing Date. 

  
 12 

 Article 7 Confidentiality 
  

	7.1	Each Party shall keep confidential the Share Transfer contemplated by the Share Transfer Documents, the terms and conditions of the Share Transfer Documents and any confidential information in respect of the business
and affairs of other Parties obtained by it in connection with the Share Transfer contemplated hereby (“Confidential Information”), and may not disclose any Confidential Information to any third party except for the purpose of
performance of this Agreement. Notwithstanding the foregoing, either Party may, for the purpose of performance of this Agreement, disclose such information to its employees, directors, officers, consultants, agents or other related persons and /or
entities, provided that it shall take all reasonable measures to ensure that such persons acknowledge the confidentiality of such information and agree to perform the obligation of confidentiality pursuant to the relevant provisions of this
Agreement. 

  

	7.2	The obligation of confidentiality hereunder shall not be applicable to any of the following information that: 

  

	 	(1)	Is publicly known unless otherwise through breach of the obligation of confidentiality hereunder; 

  

	 	(2)	Is already known to the receiving party from any lawful source before the same is disclosed by the disclosing party; 

  

	 	(3)	Is independently developed by the receiving party by any legal means, except by integration, analysis, compilation or otherwise processing of any information obtained; 

 

	 	(4)	Is received or obtained by the receiving party from a third party which is not under any obligation of confidentiality; 

  

	 	(5)	Is disclosed by the receiving party with written consent of the disclosing party; or 

  

	 	(6)	Is disclosed pursuant to the requirements of any applicable laws and regulations of China. 

 Article 8
Default and Responsibility for Breach of Contract 
  

	8.1	Default 

 Failure of any Party to perform or fully perform or properly perform any of its
obligations hereunder or violation by any Party of any provisions hereof, including but not limited to any of its representations, warranties and covenants herein, whether or not due to any act or omission, shall constitute a default (each a
“Default” and the Party in default a “Defaulting Party”). 

  
 13 

	8.2	Responsibility for Breach of Contract 

  

	 	(1)	The Defaulting Party shall indemnify all the direct losses, damages, expenses and liabilities actually incurred by other Parties due to its Default. However, if each Party is in Default, the Parties shall assume their
respective liabilities and losses depending on the actual circumstances. To avoid any doubt, in no event should the Defaulting Party be liable for any indirect or incidental losses or damages or any loss of profit incurred by any other Party due to
its Default. 

  

	 	(2)	In the event of delay in the payment of the Share Transfer Price by the Transferee, the Transferee shall pay the Transferor liquidated damages equivalent to [0.02%] of the total Share Transfer Price for each day of
delay. 

  

	 	(3)	In the event of delay in going through the procedures for changes in registration information with the competent administration for industry and commerce with respect to the Share Transfer contemplated hereby and/or for
handover of the Shares and/or refund of the Share Transfer Price by the Transferor, the Transferor shall pay the Transferee liquidated damages equivalent to [0.02%] of the total Share Transfer Price for each day of delay. 

 

	8.3	Remedies Cumulative 

 The indemnification made by the Defaulting Party under Article 8.2 above
shall not prejudice any other rights and remedies available to any non-defaulting Party under the law of China or other clauses of this Agreement. 

Article 9 Termination 
  

	9.1	Termination 

  

	 	(1)	Unless otherwise provided in Articles 9.1(2), 9.1(3) and 9.1(4) below, after the execution of this Agreement, neither Party may terminate this Agreement unilaterally without unanimously written consent of the Parties
hereto. 

  

	 	(2)	In the event of any of the following, either Party shall be entitled to terminate this Agreement unilaterally: 

  

	 	(A)	If, after the execution of this Agreement and prior to the relevant Closing Date, the provisions of this Agreement become inconsistent with any applicable laws and regulations due to any new provisions formulated
thereunder or any changes thereto, and the Parties fail to reach a consensus on the modification to this Agreement in accordance with such new laws and regulations; or 

 

	 	(B)	If, prior to the relevant Closing Date, a Party violates its obligations, representations, warranties and covenants hereunder and fails to redress such Default within 90 days following receipt of a written notice
thereof from the non-Defaulting Party. 

  

	 	(3)	In the event of any of the following, the Transferor shall be entitled to terminate this Agreement unilaterally: 

  

	 	(A)	If, upon the satisfaction of all the conditions of Closing, the Transferee fails to pay the Transferor the Share Transfer Price of any installment (“Overdue Amount”) within the time limit prescribed
herein, which is already [15] Business Days overdue; or 

  

	 	(B)	If, after the execution of this Agreement, the Share Transfer Price of the first installment fails to be remitted to the account designated by the Transferor on or before November 30, 2015 against a payment order
therefore sent on or before November 27, 2015, the Transferor shall be entitled to terminate this Agreement unilaterally, provided that the Share Transfer Price already paid, if any, shall be refunded. 

  
 14 

 The Transferor shall, within[    ]days after the delivery of the notice of
termination, refund all the Share Transfer Price and other amounts already paid by the Transferee, after deduction of the liquidated damages in the amount of RMB [    ], to the Transferee in one lump sum. 

 

	 	(4)	In the event of any of the following, the Transferee shall be entitled to terminate this Agreement unilaterally: 

  

	 	(A)	If the due diligence investigation conducted by the Transferee shows that the Target Company involves material operating risks; 

  

	 	(B)	If the total undisclosed debt of the Target Company exceeds RMB [10] million; or 

  

	 	(C)	If the procedures for changes in registration information with the competent administration for industry and commerce and/or for handover hereunder fails to be completed within [30] days following the payment of the
second installment of the Share Transfer Price by the Transferee. 

 In the event of termination of this Agreement by the
Transferee unilaterally, the Transferor shall refund all or part of the Share Transfer Price already paid by the Transferee to the Transferor within ten (10) Business Days following receipt of the notice of termination from the Transferee. Unless
otherwise agreed upon by the Parties in writing, all the Share Transfer Price shall be refunded through the original route of payment in the event of termination or expiration of this Agreement. 

 

	9.2	Legal Consequences of Termination 

  

	 	(1)	In the event of termination of this Agreement, the Articles of Association and other Transaction Documents executed pursuant to this Agreement shall be terminated concurrently. 

 

	 	(2)	In the event of termination of this Agreement due to breach of contract by any Party, the Defaulting Party shall be held liable for the breach of contract to the non-defaulting Parties in accordance with the relevant
provisions hereof. 

 Article 10 Governing Law and Dispute Resolution 

 

	10.1	Governing Law 

 The conclusion, entry into force, performance and interpretation of this
Agreement shall be governed by the existing laws and regulations of China. 

  
 15 

	10.2	Dispute Resolution 

 Any dispute arising hereunder shall be submitted to the China International
Trade Arbitration Commission in Beijing for arbitration in accordance with the arbitration rules of the Commission which is in effect at the time the application is made. The arbitration award shall be final and binding on all the Parties. 

Article 11 Force Majeure 
  

	11.1	Scope of Force Majeure 

 Force majeure means any objective circumstances that are unforeseeable
and unavoidable by and beyond the control of a Party, including but not limited to: 
  

	 	(1)	War, blockade, embargo or government decree directly affecting the transaction hereunder; 

  

	 	(2)	Civil riot directly affecting the transaction hereunder; 

  

	 	(3)	Flood, hurricane, earthquake, explosion or other act of God directly affecting the transaction hereunder; and 

  

	 	(4)	Other event of force majeure directly affecting the transaction hereunder as agreed upon by the Parties. 

  

	11.2	Consequences of Force Majeure 

 Failure of any Party to perform all or part of its obligations
hereunder due to any force majeure and without any fault on the part of the Party shall not be deemed as a Default, provided that the Party shall take all necessary remedies to reduce the loss caused by such force majeure to the fullest extent
practicable. 
  

	11.3	Notice of Force Majeure 

 A Party encountering any event of force majeure shall promptly notify
the other Parties of such event in writing, and within fifteen (15) days thereafter, provide the other Parties with a statement explaining the reasons for its inability to perform or the delay in the performance of all or part of its obligations
hereunder. 
 Article 12 Notices 
 Any notice concerning
the rights and obligations of a Party may be given by facsimile or otherwise to the addresses set forth below, with the original thereof in writing delivered by mail concurrently: 

If to the Transferor: 

Attention: [Beijing NQ Technology Co., Ltd] 

Mailing address: Building 4, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

Postal code: 100013 
 Telephone:
(8160) 85655555-777 
 Facsimile: (8610) 85655518 

  
 16 

 If to the Transferee: 

Attention: [Qidi (Beijing) Assets Management Corporation] 

Mailing address: [15th Floor, Tower A Building 1, No. 6 North Yongjia Road, Haidian
District, Beijing] 
 Postal code: [            ] 

Telephone: [                    ] 

Facsimile: [                    ] 

If to the Target Company: 

Attention: Hou Shuli 
 Mailing
address: North side, Floor 3, Building 3, Yard 11, Hepingli East Street, Dongcheng District, Beijing 
 Postal code: 100013 

Telephone: 13901299642 
 If to
Hou Shuli: 
 Attention: [Hou Shuli] 

Mailing address: North side, Floor 3, Building 3, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

Postal code: 100013 
 Telephone:
13901299642 
 E-mail: houshuli@nationsky.com 

Article 13 Supplementary Provisions 
  

	13.1	Taxes and Dues 

 The Parties shall bear the taxes and dues arising from this Agreement and the
transaction contemplated hereby 
 respectively pursuant to the applicable laws. 

 

	13.2	Consent of the Actual Controllers 

 The other controllers, as the actual controllers of the
Target Company, also consent to all the provisions of this Agreement. 

  
 17 

	13.3	Entire Agreement 

 This Agreement and the Schedules hereto constitute the entire and sole
agreement among the Parties with respect to the subject matter hereof, and supersede all prior investment framework agreements, contracts, understandings and communications (written or oral) among the Parties with respect to the subject matter
hereof. 
 The Parties hereby further acknowledge that the Share Transfer Agreement entered into by Hou Shuli, Beijing NQ Technology Co.,
Ltd and Beijing NationSky Network Technology Co., Ltd. on August 26, 2015, and the Share Purchase Agreement entered into by NQ Mobile Inc., Hou Shuli and Gather Benefit Holdings Limited on August 26, 2015 shall be terminated on the effective date of
this Agreement. The rights and obligations of the Parties shall be governed by this Agreement. 
  

	13.4	Supplement, Modification and Waiver 

 To the extent permitted by the law, no supplement or
modification to this Agreement shall be effective unless agreed upon by the Parties in writing. Waiver of any provision of this Agreement shall not be deemed or constitute a waiver of this Agreement or any other provisions hereof. 

 

	13.5	Effectiveness 

 This Agreement shall go into effect after the Parties have affixed their
respective seals hereto and the Senior Officer of the Target Company has put his thumbprint hereon. 
  

	13.6	Counterparts 

 This Agreement shall be made in eight (8) counterparts, three (3) counterparts to
be held by the Transferor and the Transferee respectively, and one (1) counterpart to be held by the other Parties hereto respectively with equal binding force. 
  

	13.7	Change in Name 

 In light that the Transferee intends to go through/ is going through the
procedures for changing its name at the time of execution of this Agreement, the Parties agree to, after the Transferee has completed the procedures for changing its name, enter into a new agreement with the Transferee in its new name (provided that
the contents of this Agreement shall remain unchanged except for changing the name of the Transferee into its new name and deleting this Article) or enter into a supplementary agreement therefore. 

[The remainder of this page is intentionally left blank; signature pages of this Share Transfer Agreement are as follows] 

  
 18 

 [This is the signature page of Share Transfer Agreement and is intentionally left blank] 

The following parties agree to sign this Share Transfer Agreement as of the day and year herein above first written. 

 

			
	Transferor:
	
	Beijing NQ Technology Co., Ltd (Seal)

			
		
	Legal Representative (Signature):	 	 /s/ Zemin Xu

		
		 	 Zemin Xu

			
	
	Actual Controller:
	
	NQ Mobile Inc. (Seal)

			
		
	Authorized Representative (Signature):	 	 /s/ Vincent Wenyong Shi

		
		 	 Vincent Wenyong Shi

 

			
	Target Company:
	
	Beijing NationSky Network Technology Co., Ltd. (Seal)

			
		
	Legal Representative (Signature):	 	 /s/ Zemin Xu

		
		 	Zemin Xu

			
	
	Senior Officer of Target Company:
	
	Hou Shuli

			
		
	Signature:	 	 /s/ Hou Shuli

 [This is the signature page of Share Transfer Agreement and is intentionally left blank] 

The following parties agree to sign this Share Transfer Agreement as of the day and year herein above first written. 

Transferee: 
 Qidi (Beijing) Assets Management
Corporation (Seal) 

  
 Page 1 of Schedules 

 Schedule 1 Transferor’s Representations and Warranties 

The terms under this Schedule have the same meanings as those under the text of this Agreement, unless specially provided for in
this Agreement. 
  

	1.	Transferor is an enterprise legal person incorporated and validly existing in accordance with Chinese laws; 

  

	2.	Transferor has the qualification, ability and right to sign and perform this Agreement and transfers equity to Transferee. In signing and performing this Agreement, Transferor does not
violate the laws binding upon Transferor, Transferor’s articles of association or any binding oral or written undertaking made by Transferor to any third party; 

 

	3.	Transferor lawfully owns 100% equity of Target Company. 

  

	4.	Transferor transfers to Transferee all of its equity in Target Company in accordance with current situation and does not make any representation and warranty to the Transferee in respect
of the Transferor to Target Company. 

  
 Page 1 of Schedules 

 Schedule 2 Transferee’s Representations and Warranties 

The terms under this Schedule have the same meanings as those under the text of this Agreement, unless specially provided for in
this Agreement. 
  

	1.	Transferee is entitled to sign, deliver and perform this Agreement and the transaction documents to which Transferee is a party. 

 

	 	(a)	Transferee is an enterprise legal person incorporated and validly existing in accordance with Chinese laws; 

  

	 	(b)	Transferee shall obtain consent and approval from Shareholders’ Committee/Board of Directors, government agency or any other third party as soon as possible or submit any filing or send any notice to
Shareholders’ Committee/Board of Directors, government agency or third party such as required by transaction documents; 

  

	 	(c)	Signing of this Agreement and other transaction documents to which Transferee is a party is not in conflicts with the terms and conditions of any contract signed by Transferee as a party or binding
upon Transferee, nor shall said signing substantially violate or contravene the provisions of terms and conditions of said contract or constitute breach of the terms and conditions of said contract (or constitute breach through issuing
notice or with passage of time); 

  

	2.	Transferee has the power and authority to enter into, sign and deliver this Agreement and other transaction document to which Transferee is a party and perform the obligations under this
Agreement and other transaction documents. Signing and delivery of this Agreement and other transaction documents and performance of the obligations under relevant documents by Transferee have been formally authorized by
Transferee through necessary act, and this Agreement any other transaction document to which Transferee is a party shall have a lawful, valid and binding effect on Transferee once signed, and may be enforced by Transferee
under specific clauses, unless such enforceability is restricted by any law concerning bankruptcy, insolvency, reorganization, delay in payment and other aspects which generally affects exercise of creditor’ rights or similar laws.

  

	3.	Funds used by Transferee to pay the equity transfer price comes from lawful source. 

  
 Page 2 of Schedules 

 Schedule 3 Details of Target Company 

 

	1.	Registered Address: Rm 213, Building 5, No. 6 North Yongjia Road, Haidian District, Beijing 

  

	2.	Date of Establishment: December 13, 2015 

  

	3.	Registration No.: 110108009200311 

  

	4.	Shareholders, capital contributions to the registered capital and shareholding proportion prior to completion of this transaction as specified herein 

 

									
	 Shareholder
	  	Registered Capital
(Unit: RMB Yuan)	 	  	Shareholding
Proportion	 
	 Beijing NQ Technology Co., Ltd
	  	 	40,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	40,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

  

	5.	Shareholders, capital contributions to the registered capital and shareholding proportion upon completion of this transaction 

  

									
	 Shareholder
	  	Registered Capital
(Unit: RMB Yuan)	 	  	Shareholding
Proportion	 
	 Qidi (Beijing) Assets Management Corporation
	  	 	40,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	40,000,000	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 

  
 Page 3 of Schedules 

 Schedule 4 Representations and Warranties by Senior Officers of Target Company 

Senior Officers of Target Company represent and warrant to Transferor as follows: 

 

	1.	Senior Officers of Target Company warrant that as of the date on which Target Company completes the registration of industrial and commercial change of this share transfer, the Target Company Group
lawfully and validly exists, lawfully operates in all aspects and there are no unlawful operations or significant disputes. 

  

	2.	Senior Officers of Target Company warrant that they do not have any affiliated transaction with Target Company Group or other transaction harming the interests of Target Company Group.

  

	3.	Senior Officers of Target Company warrant that they did not work in any institution competitive with Target Company Group, nor did they serve as shareholders, directors or other positions in any
institution competitive with Target Company Group, invest in any institution competitive with Target Company Group or harm the interests of Target Company Group. 

 

	4.	Senior Officers of Target Company warrant that all the contents of the financial documents as of October 31, 2015, contract list and other documents provided to Transferor are true, accurate and complete.
There are no significant changes in Target Company Group during the period from October 31, 2015 to date of signing of this Agreement. 

  

	5.	Senior Officers of Target Company shall perform obligation of confidentiality in respect of relevant information about Target Company Group, Transferor and affiliates thereof of which said officers
are aware while working with Target Company, nor shall said officers disclose information to any third person. 

  

	6.	Where any representation or warranty by Senior Officers of Target Company is untrue, inaccurate or incomplete, thereby resulting in that Transferor sustains any harm, loss, expenditure or other unfavorable
conditions, Transferor is entitled to require Senior Officers of Target Company and Target Company to be jointly and severally liable for damages. 

  

	7.	The terms under this Schedule have the same meanings as those under the text of this Agreement, unless specially provided for in this Agreement. 

 

			
	Hou Shuli (Signature)	 	 /s/ Hou Shuli

	
	Date: November 26, 2015

  
 Page 4 of Schedules 

 Schedule 5 Repayment Agreement 

Party A: Beijing NQ Technology Co., Ltd 
 Party B:
Beijing NationSky Network Technology Co., Ltd. 
 Party C: Hou Shuli (ID card No.: 220102197106013370) 

Since friendly cooperation between Party A and Party B, as of November 23, 2015, borrowings, advance payment salaries and interest thereon
Party B fails to repay Party A and/or affiliates thereof (“NQ Group” includes but is not limited to Party A and NQ Mobile (Beijing) Co., Ltd) totaled RMB [82,240,000]Yuan (in words: RMB EIGHTY TWO MILLION TWO HUNDRED AND FORTY THOUSAND
YUAN ONLY) (“Arrears”), and now the Parties agree as follows in respect of repayment of such arrears: 
  

	1.	Party B agrees to repay NQ Group the aforesaid arrears of RMB 82,240,000 Yuan (in words: RMB EIGHTY TWO MILLION TWO HUNDRED AND FORTY THOUSAND YUAN ONLY) prior to June 30, 2016. Except for arrears, Party B does not owe
any payment to Party A. 

  

	2.	The parties agree Hou Shuli shall bear the unlimited liability for Party B’s repayment obligation hereunder. 

  

	3.	Where Party B fails to repay the outstanding arrears payable hereunder at the prescribed time, Party B shall pay Party A the penalty in corresponding amount in the following agreed proportion: 

 

	 	(1)	Where Party B delays for more than two months, the amount of penalty to be paid by Party B to Party A shall be 10% of the outstanding payment; 

 

	 	(2)	Where Party B delays for more than three months, the amount of penalty to be paid by Party B to Party A shall be 20% of the outstanding payment; 

 

	 	(3)	Where Party B delays for more than four months, the amount of penalty to be paid by Party B to Party A shall be 30% of the outstanding payment; 

 

	4.	Any dispute arising during performance of this Agreement shall be resolved by the parties through friendly consultation, and where consultation efforts fail, such dispute shall be submitted to China International
Economic and Trade Arbitration Commission for arbitration, which shall be conducted under the arbitration rules effective then in Beijing. Arbitral award is final and binding upon the parties. 

 

	5.	This Agreement is in five counterparts, with Party A and Party C holding two (2) copies respectively and Party B holding one (1) copy; this Agreement takes effect upon signing by the parties and handprint
by Senior Officers of Target Company. 

  

	6.	This Agreement is signed by the parties in Beijing on November 26, 2015. 

 (The remainder of
this page is intentionally left blank) 

  
 Page 5 of Schedules 

 (This is the signature page of Repayment Agreement and is intentionally left blank) 

 

			
	Party A: Beijing NQ Technology Co., Ltd (Seal)
		
	Signed by Legal Representative:	 	 /s/ Zemin Xu

		
		 	 Zemin Xu

			
	
	Party B: Beijing NationSky Network Technology Co., Ltd. (Seal)
		
	Signed by Legal Representative/Authorized Agent:	 	 /s/ Zemin Xu

		
		 	 Zemin Xu

  

					
	Party C:	 	Hou Shuli
			
		 	Signature:	 	 /s/ Hou Shuli

  
 Page 6 of Schedules 

 Schedule 6 Seal and Handover List of Relevant Information 

  
 Page 7 of Schedules 

 Schedule 7 List of Supplementary Materials for Due Diligence 

 

	•	 	List of information required by legal counsel 

  

	1.	Repurchase agreement by the management (if any). 

  

	•	 	List of information required by audit 

  

	I.	Basic information 

  

	1.	The company’s financial department organization chart, division of work and responsibilities presentation. 

  

	2.	The Company’s previous verification report (currently only capital verification report about RMB 40 million is provided), assessment report and annual audit report over previous years. (to be provided at the first
audit) 

  

	3.	Description to the establishment of branches of the company and places of business of said branches, business scope and other basic situation. (Shenzhen Branch) 

 

	4.	Minutes and meeting resolutions by the Company’s shareholders’ committee, the board of directors and the management. 

  

	5.	Change in the ownership of assets relating to the business and production operations of the Company and subsidiaries thereof. Use and possess the ownership of trademarks, patents and non-patent technology and important
franchise rights required by the Company’s business and operating premise. 

  

	6.	Site lease agreements and related contracts by the Company and subsidiaries thereof. 

  

	7.	Full disclosure of the Company’s organizations in block diagram or other valid form, including the promoters or shareholders and their branches, subsidiaries and joint stock companies (or associated companies), the
actual controller of the promoters or shareholders, as well as subsidiaries, joint stock companies and other joint ventures resulting from external investment by the Company, and affiliates having important implications and the like. Meanwhile, the
specific organization connections of the organizational structure should be indicated. 

  

	8.	Sources and method of the core technology of the Company and subsidiaries thereof, and description of whether the Company has ownership of core technology. Description of the advanced nature of core technology in the
same industry at home and abroad. 

  

	9.	Enterprise credit report by the company and subsidiaries thereof. 

  

	II.	Financial accounting information—financial statements level 

  

	10.	Description of accounting policies, accounting estimates and changes implemented during the audit period. 

  

	11.	Accounts for standby inspection and accounting vouchers, balance schedule and breakdown auxiliary accounting of the Company and subsidiaries thereof during the audit period (currently only the balance schedule for
auxiliary accounting of other payables and other receivables of the Company and its Tianjin Branch in 2015 is available) 

  
 Page 8 of Schedules 

	12.	Monetary funds: (1) confirm the Company’s balance of deposits at the end of the period (including foreign deposits, bank draft deposits and bank cashier’s check deposits) with all depository banks; (3) provide
statements for all bank deposit accounts during the audit period (same as below), and if some amount fails to arrive at the account, the statement on adjustment of bank deposit balance shall be prepared (some bank statement is lacked in the
information currently provided); (4) written explanation of the large amount not arriving and for a long term. 

  

	13.	Notes receivable and notes payable: (1) Notes reference book during the audit period; (2) schedule of unexpired notes endorsed or discounted during the audit period; 

 

	14.	Accounts receivable, prepayments and other receivables: (1) aging analysis schedule during the audit period (currently only the aging analysis schedule for other receivables of the Company in 2014 and 2015 is
available); (2) describe relevant situation and reason for failure to recover account by account for the accounts receivable, prepayments and other receivables in large amount for more than one year; (3) need to confirm the accounts in large amount
and long aging, and the confirmation rate calculated by amount is 70% or above; 

  

	15.	Stocks: (1) receive, issue and store breakdown schedule (currently only the breakdown schedule of Shenzhen subsidiary in 2015 is available); (2) determine the inventory date of stocks based on the audit situation and
develop specific inventory plans; (3) provide the stock classification and summary table and provide stocktaking schedule according to storage site; (4) to confirm the stocks stored in foreign places through letters with the storage unit; (5) a list
of stock impairment test; (6) reasons for gains and losses on major stocks should be explained. 

  

	16.	Fixed assets: provide the schedule of fixed assets (cards) for the audit period. 

  

	17.	Long-term deferred expenses: provide the list respectively in accordance with asset name, original value, balance at the beginning of the period, amount of amortization for this year, accumulated amortization amount,
balance at the end of the period, amortization years, the remaining amortization years, etc. during the audit period. 

  

	18.	Short-term loans and long-term loans: (1) provide the schedule of long-term loans and short-term loans during the audit period, and list in detail categories of loans (bank loans, loans from non-bank financial
institutions, and loans from other units), amount at the beginning of the period, amount at the end of the period, loan period, loan conditions (mortgages, security, credit) and loan interest rates; (2) provide loan contract and agreement.

  

	19.	Unpaid taxes: (1) provide the schedule according to the type of taxes owed, amount owed at the beginning of the period, amount payable for this period, amount paid for this period and amount owed at the end of the
period during the audit period; (2) provide the method for calculation and payment of various taxes and funds; (3) in case of tax reduction and exemption during the audit period, provide approval from the relevant government departments, and if
there are exempt funds, please provide approval from relevant department. 

  

	20.	Accounts payable, accounts receivable in advance and other payables: (1) prepare aging analysis schedule (same as receivables); (2) describe the situation and reason about the accounts in large amount for more than one
year. 

  

	21.	Payroll payable: (1) provide the basis for provision for payroll payable and the method for distribution of expenses included in the cost; (2) provision for welfare fund, education funding, labor coordination standards
and basis. (3) staff roster and payroll summary schedule (by departments) 

  

	22.	Paid-up capital, capital reserves, surplus reserves: in case of changes in shareholders’ equity accounts, the Company should provide the basis information and certificate for changes and resolutions on dividend
distribution. 

  
 Page 9 of Schedules 

	23.	Operating income and operating costs: The Company shall provide the main income and cost margin schedule based on the type of main business; the main sales contract, lease contract, asset use contract or agreement.

  

	24.	The Company’s tax returns, as well as additional deduction for R & D and verification report during audit period. 

  

	25.	The company’s transaction contract ledger during the audit period, such as: contract for sales, purchasing, insurance, transportation, land use, associated operation, loan, mortgage, introduction of technology and
other aspects. 

  

	26.	Relevant documents and agreements on the company’s internal affiliated transactions. 

  

	27.	Mergers and acquisitions and external expansion plans, investment plans, financing plans, production plans, marketing plans and annual work summary approved by the Company during the audit period. 

 

	28.	Provide the audit report (if any) by internal audit institution during the audit period. 

  

	III.	Other information 

  

	29.	In respect of whether there is lawsuit pending or under planning as of the date of audit, please provide relevant information and the amount of compensation (involved). 

 

	30.	If there are contingent matters existing on the balance sheet date, such as external security, pending arbitration, etc. the Company needs to explain the nature and amount of the project as well as the impact on the
company’s financial situation. If none, the Company must provide a statement. 

  

	31.	As for significant commitment matters (if any) existing on the balance sheet date, the Company needs to explain the existing amount and nature. If none, the Company must provide a statement. 

 

	32.	As for the significant events occurring after balance sheet date of the company, the Company needs to provide a description and significant impact on the company’s financial position. 

 

	33.	Statement by the management authority (template to be provided by the firm). 

  

	IV.	Other supplementary information to be provided as required by site audit 

  
 Page 10 of Schedules 

	•	 	Information list required by assessment 

  

			
	No.	  	Information Name

  

	I	Basic situation of the enterprise 

  

	1	Relevant contracts and articles of association established by the assessed unit (paper-based) 

  

	2	Questionnaire on basic situation of the assessed unit 

  

	3	Questionnaire on accounting policy 

  

	4	Fixed assets accounting questionnaire 

  

	5	Questionnaire on contingent matters 

  

	6	Principal’s enterprise legal person business license 

  

	7	The assessed unit’s enterprise legal person business license, tax registration certificate, organization code certificate and relevant qualification information (paper-based) 

 

	10	The assessed unit’s operating history and description of current operating characteristics 

  

	14	Qualification certificates of the assessed unit (paper-based) 

  

	16	Contracts and agreements on mortgage or security of assessed asset 

  

	19	Insurance contract of the assessed unit 

  

	21	Others 

  

	II	Specific information for this assessment project 

  

	1	Economic behavior files and higher authority approval documents corresponding to assessment purpose; resolutions, cooperative agreement, etc. by the shareholders’ committee and the board of directors

  

	2	Resolutions and approval documents by the Board of Directors 

  

	3	Description concerning matters on asset assessment (specific contents are detailed in the sample) 

  

	4	Statement of inventory and ownership of assessed assets 

  

	5	Letter of undertaking by the principal and the assessed unit in respect of asset assessment 

  

	6	Inventory, assessment and declaration form on assets and liabilities of the assessed unit 

  

	7	Description by other uses of assessment report other than the principal, including user name and the user’s status in this economic behavior 

  
 Page 11 of Schedules 

	III	Financial information by the assessed unit 

  

	5	Asset inventory and capital verification carried out, individual or overall asset assessment report and assessment results transfer data 

 

	8	Information on interest-bearing liabilities (including bank loans, bonds payable, long-term liabilities due within one year and long-term liabilities), balance sheet as of valuation date as well as introduction to main
use of said funds 

  

	9	Information about non-operating assets, liabilities, surplus assets as well as relevant income and expenditure 

  

	IV	Production and sales information about the major products of the assessed unit 

  

	1	Description to main projects, including the name and purpose of the main project; sales volume of each major project over the years and the sales price statistics 

 

	2	Information about the position of each major product in its current product life cycle and development trend 

  

	3	How the price of the product is developed, and what factors are related to product price 

  

	4	Main competitors of domestic enterprises’ similar projects 

  

	5	Information about marketing strategy, sales network, marketing team quality and capacity introduction 

  

	6	Customer list of major products, and the information of the ratio of sales amount by each customer 

  

	7	Information about market survey recently made by the assessed unit, including the information about market capacity and market share by the enterprise 

 

	8	Changes in the proportion of the sales expenses of main product over the previous years to sales income as well as the general and normal level (proportion) of the similar product industry 

 

	9	Advertising costs of the main product over the previous years, change in the proportion of advertising costs to the sales income as well as the general and normal level (proportion) of the similar product industry

  

	10	Types of raw materials required by the main product as well as market supply and demand conditions over the previous years 

  

	11	Information about main production facilities, including location, size and layout, functions, restrictions, owned or leased facilities 

 

	12	The main production line’s technology level, maintenance condition, supporting production capacity, with or without the possibility of increasing the supporting production capacity, if so, what is bottleneck link
for production increase, how much investment will be required for technological transformation to resolve bottleneck link, how long will it take, and if transformation is completed, how much is the supporting production capacity 

 

	13	Information about description of technology development capability, new product research and development status and analysis of prospects of new products developed 

 

	14	Others 

  

	V.	Effect of Macro-Economic Situation and Industry Competition Situation 

  

	1	providing industry statistics, including: industry average profit-tax rate of capital, cost-profit ratio, assets profit rate, profit rate of net assets, the benchmark yield, the average profit-tax rate of capital
of enterprise main products industry 

  

	2	providing introduction on national, local and industry macro-economic development and the related economic data analysis 

  

	3	providing the relevant regulations of the government regarding the development of the industry and the region (including industry development policy and environmental policy, etc.) 

  
 Page 12 of Schedules 

	4	providing the data of whether the policy constrains will possibly affect the company’s performance (such as: market access policy, project pricing by the state, province or municipal government, etc.)

  

	5	Others 

  

	VI.	Future Plans and Forecast Data 

  

	1	Assessment of the total domestic market demand for main products within several years after the base date, the prediction of growth rate and the data influencing the total market demand and the growth rate change

  

	2	Assessment of the total domestic market supply (production) of main products within several years after the base date, the prediction of growth rate and the data influencing the total market supply (production) and the
growth rate change factor analysis 

  

	3	Forecast of domestic market price changes of main products within several years after the base date and analysis of the factors affecting the price change 

 

	4	Assessment of market supply and demand trends of the materials needed by enterprise main products within several years after the base date and countermeasures employed by enterprise to cope with the shortage of
resources

  

	5	Forecast of the yearly sales, price and market share of main products years main products within several years after the base date, and the data of new investment or technical renovation plan to be taken to achieve the
goal 

  

	6	Forecast of the financial plan of each fiscal year within several years after the base date, including balance sheet, income statement, statement of profit distribution, statement of changes in financial position and
forecasted statement of cash flow 

  

	7	Providing the reasonable forecast indicators on the working capital of enterprise within several years on the basis of continuing operations, including: 

 

	 	(1)	the average number of days of accounts receivable; 

  

	 	(2)	the average number of days of accounts payable; 

  

	 	(3)	the inventory turnover days; 

  

	 	(4)	the reasonable proportion of prepaid expenses and other liquid assets; 

  

	 	(5)	the reasonable proportion of payable and unpaid fees and other current liabilities, etc. 

  

	VII.	Other Data (in writing) 

  

	1	Enterprise industry status and development prospects 

  

	2	The history of enterprise’s production and operation 

  

	3	The competition facing enterprises and the analysis of advantages and disadvantages 

  

	4	Enterprise development prospects 

  

	5	The enterprise’s internal management and business management conditions 

  

	6	Enterprise’s market and customers situation 

  

	7	The conventional process of enterprise operation 

  
 Page 13 of Schedules 

	VIII.	Documents Necessary for Single Asset Evaluation Provided by the Entity to be Evaluated 

  

	(I).	List Of Current Assets And Liabilities 

  

	1	Cashier Statement 

  

	2	Bank deposit statements and bank balance reconciliation statement on the base date of evaluation 

  

	3	Copy of deposit certificate 

  

	4	Copy of large accounts receivable and notes payable (indicating the interest rate) 

  

	5	Copy of sales contract involving large accounts receivable and prepaid, accounts payable and receivable in advance 

  

	6	Documents evidencing writing off bad debts (bankruptcy and death, etc) relevant to the creditor’s rights 

  

	7	Confirmation request of credit and debt (samples of confirmation request to be provided by company) 

  

	8	Recent purchasing price of outsourcing inventory 

  

	9	Information about inventory (emphasis on inventory surplus, inventory shortages deficient and scrap) 

  

	10	Unit price of finished goods excluding tax, sales tax and the taxable items and tax rates of additional tax 

  

	11	Delivery note of consigned processing materials 

  

	12	Processing profit, period expense and cost accounting statement of authorized processing company 

  

	13	Copy of main purchase invoices, sales invoices and related transfer document 

  

	14	Part of typical delivery voucher and warehouse voucher of inventory 

  

	15	Original accounting voucher of unamortized expenses and long-term unamortized expenses 

  

	16	Copy of tax return and tax bill of the base date of evaluation 

  

	17	Whether there are liquid assets under litigation or being sealed up 

  

	18	Others 

  

	(II).	Document List of Long-term Investment 

  

	1	Copy of long-term bond investment and trust certificate 

  

	2	Copy of capital stock certificate evidencing long-term equity investment and equity certificate 

  

	3	Table of quantity of stock keeping and change in the quantity in long-term stock investment 

  
 Page 14 of Schedules 

			
	4	  	Copy of long-term equity investment agreement and investor agreement
		
	5	  	Legal person business license of the invested entity, the company’s articles of association, capital verification report and the original certificate of long-term investment
		
	6	  	Audited financial statements of the invested entity as of the base date of evaluation
		
	7	  	Returns of long-term investments in former years
		
	8	  	Information and documents required for the complete set of evaluation of the controlling entity to be invested
		
	9	  	Others
		
	(III).	  	Document List of Machinery, Equipment and Vehicle
		
	1	  	Purchase contract and invoice of the main equipment
		
	2	  	Questionnaire on the main equipment status
		
	3	  	The original and copy of vehicle registration
		
	4	  	Information about equipment and vehicle maintenance (vehicle status questionnaire)
		
	5	  	Others
		
	(IV).	  	Document List of Patents and Proprietary Technology
		
	1	  	The patent certificate, certificate of patent rights requirements and specifications, certificate of recent payment
		
	2	  	Documents related to proprietary technology and application for a patent
		
	3	  	Copy of contract for purchase or transfer of patent rights
		
	4	  	Detailed introduction of the patents or proprietary technology (including: source of technology, the cause and time of technology development, the main technical problems solved; the main application scope, the technical and
economic indicators achieved, comparison and analysis of domestic and international technology of the same kind, analysis of the domestic and international level of the technology)
		
	5	  	Patent technology development report and project feasibility study report
		
	6	  	Relevant government approval and contract
		
	7	  	Illustrations of the patented technology and operation method
		
	8	  	Corporate profits in recent years (financial statements), the market share statistics and the distribution of sales network
		
	9	  	Whether the essence of proprietary technology can be easily obtained through its products, the complexity and imitability of the proprietary technology, transitivity, and whether it will be replaced by a new proprietary
technology

  
 Page 15 of Schedules 

			
		
	10	  	Detailed cost spent by enterprise to obtain the patent or proprietary technology, technology of its own search and development including the time input, manpower (working days and technical structure of personnel), capital and
the quantity and value of material
		
	11	  	Analysis and forecast of domestic and foreign market: the situation of market competition facing the enterprise (favorable factors and unfavorable factors), the future competition pattern, the market share it can occupy and
development potential
		
	12	  	Investment yield, average cost, profit margin, sales taxes, cost of sales, sales expense, financial cost, the proportion of sales revenue accounting for revenue and the proportion of depreciation accounting for the cost of sales in
the same industry at home and abroad
		
	13	  	The influence of related industries on enterprise development
		
	14	  	The new investment plan and yearly addition of fixed assets of enterprise over the next five years
		
	15	  	The sales marketing plan of enterprise
		
	16	  	Enterprise’s long-term business strategy and long-term strategy
		
	17	  	The feasibility study report of enterprise’s development over the next five to ten years
		
	18	  	Whether to get government support and enjoy preferential policies
		
	19	  	The labor contract of key personnel in mastery of the proprietary technology and expert network and list
		
	20	  	Related experts’ evaluation of natural life of the patents and proprietary technology 

		
	21	  	Others
		
	(V).	  	Document List Of Other Intangible Assets
		
		  	Trademark
		
	1	  	Copy of trademark registration certificate
		
	2	  	Copy of trademark style
		
	3	  	Copy of the documents related to assignment of registered trademark
		
	4	  	Instructions on trademark’s usage and use-pattern
		
	5	  	Historical data and future predicted data on the production and investment scale, cost and expense and sales income of the products using the trademark
		
	6	  	Others
		
		  	Computer Software
		
	1	  	Copy of software registration certificate

  
 Page 16 of Schedules 

			
		
	2	  	Copy of report on software research and development
		
	3	  	Situation of personnel engaged in software research and development
		
	4	  	Description of software’s use
		
	5	  	Historical data and future predicted data on the production cost and sales income of software product
		
	6	  	Others
		
		  	Franchised Intangible Assets
		
	1	  	In case of franchise, please provide certificate of franchise (application documents and approval certificate).
		
	2	  	The detailed information on the cost and expense invested in order to obtain the franchise (including the cost of monopoly on development and registration fee)

		
	3	  	Description of the business scope under the franchise, the geographical scope of franchise (national general agent or provincial general agent), privileges of franchise, mode of operation and profit sharing 

		
	4	  	Specification, type, price, production scale, investment and cost (unit consumption and prices of main raw materials, fuels and auxiliary materials, cost of raw materials and labor, manufacturing cost estimates, management fees,
financial expenses and sales expenses) of the products under the franchise
		
	5	  	The detailed information on enterprise’s income and expense after adopting the franchise
		
	6	  	The market feedback and market share of franchised product; market demand of the product employing the franchise and the market demand of the competitive products and alternative products
		
	7	  	Forecast of the income and cost incurred from franchise in the next few years
		
	8	  	Relevant tax laws and legal documents (taxes and financial and economic policy of the enterprise of the same kind)
		
	9	  	Whether the franchise has been transferred and licensed, in the event of transfer, there should be description of the transfer mode, transfer times, transfer area, the technical development costs, direct cost and additional cost and
if there are any other attached conditions, etc
		
	10	  	Others
		
		  	Signature and seal of provider
		
	Note:	  	

  
 Page 17 of Schedules 

 Schedule 8 Core Staff List of Target Company 

 

			
	Hou Shuli	  	220102197106013370
		
	Xu Weiqiang	  	370602197010030213
		
	Zhang Bingbing	  	110104196701181638
		
	Yuan Hui	  	431026198401200013
		
	Ma Weining	  	620102197505205315
		
	Huang Haibin	  	342101198112251014
		
	Xu Yongdong	  	32010619700810207X
		
	Sun Jinshu	  	130983198408083010

  
 Page 18 of Schedules 

 Schedule 9 Equity Pledge Agreement (For Pledge of 20% Shares) 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (hereinafter referred to as this “Agreement”), dated as of      day of             , 2015, is made and entered into by and among the
following parties (hereinafter referred to as the “Parties”) in Beijing, the People’s Republic of China (hereinafter referred to as the “PRC”): 

Party A: Qidi (Beijing) Assets Management Corporation (hereinafter referred to as the “Pledgee”) 

Domicile: 
 Legal Representative:

 Party B: Beijing NQ Technology Co., Ltd (hereinafter referred to as the “Pledgor”) 

Domicile: 
 Legal Representative:

 Party C: Beijing NationSky Network Technology Co., Ltd. 

Domicile: 
 Legal Representative:

 WHEREAS: 
  

	1.	The Pledgee is a limited liability company incorporated in the PRC. 

  

	2.	Party C is a limited liability company incorporated in the PRC, with both of its registered capital and paid-up capital being RMB forty million (¥40,000,000) as of the execution date of this Agreement.

  

	3.	The Pledgor holds 100% of Party C’s Shares. 

  

	4.	The Parties entered into a certain Share Transfer Agreement (the “Share Transfer Agreement”) as of November 26, 2015, pursuant to which the Pledgor shall complete the formalities for pledging 20% of
Party C’s shares to the Pledgee upon receipt of the amount of RMB 102,000,000 (in words: RMB one hundred and two million) timely paid by the Pledgee. 

  
 Page 19 of Schedules 

 NOW THEREFORE, the Parties hereby reach the following Agreement through friendly negotiation based on the
principles of equality and mutual benefit to be bound: 
  

	1.	Definitions 

  

	 	Unless	otherwise provided herein, the following terms shall have the definitions set out below: 

  

	 	1.1	The term “Pledge” shall refer to all the contents set out in Article 2 hereof. 

  

	 	1.2	The term “Shares” shall refer to the shares duly held by the Pledgor in Party C (accounting for [20]% of Party C’s registered capital) that are pledged by the Pledgor, and all existing and future rights
and interests accruing thereon. 

  

	 	1.3	The term “Default Event” shall refer to any circumstance as set forth in Article 7 hereof. 

  

	 	1.4	The term “Default Notice” shall refer to any notice given by the Pledgee to declare a Default Event hereunder. 

  

	2.	Pledge 

  

	 	2.1	The Pledgor hereby pledges to the Pledgee the Shares duly held by it in Party C, accounting for [20]% of Party C’s registered capital, as a security for making the payment obligations. 

 

	 	2.2	The share pledge hereunder secures the amount of RMB 102,000,000 (in words: one hundred and two million) that shall be refunded by the Pledgor when the Share Transfer Agreement is rescinded in accordance with the
provisions thereof, less liquidated damages and other expenses payable by the Pledgee (the “Payable”). 

  

	 	2.3	The Pledge hereunder shall refer to the Pledgor’s right to be given priority to be indemnified by proceeds from discounting, auctioning or selling off the Shares pledged by the Pledgor to the Pledgee.

  

	 	2.4	Unless otherwise expressly agreed by the Pledgor in writing upon the commencement of this Agreement, the Pledge shall be lifted only if (1) the Pledgor fully makes the Payables, or (2) the Pledgor has executed such
registration documents issued by the administration for industry and commerce as required to assign 100% of Party C’s Shares to the Pledgee. 

  

	3.	Effectiveness and Pledge Period 

  

	 	3.1	The Pledge hereunder shall become effective upon the share pledge is registered with the administration for industry and commerce. 

  

	 	3.2	The Pledgee shall submit the documents relating to the registration of the lifting of the Pledge to the pledge registration authority within 5 working days after the Pledgor has made all the Payables or satisfied other
conditions agreed by the Pledgee hereunder 

  
 Page 20 of Schedules 

	4.	Possession and Custody of Pledge Voucher and Pledge Registration 

  

	 	4.1	The Pledgor shall record in Party C’s shareholder register the pledge matters set forth herein on the execution date of this Agreement, and deliver the same to Party A. The Pledgor shall register the pledge with
the administration for industry and commerce within five working days of the execution date of this Agreement or at any other time as requested by the Pledgee, and furnish Party A with a proof evidencing the completion of such registration.

  

	 	4.2	Where a change occurs in any pledge matter so recorded, causing such pledge matter to be changed by law, the Pledgor and the Pledgee shall do so within five working days of the occurrence of such change and submit
relevant change registration documents. 

  

	5.	Pledgor’s Representations and Warranties 

 The Pledgor shall make the following
representations and warranties to the Pledgee in executing this Agreement, and shall acknowledge that the Pledgee executes and performs this Agreement by relying on such representations and warranties: 

 

	 	5.1	The Pledgor duly holds the Shares hereunder, and is entitled to pledge the same to the Pledgee as a security. 

  

	 	5.2	During the period from the execution date of this Agreement to the date the Pledgee commences to enjoy the Pledge under Paragraph 2.4 hereof, at no time shall the Pledgee’s exercise of its rights or realization of
the pledge under this pledge Agreement be subject to any legal claim made any other Party or proper intervention. 

  

	 	5.3	The Pledgee shall have the right to exercise the Pledge in such manner as provided by laws and regulations as well as this Agreement. 

 

	 	5.4	The Pledgee has obtained all necessary corporate authorizations to execute this Agreement and perform its obligations hereunder without violating any applicable laws and regulations, and the undersigned authorized
representative has been duly and validly empowered to sign this Agreement. 

  

	 	5.5	Except for the pledge hereunder, there exists no other encumbrance or third party security interests of any kind (including, without limitation, pledge) on the Shares held by the Pledgor. 

 

	 	5.6	There exists no ongoing or pending civil, administrative or criminal proceeding, administrative punishment or arbitration in relation to the Shares. 

 

	 	5.7	There exists no due and outstanding tax levies, expenses or pending legal proceedings or procedures in relation to the Shares. 

  

	 	5.8	Any provision of this Agreement shows the Pledgee’s true intention, and has legal binding force on the Pledgee. 

  
 Page 21 of Schedules 

	6.	Pledgor’s Representations 

  

	 	6.1	During the continuation of this Agreement, the Pledgor hereby represents to the Pledgee that: 

  

	 	6.1.1	It shall not assign the Shares pledged hereunder, create or permit others to create any pledge, encumbrance or third party security interests of any kind that may affect the Pledgee’s rights and interests without
the prior written consent of the Pledgee, except for the pledged Shares assigned to the Pledgee or its designee at the Pledgee’s request; 

  

	 	6.1.2	It shall comply with and implement all the provisions of applicable laws and regulations, and shall within five working days of receipt of any notice, order or suggestion issued or prepared by applicable competent
authorities, furnish the Pledgee with such notice, order or suggestion and take actions under the reasonable direction of the Pledgee; 

  

	 	6.1.3	It shall timely notify the Pledgee of any event or receipt of any notice that may have an effect on the Pledgor’s Shares or any part thereof, and of any event or receipt of relevant notice that may change any of
the Pledgor’s obligations hereunder or affect its performance thereof, and shall take actions under the reasonable direction of the Pledgee. 

  

	 	6.2	The Pledgor agrees that the Pledgee’s exercise of its rights hereunder shall not be interrupted or impaired by the Pledgor or the Pledgor’s successors or assigns or any other person. 

 

	 	6.3	The Pledgor warrants to the Pledgee that, in order to secure or perfect the security hereunder for the Pledgor’s obligation to make the Payables, the Pledgor shall make all necessary modifications (if applicable)
to Party C’s bylaws, execute in good faith and procure other interested parties to the Pledge to execute all such certificates of title, covenants, and take and procure other interested parties to the Pledge to take such actions as required by
the Pledgee, and shall also provide convenience for the Pledgee to exercise the Pledge, enter into all modification documents relating to the share certificates with the Pledgee or any third party appointed by the Pledgee, and provide the Pledgee
with all such pledge related documents as it deems necessary within a reasonable period. 

  

	 	6.4	The Pledgor warrants to the Pledgee that it will comply with and perform all the warranties, undertakings, agreements and representations for the benefit of the Pledgee. 

  
 Page 22 of Schedules 

	7.	Default Event 

  

	 	7.1	Any one of the following events shall be deemed a Default Event: 

  

	 	7.1.1	The Pledgor fails to fully make the Payables; 

  

	 	7.1.2	In the event that any representation, warranty or undertaking made by the Pledgor in Article 5 or 6 hereof is materially misleading or false, and/or the Pledgor breaches any such representation, warranty or undertaking;

  

	 	7.1.3	The Pledgor is in material violation of any provision hereof. 

  

	 	7.1.4	Except for the agreements in Paragraph 6.1.1 hereof, the Pledgor forgoes or arbitrarily assigns the pledged Shares without the written consent of the Pledgee; 

 

	 	7.2	The Pledgor who becomes aware of or discovers any matter as described in the foregoing paragraph or the occurrence of any event that may result in such matter shall forthwith notify the Pledgee thereof in writing.

  

	 	7.3	Unless the Default Event set forth in this Paragraph 7.1 has been satisfactorily addressed as acceptable to the Pledgee, the Pledgee may send a Default Notice to the Pledgor in writing when such Default Event occurs or
at any time upon such occurrence, and request it to pay the payables and other payables. If within ten days of sending such written notice, the Pledgor fails to timely rectify its breach or take necessary measures to remedy such breach, then the
Pledgee shall have the right to exercise the Pledge under Article 8 hereof. 

  

	8.	Exercise of Pledge 

  

	 	8.1	Before the Pledgor fully discharges its obligation to make the Payables, it may not assign any Pledged Shares without the Pledgee’s written consent. 

 

	 	8.2	The Pledgee shall send a Default Notice to the Pledgor under Paragraph 7.3 hereof in exercising the Pledge. 

  

	 	8.3	Subject to Paragraph 7.3, the Pledgee may exercise the Pledge at any time after sending such Default Notice to the Pledgor under Paragraph 7.3. 

 

	 	8.4	The Pledgee may be granted priority to be indemnified by proceeds from discounting, auctioning or selling off all or part of the Shares pledged hereunder in accordance with statutory proceedings until the outstanding
remainder of the Payables is offset. 

  

	 	8.5	The Pledgor may not thwart the Pledgee’s exercise of the Pledge in accordance with this Agreement, but shall render necessary assistance to the Pledgee for realizing the Pledge. 

  
 Page 23 of Schedules 

	9.	Assignment 

  

	 	9.1	Without the prior express written consent of the Pledgee, no Pledgor shall have the right to assign any of its rights and/or obligations hereunder to any third party. 

 

	 	9.2	The Pledgee may at any time assign to its affiliates all or any of its rights and obligations with respect to Payables collection and other relevant matters, in which case the Assignee shall enjoy such rights and bear
such obligations as enjoyed and borne by the Pledgee hereunder; with respect to such assignment, the Pledgor shall transfer and execute relevant agreements and /or documents at the request of the Pledgee. 

 

	 	9.3	In case the Pledgee is changed due to such assignment, new Pledgor and Pledgee shall enter into a new pledge agreement, and the new Pledgor shall go through all relevant registration formalities. 

 

	10.	Handling Fees and Other Fees 

 All fees and actual expenses in association with this
Agreement, including but not limited to legal costs, production fees, stamp taxes and any other taxes and fees, shall be for the account of Party C. 
  

	11.	Force Majeure 

  

	 	11.1	The term “force majeure event” shall refer to any event that is beyond the reasonable control of a Party and is unavoidable by the affected Party even it has exercised all due care, including but not limited
to government act, act of God, fire, explosion, geographical change, storm, flood, earthquake, tide, lightning or war. Provided, however, that the inadequacy of credit standing, fund or financing shall not be deemed as a matter beyond the reasonable
control of a Party. The Party affected by the force majeure event who seeks to be relieved from any liability hereunder or under any provision hereof shall forthwith send a liability relief notice to the other Party and shall advise the other Party
of measures to be taken for performing such liability. 

  

	 	11.2	The Party affected by the force majeure event is not required to bear any liability therefor hereunder, provided that the Party may be relieved from performing such liability only if it has made every effort to perform
this Agreement, and the relief is only limited to the extent the performance is delayed or hindered. Once the cause for such liability is rectified or remedied, the Parties agree to make best efforts to resume the performance hereof.

  
 Page 24 of Schedules 

	12.	Applicable Law and Dispute Resolution 

  

	 	12.1	The execution, validity, performance and interpreted of and resolution of disputes arising from this Agreement shall be governed by and construed in accordance with the laws of the PRC. 

 

	 	12.2	In case of any dispute arising from the interpretation or performance of any provision hereof among the Parties, the Parties shall resolve the dispute through good faith negotiations. Should such negotiations fail, any
Party may refer the dispute to China International Economic & Trade Arbitration Commission for arbitration in Beijing in accordance with its then effective arbitration rules. The arbitration proceedings shall be conducted in Chinese language.
The arbitral award is final and binding on the Parties hereto. This clause shall survive the termination or rescission of this Agreement. 

  

	 	12.3	Except for matters in dispute among the Parties, the Parties shall continue to perform in good faith their respective obligations hereunder. 

 

	13.	Notice 

 Any notice sent by any Party for the purpose of performing its rights and
obligations hereunder shall be in writing, and served at the following addresses of one or both of the other Parties by personal delivery, registered or certified mail (postage prepaid), recognized express service or facsimile. 

Party A: Qidi (Beijing) Assets Management Corporation 

Address: 
 Party B: Beijing NQ
Technology Co., Ltd 
 Address: Building 4, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

Party C: Beijing NationSky Network Technology Co., Ltd. 

Address: North Side, Floor 3, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

 

	14.	Schedules 

 The schedules set out herein form an integral part hereof. 

 

	15.	Waiver 

 The Pledgee’s failure to perform or delay in performing any right, remedy,
power or privilege hereunder shall not operate as a waiver of such right, remedy, power or privilege, and any single or partial exercise by the Pledgee of any right, remedy, power or privilege shall not preclude its exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges provided herein are accumulative, and do not preclude the application of any right, remedy, power and privilege as provided by any law. 

  
 Page 25 of Schedules 

	16.	Miscellaneous 

  

	 	16.1	Any modification, supplement or alteration of this Agreement shall be in writing and become effective upon signatures and seals of the Parties. 

 

	 	16.2	The Parties hereby acknowledge that this Agreement is only used for registering the share pledge with the administration for industry and commerce. In case of any discrepancy between any provision hereof and any other
written agreement entered into by the Parties, then such provision shall be deemed void or unenforceable. 

  

	 	16.3	The original of this Agreement is made in quadruplicate, with each copy written in Chinese. 

(The remainder of this page is intentionally left blank) 

  
 Page 26 of Schedules 

 [This page is a signature page of the Share Pledge Agreement] 

Party A: Qidi (Beijing) Assets Management Corporation (Seal) 

Party B: Beijing NQ Technology Co., Ltd (Seal) 
 Party
C: Beijing NationSky Network Technology Co., Ltd. (Seal) 

  
 Page 27 of Schedules 

 Schedule 10 Equity Pledge Agreement (For Pledge of 60% Shares) 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (hereinafter referred to as this “Agreement”), dated as of      day of             , 2015, is made and entered into by and among the
following parties (hereinafter referred to as the “Parties”) in Beijing, the People’s Republic of China (hereinafter referred to as the “PRC”): 

Party A: Qidi (Beijing) Assets Management Corporation (hereinafter referred to as the “Pledgee”) 

Domicile: 15th Floor, Tower A Building 1, No. 6 North Yongjia Road, Haidian District,
Beijing 
 Legal Representative: 

Party B: Beijing NQ Technology Co., Ltd (hereinafter referred to as the “Pledgor”) 

Domicile: Rm.1322, Unit C, Building 1, Zhongguancun Software Park Incubator, Haidian District, Beijing, P.R.China. 

Legal Representative: Xu Zemin 

Party C: Beijing NationSky Network Technology Co., Ltd. 

Domicile: Rm 213, Building 5, No.6 North Yongjia Road, Haidian District, Beijing 

Legal Representative: Xu Zemin 
 WHEREAS:

  

	1.	The Pledgee is a limited liability company incorporated in the PRC. 

  

	2.	Party C is a limited liability company incorporated in the PRC, with both of its registered capital and paid-up capital being RMB forty million (¥40,000,000) as of the execution date of this Agreement.

  

	3.	The Pledgor holds 100% of Party C’s Shares. 

  

	4.	The Parties entered into a certain Share Transfer Agreement (the “Share Transfer Agreement”) as of November 26, 2015, pursuant to which the Pledgor shall complete the formalities for pledging 60% of
Party C’s shares to the Pledgee upon receipt of the amount of RMB 306,000,000 (in words: RMB three hundred and six million) timely paid by the Pledgee. 

  
 Page 28 of Schedules 

 NOW THEREFORE, the Parties hereby reach the following Agreement through friendly negotiation based on the
principles of equality and mutual benefit to be bound: 
  

	1.	Definitions 

 Unless otherwise provided herein, the following terms shall have the
definitions set out below: 
  

	 	1.1	The term “Pledge” shall refer to all the contents set out in Article 2 hereof. 

  

	 	1.2	The term “Shares” shall refer to the shares duly held by the Pledgor in Party C (accounting for [60]% of Party C’s registered capital) that are pledged by the Pledgor, and all existing and future rights
and interests accruing thereon. 

  

	 	1.3	The term “Default Event” shall refer to any circumstance as set forth in Article 7 hereof. 

  

	 	1.4	The term “Default Notice” shall refer to any notice given by the Pledgee to declare a Default Event hereunder. 

  

	2.	Pledge 

  

	 	2.1	The Pledgor hereby pledges to the Pledgee the Shares duly held by it in Party C, accounting for [60]% of Party C’s registered capital, as a security for making the Payables obligations. 

 

	 	2.2	The share pledge hereunder secures the amount of RMB 306,000,000 (in words: three hundred and six million) that shall be refunded by the Pledgor when the Share Transfer Agreement is rescinded in accordance with the
provisions thereof, less liquidated damages and other expenses payable by the Pledgee (the “Payables”). 

  

	 	2.3	The Pledge hereunder shall refer to the Pledgor’s right to be given priority to be indemnified by proceeds from discounting, auctioning or selling off the Shares pledged by the Pledgor to the Pledgee.

  

	 	2.4	Unless otherwise expressly agreed by the Pledgor in writing upon the commencement of this Agreement, the Pledge shall be lifted only if (1) the Pledgor fully makes the Payable, or (2) the Pledgor has executed such
registration documents issued by the administration for industry and commerce as required to assign 100% of Party C’s Shares to the Pledgee. 

  

	3.	Effectiveness and Pledge Period 

  

	 	3.1	The Pledge hereunder shall become effective upon the share pledge is registered with the administration for industry and commerce. 

  

	 	3.2	The Pledgee shall submit the documents relating to the registration of the lifting of the Pledge to the pledge registration authority within 5 working days after the Pledgor has made all the Payable or satisfied other
conditions agreed by the Pledgee hereunder 

  
 Page 29 of Schedules 

	4.	Possession and Custody of Pledge Voucher and Pledge Registration 

  

	 	4.1	The Pledgor shall record in Party C’s shareholder register the pledge matters set forth herein on the execution date of this Agreement, and deliver the same to Party A. The Pledgor shall register the pledge with
the administration for industry and commerce within five working days of the execution date of this Agreement or at any other time as requested by the Pledgee, and furnish Party A with a proof evidencing the completion of such registration.

  

	 	4.2	Where a change occurs in any pledge matter so recorded, causing such pledge matter to be changed by law, the Pledgor and the Pledgee shall do so within five working days of the occurrence of such change and submit
relevant change registration documents. 

  

	5.	Pledgor’s Representations and Warranties 

 The Pledgor shall make the following
representations and warranties to the Pledgee in executing this Agreement, and shall acknowledge that the Pledgee executes and performs this Agreement by relying on such representations and warranties: 

 

	 	5.1	The Pledgor duly holds the Shares hereunder, and is entitled to pledge the same to the Pledgee as a security. 

  

	 	5.2	During the period from the execution date of this Agreement to the date the Pledgee commences to enjoy the Pledge under Paragraph 2.4 hereof, at no time shall the Pledgee’s exercise of its rights or realization of
the pledge under this pledge Agreement be subject to any legal claim made any other Party or proper intervention. 

  

	 	5.3	The Pledgee shall have the right to exercise the Pledge in such manner as provided by laws and regulations as well as this Agreement. 

 

	 	5.4	The Pledgee has obtained all necessary corporate authorizations to execute this Agreement and perform its obligations hereunder without violating any applicable laws and regulations, and the undersigned authorized
representative has been duly and validly empowered to sign this Agreement. 

  

	 	5.5	Except for the pledge hereunder, there exists no other encumbrance or third party security interests of any kind (including, without limitation, pledge) on the Shares held by the Pledgor. 

 

	 	5.6	There exists no ongoing or pending civil, administrative or criminal proceeding, administrative punishment or arbitration in relation to the Shares. 

  
 Page 30 of Schedules 

	 	5.7	There exists no due and outstanding tax levies, expenses or pending legal proceedings or procedures in relation to the Shares. 

  

	 	5.8	Any provision of this Agreement shows the Pledgee’s true intention, and has legal binding force on the Pledgee. 

  

	6.	Pledgor’s Representations 

  

	 	6.1	During the continuation of this Agreement, the Pledgor hereby represents to the Pledgee that: 

  

	 	6.1.1	It shall not assign the Shares pledged hereunder, create or permit others to create any pledge, encumbrance or third party security interests of any kind that may affect the Pledgee’s rights and interests without
the prior written consent of the Pledgee, except for the pledged Shares assigned to the Pledgee or its designee at the Pledgee’s request; 

  

	 	6.1.2	It shall comply with and implement all the provisions of applicable laws and regulations, and shall within five working days of receipt of any notice, order or suggestion issued or prepared by applicable competent
authorities, furnish the Pledgee with such notice, order or suggestion and take actions under the reasonable direction of the Pledgee; 

  

	 	6.1.3	It shall timely notify the Pledgee of any event or receipt of any notice that may have an effect on the Pledgor’s Shares or any part thereof, and of any event or receipt of relevant notice that may change any of
the Pledgor’s obligations hereunder or affect its performance thereof, and shall take actions under the reasonable direction of the Pledgee. 

  

	 	6.2	The Pledgor agrees that the Pledgee’s exercise of its rights hereunder shall not be interrupted or impaired by the Pledgor or the Pledgor’s successors or assigns or any other person. 

 

	 	6.3	The Pledgor warrants to the Pledgee that, in order to secure or perfect the security hereunder for the Pledgor’s obligation to make the Payable, the Pledgor shall make all necessary modifications (if applicable) to
Party C’s bylaws, execute in good faith and procure other interested parties to the Pledge to execute all such certificates of title, covenants, and take and procure other interested parties to the Pledge to take such actions as required by the
Pledgee, and shall also provide convenience for the Pledgee to exercise the Pledge, enter into all modification documents relating to the share certificates with the Pledgee or any third party appointed by the Pledgee, and provide the Pledgee with
all such pledge related documents as it deems necessary within a reasonable period. 

  

	 	6.4	The Pledgor warrants to the Pledgee that it will comply with and perform all the warranties, undertakings, agreements and representations for the benefit of the Pledgee. 

  
 Page 31 of Schedules 

	7.	Default Event 

  

	 	7.1	Any one of the following events shall be deemed a Default Event: 

  

	 	7.1.1	The Pledgor fails to fully make the Payable; 

  

	 	7.1.2	In the event that any representation, warranty or undertaking made by the Pledgor in Article 5 or 6 hereof is materially misleading or false, and/or the Pledgor breaches any such representation, warranty or undertaking;

  

	 	7.1.3	The Pledgor is in material violation of any provision hereof. 

  

	 	7.1.4	Except for the agreements in Paragraph 6.1.1 hereof, the Pledgor forgoes or arbitrarily assigns the pledged Shares without the written consent of the Pledgee; 

 

	 	7.2	The Pledgor who becomes aware of or discovers any matter as described in the foregoing paragraph or the occurrence of any event that may result in such matter shall forthwith notify the Pledgee thereof in writing.

  

	 	7.3	Unless the Default Event set forth in this Paragraph 7.1 has been satisfactorily addressed as acceptable to the Pledgee, the Pledgee may send a Default Notice to the Pledgor in writing when such Default Event occurs or
at any time upon such occurrence, and request it to pay the payables and other payables. If within ten days of sending such written notice, the Pledgor fails to timely rectify its breach or take necessary measures to remedy such breach, then the
Pledgee shall have the right to exercise the Pledge under Article 8 hereof. 

  

	8.	Exercise of Pledge 

  

	 	8.1	Before the Pledgor fully discharges its obligation to make the Payables, it may not assign any Pledged Shares without the Pledgee’s written consent. 

 

	 	8.2	The Pledgee shall send a Default Notice to the Pledgor under Paragraph 7.3 hereof in exercising the Pledge. 

  

	 	8.3	Subject to Paragraph 7.3, the Pledgee may exercise the Pledge at any time after sending such Default Notice to the Pledgor under Paragraph 7.3. 

 

	 	8.4	The Pledgee may be granted priority to be indemnified by proceeds from discounting, auctioning or selling off all or part of the Shares pledged hereunder in accordance with statutory proceedings until the outstanding
remainder of the Payables is offset. 

  

	 	8.5	The Pledgor may not thwart the Pledgee’s exercise of the Pledge in accordance with this Agreement, but shall render necessary assistance to the Pledgee for realizing the Pledge. 

  
 Page 32 of Schedules 

	9.	Assignment 

  

	 	9.1	Without the prior express written consent of the Pledgee, no Pledgor shall have the right to assign any of its rights and/or obligations hereunder to any third party. 

 

	 	9.2	The Pledgee may at any time assign to its affiliates all or any of its rights and obligations with respect to Payable collection and other relevant matters, in which case the Assignee shall enjoy such rights and bear
such obligations as enjoyed and borne by the Pledgee hereunder; with respect to such assignment, the Pledgor shall transfer and execute relevant agreements and /or documents at the request of the Pledgee. 

 

	 	9.3	In case the Pledgee is changed due to such assignment, new Pledgor and Pledgee shall enter into a new pledge agreement, and the new Pledgor shall go through all relevant registration formalities. 

 

	10.	Handling Fees and Other Fees 

 All fees and actual expenses in association with this
Agreement, including but not limited to legal costs, production fees, stamp taxes and any other taxes and fees, shall be for the account of Party C. 
  

	11.	Force Majeure 

  

	 	11.1	The term “force majeure event” shall refer to any event that is beyond the reasonable control of a Party and is unavoidable by the affected Party even it has exercised all due care, including but not limited
to government act, act of God, fire, explosion, geographical change, storm, flood, earthquake, tide, lightning or war. Provided, however, that the inadequacy of credit standing, fund or financing shall not be deemed as a matter beyond the reasonable
control of a Party. The Party affected by the force majeure event who seeks to be relieved from any liability hereunder or under any provision hereof shall forthwith send a liability relief notice to the other Party and shall advise the other Party
of measures to be taken for performing such liability. 

  

	 	11.2	The Party affected by the force majeure event is not required to bear any liability therefor hereunder, provided that the Party may be relieved from performing such liability only if it has made every effort to perform
this Agreement, and the relief is only limited to the extent the performance is delayed or hindered. Once the cause for such liability is rectified or remedied, the Parties agree to make best efforts to resume the performance hereof.

  
 Page 33 of Schedules 

	12.	Applicable Law and Dispute Resolution 

  

	 	12.1	The execution, validity, performance and interpreted of and resolution of disputes arising from this Agreement shall be governed by and construed in accordance with the laws of the PRC. 

 

	 	12.2	In case of any dispute arising from the interpretation or performance of any provision hereof among the Parties, the Parties shall resolve the dispute through good faith negotiations. Should such negotiations fail, any
Party may refer the dispute to China International Economic & Trade Arbitration Commission for arbitration in Beijing in accordance with its then effective arbitration rules. The arbitration proceedings shall be conducted in Chinese language.
The arbitral award is final and binding on the Parties hereto. This clause shall survive the termination or rescission of this Agreement. 

  

	 	12.3	Except for matters in dispute among the Parties, the Parties shall continue to perform in good faith their respective obligations hereunder. 

 

	13.	Notice 

 Any notice sent by any Party for the purpose of performing its rights and
obligations hereunder shall be in writing, and served at the following addresses of one or both of the other Parties by personal delivery, registered or certified mail (postage prepaid), recognized express service or facsimile. 

Party A: 
 Address: 15th Floor, Tower A Building 1, No. 6 North Yongjia Road, Haidian District, Beijing 
 Party
B: 
 Address: Building 4, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

Party C: 
 Address: Floor 3,
Yard 11, Hepingli East Street, Dongcheng District, Beijing 
  

	14.	Schedules 

 The schedules set out herein form an integral part hereof. 

 

	15.	Waiver 

 The Pledgee’s failure to perform or delay in performing any right, remedy,
power or privilege hereunder shall not operate as a waiver of such right, remedy, power or privilege, and any single or partial exercise by the Pledgee of any right, remedy, power or privilege shall not preclude its exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges provided herein are accumulative, and do not preclude the application of any right, remedy, power and privilege as provided by any law. 

  
 Page 34 of Schedules 

	16.	Miscellaneous 

  

	 	16.1	Any modification, supplement or alteration of this Agreement shall be in writing and become effective upon signatures and seals of the Parties. 

 

	 	16.2	The Parties hereby acknowledge that this Agreement is only used for registering the share pledge with the administration for industry and commerce. In case of any discrepancy between any provision hereof and any other
written agreement entered into by the Parties, then such provision shall be deemed void or unenforceable. 

  

	 	16.3	The original of this Agreement is made in quadruplicate, with each copy written in Chinese. 

(The remainder of this page is intentionally left blank) 

  
 Page 35 of Schedules 

 [This page is a signature page of the Share Pledge Agreement] 

Party A: Qidi (Beijing) Assets Management Corporation (Seal) 

Party B: Beijing NQ Technology Co., Ltd(Seal) 
 Party
C: Beijing NationSky Network Technology Co., Ltd.(Seal) 

  
 Page 36 of Schedules 

 Schedule 11 Equity Pledge Agreement (For Reverse Pledge of 20% Shares) 

Equity Pledge Agreement 
 This Equity
Pledge Agreement (hereinafter referred to as this “Agreement”), dated as of      day of             , 2015, is made and entered into by and among the following
parties (hereinafter referred to as the “Parties”) in Beijing, the People’s Republic of China (hereinafter referred to as the “PRC”): 

Party A: Beijing NQ Technology Co., Ltd (hereinafter referred to as the “Pledgee”) 

Domicile: Rm.1322, Unit C, Building 1, Zhongguancun Software Park Incubator, Haidian District, Beijing, P.R.China. 

Legal Representative: Xu Zemin 

Party B: Qidi (Beijing) Assets Management Corporation (hereinafter referred to as the “Pledgor”) 

Domicile: 15th Floor, Tower A Building 1, No. 6 North Yongjia Road, Haidian District,
Beijing 
 Legal Representative: 

Party C: Beijing NationSky Network Technology Co., Ltd. 

Domicile: Rm 213, Building 5, No.6 North Yongjia Road, Haidian District, Beijing 

Legal Representative: Xu Zemin 
 WHEREAS:

  

	1.	The Pledgee is a limited liability company incorporated in the PRC. 

  

	2.	Party C is a limited liability company incorporated in the PRC, with both of its registered capital and paid-up capital being RMB forty million (¥40,000,000) as of the execution date of this Agreement.

  

	3.	The Pledgor holds 100% of Party C’s Shares. 

  

	4.	The amount of RMB 102,000,000 (in words: RMB one hundred and two million) payable by the Pledgor to the Pledgee (the “Payable”) is outstanding, and the payment period for the Payable is 3 working days upon
shareholding change registration with the administration for industry and commerce and completion of job handover in case one of Party C’s shareholders is changed from Party A to Party B. In order to procure the Pledgor to timely make the
Payable, the Pledgor shall pledge its Shares in Party C, accounting for [20]% of Party C’s registered capital, as a security to Party A. 

  
 Page 37 of Schedules 

 NOW THEREFORE, the Parties hereby reach the following Agreement through friendly negotiation based on the
principles of equality and mutual benefit to be bound: 
  

	1.	Definitions 

 Unless otherwise provided herein, the following terms shall have the
definitions set out below: 
  

	 	1.1	The term “Pledge” shall refer to all the contents set out in Article 2 hereof. 

  

	 	1.2	The term “Shares” shall refer to the shares duly held by the Pledgor in Party C (accounting for [20]% of Party C’s registered capital) that are pledged by the Pledgor, and all existing and future rights
and interests accruing thereon. 

  

	 	1.3	The term “Default Event” shall refer to any circumstance as set forth in Article 7 hereof. 

  

	 	1.4	The term “Default Notice” shall refer to any notice given by the Pledgee to declare a Default Event hereunder. 

  

	2.	Pledge 

  

	 	2.1	The Pledgor hereby pledges to the Pledgee the Shares duly held by it in Party C, accounting for [20]% of Party C’s registered capital, as a security for making the Payables obligations. 

 

	 	2.2	The share pledge hereunder secures such Payables, relevant expenses and losses, interests, liquidated damages, indemnities and expenses for realizing claims that shall be paid by the Pledgor to the Pledgee, as well as
liabilities to be borne by the Pledgor to the Pledgee with respect thereto. 

  

	 	2.3	The Pledge hereunder shall refer to the Pledgor’s right to be given priority to be indemnified by proceeds from discounting, auctioning or selling off the Shares pledged by the Pledgor to the Pledgee.

  

	 	2.4	Unless otherwise expressly agreed by the Pledgee in writing upon the commencement of this Agreement, only if the Pledgor fully makes the Payables shall the Pledge hereunder be lifted. If the Pledgor still fails to fully
make the Payables upon expiry of the agreed payment date thereof, the Pledgee shall continue to be entitled to the Pledge provided herein until all the payments for the Shares and related liquidated damages are paid off. 

 

	3.	Effectiveness and Pledge Period 

  

	 	3.1	The Pledge hereunder shall become effective upon the share pledge is registered with the administration for industry and commerce. 

  

	 	3.2	The Pledgee shall submit the documents relating to the registration of the lifting of the Pledge to the pledge registration authority within 5 working days after the Pledgor has made all the Payable or satisfied other
conditions agreed by the Pledgee hereunder 

  
 Page 38 of Schedules 

	4.	Possession and Custody of Pledge Voucher and Pledge Registration 

  

	 	4.1	The Pledgor shall record in Party C’s shareholder register the pledge matters set forth herein on the execution date of this Agreement, and deliver the same to Party A. The Pledgor shall register the pledge with
the administration for industry and commerce within five working days of the execution date of this Agreement or at any other time as requested by the Pledgee, and furnish Party A with a proof evidencing the completion of such registration.

  

	 	4.2	Where a change occurs in any pledge matter so recorded, causing such pledge matter to be changed by law, the Pledgor and the Pledgee shall do so within five working days of the occurrence of such change and submit
relevant change registration documents. 

  

	5.	Pledgor’s Representations and Warranties 

 The Pledgor shall make the following
representations and warranties to the Pledgee in executing this Agreement, and shall acknowledge that the Pledgee executes and performs this Agreement by relying on such representations and warranties: 

 

	 	5.1	The Pledgor duly holds the Shares hereunder, and is entitled to pledge the same to the Pledgee as a security. 

  

	 	5.2	During the period from the execution date of this Agreement to the date the Pledgee commences to enjoy the Pledge under Paragraph 2.4 hereof, at no time shall the Pledgee’s exercise of its rights or realization of
the pledge under this pledge Agreement be subject to any legal claim made any other Party or proper intervention. 

  

	 	5.3	The Pledgee shall have the right to exercise the Pledge in such manner as provided by laws and regulations as well as this Agreement. 

 

	 	5.4	The Pledgee has obtained all necessary corporate authorizations to execute this Agreement and perform its obligations hereunder without violating any applicable laws and regulations, and the undersigned authorized
representative has been duly and validly empowered to sign this Agreement. 

  

	 	5.5	Except for the pledge hereunder, there exists no other encumbrance or third party security interests of any kind (including, without limitation, pledge) on the Shares held by the Pledgor. 

 

	 	5.6	There exists no ongoing or pending civil, administrative or criminal proceeding, administrative punishment or arbitration in relation to the Shares. 

  
 Page 39 of Schedules 

	 	5.7	There exists no due and outstanding tax levies, expenses or pending legal proceedings or procedures in relation to the Shares. 

  

	 	5.8	Any provision of this Agreement shows the Pledgee’s true intention, and has legal binding force on the Pledgee. 

  

	6.	Pledgor’s Representations 

  

	 	6.1	During the continuation of this Agreement, the Pledgor hereby represents to the Pledgee that: 

  

	 	6.1.1	It shall not assign the Shares pledged hereunder, create or permit others to create any pledge, encumbrance or third party security interests of any kind that may affect the Pledgee’s rights and interests without
the prior written consent of the Pledgee, except for the pledged Shares assigned to the Pledgee or its designee at the Pledgee’s request; 

  

	 	6.1.2	It shall comply with and implement all the provisions of applicable laws and regulations, and shall within five working days of receipt of any notice, order or suggestion issued or prepared by applicable competent
authorities, furnish the Pledgee with such notice, order or suggestion and take actions under the reasonable direction of the Pledgee; 

  

	 	6.1.3	It shall timely notify the Pledgee of any event or receipt of any notice that may have an effect on the Pledgor’s Shares or any part thereof, and of any event or receipt of relevant notice that may change any of
the Pledgor’s obligations hereunder or affect its performance thereof, and shall take actions under the reasonable direction of the Pledgee. 

  

	 	6.2	The Pledgor agrees that the Pledgee’s exercise of its rights hereunder shall not be interrupted or impaired by the Pledgor or the Pledgor’s successors or assigns or any other person. 

 

	 	6.3	The Pledgor warrants to the Pledgee that, in order to secure or perfect the security hereunder for the Pledgor’s obligation to make the Payable, the Pledgor shall make all necessary modifications (if applicable) to
Party C’s bylaws, execute in good faith and procure other interested parties to the Pledge to execute all such certificates of title, covenants, and take and procure other interested parties to the Pledge to take such actions as required by the
Pledgee, and shall also provide convenience for the Pledgee to exercise the Pledge, enter into all modification documents relating to the share certificates with the Pledgee or any third party appointed by the Pledgee, and provide the Pledgee with
all such pledge related documents as it deems necessary within a reasonable period. 

  

	 	6.4	The Pledgor warrants to the Pledgee that it will comply with and perform all the warranties, undertakings, agreements and representations for the benefit of the Pledgee. 

  
 Page 40 of Schedules 

	7.	Default Event 

  

	 	7.1	Any one of the following events shall be deemed a Default Event: 

  

	 	7.1.1	The Pledgor fails to fully make the Payable in a timely manner; 

  

	 	7.1.2	In the event that any representation, warranty or undertaking made by the Pledgor in Article 5 or 6 hereof is materially misleading or false, and/or the Pledgor breaches any such representation, warranty or undertaking;

  

	 	7.1.3	The Pledgor is in material violation of any provision hereof. 

  

	 	7.1.4	Except for the agreements in Paragraph 6.1.1 hereof, the Pledgor forgoes or arbitrarily assigns the pledged Shares without the written consent of the Pledgee; 

 

	 	7.2	The Pledgor who becomes aware of or discovers any matter as described in the foregoing paragraph or the occurrence of any event that may result in such matter shall forthwith notify the Pledgee thereof in writing.

  

	 	7.3	Unless the Default Event set forth in this Paragraph 7.1 has been satisfactorily addressed as acceptable to the Pledgee, the Pledgee may send a Default Notice to the Pledgor in writing when such Default Event occurs or
at any time upon such occurrence, and request it to pay the payables and other payables. If within ten days of sending such written notice, the Pledgor fails to timely rectify its breach or take necessary measures to remedy such breach, then the
Pledgee shall have the right to exercise the Pledge under Article 8 hereof. 

  

	8.	Exercise of Pledge 

  

	 	8.1	Before the Pledgor fully discharges its obligation to make the Payable, it may not assign any Pledged Shares without the Pledgee’s written consent. 

 

	 	8.2	The Pledgee shall send a Default Notice to the Pledgor under Paragraph 7.3 hereof in exercising the Pledge. 

  

	 	8.3	Subject to Paragraph 7.3, the Pledgee may exercise the Pledge at any time after sending such Default Notice to the Pledgor under Paragraph 7.3. 

 

	 	8.4	The Pledgee may be granted priority to be indemnified by proceeds from discounting, auctioning or selling off all or part of the Shares pledged hereunder in accordance with statutory proceedings until the outstanding
remainder of the Payable is offset. 

  

	 	8.5	The Pledgor may not thwart the Pledgee’s exercise of the Pledge in accordance with this Agreement, but shall render necessary assistance to the Pledgee for realizing the Pledge. 

  
 Page 41 of Schedules 

	9.	Assignment 

  

	 	9.1	Without the prior express written consent of the Pledgee, no Pledgor shall have the right to assign any of its rights and/or obligations hereunder to any third party. 

 

	 	9.2	The Pledgee may at any time assign to its affiliates all or any of its rights and obligations with respect to Payable collection and other relevant matters, in which case the Assignee shall enjoy such rights and bear
such obligations as enjoyed and borne by the Pledgee hereunder; with respect to such assignment, the Pledgor shall transfer and execute relevant agreements and /or documents at the request of the Pledgee. 

 

	 	9.3	In case the Pledgee is changed due to such assignment, new Pledgor and Pledgee shall enter into a new pledge agreement, and the new Pledgor shall go through all relevant registration formalities. 

 

	10.	Handling Fees and Other Fees 

 All fees and actual expenses in association with this
Agreement, including but not limited to legal costs, production fees, stamp taxes and any other taxes and fees, shall be for the account of Party C. 
  

	11.	Force Majeure 

  

	 	11.1	The term “force majeure event” shall refer to any event that is beyond the reasonable control of a Party and is unavoidable by the affected Party even it has exercised all due care, including but not limited
to government act, act of God, fire, explosion, geographical change, storm, flood, earthquake, tide, lightning or war. Provided, however, that the inadequacy of credit standing, fund or financing shall not be deemed as a matter beyond the reasonable
control of a Party. The Party affected by the force majeure event who seeks to be relieved from any liability hereunder or under any provision hereof shall forthwith send a liability relief notice to the other Party and shall advise the other Party
of measures to be taken for performing such liability. 

  

	 	11.2	The Party affected by the force majeure event is not required to bear any liability therefor hereunder, provided that the Party may be relieved from performing such liability only if it has made every effort to perform
this Agreement, and the relief is only limited to the extent the performance is delayed or hindered. Once the cause for such liability is rectified or remedied, the Parties agree to make best efforts to resume the performance hereof.

  
 Page 42 of Schedules 

	12.	Applicable Law and Dispute Resolution 

  

	 	12.1	The execution, validity, performance and interpreted of and resolution of disputes arising from this Agreement shall be governed by and construed in accordance with the laws of the PRC. 

 

	 	12.2	In case of any dispute arising from the interpretation or performance of any provision hereof among the Parties, the Parties shall resolve the dispute through good faith negotiations. Should such negotiations fail, any
Party may refer the dispute to China International Economic & Trade Arbitration Commission for arbitration in Beijing in accordance with its then effective arbitration rules. The arbitration proceedings shall be conducted in Chinese language.
The arbitral award is final and binding on the Parties hereto. This clause shall survive the termination or rescission of this Agreement. 

  

	 	12.3	Except for matters in dispute among the Parties, the Parties shall continue to perform in good faith their respective obligations hereunder. 

 

	13.	Notice 

 Any notice sent by any Party for the purpose of performing its rights and
obligations hereunder shall be in writing, and served at the following addresses of one or both of the other Parties by personal delivery, registered or certified mail (postage prepaid), recognized express service or facsimile. 

Party B: Beijing NQ Technology Co., Ltd 

Address: Building 4, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

Party A: Qidi (Beijing) Assets Management Corporation 

Address: 15th Floor, Tower A Building 1, No. 6 North Yongjia Road, Haidian District,
Beijing 
 Party C: Beijing NationSky Network Technology Co., Ltd. 

Address: Floor 3, Yard 11, Hepingli East Street, Dongcheng District, Beijing 

 

	14.	Schedules 

 The schedules set out herein form an integral part hereof. 

 

	15.	Waiver 

 The Pledgee’s failure to perform or delay in performing any right, remedy,
power or privilege hereunder shall not operate as a waiver of such right, remedy, power or privilege, and any single or partial exercise by the Pledgee of any right, remedy, power or privilege shall not preclude its exercise of any other right,
remedy, power or privilege. The rights, remedies, powers and privileges provided herein are accumulative, and do not preclude the application of any right, remedy, power and privilege as provided by any law. 

  
 Page 43 of Schedules 

	16.	Miscellaneous 

  

	 	16.1	Any modification, supplement or alteration of this Agreement shall be in writing and become effective upon signatures and seals of the Parties. 

 

	 	16.2	The Parties hereby acknowledge that this Agreement is only used for registering the share pledge with the administration for industry and commerce. In case of any discrepancy between any provision hereof and any other
written agreement entered into by the Parties, then such provision shall be deemed void or unenforceable. 

  

	 	16.3	The original of this Agreement is made in quadruplicate, with each copy written in Chinese. 

(The remainder of this page is intentionally left blank) 

  
 Page 44 of Schedules 

 [This page is a signature page of the Share Pledge Agreement] 

Party B: Beijing NQ Technology Co., Ltd (Seal) 
 Party
A: Qidi (Beijing) Assets Management Corporation (Seal) 
 Party C: Beijing NationSky Network Technology Co., Ltd. (Seal) 

  
 Page 45 of SchedulesEX-10.7

 Exhibit 10.7 

OPERATING AGREEMENT 
 OF

 MVP MINNEAPOLIS ORPHEUM LOTS, LLC 

THIS OPERATING AGREEMENT (this “Agreement”), is effective as of January 4th 2016, by and among MVP REAL ESTATE
HOLDINGS, LLC, a Nevada limited liability company (“MVP I”) and MVP REIT, II INC., a Maryland corporation (“MVP II”)(MVP I, together with MVP II are hereinafter collectively referred to as the “Members”). The Members
are Members of MVP MINNEAPOLIS ORPHEUM LOTS, LLC (the “Company”). 
 For the consideration of their mutual
covenants set forth below, the Members agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Act” means Chapter 332B of the Limited Liability Company Act of the Minnesota Statutes, as amended from time
to time. 
 “Additional Capital Contributions” means the additional contributions to the capital of the
Company described in Section 3.2. 
 “Agreement” means this written limited liability company agreement, as
originally executed and as amended or restated from time to time. 
 “Assignee” means a Person who acquires
an Interest in the Company but who has not been admitted as a Substitute Member. 
 “Capital Account” means
as defined in Section A.1 of Appendix 1. 
 “Capital Contribution” means any contribution to the
capital of the Company whenever made. 
 “Code” means the Internal Revenue Code of 1986, as amended from
time to time. All references herein to sections of the Code shall include any corresponding provision on provisions of succeeding law. 

“Company” means MVP Minneapolis Orpheum Lots, LLC. 

“Covered Person” means a Member, a Manager, or any Person that directly or indirectly controls or is
controlled by the Company. 
 “Family Member” means with respect to a transferor of an Interest who is a
natural person, such Person’s spouse, parent, grandparent, son, son-in-law, daughter, daughter- in-law, brother, brother-in-law, sister, or sister-in-law. 

  
 1 

 “Gross Asset Value” means as defined in Section A.1 of
Appendix 1. 
 “Individual Members” means the Members. 

“Interest” in the Company shall mean the economic rights of a Member and their permitted assignees and
successors to share in distributions of cash and other property from the Company pursuant to the Act and this Agreement, together with their distributive share of the Company’s net income or loss for federal and state income taxes. 

“Losses” means as set forth in Section A.1 of Appendix 1. 

“Majority in Interest” means those Members owning a simple majority of the Interests in the Company. 

“Manager(s)” means MVP Realty Advisors, LLC, a Nevada limited liability company. Except as otherwise provided
in this Agreement, each Manager shall have all of the powers and authority exercisable by a Manager under the Act. 

“Member” means (a) the Members until such time, if any, that any such Person becomes a Withdrawn Member, (b)
any Person acquiring an Interest directly from the Company in accordance with this Agreement until such time, if any, that any such Person becomes a Withdrawn Member, and (c) any Person who acquires an Interest in the Company in a Permitted Transfer
and who is deemed, or is admitted as, a Substitute Member until such time, if any, that such Person becomes a Withdrawn Member. 

“Net Cash Flow” means, with respect to any period, the Company’s gross receipts, reduced by the portion
thereof used to pay or establish reserves for all Company expenses, debt payments and accrued interest, contingencies, and proposed acquisitions, all as determined in the sole discretion of the Manager(s). “Net Cash Flow” shall not be
reduced by depreciation, amortization, cost recovery deductions, or similar allowances. 
 “Percentage
Interest” means the percentage interests in the Profits and Losses of this Company. The Percentage Interests are set forth on Exhibit A attached hereto. 

“Permitted Transfer” means as defined in Section 11.2. 

“Person” means any individual, firm, corporation, partnership, limited liability company, association or other
legal entity. 
 “Profits” means as defined in Section A.1 of Appendix 1. 

“Substitute Member” means a Person who acquires an Interest from a Member and who satisfies all of the
conditions of Section 11.6. 
 “Taxing Jurisdiction” means any state, local, or foreign government that
collects tax, interest, and penalties, however designated, on any Member’s share of income or gain attributable to the Company. 

  
 2 

 “Transfer” means when used as a noun, any voluntary or
involuntary sale, assignment, gift, transfer, or other disposition and when used as a verb, voluntarily or involuntarily to sell, assign, gift, transfer, or otherwise dispose of. 

“Treasury Regulations” means the Regulations issued by the Treasury Department under the Code. 

“Withdrawal Event” means with respect to a specified Person the death, retirement, resignation, expulsion,
bankruptcy, or dissolution of such Person. 
 “Withdrawn Member” means a Member following the occurrence of
a Withdrawal Event with respect to such Member. 
 ARTICLE II 

FORMATION OF THE LIMITED LIABILITY COMPANY 

2.1 General. The Members hereby form the Company in accordance with the Act and the terms of this Agreement, effective upon the filing
of the Articles of Organization for the Company with the Secretary of State of Minnesota. 
 2.2 Name. The name of the Company shall
be “MVP MINNEAPOLIS ORPHEUM LOTS, LLC” and the business of the Company shall be carried on in this name with such variations and changes as the Manager(s) in their sole discretion deem necessary or appropriate to comply with requirements
of the jurisdictions in which the Company’s operations shall be conducted. 
 2.3 Purposes and Powers. The
general purpose of the Company shall be to acquire, own, operate, manage, lease and/or dispose of those two certain parking lots located at 1022 Hennepin Avenue, Minneapolis, Minnesota and 41 10th Street North, Minneapolis, Minnesota. The Company
may also engage in activities and transactions which are necessary or advisable to accomplish those purposes. The Company may engage in and do any act concerning any or all lawful businesses for which limited liability companies may be organized
under Minnesota law. The Company shall have all of the powers permitted by law. Nothing contained herein shall be deemed in any way or manner to prohibit or restrict the right or freedom of any Member separately, as a separate entity apart from
Company, to conduct any business or activity whatsoever (“Outside Activities”). 
 2.4 Registered Office. The
Company’s principal office shall be located 8880 W. Sunset Road, Suite 200, Las Vegas, Nevada 89148. The Manager(s) shall be authorized to change the location of the registered office of the Company as long as the change is authorized under the
Act and the Manager(s) provide notice of such change to all of the Members. 
 2.5 Registered Agent. The registered agent for service
of process on the Company in the State of Minnesota is                     . 

2.6 Term. The term of the Company commenced on the filing of the Articles of Organization for the Company and shall not expire except
in accordance with the provisions of Article XII of this Agreement or in accordance with the Act. 
  

  
 3 

 ARTICLE III 

CAPITAL CONTRIBUTIONS 

3.1 Capital Contributions. The Members of the Company shall each contribute to the capital of the Company the amount described in
Exhibit A. 
 3.2 Additional Capital Contributions. The Members shall be required to make Additional Capital Contributions
only in the amounts and at the time(s) that the Manager(s), in their reasonable discretion, shall deem necessary for the conduct of the business of the Company. 

3.3 Use of Capital Contributions. All Capital Contributions shall be expended in furtherance of the business of the Company. Capital
Contributions shall not be commingled with the funds of any other Person or entity, except that the funds may be deposited in an account in the name of the Company in a bank or other financial institution as the Manager(s) shall deem appropriate.

 3.4 No Interest on Capital Contributions. No interest shall accrue on any Capital Contributions made to the Company. 

3.5 No Unauthorized Withdrawals of Capital Contributions. No Member shall have the right to withdraw or to be repaid any of such
Member’s Capital Contributions so made, except as specifically provided in this Agreement. 
 3.6 Return of Capital. Except as
otherwise provided in this Agreement, no Member shall be entitled to the return of the Member’s Capital Contributions to the Company. Further, it is expressly provided that the Manager(s) shall have no personal liability for the repayment of
the Capital Contributions made by any Member, it being agreed that any return of capital or Profits made pursuant to this Agreement shall be made solely from the assets of the Company. 

ARTICLE IV 
 MANAGEMENT

 4.1 Management by Manager - General. The business and affairs of the Company shall be managed by its designated Manager(s).
Other than those rights and powers expressly reserved to Members by this Agreement, the Manager(s) shall have full, exclusive and complete discretion to manage and control the business and affairs of the Company, to make all decisions affecting the
business and affairs of the Company, and to take all such actions as the Manager(s) deem necessary or expedient to accomplish the purposes of the Company. The Manager(s) shall act in good faith and in a manner that the Manager(s) reasonably believes
to be in the best interests of the Company and its Members. All actions taken by a Manager shall require the consent of all Managers. 
 4.2
Delegation of Powers and Responsibilities. The Manager(s) shall be authorized to delegate such powers and responsibilities as they may deem appropriate for the efficient operation of the business of the Company. 

  
 4 

 4.3 Management Powers and Responsibilities. Without limiting the generality of Section
4.1, but subject to the provisions of Section 4.4 and any other provision in this Agreement, the Manager(s) shall have power and authority, on behalf of the Company: 

(a) To open accounts in the name of the Company with banks and other financial institutions and designate and remove from time
to time, at the discretion of the Manager(s), all signatories on such bank accounts; 
 (b) To purchase policies of
comprehensive general liability insurance and to purchase such other insurance coverage as the Manager(s) shall determine to be necessary or desirable to insure the Members or to protect the Company’s assets; 

(c) To execute on behalf of the Company all instruments and documents including, without limitation, checks, drafts, notes and
other negotiable instruments, mortgages or deeds of trust, security agreements, financing statements, documents providing for the acquisition, mortgage or disposition of the Company’s property, assignments, bills of sale, leases, and any other
instruments or documents necessary, in the opinion of the Manager(s), to the conduct of the business of the Company; 
 (d)
To employ accountants, legal counsel, managing agents, other experts, and independent contractors to perform services for the Company and to compensate them from Company funds; 

(e) Subject to Section 10.1, to admit new Members to the Company; 

(f) As otherwise provided in this Agreement, to borrow money from banks, other lending institutions, or the Members, on such
terms as the Manager(s) deems appropriate, and in connection therewith to encumber and grant security interests in the assets of the Company to secure payments of the borrowed sum; 

(g) Except as otherwise provided in this Agreement, to pay or cause to be paid incentive compensation to any Member or the
Manager(s), including, without limitation, incentive compensation in the form of revenues derived by the Company, bonuses and profit sharing; 

(h) To acquire by purchase, lease, or otherwise, any real or personal tangible property; 

(i) To acquire by purchase, lease, or otherwise, any intangible property; 

(j) To prepay, refinance, increase, modify, or extend any liabilities of the Company and in connection therewith execute any
extensions or renewals of encumbrances on any or all of the property or assets of the Company; 
 (k) To comply with, or
cause to be complied with, all provisions of the Act governing the administration of a limited liability company, including but not limited to, filing with the Minnesota Secretary of State any required and necessary amended Articles of Organization;
and 
 (l) To do and perform all other acts as may be necessary or appropriate to the conduct of the Company’s business.

  
 5 

 4.4 Certain Actions Requiring the Consent of a Majority in Interest of the Members.
Notwithstanding any other provisions of this Agreement relating to the authority of the Manager(s), the following actions shall require the consent of a Majority in Interest of the Members: 

(a) Actions subject to Section 13.3, to amend this Agreement; 

(b) To sell or otherwise dispose of all or substantially all of the assets of the Company as part of a single transaction or
plan; 
 (c) To enter into any joint venture investment with any other Person; 

(d) To merge the Company with or to consolidate the Company with any other entity, or otherwise cause the Company to
participate in any reorganization with any other entity; 
 (e) To name additional Managers of the Company; 

(f) To dissolve the Company as set forth in Section 12.1(a) hereof; and 

(g) To file a voluntary petition in bankruptcy, or appoint a receiver for the Company. 

If the vote of a Majority in Interest of the Members cannot be reached on any action pursuant to this Section 4.5, such
inability to achieve a vote of a Majority in Interest of the Members shall be considered a “Dispute” and the dispute resolution process set forth in Section 13.15 hereof shall apply. 

4.5 Affirmative Manager(s) Responsibilities. Notwithstanding any other provision(s) in this Agreement, the Manager shall be required to
perform or cause to be performed the following functions: 
 (a) Maintain adequate records and books of accounts; 

(b) Maintain sufficient insurance customary to the operations carried on by the Company; 

(c) Comply with all applicable laws and obtain all permits necessary to conduct the Company’s business; and 

(d) Comply with the terms of all material agreements entered into by the Company. 

4.6 Prohibited Acts. Neither the Manager(s) nor any officer or agent of the Company shall have authority to do any of the following
acts on behalf of the Company: 
 (a) Possess property of the Company, or assign rights in property of the Company for other
than a purpose of the Company; 

  
 6 

 (b) Commingle the funds of the Company with those of any other Person; 

(c) Knowingly perform any act that contravenes the provisions of this Agreement; 

(d) Knowingly take any action that is inconsistent with achieving the purposes of the Company, except as otherwise provided in
this Agreement; 
 (e) Knowingly perform any act that would subject any Member to personal liability commensurate with that
of a general partner of a general partnership; or 
 (f) Possess property of the Company, or assign rights in property of the
Company for other than a purpose of the Company. 
 4.7 Reliance Upon Actions by a Manager(s). Any Person dealing with the Company
may rely without any duty of inquiry upon any action taken by a Manager(s) on behalf of the Company. Any and all deeds, bills of sale, assignments, mortgages, deeds of trust, security agreements, promissory notes, or other contracts or instruments
executed by a Manager(s) on behalf of the Company shall be binding upon the Company, and all of the Members agree that a copy of this provision may be shown to the appropriate parties in order to confirm the same. Without limiting the generality of
the foregoing, any Person dealing with the Company may rely upon a certificate or written statement signed by a Manager(s) as to: 

(a) The identity of the Manager(s) or any Member; 

(b) The existence or nonexistence of any fact or facts that constitute a condition precedent to acts by the Manager(s) or that
are in any other manner germane to the affairs of the Company; 
 (c) The Persons who are authorized to execute and deliver
any instrument or documents on behalf of the Company; or 
 (d) Any act or failure to act by the Company on any other matter
whatsoever involving the Company, or any Member. 
 4.8 Initial Manager(s), Number, Tenure, and Qualifications. There shall initially
be one (1) Manager. The initial Manager shall be MVP Realty Advisors, LLC. The Manager(s) shall hold office until the earlier of his death, resignation, or removal. If a Manager dies, resigns or is removed from office, or any vacancy occurs, any
replacement Manager shall be appointed by the party who appointed such Manager. A Manager shall not be required to be a resident of the State of Minnesota, nor be a Member of the Company. 

4.9 Resignation. A Manager may resign at any time by delivering written notice to all of the Members. The resignation of a Manager
shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. Such resignation
shall not affect the Manager’s rights and liabilities as a Member, if applicable. 

  
 7 

 4.11 Removal. A Manager may be removed from office without cause by the
unanimous consent of all the Members. A Manager may be removed “for cause” by the vote of a Majority-in-Interest of the Members. For cause shall be defined as (a) the indictment of, or filing of criminal information against, a Manager or
conviction of a Manager, for a felony, or gross misdemeanor for any crime involving money or other property of the Company or any crime involving moral turpitude; (b) a Manager engages in a violation of any statute, rule, regulation or company
policy, that in the reasonable belief of the Company could expose the Company to potential legal liability; (c) a Manager’s misappropriation of any material funds or property, commission of fraud or embezzlement, or any material act or omission
or (d) the loss by a Manager of his license to practice accountancy in the state of Minnesota. 
 4.12 Vacancies. Any vacancy
occurring for any reason in the office of Manager shall be filled as set forth in Section 4.8 of this Agreement. 
 4.13 Independent
Activities. Neither this Agreement nor any obligation undertaken pursuant hereto shall prevent a Manager from engaging in any activities that he chooses, or require a Manager to permit the Company or any Member to participate in such activities.
The foregoing shall also apply with respect to the activities of any officer, employee, or agent of the Company except to the extent prescribed by the Manager. 

4.14 Exculpation and Indemnification of Manager(s). 

(a) No Manager shall be liable or accountable in damages to the Company or any of the Members for any act or omission in
furtherance of the rights and responsibilities of a Manager under the terms of this Agreement unless such act or omission constitutes gross negligence, fraud, reckless or willful misconduct, or a material breach of this Agreement. 

(b) To the fullest extent permitted by law, the Company shall indemnify, save harmless, and pay all judgments and claims
against any Manager (“Indemnified Party”) or damages incurred by an Indemnified Party by reason of any act performed or omitted to be performed by such Indemnified Party in furtherance of the rights or responsibilities of the Manager under
the terms of this Agreement, including reasonable attorneys’ fees incurred by such Indemnified Party in connection with the defense of any action based on any such act or omission, which attorneys’ fees shall be paid as incurred, including
all such liabilities under federal and state securities laws, including the Securities Act of 1933, the Securities Act of 1934, and the Minnesota Securities Act, and any securities law of any other state, all as amended, unless such liability, loss
or damage was caused by the gross negligence, fraud, or reckless or willful misconduct of the Indemnified Party or a material breach of this Agreement on the part of the Indemnified Party. 

4.15 Salary and Expenses. The Manager may receive reasonable compensation for services rendered in his capacity as Manager as
determined by the consent of all of the Members. The Manager and Members shall be entitled to have the Company pay, or be reimbursed by the Company for, reasonable and necessary out-of-pocket expenses incurred on behalf of the Company and approved
by the Manager(s). 

  
 8 

 ARTICLE V 

RIGHTS AND OBLIGATIONS OF MEMBERS 

5.1 Distributions of Net Cash Flow. Distributions of Net Cash flow, if any, after the establishment of reasonable reserves by the
Manager(s), shall be made to the Members at such time as the Manager(s) prescribe but no less frequently than quarterly. 
 5.2
Distributions in Liquidation. Following the dissolution of the Company and the commencement of winding up and the liquidation of its assets, distributions to the Members shall be governed by Section 12.3. 

5.3 Amounts Withheld. All amounts withheld pursuant to the Code or any provisions of state or local tax law with respect to any payment
or distribution to the Members from the Company shall be treated as amounts distributed to the relevant Member for all purposes of this Agreement. 

5.4 State Law Limitation on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Manager(s)
shall not make a distribution to any Member on account of his or her interest in the Company if such distribution would violate the Act or other applicable law. 

5.5 Meeting of the Members. 

(a) Special Meetings. Special meetings of the Members, for any purpose or purposes unless otherwise prescribed by
statute, may be called by any Manager or by any Member. 
 (b) Place of Meetings. The Members may designate any place,
either within or outside the State of Minnesota, as the place of meeting for any meeting of the Members. If no designation is made, or if a special meeting is otherwise called, the place of meeting shall be held at the Company’s registered
office as specified in Section 2.4. Any Member may participate in any meeting of Members by means of a conference telephone or similar communication equipment. 

(c) Notice of Meetings. Except as provided in Section 5.5(k), written notice stating the place, day and hour of the
meeting and the purpose or purposes for which the meeting is called shall be delivered no fewer than three (3) nor more than fifty (50) days before the date of the meeting. An e-mail shall be deemed written notice of such meeting provided that there
is evidence that such email has been read. 
 (d) Meeting of all Members. If all of the Members shall meet at any time
and place, either within or outside the State of Minnesota, and consent to the holding of a meeting at such time and place, such meeting shall be valid without call or notice, and at such meeting, lawful action may be taken. 

(e) Voting Rights. The Members shall have voting rights with respect to all matters relating to the Company’s
business, including, without limitation, constituting a quorum and determining acts of the Members. Each Member shall have one vote. 

  
 9 

 (f) Record Date. For the purpose of determining Members entitled to notice
of or to vote at any meeting of Members of any adjournment thereof, Members entitled to receive payment of any distribution, or to make a determination of Members for any other purpose, the date on which notice of the meeting is mailed or the date
on which the resolution declaring such distribution is adopted, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in
this Section, such determination shall apply to any adjournment thereof. 
 (g) Quorum. All Members must be present in
person or by proxy, to constitute a quorum at any meeting of Members. In the absence of a quorum at any such meeting, a majority of the Interests so represented may adjourn the meeting from time to time for a period not to exceed sixty (60) days
without further notice. However, if the adjournment is for more than sixty (60) days or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Member of record entitled
to vote at a meeting. 
 (i) Manner of Acting. If a quorum is present, the affirmative vote of all of the Members is
required, unless the vote of a greater or lesser proportion or number is otherwise required by the Act, by the Articles of Organization, or by this Agreement. 

(j) Proxies. At all meetings of the Members, a Member may vote in person or by proxy executed in writing by the Member
or by a duly authorized attorney-in-fact. Such proxy shall be filed with the Manager of the Company before or at the time of the meeting. No proxy shall be valid after eleven (11) months from the date of its execution, unless otherwise provided in
the proxy. 
 (k) Action by Members Without a Meeting. Action required or permitted to be taken at a meeting of the
Members may be taken without a meeting if the action is evidenced by one or more written consents describing the action taken, signed by the Members and delivered to the Manager of the Company for inclusion in the minutes or for filing with the
Company records. Action taken under this Section 5.5(k) is effective when all of the necessary Members have signed the consent unless the consent specifies a different effective date. The record date for determining Members entitled to take action
without a meeting shall be the date the first Member signs a written consent. 
 (1) Waiver by Notice. When any notice
is required to be given to any Member, a waiver thereof in writing signed by the Person entitled to such notice whether before, at, or after the time stated therein, shall be equivalent to the giving of such notice. 

ARTICLE VI 
 ALLOCATION
OF PROFITS AND LOSSES 
 6.1 Allocation of Profits and Losses. After making any special allocations required under Appendix 1,
the Profits and Losses of the Company (and each item of income, gain, loss, and deduction entering into the computation thereof) for each year, shall be allocated among the Members pro rata in proportion to their Percentage Interest. 

  
 10 

 6.2 Tax Allocations. 

(a) All items of income, gain, loss, deduction and credit of the Company for any tax period shall be allocated among the
Members in accordance with the allocations of Profits and Losses prescribed in this Article VI and Appendix 1. 
 (b) In
accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take
account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and the Gross Asset Value of such property as of the date hereof. In the event the Gross Asset Value of any Company asset is adjusted
following the date hereof pursuant to subsection (b) of the definition of “Gross Asset Value” in Section A.1 of Appendix 1, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any
variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations thereunder. Any elections or other decisions relating to such
allocations shall be made by the Manager in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section 6.2 are solely for purposes of federal, state and local taxes and shall not affect, or
in any way be taken into account in computing, any person’s Capital Account or share of Profits, Losses or other items or distributions pursuant to any provision of this Agreement. 

(c) The Members are aware of the income tax consequences of the allocations made by this Article VI and Appendix 1 to this
Agreement and hereby agree to be bound by the provisions of this Article VI and Appendix 1 to this Agreement in reporting their distributive shares of the Company’s taxable income and loss for income tax purposes. 

6.3 Allocation in Respect to Transferred Interest. If a Member’s Interest is conveyed in a Permitted Transfer during any year,
allocations of Profits and Losses and items of income, gain, loss, and deduction with respect to such Interest shall be allocated between the transferor and the transferee by taking into account their varying interests in such Interest during the
year as though the Company’s books were closed on the date of the Permitted Transfer. 
 6.4 Inclusion of an Assignee. For
purposes of this Article VI, the term “Member” shall include an Assignee. 
 ARTICLE VII 

LIABILITIES, RIGHTS AND OBLIGATIONS OF MEMBERS 

7.1 Limitation of Liability. Each Member’s liability for the debts and obligations of the Company shall be limited as set forth in
the Act and other applicable law. The provisions of this Section 7.1 shall not be deemed to limit in any way the liabilities of any Member to the Company and to the other Members arising from a breach of this Agreement, including any breach of the
representations set forth in Section 13.11. 

  
 11 

 7.2 Access to Company Records. Upon the written request of any Member, the Manager(s)
shall permit such Member, at a reasonable time to both the Manager(s) and the Member, to inspect and copy, at the Member’s expense, the Company records required to be maintained pursuant to Section 9.1. 

7.3 Priority And Return of Capital. No Member shall have priority over any other Member, either as to the return of Capital
Contributions or as to Profits, Losses, or distributions; provided, however, that this Section 7.3 shall not apply to repayment of any loans (as distinguished from Capital Contributions) that a Member may make to the Company, if applicable. 

7.4 Authority to Bind the Company, Management Authority. Unless authorized to do so by this Agreement or by the Manager(s), no Member
shall have any power or authority to bind the Company in any way, to pledge the Company’s credit, to render the Company liable for any purpose, or to otherwise engage in the management of the Company. It is expressly provided herein that for
the purposes of this Section 7.4 and any other provision of this Agreement, unless the context indicates to the contrary, the term “Member” includes any individual Member or group of Members. 

7.5 Waiver of Action for Partition. Each Member irrevocably waives during the term of the Company any right that such Member may have
to maintain any action for partition with respect to property of the Company. 
 7.6 Cooperation With Tax Matters Partner. Each
Member agrees to cooperate with the TMP and to do or refrain from doing any or all things reasonably required by the TMP in connection with the conduct of any proceedings involving the TMP. 

7.7 Voting Rights. The Members shall have the right to vote on the matters specifically reserved for their approval or consent set
forth in this Agreement. 
 ARTICLE VIII 

LIABILITY, EXCULPATION AND INDEMNIFICATION 

8.1 Liability. Except as otherwise provided by the Act or pursuant to any agreement, the debts, obligations and liabilities of the
Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and no Covered Person shall be obligated personally for any such debt, obligation or liability of the Company solely by
reason of being a Covered Person. 
 8.2 Exculpation. No Covered Person shall be liable to the Company or any Member for any act or
omission taken or suffered by such Covered Person in good faith and in the reasonable belief that such act or omission is in or is not contrary to the best interests of the Company and is within the scope of authority granted to such Covered Person
by this Agreement; provided, however, that such act or omission is not in violation of this Agreement and does not constitute Disabling Conduct by the Covered Person. 

  
 12 

 8.3 Indemnification. 

(a) The Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and release each Covered
Person from and against all claims, demands, liabilities, costs, expenses, damages, losses, suits, proceedings and actions, whether judicial, administrative, investigative or otherwise, of whatever nature, known or unknown, liquidated or
unliquidated (“Claims”), that may accrue to or be incurred by any Covered Person. 
 (b) Members shall not be
required directly to indemnify any Covered Person. 
 ARTICLE IX 

BOOKS AND RECORDS, REPORTS, TAX ACCOUNTING, BANKING 

9.1 Books and Records. The Manager(s), at the expense of the Company, shall keep or cause to be kept adequate books and records for the
Company which contain an accurate account of all business transactions arising out of and in connection with the conduct of the Company required by the Act. Additionally, at the expense of the Company, the Manager(s) shall maintain or cause to be
maintained the following records at the Company’s registered office: 
 (a) A list of the full name and last known
business, residence, or mailing address of each Member, both past and present; 
 (b) A copy of the Articles of Organization
for the Company, and all amendments thereto; 
 (c) Copies of the Company’s currently effective Agreement and all
amendments thereto, copies of any prior Agreements no longer in effect, and copies of any writings permitted or required with respect to a Member’s obligation to contribute cash, property, or services; 

(d) Copies of the Company’s federal, state, and local income tax returns and reports for the six (6) most recent years;

 (e) Copies of financial statements of the Company, if any, for the six (6) most recent years; 

(f) Copies of production records of the Company for the three (3) most recent years; 

(g) Minutes and written consents of every meeting of the Manager(s); and 

(h) Minutes and written consents of every meeting of the Members. 

Any Member or its designated representative shall have the right, at any reasonable time, to have access to and may inspect and
copy the contents of such books or records. 

  
 13 

 9.2 Tax Matters. 

(a) The Members intend that the Company shall be operated in a manner consistent with its treatment as a partnership for
federal and state income tax purposes. The Members agree not to take any action inconsistent with this expressed intent. Specifically, it is expressly provided that the TMP shall take no action to cause the Company to elect to be taxed as a
corporation pursuant to Regulations Section 301.7701-3(a) or any counterpart under state law. It is further expressly provided that each Member agrees not to make any election for the Company to be excluded from the application of the provisions of
Subchapter K of the Code. 
 (b) The Manager(s) shall cause the accountants for the Company to prepare and timely file all
tax returns required to be filed by the Company pursuant to the Code and all other tax returns deemed necessary and required in each jurisdiction in which the Company does business. The Manager(s) shall instruct the Company’s accountants to
prepare and deliver all necessary tax returns and information to each Member within a reasonable period following the end of each year. 

(c) The Manager(s) may, where permitted by the rules of any Taxing Jurisdiction, file a composite, combined, or aggregate tax
return reflecting the income of the Company, and pay the tax, interest, and penalties of some or all of the Members on such income to the Taxing Jurisdiction, in which case the Company shall inform the Members of the amount of such tax, interest,
and penalties so paid. 
 (d) MVP Realty Advisors, LLC is hereby designated as the tax matters partner as defined in Section
6231 of the Code (the “TMP”) of the Company and shall be authorized and required to represent the Company in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend Company funds for professional services and costs associated therewith. Each Member agrees to cooperate with the TMP and to do or refrain from doing any or all things reasonably required by the TMP to conduct such
proceedings. MVP Realty Advisors, LLC shall serve as TMP of the Company until he dies or resigns as TMP. Any successor TMP shall be selected by the unanimous vote of all of the Members. 

9.3 Bank Accounts. All funds of the Company shall be deposited in the name of the Company in an account or accounts maintained with
such bank or banks selected by the Manager. The funds of the Company shall not be commingled with the funds of any other Person. Checks shall be drawn upon the Company account or accounts only for the purposes of the Company and shall be signed by
authorized Persons on behalf of the Company. 
 ARTICLE X 

ADMISSION OF MEMBERS 

10.1 Admission of Member. No additional Persons shall be admitted as a Member of the Company as a result of the issuance of additional
Interests after the date of formation of the Company without the consent of the Manager(s) and all of the Members. 

  
 14 

 ARTICLE XI 

RESTRICTIONS ON TRANSFERABILITY 

11.1 General. Except as otherwise provided for in this Agreement, no Member shall be authorized to transfer all or a portion of their
Interest unless the Transfer constitutes a Permitted Transfer. 
 11.2 Permitted Transfers. Subject to the conditions and
restrictions set forth in Section 11.3, a Transfer of a Member’s Interest shall constitute a Permitted Transfer provided that the Manager(s) and the other Members consent to the transfer, which consent may be given or withheld for any reason or
for no reason. 
 11.3 Conditions To Permitted Transfer. A Transfer shall not be treated as a Permitted Transfer unless the following
conditions are satisfied: 
 (a) The transferor and the transferee reimburse the Company for all costs that the Company
incurs in connection with such Transfer; and 
 (b) The transferor and the transferee agree to execute such documents and
instruments necessary or appropriate in the discretion of the Manager(s) to confirm such Transfer and agree to be bound by the Operating Agreement. 

It is expressly provided herein that the transferee of an Interest in a Permitted Transfer under Sections 11.2(a) and (b) shall
automatically become a Substitute Member unless the transferor determines to the contrary. If the transferee of an Interest in a Permitted Transfer shall not become a Substitute Member, the transferee shall have only the rights set forth in Section
11.6 hereof. 
 11.4 Tax Opinion. The transferor of any Interest may be required to provide an opinion of counsel, satisfactory to
the Manager(s), that the proposed assignment, transfer or sale would not cause the termination of the Company’s treatment for federal income tax purposes. 

11.5 Admission of Substitute Member. 

(a) Except as otherwise provided in paragraph (b) of this Section 11.6, a transferee of an Interest who is not a Member shall
be admitted to the Company as a Substitute Member only upon satisfaction of the following conditions: 
 (i) The Interest
with respect to which the transferee is being admitted was acquired by means of a Permitted Transfer; 
 (ii) The transferee
becomes a party to this Agreement and executes such documents and instruments as the Members determine are necessary or appropriate to confirm such transferee as a Member and such transferee’s agreement to be bound by the terms of this
Agreement; 

  
 15 

 (iii) The transferee provides the Company with evidence satisfactory to counsel
for the Company that such transferee has made each of the representations and covenants set forth in Section 13.11 hereof; and 

(iv) The Manager(s) and the other Members (defined for this purpose by excluding the transferor Member) consent to the
admission of the transferee as a Substitute Member, which consent may be given or withheld for any reason or for no reason. 

(b) A transferee of an Interest in a Permitted Transfer under Sections 11.2 shall automatically become a Substitute Member
unless the transferor directs in writing to the contrary. 
 11.6 Terminating Events. In addition to the events set forth in Section
10.3 of this Agreement, the redemption provision set forth in Section 11.8 below shall be triggered by any one (1) of the following events (a “Terminating Event”): 

(a) Death of a Member (or if a legal entity, the dissolution of such legal entity). 

(b) A Member files for bankruptcy. 

11.7 Rights of Assignee. A Person who acquires an Interest in the Company (other than a Person who was a Member before such
acquisition) but who is not admitted to the Company as a Substitute Member, shall have only the right to receive the distributions and allocations of taxable income or loss to which the Member would have been entitled under this Agreement with
respect to the transferred Interest and shall not have or enjoy any right to participate in the management of the Company, or to exercise any voting rights hereunder or to receive any financial information or reports relating to the Company or any
other rights of a Member under the Act or this Agreement, unless and until the purchaser or transferee is admitted as a Member pursuant to Section 10.1 hereof. 

11.8 Prohibited Transfers. Any purported Transfer of Interests that is not a Permitted Transfer shall be null and void and of no force
and effect whatsoever. In the case of an attempted Transfer that is not a Permitted Transfer, the parties engaging in or attempting to engage in such Transfer shall be liable to and shall indemnify and hold harmless the Company from all loss, cost,
liability and damages that the Company or any Member shall incur as a result of such attempted Transfer. 
 11.9 Investment
Representations and Agreements. Each Member hereby represents and warrants to the Manager(s) and to the Company that its acquisition of an Interest in the Company is made for his, her, or its own account for investment purposes only and not with
a view to the resale or distribution of such interest, except insofar as the Securities Act of 1933, as amended, and any applicable securities law of any state or other jurisdiction permit such acquisition to be made for the account of others or
with a view to the resale or distribution of such interest without requiring that such interest, or the acquisition, resale or distribution thereof, be registered under the Securities Act of 1933, as amended, or any applicable securities law of the
United States or any state or other jurisdiction. Each Member agrees that he, she or it will not sell, assign or otherwise transfer his, her or its Interest in the Company or any portion thereof, to any Person who does not represent and warrant as
set forth in this Section 11.9 and agree to be bound by the transfer restrictions set forth in this Article XI. 

  
 16 

 ARTICLE XII 

DISSOLUTION AND TERMINATION 

12.1 Dissolution. The Company shall be dissolved upon the first to occur of any of the following events: 

(a) The written agreement of the Manager(s) and all of the Members; 

(b) The entry of a judicial dissolution decree; or, 

(c) The sale, exchange, or other disposition of all or substantially all the assets of the Company. 

It is expressly provided herein that the Company shall not be dissolved upon the occurrence of a Withdrawal Event with respect
to any Manager(s) or Member unless there are no Members. 
 12.2 Liquidation, Winding Up and Distribution of Assets. The Manager(s),
shall, upon dissolution of the Company, proceed to liquidate the Company’s assets and properties, discharge the Company’s obligations, and wind up the Company’s business and affairs as promptly as is consistent with obtaining the fair
value thereof. The proceeds of liquidation of the Company’s assets, to the extent sufficient therefor, shall be applied and distributed as follows: 

(a) First, to the payment and discharge of all of the Company’s debts and liabilities except those owing to Members or to
the establishment of any reasonable reserves for contingent or unliquidated debts and liabilities; 
 (b) Second, to the
payment of any accrued interest owing on any debts and liabilities owing to Members in proportion to the amount due and owing to each Member; 

(c) Third, to the payment of outstanding principal amounts owing on any debts and liabilities owing to Members in proportion to
the amount due and owing to each Member; and 
 (d) Fourth, the remaining amount to the Members in accordance with the
positive balance of each Member’s Capital Account as determined after taking into account all Capital Account adjustments for the Company’s taxable year during which the liquidation occurs, including any Capital Account Adjustments
associated with the allocation of Profits and Losses with respect to any Liquidating Transaction. Any such distributions to the Members in respect of their Capital Accounts shall be made within the time requirements of Section
1.704-l(b)(3)(ii)(b)(2) of the Regulations. If for any reason the amount distributable pursuant to this Section 12.3(d) shall be more than or less than the sum of all the positive balances of the Members’ Capital Accounts, the proceeds
distributable pursuant to this Section 12.3(d) shall be distributed among the Members in accordance with the ratio by which the positive Capital Account balance of each Member bears to the sum of all positive Capital Account balances. Distributions
required by this Section 12.3(d) may be distributed to a trust established for the benefit of the Members for the purposes of liquidating Company property, collecting amounts 

  
 17 

 
owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Manager arising out of or in connection with the Company. In such case, the assets
of such trust shall be distributed to the Members from time to time, in the discretion of the Manager, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Members pursuant to
this Agreement. 
 12.3 Deficit Capital Accounts. No Member shall have any obligation to contribute or advance any funds or other
property to the Company by reason of any negative or deficit balance in such Member’s Capital Account during or upon completion of winding up or at any other time. 

12.4 Articles of Dissolution. When all the remaining property and assets have been applied and distributed in accordance with Section
12.2 hereof, the Manager(s) (or such other Person designated by the Members) shall cause “Articles of Dissolution” to be executed and filed with the Minnesota Secretary of State in accordance with the Act. 

12.5 Return of Contribution Non-Recourse to Other Members. Except as provided by law, upon dissolution, each Member shall look solely
to the assets of the Company for the return of the Member’s Capital Contributions. If the Company property remaining after the payment or discharge of the debts and liabilities of the Company is insufficient to return the cash or other property
contribution of one or more Members, such Member or Members shall have no recourse against the Manager or any other Member. 
 12.6 In
Kind Distributions. A Member shall have no right to demand and receive any distribution from the Company in any form other than cash. However, a Member may be compelled to accept a distribution of an asset in kind if the Company is unable to
dispose of all of its assets for cash. 
 12.7 Inclusion of Assignee. For purposes of this Article XII, the term “Member”
shall include an Assignee. 
 ARTICLE XIII 

MISCELLANEOUS PROVISIONS 

13.1 Notices. Except as otherwise provided herein, any notice, demand, or communication required or permitted to be given to a Member
by any provision of this Agreement shall be deemed to have been sufficiently given or served for all purposes if delivered personally to the Member or, if sent by registered or certified mail, postage and charges prepaid, addressed to the
Member’s address which is set forth in Exhibit “A”. Except as otherwise provided herein, any such notice shall be deemed to be given on the date on which the same was deposited in a regularly maintained receptacle for the deposit of
United States mail, addressed and sent as aforesaid. 
 13.2 Governing Law. This Agreement and the rights of the parties hereunder
will be governed by, interpreted, and enforced in accordance with the laws of the State of Minnesota. 
 13.3 Amendments. This
Agreement may not be amended except by a written agreement of the Manager(s) and all of the Members. Notwithstanding the foregoing, the Manager(s) shall be authorized to make any amendments to this Agreement which, in the opinion of counsel to the
Company, are necessary to maintain the status of the Company as a partnership for federal and state income tax purposes. 

  
 18 

 13.4 Additional Documents and Acts. Each Member agrees to execute and deliver such
additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and the transactions contemplated hereby.

 13.5 Headings. The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret,
define, or limit the scope, extent, or intent of this Agreement or any provision hereof. 
 13.6 Severability. If any provision of
this Agreement is held to be illegal, invalid or unenforceable under the present or future laws effective during the term of this Agreement, such provision will be fully severable; this Agreement will be construed and enforced as if such illegal,
invalid, or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by
its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable. 
 13.7 Heirs, Successors, and Assigns. Each and all of the
covenants, terms, provisions, and agreements herein contained shall be binding upon and inure to the benefit of the parties hereto and, to the extent permitted by this Agreement and by applicable law, their respective heirs, legal representatives,
successors, and assigns. 
 13.8 Creditors and Other Third Parties. None of the provisions of this Agreement shall be for the benefit
of, or enforceable, by any creditors of the Company or any other third parties. 
 13.9 Section, Other References. Except to the
extent provided, references to the terms “Section,” “Schedule,” “Exhibit”, or “Appendix” means to the corresponding Sections, Schedules, Exhibits, or Appendices of this Agreement. 

13.10 Authority to Adopt Agreement. By execution hereof, each Member represents and covenants as follows: 

(a) The Member has full legal right, power, and authority to deliver this Agreement and to perform the Member’s
obligations hereunder; 
 (b) This Agreement constitutes the legal, valid, and binding obligation of the Member enforceable
in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy and other laws of general application relating to creditors’ rights or general principles of equity; and 

(c) This Agreement does not violate, conflict with, result in a breach of the terms, conditions or provisions of, or constitute
a default or an event of default under any other agreement of which the Member is a party. 

  
 19 

 13.11 Sole and Absolute Discretion. Except as otherwise provided in this Agreement, all
actions that the Manager(s) may take and all determinations that the Manager(s) may make pursuant to this Agreement may be taken and made at the sole and absolute discretion of the Manager(s). 

13.12 Counterparts. This Agreement may be executed in one or more counterparts each of which shall for all purposes be deemed an
original and all of such counterparts, taken together, shall constitute one and the same Agreement. 
 13.13 Regulatory Compliance.
The parties intend for this Agreement to comply in all respects with all applicable federal, state and local laws, regulations, rules and interpretive case decisions, and have structured their relationship with that specific intent. However, the
parties understand that such laws, regulations and case decisions are complicated and subject to change. If any provision of this Agreement is rendered invalid or unenforceable by a court of competent jurisdiction, or the applicable laws and
regulations are altered by any legislative or regulatory body, or either party notifies the other party in writing of its reasonable belief that this Agreement or any of its provisions may be declared null, void, unenforceable, or in violation of
applicable laws or regulations, any remaining provisions of this Agreement will nevertheless continue in full force and effect. 

By execution below, each of the undersigned agrees to the terms and provisions of the Operating Agreement. 

MEMBERS: 
  

			
	MVP Real Estate Holdings, LLC, a
	Nevada limited liability company
	By: MVP Realty Advisors, LLC, a Nevada
	limited liability company
	
	

		 	  

	Michael Shustek, Manager
	
	MVP REIT II, Inc., a Maryland corporation
	By: MVP Realty Advisors, LLC, a Nevada
	limited liability company
	
	

		 	  

	Michael Shustek, Manager

  
 20 

 EXHIBIT A 

SCHEDULE OF MEMBERS 
  

															
	 Members
	  	 Address
	  	Contribution	 	  	Units	 	  	Percentage	 
					
	 MVP REAL ESTATE HOLDINGS, LLC
	  	8880 W Sunset Road, Suite 200 Las Vegas, Nevada 89148	  	$	13,495,000	  	  	 	870.9	  	  	 	87.09	% 
					
	 MVP REIT II, INC
	  	8880 W Sunset Road, Suite 200 Las Vegas, Nevada 89148	  	$	2,000,000	  	  	 	129.1	  	  	 	12.91	% 

  
 21 

 APPENDIX 1 

SPECIAL TAX AND ACCOUNTING PROVISIONS 

A.1 Accounting Definitions. The following terms, which are used predominantly in this Appendix 1, shall have the meanings set
forth below for all purposes under this Agreement. 
 “Adjusted Capital Account Balance” means, with respect to any Member,
the balance of such Member’s Capital Account as of the end of the relevant year, after giving effect to the following adjustments: 

(a) Credit to such Capital Account any amounts which such Member is obligated to restore pursuant to this Agreement or as determined pursuant
to Regulations Section 1.704-1(b)(2)(ii)(c), or is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 

(b) Debit to such Capital Account the items described in clauses (4), (5) and (6) of Section 1.704-1(b)(2)(ii)(d) of the Regulations. 

The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations and
shall be interpreted consistently therewith. 
 “Capital Account” means, with respect to any Member or other owner of
Interests in the Company, the Capital Account maintained for such Person in accordance with the following provisions: 
 (a) To each such
Person’s Capital Account, there shall be credited the amount of money and the initial Gross Asset Value of the such Person’s Capital Contributions as determined by the Manager, such Person’s distributive share of Profits and any items
in the nature of income or gain that are specially allocated pursuant to Sections A.2 and A.3 hereof, and the amount of any Company liabilities assumed by such Person; 

(b) To each such Person’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any Company property
distributed to such Person pursuant to any provision of this Agreement as determined by the Manager, such Person’s distributive share of Losses, and any items in the nature of expenses or losses that are specially allocated pursuant to Sections
A.2 and A.3 hereof, and the amount of any liabilities of such Person assumed by the Company; 
 (c) In the event any Interest or portion
thereof (or other equity interest in the Company) is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest; 

  
 1 

 (d) Section 752(c) of the Code shall be applied in determining the amount of any liabilities
taken into account for purposes of this definition of “Capital Account”; and 
 (e) The foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Sections 1.704-1(b) and 1.704-2 of the Regulations and shall be interpreted and applied in a manner consistent with such Regulations. The
Manager may modify the manner of computing the Capital Accounts or any debits or credits thereto (including debits or credits relating to liabilities that are secured by contributed or distributed property or that are assumed by the Company or any
Member) in order to comply with such Regulations, provided that any such modification is not likely to have a material effect on the amounts distributable to any Member pursuant to Section 12.3 upon the dissolution of the Company. Without limiting
the generality of the preceding sentence, the Manager shall make any adjustments that are necessary or appropriate to maintain equality between the aggregate sum of the Capital Accounts and the amount of capital reflected on the balance sheet of the
Company, as determined for book purposes in accordance with Section 1.704-1(b)(2)(iv)(g) of the Regulations. The Manager shall also make any appropriate modifications if unanticipated events (for example, the availability of investment tax credits)
might otherwise cause this Agreement not to comply with Regulations Section 1.704-1(b). 
 “Company Minimum Gain” has the
same meaning as the term “partnership minimum gain” under Regulations Section 1.704-2(d) of the Regulations. 

“Depreciation” means, for each year or other period, an amount equal to the depreciation, amortization or other cost recovery
deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation
shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis;
provided, however, that if such depreciation, amortization or other cost recovery deductions with respect to any such asset for federal income tax purposes is zero for any year, Depreciation shall be determined with reference to the asset’s
Gross Asset Value at the beginning of such year using any reasonable method selected by the Manager. 
 “Gross Asset Value”
means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows: 
 (a) The initial
Gross Asset Value for any asset (other than money) contributed by a Member to the Company shall be as determined by the Manager and the contributing Member; 

(b) The Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as determined by the
Manager as of the following times: (i) the acquisition of additional Interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the

  
 2 

 
Company to a Member of more than a de minimis amount of cash or property as consideration for Interest in the Company, if (in any such event) such adjustment is necessary or appropriate,
in the reasonable judgment of the Manager, to reflect the relative economic interests of the Members in the Company; or (iii) the liquidation of the Company for federal income tax purposes pursuant to Regulations Section 1.704-1(b)(2)(ii)(g);

 (c) The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal its gross fair market value on the
date of distribution; 
 (d) The Gross Asset Value of the Company’s assets shall be increased (or decreased) to reflect any adjustments
to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulation Section
1.704-1(b)(2)(iv)(m) and Section A.2(g) hereof; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that an adjustment pursuant to subsection (b) of this definition is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d); and 
 (e) If the
Gross Asset Value of an asset has been determined or adjusted pursuant to subsection (a), (b) or (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account from time to time with respect to such asset for
purposes of computing Profits and Losses. 
 “Member Nonrecourse Debt” has the same meaning as the term “partner
nonrecourse debt” under Section 1.704-2(b)(4) of the Regulations. 
 “Member Nonrecourse Debt Minimum Gain” has the
same meaning as the term “partner nonrecourse debt minimum gain” under Section 1.704-2(i)(2) of the Regulations and shall be determined in accordance with Section 1.704-2(i)(3) of the Regulations. 

“Member Nonrecourse Deductions” has the same meaning as the term “partner nonrecourse deductions” under Regulations
Section 1.704-2(i)(l). The amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for each Fiscal Year of the Company equals the excess (if any) of the net increase (if any) in the amount of Member Nonrecourse Debt Minimum
Gain attributable to such Member Nonrecourse Debt during such Fiscal Year over the aggregate amount of any distributions during such Fiscal Year to the Member that bears the economic risk of loss for such Member Nonrecourse Debt to the extent that
such distributions are from the proceeds of such Member Nonrecourse Debt which are allocable to an increase in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Section 1.704-2(i)(2) of
the Regulations. 
 “Nonrecourse Debt” or “Nonrecourse Liability” has the same meaning as the term
“nonrecourse liability” under Section 1.704-2(b)(3) of the Regulations. 
 “Nonrecourse Deductions” has the
meaning set forth in Section 1.704-2(b)(l) of the Regulations. The amount of Nonrecourse Deductions for a Company Fiscal Year equals the excess (if any) of the net increase (if any) in the amount of Company Minimum

  
 3 

 
Gain during that Fiscal Year over the aggregate amount of any distributions during that Fiscal Year of proceeds of a Nonrecourse Debt that are allocable to an increase in Company Minimum Gain,
determined according to the provisions of Section 1.704-2(c) of the Regulations. 
 “Profits” or “Losses”
means, for each Fiscal Year or other period, the taxable income or taxable loss of the Company as determined under Code Section 703(a) (including in such taxable income or taxable loss all items of income, gain, loss or deduction required to be
stated separately pursuant to Section 703(a)(1) of the Code) with the following adjustments: 
 (a) All items of gain or loss resulting from
any disposition of the Company’s property shall be determined upon the basis of the Gross Asset Value of such property rather than the adjusted tax basis thereof; 

(b) Any income of the Company that is exempt from federal income tax shall be added to such taxable income or loss; 

(c) Any expenditures of the Company that are described in Code Section 705(a)(2)(B), or treated as such pursuant to Regulations Section
1.704-1(b)(2)(iv)(i), and that are not otherwise taken into account in the computation of taxable income or loss of the Company, shall be deducted in the determination of Profits or Losses; 

(d) If the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of the definition of “Gross Asset
Value” set forth in this Appendix 1, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits or Losses unless such gain or loss is specially allocated
pursuant to Section A.2 hereof; 
 (e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in
determining such taxable income or loss, there shall be deducted Depreciation, computed in accordance with the definition of such term in this Appendix 1; and 

(f) Notwithstanding any of the foregoing provisions, any items that are specially allocated pursuant to Section A.2 or A.3 hereof shall not be
taken into account in computing Profits or Losses. 
 A.2 Special Allocations. The allocation of Profits and Losses for each
Fiscal Year shall be subject to the following special allocations in the order set forth below: 
 (a) Company Minimum Gain
Chargeback. If there is a net decrease in Company Minimum Gain for any Fiscal Year, each Member shall be specially allocated items of income and gain for such year (and, if necessary, for subsequent years) in an amount equal to such
Member’s share of the net decrease in Company Minimum Gain during such year, determined in accordance with Regulations Section 1.704-2(g)(2). Allocations pursuant to the preceding sentence shall be made among the Members in proportion to the
respective amounts required to be allocated to each of them pursuant to such Regulation. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f)(6). Any special

  
 4 

 
allocation of items of Company income and gain pursuant to this Section A.2(a) shall be made before any other allocation of items under this Appendix 1. This Section A.2(a) is intended to comply
with the “minimum gain chargeback” requirement in Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

(b) Member Nonrecourse Debt Minimum Gain Chargeback. If there is a net decrease during a Fiscal Year in the Member Nonrecourse Debt
Minimum Gain attributable to a Member Nonrecourse Debt, then each Member with a share of the Member Nonrecourse Debt Minimum Gain attributable to such debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially
allocated items of income and gain for such year (and, if necessary, subsequent years) an amount equal to such Member’s share of the net decrease in the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt,
determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the preceding sentence shall be made among the Members in proportion to the respective amounts to be allocated to each of them pursuant to such Regulation. Any
special allocation of items of income and gain pursuant to this Section A.2(b) for a Fiscal Year shall be made before any other allocation of Company items under this Appendix 1, except only for special allocations required under Section A.2(a)
hereof. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section A.2(b) is intended to comply with the provisions of Regulations Section 1.704-2(i)(4) and shall be interpreted consistently
therewith. 
 (c) Qualified Income Offset. If any Member receives any adjustments, allocations, or distributions described in clauses
(4), (5) or (6) of Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate as quickly as possible, to the extent required by such
Regulation, any deficit in such Member’s Adjusted Capital Account Balance, such balance to be determined after all other allocations provided for under this Appendix 1 have been tentatively made as if this Section A.2(c) were not in this
Agreement. 
 (d) Gross Income Allocation. In the event any Member has a deficit Capital Account at the end of any Fiscal Year which
is in excess of the sum of (i) the amount (if any) such Member is obligated to restore pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of
Sections 1.704-2(g)(l) and 1.704-2(i)(5) of the Regulations, each such Member shall be specially allocated items of income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section A.2(d)
shall be made only if and to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Appendix 1 have been made as if Section A.2(c) hereof and this Section A.2(d) were
not in the Agreement. 
 (e) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year or other period shall be specially
allocated to the Members in accordance with their Percentage Interests. 
 (f) Member Nonrecourse Deductions. Member Nonrecourse
Deductions for any Fiscal Year or other period shall be specially allocated, in accordance with Regulations Section 1.704-2(i)(1), to the Member or Members who bear the economic risk of loss for the Member Nonrecourse Debt to which such deductions
are attributable. 
 (g) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset
under Code Section 734(b) or 743(b) is required to be taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m), the amount of such adjustment to the Capital Accounts shall be treated as an item
of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts
are required to be adjusted pursuant to such section of the Regulations. 

  
 5 

 A.3 Curative Allocations. The allocations set forth in subsections (a) through (g) of
Section A.2 hereof (“Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other provisions of this Appendix 1 (other than the Regulatory Allocations
and the next two (2) following sentences), the Regulatory Allocations shall be taken into account in allocating other Profits, Losses and items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of
such allocations of other Profits, Losses and other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred. For purposes
of applying the preceding sentence, Regulatory Allocations of Nonrecourse Deductions and Member Nonrecourse Deductions shall be offset by subsequent allocations of items of income and gain pursuant to this Section A.3 only if (and to the extent)
that: (a) the Manager reasonably determines that such Regulatory Allocations are not likely to be offset by subsequent allocations under Section A.2(a) or Section A.2(b) hereof, and (b) there has been a net decrease in Company Minimum Gain (in the
case of allocations to offset prior Nonrecourse Deductions) or a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt (in the case of allocations to offset prior Member Nonrecourse Deductions). The Manager
shall apply the provisions of this Section A.3, and shall divide the allocations hereunder among the Members, in such manner as will minimize the economic distortions upon the distributions to the Members that might otherwise result from the
Regulatory Allocations. 
 A.4 General Allocation Rules. 

(a) In the event Members are admitted to the Company on different dates during any year, the Profits (or Losses) allocated to the Members for
each such year shall be allocated among the Members in proportion to the Interests that each Member holds from time to time during such year in accordance with Code Section 706, using any convention permitted by law and selected by the Manager. 

(b) For purposes of determining the Profits, Losses or any other items allocable to any period, Profits, Losses and any such other items shall
be determined on a daily, monthly or other basis, as determined by the Manager using any method permissible under Code Section 706 and the Regulations thereunder. 

(c) For purposes of determining the Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company within
the meaning of Regulations Section 1.752-3(a)(3), their respective interests in Member profits shall be in the same proportions as their Percentage Interests. 

  
 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]