Document:

Exhibit 10.4 

 

Execution Version

 

VOTING AND SUPPORT AGREEMENT

 

VOTING
AND SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of August 13, 2021, by and among TH
International Limited, a Cayman Islands exempted company (the “Company”), Silver Crest Acquisition Corporation, a Cayman
Islands exempted company (“SPAC”), and Silver Crest Management LLC, Cayman Islands
limited liability company (“Sponsor”).

 

WHEREAS,
capitalized terms used but not otherwise defined in this Agreement shall have the meanings ascribed thereto in the Agreement and Plan
of Merger (the “Merger Agreement”) entered into by and among the Company, Miami Swan Ltd, a Cayman Islands exempted
company and wholly owned subsidiary of the Company (“Merger Sub”), and SPAC, pursuant to which, among other things,
(i) Merger Sub will be merged with and into SPAC (the “First Merger”), with SPAC surviving the First Merger as
a wholly owned subsidiary of the Company, and (ii) SPAC will be merged with and into the Company (the “Second Merger”
and together with the First Merger, the “Mergers”), with the Company surviving the Second Merger;

 

WHEREAS,
Sponsor is, as of the date of this Agreement, the sole legal owner of (a) 8,625,000 SPAC Class B Shares and (b) 8,900,000
SPAC Class A Shares underlying SPAC Warrants (all such shares set forth in clauses (a) and (b), being collectively referred
to herein as the “Owned Shares”; and the Owned Shares and any other SPAC Shares (or any securities convertible into
or exercisable or exchangeable for SPAC Shares) acquired by Sponsor after the date of this Agreement and during the term of this Agreement,
being collectively referred to herein as the “Subject Shares”); and

 

WHEREAS,
as a condition to their willingness to enter into the Merger Agreement, the Company and SPAC have requested that Sponsor enter into this
Agreement.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

Article I

Representations and Warranties of Sponsor

 

Sponsor hereby represents and warrants to the
Company and SPAC as follows:

 

1.1          Organization
and Standing. Sponsor has been duly organized and is validly existing and in good standing under the Laws of the Cayman Islands and
has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Sponsor
is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned,
leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

1.2          Authorization;
Binding Agreement. Sponsor
has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly and validly authorized and no other proceedings on the part of Sponsor are necessary to authorize the execution
and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed
and delivered by Sponsor and, assuming the due authorization, execution and delivery of this Agreement by the other parties hereto, constitutes
the valid and binding obligation of Sponsor, enforceable against Sponsor in accordance with its terms, subject to the Enforceability
Exceptions.

 

    	 	2	 

     

    

 

1.3          Governmental
Approvals. No consent of or with any Governmental Authority on the part of Sponsor is required to be obtained or made in connection
with the execution, delivery or performance by Sponsor of this Agreement or the consummation by Sponsor of the transactions contemplated
hereby, other than (a) applicable requirements, if any, of the Securities Act, the Exchange Act, and/ or any state “blue sky”
securities Laws, and the rules and regulations thereunder and (b) where the failure to obtain or make such consents or to make
such filings or notifications would not prevent, impede or, in any material respect, delay or adversely affect the performance by Sponsor
of its obligations under this Agreement.

 

1.4          Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by Sponsor will not (a) conflict with or violate any provision of the Organizational Documents of Sponsor, (b) conflict
with or violate any Law, permit, Governmental Order or consent applicable to Sponsor or any of its properties or assets, or (c) (i) violate,
conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate
the performance required by Sponsor under, (v) result in a right of termination or acceleration under, (vi) give rise to any
obligation to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien)
upon any of the properties or assets of Sponsor under, (viii) give rise to any obligation to obtain any third party consent from
any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance,
cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material
Contract of Sponsor, except for any deviations from any of the foregoing clauses (b) or (c) that would not prevent, impede
or, in any material respect, delay or adversely affect the performance by Sponsor of its obligations under this Agreement.

 

1.5          Owned
Shares. Sponsor is the sole legal owner of the Owned Shares, and all such Owned Shares are owned by Sponsor free and clear of all
liens or encumbrances, other than liens or encumbrances pursuant to this Agreement, the Organizational Documents of SPAC, the Letter
Agreement (as defined below), the Merger Agreement or applicable federal or state securities laws. Sponsor does not legally own any shares
of SPAC other than the Owned Shares. Sponsor has the sole right to vote the Owned Shares, and none of the Owned Shares is subject to
any voting trust or other agreement, arrangement or restriction with respect to the voting of the Owned Shares, except as contemplated
by this Agreement, the Letter Agreement, dated as of January 13, 2021, among SPAC, Sponsor and SPAC’s officers and directors
(the “Letter Agreement”), the Merger Agreement or the Organizational Documents of SPAC.

 

1.6          Merger
Agreement. Sponsor understands and acknowledges that the Company and SPAC are entering into the Merger Agreement in reliance upon
Sponsor’s execution and delivery of this Agreement. Sponsor has received a copy of the Merger Agreement and is familiar with the
provisions of the Merger Agreement.

 

    	 	3	 

     

    

 

Article II

Representations and Warranties of SPAC

 

SPAC hereby represents and warrants to Sponsor
and the Company as follows:

 

2.1         Organization
and Standing. SPAC is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands.
SPAC has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being
conducted. SPAC is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the
property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary.

 

2.2         Authorization;
Binding Agreement. SPAC has all requisite corporate power and authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the part of SPAC are
necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated hereby. This Agreement
has been duly and validly executed and delivered by SPAC and, assuming the due authorization, execution and delivery of this Agreement
by the other parties hereto, constitutes the valid and binding obligation of SPAC, enforceable against SPAC in accordance with its terms,
subject to the Enforceability Exceptions.

 

2.3         Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by SPAC will not (a) conflict with or violate any provision of Organizational Documents of SPAC, (b) conflict
with or violate any Law, permit, Governmental Order or consent applicable to SPAC or any of its properties or assets, or (c) (i) violate,
conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate
the performance required by SPAC under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation
to make payments or provide compensation under, (vii) result in the creation of any Lien (other than Permitted Lien) upon any of
the properties or assets of SPAC under, (viii) give rise to any obligation to obtain any third party consent from any Person or
(ix) give any Person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate
or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of
SPAC, except for any deviations from any of the foregoing clauses (b) or (c) that would not prevent, impede or, in any material
respect, delay or adversely affect the performance by SPAC of its obligations under this Agreement.

 

    	 	4	 

     

    

 

Article III

Representations and Warranties of the Company

 

The Company hereby represents and warrants to
Sponsor and SPAC as follows:

 

3.1         Organization
and Standing. The Company is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman
Islands. The Company has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business
as now being conducted. The Company is duly qualified or licensed and in good standing to do business in each jurisdiction in which the
character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing
necessary.

 

3.2         Authorization;
Binding Agreement. The Company has all requisite corporate power and authority to execute and deliver this Agreement, to perform
its obligations hereunder and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized and no other corporate proceedings on the
part of the Company are necessary to authorize the execution and delivery of this Agreement or to consummate the transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by and, assuming the due authorization, execution and delivery
of this Agreement by the other parties hereto, constitutes the valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms, subject to the Enforceability Exceptions.

 

3.3         Non-Contravention.
The execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and compliance with any of the
provisions hereof by the Company will not (a) conflict with or violate any provision of Organizational Documents of the Company,
(b) conflict with or violate any Law, permit, Governmental Order or consent applicable to the Company or any of its properties or
assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with
notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation
or modification of, (iv) accelerate the performance required by the Company under, (v) result in a right of termination or
acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation
of any Lien (other than Permitted Lien) upon any of the properties or assets of the Company under, (viii) give rise to any obligation
to obtain any third party consent from any Person or (ix) give any Person the right to declare a default, exercise any remedy, accelerate
the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions
or provisions of, any material Contract of the Company, except for any deviations from any of the foregoing clauses (b) or (c) that
would not prevent, impede or, in any material respect, delay or adversely affect the performance by the Company of its obligations under
this Agreement.

 

Article IV

Agreement to Vote; Certain Other Covenants of Sponsor

 

Sponsor covenants and agrees during the term of this Agreement
as follows:

 

4.1          Agreement
to Vote.

 

(a)            In
Favor of the Mergers. At any meeting of the shareholders of SPAC called to seek the SPAC Shareholder Approval, or at any adjournment
thereof, or in connection with any written consent of the shareholders of SPAC or in any other circumstances upon which a vote, consent
or other approval with respect to the SPAC Transaction Proposals and any other transactions contemplated by the Merger Agreement and
any other Transaction Agreements, Sponsor shall (i) if a meeting is held, appear at such meeting or otherwise cause the Subject
Shares to be counted as present at such meeting for purposes of establishing a quorum, and (ii) vote or cause to be voted (including
by class vote and/or written consent, if applicable) the Subject Shares in favor of granting the SPAC Shareholder Approval or, if there
are insufficient votes in favor of granting the SPAC Shareholder Approval, in favor of the adjournment of such meeting of the shareholders
of SPAC to a later date.

 

    	 	5	 

     

    

 

(b)            Against
Other Transactions. At any meeting of shareholders of SPAC or at any adjournment thereof, or in connection with any written consent
of the shareholders of SPAC or in any other circumstances upon which Sponsor’s vote, consent or other approval is sought, Sponsor
shall vote (or cause to be voted) the Subject Shares (including by withholding class vote and/or written consent, if applicable) against
(i) other than in connection with the Transactions, any business combination agreement, merger agreement or merger (other than the
Merger Agreement and the Mergers), scheme of arrangement, business combination, consolidation, combination, sale of substantial assets,
reorganization, recapitalization, dissolution, liquidation or winding up of or by SPAC or any public offering of any shares of SPAC or,
in case of a public offering only, a newly-formed holding company of SPAC, (ii) any offer or proposal relating to a SPAC Alternative
Transaction, and (iii) any amendment of Organizational Documents of SPAC or other proposal or transaction involving SPAC, which,
in each of cases (i) and (iii) of this sentence, would be reasonably likely to in any material respect impede, interfere with,
delay or attempt to discourage, frustrate the purposes of, result in a breach by SPAC of, prevent or nullify any provision of the Merger
Agreement or any other Transaction Agreement, the Mergers or any other Transaction or change in any manner the voting rights of any class
of SPAC’s share capital.

 

(c)            Revoke
Other Proxies. Sponsor represents and warrants that any proxies or powers of attorney heretofore given in respect of the Subject
Shares that may still be in effect are not irrevocable, and such proxies or powers of attorney have been or are hereby revoked, other
than the voting and other arrangements under the Organizational Documents of SPAC and the Letter Agreement.

 

(d)           Irrevocable
Proxy and Power of Attorney. Sponsor hereby unconditionally and irrevocably grants to, and appoints, the Company and any individual
designated in writing by the Company, and each of them individually, as Sponsor’s proxy and attorney-in-fact (with full power of
substitution), for and in the name, place and stead of Sponsor, to vote the Subject Shares, or grant a written consent or approval in
respect of the Subject Shares, in a manner consistent with Section 4.1(a). Sponsor understands and acknowledges that the Company
is entering into the Merger Agreement in reliance upon Sponsor’s execution and delivery of this Agreement. Sponsor hereby affirms
that the irrevocable proxy and power of attorney set forth in this Section 4.1(d) are given in connection with the execution
of the Merger Agreement, and that such irrevocable proxy and power of attorney are given to secure the performance of the duties of Sponsor
under this Agreement. Sponsor hereby further affirms that the irrevocable proxy and power of attorney are given to secure a proprietary
interest and may under no circumstances be revoked. Sponsor hereby ratifies and confirms all that such irrevocable proxy and power of
attorney may lawfully do or cause to be done by virtue hereof. SUCH IRREVOCABLE PROXY AND POWER OF ATTORNEY ARE EXECUTED AND INTENDED
TO BE IRREVOCABLE IN ACCORDANCE WITH THE PROVISIONS OF THE POWERS OF ATTORNEY ACT OF THE CAYMAN ISLANDS (REVISED). The irrevocable proxy
and power of attorney granted hereunder shall only terminate upon the termination of this Agreement.

 

    	 	6	 

     

    

 

4.2         No
Transfer. Other than (x) pursuant to this Agreement, (y) upon the consent of the Company and SPAC or (z) to an Affiliate
of Sponsor (provided that such Affiliate shall enter into a written agreement, in form and substance reasonably satisfactory to the Company
and SPAC, agreeing to be bound by this Agreement to the same extent as Sponsor was with respect to such transferred Subject Shares),
from the date of this Agreement until the date of termination of this Agreement, Sponsor shall not, directly or indirectly, (i) (a) sell,
offer to sell, contract or agree to sell, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer,
dispose of or agree to transfer or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the Securities and Exchange Commission promulgated thereunder, any Subject Share, (b) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Subject Shares, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) publicly announce any intention to effect
any transaction specified in clause (a) or (b) (the actions specified in clauses (a)-(c), collectively, “Transfer”),
other than pursuant to the First Merger, (ii) grant any proxies or powers of attorney or enter into any voting arrangement, whether
by proxy, voting agreement, voting trust, voting deed or otherwise (including pursuant to any loan of Subject Shares), or enter into
any other agreement, with respect to any Subject Shares, in each case, other than as set forth in this Agreement, the Merger Agreement,
Transaction Agreements or the voting and other arrangements under the Organizational Documents of SPAC, (iii) take any action that
would reasonably be expected to make any representation or warranty of Sponsor herein untrue or incorrect, or would reasonably be expected
to have the effect of preventing or disabling Sponsor from performing its obligations hereunder, or (iv) commit or agree to take
any of the foregoing actions. Any action attempted to be taken in violation of the preceding sentence will be null and void. Sponsor
agrees with, and covenants to, the Company and SPAC that Sponsor shall not request that SPAC register the Transfer (by book-entry or
otherwise) of any certificated or uncertificated interest representing any of the Subject Shares.

 

4.3         Waiver
of Dissenters’ Rights. Sponsor hereby irrevocably waives, and agrees not to exercise or assert, any dissenters’ rights
under Section 238 of the Cayman Companies Law and any other similar statute in connection with the Mergers and the Merger Agreement.

 

4.4         No
Redemption. Sponsor irrevocably and unconditionally agrees that, from the date hereof and until the termination of this Agreement,
Sponsor shall not elect to cause SPAC to redeem any Subject Shares now or at any time legally or beneficially owned by Sponsor, or submit
or surrender any of its Subject Shares for redemption, in connection with the Transactions.

 

    	 	7	 

     

    

 

4.5         New
Shares. In the event that prior to the Closing (i) any SPAC Shares or other securities are issued or otherwise distributed to
Sponsor pursuant to any stock dividend or distribution, or any change in any of the SPAC Shares or other share capital of SPAC by reason
of any stock split-up, recapitalization, combination, exchange of shares or the like, (ii) Sponsor acquires legal or beneficial
ownership of any SPAC Shares after the date of this Agreement, including upon exercise of options, settlement of restricted share units
or capitalization of working capital loans or (iii) Sponsor acquires the right to vote or share in the voting of any SPAC Share
after the date of this Agreement (collectively, the “New Securities”), the terms “Subject Shares” shall
be deemed to refer to and include such New Securities (including all such stock dividends and distributions and any securities into which
or for which any or all of the Subject Shares may be changed or exchanged into).

 

4.6         Sponsor
Letter Agreement. Each of Sponsor and SPAC hereby agree that from the date hereof until the termination of this Agreement, none of
them shall, or shall agree to, amend, modify or vary the Letter Agreement, except in connection with the Transactions.

 

4.7         Termination.
This Agreement shall terminate upon the earliest of (i) the Closing (provided, however, that upon such termination,
Section 4.3, this Section 4.7, Section 4.8, Section 5.1 and Section 5.2 shall survive indefinitely) and (ii) the
termination of the Merger Agreement in accordance with its terms, and upon such termination, no party shall have any liability hereunder
other than for its willful and material breach of this Agreement prior to such termination.

 

4.8         Additional
Matters. Sponsor shall, from time to time, (i) execute and deliver, or cause to be executed and delivered, such additional or
further consents, documents and other instruments as the Company or SPAC may reasonably request for the purpose of effectively carrying
out the transactions contemplated by this Agreement, the Merger Agreement and the other Transaction Agreements and (ii) refrain
from exercising any veto right, consent right or similar right (whether under the Organizational Documents of SPAC or the Cayman Companies
Law) which would prevent, impede or, in any material respect, delay or adversely affect the consummation of the Mergers or any other
Transaction.

 

4.9        Waiver
of Anti-Dilution Protection. Sponsor hereby waives, and agrees not to exercise, assert or claim, to the fullest extent permitted
by applicable Law, the ability to adjust the Initial Conversion Ratio (as defined in the SPAC Memorandum and Articles of Association)
pursuant to and in compliance with Article 18.3 of the SPAC Memorandum and Articles of Association in connection with the Transactions.

 

4.10       Confidentiality.
Sponsor shall be bound by and comply with Sections 8.03(a) (Exclusivity) and 8.05(b) (Confidentiality; Publicity)
of the Merger Agreement (and any relevant definitions contained in any such sections) as if (a) Sponsor was an original signatory
to the Merger Agreement with respect to such provisions, and (b) each reference to the “Company” contained in Section 8.03(a) of
the Merger Agreement (other than Section 8.03(a)(i) or for purposes of the definition of Alternative Transaction Proposal)
and “Affiliates” contained in Section 8.05(b) of the Merger Agreement also referred to Sponsor.

 

    	 	8	 

     

    

 

4.11        Consent
to Disclosure. Sponsor consents to and authorizes the Company or SPAC, as applicable, to publish and disclose in all documents and
schedules filed with the SEC or any other Governmental Entity or applicable securities exchange, and any press release or other disclosure
document that the Company or SPAC, as applicable, reasonably determines to be necessary or advisable in connection with the Mergers or
any other transactions contemplated by the Merger Agreement or this Agreement, Sponsor’s identity and ownership of the Subject
Shares, the existence of this Agreement and the nature of Sponsor’s commitments and obligations under this Agreement, and Sponsor
acknowledges that the Company or SPAC may, in their sole discretion, file this Agreement or a form hereof with the SEC or any other Governmental
Entity or securities exchange. Sponsor agrees to promptly give the Company or SPAC, as applicable, any information that is in its possession
that the Company or SPAC, as applicable, may reasonably request for the preparation of any such disclosure documents, and Sponsor agrees
to promptly notify the Company and SPAC of any required corrections with respect to any written information supplied by it specifically
for use in any such disclosure document, if and to the extent that Sponsor shall become aware that any such information shall have become
false or misleading in any material respect.

 

4.12        Share
Adjustment in connection with SPAC Transaction Expenses. If the accrued and unpaid SPAC Transaction Expenses (as set forth on the
written statement to be delivered to the Company pursuant to Section 3.02(c) of the Merger Agreement) exceed the SPAC Expense
Cap, then, prior to the Share Split, Sponsor in its sole discretion shall (including a combination thereof) (i) purchase from SPAC
(and SPAC agrees to sell thereto) a number of SPAC Class A Shares (with each such SPAC Class A Share valued at $10.00 per share),
(ii) forfeit a number of SPAC Class B Shares (with each such SPAC Class B Share valued at $10.00 per share), and/or (iii) decrease
the number of Aggregate Fully Diluted Company Shares by a number of hypothetical Pre-Split Shares in accordance with clause (b) of
the definition of “Aggregate Fully Diluted Company Shares”, that would, in the aggregate, have a value equal to the amount
of the SPAC Transaction Expenses minus the SPAC Expense Cap (the “Overage”). For purposes of this Section 4.12,
 “SPAC Expense Cap” means (x) $22,000,000 plus (y) the incremental amount of additional fees and expenses
(including placement agent fees) incurred by SPAC in connection with the PIPE Financing in the event the PIPE Financing amount received
by the Company in connection with the Closing exceeds the anticipated PIPE Financing amount set forth in the Non-Binding Letter of Intent
dated as of April 6, 2021.

 

Article V

General Provisions.

 

5.1          Notice.
All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally or sent by overnight
courier (providing proof of delivery) to the Company and SPAC in accordance with Section 11.02 of the Merger Agreement and to Sponsor
at the address set forth below (or at such other address for a party as shall be specified by like notice):

 

Silver Crest Management LLC

Suite 3501, 35/F, Jardine House

1 Connaught Place, Central

Hong Kong, China

Attn: Leon Meng; Derek Cheung

E-mail: leon@ascendentcp.com; derek@ascendentcp.com

 

    	 	9	 

     

    

 

with a copy (which shall not constitute
notice) to:

 

Morrison & Foerster LLP

Edinburgh Tower, 33/F

The Landmark, 15 Queen's Road Central

Hong Kong, China

Attn: Marcia Ellis

E-mail: mellis@mofo.com

 

and

 

Morrison & Foerster LLP

Suite 4401, HKRI Centre One

HKRI Taikoo Hui, 288 Shimen Road (No. 1)

Shanghai, China 200041

Attn: Ruomu Li

E-mail: rli@mofo.com

 

and

 

Morrison & Foerster LLP

250 West 55th Street

New York, NY 10019

United States

Attn: Mitchell S. Presser; Omar E.
Pringle

E-mail: mpresser@mofo.com; opringle@mofo.com

 

5.2          Governing
Law. This Agreement, and all Actions or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the internal substantive Laws of the State of New York applicable
to contracts entered into and to be performed solely within such state, without giving effect to principles or rules of conflict
of laws to the extent such principles or rules would require or permit the application of Laws of another jurisdiction.

 

5.3          Miscellaneous.
The provisions of Article XI (other than Section 11.06) of the Merger Agreement are incorporated herein by reference, mutatis
mutandis, as if set forth in full herein.

 

[Signature pages follow]

 

    	 	10	 

     

    

 

IN WITNESS WHEREOF, each party has duly executed and delivered this
Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	TH International Limited
	 	 
	 	Signature:	/s/ Paul Hong

 

	 	Name:	Paul Hong

 

	 	Title:	Director

 

[Signature Page to Sponsor Voting and Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, each party has duly executed and delivered this
Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	SILVER CREST ACQUISITION CORPORATION
	 	 
	 	Signature:	/s/ Liang (Leon) Meng

 

	 	Name:	Liang (Leon) Meng

 

	 	Title:	Chairman

 

[Signature Page to Sponsor Voting and Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, each party has duly executed and delivered this
Agreement as a deed, all as of the date first written above.

 

	 	EXECUTED AND DELIVERED AS A DEED BY:
	 	 
	 	Silver Crest Management LLC
	 	 
	 	Signature:	/s/ Liang (Leon) Meng

 

	 	Name:	Liang (Leon) Meng

 

	 	Title:	Manager

 

[Signature Page to Sponsor Voting and Support
Agreement]Exhibit 10.5

 

TH
International Limited

 

 

 

AMENDED & RESTATED SHARE OPTION SCHEME

 

Adopted
on [●] 2021

 

 

 

    

     

    

 

CONTENT

 

	Clause	Heading	Page
	 	 
	1.	DEFINITIONS	3

 

	2.	CONDITIONS	6

 

	3.	PURPOSE, DURATION AND ADMINISTRATION	6

 

	4.	GRANT OF OPTIONS	6

 

	5.	SUBSCRIPTION PRICE	7

 

	6.	EXERCISE OF OPTIONS	7

 

	7.	LAPSE OF OPTION	10

 

	8.	MAXIMUM NUMBER OF SHARES AVAILABLE FOR SUBSCRIPTION	11

 

	9.	REORGANISATION OF CAPITAL STRUCTURE	12

 

	10.	DISPUTES	12

 

	11.	ALTERATION OF THIS SCHEME	12

 

	12.	TERMINATION	13

 

	13.	CANCELLATION OF OPTIONS	13

 

	14.	MISCELLANEOUS	13

 

    

     

    

 

TH
International Limited

 

AMENDED & RESTATED SHARE OPTION SCHEME

 

	1.	DEFINITIONS

 

	1.01	In this Scheme the following expressions have the following meanings.

 

	 	“Adoption Date”	[●] 202[●], the date on which this Scheme is adopted by the Board and Shareholders of the Company;

                                                                                 

	 	“Auditor”	the auditor for the time being of the Company;

                                                                                

	 	“Board”	the board of directors of the Company or such committee or such sub-committee or person(s) delegated with the power and authority by the board of directors of the Company to administer this Scheme;

                                                                                

	 	“Business Day”	means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by applicable law or executive order to be closed in the PRC or the Cayman Islands;

                                                                                

	 	“Commencement Date”	in respect of an Option, the date upon which such Option is deemed to be granted in accordance with the provisions of the Scheme;

                                                                                

	 	“Company”	TH International Limited, an exempted company duly incorporated and validly existing under the Laws of the Cayman Islands with its registered address at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands;

                                                                                

	 	“Control”	means the power or authority, whether exercised or not, to direct the business, management and policies of such entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, which power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such entity or power to control the composition of more than fifty percent (50%) of the board of directors of such entity;

                                                                                

	 	“Eligible Employee”	employee(s) of the Company or its Subsidiaries;

                                                                                

	 	“Excluded Employee”	any Eligible Employee who is resident in a place where the grant or exercise of the Option pursuant to the terms of this Scheme is not permitted under the laws and regulations of such place;

                                                                                

	 	“Group”	the Company and its Subsidiaries from time to time;

 

    

     

    

 

	 	“Grantee”	any Participant who accepts the Offer in accordance with the terms of this Scheme or (where the context so permits) a person or persons who, in accordance with the laws of succession applicable in respect of the death of a Grantee, is or are entitled to exercise the Option granted to such Grantee (to the extent not already exercised) in consequence of the death of such Grantee;

                                                                                 

	 	“Merger Agreement”	that certain Agreement and Plan of Merger entered into as of August 13, 2021, by and among the Company, Miami Swan Ltd, a Cayman Islands exempted company and wholly-owned subsidiary of the Company, and Silver Crest Acquisition Corporation, a Cayman Islands exempted company;

                                                                                

	 	“MDA”	that certain amended and restated Master Development Agreement, dated August 13, 2021, by and between Tim Hortons Restaurants International GmbH, TH Hong Kong International Limited and the Company;

                                                                                

	 	“Offer”	the offer of the grant of an Option made in accordance with Clause 4.01;

                                                                                

	 	“Offer Date”	the date on which the Board makes an Offer to any Participant;

                                                                                

	 	“Option(s)”	option(s) to subscribe for Shares granted pursuant to this Scheme, including, subject to Clause 14.02, Prior Options;

                                                                                

	 	“Option Period”	in respect of any particular Option, such period as the Board may in its absolute discretion determine and notify to each Grantee, from the Commencement Date to the date of expiration of the Option, save that such period shall not be more than ten (10) years from the Commencement Date subject to the provisions for early termination set out in this Scheme;

                                                                                

	 	“Participant(s)”	any Eligible Employee (excluding any Excluded Employee);

                                                                                

	 	“PIPE Financing”	has the meaning set forth in the Merger Agreement;

                                                                                

	 	“PRC”	means the People’s Republic of China, including Hong Kong Special Administrative Region and Macau Special Administrative Region, but excluding Taiwan;

                                                                                

	 	“Prior Options”	means Options granted pursuant to the Prior Scheme;

                                                                                

	 	“Prior Scheme”	means the share option scheme of the Company, adopted as of March 19, 2019;

                                                                                

	 	“Scheme”	this amended and restated share option scheme in its present or any amended form;

 

    4

     

    

 

	 	“Securities Act”	U.S. Securities Act of 1933, as amended and interpreted from time to time;

                                                                                 

	 	“Share(s)”	An ordinary share in the capital of the Company, par value US $[●]1 or such other nominal amount as shall result from a sub-division, reduction, consolidation, reclassification or reconstruction of the share capital of the Company;

                                                                                

	 	“Shareholder(s)”	any person or entity registered on the register of members of the Company;

                                                                                

	 	“Stock Exchange”	A recognized international stock exchange approved by the Board;

                                                                                

	 	“Subscription Price”	the price per Share at which a Grantee may subscribe for Share on the exercise of an Option as described in Clause 5;

                                                                                

	 	“Subsidiary”	a company which is directly or indirectly wholly-owned by the Company; and

                                                                                

	 	“Trust”	The THC Hope 2021 Trust, established pursuant to that Trust Deed, dated June 21, 2021, between the Company, as settlor, and Futu Trustee Limited, as trustee.

 

	1.02	In this Scheme, save as where the context otherwise requires:

 

		(a)	clause headings are inserted for convenience of reference only and shall be ignored in the interpretation
of this Scheme;

 

		(b)	references herein to clauses are to clauses of this Scheme;

 

		(c)	references to any statute or statutory provision shall be construed as references to such statute or statutory
provision as respectively amended, consolidated or re-enacted, or as its operation is modified by any other statute or statutory provision
(whether with or without modification), and shall include any subsidiary legislation enacted under the relevant statute;

 

		(d)	expressions in singular shall include the plural and vice versa;

 

		(e)	expressions in any gender shall include other genders; and

 

		(f)	references to persons shall include bodies corporate, corporations, partnerships, sole proprietorships,
organizations, associations, enterprises, branches and entities of any other kind.

 

 

1
NTD: share capital to be confirmed upon determination of post-IPO capital.

 

    5

     

    

 

	2.	CONDITIONS

 

	2.01	This Scheme shall take effect subject to the passing of the resolution of the Shareholders and the Board
of the Company to adopt this Scheme.

 

	2.02	If the above conditions are not satisfied, this Scheme shall forthwith determine, any Option(s) granted
or agreed to be granted pursuant to this Scheme and any Offer of such a grant shall be of no effect and no person shall be entitled to
any rights or benefits or be under any obligations under or in respect of this Scheme.

 

	2.03	A certificate issued by the Board that the conditions set out in Clause 2.01 have been satisfied and the
date on which such conditions were satisfied or that such conditions have not been satisfied as of any particular date shall be conclusive
evidence of the matters certified.

 

	3.	PURPOSE, DURATION AND ADMINISTRATION

 

	3.01	The purpose of this Scheme is to provide incentives or rewards to Participants thereunder for their contribution
to the Group and/or to enable the Group to recruit and retain high-caliber employees and attract human resources that are valuable to
the Group.

 

	3.02	Subject to Clause 13, this Scheme shall be valid and effective for a period of ten (10) years commencing
on the date on which the conditions set out in Clause 2.01 are satisfied, after which period no further Options will be granted but the
provisions of this Scheme shall remain in full force and effect in all other respects. Options complying with the provisions of the Securities
Act which are granted during the duration of this Scheme and remain unexercised immediately prior to the end of the ten-year period shall
continue to be exercisable in accordance with their terms of grant within the Option Period for which such Options are granted, notwithstanding
the expiry of this Scheme.

 

	3.03	This Scheme shall be subject to the administration of the Board whose decision (save as otherwise provided
herein) shall be final and binding on all parties.

 

	4.	GRANT OF OPTIONS

 

	4.01	On and subject to the terms of this Scheme, the Board shall be entitled at any time and from time to time
within the life of this Scheme set out in Clause 3.02 to offer to grant to any Participant as the Board may in its absolute discretion
select, and subject to such conditions as the Board may think fit, Option(s) to subscribe for such number of Shares as the Board
may determine at the Subscription Price. For the avoidance of doubt, the grant of any Options by the Company for the subscription of Shares
to any person who falls within any of the classes of Participants shall not, by itself, unless the Board otherwise determined, be construed
as a grant of Option under this Scheme. The basis of eligibility of any of the classes of Participants to the grant of any Options shall
be determined by the Board from time to time on the basis of their contribution to the development and growth of the Group.

 

	4.02	An Offer shall be made to a Participant by letter in such form as the Board may from time to time determine
requiring the Participant to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions
of this Scheme and shall remain open for acceptance by the Participant concerned for a period of thirty (30) days from the Offer Date
provided that no Offer shall be open for acceptance after the expiry of this Scheme set out in Clause 3.02 or after this Scheme has been
terminated in accordance with the provisions hereof. No consideration is payable on acceptance of each grant of Option(s).

 

    6

     

    

 

	4.03	An Offer shall be deemed to have been accepted and the Option to which such Offer relates shall be deemed
to have been granted and to have taken effect when the acceptance form attached to the Offer with the number of Shares in respect of which
the Offer is accepted clearly stated therein is duly completed, signed and returned in accordance with Clause 4.02 by the Grantee and
is received by the Company at its principal office or such other address as is specified in the relevant Offer letter.

 

	4.04	To the extent that the Offer is not accepted within thirty (30) days from the Offer Date in the manner
indicated in Clause 4.03, it will be deemed to have been irrevocably declined and lapsed automatically.

 

	4.05	Each grant of Options to a director, chief executive (other than a proposed director or a proposed chief
executive of the Company) or substantial shareholder of the Company under this Scheme or any other share option scheme of the Company
or any of its Subsidiaries must comply with the requirements under the Securities Act and must be subject to approval by the Board.

 

	5.	SUBSCRIPTION PRICE

 

The
Subscription Price in respect of any particular Option shall be such price as determined by the Board in good faith after taking into
consideration all factors which it deems appropriate at the time of the making of the Offer (which shall be stated in the Offer
Letter).

 

	6.	EXERCISE OF OPTIONS

 

	6.01	The Options granted to the Grantee may be exercised by such Grantee (or, as the case may be, his or her
legal personal representatives) pursuant to the terms and conditions in Clause 6.03; provided that no PRC Grantee may exercise any Options
before all necessary foreign exchange control and other approvals from the State Administration of Foreign Exchange (the “SAFE”)
of the PRC or its local counterpart have been received.

 

	6.02	Unless otherwise determined and approved by the Board, an Option must be personal to the Grantee and must
not be assignable and no Grantee shall in any way sell, transfer, charge, mortgage, encumber or create any interest in favor of any third
party over or in relation to any Option. Any breach of the foregoing shall entitle the Company to cancel any outstanding Option or part
thereof granted to such Grantee without any compensation.

 

    7

     

    

 

	6.03	Subject to Clause 6.01, an Option may be exercised in whole or in part in the manner as set out in Clauses
6.04 and 6.05 by the Grantee (or, as the case may be, his or her legal personal representative(s)) giving notice in writing to the Company
stating that the Option is thereby exercised and the number of Shares in respect of which it is exercised. Each such notice must be accompanied
by a remittance for the full amount of the Subscription Price for the Shares in respect of which the notice is given. Within thirty (30)
days after receipt of the notice and the remittance and, where appropriate, receipt of the certificate of an independent financial adviser
or Auditor pursuant to Clause 9, the Company shall issue and allot ordinary shares to the Grantee (or, as the case may be, his or her
legal personal representative(s)) pursuant to the Scheme and the Company shall issue to the Grantee (or, as the case may be, his or her
legal personal representative(s)) a share certificate in respect of the Shares so issued and allotted. All Share certificates delivered
pursuant to the Scheme and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions
as the Board deems necessary or advisable to comply with all applicable laws. The Board may place legends on any Shares certificate or
book entry to reference restrictions applicable to the Shares.

 

	6.04	Subject as hereinafter provided in this Scheme, the Option may be exercised by the Grantee (or, as the
case may be, his or her legal personal representatives) in accordance with the Clause 6.01, provided that:

 

		(a)	in the event of the Grantee ceasing to be a Participant for any reason other than (i) his or her
death, or (ii) the termination of his or her employment on one or more of the grounds specified in Clause 7(f), the Grantee shall
be entitled to exercise the vested Option(s) in full (to the extent which has become exercisable and not already exercised);

 

		(b)	in the event of the Grantee ceasing to be a Participant by reason of death (provided that none of the
events which would be a ground for termination of his or her employment under Clause 7(f) arises prior to his or her death), the
legal personal representative(s) of the Grantee, shall be entitled to exercise the vested Option(s) in full (to the extent which
has become exercisable and not already exercised);

 

		(c)	in the event of a general or partial offer, whether by way of take-over offer, share re-purchase offer,
or scheme of arrangement or otherwise in like manner made to all the holders of Shares, or all such holders other than the offeror and/or
any person controlled by the offeror and/or any person acting in association or concert with the offeror, the Company shall ensure that
such offer is extended to all the Grantees on the same terms, mutatis mutandis, and assuming that they will become, by the exercise
in full of the vested Options (to the extent not already exercised) granted to them, Shareholders of the Company. If such offer becomes
or is declared unconditional, a Grantee shall be entitled to exercise his or her vested Option(s) (to the extent not already exercised)
to its full extent or to the extent specified in the Grantee’s notice to the Company in exercise of his or her vested Option(s);

 

		(d)	in the event a notice is given by the Company to its Shareholders to convene a general meeting for the
purposes of considering and, if thought fit, approving a resolution to voluntarily wind-up the Company, the Company shall on the same
date as or soon after it dispatches such notice to each Shareholder give notice thereof to all Grantees (together with a notice of the
existence of the provisions of this Clause) and thereupon, each Grantee (or where permitted under Clause 6.04(b) his or her legal
personal representative(s)) shall be entitled to exercise all or any of his or her vested Options (to the extent which has become exercisable
and not already exercised) at any time not later than thirty (30) days prior to the proposed general meeting of the Company by giving
notice in writing to the Company, accompanied by a remittance for the full amount of the aggregate Subscription Price for the Shares in
respect of which the notice is given whereupon the Company shall as soon as possible and, in any event, no later than the Business Day
immediately prior to the date of the proposed general meeting referred to above, issue and allot the relevant Shares to the Grantee credited
as fully paid. Prior to the passing of the resolution to wind-up the Company, the Company shall repurchase from the Grantee at a price
mutually agreed between the Company and the Grantee all or any part of the Shares issued and allotted to him/her upon the exercise of
an Option; and

 

    8

     

    

 

		(e)	in the event of a compromise or arrangement between the Company and its creditors (or any class of them)
or between the Company and its Shareholders (or any class of them), in connection with a scheme for the reconstruction or amalgamation
of the Company, the Company shall give notice thereof to all Grantees on the same day as it gives notice of the meeting to its Shareholders
or creditors to consider such a scheme or arrangement, and thereupon any Grantee (or where permitted under Clause 6.04(b) his or
her legal representative(s)) may forthwith and until the expiry of the period commencing with such date and ending with the earlier of
the date falling thirty (30) days thereafter and the date on which such compromise or arrangement is sanctioned by the court be entitled
to exercise his or her vested Option(s) (to the extent which has become exercisable and not already exercised), but the exercise
of the vested Option(s) shall be conditional upon such compromise or arrangement being sanctioned by the court and becoming effective.
The Company may thereafter require such Grantee to transfer or otherwise deal with the Shares transferred as a result of such exercise
of his or her vested Option(s) so as to place the Grantee in the same position as nearly as would have been the case had such Shares
been subject to such compromise or arrangement.

 

	6.05	There is no performance target that has to be achieved before the exercise of any Option except otherwise
imposed by the Board and stated in the Offer.

 

	6.06	The Shares to be issued and allotted upon the exercise of an Option will be subject to all the provisions
of the memorandum and articles of association of the Company for the time being in force and will rank pari passu in all respects
with and shall have the same voting, dividend, transfer and other rights, including those arising on liquidation of the Company as attached
to the other fully paid Shares of the same class in issue as from the day when the name of the Grantee is registered on the register of
members of the Company and accordingly will entitle the holders to participate in all dividends or other distributions paid or made on
or after the date when the name of the Grantee is registered on the register of members of the Company other than any dividend or other
distribution previously declared or recommended or resolved to be paid or made with respect to a record date which shall be before the
date when the name of the Grantee is registered on the register of members of the Company, provided always that when the date of exercise
of the Option falls on a day upon which the register of members of the Company is closed then the exercise of the Option shall become
effective on the first Business Day on which the register of members of the Company is re-opened. A Share allotted upon the exercise of
an Option shall not carry voting rights until the completion of the registration of the Grantee as the holder thereof.

 

    9

     

    

 

	6.07	Unless otherwise determined by the Board, for the purpose of the Scheme, the vesting of an Option shall
be deemed to continue while the Grantee is on a bona fide leave of absence, if such leave was approved by the Company in writing. Unless
otherwise determined by the Board and subject to applicable law, vesting of an Option shall be suspended during any unpaid leave of absence.

 

	7.	LAPSE OF OPTION

 

An
Option, (i) if vested but not exercised, shall automatically lapse in each case on the earliest of this Clause 7(a), (c),
(f), (h), (i) and (j); or (ii) if unvested, shall automatically be cancelled and cease vesting in each case on the earliest
of this Clause 7(b), (c), (d), (e), (f), (g), (h), (i) and (j).

 

		(a)	the expiry of the Option Period;

 

		(b)	subject to Clause 6.04(a) and Clause 6.04(b), the date on which the Grantee ceases to be a Participant;

 

		(c)	the date on which the Grantee is found to be an Excluded Employee;

 

		(d)	the date on which the offer (or, as the case may be, the revised offer) referred to in Clause 6.04(c) closes;

 

		(e)	subject to Clause 6.04(d), the date of the commencement of the winding-up of the Company;

 

		(f)	the date on which the Grantee ceases to be a Participant by reason of: the termination of his or her employment
on any one or more of the grounds that he or she has been guilty of serious misconduct, or has committed an act of bankruptcy or has become
insolvent or has made any arrangement or composition with his or her creditors generally, or has been convicted of any criminal offence
involving his or her integrity or honesty or on any other ground on which an employer would be entitled to terminate his or her employment
at common law or pursuant to any applicable laws or under the Grantee’s employment agreement with the Company or the relevant Subsidiary.
A written decision issued by the authorized director of the Company or the relevant Subsidiary to the effect that employment of a Grantee
has or has not been terminated on one or more of the grounds specified in this Clause 7(f) shall be conclusive and binding on the
Grantee;

 

		(g)	subject to Clause 6.04(e), the date when the proposed compromise or arrangement becomes effective;

 

		(h)	the date on which the Grantee commits a breach of Clause 6.02;

 

		(i)	the date on which the Grantee has breached the confidentiality obligation, non-compete obligation, non-solicitation
obligation that such Grantee owes to the Group under relevant employment agreements, confidentiality and intellectual property rights
assignment agreements, non-compete and non-solicitation agreements or this Scheme or any exhibit hereof (as applicable) in any material
respect; or

 

    10

     

    

 

		(j)	on the date which the Grantee indicates in writing to the Company that he or she will waive the Option(s),
notwithstanding that he or she has previously accepted the above-mentioned grant pursuant to the provisions of Clause 4.

 

	8.	MAXIMUM NUMBER OF SHARES AVAILABLE FOR SUBSCRIPTION

 

	8.01	The total number of Shares which may be issued and allotted upon exercise of all Options to be granted
under this Scheme are [●]2 Shares (proportionally adjusted
to reflect any share dividends, share splits, or similar transactions) reserved by the Company (the “Share Reserve”)
([●]3 of which underlie outstanding Options and may
not be issued as of the effective date of this Scheme); provided, however, that the Share Reserve shall automatically be reduced by [●]4
Shares (proportionally adjusted to reflect any share dividends, share splits, or similar transactions) if the number of Tim Hortons Restaurants
(as defined in the MDA) open and operating in the Territory (as defined in the MDA) by the Group on or prior to August 31, 2023 is
less than 495.

 

	8.02	For the purposes of administering this Scheme, the Board may divide such maximum number of Shares into
individual units with each unit being equivalent to a fraction of a Share equal to 111,111 divided by 50,000,000. Options lapsed in accordance
with the terms of this Scheme will not be counted for the purpose of calculating the total number of Shares under this Clause 8.01. Any
Shares subject to an Option that is cancelled, forfeited or expires prior to exercise, either in full or in part, shall again become available
for issuance under the Scheme.

 

	8.03	Subject to Clauses 8.01, the number of Shares subject to Options and to this Scheme may be adjusted, in
such manner as an independent financial adviser or Auditor (acting as experts and not as arbitrators) must certify in writing to the Board
to be in their opinion fair and reasonable, in the event of a capitalization issue, rights issue, subdivision or consolidation of shares
or reduction of capital of the Company provided that no such adjustment shall be made in the event of an issue of Shares as consideration
in respect of a transaction to which the Company is a party.

 

 

2
NTD: To be a number equal to (i) a number equal to 11,111 multiplied by the Split Factor (as defined in Merger Agreement),
plus (ii) a number equal to 583 multiplied by the Split Factor (provide that, if no PIPE Financing is consummated in connection with
the closing of the Merger Agreement, then the number in this clause (ii) shall be zero), plus (iii) a number equal to 2,300 multiplied
by the Split Factor.

 

3
NTD: To be a number equal to (i) the number of Pre-Split Shares underlying Options outstanding as of immediately prior to
the Share Split (as defined in the Merger Agreement), multiplied by (ii) the Split Factor.

 

4
NTD: To be a number equal to 2,300 multiplied by the Split Factor.

 

    11

     

    

 

	9.	REORGANISATION OF CAPITAL STRUCTURE

 

In the event of a capitalization issue,
rights issue, consolidation or subdivision of shares or reduction of capital of the Company (other than an issue of Shares as consideration
in respect of a transaction to which the Company is a party), such corresponding adjustments (if any) shall be made in:

 

		(a)	the number of Shares subject to the Options so far as unexercised; and/or

 

		(b)	the Subscription Price; and/or

 

		(c)	the administrative procedure to exercise of the Option(s); and/or

 

		(d)	the maximum number of Shares referred to in Clauses 8.01,

 

as an independent financial adviser
or Auditor shall certify in writing to the Board to be in their opinion fair and reasonable, provided that any adjustments shall be made
on the basis that the proportion of the issued share capital of the Company to which a Grantee is entitled after such adjustments shall
remain the same as that to which he was entitled before such adjustments and no such adjustments shall be made the effect of which would
be to enable any Share to be issued at less than its nominal value and no such adjustments will be required in circumstances where there
is an issue of Shares or other securities of the Group as consideration in a transaction.

 

In
addition, in respect of any such adjustments as provided in this Clause 9, other than any made on a capitalization issue, an independent
financial adviser or the Auditor must confirm in writing to the Board that the adjustment satisfies the requirements of the relevant
provision of the Securities Act.

 

The capacity of the independent financial
adviser or the Auditor in this Clause 9 is that of experts and not of arbitrators and their certification shall be final and binding on
the Company and the Grantees.

 

The costs of the independent financial
advisers or the Auditor shall be borne by the Company.

 

	10.	DISPUTES

 

Any dispute arising in connection with
this Scheme (whether as to the number of Shares, the subject of an Option, the amount of the Subscription Price, or otherwise) shall be
referred to the decision of an independent financial adviser or the Auditor who shall act as experts and not as arbitrators and whose
decision shall, in the absence of manifest error, be final and binding on all persons who may be affected thereby.

 

	11.	ALTERATION OF THIS SCHEME

 

	11.01	This Scheme may be altered in any respect by resolution of the Board, provided that the amended terms
of this Scheme or the Options shall still comply with the requirements of the Securities Act and that no such alteration shall operate
to affect adversely the terms of issue of any Option(s) granted or agreed to be granted prior to such alteration.

 

	11.02	The Company must provide to all Grantees all details relating to changes in the terms of this Scheme during
the life of this Scheme promptly upon such changes taking effect.

 

    12

     

    

 

	12.	TERMINATION

 

The
Company may by resolution in general meeting at any time terminate the operation of this Scheme and in such event no further Options
will be offered but the provisions of this Scheme shall remain in full force and effect to the extent necessary to give effect to the
exercise of any Options (to the extent not already exercised) granted prior to the termination. Options (to the extent not already exercised)
granted prior to such termination shall continue to be valid and exercisable in accordance with the Scheme.

 

	13.	CANCELLATION OF OPTIONS

 

	13.01	If any of the events stipulated in this Scheme which will result in the cancellation of the Options occurs,
then such cancellation of Options granted but not exercised shall require approval of the Board with the relevant Grantees abstaining
from voting.

 

	13.02	Any vote taken at the meeting to approve such cancellation must be taken by poll.

 

	13.03	For the avoidance of doubt, Options which have been exercised shall not be included as cancelled Options.

 

	14.	MISCELLANEOUS

 

	14.01	The Board shall have the power to accelerate the time at which an Option may first be exercised or the
time during which an Option or any part thereof will vest in accordance with the Scheme, notwithstanding the provisions in the Option
stating the time at which it may first be exercised or the time during which it will vest.

 

	14.02	This Scheme shall apply to Options granted following the Adoption Date. Any Prior Options will remain
subject to the terms and conditions of the Prior Scheme only to the extent that any terms contained in this Scheme would adversely impact
the terms of issue of any Prior Option(s) granted prior to the Adoption Date. For the avoidance of doubt, the Prior Scheme shall
continue to be administered by the Trust and Futu Trustee Limited, a company incorporated under the laws of Hong Kong, as the sole trustee
of the Trust.

 

	14.03	The Company shall bear the costs of establishing and administering this Scheme.

 

	14.04	No fractional Shares shall be issued and the Board shall determine, in its sole discretion, whether cash
shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

 

	14.05	The Board shall have the right to require any Grantee to comply with any timing or other restrictions
with respect to the settlement, distribution or exercise of any Options, including a window-period limitation, as may be imposed in the
sole discretion of the Board.

 

	14.06	Any notice or other communication between the Company and a Grantee may be given by sending the same by
fax, E-mail, registered courier using an internationally recognized company or by personal delivery to, in the case of the Company, its
principal place of business in PRC or such other address as notified to the Grantees from time to time and, in the case of the Grantee,
his or her residential address in PRC as notified to the Company from time to time.

 

    13

     

    

 

	14.07	The Grantee shall be responsible for obtaining any governmental or other official consent that may be
required by any country or jurisdiction in order to permit the grant or exercise of the Option. The Company shall not be responsible for
any failure by a Grantee to obtain any such consent or for any tax or other liability to which a Grantee may become subject as a result
of his or her participation in this Scheme.

 

	14.08	This Scheme shall not form part of any contract of employment between the Company or any Subsidiary and
any Eligible Employee and the rights and obligations of any Eligible Employee under the terms of his or her office or employment shall
not be affected by his or her participation in it and this Scheme shall afford such an Eligible Employee no additional rights to compensation
or damages in consequence of the termination of such office or employment for any reason.

 

	14.09	This Scheme shall not confer on any person any legal or equitable rights (other than those constituting
the Options themselves) against the Company directly or indirectly or give rise to any cause of action at law or in equity against the
Company.

 

	14.10	The Scheme shall not confer upon any Grantee any right to continue his or her relationship as an employee
with the Company for any period of specific duration or interfere in any way with his or her right or the right of the Company, which
rights are hereby expressly reserved by each, to terminate this relationship at any time.

 

	14.11	This Scheme and all Options granted hereunder shall be governed by and construed in accordance with the
laws of Cayman Islands.

 

	14.12	Notwithstanding any other provision of the Scheme, the Company shall not be obligated, and nor shall it
have any liability for failure to deliver any Shares under the Scheme unless the issuance and delivery of Shares comply with (or are exempt
from) all applicable law, including without limitation, the applicable securities laws in the Cayman Islands, PRC, Securities Act, U.S.
state securities laws and regulations, and the regulations of any Stock Exchange or other securities market on which the Company’s
securities may then be traded, and shall be further subject to the approval of counsel of the Company with respect to such compliance.

 

	14.13	This Scheme shall operate subject to the articles of association of the Company from time to time and
any applicable law, regulations, rules and codes.

 

    14

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