Document:

2009 Employee Equity Incentive Scheme of the Registrant, as amended and restated

 Exhibit 10.1 
 Execution Copy 
  
 DUOWAN ENTERTAINMENT CORP. 
 RULES OF THE EMPLOYEE EQUITY INCENTIVE
SCHEME 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In these Rules: 

“Adoption Date” means 3 December 2009; 
 “Allotment Date” means, in respect of any Grantee and any exercise by such Grantee of the Option granted to him, the date on which Shares are allotted to him pursuant to such exercise;

 “Administrator” means such person or persons as may be designated by the Board as time to time (as evidenced
by a duly passed Board Approval) to be responsible for the implementation of these Rules on behalf of the Board, such person initially being LI Xueling; 
 “Articles” means the articles of association of the Company; 

“Auditors” means the auditors of the Company from time to time; 

“Board” means the board of directors for the relevant time being of the Company or a committee of it duly authorised for
the purposes of the Scheme; 
 “Board Approval” means any approval, resolution, determination, discretion,
authority or consent to be made or given by a majority of the Board, including consent of at least a majority of the Preferred Directors; 
 “Cause” means a material breach by the Grantee of any term of its employment, consulting or similar agreement with, or the internal rules and regulations of, the Company or any other
Group Company; 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

 “Cessation Date” means the date on which a notice is given by or to a
Grantee to terminate his employment with the Group; 
 “Company” means Duowan Entertainment Corp. (registered in
the British Virgin Islands); 
 “Date of Grant” means in respect of any Option and/or RS, the date on which the
Option and/or RS is granted in accordance with Rule 3.2; 
 “Escrow Holder” means a third party law firm
designated by the Board from time to time to keep and update the records of ESOP and RS ledgers; 
 “Employee”
means any employee, officer and director of or consultant to any member within the Group; 
 “Exercise Price”
means the price per Share at which a Grantee may subscribe for Shares on the exercise of an Option in accordance with Rule 5; 
 “Exit” means (i) a Listing, (ii) a sale of all or substantially all of the issued share capital of the Company, (iii) a sale by the Company of all or substantially all of
its assets, (iv) the passing of an effective resolution or the making of an order of a competent court for the winding up of the Company; 
 “Fully Diluted Capital” means the share capital of the Company computed on an As Converted Basis, and on a basis deeming all Options and any other subsisting options granted by the
Company to subscribe for any shares (of whatever class) or other instrument convertible into shares, to have been exercised (and, if appropriate, subsequently converted) in full; 

“Grantee” means any Employee to whom an Option or a RS is granted in accordance with the terms of this Scheme;

 “Group” means the Company and its Subsidiaries; 

“Group Company” means any company within the Group; 

“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China; 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

 “Listing” means the admission of all or any of the share capital of the
Company or any holding company incorporated for such purpose to trading on a recognized stock exchange; 
 “Nominee”
means such individual(s) or company(ies) as may be designated by the Company to hold, for the benefit of the Grantee(s), (a) the Shares issued and allotted following the exercise of any Options granted in accordance with this Scheme; and/or
(b) the RS issued and allotted in accordance with this Scheme, such Nominees initially being LEI Jun and LI Xueling unless removed or replaced by the Board as evidenced by a duly passed Board Approval; 

“Option” means an option to subscribe for Shares granted pursuant to this Scheme; 

“Option Agreement” means a written agreement in the form of a deed between the Company and the Grantee to whom an Option
is granted in such form as is determined by the Board from time to time; 
 “Performance Criteria” means any
target or targets or condition or conditions specified in the Option Agreement or Restricted Share Agreement (as the case may be) upon which the exercise of the Option or the vesting of the RS shall be conditional (in whole or in part); 

“Preferred Directors” means collectively the directors appointed by holders of the Preferred Shares of the Company to the
Board; 
 “Reorganisation” has the meaning set out in Rule 9.1; 

“Restricted Share Agreement” means a written agreement in the form of a deed between the Company and the Grantee to whom
a RS is granted in such form as is determined by the Board from time to time; 
 “RS” means the Shares (subject
to adjustment for share splits, share dividends, share combinations, reclassifications or similar events) issued and allotted subject to the various restrictions in accordance with the rules of this Scheme; 

“Rules” means the rules of the Scheme; 
 “Scheme” means this employee equity incentive scheme as from time to time in force; 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

 “Shares” means the common shares of no par value in the share capital of
the Company (or any other denomination or renominated value of share created from the sub-division, consolidation, reclassification or reorganisation thereof); 
 “Subsidiary” means, at the relevant date of determination, any companies of which actual or de facto control is held, directly or indirectly, by the Company by way of equity ownership or
contractual arrangements or otherwise. Unless otherwise qualified, or the context otherwise requires, all references to a “Subsidiary” or to “Subsidiaries” in these Rules shall refer to a Subsidiary or Subsidiaries of the
Company; 
 “To grant” means that the Company notifies an employee that he is entitled to vest a certain number
of Options and/or RS pursuant to this Scheme; 
 “To vest” means, in such event that a certain number of Options
and/or RS have been granted to an employee, after each date set out in Rule 4.1 and Rule 4.2 respectively or such other date as the Board shall determine with the Board Approval and so notify the Grantee in writing, corresponding number of Options
or RS, as the case may be, are held by the Nominee(s) on behalf of the Grantee and the Grantee shall have the right to all the monetary benefits deriving therefrom when such Options are exercised or the RS are allotted, as the case may be;

 “US$” means United Stated dollars, the lawful currency of the United States of America. 

 

	1.2	Headings are used in these Rules for convenience only and shall not affect their construction or interpretation. 

 

	1.3	In these Rules, references to schedules are to schedules to these Rules and references to clauses are to clauses herein and, unless otherwise specified, references to
paragraphs are to paragraphs of the clause in which such reference appears and references to annexures are to annexures hereto. 

  

	1.4	In these Rules, reference to a person includes any legal or natural person, partnership, trust, company, government or local authority department or other body (whether
corporate or unincorporate). 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	1.5	In these Rules, unless the context does not so admit, reference to the singular includes a reference to the plural and vice versa and reference to the masculine
includes a reference to the feminine and neuter. 

  

	1.6	These Rules shall be governed by and construed in accordance with the law of Hong Kong and the Company and each Grantee submits to the exclusive jurisdiction of the
courts of Hong Kong. 

  

	2.	ADMINISTRATION 

  

	2.1	This Scheme shall, upon the Board Approval, be subject to the administration of the Board whose decision as to all matters arising in relation to this Scheme or its
interpretation or effect shall (save as otherwise provided herein) be final and binding on all parties. 

  

	2.2	Subject to Rule 13, this Scheme shall be valid and effective for a period of ten years commencing on the Adoption Date, after which period no further Options or RS may
be granted but these Rules shall remain in force to the extent necessary to give effect to the exercise of any Options granted prior thereto or otherwise as may be required in accordance with the provisions of this Scheme. 

 

	2.3	Any matter, right, obligation, determination or election which is the responsibility of or which is allocated to the Company or the Board herein may be delegated by the
Board to the Administrator. 

  

	3.	GRANT OF OPTIONS 

  

	3.1	The Board may at its absolute discretion grant to any Employee (i) an option to subscribe for such number of Shares; and/or (ii) such number of RS, as its
shall determine on the terms of this Scheme. 

  

	3.2	An Option or RS shall be granted to an Employee by an Option Agreement or a Restricted Share Agreement (as the case may be) duly executed by the Company and the Grantee
on terms and conditions as the Board may from time to time determine, specifying the number of Shares and any other terms and conditions (including, without limitation, any Performance Criteria upon which the exercise of the Option or vesting of the
RS shall be conditional) on which it is granted. All Options and RS shall be granted and vested on the terms of these Rules. The Date of Grant of such Option or RS shall be the date on which that Option Agreement or Restricted Share Agreement (as
the case may be) is executed. 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	3.3	The Option Agreement or Restricted Share Agreement (as the case may be) shall serve as evidence of the grant of the Option or RS (as the case may be) and accordingly no
further certificate shall be issued to the Grantee. 

  

	4.	VESTING AND LAPSE 

  

	4.1	Vesting of Options 

 Each Option
to be granted under this Scheme shall (unless the Board shall otherwise determine with the Board Approval and so provided for in the Option Agreement or Restricted Share Agreement (as the case may be)) vest in the Grantee over not less than a 4-year
period as follows: 
  

	 	4.1.1	as to the first 25 per cent of the aggregate number of Shares the subject of the Option, the date ending 12 months after the Date of Grant; and

  

	 	4.1.2	as to the remaining Shares the subject of the Option, in six (6) equal instalments at the end of each consecutive 6-month interval commencing immediately after the
aforesaid initial twelve-month period over the following 36 months. 

  

	4.2	Vesting of RS 

 All RS to be
granted under this Scheme shall (unless the Board shall otherwise determine with the Board Approval and so provided for in the Option Agreement or Restricted Share Agreement (as the case may be)) vest in the Grantee as follows: 

 

	 	4.2.1	as to the first 50 per cent of the aggregate number of RS granted, the date ending 24 months after the Date of Grant, subject to the Grantee remaining employed by
the Group on the date of vesting; 

  

	 	4.2.2	as to the 25 per cent of the aggregate number of RS granted, the date ending 36 months after the Date of Grant, subject to the Grantee remaining employed by the
Group on the date of vesting; and 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	4.2.3	as to the remaining 25 per cent the aggregate number of RS granted, the date ending 48 months after the Date of Grant, subject to the Grantee remaining employed by
the Group on the date of vesting. 

  

	4.3	Acceleration of Vesting 

 No
Option or RS issued pursuant to this Scheme may provide for acceleration of vesting. Notwithstanding the foregoing, with the Board Approval, the Board may grant Options or RS that provides for the acceleration of vesting in accordance with a
standard double trigger arrangement, with the first trigger event to be a change of control of the Company or its holding company and the second trigger event to be the involuntary termination of relationship of such Grantee with the Company or any
other Group Company other than for Cause within six (6) months of the date of such change of control of the Company. 
  

	4.4	Cessation of Employment 

  

	 	4.4.1	In the event that a Grantee ceases to be an Employee for any reason prior to an Exit, the portion of the Option which has not become vested on the Cessation Date (the
“Unvested Option”) shall automatically lapse and expire and such Grantee shall have no claim whatsoever in respect of such Option and the portion of the Option which has become vested and has not yet been exercised prior to his
Cessation Date (the “Vested Option’) and the Shares issued upon an exercise in compliance with these Rules shall be dealt with in accordance with Rule 7. 

 

	 	4.4.2	In the event that a Grantee ceases to be an Employee for any reason prior to an Exit the portion of the RS which has not become vested on the Cessation Date (the
“Unvested RS”), shall automatically lapse and expire and such Grantee shall have no claim whatsoever in respect of such RS, with the portion of the RS which has become vested prior to his Cessation Date (the “Vested
RS”) being subject to the restrictions set out in Rule 7. 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	5.	EXERCISE PRICE 

 The
Exercise Price in respect of any Option shall be fixed by reference to the date upon which the Option (or the relevant part thereof) is granted, and subject to any adjustments made pursuant to Rule 9, shall be, at the election of the Board:

  

	 	(a)	the latest valuation price per share certified by the Auditors prior to the date of grant of the relevant Option (or relevant part thereof); or

  

	 	(b)	the latest price per share at which the Company has issued any shares prior to the date of grant of the relevant Option (or relevant part thereof),

 unless the Board otherwise determines with the Board Approval and so provided for in the Option Agreement or
Restricted Share Agreement (as the case may be). 
  

	6.	EXERCISE OF OPTIONS 

  

	6.1	An Option shall be personal to the Grantee and shall not be assignable, unless the Board shall otherwise agree in writing. No Grantee shall in any way sell, transfer,
charge, mortgage, encumber or create any interest (legal or beneficial) in favour of any third party over or in relation to any Option other than in accordance with the prior written approval of the Board. No person other than the named Grantee
thereof may exercise any Option, unless the Board shall otherwise agree in writing. Any breach of this Rule by a Grantee shall render the Option void and it shall automatically lapse. 

 

	6.2	No Grantee shall be entitled to any rights, interest or benefits attached to the Shares issued pursuant to this Scheme unless and until the Option in respect of such
Shares has been vested on him and exercised in accordance with the terms of this Scheme. 

  

	6.3	An Option shall not be exercisable on any date unless such Performance Criteria as specified in the Option Agreement or Restricted Share Agreement (as the case may be)
are satisfied and to the extent that the Option has vested; PROVIDED that notwithstanding anything else in these Scheme where events happen which cause the Board reasonably to consider that any Performance Criteria subject to which any Option has
been granted no longer represents a fair measure of performance or any vesting conditions are no longer appropriate, the Board may vary the conditions or criteria to the extent that it considers appropriate. 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	6.4	Notwithstanding any other provision of these Rules or any Option Agreement or Restricted Share Agreement (as the case may be) or any other terms on which any Option is
granted, no Option may be exercised prior to the occurrence of an Exit, unless the Board shall otherwise agree in the light of the Board Approval and so notify the Grantee separately in writing. 

 

	6.5	In the event that an Exit is proposed: 

  

	 	6.5.1	the Company shall use all reasonable endeavours (to the extent permitted by law) to notify all holders of outstanding Options in advance of the Exit;

  

	 	6.5.2	If the Grantee elects to exercise any Option following such notice, then: 

  

	 	(a)	such exercise shall be conditional upon the Exit becoming unconditionally effective; and 

 

	 	(b)	the Grantee shall be deemed to have authorized the Nominee to take such actions and execute such documents on behalf of each Grantee for the purposes of effecting such
Exit; and (ii) the exercise shall be deemed to include on behalf of the Grantee (irrespective of whether Options granted and vested on him have been exercised or not) an undertaking to do all things within his power (including, without
limitation, by exercising all voting and other rights attaching to the Shares to be subscribed by him pursuant to such exercise) to facilitate the effective conclusion of the Exit, and (if so required by the Company) to execute a power of attorney
authorizing one or more directors of the Company to do such things and exercise such rights on his behalf. 

  

	6.6	The Company shall (if any exercising Grantee so requests) permit the payment of the Exercise Price to be satisfied by an appropriate assignment, transfer, direction or
authorisation in such form as the Board may reasonably require, having the effect that cash proceeds of the Exit otherwise receivable by the Grantee equal to the amount of the Exercise Price shall be payable to the Company. 

 

	6.7	Subject always to Rule 6.8, any Option not exercised in accordance with Rule 6.5 shall remain exercisable following an Exit unless the Company shall otherwise require
and so notify the Grantee separately in writing. 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	6.8	Notwithstanding any other provision of these Rules or any Option Agreement or Restricted Share Agreement (as the case may be) or any other terms on which any Option is
granted or vested, any Shares allotted in accordance with this Scheme will, in all cases, be held by and registered in the name of the Nominee(s), unless the Board shall otherwise agree in writing, and all rights (including without limitation, the
voting rights and the right to receive share certificates) attached to such Shares will belong to and be exercised by the Nominee(s) at his sole and absolute discretion, except that the Grantee shall have the right to all the monetary benefits
(“Monetary Benefits”) deriving from the Shares when the such Shares are disposed of in accordance with this Scheme. 

  

	6.9	Shares to be allotted upon the exercise of an Option will be subject to the provisions of the Articles and will rank pari passu in all respects with the existing fully
paid Shares in issue on the relevant Allotment Date, and will entitle the holders thereof to participate in all dividends or other distributions paid or made on or after the Allotment Date. 

 

	7.	DISPOSAL OF SHARES 

  

	7.1	Notwithstanding any other provision of these Rules or any terms on which any Options and or RS are granted or vested, no Shares may be sold, transferred, charged,
mortgaged, encumbered or created any interest (legal or beneficial) or otherwise disposed of (“Disposal”) prior to the occurrence of an Exit, unless the Board shall otherwise agree in the light of the Board Approval and so notify
the Grantee in writing separately. 

  

	7.2	No Grantee shall make any Disposal in any way of any Shares in favour of any third party other than in accordance with the remaining provisions of this Rule 7.

  

	7.3	Right of First Refusal 

  

	 	7.3.1	If a Grantee proposes to sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively,
“Transfer”) any Shares (RS or otherwise) acquired upon exercise of any Option or otherwise obtained according to the Rules of this Scheme, then the Grantee shall first give written notice of the proposed transfer (the
“Transfer Notice”) to the Company. The Transfer Notice shall name the proposed transferee and state the number of such Shares the Grantee proposes to transfer (the “Offered Shares”), the price per share and all
other material terms and conditions of the transfer. 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	7.3.2	For 60 days following its receipt of such Transfer Notice, the Company (the “Rightholder”) shall have the right to purchase some or all of the
Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Rightholder elects to purchase any Offered Shares (the Offered Shares to be purchased by the Rightholder hereunder are referred to as the
(“Purchased Shares”), it shall give written notice of such election to the Grantee within such 60-day period. Within 10 days after his receipt of such notice, the Grantee shall tender to the Company at its principal offices the
certificate or certificates representing the Purchased Shares, duly endorsed in blank by the Grantee or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Purchased Shares to the Rightholder. Promptly
following receipt of such certificate or certificates, the Company shall deliver or mail to the Grantee a check in payment of the purchase price for the Purchased Shares; provided that if the terms of payment set forth in the Transfer
Notice were other than cash against delivery, the Rightholder may pay for the Purchased Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment shall
not invalidate the Rightholder’s exercise of its option to purchase the Purchased Shares. 

  

	 	7.3.3	If the Rightholder does not elect to acquire all of the Offered Shares, the Grantee may, within the 30-day period following the expiration of the option granted to the
Rightholder under Rule 7.3.2 above, transfer the Offered Shares (other than the Purchased Shares) to the proposed transferee, provided that such transfer shall not be on terms and conditions more favorable to the transferee than
those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred to a third party pursuant to this Rule 7.3 shall remain subject to the repurchase right and transfer restrictions set forth in
Rules 7.3 and 7.4 and the lock up provision set forth in Rule 7.5, and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms
and conditions of Rule 7.3, Rule 7.4 and Rule 7.5. 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	7.3.4	After the time at which the Purchased Shares are required to be delivered to the Rightholder for transfer to the Rightholder pursuant to Rule 7.3.2 above, the
Company shall not pay any dividend to the Grantee on account of such Purchased Shares or permit the Grantee to exercise any of the privileges or rights of a stockholder with respect to such Purchased Shares, but shall, in so far as permitted by law,
treat the Rightholder as the owner of such Purchased Shares. 

  

	 	7.3.5	The following transactions shall be exempt from the provisions of this Rule 7.3: 

 

	 	(a)	any transfer of Shares to or for the benefit of the Grantee’s spouse or any of his or his spouse’s parents, children, siblings, nieces, nephews or
grandchildren, or to a trust or similar entity for his or their benefit; 

  

	 	(b)	any transfer pursuant to an effective registration statement filed by the Company under the U.S. Securities Act of 1933, as amended (the “securities Act”);
and 

  

	 	(c)	the sale of all or substantially all of the shares of capital stock of the corporate Nominee (including pursuant to a merger or consolidation);

 provided, however, that in the case of a transfer pursuant to Rule 7.3.5(a) above, such Shares
shall remain subject to the repurchase right and transfer restrictions set forth in Rule 7.4 and the lock-up agreement set forth in Rule 7.5 according to their respective terms , and such transferee shall, as a condition to such transfer,
deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Rule 7.3, Rule 7.4 and Rule 7.5. 

 

	 	7.3.6	The Rightholder may assign its rights to purchase Offered Shares in any particular transaction under this Rule 7.3 to one or more persons or entities.

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	7.3.7	The Grantee shall not transfer any Shares, or any interest therein, to any person or entity that is a competitor of the Group, as determined by the Board in its sole
discretion, unless such transfer is made in connection with the sale of all or substantially all of the capital stock, assets or business of the Group, by merger, consolidation, sale of assets or otherwise. 

 

	 	7.3.8	The Company shall not be required (a) to transfer on its books any of the Shares which shall have been sold or transferred in violation of any of the provisions
set forth in this Rule 7.3, or (b) to treat as owner of such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or transferred. 

 

	7.4	Repurchase Right 

  

	 	7.4.1	Repurchase Upon Cessation of Employment Not for Cause 

  

	 	(a)	When and if the Grantee ceases his employment with the Group Companies not for Cause, the Vested Option, the Vested Shares and any other Shares (subject to adjustment
for share splits, share dividends, share combinations, reclassifications or similar events) vested or issued upon exercise of any Option hereunder shall, at the sole discretion of the Company and so notified to the leaving Grantee within 14 days
from such cessation (the “Repurchase Notification Period”): (i) be subject to repurchase by the Company at the repurchase price as described in Rule 7.4.1(b); or (ii) be held by a person who is an existing employee of the
Group at the relevant time being and is designated by the leaving Grantee according to a properly signed escrow agreement (“Grantee Escrow Agreement”) in form and substance satisfactory to the Company, to hold such Option or Shares
for and on his/her behalf. In the latter case, if the leaving Grantee fails to deliver a properly signed Grantee Escrow Agreement to the Company within 30 days from receipt of the aforesaid notification from the Company, such Vested Option and
Shares shall automatically lapse and expire and such Grantee shall have no claim whatsoever in respect of such Option and Shares; 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	(b)	The price payable by the Company upon repurchase of any Option or Shares pursuant to Rule 7.4.1(a) shall be 80% of the latest price per share at which the Company has
issued any shares prior to the date of repurchase, provided that if the leaving Grantee, within a period of one (1) year from the date (“Cessation Date”) on which he ceases to be an Employee of the Group, whether on his own
account or on behalf of any other person, firm or company, carry on, engage in or be concerned or interested either as principal or agent or as a shareholder, partner or employee of any other person in any business or activity which involves the
offer sale or supply of products or services to customers in the People’s Republic of China or any other territory in which the Group offers such sale or supply for the relevant time being, and competes with the business in which any Group
Company is or was engaged in the twelve (12) months prior to the Cessation Date, then the price payable by the Company upon repurchase of any Option or Shares pursuant to Rule 7.4.1 shall be US$1 in total. 

 

	 	7.4.2	Repurchase Upon Cessation of Employment for Cause 

  

	 	(a)	When and if the Grantee ceases his employment with the Group Companies for Cause, the Vested Option, the Vested Shares and any other Shares (subject to adjustment for
share splits, share dividends, share combinations, reclassifications or similar events) vested or issued upon exercise of any Option hereunder shall be subject to repurchase by the Company upon a written notification to such Grantee within the
Repurchase Notification Period at the repurchase price as described in Rule 7.4.2(b). 

  

	 	(b)	The price payable by the Company upon repurchase of any Option or Shares pursuant to Rule 7.4.2(a) shall be US$1 in total or at a value to be determined by the Board in
its sole discretion at the time of repurchase. 

 The repurchase right under Rule 7.4.1 and Rule 7.4.2 shall be
referred to hereinafter as the “Repurchase Right”. The repurchase price payable under Rule 7.4.1 (b) and Rule 7.4.2 (b), as the case may be, shall be referred to hereinafter as the “Repurchase Price”.

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	7.4.3	If the Company elects to repurchase the Option or Shares pursuant to Rule 7.4.1 or Rule 7.4.2 (as the case may be), the leaving Grantee shall provide the Company with
his/her bank account detail (the “Designated Bank Account”) which shall be valid for at least one year from the expiration of the Repurchase Notification Period. The Repurchase Right with respect to the Option or Shares to be
repurchased by the Company from a leaving Grantee shall be exercised by the Company by the end of the calendar year in which the Grantee leaves the Group or by 31 March of the following year (as the case may be) (the “Repurchase
Period”). The repurchase shall be effected not later than the last day of the Repurchase Period. On the date on which the repurchase is to be effected, the Company shall pay to the Grantee the corresponding Repurchase Price for such Shares
by wiring the same into the Designated Bank Account. The Repurchase Price may be paid by any Group Company, either in US dollars or RMB based on the currency conversion rate announced by the People’s Bank of China on the date immediately before
the payment. Upon such payment to the Grantee, the Company shall become the legal and beneficial owner of the Shares (including any additional securities in respect thereof) so repurchased and all rights and interest thereon or related thereto, and
the Company shall have the right to transfer to its own name or its permitted assigns the number of Shares (including any additional securities in respect thereof) so repurchased, without further action by the Grantee or any other party.

  

	7.5	Lock-up in connection with a Listing 

 In addition to the restrictions set forth in Rule 7.3 and Rule 7.4 above, the Grantee shall 
  

	 	7.5.1	not sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any Shares (RS or otherwise) held by the Grantee (other than those
shares included in the offering) without the prior written consent of the Company or the underwriters managing for a period of 180 days following the consummation of a Listing, and 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	7.5.2	execute any agreement reflecting Rule 7.5.1 above as may be requested by the Company or the managing underwriters at the time of such offering.

  

	8.	MAXIMUM NUMBER OF OPTIONS AND RS AVAILABLE 

  

	8.1	The maximum number of Shares in respect of which Options and RS may be granted at any time under this Scheme shall be 120,020,001 shares of the common shares of no par
value in the share capital of the Company (subject to adjustment pursuant to Rule 9 or any adjustment made with any Board Approval including affirmative consent of at least two-thirds of the Preferred Directors). Such maximum number shall include
the number of Shares which would be issued upon the exercise of all outstanding Options by the Grantees (to the extent not already exercised) together with the number of Shares which have already been issued pursuant to the earlier exercise of any
Option. 

  

	8.2	The maximum numbers of Shares referred to in Rules 7.1 and 7.2 will be adjusted, in such manner as the Auditors shall certify in writing to the Board to be in their
opinion fair and reasonable in accordance with Rule 9, in the event of any Reorganisation. 

  

	9.	REORGANISATION OF CAPITAL STRUCTURE 

  

	9.1	In the event of any alteration in the capital structure of the Company whilst any Option remains exercisable, arising from capitalization of profits or reserves,
consolidation, subdivision or reduction of the share capital of the Company (a “Reorganisation”), the Company may make such adjustments as they consider appropriate under Rule 9. 

 

	9.2	An adjustment made under this Rule shall be to one or more of the following: 

 

	 	9.2.1	the number of Shares in respect of which any Option granted under the Scheme may be exercised; 

 

	 	9.2.2	the price at which Shares may be acquired by the exercise of any such Option; and 

  
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DUOWAN EMPLOYEE INCENTIVE RULES 

	 	9.2.3	where any such Option has been exercised but no Shares have been issued pursuant to such exercise, the number of Shares which may be so issued and the price at which
they may be acquired. 

  

	9.3	Except in the case of a capitalisation issue, no adjustment under Rule 9 shall be made without the prior confirmation in writing by the Auditors to the directors
that it is in their opinion fair and reasonable. 

  

	9.4	As soon as reasonably practicable after making any adjustment under Rule 9, the Administrator (acting for the Board) shall give notice in writing thereof to each
Grantee. 

  

	9.5	The capacity of the Auditors in this Rule is that of experts and not as arbitrators and their certification shall, in the absence of manifest error, be final and
binding on the Company and the relevant Grantees. 

  

	10.	SHARE CAPITAL 

  

	10.1	The exercise of any Option shall be subject to the members of the Company in general meeting approving any necessary increase in the maximum authorized share of the
Company and the allotment of Shares pursuant to such exercise. 

  

	10.2	Subject to Rule 10.1, the Board shall make available sufficient authorised but unissued share capital of the Company to allot Shares on the exercise of any Option or
the grant of any RS. 

  

	11.	DISPUTES 

 Any dispute
arising in connection with this Scheme (whether as to the number of Shares, the amount of the Exercise Price or otherwise) shall be referred to the decision of the Board whose decision shall, in the absence of manifest error, be final and binding.

  

	12.	ALTERATION OF THIS SCHEME 

The Board may by a Board Approval at any time and from time to time make any alteration to the Scheme which it thinks fit without
requiring any approval of any Grantee. 

  
 17 

DUOWAN EMPLOYEE INCENTIVE RULES 

	13.	TERMINATION 

  

	13.1	The Company may at any time by a resolution of the Board terminate the operation of this Scheme and in such event no further Options or RS will be offered but (subject
as provided in Rule 13.2) in all other respects the provisions of this Scheme shall remain in force. 

  

	13.2	The Company may by a resolution of the Board and written notice to all Grantees terminate and replace this Scheme with a new employee equity incentive scheme
(“Replacement Scheme”) in which case immediately prior to the grant of Options or RS to a Grantee under the Replacement Scheme (on terms no less favourable to the Grantee as to the number of Shares, vesting and exercise price than
those attaching to his existing Options or RS) all Options and RS (whether vested or unvested) granted to that Grantee, and all the other rights and obligations of the Grantee, under this Scheme shall automatically lapse. 

 

	14.	TAXATION 

  

	14.1	A Grantee shall be responsible for obtaining any governmental or other official consent that may be required in any jurisdiction in order to permit the grant, vest,
exercise or disposal of his Option and/or RS. The Company shall not be responsible for any failure by a Grantee to obtain any such consent or for any taxation, duty, social security payment or other liability to which a Grantee may become subject as
a result of his participation in this Scheme. 

  

	14.2	To the greatest extent permitted by law, each Grantee shall pay to the Company on demand an amount equal to the full amount of any actual or future liability to any
taxation, levy, duty, social security or other payment incurred by the Company or any other Group Company arising out of the grant, subsistence, vest, exercise or disposal of his Option and/or RS. 

 

	15.	MISCELLANEOUS 

  

	15.1	This Scheme shall supersede any prior plan or scheme adopted or arrangement made by any Group Company with respect to the subject matter contained herein and supersede
all such prior plan, scheme or arrangement in respect thereof. 

  
 18 

DUOWAN EMPLOYEE INCENTIVE RULES 

	15.2	This Scheme and the grant of any Option and RS hereunder shall not form part of any contract of employment between any member of the Group and any Employee, and the
rights and obligations of any Employee under the terms of his office or employment shall not be affected by his participation in this Scheme. 

  

	15.3	The Scheme shall in all respects be administered by the Board who may from time to time make and vary, with a duly passed Board Approval (including consent of at least
two-thirds of the Preferred Directors), such rules and regulations for its conduct not inconsistent with these Rules and may from time to time establish such procedures for administration and implementation of the Scheme as it thinks fit, and in the
event of any dispute or disagreement as to the interpretation of the Scheme, or of any rule, regulation or procedure, or as to any question or right arising from or related to the Scheme, the decision of the Board shall be final and binding upon all
persons (subject to the written concurrence of the Auditors having been obtained when so required by these Rules) 

  

	15.4	The Company will ensure that all necessary books of account and records relating to the Scheme will be properly maintained by its HR department as well as the Escrow
Holder. 

  

	15.5	The Company shall bear the costs of establishing and administering this Scheme, including any costs of the Nominee(s), Auditors and Escrow Holder in relation to the
preparation of any certificate by them or providing any other service in relation to this Scheme. 

  

	15.6	Each holder of an Option which has not been exercised and each holder of a RS (vested or unvested) shall be entitled to receive copies of any notices or other documents
sent by the Company to holders of Shares in relation to any proposal for an Exit, but not otherwise. 

  

	15.7	Any notice or other communication between the Company and a Grantee may be given by sending the same by prepaid post or by personal delivery to, in the case of the
Company, its principal place of business in Guangzhou, the PRC and, in the case of the Grantee, in person or at his address as notified to the Company from time to time. 

 

	15.8	Any notice or other communication if sent by the Grantee shall be irrevocable and shall not be effective until actually received by the Company.

  
 19 

DUOWAN EMPLOYEE INCENTIVE RULES 

	15.9	Any notice or other communication if sent to the Grantee shall be deemed to be given or made:- 

 

	 	(a)	three (3) days after the date of posting, if sent by mail; and 

  

	 	(b)	when delivered, if delivered by hand. 

  

	15.10	These Rules are written in English only. Any Chinese translation is produced for reference only. If there is any inconsistency between the English version and the
Chinese translation, the English version shall prevail. 

 DUOWAN ENTERTAINMENT CORP. 

(Chop) 

  
 20 

DUOWAN EMPLOYEE INCENTIVE RULES2011 Share Incentive Plan and Amendment No. 1 to the 2011 Share Incentive Plan

 Exhibit 10.2 
 YY INC. 
 2011 SHARE INCENTIVE PLAN 

ARTICLE 1 

PURPOSE 

The purpose of the YY Inc. 2011 Share Incentive Plan (the “Plan”) is to promote the success and enhance the value of YY
Inc., a company formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the members of the Board, Employees, and Consultants to those of the Company’s shareholders and by providing such
individuals with an incentive for outstanding performance to generate superior returns to the Company’s shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the
services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 

ARTICLE 2 

DEFINITIONS AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the
context so indicates. 
 2.1 “Applicable Laws” means the legal requirements relating to the Plan
and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction applicable to Awards
granted to residents therein. 
 2.2 “Award” means an Option, Restricted Share or Restricted
Share Unit award granted to a Participant pursuant to the Plan. 
 2.3 “Award Agreement” means
any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 
 2.4 “Board” means the Board of Directors of the Company. 

 2.5 “Cause” with respect to a Participant means (unless
otherwise expressly provided in the applicable Award Agreement, or another applicable contract with the Participant that defines such term for purposes of determining the effect that a “for cause” termination has on the Participant’s
Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Participant: 

(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties
or is incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

(b) has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized
disclosure or use of inside information, customer lists, trade secrets or other confidential information; 
 (c) has breached a
fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or nolo contendere to, a felony or misdemeanor (other than minor traffic
violations or similar offenses); 
 (d) has materially breached any of the provisions of any agreement with the Service
Recipient; 
 (e) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the
reputation, business or assets of, the Service Recipient; or 
 (f) has improperly induced a vendor or customer to break or
terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship. 
 A termination for Cause shall be deemed to occur (subject to reinstatement upon a contrary final determination by the Committee) on the date on which the Service Recipient first delivers written notice to
the Participant of a finding of termination for Cause. 
 2.6 “Code” means the Internal Revenue
Code of 1986 of the United States, as amended. 
 2.7 “Committee” means the Board or a committee
of the Board described in Article 10. 
 2.8 “Consultant” means any consultant or adviser if:
(a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not
directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 

  
 2 

 2.9 “Corporate Transaction”, unless otherwise defined in an
Award Agreement, means any of the following transactions, provided, however, that the Committee shall determine under (d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

 (a) an amalgamation, arrangement or consolidation or scheme of arrangement (i) in which the Company is not the surviving
entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or (ii) following which the holders of the voting securities of the Company do not continue to hold more than 50%
of the combined voting power of the voting securities of the surviving entity; 
 (b) the sale, transfer or other disposition of
all or substantially all of the assets of the Company; 
 (c) the complete liquidation or dissolution of the Company;

 (d) any reverse takeover or series of related transactions culminating in a reverse takeover (including, but not limited to,
a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Company’s equity securities outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into
other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a
person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that the Committee
determines shall not be a Corporate Transaction; or 
 (e) acquisition in a single or series of related transactions by any
person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of
the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction. 

2.10 “Disability”, unless otherwise defined in an Award Agreement, means that the Participant qualifies
to receive long-term disability payments under the Service Recipient’s long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered
by such policy. If the Service Recipient to which the Participant provides service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the
position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or
she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion. 
 2.11
“Effective Date” shall have the meaning set forth in Section 11.1. 

  
 3 

 2.12 “Employee” means any person, including an officer or a
member of the Board of the Company or any Parent or Subsidiary of the Company, who is in the employment of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and
method of performance. The payment of a director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 

2.13 “Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended.

 2.14 “Fair Market Value” means, as of any date, the value of Shares determined as follows:

 (a) If the Shares are listed on one or more established stock exchanges or national market systems, including without
limitation, The New York Stock Exchange and The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the
Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported),
as reported in The Wall Street Journal or such other source as the Committee deems reliable; 
 (b) If the Shares are regularly
quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date
of determination, but if selling prices are not reported, the Fair Market Value of a Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on
the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 
 (c) In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its
discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company’s business operations and the general economic and market conditions since such latest private placement,
(ii) other third party transactions involving the Shares and the development of the Company’s business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or
(iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value and relevant. 
 2.15 “Incentive Share Option” means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto. 

  
 4 

 2.16 “Independent Director” means (i) before the
Shares or other securities representing the Shares are listed on a stock exchange, a member of the Board who is a Non-Employee Director; and (ii) after the Shares or other securities representing the Shares are listed on a stock exchange, a
member of the Board who meets the independence standards under the applicable corporate governance rules of the stock exchange. 
 2.17 “Non-Employee Director” means a member of the Board who qualifies as a “Non-Employee Director” as defined in Rule 16b-3(b)(3) of the Exchange Act, or any successor
definition adopted by the Board. 
 2.18 “Non-Qualified Share Option” means an Option that is
not intended to be an Incentive Share Option. 
 2.19 “Option” means a right granted to a
Participant pursuant to Article 5 of the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 

2.20 “Participant” means a person who, as a member of the Board, Consultant or Employee, has been granted
an Award pursuant to the Plan. 
 2.21 “Parent” means a parent corporation under
Section 424(e) of the Code. 
 2.22 “Plan” means this YY Inc. 2011 Share Incentive Plan, as
it may be amended from time to time. 
 2.23 “Related Entity” means any business, corporation,
partnership, limited liability company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly, but which is not a Subsidiary and which the Board designates as a
Related Entity for purposes of the Plan. 
 2.24 “Restricted Share” means a Share awarded to a
Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture. 
 2.25 “Restricted Share Unit” means the right granted to a Participant pursuant to Article 7 to receive a Share at a future date. 

2.26 “Securities Act” means the Securities Act of 1933 of the United States, as amended. 

2.27 “Service Recipient” means the Company, any Parent or Subsidiary of the Company and any Related
Entity to which a Participant provides services as an Employee, a Consultant or a Director. 
 2.28
“Share” means any class of Common Shares of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 9. 

2.29 “Subsidiary” means any corporation or other entity of which a majority of the outstanding voting
shares or voting power is beneficially owned directly or indirectly by the Company. 

  
 5 

 2.30 “Trading Date” means the closing of the first sale to
the general public of the Shares pursuant to a registration statement filed with and declared effective by the U.S. Securities and Exchange Commission under the Securities Act. 
 ARTICLE 3 
 SHARES SUBJECT TO THE PLAN 

3.1 Number of Shares. 
 (a) Subject to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive Share Options) shall be
43,000,000. 
 (b) To the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the Award
shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form or combination by
the Company or any Parent or Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any Award under the Plan, in
payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Restricted Shares are forfeited by the Participant or repurchased by the
Company, such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be optioned, granted or awarded if such
action would cause an Incentive Share Option to fail to qualify as an Incentive Share Option under Section 422 of the Code. 
 3.2 Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury shares (subject to Applicable Laws) or Shares
purchased on the open market. Additionally, in the discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in
settlement of any Award. If the number of Shares represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu
of Shares. 
 ARTICLE 4 
 ELIGIBILITY AND PARTICIPATION 
 4.1 Eligibility. Persons eligible to
participate in this Plan include Employees, Consultants, and all members of the Board, as determined by the Committee. 

  
 6 

 4.2 Participation. Subject to the provisions of the Plan, the Committee may,
from time to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan.

 4.3 Jurisdictions. In order to assure the viability of Awards granted to Participants employed in various
jurisdictions, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is
employed. Moreover, the Committee may approve such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in
effect for any other purpose; provided, however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the
Committee may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws. 

ARTICLE 5 

OPTIONS 
 5.1 General. The Committee is authorized to grant Options to Participants on the following terms and conditions: 
 (a) Exercise Price. The exercise price per Share subject to an Option shall be determined by the Committee and set forth in the Award Agreement which may be a fixed or variable price related to the
Fair Market Value of the Shares. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Committee, the determination of which shall be final, binding and conclusive. For the avoidance of doubt,
to the extent not prohibited by Applicable Laws or any exchange rule, a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company’s shareholders or the
approval of the affected Participants. 
 (b) Time and Conditions of Exercise. The Committee shall determine the time or
times at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan shall not exceed ten years, except as provided in Section 12.1. The Committee
shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

  
 7 

 (c) Payment. The Committee shall determine the methods by which the exercise price of
an Option may be paid, the form of payment, including, without limitation (i) cash or check denominated in U.S. Dollars, (ii) to the extent permissible under the Applicable Laws, cash or check in Chinese Renminbi, (iii) cash or check
denominated in any other local currency as approved by the Committee, (iv) Shares held for such period of time as may be required by the Committee in order to avoid adverse financial accounting consequences and having a Fair Market Value on the
date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (v) after the Trading Date the delivery of a notice that the Participant has placed a market sell order with a broker with respect to Shares then
issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the Option exercise price; provided that payment of such proceeds is
then made to the Company upon settlement of such sale, (vi) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (vii) any combination of the foregoing. Notwithstanding any other provision of
the Plan to the contrary, no Participant who is a member of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any
method which would violate Section 13(k) of the Exchange Act. 
 (d) Evidence of Grant. All Options shall be
evidenced by an Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 
 (e) Effects of Termination of Employment or Service on Options. Termination of employment or service shall have the following effects on Options granted to the Participants: 

(i) Dismissal for Cause. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to
the Service Recipient is terminated by the Service Recipient for Cause, the Participant’s Options will terminate upon such termination, whether or not the Option is then vested and/or exercisable; 

(ii) Death or Disability. Unless otherwise provided in the Award Agreement, if a Participant’s employment by or service to
the Service Recipient terminates as a result of the Participant’s death or Disability: 
  

	 	(a)	the Participant (or his or her legal representative or beneficiary, in the case of the Participant’s Disability or death, respectively), will have until the date
that is 12 months after the Participant’s termination of Employment to exercise the Participant’s Options (or portion thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of
Employment on account of death or Disability; 

  

	 	(b)	the Options, to the extent not vested and exercisable on the date of the Participant’s termination of Employment or service, shall terminate upon the
Participant’s termination of Employment or service on account of death or Disability; and 

  

	 	(c)	the Options, to the extent exercisable for the 12-month period following the Participant’s termination of Employment or service and not exercised during such
period, shall terminate at the close of business on the last day of the 12-month period. 

  
 8 

 (iii) Other Terminations of Employment or Service. Unless otherwise provided in the
Award Agreement, if a Participant’s employment by or service to the Service Recipient terminates for any reason other than a termination by the Service Recipient for Cause or because of the Participant’s death or Disability: 

 

	 	(a)	the Participant will have until the date that is 90 days after the Participant’s termination of Employment or service to exercise his or her Options (or portion
thereof) to the extent that such Options were vested and exercisable on the date of the Participant’s termination of Employment or service; 

  

	 	(b)	the Options, to the extent not vested and exercisable on the date of the Participant’s termination of Employment or service, shall terminate upon the
Participant’s termination of Employment or service; and 

  

	 	(c)	the Options, to the extent exercisable for the 90-day period following the Participant’s termination of Employment or service and not exercised during such period,
shall terminate at the close of business on the last day of the 90-day period. 

 5.2 Incentive
Share Options. Incentive Share Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Related Entity or to Independent Directors or Consultants. The
terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2: 

(a) Individual Dollar Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all Shares
with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that
Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 
 (b) Exercise Price. The exercise price of an Incentive Share Option shall be equal to the Fair Market Value on the date of grant. However, the exercise price of any Incentive Share Option granted
to any individual who, at the date of grant, owns Shares possessing more than ten percent of the total combined voting power of all classes of shares of the Company may not be less than 110% of Fair Market Value on the date of grant and such Option
may not be exercisable for more than five years from the date of grant. 
 (c) Transfer Restriction. The Participant
shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such
Shares to the Participant. 
 (d) Expiration of Incentive Share Options. No Award of an Incentive Share Option may be
made pursuant to this Plan after the tenth anniversary of the Effective Date. 
 (e) Right to Exercise. During a
Participant’s lifetime, an Incentive Share Option may be exercised only by the Participant. 

  
 9 

 ARTICLE 6 
 RESTRICTED SHARES 
 6.1 Grant of Restricted Shares.
The Committee, at any time and from time to time, may grant Restricted Shares to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted Shares to be
granted to each Participant. 
 6.2 Restricted Shares Award Agreement. Each Award of Restricted Shares
shall be evidenced by an Award Agreement that shall specify the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole discretion, shall determine. Unless the Committee
determines otherwise, Restricted Shares shall be held by the Company as escrow agent until the restrictions on such Restricted Shares have lapsed. 
 6.3 Issuance and Restrictions. Restricted Shares shall be subject to such restrictions on transferability and other restrictions as the Committee may impose (including, without limitation,
limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or
otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 
 6.4
Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that
time subject to restrictions shall be forfeited or repurchased in accordance with the Award Agreement; provided, however, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions or forfeiture and
repurchase conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase
conditions relating to Restricted Shares. 
 6.5 Certificates for Restricted Shares. Restricted Shares
granted pursuant to the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to
the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

6.6 Removal of Restrictions. Except as otherwise provided in this Article 6, Restricted Shares granted under the
Plan shall be released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate the time at which any restrictions shall lapse or be removed. After the restrictions have
lapsed, the Participant shall be entitled to have any legend or legends under Section 6.5 removed from his or her Share certificate, and the Shares shall be freely transferable by the Participant, subject to applicable legal restrictions. The
Committee (in its discretion) may establish procedures regarding the release of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company. 

  
 10 

 ARTICLE 7 
 RESTRICTED SHARE UNITS 
 7.1 Grant of Restricted Share
Units. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted
Share Units to be granted to each Participant. 
 7.2 Restricted Share Units Award Agreement. Each Award
of Restricted Share Units shall be evidenced by an Award Agreement that shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee, in its sole discretion, shall
determine. 
 7.3 Performance Objectives and Other Terms. The Committee, in its discretion, may set
performance objectives or other vesting criteria which, depending on the extent to which they are met, will determine the number or value of Restricted Share Units that will be paid out to the Participants. 

7.4 Form and Timing of Payment of Restricted Share Units. At the time of grant, the Committee shall specify the
date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may pay Restricted Share Units in the form of cash, in Shares or in a combination thereof.

 7.5 Forfeiture/Repurchase. Except as otherwise determined by the Committee at the time of the grant of
the Award or thereafter, upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested shall be forfeited or repurchased in accordance with the Award Agreement; provided,
however, the Committee may (a) provide in any Restricted Share Unit Award Agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived in whole or in part in the event of terminations
resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Share Units. 
 ARTICLE 8 
 PROVISIONS APPLICABLE TO AWARDS 

8.1 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms,
conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend,
modify, suspend, cancel or rescind an Award. 

  
 11 

 8.2 No Transferability; Limited Exception to Transfer Restrictions.

 8.2.1 Limits on Transfer. Unless otherwise expressly provided in (or pursuant to) this Section 8.2, by applicable law
and by the Award Agreement, as the same may be amended: 
  

	 	(a)	all Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation, alienation, assignment, pledge, encumbrance or charge;

  

	 	(b)	Awards will be exercised only by the Participant; and 

  

	 	(c)	amounts payable or shares issuable pursuant to an Award will be delivered only to (or for the account of), and, in the case of Shares, registered in the name of, the
Participant. 

 In addition, the shares shall be subject to the restrictions set forth in the applicable Award
Agreement. 
 8.2.2 Further Exceptions to Limits on Transfer. The exercise and transfer restrictions in
Section 8.2.1 will not apply to: 
  

	 	(a)	transfers to the Company or a Subsidiary; 

  

	 	(b)	transfers by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the Exchange Act; 

 

	 	(c)	the designation of a beneficiary to receive benefits if the Participant dies or, if the Participant has died, transfers to or exercises by the Participant’s
beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution; or 

  

	 	(d)	if the Participant has suffered a disability, permitted transfers or exercises on behalf of the Participant by the Participant’s duly authorized legal
representative; or 

  

	 	(e)	subject to the prior approval of the Committee or an executive officer or director of the Company authorized by the Committee, transfer to one or more natural persons
who are the Participant’s family members or entities owned and controlled by the Participant and/or the Participant’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the
Participant and/or the Participant’s family members, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee or may establish. Any permitted transfer shall
be subject to the condition that the Committee receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of securities.

  
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 Notwithstanding anything else in this Section 8.2.2 to the contrary, but subject to
compliance with all applicable laws, Incentive Share Options, Restricted Shares and Restricted Share Units will be subject to any and all transfer restrictions under the Code applicable to such Awards or necessary to maintain the intended tax
consequences of such Awards. Notwithstanding clause (b) above but subject to compliance with all applicable laws, any contemplated transfer by gift to “immediate family” as referenced in clause (b) above is subject to the
condition precedent that the transfer be approved by the Administrator in order for it to be effective. 
 8.3
Beneficiaries. Notwithstanding Section 8.2, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon
the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant,
except to the extent the Plan and Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a
person other than the Participant’s spouse as his or her beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no
beneficiary has been designated or survives the Participant, payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation
may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Committee. 
 8.4 Share Certificates. Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates evidencing the Shares pursuant to the exercise of any
Award, unless and until the Committee has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements
of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply all Applicable
Laws, and the rules of any national securities exchange or automated quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Shares. In
addition to the terms and conditions provided herein, the Committee may require that a Participant make such reasonable covenants, agreements, and representations as the Committee, in its discretion, deems advisable in order to comply with any such
laws, regulations, or requirements. The Committee shall have the right to require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may
be imposed in the discretion of the Committee. 

  
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 8.5 Paperless Administration. Subject to Applicable Laws, the
Committee may make Awards, provide applicable disclosure and procedures for exercise of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 

8.6 Foreign Currency. A Participant may be required to provide evidence that any currency used to pay the exercise
price of any Award were acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in
Chinese Renminbi or other foreign currency, as permitted by the Committee, the amount payable will be determined by conversion from U.S. dollars at the official rate promulgated by the People’s Bank of China for Chinese Renminbi, or for
jurisdictions other than the Peoples Republic of China, the exchange rate as selected by the Committee on the date of exercise. 

ARTICLE 9 

CHANGES IN CAPITAL STRUCTURE 
 9.1 Adjustments. In the event of any dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other
than normal cash dividends) of Company assets to its shareholders, or any other change affecting the shares of Shares or the share price of a Share, the Committee shall make such proportionate adjustments, if any, as the Committee in its discretion
may deem appropriate to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms
and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per share for any outstanding Awards under the Plan. 

9.2 Corporate Transactions. Except as may otherwise be provided in any Award Agreement or any other written
agreement entered into by and between the Company and a Participant, if the Committee anticipates the occurrence, or upon the occurrence, of a Corporate Transaction, the Committee may, in its sole discretion, provide for (i) any and all Awards
outstanding hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise the vested portion of such Awards during a period of time as the Committee shall determine, or (ii) the purchase of any
Award for an amount of cash equal to the amount that could have been attained upon the exercise of such Award (and, for the avoidance of doubt, if as of such date the Committee determines in good faith that no amount would have been attained upon
the exercise of such Award, then such Award may be terminated by the Company without payment), or (iii) the replacement of such Award with other rights or property selected by the Committee in its sole discretion or the assumption of or
substitution of such Award by the successor or surviving corporation, or a Parent or Subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and prices, or (iv) payment of Award in cash based on the value of Shares
on the date of the Corporate Transaction plus reasonable interest on the Award through the date when such Award would otherwise be vested or have been paid in accordance with its original terms, if necessary to comply with Section 409A of the
Code. 

  
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 9.3 Outstanding Awards – Other Changes. In the event of any
other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 9, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to
Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 

9.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of
any subdivision or consolidation of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation.
Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of shares subject to an Award or the grant or exercise price of any Award. 

ARTICLE 10 

ADMINISTRATION 
 10.1 Committee. The Plan shall be administered by the Board or a committee of one or more members of the Board to whom the Board shall delegate the authority to grant or amend Awards to
Participants other than any of the Committee members. Any grant or amendment of Awards to any Committee member shall then require an affirmative vote of a majority of the Board members who are not on the Committee. 

10.2 Action by the Committee. A quorum is only formed when all of the members of the Committee are present. The
acts of a majority of the members of the Committee present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall be deemed the acts of the Committee, provided that
such majority shall always include any member of the Committee who is also an Investor Director (as defined in Company’s Memorandum of Association and Articles). Initially, the Investor Director on the Committee shall be Ms. Jenny Hong
Wei Li. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the Company’s independent certified
public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

  
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 10.3 Authority of the Committee. Subject to any specific designation
in the Plan, the Committee has the exclusive power, authority and discretion to: 
 (a) designate Participants to receive
Awards; 
 (b) determine the type or types of Awards to be granted to each Participant; 

(c) determine the number of Awards to be granted and the number of Shares to which an Award will relate; 

(d) determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price,
grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to
non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 
 (e) determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an
Award may be canceled, forfeited, or surrendered; 
 (f) prescribe the form of each Award Agreement, which need not be identical
for each Participant; 
 (g) decide all other matters that must be determined in connection with an Award; 

(h) establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 

(i) interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and 

(j) make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or
advisable to administer the Plan. 
 10.4 Decisions Binding. The Committee’s interpretation of the
Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 

ARTICLE 11 

EFFECTIVE AND EXPIRATION DATE 
 11.1 Effective Date. The Plan is effective as of July 1, 2011 (the “Effective Date”). The Plan will be deemed to be approved by the shareholders if it receives the affirmative
vote of the holders of a majority of the share capital of the Company present or represented and entitled to vote at a meeting duly held in accordance with the applicable provisions of the Company’s Memorandum of Association and Articles of
Association, including affirmative consents of a majority of the Investor Directors. The term “Investor Directors” is as defined in the Memorandum and Articles of Association of the Company, as amended and restated from time to time.

  
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 11.2 Expiration Date. The Plan will expire on, and no Award may be
granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award
Agreement. 
 ARTICLE 12 
 AMENDMENT, MODIFICATION, AND TERMINATION 
 12.1
Amendment, Modification, And Termination. With the approval of the Board, at any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable
to comply with Applicable Laws, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, unless the Company decides to follow home country practice, and (b) unless the Company
decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 9), (ii) permits the
Committee to extend the term of the Plan or the exercise period for an Option beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. 

12.2 Awards Previously Granted. Except with respect to amendments made pursuant to Section 12.1, no
termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 

ARTICLE 13 

GENERAL PROVISIONS 
 13.1 No Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither the Company nor the Committee is obligated to
treat Participants, employees, and other persons uniformly. 
 13.2 No Shareholders Rights. No Award gives
the Participant any of the rights of a Shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 

  
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 13.3 Taxes. No Shares shall be delivered under the Plan to any
Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any Subsidiary shall have the authority and the
right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable Laws to be withheld
with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares
otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which may be withheld with respect to the
issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy any income and payroll tax liabilities
applicable to the Participant with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding
or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental taxable income. 

13.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit
in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employment or services of any Service Recipient. 

13.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any
Subsidiary. 
 13.6 Indemnification. To the extent allowable pursuant to Applicable Laws, each member of
the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action,
suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in
such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or
otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 13.7
Relationship to other Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the
Company or any Subsidiary except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 

  
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 13.8 Expenses. The expenses of administering the Plan shall be borne
by the Company and its Subsidiaries. 
 13.9 Titles and Headings. The titles and headings of the Sections
in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 13.10 Fractional Shares. No fractional Shares shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such
fractional Shares shall be eliminated by rounding up or down as appropriate. 
 13.11 Limitations Applicable
to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations
set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by the
Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 13.12 Government and Other Regulations. The obligation of the Company to make payment of awards in Shares or otherwise shall be subject to all Applicable Laws, and to such approvals by government
agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan
may in certain circumstances be exempt from registration pursuant to the Securities Act or other Applicable Laws, the Company may restrict the transfer of such Shares in such manner as it deems advisable to ensure the availability of any such
exemption. 
 13.13 Governing Law. The Plan and all Award Agreements shall be construed in accordance with
and governed by the laws of the Cayman Islands. 

  
 19 

 13.14 Section 409A. To the extent that the Committee determines
that any Award granted under the Plan is or may become subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code. To the extent
applicable, the Plan and the Award Agreements shall be interpreted in accordance with Section 409A of the Code and the U.S. Department of Treasury regulations and other interpretative guidance issued thereunder, including without limitation any
such regulation or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to
Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award
agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from
Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related U.S. Department of Treasury guidance.

 13.15 Appendices. The Committee may approve such supplements, amendments or appendices to the Plan as
it may consider necessary or appropriate for purposes of compliance with Applicable Laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan; provided, however, that no such supplements shall increase
the share limitation contained in Section 3.1 of the Plan without the approval of the Board. 

  
 20 

 AMENDMENT NO. 1 TO 

THE YY INC. 2011 SHARE INCENTIVE PLAN 
 YY Inc. (the “Company”), having adopted the 2011 Share Incentive Plan (the “Plan”), as amended, hereby amends the Plan as follows pursuant to a resolution of the board of directors of
the Company, effective as of October 12, 2012: 
 Section 3.1(a) of the Plan is hereby amended such that it now reads, in its
entirety, as follows: “(a) Subject to the provisions of Article 9 and Section 3.1(b), the maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive Share Options) shall be 43,000,000, plus an
annual increase of 20,000,000 on the first day of each fiscal year, beginning in 2013, or such lesser number of Class A Common Shares as determined by the board of directors of the Company.” 

The amended portions are in bold and italics.

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