Document:

Voting Agreement, dated December 24, 2004

 Exhibit 4.6 
 Voting Agreement 
 VOTING AGREEMENT 
 THIS VOTING AGREEMENT (the “Agreement”) is made and entered into as of December 24, 2004, by and among New Oriental Education &
Technology Group Inc., an International Business Company under the laws of the British Virgin Islands (the “Company”), the holders of the Company’s Series A Preferred Shares (the “Series A Shares”) listed on
the Schedule of Investors attached as Schedule A hereto (collectively, the “Investors”) and the holders of Common Shares of the Company (the “Common Shares”) listed on the Schedule of Common Holders attached
as Schedule B hereto (the “Common Holders”). The Company, the Investors and the Common Holders are individually each referred to herein as a “Party” and are collectively referred to herein as the
“Parties.” The Company’s Board of Directors is referred to herein as the “Board.” 
 WITNESSETH: 
 WHEREAS, the Company and the Investors have entered into that certain Series A Preferred
Shares Purchase Agreement of even date herewith (the “Purchase Agreement”), which provides for, among other things, the purchase by the Investors of the Company’s Series A Shares; 
 WHEREAS, the Company’s Amended and Restated Memorandum of Association and Articles of Association, as amended from time to time (the
“Restated Articles”), provide that holders of Series A Shares shall elect one (1) member of the Board (the “Series A Director”) and the remaining directors of the Board (the “Remaining
Directors”) shall be elected by the holders of Common Shares and Series A Shares voting together; and 
 WHEREAS, to induce
the Investors to enter into the Purchase Agreement and purchase Series A Shares thereunder, the Company and the Common Holders desire to enter into this Agreement with such Investors. 
 NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties agree as follows: 
 1. Agreement to Vote. Each Investor, as a holder of Series A Shares, hereby
agrees on behalf of itself and any transferee or assignee of such Series A Shares, to hold all such Series A Shares registered in its name (and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution
of the Series A Shares, and any other voting securities of the Company subsequently acquired by such Investor) (hereinafter collectively referred to as the “Investor Shares”) subject to, and to vote the Investor Shares at a
regular or special meeting of shareholders (or by written consent) in accordance with, the provisions of this Agreement. Each Common Holder, as a holder of Common Shares of the Company, hereby agrees on behalf of itself and any transferee or
assignee of any such Common Shares, to hold all of such Common Shares and any other voting securities of the Company subsequently acquired by such Common Holder (and any securities of the Company issued with respect to, upon conversion of, or in
exchange or substitution for such securities) (the “Common Holder Shares”) subject to, and to vote the Common Holder Shares at a regular or special meeting of shareholders (or by written consent) in accordance with, the provisions
of this Agreement. 

 2. Size of Board. The holders of Investor Shares and Common Holder Shares shall vote at a regular
or special meeting of shareholders (or by written consent) such shares that they own (or as to which they have voting power) to ensure that the size of the Board shall be set and remain at nine (9) directors; provided, however, that the size of
the Board may be subsequently increased or decreased pursuant to an amendment of this Agreement in accordance with Section 16 hereof. 
 3. Election of Directors. For as long as Tiger Technology Private Investment Partners II, L.P. (“Tiger”) together with its affiliates owns at least fifty percent (50%) of the Series A Shares purchased by Tiger
pursuant to the Purchase Agreement (as adjusted for share splits, share dividends, recapitalizations or the like), in any election of directors of the Company to elect the Series A Director, the Parties holding Series A Shares shall each vote at any
regular or special meeting of shareholders (or by written consent) such number of Series A Shares then owned by them (or as to which they then have voting power) as may be necessary to elect one (1) director nominated by Tiger, which director
shall initially be Xiaohong Chen. 
 4. Removal. Any director of the Board, or any Company subsidiary or affiliate’s board (or
comparable governing body), may be removed in the manner allowed by law and the Restated Articles and the Company’s Bylaws, or the comparable charter documents of a Company subsidiary or affiliate, as applicable, but with respect to a director
designated for the Board or the board of directors (or comparable governing body) of any subsidiary or affiliate pursuant to subsections 3(a) or 3(b) above, such director may only be removed with the affirmative vote, written consent or approval of
the Company’s shareholders who are entitled to nominate such director for the Board. 
 5. Legend on Share Certificates. Each
certificate representing any Investor Shares or Common Holder Shares shall be endorsed by the Company with a legend reading substantially as follows: 
 “THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE ISSUER), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH
INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID VOTING AGREEMENT, INCLUDING THE RESTRICTIONS ON TRANSFER SET FORTH THEREIN.” 
  

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 6. Covenants of the Company. The Company agrees to use its best efforts to ensure that the rights
granted hereunder are effective and that the Parties enjoy the benefits thereof. Such actions include, without limitation, the use of the Company’s best efforts to cause the nomination , election and appointment of the directors as provided
above. The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be performed hereunder by the Company but will at all times in good faith assist in the carrying out of all of the
provisions of this Agreement and in the taking of all such actions as may be necessary, appropriate or reasonably requested by the Investors holding at least a majority of the outstanding voting securities held by all of the Investors (assuming
conversion of all outstanding securities) in order to protect the rights of the Investors hereunder against impairment. 
 7. No Liability
for Election of Recommended Directors. Neither the Parties nor any officer, director, shareholder, partner, retired partner, member, retired member, shareholder, employee, agent or related individual of any Party, makes any representation or
warranty as to the fitness or competence of the nominee of any Party hereunder to serve on the Board or any other board or comparable governing body by virtue of such Party’s execution of this Agreement or by the act of such Party in voting for
such nominee pursuant to this Agreement. 
 8. Grant of Proxy. Upon the failure of any Party to vote their Investor Shares or Common
Holder Shares, as applicable, in accordance with the terms of this Agreement, such Party hereby grants to a shareholder designated by the Board a proxy coupled with an interest in all Investor Shares and Common Holder Shares owned by such Party,
which proxy shall be irrevocable until this Agreement terminates pursuant to its terms or this Section 8 is amended to remove such grant of proxy in accordance with Section 16 hereof, to vote all such Investor Shares and Common Holder
Shares in the manner provided in Sections 2 and 3 hereof. 
 9. Director Expenses. The Company shall reimburse all non-employee
directors of the Board and any other Company subsidiary or affiliate board or comparable governing body for all reasonable documented expenses incurred in their service as directors on any such governing body. 
 10. Specific Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured Party for the breach of
this Agreement by any Party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each
Party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 
 11. Execution by
the Company. The Company, by its execution in the space provided below, agrees that it will cause the certificates issued after the date hereof evidencing the Investor Shares and Common Holder Shares, as applicable, to bear the legend required
by Section 5 hereof, and it shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing shares of capital stock of the Company upon written request from such holder to the Company, at its principal office.
The parties hereto do hereby agree that the failure to cause the certificates evidencing the Investor Shares and Common Holder Shares to bear the legend required by Section 5 hereof and/or failure of the Company to supply, free of charge, a
copy of this Agreement as provided under this Section 11 shall not affect the validity or enforcement of this Agreement. 
  

 3 

 12. Captions. The captions, headings and arrangements used in this Agreement are for convenience
only and do not in any way limit or amplify the terms and provisions hereof. 
 13. Notices. All notices and other communications
given or made pursuant hereto shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours
of the recipient; if not, then on the next business day, (iii) ten (10) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) two (2) days after deposit with a
internationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at
such other addresses as shall be specified by notice given in accordance with this Section 13). 
 14. Term. This Agreement shall
terminate and be of no further force or effect upon (a) the Company’s sale of its Common Shares in a firm commitment underwritten public offering where the Company’s shares are subsequently primarily traded on the Nasdaq Stock
Market’s National Market, the New York Stock Exchange, or another comparable exchange or marketplace approved by the Board, including the Series A Director, (b) the consummation of a Liquidation Event (as that term is defined in the
Restated Articles (as amended from time to time)), (c) action by the Board (by vote or written consent, as provided by law) that the Investor has participated in an equity financing of another corporation or entity that is determined by the
Board (excluding the nominee of Series A Shares) to be a competitor of the Company (excluding an investment in any publicly-traded company or entity), (d) the required written consent pursuant to Section 16 hereof or (e) the Investor
ceasing to own any securities of the Company. 
 15. Manner of Voting. The voting of shares pursuant to this Agreement may be effected
in person, by proxy, by written consent, or in any other manner permitted by applicable law. 
 16. Amendments and Waivers. Any term
hereof may be amended and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (a) the Company, (b) the holders of a
majority of the then outstanding Common Shares (consenting together as a single class and not as separate classes) held by the parties hereto, and (c) the Investors holding at least a majority of the then outstanding Investor Shares held by all
of the Investors. Any amendment or waiver so effected shall be binding upon the Parties hereto. 
 17. Share Splits, Share Dividends,
etc. In the event of any issuance of shares of the Company’s voting securities hereafter to any of the Parties hereto (including, without limitation, in connection with any share split, share dividend, recapitalization, reorganization, or
the like), such shares shall become subject to this Agreement and shall be endorsed with the legend set forth in Section 5. 
 18.
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
  

 4 

 19. Restrictions on Transferability; Binding Effect. In addition to any restriction on transfer
that may be imposed by any other agreement by which any Party hereto may be bound, this Agreement shall be binding upon the Parties, their respective heirs, successors, transferees and assigns and to such additional individuals or entities that may
become shareholders of the Company and that desire to become Parties hereto; provided that for any such transfer to be deemed effective, the transferee shall have executed and delivered an Adoption Agreement substantially in the form attached hereto
as Exhibit A. Upon the execution and delivery of an Adoption Agreement by any transferee reasonably acceptable to the Investors, such transferee shall be deemed to be a Party hereto as if such transferee’s signature appeared on the
signature pages hereto. By their execution hereof or any Adoption Agreement, each of the Parties hereto appoints the Company as its attorney-in-fact for the purpose of executing any Adoption Agreement which may be required to be delivered hereunder.

 20. Governing Law; Arbitration. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York without reference to New York conflicts of law provisions. Any dispute or controversy between the Parties hereto involving any claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, will be
submitted to and be settled by final and binding arbitration in accordance with the UNCITRAL Arbitration Rules as currently in effect and as such may be amended by the rest of this Section 7.13, and judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction thereof. Such arbitration shall be administered in Hong Kong at the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the HKIAC Procedures for
Arbitration in effect as of the date hereof, including such additions to the UNCITRAL Arbitration Rules contained therein. Such arbitration shall be conducted by three (3) arbitrators chosen by the Company and the Investors, or failing such
agreement, an arbitrator appointed by the HKIAC. The language to be used in the arbitral proceedings shall be English. 
 21. Entire
Agreement. This Agreement is intended to be the sole agreement of the Parties as it relates to this subject matter and does hereby supersede all other agreements of the Parties relating to the subject matter hereof. 
 22. Additional Common Holders. Notwithstanding anything to the contrary contained herein, if the Company shall issue additional Common Shares, any
purchaser (who is not already a party to this Agreement or an Investor) of such Common Shares shall become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and upon execution and
delivery thereof shall be deemed a Common Holder hereunder. 
 23. Counterparts. This Agreement may be executed in two (2) or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 5 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

  

			
	COMPANY:
	
	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
		
	By:	 	 /s/

	Name:	 	 Minhong Yu

	Title:	 	 CEO

		
	Address:	 	

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	INVESTORS:
	
	TIGER TECHNOLOGY PRIVATE INVESTMENT PARTNERS II, L.P.
		
	By:	 	Tiger Technology PIP Performance II, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/

	Name:	 	Xiaohong Chen
	Title:	 	Managing Director
		
	Address:	 	Turner & Roulstone Management Ltd.
		 	Strathvale House, PO Box 2636GT
		 	George Town, Grand Cayman
		 	Cayman Islands
	
	TIGER TECHNOLOGY II, L.P.
		
	By:	 	Tiger Technology Performance, L.L.C.,
		 	its General Partner
		
	By:	 	 /s/

	Name:	 	Xiaohong Chen
	Title:	 	Managing Director
		
	Address:	 	Walker House, P.O. Box 908GT
		 	George Town, Grand Cayman
		 	Cayman Islands

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Tigerstep Developments Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Minhong Yu

	Print Name
	
	 Director

	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Capital River Group Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Minhong Yu

	Print Name
	
	 Director

	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Success Tycoon Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Wang Qiang

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Peak Idea International Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	
	Print Name
	
	 Director

	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Forthright Trading Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	
	Print Name
	
	 Director

	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Easebright International Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Bao Fanyi

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Time Promise Investments Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Qingquan He

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Strong Great International Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Li Li

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Fame Gain Investments Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Yong Qiang Qian

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Challenge Now Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Song Hao

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 Central Plains Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Yang Ji

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

			
	COMMON HOLDERS:
	
	 If an individual:

	
	  

	Signature	 	
	
	  

	Print exact name of shareholder
		
	Address:	 	  

	
	  

	
	If an entity:
	
	 China Central Limited

	Print exact name of shareholder
		
	By:	 	 /s/

	
	 Du Wei

	Print Name
	
	
	Title	 	
		
	Address:	 	  

	
	  

 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 
 SIGNATURE PAGE TO VOTING AGREEMENT 

 SCHEDULE A 
 LIST OF INVESTORS 
 TIGER TECHNOLOGY PRIVATE INVESTMENT PARTNERS II, L.P. 
 TIGER TECHNOLOGY II, L.P. 
  

 S-1 

 SCHEDULE B 
 LIST OF COMMON HOLDERS 
 Tigerstep Developments Limited 
 Capital River Group Limited 
 Success Tycoon
Limited 
 Peak Idea International Limited 
 Forthright Trading Limited 
 Easebright International Limited 
 Time Promise Investments Limited 
 Strong Great International Limited 
 Fame Gain Investments Limited 
 Challenge Now
Limited 
 Central Plains Limited 
 China Central Limited 
  

 S-2 

 EXHIBIT A 
 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption Agreement”) is
executed by the undersigned (the “Transferee”) pursuant to the terms of that certain Voting Agreement dated as of August     , 2004 (the “Agreement”) by and among the Company and certain
of the Company’s shareholders. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption Agreement, the Transferee agrees as follows: 

Acknowledgment. Transferee acknowledges that Transferee is acquiring certain shares of the Company (the “Shares”), subject to the terms and conditions
of the Agreement. 
 Agreement. Transferee (i) agrees that the Shares acquired by Transferee shall be bound by and subject to the terms of the
Agreement, and (ii) hereby adopts the Agreement with the same force and effect as if Transferee were originally a Party thereto. 
 Notice. Any
notice required or permitted by the Agreement shall be given to Transferee at the address listed beside Transferee’s signature below. 
 EXECUTED AND DATED this      day of             , 20    . 
  

			
	 TRANSFEREE:

		
	 By:
	 	  

		 	Name and Title
		
	 Address:
	 	  

	 Fax:
	 	  

 Accepted and Agreed: 
  

			
	 COMPANY:

		
	 By:
	 	  

	 Title:
	 	  

  

 E-1Right of First Refusal and Co-Sale Agreement, dated December 24, 2004

 Exhibit 4.7 
 First Refusal and Co-Sale Agreement 
 FIRST REFUSAL AND CO-SALE AGREEMENT 
 This FIRST REFUSAL AND CO-SALE AGREEMENT (the “Agreement”) is entered into as of the 24th day of December, 2004 by and among New
Oriental Education & Technology Group Inc., an International Business Company under the laws of the British Virgin Islands (the “Company”), the parties listed on Exhibit A (each a “Common Holder” and
together the “Common Holders”) and the parties listed on Exhibit B (the “Investors”) who are holders of Preferred Shares of the Company (the “Preferred Shares”). 
 RECITALS 
 WHEREAS, each
Common Holder is the beneficial owner of the number of Common Shares of the Company set forth opposite such Common Holder’s name on Exhibit A hereto; 
 WHEREAS, the Company and the Investors have entered into that certain Series A Preferred Shares Purchase Agreement of even date herewith (the “Purchase Agreement”), which provides for, among
other things, the purchase by the Investors of the Preferred Shares; 
 WHEREAS, the Company and the Common Holders wish to provide
further inducement to the Investors to purchase the Preferred Shares; 
 NOW, THEREFORE, in consideration of the foregoing premises
and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 1. Definitions. 
 (a) Delivery. For purposes of this Agreement, the term “Delivery” shall have the
meaning set forth in Section 7 below. 
 (b) Equity Securities. For purposes of this Agreement, the term “Equity
Securities” shall mean any securities now or hereafter owned or held by a Common Holder (or a transferee in accordance with Section 2.4 herein) having voting rights in the election of the Board of Directors of the Company, or any
securities evidencing an ownership interest in the Company, or any securities convertible into or exercisable for any shares of the foregoing. 
 (c) Preferred Holders. For purposes of this Agreement, the term “Preferred Holders” shall mean the Investors or persons who have acquired shares from any of the Investors or their transferees or assignees in
accordance with the provisions of this Agreement. 
 (d) Parties. For purposes of this Agreement, the term “Parties”
shall mean the Company, the Investors and the Common Holders, and the term “Party” shall mean any one of them. 

 (e) Transfer. For purposes of this Agreement, the term “Transfer” shall include
any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers pursuant to divorce or legal
separation, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings, transfers or sales of the ownership interest of the entity holding Equity Securities or general assignees for the benefit of creditors, whether
voluntary, involuntarily or by operation of law, directly or indirectly, of any of the Equity Securities. 
 2. Agreements Among the
Company, the Investors and the Common Holders. 
 2.1 Rights of Refusal. 
 (a) Transfer Notice. If at any time a Common Holder proposes to Transfer Equity Securities (a “Selling Shareholder”), the Selling
Shareholder shall promptly give the Company, the other Common Holders (the “Non-Selling Common Holders”) and the Preferred Holders written notice of the Selling Shareholder’s intention to make the Transfer (the
“Transfer Notice”). The Transfer Notice shall include (i) a description of the Equity Securities to be transferred (the “Offered Shares”; provided that Equity Securities being transferred in accordance
with Section 2.4 shall not be considered Offered Shares), (ii) the name(s) and address(es) of the prospective transferee(s), (iii) the consideration and (iv) the material terms and conditions upon which the proposed Transfer is
to be made. The Transfer Notice shall be substantially in the form attached hereto as Exhibit C and shall certify that the Selling Shareholder has received a firm offer from the prospective transferee(s) and in good faith believes a binding
agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer. In
the event that the transfer is being made pursuant to the provisions of Section 2.4, the Transfer Notice shall state under which specific subsection the Transfer is being made. 
 (b) Company’s Right of First Refusal. The Company shall have an option for a period of ten (10) days from Delivery of the Transfer
Notice to elect to purchase the Offered Shares at the same price and subject to the same material terms and conditions as described in the Transfer Notice. The Company may exercise such purchase option and purchase all or any portion of the Offered
Shares by notifying the Selling Shareholder in writing before expiration of such ten (10) day period as to the number of such shares that it wishes to purchase. If the Company gives the Selling Shareholder notice that it desires to purchase
such shares, then payment for the Offered Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be
no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless the Transfer Notice contemplated a later closing with the prospective third-party transferee(s) or unless the value of the purchase price has not
yet been established pursuant to Section 2.1(e). If the Company fails to purchase any or all of the Offered Shares by exercising the option granted in this Section 2.1(b) within the period provided, the remaining Offered Shares shall be
subject to the options granted to the Preferred Holders pursuant to Section 2.1(d). 
  

 2 

 (c) Additional Transfer Notice. Subject to the Company’s option set forth in
Section 2.1(b), if at any time the Selling Shareholder proposes a Transfer, then, within five (5) days after the Company has declined to purchase all, or a portion of, the Offered Shares or the Company’s option to so purchase the
Offered Shares has expired, the Selling Shareholder shall give each Common Holder and Preferred Holder an “Additional Transfer Notice” that shall include all of the information and certifications required in a Transfer Notice and
shall additionally identify the Offered Shares that the Company has declined to purchase (the “Remaining Shares”) and briefly describe the Non-Selling Common Holders’ and Preferred Holders’ rights of first refusal and
co-sale rights with respect to the proposed Transfer. 
 (d) Common Holders’ and Preferred Holders’ Right of First Refusal.
(i) Each Common Holder and Preferred Holder shall have an option for a period of fifteen (15) days from the Delivery of the Additional Transfer Notice from the Selling Shareholder set forth in Section 2.1(c) to elect to purchase its
respective pro rata share of the Remaining Shares at the same price and subject to the same material terms and conditions as described in the Additional Transfer Notice. Each Common Holder and Preferred Holder may exercise such purchase option and
purchase all or any portion of his, her or its pro rata share of the Remaining Shares (a “Participating Holder” for the purposes of Section 2.1(d) and 2.1(e)), by notifying the Selling Shareholder and the Company in writing,
before expiration of the fifteen (15) day period as to the number of such shares that he, she or it wishes to purchase (the “Participating Holder Notice”). Each Participating Holder’s pro rata share of the Remaining Shares
shall be a fraction of the Remaining Shares, the numerator of which shall be the number of Common Shares (including Common Shares issuable upon conversion of Preferred Shares) owned by such Participating Holder on the date of the Transfer Notice and
the denominator of which shall be the total number of Common Shares (including Common Shares issuable upon conversion of Preferred Shares) held by all Common Holders and Preferred Holders on the date of the Transfer Notice. 
 (ii) In the event any Non-Selling Common Holder or Preferred Holder elects not to purchase its pro rata share of the Remaining Shares available pursuant
to its rights under subsection 2.1(d)(i) within the time period set forth therein, then the Selling Shareholder shall promptly give written notice (the “Overallotment Notice”) to each Participating Holder that has elected to
purchase all of its pro rata share of the Remaining Shares (each a “Fully Participating Holder”), which notice shall set forth the number of Remaining Shares not purchased by the other Common Holders and Preferred Holders and shall
offer the Fully Participating Holders the right to acquire the unsubscribed shares. Each Fully Participating Holder shall have five (5) days after Delivery of the Overallotment Notice to deliver a written notice to the Selling Shareholder (the
“Participating Holders Overallotment Notice”) of its election to purchase its pro rata share of the unsubscribed shares on the same terms and conditions as set forth in the Additional Transfer Notice and indicating the maximum
number of the unsubscribed shares that it will purchase in the event that any other Fully Participating Holder elects not to purchase its pro rata share of the unsubscribed shares. For purposes of this Section 2.1(d)(ii), the numerator shall be
the same as that used in Section 2.1(d)(i) above and the denominator described in clause (i) of this Section 2.1(d) shall be the total number of Common Shares (including Common Shares issuable upon conversion of Preferred Shares)
owned by all Fully Participating Holders on the date of the Transfer Notice. Each Participating Holder shall be entitled to apportion Remaining Shares to be purchased among its partners and affiliates (including in the case of a venture capital fund
other venture capital funds affiliated with such fund), provided that such Participating Holder notifies the Selling Shareholder of such allocation, and such partners and affiliates become party to the same agreements as those governing the
rights and obligations of the Participating Holder. 
  

 3 

 (e) Payment. (i) The Participating Holders shall effect the purchase of the Remaining Shares
with payment by check or wire transfer, against delivery of the Remaining Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days
after Delivery to the Company of the Transfer Notice, unless the Transfer Notice contemplated a later closing with the prospective third-party transferee(s) or unless the value of the purchase price has not yet been established pursuant to this
Section 2.1(e). 
 (ii) Should the purchase price specified in the Transfer Notice or Additional Transfer Notice be payable in property
other than cash or evidences of indebtedness, the Company (and the Participating Holders, as applicable) shall have the right to pay the purchase price in the form of cash equal in amount to the fair market value of such property. If the Selling
Shareholder and the Company (or the Participating Holders, as applicable) cannot agree on such cash value within ten (10) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the
Preferred Holders and Common Holders, as applicable), the valuation shall be made by an appraiser of recognized standing selected by the Selling Shareholder and the Company (and the Participating Holders, as applicable) or, if they cannot agree on
an appraiser within twenty (20) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the Preferred Holders and Common Holders, as applicable), each shall select an appraiser of
recognized standing within ten (10) days thereafter and the two appraisers shall within the following fifteen (15) days designate a third appraiser of recognized standing, who shall be directed to render a written appraisal within thirty
(30) days of his designation and whose appraisal shall be determinative of such value. The cost of such appraisal shall be shared equally by the Selling Shareholder and the Company (and the Participating Holders, as applicable), with half of
the cost borne by the Company and the Participating Holders pro rata by each, based on the number of shares such parties have expressed an interest in purchasing pursuant to this Section 2. If the time for the closing of the Company’s
purchase or the Participating Holders’ purchase has expired but the determination of the value of the purchase price offered by the prospective transferee(s) has not been finalized, then such closing shall be held on or prior to the fifth
business day after such valuation shall have been made pursuant to this subsection. If the parties fail to designate an appraiser as provided herein, or the appraiser fails to render the written appraisal, any party may submit the valuation dispute
to the American Arbitration Association in New York, New York, to be resolved in accordance with the Commercial Arbitration Rules thereof. 
  

 4 

 2.2 Right of Co-Sale. 
 (a) To the extent the Company, the Non-Selling Common Holders and the Preferred Holders do not exercise their respective rights of refusal as to all of
the Offered Shares pursuant to Section 2.1, then each Preferred Holder and Non-Selling Common Holder (each such Preferred Holder or Non-Selling Common Holder, a “Selling Holder” for purposes of this Section 2.2) that
notifies the Selling Shareholder in writing within twenty (20) days after Delivery of the Additional Transfer Notice referred to in Section 2.1(c), shall have the right to participate in such sale of Equity Securities on the same terms and
conditions as specified in the Transfer Notice but with no obligation other than to transfer the shares and make customary representations and warranties; provided that the indemnification amount in connection with a breach of such representations
and warranties shall be limited to the purchase price received. Such Selling Holder’s notice to the Selling Shareholder shall indicate the number of shares of capital stock of the Company that the Selling Holder wishes to sell under his, her or
its right to participate. To the extent one or more of the Preferred Holders or Non-Selling Common Holders exercise such right of participation in accordance with the terms and conditions set forth below, the number of shares of Equity Securities
that the Selling Shareholder may sell in the Transfer shall be correspondingly reduced. 
 (b) Each Selling Holder may sell all or any part
of that number of shares of capital stock of the Company equal to the product obtained by multiplying (i) the aggregate number of shares of Equity Securities covered by the Transfer Notice that have not been subscribed for pursuant to
Section 2.1 by (ii) a fraction, the numerator of which is the number of Common Shares (including Common Shares issuable upon conversion of Preferred Shares) owned by the Selling Holder on the date of the Transfer Notice and the denominator
of which is the total number of Common Shares (including Common Shares issuable upon conversion of Preferred Shares) owned by the Selling Shareholder and all of the Selling Holders on the date of the Transfer Notice. 
 (c) Each Selling Holder shall effect its participation in the sale by promptly delivering to the Selling Shareholder for transfer to the prospective
purchaser one or more certificates, properly endorsed for transfer, which represent: 
 (i) the type and number of shares of capital stock of
the Company that such Selling Holder elects to sell; or 
 (ii) that number of shares of capital stock of the Company that are at such time
convertible into the number of Common Shares that such Selling Holder elects to sell; provided, however, that if the prospective third-party purchaser objects to the delivery of such shares of capital stock of the Company in lieu of
Common Shares, such Selling Holder shall convert such shares of capital stock of the Company into Common Shares and deliver Common Shares as provided in this Section 2.2. The Company agrees to make any such conversion concurrent with the actual
transfer of such shares to the purchaser and contingent on such transfer. 
 (d) The share certificate or certificates that the Selling
Holder delivers to the Selling Shareholder pursuant to Section 2.2(c) shall be transferred to the prospective purchaser in consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in the Transfer Notice,
and the Selling Shareholder shall concurrently therewith remit to such Selling Holder that portion of the sale proceeds to which such Selling Holder is entitled by reason of its participation in such sale. To the extent that any prospective
purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or other securities from a Selling Holder exercising its rights of co-sale hereunder, the Selling Shareholder shall not sell to such prospective purchaser or
purchasers any Equity Securities unless and until, simultaneously with such sale, the Selling Shareholder shall purchase such shares or other securities from such Selling Holder for the same consideration and on the same terms and conditions as the
proposed transfer described in the Transfer Notice. 
  

 5 

 2.3 Non-Exercise of Rights. To the extent that the Company, the Common Holders and Preferred
Holders have not exercised their rights to purchase the Offered Shares or the Remaining Shares within the time periods specified in Section 2.1 and the Preferred Holders and Non-Selling Common Holders have not exercised their rights to
participate in the sale of the Remaining Shares within the time periods specified in Section 2.2, the Selling Shareholder shall have a period of thirty (30) days from the expiration of such rights in which to sell the Offered Shares or the
Remaining Shares, as the case may be, upon terms and conditions (including the purchase price) no more favorable than those specified in the Transfer Notice to the third-party transferee(s) identified in the Transfer Notice. The third-party
transferee(s) shall acquire the Offered Shares or the Remaining Shares, as the case may be, free and clear of subsequent rights of first refusal and co-sale rights under this Agreement. In the event the Selling Shareholder does not consummate the
sale or disposition of the Offered Shares or Remaining Shares, as the case may be, within the thirty (30) day period from the expiration of these rights, the Company’s first refusal rights and the Common Holders’ and Preferred
Holders’ first refusal rights and co-sale rights shall continue to be applicable to any subsequent disposition of the Offered Shares or the Remaining Shares, as the case may be, by the Selling Shareholder until such right lapses in accordance
with the terms of this Agreement. Furthermore, the exercise or non-exercise of the rights of the Company, the Common Holders and the Preferred Holders under this Section 2 to purchase Equity Securities from the Selling Shareholder or
participate in sales of Equity Securities by the Selling Shareholder, as applicable, shall not adversely affect their rights to make subsequent purchases from the Selling Shareholder of Equity Securities or subsequently participate in sales of
Equity Securities by the Selling Shareholder. 
 2.4 Limitations to Rights of Refusal and Co-Sale. 
 (a) Notwithstanding the provisions of Section 2.1 and 2.2 of this Agreement, the first refusal rights of the Company and the first refusal rights
and the co-sale rights of the Common Holders and the Preferred Holders, as applicable, shall not apply to (a) the Transfer of Equity Securities to any spouse or member of a Common Holder’s immediate family, or to a custodian, trustee
(including a trustee of a voting trust), executor, or other fiduciary for the account of the Common Holder’s spouse or members of the Common Holder’s immediate family, or to a trust for the Common Holder’s own self, (b) any sale
of Equity Securities to the public pursuant to a registration statement filed with, and declared effective by, the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, (the “Securities Act”),
(c) a Transfer of Equity Securities by a Common Holder that is an entity to the current or former shareholders, partners or members of such entity, or (d) transfer by Capital River Group Limited of up to 7,675,222 Common Shares to current
or former employees of the Company; provided, however, that in the event of any Transfer made pursuant to one of the exemptions provided by clauses (a), (b), (c) or (d), (i) the Common Holder shall inform the Investors of
such Transfer prior to effecting it and (ii) each such transferee or assignee, prior to the completion of the Transfer, shall have executed documents assuming the obligations of the Common Holder under this Agreement with respect to the
transferred Equity Securities. Such transferred Equity Securities shall remain “Equity Securities” hereunder, and such pledgee, transferee or donee shall be treated as the “Common Holder” for purposes of this Agreement.

  

 6 

 2.5 Prohibited Transfers. 
 (a) Except as otherwise provided in this Agreement, each Common Holder will not sell, assign, transfer, pledge, hypothecate, or otherwise encumber or
dispose of in any way, directly or indirectly, all of any part of or any interest in the Equity Securities. Any sale, assignment, transfer, pledge, hypothecation or other encumbrance or disposition of Equity Securities not made in conformance with
this Agreement shall be null and void, shall not be recorded on the books of the Company and shall not be recognized by the Company. 
 (b)
In the event any Common Holder should sell any Equity Securities in contravention of the co-sale rights of the Preferred Holders and the Non-Selling Common Holders under Section 2.2 (a “Prohibited Transfer”), the Preferred
Holders and the Non-Selling Common Holders, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below under subsection (c), and such Common Holder shall be bound by the applicable
provisions of such option. 
 (c) In the event of a Prohibited Transfer, each Preferred Holder and Non-Selling Common Holder shall have the
right to sell to such Common Holder the type and number of shares of Equity Securities equal to the number of shares each Preferred Holder would have been entitled to transfer to the third-party transferee(s) under Section 2.2 hereof had the
Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions: 
 (i) The price per share at which the shares are to be sold to the Common Holder shall be equal to the price per share paid by the third-party transferee(s) to the Common Holder in the Prohibited Transfer. The Common
Holder shall also reimburse each Preferred Holder and Non-Selling Common Holder for any and all fees and expenses, including legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of each such Preferred Holder’s
and Non-Selling Common Holder’s rights under Section 2.2. 
 (ii) Within ninety (90) days after the later of the date on
which the Preferred Holder (A) receives notice of the Prohibited Transfer or (B) otherwise becomes aware of the Prohibited Transfer, each Preferred Holder and Non-Selling Common Holder shall, if exercising the option created hereby,
deliver to such Common Holder the certificate or certificates representing shares to be sold, each certificate to be properly endorsed for transfer. 
 (iii) The Common Holder shall, upon receipt of the certificate or certificates for the shares to be sold by a Preferred Holder or Non-Selling Common Holder, pursuant to this Section 2.5, pay the aggregate
purchase price therefor and the amount of reimbursable fees and expenses, as specified in subparagraph 2.5(c)(i), in cash or by other means acceptable to such Preferred Holder or Non-Selling Common Holder. 
  

 7 

 3. Assignments and Transfers; No Third Party Beneficiaries. This Agreement and the rights and
obligations of the parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any third party. The rights of Preferred Holders
hereunder are only assignable (i) to any other Preferred Holder, (ii) to a partner, a member, affiliate or related party of such Preferred Holder, or (iii) to an assignee or transferee who acquires at least one million
(1,000,000) Common Shares (including Common Shares issuable upon conversion of Preferred Shares). 
 4. Market Stand-Off.

 (a) Each Preferred Holder and Common Holder hereby agrees that it will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to the Company’s Initial Offering (as defined below) and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred
eighty (180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, or otherwise transfer any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or
dispose of, directly or indirectly, any Common Shares or any securities convertible into or exercisable for Common Shares held immediately prior to the effectiveness of the Registration Statement for such offering, or (ii) enter into any swap
or other arrangement that transfers to another, in whole or part, any of the economic consequences of ownership of the Common Shares or such other securities, whether any such transaction described in clause (i) or (ii) above is settled by
delivery of Common Shares or other securities, in cash or otherwise. The foregoing provisions of this Section 4(a) shall apply only to the Company’s Initial Offering, shall not apply to the sale of any shares to an underwriter pursuant to
an underwriting agreement, and shall only be applicable to the Preferred Holder and Common Holder if all officers, directors and greater than one percent (1%) shareholders of the Company enter into similar agreements. Each Preferred Holder and
Common Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with this Section 4(a) or that are necessary to give further effect thereto.

 (b) In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to the Common Shares or
other securities of each Common Holder and Preferred Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 
 (c) The term “Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common Shares where
the shares are subsequently primarily traded on the Nasdaq Stock Market’s National Market, the New York Stock Exchange or another comparable exchange or marketplace approved by the Board of Directors of the Company. 
 5. Legends. Each existing or replacement certificate for Equity Securities now owned or hereafter acquired by a Common Holder shall bear the
following legends: 
 “THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS
SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FIRST REFUSAL AND CO-SALE AGREEMENT BY AND BETWEEN THE SHAREHOLDER, THE COMPANY AND CERTAIN HOLDERS OF SHARES OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE
SECRETARY OF THE COMPANY.” 
  

 8 

 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK UP PERIOD OF UP TO 180 DAYS
AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT
THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.” 
 “WITH REGARD TO UNITED STATES
LAW, THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM.” 
 The Company agrees to remove such legend and reissue new certificates as
soon as practicable when such legend is no longer required under the Securities Act. 
 6. Effect of Change in Company’s Capital
Structure. Appropriate adjustments shall be made in the number and class of shares in the event of a share dividend, share split, share combination, reclassification or like change in the capital structure of the Company. 
 7. Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given:
(i) upon personal delivery to the Party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) five (5) days
after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) two (2) days after deposit with an internationally recognized overnight courier, with written verification of receipt. The
occurrence of the events set forth in subsections (i) through (iv) above shall constitute “Delivery” of notice. All communications shall be sent to the respective parties at the addresses set forth on the signature pages
attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 7). 
 8. Further
Instruments and Actions; Additional Transfer Restrictions. The parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. Each Preferred Holder and
each Common Holder agrees to cooperate affirmatively with the Company, the Investors, the other Common Holders and the Preferred Holders, to enforce the rights and obligations pursuant hereto. 
  

 9 

 9. Term. This Agreement shall terminate and be of no further force or effect upon (a) the
consummation of a qualified initial public offering or (b) the consummation of a Liquidation Event, as that term is defined in the Company’s Amended and Restated Memorandum and Articles of Association. 
 10. Entire Agreement; Governing Law; Arbitration. This Agreement contains the entire understanding of the parties hereto with respect to the
subject matter hereof and supersedes all other agreements between or among any of the parties with respect to the subject matter hereof. This Agreement shall be interpreted under the laws of the State of New York without reference to New York
conflicts of law provisions. Any dispute or controversy between the Parties hereto involving any claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, will be submitted to and be settled by final and
binding arbitration in accordance with the UNCITRAL Arbitration Rules as currently in effect and as such may be amended by the rest of this Section 7.13, and judgment upon the award rendered by the arbitrators may be entered in any court having
jurisdiction thereof. Such arbitration shall be administered in Hong Kong at the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the HKIAC Procedures for Arbitration in effect as of the date hereof,
including such additions to the UNCITRAL Arbitration Rules contained therein. Such arbitration shall be conducted by three (3) arbitrators chosen by the Company and the Investors, or failing such agreement, an arbitrator appointed by the HKIAC.
The language to be used in the arbitral proceedings shall be English. 
 11. Amendments and Waivers. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (i) the Company, (ii) Common Holders holding
at least a majority of the Common Shares of the Company then held by the Common Holders and (iii) Investors holding at least a majority of the Common Shares issuable or issued upon conversion of the Preferred Shares. Any amendment or waiver
effected in accordance with this paragraph shall be binding upon all Common Holders and all Preferred Holders and their respective successors and assigns. 
 12. Severability. If one or more provisions of this Agreement is held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be
interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
 13. Attorney’s Fees.
In the event that any dispute among the parties to this Agreement should result in litigation, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such
prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
  

 10 

 14. Aggregation of Shares. For the purposes of determining the availability of any rights under
this Agreement, the holdings of any transferee and assignee of an individual or a partnership who is a spouse, ancestor, lineal descendant or sibling of such individual or partners or retired partners of such partnership or affiliates of such
partnership (including spouses and ancestors, lineal descendants and siblings of such partners or spouses who acquire securities by gift, will or intestate succession) shall be aggregated together with the individual or partnership, as the case may
be, for the purpose of exercising any rights or taking any action under this Agreement. 
 15. Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC.
		
	 By:
	 	 /s/

	 Name:
	 	 Minhong Yu

	 Title:
	 	 CEO

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Tigerstep Developments Limited

	 Title:
	 	 Director

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Capital River Group Limited

	 Title:
	 	 Director

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Success Tycoon Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Peak Idea International Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Forthright Trading Limited

	 Title:
	 	 Director

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Easebright International Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Time Promise Investments Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Strong Great International Limited

	 Title:
	 	
		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Fame Gain Investments Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Challenge Now Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 Central Plains Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	COMMON HOLDERS:
		
	 By:
	 	 /s/

	 Name:
	 	 China Central Limited

	 Title:
	 	  

		
	 Address:
	 	

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

			
	INVESTORS:
	
	TIGER TECHNOLOGY PRIVATE INVESTMENT PARTNERS II, L.P.
		
	By:	 	Tiger Technology PIP Performance II, L.L.C., its General Partner
		
	By:	 	 /s/ 

	Name:	 	Xiaohong Chen
	Title:	 	Managing Director
		
	Address:	 	Turner & Roulstone Management Ltd.
		 	Strathvale House, PO Box 2636GT
		 	George Town, Grand Cayman
		 	Cayman Island
	
	TIGER TECHNOLOGY II, L.P.
		
	By:	 	Tiger Technology Performance,
		 	L.L.C., its General Partner
		
	By:	 	 /s/ 

	Name:	 	Xiaohong Chen
	Title:	 	Managing Director
		
	Address:	 	Walker House, P.O. Box 908GT
		 	George Town, Grand Cayman
		 	Cayman Islands

 SIGNATURE PAGE TO NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. 

FIRST REFUSAL AND CO-SALE AGREEMENT 

 Exhibit A 
 Common Shares of the Company Beneficially Owned by the Common Holders 
  

			
	 Shareholder
	  	Shares Owned
	 Tigerstep Developments Limited
	  	46,657,477
	 Capital River Group Limited
	  	7,675,222
	 Success Tycoon Limited
	  	10,461,643
	 Peak Idea International Limited
	  	10,378,696
	 Forthright Trading Limited
	  	6,241,734
	 Easebright International Limited
	  	4,157,700
	 Time Promise Investments Limited
	  	2,084,034
	 Strong Great International Limited
	  	2,146,244
	 Fame Gain Investments Limited
	  	3,219,366
	 Challenge Now Limited
	  	528,785
	 Central Plains Limited
	  	528,785
	 China Central Limited
	  	736,150
	 Total
	  	94,815,836

 Exhibit B 
 Investors 
 Tiger Technology Private Investment Partners II, L.P. 
 Tiger Technology II, L.P. 

 Exhibit C 
 FORM OF 
 TRANSFER NOTICE 
 New Oriental Education & Technology Group Inc. 
 Ladies and Gentlemen: 
 This Transfer Notice is provided pursuant to Section 2.1 of the First Refusal and Co-Sale Agreement among New Oriental Education &
Technology Group Inc. and certain of its shareholders dated as of             , 2004. 
 The undersigned proposes to transfer securities of New Oriental Education & Technology Group Inc. as described below: 
  

			
		
	Securities proposed to be transferred:	 	
		
	Name and address of proposed transferee:	 	
		
	Consideration:	 	
		
	Material terms and conditions of proposed transfer:	 	

  

	
	Very truly yours,
	
	  

	[Exact name of shareholder]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]